The following is a summary of the Corporación Inmobiliaria Vesta, S.A.B. De C.V. (VTMX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Vesta reported a 20.1% rise in the adjusted net operating income (NOI) in Q1 2024 to $57.4 million.

• The company posted total revenues for Q1 of $60.6 million, marking a 21% increase largely due to new rental leases.

• They reported Funds From Operations (FFO) of over $40 million, up by 32.4% YoY.

• The company's adjusted EBITDA rose by 20% to reach $50.6 million, with the margin at 84.7%.

• Vesta possessed cash and equivalents worth $445 million, with the total debt slightly decreased to $914 million. The net debt to EBITDA ratio stood at 2.4 times.

Business Progress:

• In terms of operations, stabilized occupancy for Q1 2024 raised by 40 basis points to 97.1%, while total portfolio occupancy increased to 94%.

• Vesta initiated construction on four new buildings, with on-going construction reaching 4.1 million square feet.

• The company stated it will continue to prioritize its investment pipeline which promises above-market returns with higher spreads.

• Despite minor project adjustments and delays, the company anticipates no substantial impact on potential income or its value proposition.

• Vesta saw considerable growth from Foxconn, a major tenant, in Guadalajara where prominent electronics manufacturing components are produced.

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