$VTMX

Vesta Real Estate Corporation, S.A.B. de C.V.

CIK:0001969373|SEC Filings

Consolidated Statements of Profit and Other Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Rental income	$ 283,193,370	$ 251,950,504	$ 213,448,296
Management fees	31,437	376,618	1,019,316
Revenue	283,224,807	252,327,122	214,467,612
Property operating costs related to properties that generated rental income	(24,104,475)	(21,244,160)	(13,476,324)
Property operating costs related to properties that did not generate rental income	(4,171,323)	(3,348,273)	(4,763,398)
General and administrative expenses	(35,492,376)	(34,178,243)	(31,719,895)
Interest income	5,272,660	15,185,565	9,414,027
Other income	6,818,185	4,307,956	5,138,158
Other expenses	(3,523,537)	(5,152,385)	(3,037,113)
Finance cost	(56,226,952)	(44,261,390)	(46,306,975)
Exchange gain (loss)- net	10,097,353	(10,837,867)	8,906,782
Share of results of associates	11,538	0	0
(Loss) Gain on sale and disposal of investment properties – net	(9,945)	2,617,233	(461,600)
Gain on revaluation of investment properties	52,075,064	270,747,661	243,459,821
Profit before income taxes	233,970,999	426,163,219	381,621,095
Current income tax expense	(56,138,103)	(31,892,785)	(91,953,099)
Deferred income tax benefit (expense)	64,069,427	(170,924,088)	26,969,516
Total income tax benefit (expense)	7,931,324	(202,816,873)	(64,983,583)
Profit for the year	241,902,323	223,346,346	316,637,512
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating other functional currency operations	1,791,066	(13,160,799)	7,858,413
Total other comprehensive income (loss)	1,791,066	(13,160,799)	7,858,413
Total comprehensive income for the year	$ 243,693,389	$ 210,185,547	$ 324,495,925
Basic earnings per share (usd per share)	$ 0.2850	$ 0.2563	$ 0.4183
Diluted earnings per share (usd per share)	$ 0.2809	$ 0.2529	$ 0.4118

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Profit before income taxes	$ 233,970,999	$ 426,163,219	$ 381,621,095
Adjustments:
Depreciation	967,263	753,034	974,291
Right-of-use depreciation	757,374	662,992	603,782
Gain on revaluation of investment properties	(52,075,064)	(270,747,661)	(243,459,821)
Unrealized effect of foreign exchange rates	(8,306,287)	(2,322,932)	(1,048,369)
Interest income	(5,272,660)	(15,185,565)	(9,414,027)
Interest expense	53,099,773	41,939,489	44,335,420
Amortization of debt issuance costs	3,127,179	2,321,901	1,971,555
Share of results of associates	(11,538)	0	0
Expense recognized in respect of share-based payments	12,732,988	8,982,488	8,001,830
(Gain) loss on sale and disposal of investment properties	9,945	(2,617,233)	461,600
Employee benefits and pension costs	1,422,453	720,635	1,171,510
Income tax benefit from equity issuance costs	0	0	8,307,906
Working capital adjustments:
Operating lease receivables – Net	(4,088,859)	5,419,812	(2,410,637)
Recoverable taxes	5,293,530	(18,967,824)	(3,776,348)
Security deposits paid and others	18,767	457,961	(1,138,296)
Prepaid expenses and other current assets	(2,021,712)	19,179,847	4,008,959
Accounts payable	(787,488)	(8,512,107)	3,258
Accrued expenses and taxes	642,912	(441,625)	1,924,362
Security deposits received	2,618,955	1,728,422	7,347,839
Interest received	5,272,660	15,185,565	9,414,027
Income taxes paid	(40,119,390)	(75,011,590)	(64,103,701)
Net cash from operating activities	207,251,800	129,708,828	144,796,235
Cash flows from investing activities:
Purchases of investment properties	(336,934,128)	(231,137,856)	(263,051,665)
Sale of investment properties	5,500,000	5,070,000	42,057,500
Purchases of office furniture and vehicles	(837,371)	(597,329)	(2,078,300)
Investment in associates	(3,521,881)	0	0
Net cash used in investing activities	(335,793,380)	(226,665,185)	(223,072,465)
Cash flows from financing activities:
Interest paid	(45,884,170)	(42,087,710)	(45,034,414)
Loans obtained	650,000,000	0	0
Loans paid	(213,594,745)	(69,613,005)	(16,789,756)
Costs of debt issuance	(5,350,706)	(5,563,162)	0
Dividends paid	(68,325,102)	(63,670,176)	(59,509,926)
Repurchase of treasury shares	(36,415,845)	(44,165,790)	0
Equity issuance proceeds	0	0	594,375,000
Equity issuance costs paid	0	0	(27,693,021)
Payment of lease liabilities	(834,281)	(790,811)	(606,279)
Net cash (used in) from financing activities	279,595,151	(225,890,654)	444,741,604
Effects of exchange rate changes on cash	1,726,818	5,801,769	(4,446,323)
Net (decrease) increase in cash, cash equivalents and restricted cash	152,780,389	(317,045,242)	362,019,051
Cash, cash equivalents and restricted cash at the beginning of year	184,856,206	501,901,448	139,882,397
Cash, cash equivalents and restricted cash at the end of year - Note 5	$ 337,636,595	$ 184,856,206	$ 501,901,448

