Corporación Inmobiliaria Vesta pronounces the outcomes for the primary quarter of 2021

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Saul Centers explains quarterly dividends and provides business updates

MEXICO CITY, April 30, 2021 / PRNewswire / – Corporación Inmobiliaria Vesta SAB de CV (“Vesta” or the “Company”) (BMV: VESTA), one of the leading pure industrial real estate companies in Mexico, ended the first quarter results announced today March 31, 2021. All figures contained herein have been prepared in accordance with International Financial Reporting Standards (IFRS) and are presented in US dollars unless otherwise stated.

Highlights

  • On March 2021Vesta’s shareholders approved the company’s new financial plan at its annual general meeting. The plan involves raising $ 300 million in capital and raising Vesta’s debt limit $ 1,250 million of $ 850 millionThis will ensure that Vesta has the necessary financial flexibility to continue its growth plans.
  • On April 27, 2021 Vesta announced the successful completion of its primary offering of common stock on the Mexican Stock Exchange and successfully increased it $ 229 million in gross proceeds, including the successfully exercised over-allotment option.
  • As set out at the Annual General Meeting and as part of the Company’s financial plan, the Company is considering issuing a new bond, taking into account market and other conditions, to refinance some of its existing debt and extend the maturity profile of its debt portfolio.
  • Vesta acquired additional land in the city in the first quarter of 2021 Monterrey on which it is planned to develop Vesta Park of approximately 1.4 million square feet for a total investment of approximately approximately $ 70 million including land costs and infrastructure costs.
  • Sales rose 1.8% in the first quarter of 21 $ 38.39 million, of $ 37.71 million in the first quarter of 20, NOI and EBITDA rose 5.0% and 6.3%, respectively, and margins reached 96.9% and 87.1%, respectively. This reflects a continued prudent approach to costs and administrative expenses, as well as improved collections that reduced the company’s dubious account reserve.
  • The net asset value per share for the first quarter of 21 rose 2.7% US $ 2.42, of US $ 2.36 In the first quarter of 20, FFO per share before taxes rose 1.8% year-on-year US $ 0.0389 at the end of the first quarter 21 of US $ 0.0382 in the 1st quarter of 20th
  • Leasing activity for the quarter reached 121,069 m² (1,303,180 ft²), consisting of 50,677 m² (545,486 ft²) to 98,509 m² (225,966 ft²) related to the further expansion of Mercado Libre and 29,684 m² (319,520 ft²) in new contracts with Companies such as DB Schenker and Living Spaces as well as 70,392 m² (757,694 ft²) for lease extensions. Completion of the first quarter of 21 with an occupancy rate of 90.0% in our overall portfolio and reduction of the terms in 2021 and 2022 to 4.6% and 12.9% respectively.
  • Vesta began construction of two 28,399 m² inventory buildings in Juarez city and has resumed construction of a 37,673 m² inventory building in Guadalajara. Vesta’s development portfolio for the first quarter of 21 was therefore 116,813 m² (1,257,366 ft²) with a $ 68.8 million Total investment 18% of which is rented with an expected weighted average return on investment of 10.6%.




Financial Indicators (Millions)

1Q21

1Q20

Chg. %.

Rental income

38.39

37.71

1.8

WE

37.22

35.44

5.0

NOI margin%

96.9%

94.0%


EBITDA

33.44

31.46

6.3

EBITDA margin%

87.1%

83.4%


EBITDA per share

0.0581

0.0542

7.2

Overall result

13.47

(25.93)

on

FFO input tax

22.39

22.17

1.0

FFO input tax per share

0.0389

0.0382

1.8

FFO

16.87

20.32

(17.0)

FFO per share

0.0293

0.0350

(16.3)

EPS

0.0234

(0.0447)

on

Stocks (average)

575.80

580.66

(0.8)

