Financial Data and Key Metrics Changes - Total revenue for 2023 increased by more than 20% to $214.5 million, with adjusted NOI and adjusted EBITDA margins of 94.6% and 82% respectively [23][31] - Fourth quarter total revenue rose 17.9% to $55.9 million, driven by new leases and inflationary adjustments [33] - Adjusted net operating income for Q4 increased 19.4% to $53 million, with a margin expansion of 220 basis points to 98.1% [34] - Funds from operations (FFO) for 2023 reached $127.9 million, a 23.6% year-on-year increase [23] Business Line Data and Key Metrics Changes - Leasing activity reached a record high of 2.7 million square feet in Q4, with 1.7 million square feet from new contracts and 1 million square feet from lease renewals [11][22] - The total development pipeline at the end of Q4 was 3.1 million square feet, with expected investments of $267.1 million [14] - Same-store NOI grew by 9.5% during the quarter, with leasing spreads averaging 6.5% [22][61] Market Data and Key Metrics Changes - Total portfolio occupancy for Q4 was 93.4%, with stabilized and same-store occupancy at 96.7% and 97% respectively [14] - The Bajio region is experiencing strong demand, with decreasing vacancy rates and increasing absorption [70][72] - Tijuana properties are not energy constrained, providing a competitive advantage in a constrained market [16][17] Company Strategy and Development Direction - The company aims to reach nearly 50 million square feet by 2025 as part of its level three growth plan [13] - Vesta focuses on maintaining high-quality assets and strong tenant relationships, which has led to significant expansions with clients like Foxconn and Tesla [9][10] - The company is committed to disciplined capital allocation and opportunistic acquisitions, emphasizing asset recycling as a key strategy [18][86] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued strong demand despite potential election-related uncertainties, with a focus on long-term investments [25][78] - The company expects revenue growth of 16% to 17% in 2024, with a target NOI margin of 94% and EBITDA margin of 83% [38] - Management believes that volatility in the market presents opportunities for growth and investment [26] Other Important Information - The company completed an acquisition of 81,000 square feet in Toluca at an estimated cap rate of 8.5% [13] - Cash and equivalents increased to $501 million, reflecting funds raised from recent IPO activities [36] - A cash dividend of $0.29 per ordinary share was paid for Q4 [37] Q&A Session Summary Question: Guidance on revenue growth deceleration - Management clarified that the guidance reflects sustainable growth and is not indicative of a slowdown, with continued strong rental growth expected [39][40] Question: Leasing dynamics in Monterrey - Management noted that occupancy in Monterrey is affected by ongoing developments, with plans for construction to increase footprint [43] Question: Increase in greenfield costs - Management explained that rising costs are due to market entry and construction material inflation, but these are offset by increased rental rates [46][48] Question: Land bank acquisition plans - Management confirmed plans to acquire land in strategic markets, focusing on Tijuana, Ciudad Juárez, and Mexico City [50] Question: Impact of elections on leasing decisions - Management does not foresee any slowdown in leasing decisions due to elections, citing strong demand and long-term commitments from clients [76][78] Question: Details on new contracts in Bajio - Management confirmed that new leases with Tesla and Foxconn are dollar-denominated and structured with long-term terms [90]

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 Yes No X TABLE OF CONTENTS EXHIBIT 99.1 Press release dated June 30, 2023 – Vesta Announces Lifting of Suspension of Trading on the BMV For the month of June 2023 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 ...