Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) 20-F 19 Apr 24 2023 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Shell Company	false
Entity File Number	001-41730
Entity Registrant Name	Vesta Real Estate Corporation, S.A.B. de C.V.
Entity Address, Address Line One	Paseo de los Tamarindos No. 90
Entity Address, Address Line Two	Torre II, Piso 28
Entity Address, Address Line Three	Col. Bosques de lasLomasCuajimalpa, C.P.
Entity Address, Postal Zip Code	5120
Entity Address, City or Town	Mexico City
Entity Address, Country	MX
Entity Common Stock, Shares Outstanding	884,486,436
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Shell Company Report	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001969373
Document Accounting Standard	International Financial Reporting Standards
Entity Incorporation, State or Country Code	O5
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Paseo de los Tamarindos No. 90
Entity Address, Address Line Two	Torre II, Piso 28
Entity Address, Address Line Three	Col. Bosques de lasLomasCuajimalpa, C.P.
Entity Address, Postal Zip Code	5120
Entity Address, City or Town	Mexico City
Entity Address, Country	MX
City Area Code	52 (55)
Local Phone Number	5950-0070
Contact Personnel Name	Juan Felipe Sottil Achutegui
American Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing ten ordinary shares with no par value per share
Trading Symbol	VTMX
Security Exchange Name	NYSE
Ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, no par value per share*
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Galaz, Yamazaki, Ruiz Urquiza, S. C.
Auditor Location	Mexico City, Mexico
Auditor Firm ID	1153

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash, cash equivalents and restricted cash	$ 501,166,136	$ 139,147,085	$ 452,821,132
Recoverable taxes	33,864,821	30,088,473	19,377,562
Operating lease receivables- Net	10,100,832	7,690,195	9,039,147
Prepaid expenses and other current assets	21,299,392	25,308,351	483,581
Total current assets	566,431,181	202,234,104	481,721,422
Non-current assets:
Investment properties	3,212,164,164	2,738,465,276	2,263,170,941
Office furniture – Net	2,541,990	1,437,981	2,119,589
Right-of-use asset – Net	834,199	1,417,945	1,344,417
Security deposits paid, restricted cash and others	10,244,759	9,601,094	11,510,701
Total non-current assets	3,225,785,112	2,750,922,296	2,278,145,648
Total assets	3,792,216,293	2,953,156,400	2,759,867,070
Current liabilities:
Current portion of long-term debt	69,613,002	4,627,154	2,880,592
Lease liabilities - short term	607,481	606,281	464,456
Accrued interest	3,148,767	3,847,752	3,840,079
Accounts payable	13,188,966	16,628,788	3,011,415
Income tax payable	38,773,726	14,824,658	27,838,872
Accrued expenses and taxes	7,078,988	5,154,626	15,246,156
Dividends payable	15,155,311	14,358,194	13,944,232
Total current liabilities	147,566,241	60,047,453	67,225,802
Non-current liabilities:
Long-term debt	845,573,752	925,872,432	930,652,624
Lease liabilities - long term	290,170	897,658	915,957
Security deposits received	25,680,958	18,333,119	15,868,704
Long-term payable	7,706,450	7,889,937	0
Employee benefits	1,519,790	348,280	0
Deferred income taxes	276,910,507	299,979,693	291,578,576
Total non-current liabilities	1,157,681,627	1,253,321,119	1,239,015,861
Total liabilities	1,305,247,868	1,313,368,572	1,306,241,663
Litigation and other contingencies
Stockholders’ equity:
Capital stock	591,600,113	480,623,919	482,858,389
Additional paid-in capital	934,944,456	460,677,234	466,230,183
Retained earnings	989,736,218	733,405,749	547,213,771
Share-based payments reserve	3,732,350	5,984,051	7,149,453
Foreign currency translation reserve	(33,044,712)	(40,903,125)	(49,826,389)
Total stockholders’ equity	2,486,968,425	1,639,787,828	1,453,625,407
Total liabilities and stockholders’ equity	$ 3,792,216,293	$ 2,953,156,400	$ 2,759,867,070

Consolidated Statements of Prof

Consolidated Statements of Profit and Other Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental income	$ 213,448,296	$ 178,025,461	$ 160,698,385
Management fees	1,019,316	0	87,973
Revenue	214,467,612	178,025,461	160,786,358
Property operating costs related to properties that generated rental income	(13,476,324)	(8,940,789)	(8,543,961)
Property operating costs related to properties that did not generate rental income	(4,763,398)	(2,482,605)	(2,182,796)
General and administrative expenses	(31,719,895)	(24,414,428)	(21,400,917)
Interest income	9,414,027	2,640,687	76,871
Other income	5,138,158	1,330,853	150,478
Other expenses	(3,037,113)	(373,991)	(122,684)
Finance cost	(46,306,975)	(46,396,156)	(50,263,493)
Foreign exchange gain (loss)	8,906,782	1,939,848	(1,109,567)
(Loss) gain on sale of investment property – net	(461,600)	5,027,826	13,992,675
Gain on revaluation of investment property	243,459,821	185,491,518	164,649,959
Profit before income taxes	381,621,095	291,848,224	256,032,924
Current income tax expense	(91,953,099)	(41,981,391)	(50,262,466)
Deferred income tax benefit (expense)	26,969,516	(6,242,079)	(31,828,085)
Total income tax expense	(64,983,583)	(48,223,470)	(82,090,551)
Profit for the year	316,637,512	243,624,754	173,942,373
Other comprehensive income (loss) - net of tax:
Items that may be reclassified subsequently to profit - Fair value gain on derivative instruments	0	0	2,892,985
Exchange differences on translating other functional currency operations	7,858,413	8,923,264	(4,844,991)
Total other comprehensive income (loss)	7,858,413	8,923,264	(1,952,006)
Total comprehensive income for the year	$ 324,495,925	$ 252,548,018	$ 171,990,367
Basic earnings per share (usd per share)	$ 0.4183	$ 0.3569	$ 0.2683
Diluted earnings per share (usd per share)	$ 0.4118	$ 0.3509	$ 0.2636

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity - USD ($)	Total	Capital Stock	Additional Paid in Capital	Retained Earnings	Share-Based Payments Reserve	Foreign Currency Translation Reserve	Valuation of Derivative financial instruments
Equity at beginning of period at Dec. 31, 2020	$ 1,108,662,167	$ 422,437,615	$ 297,064,471	$ 429,048,327	$ 7,986,137	$ (44,981,398)	$ (2,892,985)
Equity issuance	223,195,449	58,773,174	164,422,275
Share-based payments	5,554,353				5,554,353
Vested shares	0	1,647,600	4,743,437		(6,391,037)
Dividends declared	(55,776,929)			(55,776,929)
Comprehensive income (loss)	171,990,367			173,942,373		(4,844,991)	2,892,985
Equity at end of period at Dec. 31, 2021	1,453,625,407	482,858,389	466,230,183	547,213,771	7,149,453	(49,826,389)	0
Share-based payments	6,650,487				6,650,487
Vested shares	0	2,014,895	5,800,994		(7,815,889)
Dividends declared	(57,432,776)			(57,432,776)
Repurchase of shares	(15,603,308)	(4,249,365)	(11,353,943)
Comprehensive income (loss)	252,548,018			243,624,754		8,923,264
Equity at end of period at Dec. 31, 2022	1,639,787,828	480,623,919	460,677,234	733,405,749	5,984,051	(40,903,125)	0
Equity issuance	574,989,885	108,771,608	466,218,277
Share-based payments	8,001,830				8,001,830
Vested shares	0	2,204,586	8,048,945		(10,253,531)
Dividends declared	(60,307,043)			(60,307,043)
Comprehensive income (loss)	324,495,925			316,637,512		7,858,413	0
Equity at end of period at Dec. 31, 2023	$ 2,486,968,425	$ 591,600,113	$ 934,944,456	$ 989,736,218	$ 3,732,350	$ (33,044,712)	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Profit before income taxes	$ 381,621,095	$ 291,848,224	$ 256,032,924
Adjustments:
Depreciation	974,291	901,492	1,143,134
Right-of-use depreciation	603,782	562,428	458,082
Gain on revaluation of investment properties	(243,459,821)	(185,491,518)	(164,649,959)
Unrealized effect of foreign exchange rates	(1,048,369)	(1,939,848)	1,109,567
Interest income	(9,414,027)	(2,640,687)	(76,871)
Interest expense	44,335,420	44,852,043	45,482,028
Amortization of debt issuance costs	1,971,555	1,544,113	4,781,465
Expense recognized in respect of share-based payments	8,001,830	6,650,487	5,554,353
(Loss) gain on sale of investment property – net	461,600	(5,027,826)	(13,992,675)
Employee benefits and pension costs	1,171,510	348,280	0
Income tax benefit from equity issuance costs	8,307,906	0	0
Working capital adjustments:
Operating lease receivables – Net	(2,410,637)	1,348,952	(2,678,246)
Recoverable taxes	(3,776,348)	(10,710,911)	(4,516,452)
Security deposits paid, restricted cash and others	(1,138,296)	1,909,607	(7,004,175)
Prepaid expenses and other current assets	4,008,959	(17,338,623)	(63,524)
Accounts payable	3,258	(1,619,312)	(230,177)
Accrued expenses and taxes	1,924,362	(10,091,530)	10,936,516
Security deposits received	7,347,839	2,464,415	1,944,455
Financial assets held for trading	0	0	684,936
Interest received	9,414,027	2,640,687	76,871
Income taxes paid	(64,103,701)	(54,995,605)	(27,062,220)
Net cash generated by operating activities	144,796,235	65,214,868	107,930,032
Cash flows from investing activities:
Purchases of investment property	(263,051,665)	(269,222,961)	(108,394,270)
Sale of investment property	42,057,500	7,285,242	124,565,539
Purchases of office furniture and vehicles	(2,078,300)	(219,884)	(219,143)
Net cash (used in) generated by investing activities	(223,072,465)	(262,157,603)	15,952,126
Cash flows from financing activities:
Interest paid	(45,034,414)	(44,844,370)	(44,474,123)
Loans obtained	0	0	350,000,000
Loans paid	(16,789,756)	0	(252,500,000)
Costs of debt issuance	0	(1,667,278)	(7,746,222)
Dividends paid	(59,509,926)	(57,018,815)	(55,367,252)
Repurchase of treasury shares	0	(15,603,308)	0
Equity issuance proceeds	594,375,000	0	229,215,419
Equity issuance costs paid	(27,693,021)	0	(6,019,970)
Payment of lease liabilities	(606,279)	(647,961)	(564,677)
Net cash generated by (used in) financing activities	444,741,604	(119,781,732)	212,543,175
Effects of exchange rate changes on cash	(4,446,323)	3,050,420	(4,146,343)
Net (decrease) increase in cash, cash equivalents and restricted cash	362,019,051	(313,674,047)	332,278,990
Cash, cash equivalents and restricted cash at the beginning of year	139,882,397	453,556,444	121,277,454
Cash, cash equivalents and restricted cash at the end of year	$ 501,901,448	$ 139,882,397	$ 453,556,444

General information

General information	12 Months Ended
	Dec. 31, 2023
General Information About Financial Statements [Abstract]
General information	General information Corporación Inmobiliaria Vesta, S. A. B. de C. V. (“Vesta” or the “Entity”) is a corporation incorporated in Mexico. The address of its registered office and principal place of business is Paseo de los Tamarindos 90, 28 th floor, Mexico City. Vesta and subsidiaries (collectively, the “Entity”) are engaged in the development, acquisition and operation of industrial buildings and distribution facilities that are rented to corporations in eleven states throughout Mexico. 1.1 Significant events On April 27, 2021, Vesta announced the favorable results of its primary offering of common shares (equity issuance). The offering consisted in an equity offering of shares in Mexico through the Mexican Stock Exchange with an international distribution. Vesta received gross income of $200,000,000 from this equity issuance. The primary global offering considered 101,982,052 shares, and an over-allotment option of up to 15% calculated with respect to the number of shares subject to the primary offering, that was 15,297,306 additional shares, an option that could be exercised by the underwriters within the following 30 days to this date; such over-allotment was exercised by the underwriters on April 28, 2022 in a total of 14,797,307 shares for an amount of $29,215,419. The cost of such equity issuance was $6,019,970. On May 13, 2021, Vesta offered $350,000,000 of Senior Notes, Vesta ESG Global bond 35/8 05/31, with maturity on May 13, 2031. The notes will bear interest at a rate of 3.625% per annum. The cost of such debt issuance was $7,746,222. On September 1, 2022, Vesta announced a new $200,000,000 sustainability linked revolving credit facility with various financial institutions. As a part of such revolving credit, Vesta paid debt issuance costs in an amount of $1,339,606. As of December 31, 2023 no amount has been borrowed yet. As a result of the spread of the coronavirus (COVID-19) in Mexico and around the world, Vesta successfully maintained during 2020 the disciplined execution of strategies, which included rapidly adapting to the current environment and providing temporary relief to clients supported by strong relationships and its strong knowledge of the market. This allowed Vesta to quickly and timely identify emerging trends and seize new business opportunities. As part of negotiations with clients during 2020, Vesta only granted deferral of leases payments for those tenants who met certain strict criteria, focusing that decision on long-term growth. In total, there were 43 deferral agreements that represented approximately a $5.5 million operating lease receivable, of which 84% were recovered during the second half of 2020 and 16% were recovered during 2021; agreements and payments have been fulfilled. It is important to note that, as of September 30, 2021, 95% of Vesta's tenants had reached pre-crisis operating levels and, at the end of the year, all are at normal levels. During 2021 Vesta did not grant additional deferrals to tenants. The economic trends of the real estate market in Mexico, and specifically the industrial real estate market, were not materially affected by the pandemic. See Note 8 “Investment Properties” for further details. Finally, from an internal point of view, Vesta continued with its surveillance measures and cost reduction, review of contracts with non-essential third parties and constant monitoring of its performance. On April 23, 2021, a mandatory federal decree was published in Mexico where various labor and tax regulations were modified to generally prohibit the subcontracting of personnel and establish the rules under which specialized services may be subcontracted. During 2021, the Entity completed all the necessary corporate actions to approve the adjustments to the constitutive documents of the Entity and its subsidiaries, in order to adjust them to what it is established in the current legal framework; likewise, it took all previous actions to implement the administrative changes necessary to fully comply with the terms of the new legal framework on the beginning of its term; there was no impact on the Consolidated Financial Statements as of and for the period ended December 31, 2021 derived from these actions. On September 1, 2022, Vesta announced a new $200,000,000 sustainability linked revolving credit facility with various financial institutions. As a part of such revolving credit, Vesta paid debt issuance costs in an amount of $1,339,606. As of December 31, 2023 no amount has been borrowed yet. On June 29, 2023, Vesta entered into an underwriting agreement (the ‘‘Underwriting Agreement’’) with Citigroup Global Markets Inc., BofA Securities, Inc. and Barclays Capital Inc., as representative of the underwriters, relating to Vesta’s initial public offering (the ‘‘Offering’’) of 125,000,000 Common Shares in the form of American Depositary Shares (the ‘‘ADS’’) each ADS representing 10 Common Shares of Vesta’s common stock (‘‘common stock’’), which included the exercise by the underwriters in full of the over-allotment option to purchase an additional 18,750,000 shares of Vesta’s common stock, at an Offering price of $31.00 US dollars per ADS. The closing of the Offering for the ADS’s took place on July 5, 2023, raising gross proceeds of approximately $445,625,000, which included 18,750,000 shares sold by Vesta upon the exercise by the underwriters of the over-allotment option in full. Issuance expenses were approximately $22,950,000. Vesta intends to use the net proceeds from the Offering to fund growth strategy including the acquisition of land or properties and related infrastructure investments, and for the development of industrial buildings. On December 7, 2023, Vesta entered into an underwriting agreement (the ‘‘Follow-On Underwriting Agreement’’) with Morgan Stanley & CO, LLC, BofA Securities, Inc. and Barclays Capital Inc., as representative of the underwriters, relating to Vesta’s sale of common shares (the ‘‘Follow-on Offering’’) of 42,500,000 Common Shares in the form of ADS, each ADS representing 10 Common Shares of Vesta’s common stock, at a Follow-on Offering price of $35.00 US dollars per ADS. The closing of the Follow-on Offering for the ADS’s took place on December 13, 2023, raising gross proceeds of approximately $148,750,000. Issuance expenses were approximately $4,746,000. Vesta intends to use the net proceeds from the Follow-on Offering to fund growth strategy including the acquisition of land or properties and related infrastructure investments, and for the development of industrial buildings.

