Corporación Inmobiliaria Vesta B de C : Informe trimestral EJERCICIO 2023

Q4

2023

EARNINGS RESULTS

Conference Call

Thursday, February 22, 2024 9:00 a.m. (Mexico City Time) 10:00 a.m. (Eastern Time)

To participate in the conference call please connect via webcast or by dialing:

International Toll-Free:	[phone]
International Toll:	[phone]
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The replay will be available two hours after the call has ended and can be accessed from Vesta's IR website.

Juan Sottil	Fernanda Bettinger	Barbara Cano
CFO	IRO
InspIR Group
[phone] ext. 133	[phone] ext. 163
[phone]
[e-mail]	[e-mail]
[e-mail]
	[e-mail]

Mexico City, February 21, 2024 - Corporación Inmobiliaria Vesta S.A.B. de C.V., ("Vesta", or the

"Company") (BMV: VESTA; NYSE: VTMX), a leading industrial real estate company in Mexico, today announced results for the fourth quarter ended December 31, 2023. All figures included herein were prepared in accordance with International Financial Reporting Standards (IFRS), which differs in certain significant respects from U.S. GAAP. This information should be read in conjunction with, and is qualified in its entirety by reference to, our consolidated financial statements, including the notes thereto. Vesta's financial results are stated in US dollars unless otherwise noted.

Full Year and Q4 2023 Highlights

• Vesta delivered outstanding financial results for the full year 2023, achieving US$ 214.5 million in total income; a 20.5% year over year increase exceeding the upper range of its 19- 20% revenue guidance for the full year 2023. 2023 Adjusted NOI margin1 and Adjusted EBITDA margin2 reached 94.6% and 82.0%, respectively, both of which exceeded guidance. Vesta FFO ended 2023 with US$ 127.9 million; a 23.6% increase compared to US$ 103.5 million in 2022.
• Vesta achieved strong leasing activity in 2023, reaching a total of 7.9 million sf; 4.5 million sf in new leases and 3.4 million in lease renewals, with a six-year average weighted lease life.
• Fourth quarter 2023 leasing activity reached 2.7 million sf: 1.7 million sf in new contracts with top quality companies such as Foxconn, Tesla, BRP, among others, and 1.0 million sf in lease renewals. Vesta's fourth quarter 2023 total portfolio occupancy reached 93.4%, while stabilized and same-store occupancy reached 96.7% and 97.0%, respectively.
• 2023 renewals and re-leasing reached 4.1 million sf, with a weighted average spread of 6.5%. Same-store NOI increased by 9.5% in 2023.
• 2023 new construction totaled 3.2 million square feet, at a 10.1% weighted average yield on cost. Vesta's current construction in progress reached 3.1 million sf by the end of the fourth quarter 2023, representing an estimated investment of US$ 267.1 million and a 9.8% yield on cost, in markets including Mexico City, Ciudad Juarez and Bajio region.
• Vesta successfully closed a US$ 148.8 million follow-on ADS offering in December 2023, ending the year with a strong balance sheet also with benefit of the Company's successful July
  5, 2023 IPO. This was reflected in 2.4x Net Debt to EBITDA and a 24.1% LTV.
• Vesta completed the acquisition of an 81 thousand sf facility located in Toluca, State of Mexico during the fourth quarter 2023, leased to a tier-1 supplier to the neighboring Stellantis automotive plant. The property was acquired for US $7.0 million, equivalent to an estimated 8.1% cap rate.
• During the fourth quarter 2023 and aligned with the Company's asset recycling strategy, Vesta sold a 313 thousand sf building in Tijuana, Baja California for US $37.0 million, which represents an estimated 6.5% cap rate over market rent and 4.0% cap rate over in-place rent

1 Adjusted NOI Margin calculations have been modified, please refer to Notes and Disclaimers

2 Adjusted EBITDA Margin calculations have been modified, please refer to Notes and Disclaimers

Net proceeds will be used partially to pay down Vesta's current debt, taxes and other corporate uses.

