Financial Data and Key Metrics Changes - Total revenues increased by 6.8% year over year, reaching $67 million, primarily driven by rental income from new leases and inflationary adjustments [17] - Adjusted net operating income rose by 7.2% to €61.8 million, with an adjusted NOI margin of 94.5% [18] - Adjusted EBITDA increased by 9% year over year to €55 million, with a margin expansion of 137 basis points to 84.1% [18] - Pre-tax income decreased to $54.5 million compared to $131.8 million in 2024, mainly due to lower gains on valuation of investment properties [19] - Funds from operations (FFO), excluding current tax, increased by 12.9% year over year to $43.1 million [19] - Cash and cash equivalents stood at $65.2 million, with total debt increasing to $900 million [20] Business Line Data and Key Metrics Changes - New leasing activity totaled 1.8 million square feet, including 411,000 square feet in new contracts, reflecting a sequential increase from the first quarter [9] - Strong retention rates of 84% were reported, with rent increases of 20% to 30% in some cases [10] - The tracking 12-month spread reached 13.7%, indicating a significant increase in the mark-to-market portfolio strategy [10] Market Data and Key Metrics Changes - The portfolio ended the quarter with a stabilized occupancy of 95.5%, with rents indexed to inflation [8] - The company noted an uptick in vacancy in markets such as Tijuana and Juarez, but rents have maintained or increased in some cases [23] - The company has approximately 2 million square feet in lease-up stage across different regions [25] Company Strategy and Development Direction - The company is focused on extracting value from core operations and managing assets with discipline, emphasizing tenant retention and strategic positioning [12] - The strategy includes completing existing projects and strategically expanding the land bank in line with Route 2030 [11] - The company aims to reinforce its foundation to scale confidently when the environment normalizes, with a focus on energy infrastructure planning and streamlining permitting [12] Management's Comments on Operating Environment and Future Outlook - Management views the current slowdown in leasing as a temporary deceleration rather than a structural change, with companies exercising caution rather than canceling plans [14] - The company expects recent deliveries of income-producing properties to contribute to revenues in the second half of 2025 [15] - Management remains optimistic about the long-term growth potential in Mexico, particularly in light of industrial realignment [16] Other Important Information - The company acquired 128.4 acres in Guadalajara and finalized a 20.2-acre acquisition in Monterrey, enhancing its strategic footprint [20] - The company paid a cash dividend of $0.38 per ordinary share for the second quarter [21] Q&A Session Summary Question: Development pipeline progress ahead of USMCA review - Management noted an uptick in vacancy in some markets but expressed confidence in rent stability and pent-up demand as negotiations progress [23][24] Question: Leasing activity in Monterrey - Management highlighted strong net absorption in Monterrey and expressed confidence in leasing up new properties due to their prime locations [30][31] Question: Yield on cost for projects under construction - Management confirmed attractive yield on costs above 10% and noted stable construction costs with minor adjustments [39] Question: Land acquisitions and leverage by year-end - Management indicated a healthy leverage position and confidence in sustaining land acquisition strategies without compromising financial ratios [48] Question: Increase in leasing activity pipelines - Management observed increased visits to industrial parks and anticipated more leasing activity in the second half of the year [52] Question: Leasing spreads and development starts - Management expects continued strong leasing spreads and will be cautious with new development starts until existing properties are leased up [58][63] Question: Land bank and shovel-ready status - Management confirmed that recent land acquisitions are mostly shovel-ready, with some permits already in place [68][72] Question: Dynamics in absorption, vacancy, and rents - Management reported stable to positive rent growth in Tijuana and Ciudad Juarez, with expectations for increased leasing activity in the second half [80][81] Question: Renewals and market gaps - Management indicated approximately 3% of GLA expiring this year, with expectations for high renewal rates and rent increases [85][86] Question: Regional footprint and market priorities - Management emphasized the priority of leasing up vacant space in key markets like Monterrey and Ciudad Juarez before new developments [93]