Adoption of new and revised Int

Adoption of new and revised International Financial Reporting Standards	12 Months Ended
	Dec. 31, 2023
First Time Adoption [Abstract]
Adoption of new and revised International Financial Reporting Standards	Adoption of new and revised International Financial Reporting Standards New and amended IFRS Accounting Standards that are effective for the current year In the current year, the Entity has applied several amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after January 1, 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in these consolidated financial statements. Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgments – Disclosure of accounting policies Vesta has adopted the amendments to IAS 1 for the first time as of January 1, 2023. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The IASB has also developed guidance and examples to explain and demonstrate the application of the ‘four-step’ materiality process describer in IFRS Practice Statement 2. Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors – Definition of Accounting Estimates Vesta has adopted the amendments to IAS 8 for the first time as of January 1, 2023. The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. The definition of a change in accounting estimates was deleted. IFRS 17 Insurance contracts (including the June 2020 and December 2021 Amendments to Vesta has adopted IFRS 17 and the related amendments for the first time as of January 1, 2023. IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts. IFRS 17 outlines a general model, which is modified for insurance contracts with direct participation features, described as the variable fee approach. The general model is simplified if certain criteria are met by measuring the liability for remaining coverage using the premium allocation approach. The general model uses current assumptions to estimate the amount, timing and uncertainty of future cash flows and it explicitly measures the cost of that uncertainty. It takes into account market interest rates and the impact of policyholders’ options and guarantees. Vesta does not have any contracts that meet the definition of an insurance contract under IFRS 17. Amendments to IAS 12 Income Taxes –Deferred Tax related to Assets and Liabilities arising from a Single Transaction Vesta has adopted the amendments to IAS 12- Deferred tax related to assets and liabilities arising from a single transaction for the first time as of January 1, 2023. The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting profit nor taxable profit. Following the amendments to IAS 12, an entity is required to recognize the related deferred tax asset and liability, with the recognition of any deferred tax asset being subject to the recoverability criteria in IAS 12. Amendments to IAS 12 Income Taxes – International Tax Reform –Pillar Two Model Rules Vesta has adopted the amendments to IAS 12- International Tax Reform- Pillar two model rules for the first time as of January 1, 2023. The IASB amends the scope of IAS 12 to clarify that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes described in those rules. The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognize nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. Following the amendments, an entity is required to disclose that it has applied the exception and to disclose separately its current tax expense (income) related to Pillar Two income taxes. As the Entity operates exclusively in Mexico, this Reform does not have any impact on the consolidated financial statements. New and revised IFRS Standards issued but not yet effective for the current year At the date of authorization of these consolidated financial statements, the Entity has not applied the following new and amended IFRS Standards that have been issued but are not yet effective: Amendments to IFRS 10 and IAS 28 Sale or contribution of assets between an investor and its associate or joint venture Amendments to IAS 1 (1) Classification of liabilities as current or non-current and non-current liabilities with covenants. Amendments to IFRS 16 (1) Lease liability in a sale and leaseback Amendments to IAS 7 and IFRS 7 (1) Supplier Finance Arrangements Amendments to IAS 21 (2) Lack of Exchangeability (1) Effective for annual periods beginning on January 1, 2024 (2) Effective for annual periods beginning on January 1, 2025 Management does not expect the adoption of the aforementioned standards to have a significant impact on the Entity's consolidated financial statements in future periods, except as indicated below: Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investment in Associates and Joint Ventures – Sale or contribution of assets between an investor and its associate or joint venture The amendments to IFRS 10 and IAS 28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transactions with an associate or a joint venture that is accounted for using the equity method, are recognized in the parent’s profit or loss only to the extent of the unrelated investors’ interests in that associate or joint venture. Similarly, gains and losses resulting from the measurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognized in the former parent’s profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture. The effective date of the amendments has yet to be set by the IASB; however, earlier application for the amendments is permitted. Vesta management anticipates that the application of these amendments may have an impact on Vesta’s consolidated financial statements in future periods should such transactions arise. Amendments to IAS 1 Presentation of financial statements - Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants The amendments to IAS 1 clarify that if an entity’s right to defer settlement of a liability is subject to the entity complying with the required covenants only at a date subsequent to the reporting period, the entity has a right to defer settlement of the liability even if it does not comply with those covenants at the end of the reporting period. The classification of a liability is unaffected by the likelihood that the entity will exercise its right to defer settlement of the liability for at least twelve months after the reporting period. In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively. The Entity is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Vesta management anticipates that the application of these amendments may have an impact on the disclosures of the consolidated financial statements in future periods. Amendments to IFRS 16 Leases – Lease liability in a sale and leaseback The amendment to IFRS 16 Leases specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. A seller-lessee applies the amendment to annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted, and that fact must be disclosed. The amendments are not expected to have a material impact on the consolidated financial statements. Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Statements: Disclosures – Supplier Finance Arrangements The amendments specify disclosure requirements to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. In these arrangements, one or more finance providers pay amounts an entity owes to its suppliers. The entity agrees to settle those amounts with the finance providers according to the terms and conditions of the arrangements. The amendments require an entity to provide information about the impact of supplier finance arrangements on liabilities and cash flows, including terms and conditions of those arrangements, quantitative information on liabilities related to those arrangements as at the beginning and end of the reporting period and the type and effect of non-cash changes in the carrying amounts of those arrangements. The information on those arrangements is required to be aggregated unless the individual arrangements have dissimilar or unique terms and conditions. In the context of quantitative liquidity risk disclosures required by IFRS 7, supplier finance arrangements are included as an example of other factors that might be relevant to disclose. The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. Early adoption is permitted but will need to be disclosed. The amendments are not expected to have a material impact on the consolidated financial statements. Amendments to IAS 21 Effects of Changes in Foreign Currency Rates – Lack of Exchangeability The amendment specifies when an entity must evaluate if a currency is exchangeable into another currency and when it is not and how an entity determines the exchange rate to apply when a currency is not exchangeable and requires additional disclosures when a currency is not exchangeable with information that would enable users of its financial statements to evaluate how a currency’s lack of exchangeability affects, or is expected to affect, its financial performance, financial position and cash flow. A currency is exchangeable into another currency when an entity is able to exchange that currency for the other currency through markets or exchange mechanisms that create enforceable rights and obligations without undue delay at the measurement date and for a specified currency. A currency is not exchangeable into the other currency if an entity can only obtain an insignificant amount of the other currency. The amendments will be effective for annual reporting periods beginning on or after January 1, 2025. Early adoption is permitted but will need to be disclosed. The amendments are not expected to have a material impact on the consolidated financial statements.

