Corporacion Inmobiliaria Vesta Sab - ADR
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+ FollowMarket Cap$3.35B
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Earnings Call Q3 2026
October 23, 2026 - AI Summary
Strong Q3 operating + record leasing momentum (supports guidance raise)
- 2.3M sq ft signed leases in Q3, including a record 1.6M sq ft of new leases (broadly diversified across electronics/AI-related, e-commerce, logistics, automotive and consumer goods).
- Portfolio occupancy improved to 93.9% at quarter-end (+22 bps QoQ). Same-store occupancy 95.5%.
- ~700k sq ft of renewals completed with ~5-year weighted average term; TTM leasing spread ~10%.
Development acceleration / Route 2030 progress
- 1.9M sq ft of new construction starts initiated in Q3 across 5 inventory buildings (Monterrey, Juárez, Guanajuato).
- After starts + deliveries, development pipeline reached ~3.3M sq ft under construction, with ~$282.5M estimated investment and ~10.2% expected yield on cost.
- Land acquisition post-quarter end (Mexico City): ~689k sq ft, strengthening development capacity in a key logistics market.
- Commentary suggests some builds are initially on-spec but designed to capture demand as lease visibility improves.
Financial performance was solid, but margins compressed
- Revenue +9.9% YoY to $79.6M; rental revenue (energy excluded) +10.8% YoY to $77.5M.
- Adjusted NOI +10.4% YoY to $72.9M, but NOI margin ~94.1% (down 33 bps YoY) due to higher operating property costs vs rental revenue.
- Adjusted EBITDA +9.2% YoY to $65.2M, but EBITDA margin ~84.1% (down 123 bps YoY) due to higher costs/admin expenses.
- FFO ex-current tax: $47.1M (slightly down -0.7% YoY).
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$87.18
141.6% upside
Current Fair Value
141.6% upsideUndervalued by 141.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $3.35 Billion |
|---|---|
| Enterprise Value | $4.12 Billion |
| Annual dividend | $0.82 |
| Dividend yield | 2.13% |
| Earnings per Share | $2.9 |
| Beta | 0.27 |
| Outstanding Shares | 92,818,201 |
Return
| Return on Equity | 15.46% |
|---|---|
| Return on Assets | 10.06% |
| Return on Invested Capital | 8.62% |
Valuation & Multiples
| P/E Ratio | 6.48 |
|---|---|
| PEG | 1.92 |
| Price to Sales | 12.03 |
| Price to Book Ratio | 1.09 |
| Enterprise Value to Revenue | 12.95 |
| Enterprise Value to EBIT | 9.9 |
| Enterprise Value to Net Income | 8 |
| Total Debt to Enterprise | 0.29 |
| Debt to Equity | 0.37 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 22, 2026
EPS Estimate
$0.30
Consensus analyst estimateRevenue Estimate
$79.15 M
Consensus analyst estimateNext Earnings Call
Expected Date
February 18, 2027
EPS Estimate
$0.51
Consensus analyst estimateRevenue Estimate
$81.94 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.00000% |
|---|---|
| Total Calls | - |
| Total Puts | - |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 8.90%▲ 0.78% |
|---|---|
| Total Invested | $270.58M▲ 16.31% |
| Investors Holding | 70▲ 5.00% |
About Corporacion Inmobiliaria Vesta Sab
116 employees
CEO: Lorenzo Manuel Berho Corona
Corporación Inmobiliaria Vesta, S.A.B. de C.V., together with its subsidiaries, acquires, develops, manages, operates industrial buildings and distribution facilities in Mexico. It offers rental income from operating leases, including re...