Financial Data and Key Metrics Changes - Total revenues increased by 6.8% year over year, reaching $67 million, primarily driven by rental income from new leases and inflationary adjustments [14] - Adjusted net operating income rose by 7.2% to €61.8 million, with an adjusted NOI margin of 94.5% [15] - Adjusted EBITDA increased by 9% year over year to €55 million, with a margin expansion of 137 basis points to 84.1% [15] - Pre-tax income decreased to $54.5 million compared to $131.8 million in 2024, mainly due to lower gains on investment property valuations [16] - Funds from operations (FFO), excluding current tax, increased to $43.1 million from $38.2 million in Q2 2024, a 12.9% year-over-year increase [17] - Cash and cash equivalents stood at $65.2 million, while total debt increased to $900 million [17][18] Business Line Data and Key Metrics Changes - New leasing activity totaled 1.8 million square feet, including 411,000 square feet in new contracts, reflecting a sequential increase from Q1 [6][7] - Retention rates remained strong at 84%, with successful rent increases of 20% to 30% in some cases [7] - The tracking 12-month spread reached 13.7%, indicating a significant increase in the mark-to-market portfolio strategy [7] Market Data and Key Metrics Changes - The portfolio ended the quarter with a stabilized occupancy rate of 95.5%, with rents indexed to inflation [10] - The company noted a cautious leasing environment, particularly in export-linked markets, but highlighted resilience in renewals and releasing activity [5][6] - The company acquired 128.4 acres in Guadalajara and 20.2 acres in Monterrey, enhancing its strategic footprint [9][18] Company Strategy and Development Direction - The company is focused on long-term growth, emphasizing tenant retention, strategic positioning, and the intrinsic value of its existing portfolio [10] - The strategy includes completing existing projects and strategically expanding the land bank in line with Route 2030 [9] - The company aims to reinforce its foundation to scale confidently when the environment normalizes, including accelerating energy infrastructure planning [10][12] Management's Comments on Operating Environment and Future Outlook - Management views the current slowdown in leasing as a temporary deceleration rather than a structural change, with companies exercising caution rather than canceling plans [12] - The company expects recent deliveries of income-producing properties to contribute to revenues in the second half of 2025 [13] - Management remains optimistic about the long-term outlook, citing trade policy stabilization and manufacturing resilience as positive indicators for future growth [14] Other Important Information - The company paid a cash dividend of $0.38 per ordinary share for Q2 2025 [19] - The company maintains a healthy leverage position with a net debt to EBITDA ratio of four times and a loan to value ratio of 22.4% [18] Q&A Session Summary Question: Development pipeline progress ahead of USMCA review - Management noted an uptick in vacancy in some markets but expressed confidence in stable or increasing rents, indicating pent-up demand [20][22] Question: Leasing in Monterrey with weak net absorption - Management highlighted strong net absorption in Monterrey and expressed confidence in leasing up new properties due to their prime locations [28] Question: Yield on cost for projects under construction - Management confirmed attractive yield on costs above 10% and noted stable construction costs with minor adjustments [36][38] Question: Land acquisitions and leverage by year-end - Management reassured that leverage remains healthy and that land acquisitions align with their long-term strategy [42][46] Question: Increase in leasing activity pipelines - Management observed increased visits to industrial parks and anticipated more leasing activity in the second half of the year [50] Question: Leasing spreads expectations - Management expects continued strong leasing spreads and proactive management of tenant relationships [58] Question: Priorities for regional footprint and new starts - Management emphasized leasing up existing properties as a priority before considering new developments [90] Question: Impact of exchange rates on net income - Management clarified that most properties are dollar-denominated, and the impact on net income is primarily from financial adjustments rather than exchange rates [96][99] Question: Expected leasing activity from upcoming projects - Management expects high-quality assets to attract leasing activity within three to twelve months after delivery [104] Question: Exposure to manufacturing and logistics - Management indicated a balanced strategy between manufacturing and logistics, with a focus on long-term leases with high credit-rated companies [112] Question: Vertical integration and tenant demands - Management confirmed existing vertical integration and expressed interest in renewable energy solutions for tenants [120][122]