Material accounting policies

Material accounting policies	12 Months Ended
	Dec. 31, 2023
Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract]
Material accounting policies	Material accounting policies a. Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). b. Basis of preparation The consolidated financial statements have been prepared on the historical cost basis except for investment properties and financial instruments that are measured at fair value at the end of each reporting period, as explained in the accounting policies below. i. Historical cost Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. ii. Fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Entity takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, Share-based Payments . In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: • Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 fair value measurements are those derived from inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data. iii. Going concern The consolidated financial statements have been prepared by Management assuming that the Entity will continue to operate as a going concern. During the first months of 2020, the infectious disease COVID-19 caused by the coronavirus appeared and it was declared by the World Health Organization (WHO) as a Global Pandemic on March 11, 2020. Its expansion motivated a series of containment measures in the different geographies where the Entity operates and certain sanitary measures have been taken by the Mexican authorities to stop the spread of this virus. Derived from the uncertainty and duration of this pandemic, the Entity analyzed the considerations mentioned in Note 1.1 to determine if the assumption of continuing as a going concern is applicable. c. Basis of consolidation The consolidated financial statements incorporate the financial statements of Vesta and entities (including structured entities) controlled by Vesta and its subsidiaries. Control is achieved when the Entity: • Has power over the investee; • Is exposed, or has rights, to variable returns from its involvement with the investee; and • Has the ability to use its power to affect its returns. The Entity reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the Entity obtains control over the subsidiary and ceases when the Entity loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit and other comprehensive income (loss) from the date the Entity gains control or until the date when the Entity ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Entity and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Entity and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Entity’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Entity are eliminated in full on consolidation. Ownership percentage Subsidiary/Entity 2023 2022 2021 Activity QVC, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties QVC II, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties WTN Desarrollos Inmobiliarios de México, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Baja California, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Bajío, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Querétaro, 99.99% 99.99% 99.99% Holds investment properties Proyectos Aeroespaciales, 99.99% 99.99% 99.99% Holds investment properties Vesta DSP, S. de R. L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Management, S. de R.L. de C.V. 99.99% 99.99% 99.99% Provides specialized administrative services (REPSE # AR12757/2022) Servicio de Administración y Mantenimiento Vesta, S. de R.L. de C.V. 99.99% 99.99% 99.99% Provide specialized administrative services (REPSE # AR17617/2022) Enervesta, S. de R.L. de C.V. 99.99% 99.99% 99.99% Provides administrative services to the Entity Trust CIB 2962 (1) (1) (1) Vehicle to distribute shares to employees under the Long-Term Incentive plan. (1) Employee share trust established in conjunction with the 20-20 Long Term Incentive Plan over which the Entity exercises control. d. Financial instruments Financial assets and financial liabilities are recognized in Vesta’s statement of financial position when the Entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. e. Financial assets Classification of financial assets Debt instruments that meet the following conditions are measured subsequently at amortized cost: • The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI): • The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Despite the foregoing, the Entity may make the following irrevocable election / designation at initial recognition of a financial asset: • The Entity may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met (see (iii) below); and • The Entity may irrevocably designate a debt investment that meets the amortized cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch (see (iv) below). (i) Amortized cost and effective interest method The effective interest method is a method for calculating the amortized cost of a debt instrument and for allocating interest income during the relevant period. For financial assets that were not purchased or originated by credit-impaired financial assets (for example, assets that are credit-impaired on initial recognition), the effective interest rate is the rate that exactly discounts future cash inflows (including all commissions and points paid or received that form an integral part of the effective interest rate, transaction costs, and other premiums or discounts), excluding expected credit losses, over the expected life of the debt instrument or , if applicable, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated by discounting estimated future cash flows, including expected credit losses, at the amortized cost of the debt instrument on initial recognition. The amortized cost of a financial asset is the amount at which the financial asset is measured on initial recognition minus repayments of principal, plus the accumulated amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss. The gross book value of a financial asset is the amortized cost of a financial asset before adjusting any provision for losses. Interest income is recognized using the effective interest effect for debt instruments subsequently measured at amortized cost and at fair value through other comprehensive income. For financial assets purchased or originated other than financial assets with credit impairment, interest income is calculated by applying the effective interest rate to the gross book value of a financial asset, except for financial assets that have subsequently suffered impairment of credit (see below). For financial assets that have subsequently deteriorated credit, interest income is recognized by applying the effective interest rate to the amortized cost of the financial asset. If in subsequent reporting periods the credit risk in the credit- impaired financial instrument improves, so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross book value of the financial asset. Interest income is recognized as realized in the consolidated statements of profit and other comprehensive income (loss) for the year. Foreign exchange gains and losses The book value of financial assets denominated in a foreign currency is determined in that foreign currency and it is translated at the exchange rate at the end of each reporting period. For financial assets measured at amortized cost that are not part of a designated hedging relationship, exchange differences are recognized in exchange gain (loss)-net in the statement of profit and other comprehensive income (loss). Impairment of financial assets The Entity recognizes lifetime expected credit losses (“ECL”) for operating lease receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Entity’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. (i) Measurement and recognition of expected credit losses The measurement of expected credit losses is a function of the probability of default, the loss given the default (that is, the magnitude of the loss if there is a default), and the exposure at default. The evaluation of the probability of default and the default loss is based on historical data adjusted for forward-looking information as described above. Regarding exposure to default, for financial assets, this is represented by the gross book value of the assets on the reporting date; for financial guarantee contracts, the exposure includes the amount established on the reporting date, along with any additional amount expected to be obtained in the future by default date determined based on the historical trend, the Entity's understanding of the specific financial needs of the debtors, and other relevant information for the future. For financial assets, the expected credit loss is estimated as the difference between all the contractual cash flows that are due to the Entity in accordance with the contract and all the cash flows that the Entity expects to receive, discounted at the original effective interest rate. For a lease receivable, the cash flows used to determine the expected credit losses are consistent with the cash flows used in the measurement of the lease receivable in accordance with IFRS 16 Leases. The Entity recognizes an impairment loss or loss in the result of all financial instruments with a corresponding adjustment to their book value through a provision for losses account, except investments in debt instruments that are measured at fair value at through other comprehensive income, for which the provision for losses is recognized in other comprehensive and accumulated results in the investment revaluation reserve, and does not reduce the book value of the financial asset in the statement of financial position. Derecognition policy The Entity derecognizes a financial asset only when the contractual rights to the asset's cash flows expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Entity does not transfer or retain substantially all the risks and benefits of ownership and continues to control the transferred asset, the Entity recognizes its retained interest in the asset and an associated liability for the amounts due. If the Entity retains substantially all the risks and benefits of ownership of a transferred financial asset, the Entity continues to recognize the financial asset and also recognizes a loan guaranteed by the income received. Upon derecognition of a financial asset measured at amortized cost, the difference between the asset's book value and the sum of the consideration received and receivable is recognized in income. In addition, when an investment in a debt instrument classified as fair value through other comprehensive income is written off, the accumulated gain or loss previously accumulated in the investment revaluation reserve is reclassified to profit or loss. In contrast, in the derecognition of an investment in a capital instrument that the Entity chose in the initial recognition to measure at fair value through other comprehensive income, the accumulated gain or loss previously accumulated in the investment revaluation reserve is not reclassifies to profit or loss, but is transferred to accumulated profit (deficit). f. Financial liabilities All financial liabilities are measured subsequently at amortized cost using the effective interest method. Financial liabilities measured subsequently at amortized cost Financial liabilities (including borrowings) that are not (i) contingent consideration of an acquirer in a business combination, (ii) held-for-trading, or (iii) designated as at FVTPL, are measured subsequently at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and expenses paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. Derecognition of financial liabilities The Entity derecognizes financial liabilities when, and only when, the Entity’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. When the Entity exchanges with the existing lender a debt instrument in another with substantially different terms, that exchange is accounted for as an extinction of the original financial liability and the recognition of a new financial liability. Similarly, the Entity considers the substantial modification of the terms of an existing liability or part of it as an extinction of the original financial liability and the recognition of a new liability. The terms are assumed to be substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate, is at least 10% different from the current discounted rate. Value of the remaining cash flows of the original financial liability. If the modification is not material, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after the modification should be recognized in profit or loss as the gain or loss from the modification within other gains and losses. The balance as of December 31, 2023, 2022 and 2021 of short-term accounts payables was: December 31, 2023 December 31, 2022 December 31, 2021 Construction in-progress (1) $ 6,421,225 $ 13,369,927 $ 354,012 Land (2) 275,230 366,975 - Existing properties 5,107,983 2,239,163 385,369 Others accounts payables 1,384,528 652,723 2,272,034 $ 13,188,966 $ 16,628,788 $ 3,011,415 (1) At the end of fiscal year 2023 and 2022, the Entity began the construction of ten and six investment properties, respectively. The amount represents the advances according to the construction contract, which will be paid settled during the first quarter of the following year. (2) During the third quarter of 2022 the Entity acquired a land reserve and signed promissory agreements for a total of $8,256,912 to be paid on quarterly installments of $91,744 starting March 2023 plus a final payment of $7,431,218 in June 2025; the long-term payable portion as of December 31, 2023 and 2022 is $7,706,450 and $7,889,937, respectively. g. Cash and cash equivalents Cash and cash equivalents consist mainly of bank deposits in checking accounts and short-term investments, highly liquid and easily convertible into cash, maturing within three months as of their acquisition date, which are subject to immaterial value change risks. Cash is carried at nominal value and cash equivalents are valued at fair value; any fluctuations in value are recognized in interest income of the period. Cash equivalents are represented mainly by investments in treasury certificates (CETES) and money market funds. h. Restricted cash and security deposits Restricted cash represents cash and cash equivalents balances held by the Entity that are only available for use under certain conditions pursuant to the long-term debt agreements entered into by the Entity (as discussed in Note 12). These restrictions are classified according to their restriction period: less than 12 months and over one year, considering the period of time in which such restrictions are fulfilled, whereby the short-term restricted cash balance was classified within current assets under cash and cash equivalents and the long-term restricted cash was classified within security deposits made. During 2022, the Entity paid $7.5 million to Scotiabank for the issuance of letters of credit for the National Control Energy Center (CENACE, for its acronym in Spanish) in connection to the Aguascalientes and Querétaro projects, in exchange of a guarantee. This amount will be paid back to the Entity once the project investment conditions are met. i. Investment property Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at cost, including transaction costs. The Entity does not capitalize borrowing costs during the construction phase of investment properties. Subsequent to initial recognition, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. An investment property is derecognized upon sale or when the investment property is permanently withdrawn from use and no future economic benefits are expected to be received from such investment property. Any gain or loss arising on derecognition of the property (calculated as the difference between the net sale proceeds and the carrying amount of the asset) is included in (loss) gain on sale of investment property in the period in which the property is derecognized. j. Leases 1) The Entity as lessor Vesta, as a lessor, retains substantially all of the risks and benefits of ownership of the investment properties and account for its leases as operating leases. Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term. 2) The Entity as lessee The Entity assesses whether a contract is or contains a lease, at inception of the contract. The Entity recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Entity recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Entity uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: • Fixed lease payments (including in-substance fixed payments), less any lease incentives; • Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; • The amount expected to be payable by the lessee under residual value guarantees; • The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. Rights-of-use assets consist of the initial measurement of the corresponding lease liability, the rental payments made on or before the commencement date, less any lease incentives received and any direct initial costs. Subsequent valuation is cost less accumulated depreciation and impairment losses. If the Entity incurs an obligation arising from the costs of dismantling and removing a leased asset, restoring the place in which it is located, or restoring the underlying asset to the condition required by the terms and conditions of the lease, a provision measured in accordance with IAS 37 should be recognized. To the extent that the costs are related to a rights of use asset, the costs are included in the related rights of use asset, unless such costs are incurred to generate inventories. Assets for rights of use are depreciated over the shorter period between the lease period and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the asset for rights of use reflects that the Entity plans to exercise a purchase option, the asset for rights of use will be depreciated over its useful life. Depreciation begins on the lease commencement date. Assets for rights of use are presented as a separate concept in the consolidated statement of financial position. The Entity applies IAS 36 to determine whether a rights-of-use asset is impaired and accounts for any identified impairment loss as described in the 'Impairment of assets other than goodwill' policy. Leases with variable income that do not depend on an index or rate are not included in the measurement of the lease liability and the asset for rights of use. The related payments are recognized as an expense in the period in which the event or condition that triggers the payments occurs and are included in the concept of “Other expenses” in the consolidated statement of profits and other comprehensive Income (Loss). As a practical expedient, IFRS 16 allows you not to separate the non-lease components and instead account for any lease and its associated non-lease components as a single arrangement. The Entity has not adopted this practical expedient. For contracts that contain lease components and one or more additional lease or non-lease components, the Entity assigns the consideration of the contract to each lease component under the relative selling price method independent of the lease component and aggregate stand-alone relative selling price for all non-lease components. k. Foreign currencies The U.S. dollar is the functional currency of Vesta and all of its subsidiaries except for WTN Desarrollos Inmobiliarios de México, S. de R. L. de C. V. (“WTN”), which considers the Mexican peso to be their functional currency and is considered to be “foreign operations” under IFRS. However, Vesta and its subsidiaries keep their accounting records in Mexican pesos. In preparing the financial statements of each individual entity, transactions in currencies other than the entity's functional currency (foreign currencies) are recognized at the exchange rates in effect on the dates of each transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the exchange rates in effect at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the exchange rates in effect on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognized in profit or loss in the period in which they arise. For the purposes of presenting consolidated financial statements, the assets and liabilities of WTN is translated into U.S. dollars using the exchange rates in effect on the last business day of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates in effect on the dates of the transactions are used. Exchange differences arising, if any, are recorded in other comprehensive income. l. Employee benefits Employee benefits for termination Employee benefits for termination are recorded in the results of the year in which they are incurred. Short-term and other long-term employee benefits A liability is recognized for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service. Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service. Liabilities recognized in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Entity in respect of services provided by employees up to the reporting date. Post-employment and other long-term employee benefits Post-employment and other long-term employee benefits, which are considered to be monetary items, include obligations for pension and retirement plans and seniority premiums. In Mexico, the economic benefits from employee benefits and retirement pensions are granted to employees with 10 years of service and minimum age of 60 . In accordance with Mexican Labor Law, the Entity provides seniority premium benefits to its employees under certain circumstances. These benefits consist of a one-time payment equivalent to 12 days wages for each year of service (at the employee’s most recent salary, but not to exceed twice the legal minimum wage), payable to all employees with 15 or more years of service, as well as to certain employees terminated involuntarily before the vesting of their seniority premium benefit. For defined benefit retirement plans and other long-term employee benefits, such as the Entity’s sponsored pension and retirement plans and seniority premiums, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each reporting period. All remeasurement effects of the Entity’s defined benefit obligation such as actuarial gains and losses are recognized directly in Other comprehensive gain – Net of tax. The Entity presents service costs within general and administrative expenses in the consolidated statement of profit and other comprehensive income (Loss). The Entity presents net interest cost within finance costs in the consolidated statement of profit and other comprehensive income (Loss). The projected benefit obligation recognized in the consolidated statement of financial position represents the present value of the defined benefit obligation as of the end of each reporting period. Statutory employee profit sharing (“PTU”) PTU is recorded in the results of the year in which it is incurred and is presented in General and administrative expenses line item in the consolidated statement of profit and other comprehensive income (loss). As result of the recent changes to the Income Tax Law and the Labor Law, as of December 31, 2023, 2022 and 2021, PTU is determined based on taxable income, according to Section I of Article 9 of the that Law and the Article 127 of the Labor Law. Compensated absences The Entity creates a provision for the costs of compensated absences, such as paid annual leave, which is recognized using the accrual method. m. Share-based payment arrangements Share-based payment transactions of the Entity Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 21. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Entity’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Entity revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity settled employee benefits reserve. n. Income taxes Income tax e

Critical accounting judgments a

Critical accounting judgments and key sources of estimation uncertainty	12 Months Ended
	Dec. 31, 2023
Accounting Estimates And Judgements [Abstract]
Critical accounting judgments and key sources of estimation uncertainty	Critical accounting judgments and key sources of estimation uncertainty In the application of the Entity’s accounting policies, which are described in Note 3, management of the Entity is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Valuation of investment properties As described in Note 8, the Entity uses external appraisers in order to determine the fair value of its investment properties. Such appraisers use several valuation methodologies that include assumptions that are not directly observable in the market to estimate the fair value of its investment properties. Note 8 provides detailed information about the key assumptions used in the determination of the fair value of the investment properties. In estimating the fair value of an asset or a liability, the Entity uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Entity engages third party qualified valuation experts. The valuation committee works closely with the qualified external valuation experts to establish the appropriate valuation techniques and inputs to the model. The Chief Financial Officer reports the valuation committee’s findings to the board of directors of the Entity every quarter to explain the cause of fluctuations in the fair value of the assets and liabilities. Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities are disclosed in Note 8 and 19. The Entity’s management believes that the chosen valuation methodologies and assumptions used are appropriate in determining the fair value of the Entity’s investment properties.

Cash, cash equivalents and rest

Cash, cash equivalents and restricted cash	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Cash, cash equivalents and restricted cash	Cash, cash equivalents and restricted cash For purposes of the consolidated statement of cash flows, cash and cash equivalents include cash on hand and in banks, including restricted cash. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statements of financial position as follows: December 31, 2023 December 31, 2022 December 31, 2021 Cash and cash equivalents $ 501,093,921 $ 139,056,863 $ 452,802,049 Current restricted cash 72,215 90,222 19,083 501,166,136 139,147,085 452,821,132 Non-current restricted cash 735,312 735,312 735,312 Total $ 501,901,448 $ 139,882,397 $ 453,556,444 Restricted cash represents balances held by the Entity that are only available for use under certain conditions pursuant to the loan agreements entered into by the Entity. Such conditions include payment of monthly debt service fee and compliance with certain covenants set forth in the loan agreement. These restrictions are classified according to their restriction period: less than 12 months and over one year, considering the period of time in which such restrictions are fulfilled. Non-current restricted cash was classified within security deposits made in the accompanying consolidated statements of financial position. Non‑cash transactions The Entity did not have additions to the right-of-use asset and lease liabilities during 2023. Additions to right of use assets during 2022 and 2021 of $635,956 and $1,144,662, respectively were financed by new leases. Other non-cash investing activities related to investment properties are included in Note 8. Changes in liabilities arising from financing activities not requiring cash relate to a decrease for the amortization of debt issuance costs for $1,971,555, $1,544,113 and $4,781,465 in 2023, 2022 and 2021, respectively and an increase for new lease liabilities for $635,956 and $1,144,662 in 2022 and 2021, respectively. Unpaid dividends are included in Note 12.4.

Recoverable taxes

Recoverable taxes	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Recoverable taxes	Recoverable taxes December 31, 2023 December 31, 2022 December 31, 2021 Recoverable value-added tax (“VAT”) $ 33,733,662 $ 18,440,884 $ 6,193,929 Recoverable income taxes - 9,531,645 9,530,937 Recoverable dividend tax - 1,818,971 3,533,983 Other receivables 131,159 296,973 118,713 $ 33,864,821 $ 30,088,473 $ 19,377,562

