SUPPLEMENTAL INFORMATION

Q3 2023

USA: VTMX

MEX: VESTA

www.vesta.com.mx

Cautionary Statements

Q3 2023

This presentation is strictly confidential, It has not been independently verified and is being furnished to you solely for your information. It may not be reproduced or redistributed to any other person, and it may not be published, in whole or in part, for any purpose. By receiving this presentation, you become bound by the above referred confidentiality obligation. Failure to comply with such confidentiality obligation may result in civil, administrative or criminal liabilities. The distribution of this presentation in other jurisdictions may also be restricted by law and persons who obtain this presentation should inform themselves about and observe any such restrictions.

This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy any securities in the United States or elsewhere nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment to purchase shares nor does it constitute the basis, in whole or in part, for the execution of any agreement or commitment of any kind. Specifically, this presentation does not constitute a placement prospectus or equivalent document, and the information contained herein is in general nature, and is distributed for information purposes only. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Act"). Corporación Inmobiliaria Vesta, S.A.B. de C.V. (the "Company") has not and does not intend to register any securities under the Act or offer any securities to the public in the United States. Any decision to purchase shares in any offering should be made solely on the basis of the information to be contained in the Mexican prospectus to be registered with the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) or any offering circular to be published in due course in relation to any such offering. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, the Global Coordinator, the Mexican lead arrangers, bookrunners, any other Manager or any of their respective affiliates or agents, or any of such persons' directors, officers, employees or advisors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document and any reliance you place on them will be at your sole risk. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company, the Global Coordinator, the Mexican lead arrangers, bookrunners, or any other person in relation to such information or opinions or any other matter in connection with this document or its contents or otherwise arising in connection therewith.

This presentation includes forward-looking statements. All statements other than statements of historical fact included in this presentation, including, without limitation, those regarding our prospective resources, contingent resources, financial position, business strategy, management plans and objectives or future operations are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual resources, reserves, results, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding our present and future business operations and strategies and the environment in which we expect to operate in the future. Forward looking statements speak only as of the date of this presentation and we expressly disclaim any obligation or undertaking to release any update of or revisions to any forward looking statements in this presentation, any change in our expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.

By attending this presentation or by accepting to view any of the materials presented, you agree to be bound by the foregoing limitations. Neither the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) nor any other authority has approved or disapproved the contents of this presentation, or the adequacy or truthfulness of the information contained herein.

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Table of Contents

Cautionary Statements

Table of Contents

Highlights

Financial Summary

Balance Sheet

Consolidated Statement of Operations

Reconciliation of FFO

New portfolio metrics definitions

Historical portfolio metrics

Stabilized portfolio

Portfolio Operating Metrics

Land Bank

Development Portfolio

Top Tenants

Analyst coverage

Definitions

Glossary of Terms

Q3 2023

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

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Company Profile

Q3 2023

Vesta is a leading Mexican provider of modern Industrial Real Estate.

Our US$ 3.11 billion property portfolio encompasses 36.9 million square feet of manufacturing and logistics facilities across Northern, Bajio and Central Mexico.

North Region

Bajio Region

Central Region

Total

Number of operating buildings

86

91

37

214

Number of buildings under development

3

6

3

12

Total Buildings

89

97

40

226

Operating portfolio (sf)

12,384,129

17,341,893

7,179,938

36,905,960

Development portfolio (sf)

791,879

1,489,514

1,230,308

3,511,701

Total GLA (sf)

13,176,008

18,831,407

8,410,246

40,417,661

32.6%

46.6%

20.8%

100%

Development portfolio TEI* (In thousands)

$60,105

$91,855

$82,909

$234,869

Land (acres)

100.83

632.19

2.12

735.15

Land book value

$32,660

$106,650

$790

$140,100

* Total Expected Investment

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Financial Summary

All numbers express in US$

Company Profile

Market capitalization (Ps.)

Float @ Sep 30

Share price (Ps.)

Earnings Profile

Revenues

Property operating costs that generated revenues Adjusted NOI

Adjusted NOI Margin

Adjusted EBITDA

Adjusted EBITDA Margin

Vesta FFO

Per Share

Adjusted NOI per share

Adjusted EBITDA per share

Vesta FFO per share

Portfolio (sf)

Same store portfolio

Portfolio Occupancy

Stabilized portfolio

Portfolio Occupancy

Total portfolio

Portfolio Occupancy

Total Portfolio Average rent per sf

Debt Summary

Total debt outstanding

Leverage ratio (debt to total asset)