Company Overview - Vesta's property portfolio encompasses 431 million square feet of manufacturing and logistics facilities[14] - The company's property portfolio is valued at US$386 billion[14] Financial Performance (Q2 2025) - Total revenues reached $6727 million, a 68% increase compared to Q2 2024[20, 29] - Adjusted NOI was $6182 million, up 72% from $5768 million in Q2 2024[20, 29] - Adjusted EBITDA increased by 90% to $5500 million, compared to $5044 million in the same period last year[20, 29] - Vesta FFO stood at $4312 million, a 129% increase year-over-year[20, 31] - Total debt outstanding was $90036 million, representing a leverage ratio of 224%[20] Portfolio Metrics - Total portfolio occupancy was 923%[20] - Stabilized portfolio occupancy was 955%[20] - Same-store portfolio occupancy was 970%[20] Land Bank - Total land bank area is 9263 acres[16] - The market value of the land bank is $20451 million[16] Development Portfolio - The total expected investment in the development portfolio is $9096 million[16] - The development portfolio's GLA is 129 million square feet[16]

Core Insights - Investors in the Real Estate - Operations sector should consider TPG RE Finance Trust (TRTX) and Corporacion Inmobiliaria Vesta, S.A.B. de C.V. Sponsored ADR (VTMX) for potential value opportunities [1] Valuation Metrics - TRTX has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while VTMX has a Zacks Rank of 5 (Strong Sell), suggesting a negative earnings outlook [3] - TRTX's forward P/E ratio is 8.39, significantly lower than VTMX's forward P/E of 15.97, indicating TRTX may be undervalued [5] - TRTX has a PEG ratio of 2.28 compared to VTMX's PEG ratio of 4.15, suggesting TRTX offers better value relative to its expected earnings growth [5] - TRTX's P/B ratio is 0.59, while VTMX's P/B ratio is 8.81, further indicating TRTX's more attractive valuation [6] - Based on these metrics, TRTX holds a Value grade of B, whereas VTMX has a Value grade of F, highlighting TRTX as the superior option for value investors [6][7]

Group 1 - The investment approach has received over 500 five-star reviews from members, indicating high satisfaction and perceived benefits [1] - The company invests significant resources, over $100,000 annually, into researching profitable real estate investment opportunities [1] - The leader of the investing group High Yield Landlord shares real-time transactions and maintains three distinct portfolios: core, retirement, and international [2] Group 2 - Jussi Askola, the President of Leonberg Capital, is recognized for his expertise in REIT investing and has authored award-winning academic papers on the subject [2] - The investing group offers features such as buy/sell alerts and direct access to analysts for member inquiries [2]

Group 1 - The REIT market is experiencing significant volatility, leading to frequent changes in the "best REITs to buy" from month to month [1] - The investment group High Yield Landlord, led by Jussi Askola, provides real-time updates on REIT portfolio transactions and offers features such as buy/sell alerts and direct access to analysts [2] - Jussi Askola is the President of Leonberg Capital, a value-oriented investment firm that consults on REIT investing and has established relationships with top REIT executives [2] Group 2 - The company invests over $100,000 annually and dedicates thousands of hours to researching profitable investment opportunities, particularly in real estate strategies [1]

Core Insights - The article discusses the importance of understanding the history of financial markets for making informed future investment decisions [1]. Group 1 - The author has over 10 years of experience in communications and has worked for various economic institutions [1]. - The author currently holds positions at the Center for Economic Studies Argentina XXI (CEEAXXI) and the International Foundation Bases [1]. - The author runs a YouTube podcast called Storiopolis, which aims to present historical narratives without ideological bias, focusing on the history of finance [1].