Operating lease receivables

Operating lease receivables	12 Months Ended
	Dec. 31, 2023
Operating Lease [Abstract]
Operating lease receivables	Operating lease receivables i. The aging profile of operating lease receivables as of the dates indicated below are as follows: December 31, 2023 December 31, 2022 December 31, 2021 0-30 days $ 9,338,540 $ 6,732,985 $ 8,345,097 30-60 days 335,498 260,832 263,033 60-90 days 146,708 610,770 269,054 Over 90 days 280,086 85,608 161,963 Total $ 10,100,832 $ 7,690,195 $ 9,039,147 Pursuant to the lease agreements, rental payments should be received within 30 days following their due date; thereafter the payment is considered past due. As shown in the table above, 92% , 88%, and 92% of all operating lease receivables are current at December 31, 2023, 2022 and 2021, respectively. All rental payments past due are monitored by the Entity; for receivables outstanding from 30 to 90 days’ efforts are made to collect payment from the respective client. Operating lease receivables outstanding for more than 30 days but less than 60 days represent 3%, 3% and 3% of all operating lease receivables at December 31, 2023, 2022 and 2021, respectively. Operating lease receivables outstanding for more than 60 and less than 90 days represent 1% , 8%, and 3% of all operating lease receivable at December 31, 2023, 2022 and 2021. Operating lease receivables outstanding greater than 90 days represent 3% , 1%, and 2% as of December 31, 2023, 2022 and 2021, respectively. ii. Movement in the allowance for doubtful accounts receivable Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of the operating lease receivable. The following table shows the movement in expected credit losses that has been recognized for the lease receivable: 2023 2022 2021 Balance as of January 1 $ 1,916,124 $ 1,957,935 $ 3,507,156 Increase in loss allowance arising from new financial assets recognized in the year 1,615,852 760,072 1,516,248 Decrease in loss allowance from derecognition of financial assets in the year (995,083) (801,883) (3,065,469) Balance as of December 31, $ 2,536,893 $ 1,916,124 $ 1,957,935 iii. Client concentration risk As of December 31, 2023, 2022 and 2021 one of the Entity’s clients account for 45% or $4,525,100, 42% or $3,249,692 and 43% or $3,863,928, respectively, of the operating lease receivables balance. The same client accounted for 5%, 6%, and 6% of the total rental income of Entity for the years ended December 31, 2023, 2022 and 2021, respectively. No other client represented more than 10% of the Entity’s total rental income during the years ended December 31, 2023, 2022 and 2021. iv. Leasing agreements Operating leases relate to non-cancellable lease agreements over the investment properties owned by the Entity, which generally have terms ranging between 5 to 15 years, with options to extend the term up to a total term of 20 years. Rents are customarily payable on a monthly basis, and are adjusted annually according to applicable inflation indices (US and Mexican inflation indices). Security deposits are typically equal to one or two months’ rent. Obtaining property insurance (third party liability) and operating maintenance are obligations of the tenants. All lease agreements include a rescission clause that entitles the Entity to collect all unpaid rents during the remaining term of the lease agreement in the event that the client defaults in its rental payments, vacates the properties, terminates the lease agreement or enters into bankruptcy or insolvency proceedings. All lease agreements are classified as operating leases and do not include purchase options. v. Non-cancellable operating lease receivables Future minimum lease payments receivable under non-cancellable operating lease agreements are as follows: As of December 31, 2023 2022 2021 Not later than 1 year $ 204,723,974 $ 155,267,112 $ 140,816,013 Later than 1 year and not later than 3 years 344,644,619 250,043,235 213,202,071 Later than 3 year and not later than 5 years 329,579,421 209,592,871 169,944,066 Later than 5 years 185,044,052 154,909,895 102,405,961 $ 1,063,992,066 $ 769,813,113 $ 626,368,111 vi. Prepaid expenses and other current assets As of December 31 2023 2022 2021 Advance payments (1) $ 19,308,297 $ 17,201,933 $ - Other accounts receivables (2) 328,082 7,486,147 - Property expenses 1,638,607 543,804 - Prepaid expenses 24,406 76,467 483,581 $ 21,299,392 $ 25,308,351 $ 483,581 1) During the second quarter of 2022 the Entity entered into an agreement for the procurement, permissioning and other conditions for the acquisition of several plots of land; if the conditions are met within a period of 18 months, or an additional 18-month extension, the advance deposit will be considered part of the final transactions price, otherwise approximately $1 million will be forfeited to the counterparty and expensed; the remainder amount will be reimbursed to the Entity. 2) As stated in Note 8 the Entity sold land reserve located in Queretaro, and as of December 2022, there was an outstanding balance of $7,486,147 that was settled in the first quarter of 2023. 1. Right-of-use asset: Rights-of-use January 1, 2023 Additions Disposals December 31, 2023 Office space $ 2,552,121 $ - $ - $ 2,552,121 Vehicles and office furniture 791,773 - - 791,773 Cost of rights-of-use $ 3,343,894 $ - $ - $ 3,343,894 Depreciation of rights-of-use January 1, 2023 Additions Disposals December 31, 2023 Office space $ (1,508,871) $ (452,154) $ - $ (1,961,025) Vehicles and office furniture (417,078) (131,592) - (548,670) Accumulated depreciation (1,925,949) (583,746) - (2,509,695) Total $ 1,417,945 $ (583,746) $ - $ 834,199 Rights-of-use January 1, 2022 Additions Disposals December 31, 2022 Office space $ 2,296,581 $ 255,540 $ - $ 2,552,121 Vehicles and office furniture 411,357 380,416 - 791,773 Cost of rights-of-use $ 2,707,938 $ 635,956 $ - $ 3,343,894 Depreciation of rights-of-use Office space $ (1,078,035) $ (430,836) $ - $ (1,508,871) Vehicles and office furniture (285,486) (131,592) - (417,078) Accumulated depreciation (1,363,521) (562,428) - (1,925,949) Total $ 1,344,417 $ 73,528 $ - $ 1,417,945 Rights-of-use January 1, 2021 Additions Disposals December 31, 2021 Office space $ 1,260,626 $ 1,035,955 $ - $ 2,296,581 Vehicles and office furniture 302,650 108,707 - 411,357 Cost of rights-of-use $ 1,563,276 $ 1,144,662 $ - $ 2,707,938 Depreciation of rights-of-use Office space $ (717,375) $ (360,660) $ - $ (1,078,035) Vehicles and office furniture (188,064) (97,422) - (285,486) Accumulated depreciation (905,439) (458,082) - (1,363,521) Total $ 657,837 $ 686,580 $ - $ 1,344,417 2. Lease obligations: January 1, 2023 Additions Disposals Interests Repayments December 31, 2023 Lease liabilities $ 1,503,939 $ $ $ 103,611 $ (709,899) $ 897,651 January 1, 2022 Additions Disposals Interests accrued Repayments December 31, 2022 Lease liabilities $ 1,380,413 $ 635,956 $ - $ 135,531 $ (647,961) $ 1,503,939 January 1, 2021 Additions Disposals Interests accrued Repayments December 31, 2021 Lease liabilities $ 731,285 $ 1,144,662 $ - $ 69,143 $ (564,677) $ 1,380,413 3. Analysis of maturity of liabilities by lease: Finance lease liabilities As of December 31, As of December 31, As of December 31, Less than 1 year $ 662,388 $ 709,901 $ 523,281 Later than 1 year and not later than 5 years 301,099 963,487 968,672 963,487 1,673,388 1,491,953 Less: future finance cost (65,836) (169,449) (111,540) Total lease liability $ 897,651 $ 1,503,939 $ 1,380,413 Finance lease - short term $ 607,481 $ 606,281 $ 464,456 Finance lease - long term 290,170 897,658 915,957 Total lease liability $ 897,651 $ 1,503,939 $ 1,380,413

Investment property

Investment property	12 Months Ended
	Dec. 31, 2023
Investment property [abstract]
Investment property	Investment property The Entity uses external appraisers in order to determine the fair value for all of its investment properties. The external appraisers hold recognized and relevant professional qualifications and have vast experience in the types of investment properties owned by the Entity. The external appraisers use valuation techniques such as the discounted cash flows approach, replacement cost approach and income cap rate approach. The techniques used include assumptions, the majority of which are not directly observable in the market, to estimate the fair value of the Entity’s investment property such as discount rates, exit cap rates, long-term NOI, inflation rates, absorption periods and market rents. The values, determined by the external appraisers annually, are recognized as the fair value of the Entity’s investment property at the end of each reporting period. The appraisers use a discounted cash flow approach to determine the fair value of land and buildings (using the expected net operating income (“NOI”) of the investment property) and a market approach to determine the fair value of land reserves. Gains or losses arising from changes in the fair values are included in the consolidated statements of profit or loss and other comprehensive (loss) income in the period in which they arise. The Entity’s investment properties are located in México and they are classified as Level 3 in the IFRS fair value hierarchy. The following table provides information about how the fair values of the investment properties are determined (in particular, the valuation techniques and inputs used). Property Fair value Valuation Significant Value/range Relationship of unobservable inputs Buildings and land Level 3 Discounted cash flows Discount rate 2023: 7.00% to 12.21% 2022: 7.50% to 12.24% 2021: 7.75% to 12.15% The higher the discount rate, the lower the fair value. Exit cap rate 2023: 6.50% to 8.99% 2022: 6.50% to 8.99% 2021: 6.75% to 8.99% The higher the exit cap rate, the lower the fair value. Long-term NOI Based on contractual rent and then on market related rents The higher the NOI, the higher the fair value. Inflation rates Mexico: 3.6% to 4.25%, in 2023 3.4% to 5.0%, in 2022 3.55% to 4.15% in 2021 U.S.: 2.1% to 3.0%, in 2023 2.1% to 3.5% in 2022, 2.3% to 3.0% in 2021 The higher the inflation rate, the higher the fair value. Absorption period 12 months of average The shorter the absorption period, the higher the fair value Market related rents Depending on the park/state The higher the market rent the higher the fair value Land reserves Level 3 Market comparable Price per acre Weighted average price per acre is $195,196 in 2023, $239,266 in 2022, $149,153 in 2021. The higher the price, the higher the fair value. Fair value sensitivity: The following table presents a sensitivity analysis to the impact of 10 basis points (“bps”) of the discount rates and exit cap rate and the aggregated impact, in absolute terms, of these two on fair values of the investment properties – land and buildings representing leased land and buildings valued used the discounted cash flows method. An increase/decrease in discount rates and exit cap rate will decrease/increase the building and land valuation as of December 31, 2023, 2022 and 2021: December 31, 2023 Impact of +/- 10 bps on Impact of +/- 10 bps on Impact of +/- 10 bps on Buildings and land $ 14,622,874 $ 15,652,178 $ 36,530,020 December 31, 2022 Impact of +/- 10 bps on Impact of +/- 10 bps on Impact of +/- 10 bps on Buildings and land $ 12,177,562 $ 20,763,362 $ 21,538,398 December 31, 2021 Impact of +/- 10 bps on Impact of +/- 10 bps on Impact of +/- 10 bps on Buildings and land $ 15,072,887 $ 15,978,900 $ 29,857,968 The table below sets forth the aggregate values of the Entity’s investment properties for the years indicated: 2023 2022 2021 Buildings and land $ 3,167,770,000 $ 2,657,513,766 $ 2,167,895,680 Land improvements 16,277,544 7,562,174 7,975,906 Land reserves 138,380,000 208,910,000 133,859,180 3,322,427,544 2,873,985,940 2,309,730,766 Less: Cost to conclude construction in-progress (110,263,380) (135,520,664) (46,559,825) Balance at end of year $ 3,212,164,164 $ 2,738,465,276 $ 2,263,170,941 The reconciliation of investment property is as follows: 2023 2022 2021 Balance at beginning of year $ 2,738,465,276 $ 2,263,170,941 $ 2,103,214,762 Additions 259,757,058 292,349,582 109,032,511 Foreign currency translation effect 13,001,109 7,196,797 (3,742,001) Disposal of investment property (42,519,100) (9,743,562) (109,984,290) Gain on revaluation of investment property 243,459,821 185,491,518 164,649,959 Balance at end of year $ 3,212,164,164 $ 2,738,465,276 $ 2,263,170,941 A total of $19,510,889, $23,866,003, and $739,381 additions to investment property related to land reserves and new buildings that were acquired from third parties, were not paid as of December 31, 2023, 2022 and 2021, respectively, and were therefore excluded from the consolidated statements of cash flows for those years. A total of $15,884,322, $739,381 and $933,571 of 2022, 2021 and 2020 additions were paid during 2023, 2022 and 2021, respectively and were included in the 2023, 2022 and 2021 consolidated statement of cash flows. During 2023, the Entity reached an agreement to sell a land reserve located in Aguascalientes totaling 914,932 square feet for $5,057,500 and also sold a 313,410 square feet building in Tijuana for $37,000,000, the cost associated with the sales was $42,519,100, generating a loss in sale of investment property of $461,600. During 2022, the Entity reached an agreement to sell two land reserves located in Queretaro totaling 115,101 square feet for $909,005 and also sold land reserves located in Cd. Juarez totaling 1,297,508 square feet for $13,862,383, the cost associated with the two sales was $9,743,562, generating a gain in sale of investment property of $5,027,826. During 2021, the Entity reached an agreement to sell four land reserves located in Queretaro totaling 2.1 million square feet for $16,317,539, the cost associated with the sale was $7,395,427, generating a gain in sale of investment property of $8,922,112. During 2021, the Entity reached an agreement to sell two industrial properties located in Queretaro and Ciudad Juarez totaling 1,371,129 square feet for $108,248,000, the cost associated with the sale was $103,177,437, generating a gain in sale of investment property of $5,070,563. During 2007, the Entity entered into an agreement to build the Querétaro Aerospace Park, which consists of a Trust created by the Government of the State of Querétaro, as grantor ( fideicomitente) , Aeropuerto Intercontinental de Querétaro, S. A. de C. V., as a participant for the purposes of granting its consent, Bombardier Aerospace México, S.A. de C.V., as beneficiary ( fideicomisario ), and BBVA Bancomer, S.A., as Trustee ( fiduciario ), to which the Entity, through its subsidiary, Proyectos Aeroespaciales, S. de R. L. de C. V. (PAE), adhered as grantee and beneficiary. The Government of the State of Queretaro contributed certain rights to the Trust, including rights to use the land and the infrastructure built by the state of Queretaro, allowing PAE to build and lease buildings for a total period equivalent to the term of the concession granted to the Aerospace Park; the remaining term is approximately 41 years as of December 31, 2023. PAE is the only designated real estate developer and was granted the right to use the land and infrastructure to develop industrial facilities thereon, lease such industrial facilities to companies in the aerospace and related industries and to collect the rents derived from the lease of the industrial facilities, for a period of time equivalent to the remaining term of the airport concession (approximately 34 years as of December 31, 2023). With respect to such rights, all construction, addition and improvements made by Proyectos Aeroespaciales to the contributed land (including without limitation, the industrial facilities) will revert in favor of the Government of the State of Queretaro at the end of the term of the Trust, for zero consideration. During 2013, the Entity entered into an agreement with Nissan Mexicana, S.A. de C.V. (“Nissan”) to build and lease to Nissan the Douki Seisan Park (“DSP Park”) located in Aguascalientes, Mexico. The land where the DSP Park is located is owned by Nissan. On July 5, 2012, Nissan created a Trust (Trust No. F/1704 with Deutsche Bank México, S.A. as Trustee) to which the Entity (through one of its subsidiaries, Vesta DSP, S. de R.L. de C.V), is beneficiary and was granted the use of the land for a period of 40 years. The infrastructure and all the related improvements were built by and are managed by the Entity.