  • Sales rose 1.8% in the first quarter of 21 $ 38.39 million, of $ 37.71 million in Q1 20. This increase is mainly due to new revenue generating contracts signed in Q1 2021.
  • Operating profit (“NOI”) increased 5.0% $ 37.22 million in the 1st quarter of 21 compared to $ 35.44 million in Q1 20. The NOI margin in Q1 2021 was 96.9%; an increase of 298 basis points due to lower costs associated with rental income-generating property.
  • EBITDA rose by 6.3% $ 33.44 million in the first quarter of 2021 compared to $ 31.46 million in the first quarter of 2020. The EBITDA margin in the first quarter of 21 was 87.1%; An increase of 366 basis points due to the company’s prudent approach to costs and administrative expenses during the quarter, as well as an increase in the long-term incentive.
  • The operating funds before taxes (“FFO before taxes”) increased by 1.0% in the first quarter of 21 $ 22.39 million, of $ 22.17 million for the same period in 2020. Pre-tax FFO per share was US $ 0.0389 for the first quarter of 2021 compared to US $ 0.0382 for the same period in 2020; an increase of 1.8%. 1Q21 after tax was FFO $ 16.87 million, compared to $ 20.32 million during 1Q20. This decrease is due to the increased current taxes in the first quarter of 21.
  • The total profit for the first quarter was 21 $ 13.47 millionagainst a $ 25.93 million Loss in same quarter of 2020. This increase was mainly due to lower deferred taxes in Q1 21.
  • From March 31, 2021The total value of Vesta’s investment property portfolio was $ 2.12 billion;; an increase of 0.9% compared to $ 2.10 billion At the end of December 31, 2020.

A full version of Corporación Inmobiliaria Vesta’s earnings release for the first quarter of 2021 is available at: https://www.vesta.com.mx/investors/financial_information

CONFERENCE CALL INFORMATION:

Vesta will hold a conference call on Monday 3rd Mayto discuss these results below 10:00 a.m. Eastern Time /. 9:00 a.m. local time (Mexico City time).

To access the call, please dial:
USA Toll Free: +1 877-705-6003
International, toll: +1 201-493-6725
Mexico, toll free: +1 800-522-0034

A rerun will be available from 13 o’clock on May 3 until May 17, 2021 and can be reached by choosing:
United States Toll Free: +1 844-512-2921
International, toll: +1 412-317-6671
Repeat ID: 13718701

About Vesta

Vesta is a world class, fully integrated real estate company that owns, manages, acquires, sells, develops and redevelops industrial real estate Mexico. From March 31, 2020Vesta owned 189 properties in modern industrial parks in 15 states Mexico a total GLA of 31.9 million ft2 (2.93 million m2). The company has multinational clients who focus on industries such as e-commerce / retail, aerospace, automotive, food and beverage, logistics, medical devices, and plastics, among others. Further information is available at: www.vesta.com.mx.

Cautionary Statement Regarding Forward-Looking Statements

This report may contain certain forward-looking statements and information regarding the company that reflect the current beliefs and / or expectations of the company and its management with respect to its performance, business and future events. Forward-looking statements include, without limitation, any statements that may predict, forecast, indicate, or imply future results, performance, or success, and include words such as “believe,” “anticipate,” “expect,” “contemplate, result” or others Words or phrases having similar meanings. Such statements are subject to a number of risks, uncertainties, and assumptions. Some of the factors that may affect results and results include, but are not limited to: (i) national, regional, and local economic and political climates ; (ii) changes in global financial markets, interest rates and exchange rates; (iii) increased or unexpected competition for our real estate; (iv) risks associated with the acquisition, sale and development of real estate; (v) tax structuring and changes in income tax laws and rates ; (vi) availability of finance and capital, the amount of debt that wi maintain r; (vii) environmental uncertainties, including the risk of natural disasters; (viii) Risks related to the outbreak and spread of COVID-19 and the steps governments, authorities, law enforcement and / or health authorities are taking to address this issue; and (ix) the additional factors discussed in reports filed with the Bolsa Mexicana de Valores. We caution you that these important factors could cause actual results to differ materially from the plans, goals, expectations, estimates and intentions expressed in this presentation and oral statements made by authorized company employees. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of their publication. The company assumes no obligation to update or revise any forward-looking statements as a result of new information, future events or for any other reason, except as required by law.

Contact information:

Juan Sottil, FINANCIAL BOARD
+52 55 5950-0070 ext. 133
[email protected]

Fernanda Bettinger, IRO
+52 55 5950-0070 ext. 163
[email protected]
[email protected]

Barbara Cano, InspIR Group
+1 646 452-2334
[email protected]

SOURCE Corporación Inmobiliaria Vesta, SAB de CV

similar links

https://www.vesta.com.mx