• During the fourth quarter, Vesta sold 8.5 hectares of land in Aguascalientes for US$ 5.1 million.
• Vesta strengthened the social and environmental pillars of its strategy during 2023, including 1) prepared the Company's first Human Rights Risk Assessment 2) implemented a Level One and Level Two Diagnosis for Vesta's parks and offices as is required for ISO 14001:2015 Certification; 3) began implementation of sustainable taxonomy (Mexican and EU); 4) completed a biodiversity assessment based on TNFD Standards; 5) aligned with IFRS ESG Standards (S1 & S2); 6) finalized a climate change strategy (Physical and Transitional Analysis) emissions inventory; 7) and rebuilt the Company's social investment strategy.
• Vesta was also included within the S&P/BMV Total ESG Mexico Index in 2023, for the fourth consecutive year, and was included within the S&P Global Sustainability Yearbook for the second consecutive year. Further, Vesta remains on track to achieve its targets related to the sustainability-linked bond issued at the beginning of 2021, having ended 2023 with seven new LEED certified buildings. Finally, Vesta was recognized as an Edge Champion for square footage certified with Edge Certification in 2023.

Guidance 2024

Vesta expects revenues to increase between 16-17% in 2024 with a 94.0% NOI margin and an 83.0% EBITDA margin, while maintaining the Company´s solid performance across key operational metrics.3

				12 months
Financial Indicators (million)	Q4 2023	Q4 2022	Chg. %	2023	2022	Chg. %
Total Rental Income	55.9	47.4	17.9	214.5	178.0	20.5
Total Revenues (-) Energy	54.0	46.2	17.0	212.5	176.8	20.2
Adjusted NOI	53.0	44.3	19.7	201.2	168.7	19.2
Adjusted NOI Margin %	98.1%	95.9%		94.6%	95.5%
Adjusted EBITDA	44.1	39.4	12.0	174.2	149.9	16.2
Adjusted EBITDA Margin %	81.7%	85.4%		82.0%	84.8%
EBITDA Per Share	0.0520	0.0573	(9.2)	0.2266	0.2160	4.9
Total Comprehensive Income	112.3	84.6	32.7	324.5	252.5	28.5
Vesta FFO	32.6	27.2	20.0	127.9	103.5	23.6
Vesta FFO Per Share	0.0384	0.0395	(2.7)	0.1664	0.1492	11.6
Vesta FFO (-) Tax Expense	14.4	13.2	9.3	36.0	61.6	(41.5)
Vesta FFO (-) Tax Expense Per Share	0.0170	0.0192	(11.4)	0.0468	0.0887	(47.2)
Diluted EPS	0.1323	0.1229	7.6	0.4221	0.3638	16.0
Shares (average)	848.7	688.2	23.3	768.8	694.3	10.7

3 These amounts are estimates and are based on management's current expectations. Amounts are subject to change and Vesta undertakes no responsibility to update this outlook. The Company is unable to present a quantitative reconciliation of expected NOI margin and expected Adjusted EBITDA margin which are forward-lookingnon-IFRS measures, because the Company cannot reliably predict certain of their necessary components, such as gain on revaluation of investment property, exchange gain (loss) - net, or gain on sale of investment property, among others.