Lease liabilities

Lease liabilities	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lease liabilities	Operating lease receivables i. The aging profile of operating lease receivables as of the dates indicated below are as follows: December 31, 2023 December 31, 2022 December 31, 2021 0-30 days $ 9,338,540 $ 6,732,985 $ 8,345,097 30-60 days 335,498 260,832 263,033 60-90 days 146,708 610,770 269,054 Over 90 days 280,086 85,608 161,963 Total $ 10,100,832 $ 7,690,195 $ 9,039,147 Pursuant to the lease agreements, rental payments should be received within 30 days following their due date; thereafter the payment is considered past due. As shown in the table above, 92% , 88%, and 92% of all operating lease receivables are current at December 31, 2023, 2022 and 2021, respectively. All rental payments past due are monitored by the Entity; for receivables outstanding from 30 to 90 days’ efforts are made to collect payment from the respective client. Operating lease receivables outstanding for more than 30 days but less than 60 days represent 3%, 3% and 3% of all operating lease receivables at December 31, 2023, 2022 and 2021, respectively. Operating lease receivables outstanding for more than 60 and less than 90 days represent 1% , 8%, and 3% of all operating lease receivable at December 31, 2023, 2022 and 2021. Operating lease receivables outstanding greater than 90 days represent 3% , 1%, and 2% as of December 31, 2023, 2022 and 2021, respectively. ii. Movement in the allowance for doubtful accounts receivable Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of the operating lease receivable. The following table shows the movement in expected credit losses that has been recognized for the lease receivable: 2023 2022 2021 Balance as of January 1 $ 1,916,124 $ 1,957,935 $ 3,507,156 Increase in loss allowance arising from new financial assets recognized in the year 1,615,852 760,072 1,516,248 Decrease in loss allowance from derecognition of financial assets in the year (995,083) (801,883) (3,065,469) Balance as of December 31, $ 2,536,893 $ 1,916,124 $ 1,957,935 iii. Client concentration risk As of December 31, 2023, 2022 and 2021 one of the Entity’s clients account for 45% or $4,525,100, 42% or $3,249,692 and 43% or $3,863,928, respectively, of the operating lease receivables balance. The same client accounted for 5%, 6%, and 6% of the total rental income of Entity for the years ended December 31, 2023, 2022 and 2021, respectively. No other client represented more than 10% of the Entity’s total rental income during the years ended December 31, 2023, 2022 and 2021. iv. Leasing agreements Operating leases relate to non-cancellable lease agreements over the investment properties owned by the Entity, which generally have terms ranging between 5 to 15 years, with options to extend the term up to a total term of 20 years. Rents are customarily payable on a monthly basis, and are adjusted annually according to applicable inflation indices (US and Mexican inflation indices). Security deposits are typically equal to one or two months’ rent. Obtaining property insurance (third party liability) and operating maintenance are obligations of the tenants. All lease agreements include a rescission clause that entitles the Entity to collect all unpaid rents during the remaining term of the lease agreement in the event that the client defaults in its rental payments, vacates the properties, terminates the lease agreement or enters into bankruptcy or insolvency proceedings. All lease agreements are classified as operating leases and do not include purchase options. v. Non-cancellable operating lease receivables Future minimum lease payments receivable under non-cancellable operating lease agreements are as follows: As of December 31, 2023 2022 2021 Not later than 1 year $ 204,723,974 $ 155,267,112 $ 140,816,013 Later than 1 year and not later than 3 years 344,644,619 250,043,235 213,202,071 Later than 3 year and not later than 5 years 329,579,421 209,592,871 169,944,066 Later than 5 years 185,044,052 154,909,895 102,405,961 $ 1,063,992,066 $ 769,813,113 $ 626,368,111 vi. Prepaid expenses and other current assets As of December 31 2023 2022 2021 Advance payments (1) $ 19,308,297 $ 17,201,933 $ - Other accounts receivables (2) 328,082 7,486,147 - Property expenses 1,638,607 543,804 - Prepaid expenses 24,406 76,467 483,581 $ 21,299,392 $ 25,308,351 $ 483,581 1) During the second quarter of 2022 the Entity entered into an agreement for the procurement, permissioning and other conditions for the acquisition of several plots of land; if the conditions are met within a period of 18 months, or an additional 18-month extension, the advance deposit will be considered part of the final transactions price, otherwise approximately $1 million will be forfeited to the counterparty and expensed; the remainder amount will be reimbursed to the Entity. 2) As stated in Note 8 the Entity sold land reserve located in Queretaro, and as of December 2022, there was an outstanding balance of $7,486,147 that was settled in the first quarter of 2023. 1. Right-of-use asset: Rights-of-use January 1, 2023 Additions Disposals December 31, 2023 Office space $ 2,552,121 $ - $ - $ 2,552,121 Vehicles and office furniture 791,773 - - 791,773 Cost of rights-of-use $ 3,343,894 $ - $ - $ 3,343,894 Depreciation of rights-of-use January 1, 2023 Additions Disposals December 31, 2023 Office space $ (1,508,871) $ (452,154) $ - $ (1,961,025) Vehicles and office furniture (417,078) (131,592) - (548,670) Accumulated depreciation (1,925,949) (583,746) - (2,509,695) Total $ 1,417,945 $ (583,746) $ - $ 834,199 Rights-of-use January 1, 2022 Additions Disposals December 31, 2022 Office space $ 2,296,581 $ 255,540 $ - $ 2,552,121 Vehicles and office furniture 411,357 380,416 - 791,773 Cost of rights-of-use $ 2,707,938 $ 635,956 $ - $ 3,343,894 Depreciation of rights-of-use Office space $ (1,078,035) $ (430,836) $ - $ (1,508,871) Vehicles and office furniture (285,486) (131,592) - (417,078) Accumulated depreciation (1,363,521) (562,428) - (1,925,949) Total $ 1,344,417 $ 73,528 $ - $ 1,417,945 Rights-of-use January 1, 2021 Additions Disposals December 31, 2021 Office space $ 1,260,626 $ 1,035,955 $ - $ 2,296,581 Vehicles and office furniture 302,650 108,707 - 411,357 Cost of rights-of-use $ 1,563,276 $ 1,144,662 $ - $ 2,707,938 Depreciation of rights-of-use Office space $ (717,375) $ (360,660) $ - $ (1,078,035) Vehicles and office furniture (188,064) (97,422) - (285,486) Accumulated depreciation (905,439) (458,082) - (1,363,521) Total $ 657,837 $ 686,580 $ - $ 1,344,417 2. Lease obligations: January 1, 2023 Additions Disposals Interests Repayments December 31, 2023 Lease liabilities $ 1,503,939 $ $ $ 103,611 $ (709,899) $ 897,651 January 1, 2022 Additions Disposals Interests accrued Repayments December 31, 2022 Lease liabilities $ 1,380,413 $ 635,956 $ - $ 135,531 $ (647,961) $ 1,503,939 January 1, 2021 Additions Disposals Interests accrued Repayments December 31, 2021 Lease liabilities $ 731,285 $ 1,144,662 $ - $ 69,143 $ (564,677) $ 1,380,413 3. Analysis of maturity of liabilities by lease: Finance lease liabilities As of December 31, As of December 31, As of December 31, Less than 1 year $ 662,388 $ 709,901 $ 523,281 Later than 1 year and not later than 5 years 301,099 963,487 968,672 963,487 1,673,388 1,491,953 Less: future finance cost (65,836) (169,449) (111,540) Total lease liability $ 897,651 $ 1,503,939 $ 1,380,413 Finance lease - short term $ 607,481 $ 606,281 $ 464,456 Finance lease - long term 290,170 897,658 915,957 Total lease liability $ 897,651 $ 1,503,939 $ 1,380,413

Long-term debt

Long-term debt	12 Months Ended
	Dec. 31, 2023
Borrowing costs [abstract]
Long-term debt	Long-term debt In September 1, 2022, , the Entity obtained a three-year unsecured sustainability-linked revolving credit facility for $200 million. This loan bears interest at a rate of SOFR plus 1.60 percentage points. As a part of such revolving credit, Vesta paid debt issuance costs in an amount of $1,339,606. As of December 31, 2023 no amount has been borrowed yet. On May 13, 2021, the Entity offered $350,000,000 of Senior Notes (“Vesta ESG Global bond 35/8 05/31”) with maturity on May 13, 2031. The notes bear interest at a rate of 3.625%. The cost of such debt issuance was $7,746,222. On August 2, 2019, the Entity entered into a new five-year unsecured credit agreement with various financial institutions for an aggregated amount of $80,000,000 which proceeds were received on the same date;, and a revolving credit line of $125,000,000. This loan bears interest at a rate of LIBOR plus 2.15 percentage points. On March 23, 2020 and April 7, 2020, the Entity borrowed $85,000,000 and $40,000,000, respectively, out of the revolving credit line, bearing quarterly interest at a rate of LIBOR plus 1.85 percentage points. On June 25, 2019, the Entity entered into a 10-year Senior Note series RC and 12-year Senior Note series RD with various financial institutions, for aggregate amounts of $70,000,000 and $15,000,000, respectively. Each Series RC notes and Series RD notes bear interest on the unpaid balance at the rates of 5.18% and 5.28%, respectively. On May 31, 2018, the Entity entered into an agreement for the issuance and sale of Series A Senior Note of $45,000,000 due on May 31, 2025, and Series B Senior Note of $45,000,000 due on May 31, 2028. Each Series A Note and Series B Note bear interest on the unpaid balance at the rates of 5.50% and 5.85%, respectively. On November 1, 2017, the Entity entered into a loan agreement with Metropolitan Life Insurance Company for $118,000,000 due on December 1, 2027. This loan bears interest at a rate of 4.75%. On September 22, 2017, the Entity entered into an agreement for an issuance and sale Series A Senior Note of $65,000,000 due on September 22, 2024, and Series B Senior Note of $60,000,000 due on September 22, 2027. Each Series A Note and Series B Note bears interest on the unpaid balance of such Series A Note and Series B Note at the rates of 5.03% and 5.31%, respectively, payable semiannually on the September 22 and March 22 of each year. On July 27, 2016, the Entity entered into a 10-year loan agreement with Metropolitan Life Insurance Company (“MetLife”) for a total amount of $150,000,000 due on August 2026. The proceeds of both of the aforementioned credit facilities were used to settle the Entity’s debt with Blackstone which matured on August 1, 2016. The long-term debt is comprised by the following notes: Loan Amount Annual interest rate Monthly amortization Maturity 31/12/2023 31/12/2022 31/12/2021 MetLife 10-year 150,000,000 4.55% (1) August 2026 144,266,224 146,723,915 149,071,012 Series A Senior Note 65,000,000 5.03% (3) September 2024 65,000,000 65,000,000 65,000,000 Series B Senior Note 60,000,000 5.31% (3) September 2027 60,000,000 60,000,000 60,000,000 Series A Senior Note 45,000,000 5.50% (3) May 2025 45,000,000 45,000,000 45,000,000 Series B Senior Note 45,000,000 5.85% (3) May 2028 45,000,000 45,000,000 45,000,000 MetLife 10-year 118,000,000 4.75% (2) December 2027 103,955,374 117,867,109 118,000,000 MetLife 8-year 26,600,000 4.75% (1) August 2026 25,620,991 26,041,321 26,441,925 Series RC Senior Note 70,000,000 5.18% (4) June 2029 70,000,000 70,000,000 70,000,000 Series RD Senior Note 15,000,000 5.28% (5) June 2031 15,000,000 15,000,000 15,000,000 Vesta ESG Global bond 35/8 05/31 350,000,000 3.63% (6) May 2031 350,000,000 350,000,000 350,000,000 923,842,589 940,632,345 943,512,937 Less: Current portion (69,613,002) (4,627,154) (2,880,592) Less: Direct issuance cost (8,655,835) (10,132,759) (9,979,721) Total Long-term debt $ 845,573,752 $ 925,872,432 $ 930,652,624 (1) On July 22, 2016 the Entity entered into a 10-year loan agreement with MetLife, interest on this loan is paid on a monthly basis. On March 2021, under this credit facility, an additional loan was contracted for $26,600,000 bearing interest on a monthly basis at a fixed interest rate of 4.75%. Principal amortization over the two loans will commence on September 1, 2023. This credit facility is guaranteed with 48 of the Entity’s properties. (2) On November 1, 2017, the Entity entered into a 10-year loan agreement with MetLife, interest on this loan is paid on a monthly basis. The loan bears monthly interest only for 60 months and thereafter monthly amortizations of principal and interest until it matures on December 1, 2027. This loan is secured by 19 of the Entity’s investment properties under a Guarantee Trust. On November 28, 2023, the Entity prepaid $12,194,600 associated with the sale of one investment property under the Guarantee trust. (3) Series A Senior Notes and Series B Senior Notes are not secured by investment properties of the Entity. The interest on these notes is paid on a monthly basis. As of December 31, 2023, Series A Senior Notes were reclassified to the Current portion of long-term debt. (4) On June 25, 2019, the Entity entered into a 10-year senior notes series RC to financial institutions, interest on these loans is paid on a semiannual basis December 14, 2019. The note payable matures on June 14, 2029. Five of its subsidiaries are joint obligators under these notes payable. (5) On June 25, 2019, the Entity entered into a 12-year note payable to financial institutions, interest on these loans is paid on a semiannual basis beginning December 14, 2019. The note payable matures on June 14, 2031. Five of its subsidiaries are joint obligators under these notes payable. (6) On May 13, 2021, the Entity offered $350,000,000 Senior Notes, Vesta ESG Global bond 35/8 05/31 with maturity on May 13, 2031. Interest is paid on a semiannual basis at an annual interest rate of 3.625%. The cost incurred for this issuance was $7,746,222. These credit agreements require the Entity to maintain certain financial and to comply with certain affirmative and negative covenants. The Entity is in compliance with such covenants as of December 31, 2023. The credit agreements also entitle MetLife to withhold certain amounts deposited by the Entity in a separate fund as guarantee deposits for the debt service and tenants guarantee deposits of the Entity’s investment properties pledged as collateral. Such amounts are presented as guaranteed deposit assets in the consolidated statement of financial position. Scheduled maturities and periodic amortization of long-term debt are as follows: 2025 49,856,047 2026 165,520,823 2027 98,852,717 2028 105,000,000 2029 70,000,000 Thereafter 365,000,000 Less: direct issuance cost (8,655,835) Total long-term debt $ 845,573,752

Employee benefits

Employee benefits	12 Months Ended
	Dec. 31, 2023
Employee Benefits [Abstract]
Employee benefits	Employee benefits The analysis of the employee benefit liabilities recorded in the consolidated financial statements is detailed below: Assumptions: The Entity performs an annual evaluation of the reasonableness of the assumptions used in the calculations of the defined benefit obligations, the post-employment and other long-term employee benefits. The principal long-term assumptions used in determining the retirement plan, seniority premium and the current service cost are as follows: As of December 31, 2023 2022 2021 Financial: Discount rate 9.80% 10.30% 8.20% Rate of salary increase 5.00% 5.00% 4.50% Rate of minimum wage increase 5.00% 5.00% 4.50% Inflation rate 4.00% 4.00% 3.50% Biometric: Mortality EMSSA-09 EMSSA-09 EMSSA-09 Incapacity EMSSIH-97 EMSSIH-97 EMSSIH-97 Retirement age 65 years 65 years 65 years Rotation 20% / 100% 20% / 100% 20% / 100% In Mexico, the methodology used to determine the discount rate was the Yield or Internal Rate of Return (“IRR”), which includes a yield curve. In this case, the expected rates were taken from a yield curve of the Federation Treasury Certificate (known in Mexico as CETES), because there is no deep market for high quality corporate obligations in Mexican pesos. Balance of liabilities for defined benefit obligations: As of December 31, 2023 2022 2021 Seniority premium Net defined benefit liability $ 40,453 $ 9,270 $ - Retirement plan Net defined benefit liability 1,479,337 339,010 - Employee benefit liability $ 1,519,790 $ 348,280 $ - Considering the materiality of labor liabilities, Vesta does not include sensitivity analysis of the actuarial assumptions. Vesta presents a maturity analysis to facilitate understanding of the effect of the defined benefit plan on the timing, amount and uncertainty in the entity's future cash flows: Based on our assumptions, the benefit amounts expected to be paid in the following years are as follows: Assumption Seniority premium Retirement Plan 2024 5,047 265,205 2025 7,798 538,736 2026 4,099 73,151 2027 4,012 86,782 2028 3,091 71,281 2029 onwards 56,858 1,923,520

