Vesta Real Estate Corporation Files 20-F for Fiscal Year Ended December 31, 2023

Ticker: VTMX · Form: 20-F · Filed: Apr 19, 2024 · CIK: 1969373

Vesta Real Estate Corporation, S.A.B. De C.V. 20-F Filing Summary
FieldDetail
CompanyVesta Real Estate Corporation, S.A.B. De C.V. (VTMX)
Form Type20-F
Filed DateApr 19, 2024
Risk Levellow
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: Vesta Real Estate, 20-F Filing, Annual Report, Mexico City, VTMX

TL;DR

<b>Vesta Real Estate Corporation filed its annual 20-F report for the fiscal year ending December 31, 2023, detailing its financial performance and operations.</b>

AI Summary

Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) filed a Foreign Annual Report (20-F) with the SEC on April 19, 2024. Vesta Real Estate Corporation, S.A.B. de C.V. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in Mexico City, Mexico. Vesta Real Estate Corporation is listed on the stock exchange under the ticker symbol VTMX. The filing was made with the U.S. Securities and Exchange Commission (SEC).

Why It Matters

For investors and stakeholders tracking Vesta Real Estate Corporation, S.A.B. de C.V., this filing contains several important signals. This filing provides investors and stakeholders with a comprehensive overview of Vesta's financial health, operational strategies, and risk factors for the 2023 fiscal year. As a publicly traded company, Vesta Real Estate Corporation is required to submit this annual report to the SEC, ensuring transparency and compliance with regulatory requirements.

Risk Assessment

Risk Level: low — Vesta Real Estate Corporation, S.A.B. de C.V. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for detailed financial statements and management's discussion and analysis to assess Vesta's performance and strategic direction.

Key Numbers

  • 2023-12-31 — Fiscal Year End (The period covered by the 20-F report)
  • 2024-04-19 — Filing Date (Date the 20-F report was submitted)
  • 0001969373-24-000005 — Accession Number (Unique identifier for the filing)

Key Players & Entities

  • Vesta Real Estate Corporation, S.A.B. de C.V. (company) — Filer of the 20-F report
  • VTMX (company) — Ticker symbol for Vesta Real Estate Corporation
  • SEC (regulator) — Recipient of the 20-F filing
  • Mexico City (company) — Location of Vesta's business address

FAQ

When did Vesta Real Estate Corporation, S.A.B. de C.V. file this 20-F?

Vesta Real Estate Corporation, S.A.B. de C.V. filed this Foreign Annual Report (20-F) with the SEC on April 19, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX).

Where can I read the original 20-F filing from Vesta Real Estate Corporation, S.A.B. de C.V.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Vesta Real Estate Corporation, S.A.B. de C.V..

What are the key takeaways from Vesta Real Estate Corporation, S.A.B. de C.V.'s 20-F?

Vesta Real Estate Corporation, S.A.B. de C.V. filed this 20-F on April 19, 2024. Key takeaways: Vesta Real Estate Corporation, S.A.B. de C.V. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal executive offices are located in Mexico City, Mexico..

Is Vesta Real Estate Corporation, S.A.B. de C.V. a risky investment based on this filing?

Based on this 20-F, Vesta Real Estate Corporation, S.A.B. de C.V. presents a relatively low-risk profile. The filing is a standard annual report (20-F) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

What should investors do after reading Vesta Real Estate Corporation, S.A.B. de C.V.'s 20-F?

Monitor future filings for detailed financial statements and management's discussion and analysis to assess Vesta's performance and strategic direction. The overall sentiment from this filing is neutral.

How does Vesta Real Estate Corporation, S.A.B. de C.V. compare to its industry peers?

Vesta Real Estate Corporation operates within the real estate sector, focusing on industrial and commercial properties.

Are there regulatory concerns for Vesta Real Estate Corporation, S.A.B. de C.V.?

As a Mexican company filing a Form 20-F, Vesta adheres to SEC regulations for foreign private issuers, which differ from domestic US reporting requirements.

Industry Context

Vesta Real Estate Corporation operates within the real estate sector, focusing on industrial and commercial properties.

Regulatory Implications

As a Mexican company filing a Form 20-F, Vesta adheres to SEC regulations for foreign private issuers, which differ from domestic US reporting requirements.

What Investors Should Do

  1. Review the full 20-F document for detailed financial statements and Management's Discussion and Analysis.
  2. Analyze the company's business segments and geographical operations.
  3. Compare Vesta's reported figures with industry benchmarks and previous fiscal year performance.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
  • 2024-04-19: Filing Date — The date Vesta Real Estate Corporation submitted its 20-F annual report.

Year-Over-Year Comparison

This is the initial filing of the 20-F for the fiscal year ending December 31, 2023, and no prior period data for this specific form is available within this extract.

