Core Viewpoint - TPG RE Finance Trust (TRTX) is currently viewed as a superior value option compared to Corporacion Inmobiliaria Vesta, S.A.B. de C.V. Sponsored ADR (VTMX) based on various valuation metrics [1][6]. Valuation Metrics - TRTX has a forward P/E ratio of 6.88, while VTMX has a forward P/E of 10.16 [5]. - The PEG ratio for TRTX is 1.48, indicating a more favorable valuation in relation to its expected earnings growth compared to VTMX's PEG ratio of 2.64 [5]. - TRTX's P/B ratio stands at 0.51, significantly lower than VTMX's P/B ratio of 7.77, suggesting TRTX is undervalued relative to its book value [6]. Earnings Outlook - Both TRTX and VTMX currently hold a Zacks Rank of 2 (Buy), indicating positive revisions to their earnings estimates and improving earnings outlooks [3]. - Despite both companies having solid earnings prospects, TRTX's valuation metrics suggest it is a better investment choice for value investors [6].

Financial Data and Key Metrics Changes - Total revenue for 2024 reached $252 million, a 17.7% year-over-year increase, surpassing revised guidance of 17% [15][23] - Adjusted NOI margin and EBITDA margin for 2024 were 94.6% and 83.5%, respectively [16][23] - FFO for 2024 was $160.1 million, a 25.2% increase compared to $127.9 million in 2023 [16][24] Business Line Data and Key Metrics Changes - Leasing activity for the full year reached 7.7 million square feet, with 3.5 million square feet from new leases [14] - Fourth quarter leasing activity was 1.6 million square feet, with 739,000 square feet in new contracts [17] - Renewals during the year totaled $4.2 million, with an 8.4% increase in rent spreads [14] Market Data and Key Metrics Changes - Total portfolio occupancy at the end of Q4 2024 was 93.4%, with stabilized and same-store occupancy at 95.5% and 97.6%, respectively [17] - The Bajio region showed continued absorption strength, while Tijuana and Ciudad Juarez experienced a slowdown in demand [45][56] Company Strategy and Development Direction - The company unveiled its Route 2030 strategic plan, focusing on balanced investment, growth, profitability, and ambitious Net Zero and ESG objectives [8] - Strategic investments will prioritize land acquisition and development that provide a clear competitive advantage [14] - The company aims to maintain a strong financial position and be selective in tenant leasing [21] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the challenges expected in 2025, but remains confident in the opportunities in Mexico [9][10] - The economic interdependence between Mexico and the U.S. is emphasized, with near-shoring strategies expected to drive growth [11][12] - Management noted that while there are uncertainties, the company is well-positioned to navigate these challenges [63] Other Important Information - The company secured a $545 million global syndicated sustainability-linked credit facility [16][29] - A share repurchase program reached $42.3 million by year-end, representing 2% of total outstanding shares [22][32] Q&A Session Summary Question: Insights on leasing activity in Monterrey - Management confirmed that Monterrey remains a key market with full leasing and confidence in upcoming projects [36][38] Question: Stabilized portfolio occupancy decrease in the North region - Management noted that while Monterrey is stable, Tijuana and Ciudad Juarez have shown a slowdown in demand [45][46] Question: Developments in the Bajio region - Management highlighted positive signs in Guadalajara and Queretaro, with low vacancy rates and strong demand [54][55] Question: Impact of northern market weakness on Bajio - Management indicated that different markets have unique dynamics, and they remain confident in the Bajio region's health [68][72] Question: CapEx deployment and guidance - Management did not provide specific guidance but indicated an active capital deployment strategy for the year [88][90] Question: Risks affecting the development pipeline - Management expressed confidence in material supply and development processes, with no major risks anticipated [115][116] Question: Automotive sector concerns - Management noted that major automakers reaffirmed commitments to Mexico, despite tariff concerns [124][126]

Core Insights - Corporación Inmobiliaria Vesta (NYSE: VTMX) is a Mexican industrial REIT that manages a portfolio of logistic centers and manufacturing properties, benefiting from the near-shoring trend as companies relocate [1] Group 1: Company Overview - Vesta provides logistics and manufacturing space for companies that are moving operations closer to the U.S. market due to the near-shoring trend [1] - The company focuses on delivering shareholder value through dividends and capital appreciation opportunities [1] Group 2: Investment Strategy - The investment strategy emphasizes identifying undervalued companies relative to their fundamentals, peers, and historical performance [1] - The approach seeks companies with high potential for capital appreciation driven by foreseeable catalysts [1]