Capital stock

Capital stock	12 Months Ended
	Dec. 31, 2023
Share Capital [Abstract]
Capital stock	Capital stock 1. Capital stock as of December 31, 2023, 2022 and 2021 is as follows: 2023 2022 2021 Number of Amount Number of Amount Number of Amount Fixed capital Series A 5,000 $ 3,696 5,000 $ 3,696 5,000 $ 3,696 Variable capital Series B 870,104,128 591,596,417 679,697,740 480,620,223 684,247,628 482,854,693 Total 870,109,128 $ 591,600,113 679,702,740 $ 480,623,919 684,252,628 $ 482,858,389 2. Treasury shares As of December 31, 2023, 2022 and 2021 total treasury shares are as follows: 2023 2022 2021 Treasury shares (1) 5,721,638 10,077,405 5,652,438 Shares in Long-term incentive plan trust (2) 8,655,670 8,456,290 8,331,369 Total Treasury shares 14,377,308 18,533,695 13,983,807 (1) Treasury shares are not included in the Total Capital Stock of the Entity; they represent the total stock outstanding under the repurchase program approved by the resolution of the general ordinary stockholders meeting on March 13, 2020. (2) Shares in long-term incentive plan trust are not included in the Total Capital Stock of the Entity. The trust was established in 2018 in accordance with the resolution of the general ordinary stockholders meeting on January 6, 2015 as the 20-20 Long Term Incentive Plan, this compensation plan was extended for the period 2021 to 2025, “Long Term Incentive Plan” by a resolution of the general ordinary stockholders meeting on March 13, 2020. Such trust was created by the Entity as a vehicle to distribute shares to employees under the mentioned incentive plan (see Note 21) and is consolidated by the Entity. The shares granted to the eligible executives and deposited in the trust accrue dividends for the employee any time the ordinary shareholders receive dividends and those dividends do not need to be returned to the Entity if the executive forfeits the granted shares. 3. Fully paid ordinary shares Number of Amount Additional paid-in Balance as of January 1, 2021 564,214,433 $ 422,437,615 $ 297,064,471 Vested shares 3,258,637 1,647,600 4,743,437 Equity Issuance 116,779,558 58,773,174 164,422,275 Balance as of December 31, 2021 684,252,628 482,858,389 466,230,183 Vested shares 4,161,111 2,014,895 5,800,994 Repurchase of shares (8,710,999) (4,249,365) (11,353,943) Balance as of December 31, 2022 679,702,740 480,623,919 460,677,234 Vested shares 4,156,388 2,204,586 8,048,945 Equity Issuance 186,250,000 108,771,608 466,218,277 Balance as of December 31, 2023 870,109,128 $ 591,600,113 $ 934,944,456 4. Dividend payments Pursuant to a resolution of the general ordinary stockholders meeting on March 30, 2023, the Entity declared a dividend of $60,307,043, approximately $0.08782 per share. The dividend will be paid in four equal installments of $15,076,761 due on April 17, 2023, July 15, 2023, October 15, 2023 and January 15, 2024. As of December 31, 2023, the unpaid dividends are $15,155,311. The first installment of the 2023 declared dividends, paid on April 17, 2023, was approximately $0.0218 per share, for a total dividend of $15,076,761. The second installment of the 2023 declared dividends, paid on July 17, 2023, was approximately $0.0180 per share, for a total dividend of $15,076,761. The third installment of the 2023 declared dividends, paid on October 16, 2023, was approximately $0.0182 per share, for a total dividend of $15,076,761. Pursuant to a resolution of the general ordinary stockholders meeting on March 24, 2022, the Entity declared a dividend of $57,432,776, approximately $0.08306 per share. The dividend will be paid in four equal installments of $14,358,194 due on April 15, 2022, July 15, 2022, October 15, 2022 and January 15, 2023. As of December 31, 2022, the unpaid dividends are $14,358,194. The first installment of the 2022 declared dividends, paid on April 15, 2022, was approximately $0.0207 per share, for a total dividend of $14,358,194. The second installment of the 2022 declared dividends, paid on July 15, 2022, was approximately $0.02086 per share, for a total dividend of $14,358,194. The third installment of the 2022 declared dividends, paid on October 15, 2022, was approximately $0.02086 per share, for a total dividend of $14,358,194. The fourth installment of the 2022 declared dividends, paid on January 15, 2023, was approximately $0.02086 per share, for a total dividend of $14,358,194. Pursuant to a resolution of the general ordinary stockholders meeting on March 23, 2021, the Entity declared a dividend of $55,776,929, approximately $0.097 per share. The dividend will be paid in four equal installments of $13,944,232 due on April 15, 2021, July 15, 2021, October 15, 2021 and January 15, 2022. As of December 31, 2021, the unpaid dividends are $13,944,232. The first installment of the 2021 declared dividends, paid on April 15, 2021, was approximately $0.0242 per share, for a total dividend of $13,944,232. The second installment of the 2021 declared dividends, paid on July 15, 2021, was approximately $0.0242 per share, for a total dividend of $13,944,232. The third installment of the 2021 declared dividends, paid on October 15, 2021, was approximately $0.0242 per share, for a total dividend of $13,944,232. The fourth installment of the 2021 declared dividends, paid on January 15, 2022 , was approximately $0.0242 per share, for a total dividend of $13,944,232 . Stockholders' equity, except restated common stock and tax-retained earnings, will incur income tax payable by the Entity at the rate in effect at the time of its distribution. Any tax paid on such distribution may be credited against income for the year in which the dividend tax is paid and, in the subsequent two years, against tax for the year and the related estimated payments. Dividends paid from tax profits generated from January 1, 2014 to residents in Mexico and to nonresident stockholders may be subject to an additional tax of up to 10%, which will be withheld by the Entity. Pursuant temporary provisions of the Income Tax Law of 2016, a tax benefit was granted to individual taxpayers that are subjects to 10% withholding tax on dividends received from legal entities, which come from earnings generated in 2014, 2015 and 2016, subject to compliance with specific requirements. The tax benefit consists in a tax credit equivalent to 5% of the distributed dividend (applicable only to dividends distributed in 2020 and onwards). Such tax credit will be credited only against the aforementioned 10% withholding tax. Retained earnings that may be subject to withholding of up to 10% on distributed dividends is as follows: Period Amount Reinvested Distributed Amount that Amount not Retained earnings through December 31, 2013 $ 204,265,028 204,265,028 204,265,028 $ - $ - 2014 24,221,997 24,221,997 24,221,997 - $ - 2016 45,082,793 45,082,793 45,082,793 - $ - 2017 126,030,181 126,030,181 126,030,181 - $ - 2018 93,060,330 93,060,330 22,541,485 70,518,845 $ - 2019 134,610,709 134,610,709 - 134,610,709 $ - 2020 66,956,082 66,956,082 - 66,956,082 $ - 2021 173,942,373 173,942,373 - 173,942,373 $ - 2022 243,624,754 243,624,754 - 243,624,754 $ - 2023 325,012,754 325,012,754 - 325,012,754 $ - (1) Dividend paid in 2019, were distributed form earnings generated in 2014 and 2016, which were reinvested until the days in which the dividends were paid. Dividend paid in 2020 were distributed from earnings generated in 2017. Dividends paid in 2021 and 2022 were distributed from earnings generated in 2013 and 2017. 5. Earnings per share The amounts used to determine earnings per share are as follows: December 31, 2023 December 31, 2022 December 31, 2021 Basic Earnings per share Earnings attributable to ordinary shares outstanding $ 316,637,512 $ 243,624,754 $ 173,942,373 Weighted average number of ordinary shares outstanding 756,961,868 682,642,927 648,418,962 Basic Earnings per share 0.4183 0.3569 0.2683 Diluted Earnings per share Earnings attributable to ordinary shares outstanding and shares in Long-term Incentive Plan $ 316,637,512 $ 243,624,754 $ 173,942,373 Weighted average number of ordinary shares plus shares in Long-term Incentive Plan 768,845,264 694,253,758 692,934,852 Diluted earnings per share 0.4118 0.3509 0.2636 Shares held in the Incentive Plan trust accrue dividends, which are irrevocable, regardless if the employee forfeits the granted shares.

Rental income

Rental income	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Rental income	Rental income December 31, 2023 December 31, 2022 December 31, 2021 Rents $ 200,267,401 $ 166,875,957 $ 154,954,624 Energy income 1,940,693 1,831,137 571,684 Reimbursable building services 11,240,202 9,318,367 5,172,077 $ 213,448,296 $ 178,025,461 $ 160,698,385

Property operating costs and Ge

Property operating costs and General and administrative expenses	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Property operating costs and General and administrative expenses	Property operating costs and General and administrative expenses 1. Property operating costs consist of the following: a. Direct property operating costs from investment properties that generated rental income during the year: December 31, 2023 December 31, 2022 December 31, 2021 Real estate tax $ 2,658,183 $ 1,831,436 $ 1,887,480 Insurance 1,062,027 691,462 655,883 Maintenance 2,083,252 1,624,366 1,559,539 Structural maintenance accrual 111,851 110,403 105,228 Trust fees 114,062 110,439 106,752 Energy costs 2,102,060 1,345,588 571,684 Other property related expenses 5,344,889 3,227,095 3,657,395 $ 13,476,324 $ 8,940,789 $ 8,543,961 b. Direct property operating costs from investment property that did not generate rental income during the year: December 31, 2023 December 31, 2022 December 31, 2021 Real estate tax $ 683,843 $ 328,919 $ 449,403 Insurance 33,298 42,973 63,388 Maintenance 625,648 458,178 403,167 Other property related expenses 3,420,609 1,652,535 1,266,838 4,763,398 2,482,605 2,182,796 Total property operating costs $ 18,239,722 $ 11,423,394 $ 10,726,757 2. General and administrative expenses consist of the following: December 31, 2023 December 31, 2022 December 31, 2021 Employee annual salary plus employee benefits $ 17,883,095 $ 13,501,686 $ 11,744,548 Auditing, legal and consulting expenses 2,357,281 971,629 815,843 Property appraisal and other fees 572,207 682,905 683,681 Marketing expenses 948,211 1,026,804 871,705 Other 379,197 116,997 129,571 22,139,991 16,300,021 14,245,348 Depreciation 1,578,073 1,463,920 1,601,216 Share-based compensation expense – Note 21.3 8,001,831 6,650,487 5,554,353 Total $ 31,719,895 $ 24,414,428 $ 21,400,917

Other income

Other income	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Other income	Other income December 31, 2023 December 31, 2022 December 31, 2021 Non-tenant electricity income $ 2,191,789 $ - $ - Insurance recovery 2,447,112 1,153,350 102,943 Inflationary effect on tax recovery 188,750 122,855 43,980 Others 310,507 54,648 3,555 Total $ 5,138,158 $ 1,330,853 $ 150,478

Other expense

Other expense	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Other expense	Other expenses December 31, 2023 December 31, 2022 December 31, 2021 Non-tenant electricity expense $ 1,834,479 $ - $ - Commissions paid 127,513 104,680 122,684 Others 1,075,121 269,311 - Total $ 3,037,113 $ 373,991 $ 122,684

Finance costs

Finance costs	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Finance costs	Finance costs December 31, 2023 December 31, 2022 December 31, 2021 Interest on loans $ 44,335,420 $ 44,852,043 $ 45,482,028 Loan prepayment fees 1,971,555 1,544,113 4,781,465 Total $ 46,306,975 $ 46,396,156 $ 50,263,493

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Income taxes	Income taxes The Entity is subject to ISR. The statutory ISR rate is 30%. 18.1 Income taxes are as follows: December 31, 2023 December 31, 2022 December 31, 2021 ISR expense: Current $ 91,953,099 $ 41,981,391 $ 50,262,466 Deferred (26,969,516) 6,242,079 31,828,085 Total income taxes $ 64,983,583 $ 48,223,470 $ 82,090,551 18.2 The effective ISR rates for fiscal 2023, 2022 and 2021 differ from the statutory rate as follows: December 31, 2023 December 31, 2022 December 31, 2021 Statutory rate 30% 30% 30% Effects of exchange rates on tax balances (2%) (20%) (7%) Effects of inflation (11)% 7% 9% Effective rate 17% 17% 32% 18.3 The main items originating the deferred tax liability are: December 31, 2023 December 31, 2022 December 31, 2021 Deferred ISR assets (liabilities): Investment property $ (279,051,207) $ (302,909,300) $ (291,729,224) Effect of tax loss carryforwards 6,076 5,461 - Other provisions and prepaid expenses 2,134,624 2,924,146 150,648 Deferred income taxes – Net $ (276,910,507) $ (299,979,693) $ (291,578,576) To determine deferred tax the Entity applied the applicable tax rates to temporary differences based on their estimated reversal dates. 18.4 A reconciliation of the changes in the deferred tax liability balance is presented as follows: December 31, 2023 December 31, 2022 December 31, 2021 Deferred tax liability at the beginning of the period $ (299,979,693) $ (291,578,576) $ (260,873,091) Movement included in profit or loss 26,969,516 (6,242,079) (31,828,085) Movement included in other comprehensive income (3,900,330) (2,159,038) 1,122,600 Deferred tax liability at the end of the year $ (276,910,507) $ (299,979,693) $ (291,578,576)