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• Fourth quarter 2023 revenue reached US$ 55.9 million; a 17.9% year on year increase from US$ 47.4 million in the fourth quarter 2022, primarily due to US$ 8.3 million in new revenue- generating contracts and a US$ 1.9 million inflationary benefit on fourth quarter 2023 results. Fourth quarter 2023 Adjusted NOI and EBITDA margins reached 98.1% and 81.7%, respectively.
• Fourth quarter 2023 Adjusted Net Operating Income (Adjusted NOI)4 increased 19.7% to US$ 53.0 million, compared to US$ 44.3 million in the fourth quarter 2022. The fourth quarter 2023 Adjusted NOI margin was 98.1%; a 220-basis-point year on year increase due to lower property-related costs.
• Fourth quarter 2023 Adjusted EBITDA5 increased 12.0% to US$ 44.1 million, as compared to US$ 39.4 million in the fourth quarter 2022. The Adjusted EBITDA margin was 81.7%; a 365- basis-point decrease primarily due to the peso appreciation relative to the same period last year, which in turn impacted Vesta´s employee's benefits, auditing, legal and consulting expenses.
• Fourth quarter 2023 Vesta funds from operations (Vesta FFO) increased by 20.0% to US$ 32.6 million, from US$ 27.2 million in 2022. Vesta FFO per share was US$ 0.0384 for the fourth quarter 2023 compared with US$ 0.0395 for the same period in 2022; a 2.7% decrease resulting from the Company's December 2023 follow-on issuance. Fourth quarter 2023 Vesta FFO excluding current tax expense was US$ 14.4 million compared to US$ 13.2 million in the fourth quarter 2022, due to higher profit with a lower interest expense in the fourth quarter 2023 relative to the same period in 2022.
• Fourth quarter 2023 total comprehensive gain was US$ 112.3 million, versus US$ 84.6 million in the fourth quarter 2022. This increase was primarily due to increased revenues, higher gain on the revaluation of investment properties and a positive effect from income tax gain for the fourth quarter 2023.
• The total value of Vesta's investment property portfolio was US$ 3.2 billion as of December 31, 2023; a 17.3% increase compared to US$ 2.7 billion at the end of December 31, 2022.

1. Adjusted NOI and Adjusted NOI Margin calculations have been modified, please refer to Notes and Disclaimers
2. Adjusted EBITDA and Adjusted EBITDA Margin calculations have been modified, please refer to Notes and Disclaimers

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Letter from the CEO

2023: A Year of Growth, Execution, Milestones and Discipline

2023 was a year of tremendous opportunity and growth for Vesta. The dynamic landscape underscored the value of agile adaptability and quick decision making in light of transformative geopolitical shifts and monetary policy actions that are keeping inflation anchored. Climate change risk, and the impact of Artificial Intelligence (AI) on human progress, are also forcing solutions through innovation.

While China has taken a back seat in the global economy- facing U.S. sanctions, rising wages and supply chain challenges- Mexico has evolved into higher-value processes, attracting new capital inflows to our country and continuing to profit from the nearshoring trend. And for the first time ever, Mexico's exports to the U.S. have surpassed those from China.

Vesta has also demonstrated the importance of well-planned strategy, long-term vision, strong corporate governance, and stakeholder trust. We proudly secured access to the world's most relevant capital market in 2023 by raising almost $600 million dollars through the NYSE IPO of Vesta ADSs, and a follow-on shortly after, enabling investors to continue investing in the nearshoring trend.

Strong fundamentals reflect a market where demand for premium Industrial Real Estate and truly outstanding asset quality continues to surpass supply, driving occupancy and rent increases to record highs- also with expanding renewal spreads. Vesta ended the year with sustained strength: 2023 leasing activity reached almost 8.0 million square feet, 4.5 million square feet of which resulted from new leases and re-leasing- a record high for our Company- with multinational clients such as Tesla, Eaton, Foxconn and BRP, among others. 3.4 million of our 2023 leasing was in renewals and weighted average re-leasing spreads reached 6.5% with some markets, particularly in northern Mexico, achieving re-leasing spreads of over 20%.

Close client relationships and deep local experience provides us with a unique and privileged ability to anticipate opportunities to drive Vesta's development pipeline, supported by a strong balance sheet. In 2023 Vesta delivered almost 4.0 million square feet in new buildings, began construction on 3.2 million square feet and completed an opportunistic acquisition of 81 thousand square feet in Toluca, within the State of Mexico, aligned with our Level 3 growth plan, presented in June, to reach almost 50.0 million square feet by 2025. Our investment process is disciplined and based on twenty-five years of experience in the market, strategically allocating capital to the markets that matter most. We ended the fourth quarter with a total development pipeline of 3.1 million sf at an expected investment of US$ 267.1 million and an average cap rate of 9.8%.

We continue selectively and strategically executing Vesta's asset recycling strategy, also aligned with our Level 3 strategy. Vesta sold a 313 thousand square foot building in Tijuana, Baja California for US $37.0 million during the fourth quarter, which reflects a 6.5% cap rate over market rent and 4.0% cap rate over in-place rent. We also sold 8.5 hectares of land in Aguascalientes for US$ 5.1 million during the quarter.