Financial Data and Key Metrics Changes - Total income for Q3 2024 was $63.7 million, a 14.4% year-over-year increase [4] - Adjusted NOI margin reached 94.2%, and adjusted EBITDA margin was 84.5% for the quarter [4] - Vesta FFO ended at $40.4 million for the quarter, a 20.3% year-on-year increase [4][10] - Total revenues increased 14.4% to $64 million, primarily due to rental revenues from new leases and inflationary adjustments [9] - Adjusted net operating income increased 11.4% to $57.6 million, with a margin increase of 87 basis points [9] - Cash and equivalents stood at $281.2 million, and total debt decreased to $845 million [11] Business Line Data and Key Metrics Changes - Third quarter leasing activity reached 1.3 million square feet, with 476,000 square feet for new leases and 787,000 square feet in renewals [5] - The majority of new leases had a contract lease term of approximately 10 years, with an 8% spread for renewals and re-leasing [5] Market Data and Key Metrics Changes - The company noted continued recovery and heightened activity in Mexico City and Bajio [5] - Nearshoring trends remain robust, highlighted by Foxconn's commitment to build a large plant in Mexico [7] - The development pipeline remains strong with 3.4 million square feet under construction [8] Company Strategy and Development Direction - Vesta is focused on creating value through disciplined, strategic investment activities to ensure long-term growth in cash flow and funds from operations [4] - The company is executing on a strong pipeline with a shovel-ready land bank, ensuring clients access to logistic corridors and energy infrastructure [8] - Vesta aims to maintain a strong balance sheet while being selective in tenant leasing [4][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current market conditions despite minor upticks in vacancy rates, attributing it to new projects coming online [15] - The company anticipates continued demand in 2025, driven by long-term contracts with clients [17] - Management remains cautious but optimistic about the ongoing strength in the Mexican market and nearshoring trends [20] Other Important Information - The company upwardly revised its full-year 2024 revenue growth guidance to exceed 17% [12] - Vesta opportunistically bought back approximately 5 million shares, totaling nearly $50 million [11] Q&A Session Summary Question: Insights on occupancy and commercial discussions amid political volatility - Management noted good occupancy levels despite a minor tick in total portfolio occupancy, attributing it to new projects in lease-up stage [15][16] Question: Outlook on development in the Bajio region - Management indicated strong demand in the Bajio region, particularly in the automotive industry, and plans to utilize land bank effectively [19] Question: Demand dynamics in northern markets - Management acknowledged a minor uptick in vacancies in northern markets but emphasized long-term demand remains strong [29] Question: Updates on land bank acquisitions - Management confirmed a strong pipeline of potential land acquisitions and emphasized the importance of well-located land for future developments [39] Question: Buyback program and capital allocation strategy - Management reiterated the importance of capital allocation and indicated a willingness to be active in the buyback program if market conditions are favorable [46]