Financial instruments

Financial instruments	12 Months Ended
	Dec. 31, 2023
Financial Instruments [Abstract]
Financial instruments	Financial instruments 19.1 Capital management The Entity manages its capital to ensure that the Entity will be able to continue as a going concern while maximizing the return to partners through the optimization of the debt and equity balance. The capital structure of the Entity consists of net debt (total borrowings, including the current portion, as detailed in Note 10 offset by cash and bank balances) and equity of the Entity (comprising issued capital, additional paid-in capital, retained earnings and other comprehensive income as detailed in Note 12). The Entity is not subject to any externally imposed capital requirements. 19.2 Leverage ratio The Board reviews the capital structure of the Entity on a regular basis. As part of this review, the Board considers the cost of capital and the risks associated with each class of capital. The leverage ratio at end of following reporting periods was as follows: As of December 31, 2023 2022 2021 Debt $ 915,186,754 $ 930,499,586 $ 933,533,216 Cash, cash equivalents and restricted cash (501,166,136) (139,147,085) (452,821,132) Net debt 414,020,618 791,352,501 480,712,084 Equity 2,486,968,425 1,639,787,828 1,453,652,407 Net debt to equity ratio 17% 48% 33% 19.3 Categories of financial instruments Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 3 to the consolidated financial statements. The Entity’s principal financial assets are bank balances, cash equivalents and restricted cash as disclosed in Note 5 and operating lease receivables as disclosed in Note 7. The Entity’s principal financial liability is long-term debt as disclosed in Note 10. 19.4 Financial risk management objectives The Entity seeks to minimize the effects of market risk (including fair value interest rate risk), credit risk, liquidity risk and cash flow interest rate risk. The use of financial derivatives is governed by the Entity’s policies approved by the board of directors. The Entity does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. 19.5 Market risk The Entity’s activities expose it primarily to the financial risks of changes in interest rates (see 17.8 below) and foreign currency exchange rates (see 17.6 below). The Entity enters into an interest rate swaps to mitigate the risk of rising interest rates. Market risk exposures are measured using value-at-risk (VaR) supplemented by sensitivity analysis. 19.6 Foreign currency risk management The Entity is exposed to foreign exchange risk, primarily with respect to the Mexican peso and to the US dollar in respect of one of its subsidiaries, whose functional currency is the Mexican peso. Foreign exchange risk arises from future commercial transactions and recognized monetary assets and liabilities. The carrying amounts of the Entity’s foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period as well as the relevant exchange rates are as follows: December 31, 2023 December 31, 2022 December 31, 2021 Exchange rates: Mexican pesos per US dollar at the end of the period 16.8935 19.3615 20.5835 Mexican pesos per US dollar average during the year 17.7576 20.1249 20.2818 Monetary assets: Mexican pesos $ 120,056,104 $ 229,361,977 $ 249,437,217 US dollars 21,161 263,033 1,486,635 Monetary liabilities: Mexican pesos $ 14,408,011 $ 260,708,893 $ 195,227,796 US dollars 30,777,579 30,979,579 33,081,624 19.7 Foreign currency sensitivity analysis The following table details the Entity’s sensitivity to a 10% appreciation or depreciation in the US Dollar against the Mexican peso. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency exchange rates. A positive number below indicates an increase in profit or equity where the US dollar appreciates 10% against the relevant currency. For a 10% depreciation of the US dollar against the Mexican peso, there would be a comparable impact on the profit or equity, and the balances below would be negative: December 31, 2023 December 31, 2022 December 31, 2021 Profit or loss impact: Mexican peso - 10% appreciation - gain $ 100,921 $ 147,185 $ (239,421) Mexican peso - 10% depreciation - loss (123,347) (179,893) 292,626 U.S. dollar - 10% appreciation – loss (51,958,356) (59,471,840) (65,033,544) U.S. dollar - 10% depreciation – gain 51,958,356 59,471,840 65,033,544 19.8 Interest rate risk management The Entity minimizes its exposure to interest rate risk by borrowing funds at fixed rates or entering into interest rate swap contracts where funds are borrowed at floating rates. This minimizes interest rate risk together with the fact that properties owned by the Entity generate a fixed income in the form of rental income which is indexed to inflation. Interest rate swap contracts Under interest rate swap contracts, the Entity agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Entity to mitigate the risk of changing interest rates on the fair value of issued fixed rate debt and the cash flow exposures on the issued variable rate debt. The fair value of interest rate swaps at the end of the reporting period is determined by discounting the future cash flows using the curves at the end of the reporting period and the credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the reporting period. 19.9 In May 2021, the interest rate swap contracts were cancelled as related loans were paid. 19.10 Credit risk management Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Entity. The Entity has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. The Entity’s exposure and the credit ratings of its counterparties are monitored, and the transactions consummated are entered into with approved counterparties. The Entity’s maximum credit risk is the total of its financial assets included in its statement of financial position. The Entity’s clients operate in a variety of industries. Its real estate portfolio is primarily concentrated in the food and beverage, automotive, aerospace, medical, logistics and plastics industries. The Entity’s exposure to these industries subjects it to the risk of economic downturns in such industrial sectors to a greater extent than if its properties were more diversified across other industries. 19.11 Liquidity risk management If the Entity is unable to raise additional debt or equity, its results of operations could suffer. The Entity closely monitors the maturity of its liabilities and the cash needs of its operations. It prepares and provides a detailed cash flow analysis on a quarterly basis and presents it to its board of directors. Decisions are made to obtain new financing or limit cash investments in order to maintain a healthy projected cash balance. The maturity of the long-term, its current portion and the accrued interest at December 31, 2023, 2022 and 2021 is as follows: December 31, Weighted 1 to 3 months 3 months to 1 1 to 4 years 5 or more Total Long-term debt $ 1,143,783 $ 67,306,362 $ 420,392,444 $ 435,000,000 $ 923,842,589 Accrued interest 4.98% 17,523,667 20,701,788 118,441,437 29,034,658 185,701,550 $ 18,667,450 $ 88,008,150 $ 538,833,881 $ 464,034,658 $ 1,109,544,139 December 31, Weighted 1 to 3 months 3 months to 1 1 to 4 years 5 or more Total Long-term debt $ 1,183,062 $ 3,444,093 $ 501,005,191 $ 435,000,000 $ 940,632,346 Accrued interest 4.98% 17,700,067 21,144,641 143,645,742 46,594,158 229,084,608 $ 18,883,129 $ 24,588,734 $ 644,650,933 $ 481,594,158 $ 1,169,716,954 December 31, Weighted 1 to 3 months 3 months to 1 1 to 4 years 5 or more Total Long-term debt $ 702,749 $ 2,177,843 $ 290,278,136 $ 650,354,209 $ 943,512,937 Accrued interest 4.98% 6,635,998 35,791,636 153,899,886 73,591,722 269,919,242 $ 7,338,747 $ 37,969,479 $ 444,178,022 $ 723,945,931 $ 1,213,432,179 19.12 Fair value of financial instruments 19.12.1 Fair value of financial assets that are measured at fair value on a recurring basis The Entity’s investments are classified as level 1 in the IFRS 13 fair value hierarchy since they are traded in an active market. 19.12.2 Fair value of financial instruments carried at amortized cost The fair value of long-term debt and its related current portion as of December 31, 2023, 2022 and 2021 is $881,873,634, $912,330,632 and $951,153,932, respectively. This measurement is classified as level 2 since management uses an adjusted observable discount rate to determine fair value of debt.

Transactions and balances with

Transactions and balances with related parties	12 Months Ended
	Dec. 31, 2023
Related party [Abstract]
Transactions and balances with related parties	Transactions and balances with related parties Compensation of key management personnel The remuneration of Entity’s management and key executives is determined by the remuneration committee taking in to account the individual performance of the officer and market trends. The performance bonus elected into share-based compensation includes a 20% premium (Equity plus). The following table details the general and administrative expense of the annual salary plus short-term benefits as well as the Long-term incentive plan and Equity plus that are reflected in the general and administrative expense of the Entity: December 31, 2023 December 31, 2022 December 31, 2021 Employee annual salary plus employee benefits $ 7,128,489 $ 6,217,721 $ 4,704,415 Share-based compensation expense (Note 21.3) 8,001,831 6,650,487 5,554,353 $ 15,130,320 $ 12,868,208 $ 10,258,768 Number of key executives 23 21 23

Share-based payments

Share-based payments	12 Months Ended
	Dec. 31, 2023
Share-Based Payments [Abstract]
Share-based payments	Share-based payments 21.1 Details of the share-based plans of the Entity Currently grants shares to its executives and employees as follows: i. A trust was established in 2018 by the resolution of the general ordinary stockholders meeting on January 6th, 2015, as the "20-20 Long Term Incentive Plan", this compensation plan was extended for the period 2021 to 2025, "Level 3 Long Term Incentive Plan", by a resolution of the general ordinary stockholders meeting on March 13th, 2020. ii. The plan is share-based and is calculated by comparing Vesta's Total Relative Return, stock price appreciation, plus dividend payments over the preceding three years with the same metric calculated for our peers. Under the plan, if Vesta is at the median of the group, the grant would be equal to the expected share grant; if Vesta is the worst performer, there would be no grant, and if Vesta is the best performer, the grant would be 150% of the expected share amount. In addition, for some executives, a portion of their short-term annual cash bonus is granted as an additional stock bonus with an equity-plus premium of 20% additional shares. iii. The grant and the equity-plus are delivered to management over three years after the grant year, thus providing a solid executive retention tool. The granted shares are deposited to a Trust that manages the shares' delivery to the employees as per the schedules described above. iv. The Shareholder Assembly of January 2015 assembly approved 10.4 million shares for the Vesta Vision 2020 LTI plan. In March 2020, the shareholder approved 13.8 million shares for the Level 3 LTI plan. Plan Parameters Grant Year Total Relative Shares granted in Equity Plus Cumulative Exercised Shares MIN TARGET MAX 2015 0% $ - $ - $ - $ - $ - 1,738,037 2,600,000 2016 55% 863,499 483,826 (1,347,325) - 695,215 1,738,037 2,607,056 2017 40% 637,200 944,674 (1,581,873) - 695,215 1,738,037 2,607,056 2018 145% 3,423,106 753,372 (4,176,478) - 1,000,000 2,500,000 3,750,000 2019 150% 3,550,449 515,706 (4,066,156) 1,409,481 1,000,000 2,500,000 3,750,000 2020 150% 3,707,949 520,492 (2,818,960) 2,890,420 1,000,000 2,500,000 3,750,000 2021 143% 3,760,851 525,181 (1,395,612) 4,355,769 1,100,000 2,750,000 4,125,000 2022 143% 3,763,449 592,318 - - 1,100,000 2,750,000 4,125,000 2023 143% 3,722,427 - - - 1,100,000 2,750,000 4,125,000 Total $ 23,428,930 $ 4,335,569 $ (15,386,404) $ 8,655,670 * Calculated for the previous three years. 21.2 Fair value of share options granted in the year Vesta Long Term Incentive Plan - Based on the Relative Total Return, entity share price performance plus dividends relative to the performance of its peer set, for the last three calendar years ended December 31, 2023, 2022 and 2021. The calculation resulted in a grant of 3,722,427, 3,763,449 and 3,687,231 shares, with a market value of $14,857,978, $9,040,519 and $7,168,103, respectively. 21.3 Compensation expense recognized The long-term incentive expense for the years ended December 31, 2023, 2022 and 2021 was as follows: December 31, 2023 December 31, 2022 December 31, 2021 Share-based compensation expense $ 8,001,831 $ 6,650,487 $ 5,554,353 Total share-based compensation expense $ 8,001,831 $ 6,650,487 $ 5,554,353 Compensation expenses related to these plans will continue to be accrued through the end of the service period. 21.4 Share awards outstanding at the end of the year As of December 31, 2023, 2022 and 2021, there are 8,655,670, 8,456,290, and 8,331,369 shares outstanding, respectively, with a weighted average remaining contractual life of 13 months. All of the shares granted but outstanding to be delivered were in the trust during the vesting period.

Litigation and commitments

Litigation and commitments	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Litigation and commitments	Litigation and commitments Litigation In the ordinary course of business, the Entity is party to various legal proceedings. The Entity is not involved in any litigation or arbitration proceeding for which the Entity believes it is not adequately insured or indemnified, or which, if determined adversely, would have a material adverse effect on the Entity or its financial position, results of operations or cash flows. Commitments As mentioned in Note 8, all rights to construction, improvements and infrastructure built by the Entity in the Queretaro Aerospace Park and in the DSP, Park automatically revert to the government of the State of Queretaro and to Nissan at the end of the concessions, which is approximately in 41 and 34 years, respectively.

Events after reporting period

Events after reporting period	12 Months Ended
	Dec. 31, 2023
Events After Reporting Period [Abstract]
Events after reporting period	Events after the reporting period The fourth installment of the 2023 declared dividends, paid on January 15, 2024, was approximately $0.0172 per share, for a total dividend of $15,155,311. On January 24, 2024, the Entity sold a land reserve located in Queretaro totaling 64,583 square feet for $780,000, the cost associated with the sales was $583,000, generating a gain in sale of investment property of $197,000.

Approval of the financial state

Approval of the financial statements	12 Months Ended
	Dec. 31, 2023
Approval of Financial Statements [Abstract]
Approval of the financial statements	Approval of the financial statements On February 20, 2024, the issuance of the consolidated financial statements was authorized by Juan Sottil, Vesta´s CFO, consequently, they do not reflect events occurring after that date. These consolidated financial statements are subject to approval by the Board of Directors and the General Ordinary Shareholders’ Meeting, who may decide to modify such consolidated financial statements according to the Mexican General Corporate Law.