Consolidated Statements of Financial Position - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash, cash equivalents and restricted cash	$ 336,901,283	$ 184,120,894	$ 501,166,136
Recoverable taxes	47,539,115	52,832,645	33,864,821
Operating lease receivables- Net	8,769,879	4,681,020	10,100,832
Prepaid expenses and other current assets	4,141,257	2,119,545	21,299,392
Total current assets	397,351,534	243,754,104	566,431,181
Non-current assets:
Investment properties	4,129,443,925	3,696,768,269	3,212,164,164
Office furniture – Net	2,256,393	2,386,285	2,541,990
Right-of-use asset – Net	1,419,215	533,792	834,199
Investment in associates	3,533,419	0	0
Security deposits paid, restricted cash and others	8,455,208	14,504,984	10,244,759
Total non-current assets	4,145,108,160	3,714,193,330	3,225,785,112
Total assets	4,542,459,694	3,957,947,434	3,792,216,293
Current liabilities:
Current portion of long-term debt	1,782,124	49,856,047	69,613,002
Lease liabilities - short term	641,300	408,373	607,481
Accrued interest	10,038,053	2,911,864	3,148,767
Accounts payable	30,798,915	14,194,300	13,188,966
Income tax payable	14,154,365	646,812	38,773,726
Accrued expenses and taxes	7,280,266	6,637,354	7,078,988
Dividends payable	17,384,493	16,171,622	15,155,311
Total current liabilities	82,079,516	90,826,372	147,566,241
Non-current liabilities:
Long-term debt	1,273,419,269	797,194,627	845,573,752
Lease liabilities - long term	814,746	149,743	290,170
Security deposits received	30,028,335	27,409,380	25,680,958
Long-term payable	23,413,771	0	7,706,450
Employee benefits	3,662,878	2,240,425	1,519,790
Deferred income taxes	381,284,437	442,842,704	276,910,507
Total non-current liabilities	1,712,623,436	1,269,836,879	1,157,681,627
Total liabilities	1,794,702,952	1,360,663,251	1,305,247,868
Stockholders’ equity:
Capital stock	579,978,180	585,487,257	591,600,113
Additional paid-in capital	884,174,713	905,722,252	934,944,456
Retained earnings	1,320,760,427	1,148,396,077	989,736,218
Share-based payments reserve	7,257,867	3,884,108	3,732,350
Foreign currency translation reserve	(44,414,445)	(46,205,511)	(33,044,712)
Total stockholders’ equity	2,747,756,742	2,597,284,183	2,486,968,425
Total liabilities and stockholders’ equity	$ 4,542,459,694	$ 3,957,947,434	$ 3,792,216,293