Weighted Average Number of Shares *

Q3 2023

Q3 2023

Q3 2022

9M23

9M22

$47,579,248,769

$25,502,446,805

$47,579,248,769

$25,502,446,805

827,609,128

679,702,740

827,609,128

679,702,740

$57.49

$37.52

$57.49

$37.52

$56,400,030

$45,508,043

$158,522,883

$130,601,341

(4,444,822)

(2,342,554)

(10,325,669)

(6,120,112)

51,955,208

43,165,489

148,197,214

124,481,229

92.1%

94.9%

93.5%

95.3%

45,286,878

38,679,196

130,101,804

110,523,754

80.3%

85.0%

82.1%

84.6%

33,890,986

26,895,923

95,353,282

76,405,363

$0.062

$0.062

$0.200

$0.179

$0.054

$0.056

$0.175

$0.159

$0.041

$0.039

$0.129

$0.110

32,121,834

29,948,606

32,121,834

29,948,606

97.6%

96.4%

97.6%

96.4%

34,805,657

32,096,942

34,805,657

32,096,942

97.3%

96.6%

97.3%

96.6%

36,905,960

32,266,926

36,905,960

32,266,926

92.5%

96.1%

92.5%

96.1%

$0.504

$0.460

$0.480

$0.444

$928,143,814

$930,499,586

$928,143,814

$930,499,586

25.8%

31.5%

25.8%

31.5%

833,707,935

691,894,891

741,922,679

695,063,086

(*) Under IFRS, management compensation shares that have been transfered to the trust constitued by Vesta for such effect, are considered Treasury shares, as long as such shares remain within the trust.

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Balance Sheet

Q3 2023

All numbers express in US$

ASSETS

As of September 30, 2023

As of December 31, 2022

Current assets:

Cash and cash equivalents

408,182,657

139,147,085

Financial assets held for trading

-

-

Recoverable Taxes

31,264,979

30,088,473

Operating lease receivables

8,906,561

7,690,195

Prepaid expenses

21,433,597

25,308,351

Total current assets

$469,787,794

$202,234,104

Non-current assets:

Investment property - Net

3,112,803,904

2,738,465,276

Leasing Terms

977,323

1,417,945

Office furniture and Vehicles - Net

1,063,465

1,437,981

Derivative financial instruments

-

-

Guarantee deposits made

9,790,900

9,601,094

Total non-current assets

$3,124,635,592

$2,750,922,296

Total assets

$3,594,423,386

$2,953,156,400

LIABILITIES AND EQUITY

Current liabilities:

Current portion of long-term debt

4,754,756

4,627,154

Lease liabilities - Short term

608,140

606,281

Accrued interest

7,549,703

3,847,752

Accounts payable

16,985,635

16,628,788

Income Tax payable

42,443,745

14,824,658

Dividends payable

30,232,072

14,358,194

Accrued expenses and taxes

5,729,315

5,154,626

Total current liabilities

108,303,366

60,047,453

Non-current liabilities:

Long-term debt

923,389,058

925,872,432

Lease liabilities - long term

441,141

897,658

Guarantee deposit received

22,687,764

18,333,119

Long-term accounts payable

7,706,451

7,889,937

Employee benefits

1,309,566

348,280

Deferred income taxes

309,905,581

299,979,693

Total non-current liabilities

1,265,439,561

1,253,321,119

Total liabilities

1,373,742,927

1,313,368,572

Stockholders' equity:

Capital stock

567,130,950

480,623,919

Capital premium

807,101,571

460,677,234

Retained earnings

875,906,418

733,405,749

Share-base payments reserve

2,010,911

5,984,051

Foreign currency translation reserve

(31,469,391)

(40,903,125)

Valuation of derivative financial instruments

-

-

Total equity

2,220,680,459

1,639,787,828

Total liabilities and equity

$3,594,423,386

$2,953,156,400

Shares outstanding

827,609,128

684,252,628

-

-

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Consolidated Statement of Operations

Q3 2023

All numbers express in US$

Q3 2023

Q3 2022

%Change

9M23

9M22

%Change

Revenues:

Rental income

51,613,071

42,809,466

147,287,406

123,997,897

Management Fee

639,933

-

967,551

-

Other property revenue

4,147,026

2,698,577

10,267,926

6,603,444

Total revenues

$56,400,030

$45,508,043

23.9%

$158,522,883

$130,601,341

21.4%

Property operating costs:

Related to properties that generate rental income

Adjusted NOI

Related to properties that did not generate rental income

Gross Profit

Administrative expenses

Long-term compensation plan (1)

Depreciation

Adjusted EBITDA

Adjusted EBITDA Margin

Other Income and Expenses:

Interest income

Other (expense) income Transaction cost on debt issuance Finance cost

Exchange gain/loss Gain in sale of properties

Gain/loss on revaluation of investment property

Total other income and expenses

Profit (loss) before income taxes

Income tax gain / expense

Current income tax

Deferred Tax

Profit (loss) for the period

Other Comprehensive Income (Loss) :

(4,444,822)

(2,342,554)

(10,325,669)

(6,120,112)

51,955,208

43,165,489

20.4%

148,197,214

124,481,229

19.1%

(1,400,458)

(591,547)

(3,046,433)

(1,547,058)

$50,554,750

$42,573,942

$145,150,781

$122,934,171

(7,054,483)

(5,529,993)

(21,329,368)

(17,382,019)

1,786,611

1,635,247

6,280,391

4,971,602

(265,962)

(405,601)

(1,010,954)

(1,085,173)

$45,286,878

$38,679,196

17.1%

$130,101,804

$110,523,754

17.7%

80.3%

85.0%

82.1%

84.6%

4,423,263

1,375,039

5,527,899

1,545,587

1,707,806

257,563

2,440,371

638,167

-

-

-

-

(11,395,892)

(11,783,272)

(34,748,522)

(34,118,391)

(2,149,239)

(754,543)

6,194,010

(316,264)

-

-

-

5,027,826

95,162,184

62,985,726

179,549,769

139,780,947

$87,748,122

$52,080,513

$158,963,527

$112,557,872

$130,982,427

$88,718,861

$281,773,986

$217,024,851

(54,764,299)

(26,744,384)

(78,966,274)

(52,093,615)

(31,570,510)

(6,534,278)

(73,795,822)

(28,032,155)

(23,193,789)

(20,210,106)

(5,170,452)

(24,061,460)

$76,218,128

$61,974,476

$202,807,712

$164,931,236

Fair value gains on derivative instruments

-

-

-

-

Exchange differences on translating other functional currency

2,761,939

289,027

9,433,734

3,022,647

operations

Total Comprehensive Income (Loss)

$78,980,067

$62,263,503

$212,241,446

$167,953,883

Weighted Average Number of Shares

833,707,935

691,894,891

741,922,679

695,063,086

Earnings (loss) per share

$0.0947

$0.0900

$0.2861

$0.2416

  1. non cash and non dilutive

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Reconciliation Of Profit For The Period To FFO

Q3 2023

All numbers express in US$

Q3 2023

Q3 2022

%Change

9M23

9M22

%Change

Reconciliation of profit for the period to FFO

Profit for the period

$76,218,128

$61,974,476

$202,807,712

$164,931,236

Adjustments:

Gain /Loss on Revaluation of Operations

(95,162,184)

(62,985,726)

(179,549,769)

(139,780,947)

Gain in sell properties

-

-

-

(5,027,826)

FFO

($18,944,056)

($1,011,250)

1773.3%

$23,257,943

$20,122,463

15.6%

Foreign Exchange Adjustment

2,149,239

754,543

(6,194,010)

316,264

Non cash share compensation

1,786,611

1,635,247

6,280,391

4,971,602

Depreciation/Other Assets

265,962

405,601

1,010,954

1,085,173

Other income

(1,707,806)

(257,563)

(2,440,371)

(638,167)

Interest earned on existing cash

(4,423,263)

(1,375,039)

(5,527,899)

(1,545,587)

I/S Tax expense

54,764,299

26,744,384

78,966,274

52,093,615

Vesta FFO

$33,890,986

$26,895,923

26.0%

$95,353,282

$76,405,363

24.8%

4.6%

16.9%

Vesta FFO per share

$0.0407

$0.0389

$0.1285

$0.1099

Tax Adjustment:

Current Income tax

(31,570,510)

(6,534,278)

(73,795,822)

(28,032,155)

FFO attribuitable to common shares

$2,320,476

$20,361,645

-88.6%

$21,557,460

$48,373,208

-55.4%

-90.5%

-58.2%

FFO attribuitable to common shares per share

$0.0028

$0.0294

$0.0291

$0.0696

Current Tax Expense

0.169169239

Operating Current Tax

(597,914)

(4,472,560)

(23,425,226)

(12,640,385)

Exchange rate related Current Tax

4,817,435

10,253,065

1,533,195

(2,496,935)

Adjusted FFO

$162,346,242

$112,305,012

44.6%

$346,831,108

$284,979,114

21.7%

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Portfolio metrics definitions

Q3 2023

A Better Gauge: U.S. REITs report occupancy using three primary methods, 1. total portfolio occupancy, 2. operating (stabilized) portfolio occupancy, and 3.same store portfolio occupancy. Most U.S. REITs emphasize stabilized and same store portfolio metrics and provide separate and distinct disclosure on its development pipeline to draw clear distinctions between its operating portfolio and external growth initiatives.