Filing Stats: 4,579 words · 18 min read · ~15 pages · Grade level 9.9 · Accepted 2024-04-19 16:37:52

Filing Documents

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers 10

Oer Statistics and Expected Timetable

Item 2. Oer Statistics and Expected Timetable 10

Key Information

Item 3. Key Information 10 A. [Reserved] 10 B.Not applicable. 10 C.Not applicable. 10 D. Risk factors 11

Information on the Company

Item 4. Information on the Company 43 A. History and development of the company. 43 B.Business overview. 44 C.Organizational Structure. 57 D.Property, Plant and Equipment. 58

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments 77

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 77 A. Operating Results 77 B. Liquidity and Capital Resources 91 Recent Accounting Pronouncements 96 C. Research and development, patents and licenses, etc. 97 D. Trend Information 97 E. Critical Accounting Estimates 98

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 98 A. Directors and senior management. 99 B. Compensation of Directors and Executive Officers 107 C. Committees of the Board of Directors 108 D. Employees. 112 E. Share ownership. 113 F. Disclosure of a registrant's action to recover erroneously awarded compensation. 113

Major Shareholders and Related Party Transactions

Item 7. Major Shareholders and Related Party Transactions 113 A.Major shareholders. 113 B. Related party transactions. 114 C. Interests of experts and counsel. 115

Financial Information

Item 8. Financial Information 115 A. Consolidated Statements and Other Financial Information. 115 B.Signicant Changes. 117

The Oer and Listing

Item 9. The Oer and Listing. 115 A. Oer and listing details. 115 B. Plan of distribution. 116 C. Markets. 116 D. Selling shareholders 116 E. Dilution. 116 F. Expenses of the issue. 116 i Table of Contents

Additional Information

Item 10. Additional Information. 116 A. Share capital. 116 B. Memorandum and articles of association. 116 C. Material contracts. 116 D. Exchange controls. 116 E. Taxation. 116 F. Dividends and paying agents. 123 G. Statement by experts. 123 H. Documents on display. 123 I. Subsidiary Information. 123 J. Annual Report to Security Holders. 123

Quantitative and Qualitative Disclosures About Market Risk

Item 11. Quantitative and Qualitative Disclosures About Market Risk. 123

Description of Securities Other than Equity Securities

Item 12. Description of Securities Other than Equity Securities. 124 A. Debt Securities. 124 B. Warrants and Rights. 124 C. Other Securities. 124 D. American Depositary Shares. 124 PART II 127

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies. 127

Material Modications to the Rights of Security Holders and Use of Proceeds

Item 14. Material Modications to the Rights of Security Holders and Use of Proceeds. 127

Controls and Procedures

Item 15. Controls and Procedures. 127

[Reserved]

Item 16. [Reserved] 128

Audit committee nancial expert

Item 16A. Audit committee nancial expert. 128

Code of Ethics

Item 16B. Code of Ethics. 129

Principal Accountant Fees and Services

Item 16C. Principal Accountant Fees and Services. 130

Exemptions from the Listing Standards for Audit Committees

Item 16D. Exemptions from the Listing Standards for Audit Committees. 130

Purchases of Equity Securities by the Issuer and Aliated Purchasers

Item 16E. Purchases of Equity Securities by the Issuer and Aliated Purchasers. 130

Change in Registrant's Certifying Accountant

Item 16F. Change in Registrant's Certifying Accountant. 131

Corporate Governance

Item 16G. Corporate Governance. 131

Mine Safety Disclosure

Item 16H. Mine Safety Disclosure. 134

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 134

Insider trading policies

Item 16J. Insider trading policies 134

Cybersecurity

Item 16K. Cybersecurity . 135 PART III 137

Financial Statements

Item 17. Financial Statements. 137

Financial Statements

Item 18. Financial Statements. 137

Exhibits

Item 19. Exhibits. 137 ii Table of Contents ABOUT THIS ANNUAL REPORT AND GLOSSARY OF CERTAIN TERMS AND DEFINITIONS Except where the context otherwise requires or where otherwise indicated, the terms "Vesta," "VTMX," the "Company," "Group," "we," "us," "our," "our company" and "our business" refer to Corporacion Inmobiliaria Vesta, S.A.B. de C.V., together with its consolidated subsidiaries as a consolidated entity. All references in this Annual Report to the "Commission" or to the "SEC" are to the United States Securities and Exchange Commission, to the "Exchange Act" are to the U.S. Securities Exchange Act of 1934, as amended, and to the "Securities Act" are to the U.S. Securities Act of 1933, as amended. In addition, set forth below is a glossary of certain industry and other terms used in this Annual Report: "Adjusted EBITDA" means the sum of profit for the period adjusted by (a) total income tax expense, (b) interest income, (c) other income, (d) other expense, (e) finance costs, (f) exchange gain (loss) – net, (g) gain on sale of investment property, (h) gain on revaluation of investment property, (i) depreciation and (j) stock-based compensation, (k) energy income and (l) energy costs during the relevant period. "Adjusted NOI" means the sum of NOI plus property operating costs related to properties that did not generate rental income during the relevant period. "AMVO" means the Asociacin Mexicana de Venta Online (Mexican Association of Online Sales). "BMV" means the Bolsa Mexicana de Valores, S.A.B. de C.V. (Mexican Stock Exchange). "BTS Building" means a build-to-suit building that is designed and constructed in a tailor-made manner in order to meet client-specific needs. "CETES" means the Mexican Certificados de la Tesorera de la Federacin (Federal Treasury Certificates). "Class A Buildings" are industrial properties that typically possess most of the following characteristics: (i) 15 years old or newer; (ii) concrete tilt-up construction; (

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