Financial Performance - Rental income for the nine-month period ended September 30, 2024, was $186,881,830, a 19.8% increase from $156,117,790 in the same period of 2023[7] - Profit for the period reached $286,155,593 for the nine months ended September 30, 2024, compared to $202,807,712 for the same period in 2023, marking an increase of 41.1%[7] - Total comprehensive income for the period was $276,666,988, up from $212,241,446 in the previous year, reflecting a growth of 30.4%[7] - Interest income rose to $13,140,475 for the nine-month period ended September 30, 2024, compared to $5,527,899 in the same period of 2023, a significant increase of 138.5%[7] - Comprehensive income for the nine-month period ended September 30, 2024, was $276,666,988, compared to $212,241,446 for the same period in 2023, showing an increase of about 30.4%[10] - The company reported a profit before income taxes of $345,127,412 for the nine-month period ended September 30, 2024, up from $281,773,986 in the same period of 2023, marking an increase of about 22.5%[10] - Energy income increased significantly to $5,495,834 for the nine-month period ended September 30, 2024, compared to $1,609,991 in the prior year, marking a 241.5% growth[98] Assets and Liabilities - Total assets increased to $3,930,346,519 as of September 30, 2024, up from $3,792,216,293 at December 31, 2023, representing a growth of 3.65%[5] - Total current liabilities decreased to $71,687,969 as of September 30, 2024, down from $147,566,241 at December 31, 2023, a reduction of 51.4%[5] - Total stockholders' equity increased to $2,691,564,634 as of September 30, 2024, up from $2,486,968,425 at December 31, 2023, reflecting a growth of 8.2%[5] - Total stockholders' equity as of September 30, 2024, reached $2,691,564,634, an increase from $2,220,680,459 as of September 30, 2023, representing a growth of approximately 21.3%[8] - Cash, cash equivalents, and restricted cash at the end of the period on September 30, 2024, totaled $281,932,919, down from $408,182,657 at the end of September 2023, reflecting a decline of approximately 30.9%[11] - As of September 30, 2024, total cash and cash equivalents decreased to $281,932,919 from $501,901,448 as of December 31, 2023, representing a decline of approximately 44%[36] - Short-term accounts payables increased to $15,925,594 as of September 30, 2024, compared to $13,188,966 as of December 31, 2023, reflecting an increase of about 20.8%[31] Investment Properties - Investment property value increased to $3,589,613,509 as of September 30, 2024, from $3,212,164,164 at December 31, 2023, an increase of 11.7%[5] - The fair value of investment properties increased to $3,589,613,509 as of September 30, 2024, compared to $3,212,164,164 at the end of 2023, reflecting a growth of approximately 11.7%[60] - The total additions to investment properties for the year amounted to $158,848,138, while the gain on revaluation of investment properties was $231,374,529[61] - The company reported a gain on revaluation of investment property of $(231,374,529) for the nine-month period ended September 30, 2024, compared to $(179,549,769) in the same period of 2023, indicating a decrease in gains of about 28.8%[10] Cash Flow and Investments - Net cash generated by operating activities for the nine-month period ended September 30, 2024, was $79,246,179, compared to $128,947,738 for the same period in 2023, indicating a decrease of about 38.4%[10] - The company experienced a net cash used in investing activities of $(143,279,432) for the nine-month period ended September 30, 2024, compared to $(195,776,103) for the same period in 2023, reflecting a decrease of about 26.8%[10] - Purchases of investment property for the nine-month period ended September 30, 2024, were $(172,493,271), compared to $(195,666,429) in the same period of 2023, indicating a decrease of approximately 11.8%[10] Dividends and Shareholder Information - Dividends declared increased to $(64,686,487) for the nine-month period ended September 30, 2024, compared to $(60,307,043) for the same period in 2023, representing an increase of approximately 6.3%[8] - The entity declared a dividend of $64,686,487, approximately $0.01832 per share, to be paid in four equal installments[90] - The third installment of the 2024 declared dividends was approximately $0.0183 per share, totaling $16,171,622[118] - Basic earnings per share for the nine-month period ended September 30, 2024, is $0.2681, compared to $0.2777 for the same period in 2023[97] - The total number of shares in treasury increased to 15,334,934 as of September 30, 2024, from 14,387,308 as of December 31, 2023[87] - The entity's total shares outstanding as of September 30, 2024, is 868,983,607, down from 870,109,128 as of December 31, 2023[86] Expenses and Costs - Total property operating costs for the nine-month period ended September 30, 2024, were $17,175,408, up from $12,118,168 in 2023, reflecting a 41.8% increase[99] - General and administrative expenses totaled $25,182,005 for the nine-month period ended September 30, 2024, compared to $22,340,322 in 2023, indicating a 8.2% rise[100] - Interest on loans and others amounted to $32,285,679 for the nine-month period ended September 30, 2024, slightly down from $33,626,366 in the previous year[103] Debt and Financing - Total long-term debt as of September 30, 2024, is $843,044,931, compared to $845,573,752 as of December 31, 2023, showing a slight decrease[78] - The long-term debt includes a $200 million unsecured sustainability-linked revolving credit facility obtained in September 2022, with no provisions made as of September 30, 2023[68] - The entity's Series A Senior Notes and Series B Senior Notes have interest rates of 5.03% and 5.31%, respectively, with maturity dates in September 2024 and September 2027[78] Compliance and Governance - The condensed consolidated interim financial statements were approved by the Board of Directors on October 25, 2024[119] - The entity is in compliance with financial covenants as of September 30, 2024[84] - The Entity is not involved in any litigation that could materially affect its financial position or cash flows[116] Market Conditions - The inflation rate in Mexico is projected to be between 3.66% and 4.0% for Q3 2024, which could positively influence the fair value of properties[56] - The discount rate for fair value assessment increased to a range of 7.75% to 12.26% in Q3 2024, compared to 7.00% to 12.21% in 2023, which may impact future valuations negatively[56] - The exit cap rate remained stable at 6.50% to 9.25% for Q3 2024, consistent with the previous year, suggesting no significant change in market expectations[56]