Vesta's U.S. peers report normalized occupancy metrics that focus on their stabilized portfolios. For most REITs, the stabilized and same store portfolios hold the majority of their properties, therefore investors usually evaluate management's operating capabilities using these metrics.

Core Metric

Definition

Total Portfolio Occupancy

Stabilized Portfolio

Occupancy

Same Store Portfolio

Occupancy

Percentage of occupied properties for the entire property portfolio. Includes development, redevelopment, stabilized, and properties held

for sale.

Percentage of occupied properties for stabilized properties only. A property is generally considered stabilized once it has reached 80%

occupancy or has been completed for more than one year, whichever occurs first.

Percentage of occupied properties for properties that have been in the operating (stabilized) portfolio for the entirety of two comparable

periods.

Same Property Breakdown

The pool of properties owned for more than a year - the general, albeit oft modified definition of "same-property" at most industrial REITs - represents the vast majority of value for most REITs. As a result, providing clear operational metrics for this group of properties can help investors - the ultimate owners of these properties - best understand their changing health.

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Historical portfolio metrics

All numbers shown in SF

19

20

21

22

24

26

Total Portfolio

Period

Initial GLA

Additions

Final GLA

% Occupancy

Vacancy

##

Q4 2021

30,279,521 *

802,225

31,081,746

94.1%

1,824,342

##

Q1 2022

31,081,746 *

285,105

31,366,851

93.8%

1,952,503

##

Q2 2022

31,367,771

720,279

32,088,050

95.8%

1,341,798

##

Q3 2022

32,096,942 *

169,984

32,266,926

96.1%

1,262,639

##

Q4 2022

32,286,281

1,428,089

33,714,370

95.1%

1,660,344

##

Q1 2023

33,714,370 *

0

33,714,370

95.1%

1,650,214

##

Q2 2023

33,717,520 *

889,191

34,606,711

94.7%

1,839,740

Q3 2023

34,557,186 *

2,348,774

36,905,960

92.5%

2,777,029

10

11

12

13

15

17

Stabilized Portfolio

Period

Initial GLA

Conversion

Final GLA

% Occupancy

Lease Up

Q4 2021

29,938,794 *

1,093,320

31,032,114

94.3%

49,632

Q1 2022

31,032,114 *

78,286

31,110,400

94.3%

256,451

Q2 2022

31,111,320

769,911

31,881,231

95.9%

206,819

Q3 2022

31,890,123 *

206,819

32,096,942

96.6%

169,984

Q4 2022

32,116,297

734,387

32,850,684

97.3%

863,686

Q1 2023

32,850,684 *

222,974

33,073,658

96.7%

640,712

Q2 2023

33,074,756 *

640,341

33,715,097

96.9%

891,615

Q3 2023

33,717,537 *

1,088,120

34,805,657

97.3%

1,879,884

2,440 *

2

26,917,429

3

4

5

Same Store Portfolio

Period

Initial GLA

Conversion

Final GLA

% Occupancy

Vacancy

Q4 2021

28,297,582 *

1,462,216

29,759,799

94.0%

1,774,710

Q1 2022

29,759,799 *

43,381

29,803,180

94.1%

1,763,463

Q2 2022

29,804,100

135,614

29,939,714

95.7%

1,293,800

Q3 2022

29,948,606 *

0

29,948,606

96.4%

1,092,655

Q4 2022

29,967,017

1,096,677

31,063,694

97.2%

882,694

Q1 2023

31,063,694 *

78,286

31,141,980

96.5%

1,095,538

Q2 2023

31,143,077 *

767,498

31,910,575

96.7%

1,056,328

Q3 2023

31,915,015 *

206,819

32,121,834

97.6%

779,126

4,440

Q3 2023

Total Portfolio % Occupancy

94.1%

95.8%

96.1%

95.1%

95.1%

94.7%

93.8%

92.5%

95.00%

90.00%

85.00%

80.00%

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Stabilized Portfolio % Occupancy

100.00%

95.9%

96.6%

97.3%

96.7%

96.9%

97.3%

94.3% 94.3%

95.00%

90.00%

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Same Store Portfolio % Occupancy

96.4%

97.2%

96.5%

96.7%

97.6%

95.7%

94.0% 94.1%

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

* Adjusted by changes in the initial size of the portfolio, during 4Q21 we adjusted the portfolio to reflect the sale of properties

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Disclaimer

Corporación Inmobiliaria Vesta SAB de CV published this content on 19 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2023 22:26:34 UTC.