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Finally, Vesta again delivered exceptional financial results, with 2023 revenues increasing more than 20% to US$ 215 million and Adjusted NOI and EBITDA margins of 94.6% and 82.0%, respectively. Full Year 2023 Vesta FFO reached US$ 127.9 million, a 23.6% year on year increase. And we invested more than US$ 263 million in innovative, best-in-class projects throughout the year.

Vesta's dynamism and agility is part of our deeply ingrained corporate culture of turning barriers into opportunities and focusing on our goal, not on obstacles. We continue to strengthen our business model and the operating and technology models that enable it.

Moreover, Vesta will continue successfully executing in a dynamic market backdrop, focusing on the most relevant markets and developing state-of-the-art buildings for a diversified portfolio of high-profile clients. Our strong presence on the ground positions us to continue delivering exceptional results, focusing only on strategic and profitable growth.

As we embark on the year ahead, I'd like to note that 2024 is the final year of what has shown to be strong execution on our Level 3 strategy. We look forward to presenting our plan for the next phase of our journey, and continued evolution, at our 2024 Vesta Day. The team is committed to further value creation for all our Vesta stakeholders.

Thank you for your continued support,

Lorenzo D. Berho

CEO

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Fourth Quarter Financial Summary

Consolidated Statutory Accounts

The accompanying consolidated condensed interim financial statements have been prepared based on International Accounting Standards (IFRS), which differs in certain significant respects from U.S. GAAP. This information should be read in conjunction with, and is qualified in its entirety by reference to, our financial consolidated statements, including the notes thereto and are stated in US dollars unless otherwise noted.

All consolidated financial statements have been prepared using an historical cost basis, excluding investment properties and financial instruments at the end of each reporting period. Historical cost is largely based on the fair value of the consideration given in exchange for assets. Fourth quarter 2023 results are presented in comparison to the same period of the prior year and on an adjusted basis based on the same accounting rules.

Revenues

12 months

Consolidated Interim and Annual Statements of Profit and	Q4 2023	Q4 2022 Chg. %	2023	2022	Chg. %
Other Comprehensive Income (million)
Revenues
Rental income	53.0	44.7	18.5	200.3	168.7	18.7
Reimbursable building services	1.0	1.5	(33.0)	11.2	8.1	39.5
Energy Income	1.9	1.3	53.6	1.9	1.3	53.6
Management Fees	0.1	0.0	0.0	1.0	0.0	NA
Total Revenues	55.9	47.4	17.9	214.5	178.0	20.5
Total Operating Property Costs	(4.9)	(3.8)	29.6	(18.2)	(11.4)	59.7
Related to properties that generate rental income	(3.2)	(2.8)	11.7	(13.5)	(8.9)	50.7
Costs related to properties	(1.0)	(1.9)	(45.2)	(11.4)	(8.0)	41.6
Costs related to energy	(2.1)	(0.9)	132.0	(2.1)	(0.9)	132.0
Related to properties that did not generate rental income	(1.7)	(0.9)	83.5	(4.8)	(2.5)	91.9
Adjusted Net Operating Income	53.0	44.3	19.7	201.2	168.7	19.2

Vesta's fourth quarter total revenues increased 17.9% to US$ 55.9 million in the fourth quarter 2023, from US$ 47.4 million in the fourth quarter 2022. The US$ 8.5 million rental revenue increase was primarily due to: [i] a US$ 8.3 million, or 17.4%, increase from space rented in the fourth quarter of 2023 which had previously been vacant in the fourth quarter of 2022; [ii] a US$ 1.9 million, or 4.1%, increase related to inflationary adjustments on rented property in the fourth quarter of 2023; [iii] a U$ 0.7 million, or 1.4%, increase in energy income, from charges to tenants for their energy use; [iv] a US$ 0.6 million, or 1.3%, increase in rental income due to the conversion of peso-denominated rental income into US dollars; [v] a US$ 0.1 million management fee increase related to tenant improvements (TIs) to Vesta developments.