Financial Data and Key Metrics Changes - Vesta's second quarter revenues reached $63 million, a 22.4% increase year-on-year, driven primarily by higher rental revenue [4][95] - Adjusted net operating income increased by 19.6% to $57.8 million, while the adjusted EBITDA rose 20% to $50.2 million, although margins decreased due to higher costs [86][94] - Cash and equivalents stood at $377 million, with total debt remaining unchanged at $914 million, resulting in a net debt to EBITDA ratio of 2.8 times [6] Business Line Data and Key Metrics Changes - Leasing activity included 1.8 million square feet in renewals, with a real leasing spread of 7.1% during the quarter, reflecting stable growth in rent [3][119] - The construction pipeline reached 4.7 million square feet, with 38.6% already leased [93] Market Data and Key Metrics Changes - Foreign direct investment into Mexico reached over $38 billion from January to May, marking a 35% year-on-year increase, with significant investment in the manufacturing sector [4] - Portfolio occupancy levels increased to a record 97.5% during the quarter [93] Company Strategy and Development Direction - Vesta aims to continue acquiring land in strategic locations, focusing on development as a key part of its growth strategy [12][130] - The company is well-positioned to capture opportunities in Mexico's manufacturing hubs, with a disciplined approach to capital allocation [94][120] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market dynamics, noting strong demand in regions like Ciudad Juarez and Monterrey, despite some delays in construction [10][15] - The company anticipates continued rent increases and a favorable leasing environment, driven by limited supply of quality assets [22][50] Other Important Information - Vesta's FFO reached $37.9 million, a 23.2% year-on-year increase, indicating strong operational performance [94][122] - The company has a strong focus on maintaining a high-quality portfolio and leveraging client relationships to identify growth opportunities [34][130] Q&A Session Summary Question: What should be expected regarding audit expenses? - Management indicated that audit expenses will remain elevated due to compliance requirements with the New York Stock Exchange [88][37] Question: What are the reasons for project delays? - Management noted minor construction delays but emphasized that these are not material and are expected to stabilize [10] Question: How is the leasing spread expected to trend? - Management expects leasing spreads to continue increasing, with potential for high single-digit growth [23][50] Question: What is the company's exposure to EV suppliers? - Management clarified that while there is some exposure, most clients are diversified across various industries, not solely reliant on the EV sector [45][62] Question: How does the company view the new administration's support for industrial parks? - Management expressed optimism about the new administration's plans to support industrial development, emphasizing the importance of infrastructure improvements [52][116]

| --- | --- | --- | |-------------------------------------------------------------------------------------------|---------------------|-------------------------| | All numbers express in US$ \nASSETS | | | | | As of June 30, 2024 | As of December 31, 2023 | | Current assets: | | | | Cash and cash equivalents 376,941,475 501,166,136 Financial assets held for trading - - | | | | | | | | Recoverable Taxes 35,793,676 33,864,821 Operating lease receivables 11,900,512 10,100,832 | | | | Prepaid expenses 26,494,23 ...

Financial Data and Key Metrics Changes - Total revenues grew by 21% to $60.6 million, driven by rental revenue from new leases and inflationary adjustments [20] - Adjusted net operating income (NOI) increased by 20% to $57.4 million, with an adjusted NOI margin of 96% [21][24] - Funds from operations (FFO) rose by 32% to $40.4 million [23] Business Line Data and Key Metrics Changes - First quarter leasing activity reached 2 million square feet, with 1 million square feet from new leases and nearly 1 million square feet from renewals [10] - Stabilized occupancy increased by 40 basis points to 97.1%, reflecting a strong and diverse client base [9][15] Market Data and Key Metrics Changes - Rental prices for Mexico's industrial space rose by 22% year-on-year, averaging $6.89 per square meter [10] - Total portfolio occupancy increased to 94% from 93.4% in the previous quarter [15] Company Strategy and Development Direction - The company is focusing on acquiring strategically located land and developing best-in-class buildings to lease to top-tier clients [11][12] - Vesta aims to leverage its strong balance sheet and relationships to capture opportunities in Mexico's nearshoring wave [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain strong leasing activity and capture value from rent increases [33][35] - The Mexican economy is expected to grow between 1.8% to 2.5% in 2024, supported by incentives for nearshoring investments [14] Other Important Information - The company has a land bank that could potentially increase its portfolio by over 10 million square feet [51] - A cash dividend of MXN0.29 per ordinary share was paid for the first quarter [25] Q&A Session Summary Question: Rental growth on a per region basis - Management noted rent increases across most markets, with significant spreads in Tijuana and Ciudad Juarez [26][27] Question: Peso-denominated rents - There is strong interest from companies to lease in U.S. dollars, reflecting a preference for quality space over currency denomination [29] Question: Leasing spreads and expirations in 2025 - Management is proactive in renewing leases and expects potential upside in rent due to expirations [31][34] Question: Impact of increased capital flow on growth trajectory - Increased competition for land is acknowledged, but Vesta's development capabilities position it well to capture value [36][38] Question: Guidance for 2024 - Management confirmed that guidance remains unchanged from the previous quarter [41][44] Question: Non-tenant reimbursement - A significant reimbursement of $14 million was noted, related to tenant improvements [86] Question: Land sale dynamics - A non-strategic asset was sold for a premium, reflecting a strategy to clean up the portfolio [87] Question: Delivery timeline for development projects - Management expressed confidence in managing construction risks and maintaining strong leasing activity [90][92] Question: Interest in market acquisitions - Vesta will focus on its investment pipeline and maintain discipline in its strategy [94][96]

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 2024 Commission File Number: 001-41730 Corporación Inmobiliaria Vesta, S.A.B. de C.V. 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 (Address of principal executive office) Indicate by check ma ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. OR o SHELL COMPANY ...