Vesta, a developer of parks and industrial buildings in Mexico, reported that its revenues grew 10.7%, to 178 million dollars in 2022 compared to all of 2021

He said, in his financial report sent to the Mexican Stock Exchange, that net operating income increased 14.5%, to 44.6 million dollars year-over-year, while the NOI margin increased 40 basis points to 94.1% due to higher occupancy in the portfolio. While the company's profit in 2022 was $243.15 million, compared to a profit of $173.94 million in 2021.

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“In 2022, Mexico remains in a privileged position to capture the current explosive nearshoring opportunities; We expect this trend to continue into the future as companies around the world aggressively move their production to Mexico in search of a manufacturing center closer to the United States,” said Lorenzo D. Berho, Vesta CEO.

He said Vesta's 2022 results demonstrate the dramatic shift in delivering world-class industrial buildings to blue-chip customers in today's in-demand markets.

Notable 2022 operating metrics include extraordinary leasing activity of 10.6 million sf for the year, a record for Vesta, 3.8 million sf through new leases with multinational clients such as DSV, Amazon, Eaton, Home Depot, Foxconn, Safran and Cummins, among others. Renovations reached an all-time high of 6.8 million square feet.

Of interest: Companies attracted by nearshoring will increase 1.2% of GDP

The high market demand environment boosted portfolio occupancy, reflected in the total year-over-year increase to 95.1%, from 94.1% in Q4 2021. Stabilized portfolio occupancy increased to 97.3% from 94.3% and same-store portfolio occupancy reached 97.2% from 94.0% year-on-year.

Vesta had 202 properties located within industrial parks in 15 states of the Mexican Republic. The total leasable area was 3.13 million square meters.

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Original note