Vesta Q3 Revenue Up 10.8%, Raises 2026 Guidance to 11.5%-12.5% Growth
VTMX sits 34% above its 52-week low of $26.635.
Summary
Vesta posted 10.8% rental revenue growth and record Q3 leasing, then raised 2026 revenue growth guidance to 11.5%-12.5% from 10%-11%. FFO after tax fell 19% on higher interest, tax and share count.
Key Events · Earnings and Guidance · VTMX
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Guidance Raised for Full-Year 2026
Revenue growth guidance lifted to 11.5%-12.5% from 10%-11%, with Adjusted NOI and Adjusted EBITDA margins now targeted at 94.0% and 84.0% versus 93.5% and 83.0% previously.
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Q3 Rental Revenue Up 10.8%
Rental revenue excluding energy reached US$77.5M versus US$69.9M a year ago; Adjusted NOI rose 10.4% to US$72.9M and Adjusted EBITDA 9.2% to US$65.2M.
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Record Leasing, Occupancy at 93.9%
Q3 leasing totaled 2.3M sf including a record 1.6M sf of new leases; total occupancy improved 220 basis points sequentially to 93.9%.
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FFO After Tax Falls 19%
Vesta FFO was US$47.1M (-0.7%) but FFO after tax dropped to US$33.6M, or US$0.0358 per share (-26.0%), on higher interest expense, current tax and a larger share count following this year's equity offering.
Analysis · VTMX · Real Estate & Construction
Vesta beat its own plan and raised full-year guidance: revenue growth is now expected at 11.5%-12.5% versus the prior 10%-11%, with NOI and EBITDA margin targets lifted to 94.0% and 84.0%. The quarter itself was solid — rental revenue excluding energy rose 10.8% to US$77.5M and occupancy jumped 220 basis points to 93.9% on a record 2.3M sf of leasing — but the headline profit numbers are flattered by a US$60.2M non-cash revaluation gain on investment properties, and FFO after tax fell 19.0% to US$33.6M on higher interest and tax expense plus a larger share count after this year's equity offering. The guidance raise is the actionable item; the cash-flow-per-share pressure is the caveat.
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At the time of this filing, VTMX was trading at $35.72 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.5B. The 52-week trading range was $26.64 to $37.41. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.