Vesta's fourth quarter 2023 rental revenue results were partially offset by: [i] a US$ 2.5 million, or 5.2%, decrease related to lease agreements which expired and were not renewed during the fourth quarter 2023; [ii] a US$ 0.5 million, or 1.0%, decrease in other income which represents reimbursements for expenses paid

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by Vesta on behalf of clients but not considered to be rental revenue; and [iii] US$ 0.1 million, or 0.3% from properties sold during the fourth quarter.

87.8% of Vesta's fourth quarter 2023 rental revenues were US dollar denominated and indexed to the US Consumer Price Index (CPI), an increase from 87.2% in the fourth quarter 2022. Contracts denominated in pesos are adjusted annually based on the equivalent Mexican Consumer Price Index, the "Indice Nacional de Precios al Consumidor" (INPC).

Property Operating Costs

Vesta's fourth quarter 2023 total operating costs reached US$ 4.9 million, compared to US$ 3.8 million in the fourth quarter 2022; a US$ 1.1 million, or 29.6%, increase due to increased costs related to both rental income generating and non-rental income generating properties.

During the fourth quarter 2023, costs related to investment properties generating rental revenues amounted to US$ 3.2 million, compared to US$ 2.8 million for the same period in 2022. This was primarily attributable to an increase in costs related to energy which increase to US$ 2.1 million in fourth quarter 2023, from US$

0.9 million in fourth quarter 2022; while other costs related to properties decrease to US$ 1.0 million in fourth quarter, from US$ 1.9 million in fourth quarter 2022.

Costs from investment properties which did not generate rental revenues during the fourth quarter 2023 increased to US$ 1.7 million, from US$ 0.9 million for the same period of 2022. This was primarily due to an increase in real estate taxes, maintenance and other property related expenses such as general administrative services for the Vesta Parks.

Adjusted Net Operating Income (Adjusted NOI) 6

Fourth quarter Adjusted Net Operating Income increased 19.4% to US$ 53.0 million year on year with a 220- basis-point NOI margin increase, to 98.1%, resulting from higher rental income and lower costs associated with rental income generating properties excluding both income and costs related to energy.

General and Administrative Expenses

12 months

Consolidated Interim and Annual Statements of	Q4 2023	Q4 2022	Chg. %	2023	2022	Chg. %
Profit and Other Comprehensive Income (million)
General and administration Expenses	(8.8)	(5.6)	58.3	(30.1)	(23.0)	31.3
Stock-based compensation Expenses	1.7	1.7	2.5	8.0	6.7	20.3
Depreciation	(0.6)	(0.4)	49.7	(1.6)	(1.5)	7.8
Adjusted EBITDA	44.1	39.4	12.0	174.2	149.9	16.2

6 NOI and NOI Margin calculations have been modified, please refer to Notes and Disclaimers

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Fourth quarter 2023 administrative expenses totaled US$ 8.8 million, compared to US$ 5.6 million in the fourth quarter of 2022: a 58.3% increase. The increase is due to the peso appreciation relative to the same period last year, which in turn impacted Vesta´s employee's benefits, auditing, legal and consulting expenses, as well an increase in Vesta's stock-based compensation during the fourth quarter of 2023.

The expense related to the share-based payment of Vesta's compensation plan amounted to US$ 1.7 million for the fourth quarter of 2023. For more detailed information on Vesta's expenses, please see Note 21 within the Company's Financial Statements.

Depreciation

Depreciation during the fourth quarter of 2023 was US$ 0.6 million, compared to US$ 0.4 million in the fourth quarter of 2022. This was related to office space and office equipment depreciation during the quarter and the amortization of Vesta´s operating systems.

Adjusted EBITDA 7

Fourth quarter 2023 Adjusted EBITDA increased 12.0% to US$ 44.1 million, from US$ 39.4 million in the fourth quarter 2022, while the EBITDA margin decreased 365-basis-points to 81.7%, as compared to 85.4% for the same period of last year. This decrease was due to higher costs and expenses during the fourth quarter.