Financial Data and Key Metrics Changes - Total revenues increased by 10.7% to $60.6 million, driven by rental revenues from new leases and inflationary adjustments [21] - Adjusted net operating income rose by 8.5% to $62.1 million, with a margin contraction of 10 basis points to 95.7% due to higher costs [21][22] - Adjusted EBITDA reached $55 million, a 9.3% increase year-over-year, with a margin increase of 50 basis points to 85.2% [22] - Pre-tax income decreased to $28.6 million compared to $150.6 million in 2024, primarily due to lower gains on revaluation of investment properties [23] - Cash and cash equivalents stood at $49 million, with total debt decreasing to $801 million [24] Business Line Data and Key Metrics Changes - Total leasing activity for Q1 2025 reached $1.4 million, comprising 139,000 square feet of new contracts and 1.2 million square feet in lease renewals [14] - Same store NOI increased by 4.3% year-over-year, reflecting strong tenant relationships and portfolio quality [13] Market Data and Key Metrics Changes - Vesta's revenues were 89.7% denominated in U.S. dollars, up from 87.8% in Q1 2024 [21] - Vacancy rates in Monterrey were around 7%, while Tijuana's rates were close to 8%, indicating healthy market conditions despite a slow quarter [132] Company Strategy and Development Direction - Vesta is focused on maturing leases and renewals, generating a 11.5% trailing 12-month weighted average spread, the highest since 2022 [13] - The company is making strategic land acquisitions in urban infill markets aligned with its Route 2030 strategy, particularly for e-commerce and last-mile logistics [15] - Vesta aims to maintain a diversified portfolio, with logistics and e-commerce making up about 50% of its tenant base [82] Management's Comments on Operating Environment and Future Outlook - Management noted that uncertainty continues to affect decision-making across industries, but Vesta's tenants are largely maintaining long-term plans [7][8] - The company views the current environment as an opportunity, leveraging its strong balance sheet for future growth [12] - Management expects an uptick in leasing activity for new tenants in upcoming quarters as uncertainties dissipate [30] Other Important Information - Vesta executed a share buyback program of $36 million during the quarter, acquiring 15.5 million shares [16][25] - The loan-to-value ratio was reported at 20.6%, one of the lowest in the industry, providing financial flexibility [17] Q&A Session Summary Question: What is the outlook for leasing activity in April and May? - Management sees an increase in leasing activity and expects new leases to pick up in upcoming quarters, despite the first quarter being slow due to uncertainty [30] Question: Can you provide details on tenant engagement and occupancy stabilization? - Management reported strong engagement with tenants, who are optimistic about Mexico, and expects occupancy to stabilize as clarity on trade rules improves [42][46] Question: What is the current state of market rents in Monterrey and Tijuana? - Vacancy rates are healthy, with rents stabilizing or increasing, indicating positive market dynamics despite a slow quarter [134] Question: Will Vesta continue to aggressively buy back shares? - Management will monitor market conditions and execute the $150 million buyback program when opportunities arise [124]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2025 Commission File Number: 001-41730 Corporación Inmobiliaria Vesta, S.A.B. de C.V. (Exact name of registrant as specified in its charter) Paseo de los Tamarindos No. 90, Torre II, Piso 28, Col. Bosques de las Lomas Cuajimalpa, C.P. 05120 Mexico City United Mexican States +52 (55) 5950-0070 (Addr ...

Economic Conditions and Risks - The company's business performance is closely tied to general economic conditions and the real estate industry, with potential adverse effects from economic slowdowns or downturns in asset values [101]. - Economic conditions in Mexico, including political and social developments, could negatively impact the company's financial condition and results of operations [104]. - The volatility of financial markets may adversely affect the availability of credit and the company's ability to secure favorable financing terms [112]. - The ongoing geopolitical tensions, including the war in Ukraine, could lead to further market disruptions and negatively affect the company's operations [114]. - The appraisal of real estate assets has become more difficult due to market volatility, potentially leading to lower-than-expected property values [115]. - The company may experience increased vacancy rates and reduced demand for industrial space, impacting rental income [109]. - The company is exposed to risks from economic downturns in specific sectors, with tenants primarily in automotive (32.4%), logistics (11.7%), and food and beverage (8.7%) industries [134]. - Political instability in Mexico could adversely affect business operations, with significant changes in laws and public policies posing risks [203]. - The electoral victory of the Morena party in 2024 has resulted in a concentration of political power, which may impact economic conditions and business operations [205]. - The Mexican economy is influenced by significant political and economic instability, which may adversely affect the company's business operations and financial condition [210]. Tenant and Revenue Risks - A significant portion of rental income is derived from a limited number of customers, increasing vulnerability to tenant defaults [101]. - The company relies heavily on its tenants for revenue, and defaults by major tenants could materially affect financial performance [126]. - As of December 31, 2024, the company's top 10 tenants accounted for approximately 27.1% of total GLA and 28.5% of rental