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 ...

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 ...