Other Income and Expense

12 months

Consolidated Interim and Annual Statements of	Q4 2023	Q4 2022	Chg. %	2023	2022	Chg. %
Profit and Other Comprehensive Income (million)
Other Income and Expenses
Interest income	3.9	1.1	2.5	9.4	2.6	2.6
Other (expenses) income	(0.7)	0.3	(3.2)	1.7	1.0	0.8
Other income energy	0.4	0.0	na	0.4	0.0	na
Transaction cost on debt issuance	0.0	0.0	na	0.0	0.0	na
Interest expense	(11.6)	(12.3)	(0.1)	(46.3)	(46.4)	(0.0)
Exchange gain (loss)	2.7	2.3	0.2	8.9	1.9	3.6
Gain from properties sold	(0.5)	0.0	na	(0.5)	5.0	(1.1)
Gain on revaluation of investment properties	63.9	45.7	0.4	243.5	185.5	0.3
Total other income (expenses)	58.1	37.1	0.6	217.1	149.7	0.5

Total fourth quarter 2023 other income reached US$ 58.1 million, compared to US$ 37.1 million in other income at the end of the fourth quarter 2022, an increase primarily due to increased interest income and higher gain on revaluation of investment properties.

7 EBITDA and EBITDA Margin calculations have been modified, please refer to Notes and Disclaimers

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Fourth quarter 2023 interest income increased to US$ 3.9 million year on year, from US$ 1.1 million in fourth quarter 2022, due to a higher cash position resulting from the Company's equity raise and follow-on, as well as higher interest rates during the quarter.

Fourth quarter 2023 other expense resulted in a US$ 0.7 million loss due to the net result of the Company's other accounting expenses.

Fourth quarter 2023 other net income energy resulted in a US$ 0.4 million margin, this other net income includes energy provided to companies that are not clients of Vesta.

Fourth quarter 2023 interest expense decreased to US$ 11.6 million, from US$ 12.3 million for the same quarter in 2022, reflecting a lower debt balance.

Vesta's fourth quarter 2023 foreign exchange gain was US$ 2.7 million, compared to a US$ 2.3 million gain in fourth quarter 2022. This gain relates primarily to sequential currency movement in Vesta's dollar- denominated debt balance during fourth quarter 2023 within WTN, the Company's only subsidiary that uses the Mexican peso as its functional currency.

Vesta sold properties during the fourth quarter 2023, resulting in a US$ 0.5 million loss due to the discrepancy between the properties' valuation and the price for which they were sold.

Fourth quarter 2023 valuation of investment properties resulted in a US$ 63.9 million gain, compared to a US$ 45.7 million gain in the fourth quarter of 2022. This year-on-year increase is driven by an increase in the portfolio and by increased market rents.

Profit Before Income Taxes

12 months

Consolidated Interim and Annual Statements of	Q4 2023	Q4 2022	Chg. %	2023	2022	Chg. %
Profit and Other Comprehensive Income (million)
Profit Before Income Taxes	99.8	74.8	33.4	381.6	291.8	30.8
Income Tax Expense	14.0	3.9	na	(65.0)	(48.2)	34.8
Current Tax	(18.2)	(13.9)	0.3	(92.0)	(42.0)	119.0
Deferred Tax	32.1	17.8	0.8	27.0	(6.2)	(532.1)
Profit for the Period	113.8	78.7	na	316.6	243.6	30.0
Valuation of derivative financial instruments	0.0	0.0	na	0.0	0.0	na
Exchange differences on translating other functional
currency operations	(1.6)	5.9	(1.3)	7.9	8.9	(0.1)
Total Comprehensive Income for the period	112.3	84.6	0.3	324.5	252.5	0.3

Due to the above factors, fourth quarter 2023 profit before income tax amounted to US$ 99.8 million, compared to US$ 74.8 million for the same quarter last year.

Income Tax Expense

Vesta reported a US$ 14.0 million income tax expense, compared to a US$ 3.9 million income in the fourth quarter 2022. The fourth quarter 2023 current tax expense was US$ 18.2 million, compared to a US$ 13.9

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