income, with Nestlé being the largest customer [129]. - The company may need to modify lease terms to accommodate tenants facing financial difficulties, which could reduce rental income [128]. - The company's rental income is dependent on the performance of its tenants and the overall economic environment in Mexico [143]. Financial Condition and Capital Structure - The company’s financial condition may be jeopardized if it cannot raise additional capital on favorable terms, affecting future growth prospects [140]. - As of December 31, 2024, the company's total outstanding debt was US$847.0 million, with US$269.2 million in secured loans [141]. - The shareholders increased the cap on indebtedness to US$1.8 billion in March 2024, allowing for potential strategic acquisitions [141]. - The company may incur additional indebtedness for strategic acquisitions, investments, or joint ventures, which could significantly increase financial obligations [141]. - The company is dependent on raising capital through financial markets, and unfavorable credit ratings could impair access to financing [139]. - The company’s ability to service its debt may be adversely affected by economic downturns or failure to meet financial covenants [144]. Development and Operational Risks - The company faces risks related to the development of new properties, including rising construction costs and supply chain issues [101]. - The company is subject to risks related to development activities, including potential increases in construction costs and supply chain issues [157]. - The company may face challenges in obtaining necessary governmental approvals, licenses, and permits, which could delay operations [158]. - Delays or increased costs in construction projects could negatively impact the company's financial condition and rental income [177]. - The company relies on a global network of suppliers, and current supply constraints may lead to increased lead times and costs [178]. Environmental and Regulatory Risks - The company is subject to various environmental laws and regulations, which may lead to significant additional costs and liabilities that could adversely affect its financial condition [163]. - The company anticipates that the regulation of its business operations under Mexican environmental laws will become more stringent over time, potentially impacting cash flows and compliance costs [164]. - Under Mexican law, the company is jointly liable with tenants for soil pollution remediation costs, which could materially affect its financial condition if tenants fail to meet their obligations [165]. - The company faces potential class action lawsuits related to environmental liabilities, which may adversely impact its financial condition [166]. - The company is exposed to physical risks from climate change, including severe weather events that could affect tenants' operations and their ability to pay rent [167]. - Compliance with new climate change regulations may require significant improvements to existing properties, potentially increasing operating costs that cannot be passed on to tenants [168]. Market and Competitive Risks - The company faces significant competition from major players like Prologis and Fibra Uno, which could lead to lower occupancy rates and rental income [136]. - Future market conditions may affect the company's ability to divest assets at favorable pricing or in a timely manner [117]. - The company may need to explore alternative ways to increase liquidity, including divesting properties at less than optimal terms or incurring debt, which could adversely affect financial condition and distributable cash flow [118]. - The market price of the company's ADSs may be volatile, influenced by various uncontrollable factors, including economic conditions and investor perceptions [229][230]. - The company is exposed to potential securities litigation due to market volatility, which could divert management's attention and incur substantial costs [231]. Shareholder and Governance Risks - The company's bylaws restrict any acquisition of common shares resulting in beneficial ownership of 9.5% or more without prior Board approval [232]. - A public tender offer is required if beneficial ownership of 20.0% or more is achieved, with the purchase price being the greater of book value, highest trading price in the last 365 days, or the highest price ever paid plus a 20.0% premium [234]. - Holders of American Depositary Shares (ADSs) have fewer rights than direct shareholders and must act through the depositary to exercise those rights [258]. - The company is a holding company and relies on dividends from subsidiaries to service its debt and make distributions to shareholders [259]. - The company may lose its foreign private issuer status, requiring compliance with more extensive U.S. reporting requirements and potentially increasing regulatory costs [270]. Financial Performance and Growth - The company's profit for the year ended December 31, 2024, was $223.3 million, reflecting a decrease of 29.5% from 2023 [290]. - Vesta FFO per share has increased 3.2x since 2012, with a CAGR of 10.2% from 2012 to 2024 and a growth of 9.0% from 2023 to 2024 [290]. - The total GLA has grown 3.3x since 2012, with a CAGR of 10.6% from 2012 to 2024 and a growth of 7.9% from 2023 to 2024 [290]. - The company aims to maximize growth in Vesta FFO through its "Level 3 Strategy" from 2019 to 2024, focusing on portfolio management, property investment, and ESG leadership [289]. - The company has achieved a 5.5x increase in profit since 2012, with a CAGR of 15.2% from 2012 to 2024 [293]. - The company has implemented eco-efficient standards in its developments, contributing to sustainable investments [287]. - The company has obtained ISO 9001-2015 certification for risk mitigation, recently renewed in 2023 [292].