Schedule III - Schedule of Real

Schedule III - Schedule of Real Estate	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Schedule of Real Estate	Schedule III - Schedule of Real Estate The following is a summary of the Company’s investment properties as of December 31, 2023 prepared in accordance with Rule 12-28 of Regulation S-X: Corporación Inmobiliaria Vesta, S.A.B. de C.V. Schedule III - Real Estate As of December 31, 2023 Description Initial Cost Gross Cost as of December 31, 2023 Industrial Park Location # buildings Encumbrances (a) Land (b) Building & Improvements (c) Costs Capitalized Subsequent to Acquisition or Construction Land Building & Improvements Fair Value Adjustments (d) Cumulative Foreign Currency Translation Effect Cost to conclude (e) Carrying Value at the End of the Year (f)(g)(h) Year of construction / acquisition (i) DSP Aguascalientes 8 $0 $0 $67,731,979 $6,462,960 $0 $74,194,939 $66,905,061 $0 $0 $141,100,000 2014 Vesta Park Aguascalientes Aguascalientes 2 $0 $1,310,069 $7,173,960 $1,494,388 $1,310,069 $8,668,348 $9,221,584 $0 $0 $19,200,000 2014 Los Bravos Vesta Park Cd Juarez 4 $112,770,000 $6,796,499 $6,994,614 $14,133,652 $6,796,499 $21,128,265 $3,195,235 $0 $0 $31,120,000 2007 Vesta Park Juárez Sur I Cd Juarez 8 $0 $10,582,374 $48,408,722 $8,390,929 $10,582,374 $56,799,651 $46,477,975 $0 $0 $113,860,000 2007 Vesta Park Guadalajara Guadalajara 7 $0 $38,363,080 $53,498,608 $54,786,971 $38,363,080 $108,285,579 $156,963,390 $0 $(4,812,050) $298,800,000 2020 Vesta Park Guadalupe Monterrey 2 $0 $0 $18,245,889 $1,320,633 $0 $19,566,522 $13,503,478 $0 $0 $33,070,000 2021 Vesta Puebla I Puebla 5 $0 $2,941,828 $37,367,404 $3,133,192 $2,941,828 $40,500,597 $40,993,601 $0 $0 $85,100,000 2015 Bernardo Quintana Querétaro 9 $40,280,000 $3,941,469 $18,132,773 $7,587,596 $3,941,469 $25,720,369 $10,618,163 $0 $0 $40,280,000 1996 PIQ Querétaro 13 $62,250,000 $11,860,812 $58,679,157 $9,767,389 $11,860,812 $68,446,546 $59,963,135 $0 $0 $139,370,000 2005 VP Queretaro Querétaro 4 $0 $3,483,212 $26,878,558 $17,214,107 $3,483,212 $44,092,666 $8,123,129 $0 $0 $56,600,000 2016 Queretaro Aerospace Park Querétaro Aero 13 $0 $0 $112,967,664 $11,189,681 $0 $124,157,345 $45,098,723 $0 $(206,068) $169,050,000 2009 SMA San Miguel de Allende 7 $0 $11,140,979 $30,851,867 $7,559,488 $11,140,979 $38,411,354 $42,247,808 $0 $(2,448,781) $92,000,000 2014 Las Colinas Silao 7 $58,200,000 $8,957,440 $30,014,764 $4,327,428 $8,957,440 $34,342,191 $14,900,369 $0 $0 $58,200,000 2008 Vesta Park Puerto Interior Silao 7 $0 $22,453,115 $24,432,824 $5,633,296 $22,453,115 $30,066,120 $12,116,273 $0 $0 $69,200,000 2014 Tres Naciones SLP 9 $32,550,000 $16,683,579 $23,167,433 $7,946,289 $16,683,579 $31,113,722 $16,252,699 $0 $0 $64,050,000 1999 Vesta Park SLP San Luis Potosí 3 $0 $0 $19,048,011 $4,308,645 $0 $23,356,657 $15,043,343 $0 $0 $38,400,000 2019 La Mesa Vesta Park Tijuana 16 $58,310,000 $9,054,608 $21,227,938 $7,157,387 $9,054,608 $28,385,324 $27,290,068 $0 $0 $64,730,000 2005 Nordika Tijuana 1 $17,300,000 $1,970,311 $4,518,481 $1,123,668 $1,970,311 $5,642,148 $9,687,541 $0 $0 $17,300,000 2013 El potrero Tijuana 2 $29,600,000 $3,918,715 $7,643,699 $2,655,597 $3,918,715 $10,299,296 $15,381,989 $0 $0 $29,600,000 2007 Vesta Park Tijuana III Tijuana 3 $0 $8,967,836 $17,021,445 $2,251,489 $8,967,836 $19,272,933 $28,699,231 $0 $0 $56,940,000 2007 Vesta Park Pacifico Tijuana 2 $13,500,000 $3,320,210 $13,454,123 $1,204,010 $3,320,210 $14,658,133 $13,521,657 $0 $0 $31,500,000 2015 VP Lago Este Tijuana 2 $0 $19,284,782 $18,309,203 $5,119,011 $19,284,782 $23,428,215 $30,287,003 $0 $0 $73,000,000 2017 Vesta Park Megaregion Tijuana 6 $0 $8,619,298 $34,052,802 $28,931,737 $8,619,298 $62,984,538 $51,290,003 $0 $(9,403,840) $113,490,000 2021 VPT I Tlaxcala 4 $0 $1,986,312 $18,283,246 $1,202,590 $1,986,312 $19,485,836 $21,227,852 $0 $0 $42,700,000 2014 Exportec Toluca 3 $14,830,000 $872,299 $4,160,722 $1,179,700 $872,299 $5,340,422 $8,617,279 $0 $0 $14,830,000 1998 T 2000 Toluca 3 $84,890,000 $10,436,630 $20,079,946 $19,857,542 $10,436,630 $39,937,488 $34,515,882 $0 $0 $84,890,000 1999 El Coecillo Vesta Park Toluca 1 $58,090,000 $1,766,847 $14,377,370 $11,382,445 $1,766,847 $25,759,815 $30,563,338 $0 $0 $58,090,000 2000 Vesta Park Toluca I Toluca 11 $0 $20,411,730 $65,896,059 $10,122,871 $20,411,730 $76,018,931 $96,689,339 $0 $0 $193,120,000 2005 Vesta Park Apodaca Monterrey 4 $0 $14,447,513 $20,673,976 $40,714,311 $14,447,513 $61,388,287 $11,319,728 $0 $(7,701,481) $79,580,000 2021 PARQUE LAS VENTANAS Matamoros 1 $0 $3,881,289 $21,858,633 $0 $3,881,289 $21,858,633 $15,560,077 $0 $0 $41,300,000 2017 VESTA PARK ALAMAR Tijuana 2 $0 $0 $15,711,289 $4,102,361 $0 $19,813,649 $26,596,351 $0 $0 $46,410,000 2020 VESTA PARK RIVERA LARA 1 Cd Juarez 1 $0 $1,075,750 $3,684,126 $0 $1,075,750 $3,684,126 $130,124 $0 $0 $4,890,000 2008 VESTA PARK ROSARITO 1 Tijuana 1 $0 $2,891,498 $15,168,855 $1,094,307 $2,891,498 $16,263,163 $145,340 $0 $0 $19,300,000 2006 VESTA LAGOS MORENO Lagos 3 $0 $3,498,267 $27,368,941 $7,835,878 $3,498,267 $35,204,819 $33,946,914 $(24,520,312) $0 $48,129,688 2000 VESTA TLAXCALA Tlaxcala 9 $22,500,000 $7,072,992 $23,741,557 $2,493,013 $7,072,992 $26,234,570 $17,022,439 $0 $0 $50,330,000 2001 VESTA MORELOS Tijuana 2 $0 $6,033,568 $9,140,732 $497,696 $6,033,568 $9,638,428 $19,528,004 $0 $0 $35,200,000 2018 STELLANTIS I Toluca 2 $0 $6,185,551 $8,514,449 $7,696,655 $6,185,551 $16,211,104 $2,853,345 $0 $0 $25,250,000 2022 Other Other 27 $37,400,000 $51,130,324 $89,673,511 $23,962,182 $51,130,324 $113,635,693 $29,276,316 $0 $(707,857) $203,604,476 2001 Total of operating parks 214 $642,470,000 $325,340,786 $1,058,155,329 $345,841,092 $325,340,786 $1,403,996,421 $1,085,774,287 $(24,520,312) $(25,280,077) $2,783,584,164 Vesta Park Juarez Oriente Cd. Juarez 3 $0 $21,037,666 $48,245,923 $0 $21,037,666 $48,245,923 $45,421,792 $0 - 26,455,382 $88,250,000 2023 Vesta Park Aguascalientes Aguascalientes 1 $0 $0 $18,828,833 $0 $0 $18,828,833 $66,251 $0 - 5,985,084 $12,910,000 2023 Vesta Park SLP San Luis Potosí 1 $0 $0 $7,151,934 $0 $0 $7,151,934 $15,866,596 $0 - 6,058,529 $16,960,000 2023 Tres Naciones San Luis Potosí 1 $0 $4,410,373 $9,293,898 $0 $4,410,373 $9,293,898 - 779,877 $0 - 3,964,394 $8,960,000 2023 VP Queretaro Querétaro 2 $0 $0 $9,221,448 $0 $0 $9,221,448 $11,349,955 $0 - 4,661,404 $15,910,000 2023 Other Valle de México 3 $0 $18,714,723 $32,244,627 $0 $18,714,723 $32,244,627 $134,109,159 $0 - 37,858,508 $147,210,000 2023 Total of land and buildings under construction 11 $0 $44,162,762 $124,986,663 $0 $44,162,762 $124,986,663 $206,033,877 $0 - 84,983,302 $290,200,000 VP SLP San Luis Potosí $2,642,396 $2,642,396 $7,627,604 $10,270,000 2019 VP Queretaro Querétaro $8,624,913 $8,624,913 $23,215,087 $31,840,000 2018 Vesta Park Puerto Interior Silao $13,055,507 $13,055,507 $4,564,493 $17,620,000 2015 Vesta Park Aguascalientes Aguascalientes $14,754,874 $14,754,874 $15,375,126 $30,130,000 2018 Vesta Puebla II Puebla $126,026 $126,026 $663,974 $790,000 2016 SMA San Miguel de Allende $11,861,361 $11,861,361 $2,648,639 $14,510,000 2015 Vesta Park Apodaca Monterrey $33,094,046 $33,094,046 $125,954 $33,220,000 2022 Total of land reserves 0 $0 $84,159,124 $0 $0 $84,159,124 $0 $54,220,876 $0 $0 $138,380,000 225 $642,470,000 $453,662,671 $1,183,141,992 $345,841,092 $453,662,671 $1,528,983,084 $1,346,029,040 $(24,520,312) $(110,263,379) $3,212,164,164 a. Encumbrances include security trust agreements over some of our properties securing two secured loans acquired in 2016 and 2017. b. Land amounts include land owned and does not include land easements in our real estate portfolio. c. Amounts presented in building and improvements include building improvements costs, acquisition costs, land improvements costs, infrastructure costs and brokerage fees paid. d. Vesta uses external appraisers in measuring the fair value for all of its investment properties. The independent appraisers hold recognized and relevant professional qualification and have recent experience of the location and category of the investment property being valued. The valuation model is in accordance with the guidance recommended by the International Valuation Standards Committee. These valuation models are consistent with the principles in IFRS 13. e. Cost to conclude in our operating parks represent construction of new buildings in the related park. f. See Note 8 of our audited consolidated financial statements as of December 31, 2023 for the the reconciliation of investment properties for the years ended December 31, 2023, 2022 and 2021. g. The aggregate cost for Federal income tax purposes as of December 31, 2023 was $2,281,993,475 h. Accrued intercompany profits included in the carrying value of investment properties are US$0.0 i. Year of construction or acquisition represents the earliest year Vesta acquired or began construction in such property.

Material accounting policies (P

Material accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract]
Adoption of new and revised International Financial Reporting Standards	New and amended IFRS Accounting Standards that are effective for the current year In the current year, the Entity has applied several amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after January 1, 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in these consolidated financial statements. Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgments – Disclosure of accounting policies Vesta has adopted the amendments to IAS 1 for the first time as of January 1, 2023. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The IASB has also developed guidance and examples to explain and demonstrate the application of the ‘four-step’ materiality process describer in IFRS Practice Statement 2. Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors – Definition of Accounting Estimates Vesta has adopted the amendments to IAS 8 for the first time as of January 1, 2023. The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. The definition of a change in accounting estimates was deleted. IFRS 17 Insurance contracts (including the June 2020 and December 2021 Amendments to Vesta has adopted IFRS 17 and the related amendments for the first time as of January 1, 2023. IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts. IFRS 17 outlines a general model, which is modified for insurance contracts with direct participation features, described as the variable fee approach. The general model is simplified if certain criteria are met by measuring the liability for remaining coverage using the premium allocation approach. The general model uses current assumptions to estimate the amount, timing and uncertainty of future cash flows and it explicitly measures the cost of that uncertainty. It takes into account market interest rates and the impact of policyholders’ options and guarantees. Vesta does not have any contracts that meet the definition of an insurance contract under IFRS 17. Amendments to IAS 12 Income Taxes –Deferred Tax related to Assets and Liabilities arising from a Single Transaction Vesta has adopted the amendments to IAS 12- Deferred tax related to assets and liabilities arising from a single transaction for the first time as of January 1, 2023. The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting profit nor taxable profit. Following the amendments to IAS 12, an entity is required to recognize the related deferred tax asset and liability, with the recognition of any deferred tax asset being subject to the recoverability criteria in IAS 12. Amendments to IAS 12 Income Taxes – International Tax Reform –Pillar Two Model Rules Vesta has adopted the amendments to IAS 12- International Tax Reform- Pillar two model rules for the first time as of January 1, 2023. The IASB amends the scope of IAS 12 to clarify that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes described in those rules. The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognize nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. Following the amendments, an entity is required to disclose that it has applied the exception and to disclose separately its current tax expense (income) related to Pillar Two income taxes. As the Entity operates exclusively in Mexico, this Reform does not have any impact on the consolidated financial statements. New and revised IFRS Standards issued but not yet effective for the current year At the date of authorization of these consolidated financial statements, the Entity has not applied the following new and amended IFRS Standards that have been issued but are not yet effective: Amendments to IFRS 10 and IAS 28 Sale or contribution of assets between an investor and its associate or joint venture Amendments to IAS 1 (1) Classification of liabilities as current or non-current and non-current liabilities with covenants. Amendments to IFRS 16 (1) Lease liability in a sale and leaseback Amendments to IAS 7 and IFRS 7 (1) Supplier Finance Arrangements Amendments to IAS 21 (2) Lack of Exchangeability (1) Effective for annual periods beginning on January 1, 2024 (2) Effective for annual periods beginning on January 1, 2025 Management does not expect the adoption of the aforementioned standards to have a significant impact on the Entity's consolidated financial statements in future periods, except as indicated below: Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investment in Associates and Joint Ventures – Sale or contribution of assets between an investor and its associate or joint venture The amendments to IFRS 10 and IAS 28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transactions with an associate or a joint venture that is accounted for using the equity method, are recognized in the parent’s profit or loss only to the extent of the unrelated investors’ interests in that associate or joint venture. Similarly, gains and losses resulting from the measurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognized in the former parent’s profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture. The effective date of the amendments has yet to be set by the IASB; however, earlier application for the amendments is permitted. Vesta management anticipates that the application of these amendments may have an impact on Vesta’s consolidated financial statements in future periods should such transactions arise. Amendments to IAS 1 Presentation of financial statements - Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants The amendments to IAS 1 clarify that if an entity’s right to defer settlement of a liability is subject to the entity complying with the required covenants only at a date subsequent to the reporting period, the entity has a right to defer settlement of the liability even if it does not comply with those covenants at the end of the reporting period. The classification of a liability is unaffected by the likelihood that the entity will exercise its right to defer settlement of the liability for at least twelve months after the reporting period. In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively. The Entity is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Vesta management anticipates that the application of these amendments may have an impact on the disclosures of the consolidated financial statements in future periods. Amendments to IFRS 16 Leases – Lease liability in a sale and leaseback The amendment to IFRS 16 Leases specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. A seller-lessee applies the amendment to annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted, and that fact must be disclosed. The amendments are not expected to have a material impact on the consolidated financial statements. Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Statements: Disclosures – Supplier Finance Arrangements The amendments specify disclosure requirements to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. In these arrangements, one or more finance providers pay amounts an entity owes to its suppliers. The entity agrees to settle those amounts with the finance providers according to the terms and conditions of the arrangements. The amendments require an entity to provide information about the impact of supplier finance arrangements on liabilities and cash flows, including terms and conditions of those arrangements, quantitative information on liabilities related to those arrangements as at the beginning and end of the reporting period and the type and effect of non-cash changes in the carrying amounts of those arrangements. The information on those arrangements is required to be aggregated unless the individual arrangements have dissimilar or unique terms and conditions. In the context of quantitative liquidity risk disclosures required by IFRS 7, supplier finance arrangements are included as an example of other factors that might be relevant to disclose. The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. Early adoption is permitted but will need to be disclosed. The amendments are not expected to have a material impact on the consolidated financial statements. Amendments to IAS 21 Effects of Changes in Foreign Currency Rates – Lack of Exchangeability The amendment specifies when an entity must evaluate if a currency is exchangeable into another currency and when it is not and how an entity determines the exchange rate to apply when a currency is not exchangeable and requires additional disclosures when a currency is not exchangeable with information that would enable users of its financial statements to evaluate how a currency’s lack of exchangeability affects, or is expected to affect, its financial performance, financial position and cash flow. A currency is exchangeable into another currency when an entity is able to exchange that currency for the other currency through markets or exchange mechanisms that create enforceable rights and obligations without undue delay at the measurement date and for a specified currency. A currency is not exchangeable into the other currency if an entity can only obtain an insignificant amount of the other currency. The amendments will be effective for annual reporting periods beginning on or after January 1, 2025. Early adoption is permitted but will need to be disclosed. The amendments are not expected to have a material impact on the consolidated financial statements.
Statement of compliance	Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
Basis of preparation	Basis of preparation The consolidated financial statements have been prepared on the historical cost basis except for investment properties and financial instruments that are measured at fair value at the end of each reporting period, as explained in the accounting policies below. i. Historical cost Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. ii. Fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Entity takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, Share-based Payments . In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: • Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 fair value measurements are those derived from inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data. iii. Going concern The consolidated financial statements have been prepared by Management assuming that the Entity will continue to operate as a going concern. During the first months of 2020, the infectious disease COVID-19 caused by the coronavirus appeared and it was declared by the World Health Organization (WHO) as a Global Pandemic on March 11, 2020. Its expansion motivated a series of containment measures in the different geographies where the Entity operates and certain sanitary measures have been taken by the Mexican authorities to stop the spread of this virus. Derived from the uncertainty and duration of this pandemic, the Entity analyzed the considerations mentioned in Note 1.1 to determine if the assumption of continuing as a going concern is applicable. c. Basis of consolidation The consolidated financial statements incorporate the financial statements of Vesta and entities (including structured entities) controlled by Vesta and its subsidiaries. Control is achieved when the Entity: • Has power over the investee; • Is exposed, or has rights, to variable returns from its involvement with the investee; and • Has the ability to use its power to affect its returns. The Entity reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the Entity obtains control over the subsidiary and ceases when the Entity loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit and other comprehensive income (loss) from the date the Entity gains control or until the date when the Entity ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Entity and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Entity and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Entity’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Entity are eliminated in full on consolidation. Ownership percentage Subsidiary/Entity 2023 2022 2021 Activity QVC, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties QVC II, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties WTN Desarrollos Inmobiliarios de México, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Baja California, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Bajío, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Querétaro, 99.99% 99.99% 99.99% Holds investment properties Proyectos Aeroespaciales, 99.99% 99.99% 99.99% Holds investment properties Vesta DSP, S. de R. L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Management, S. de R.L. de C.V. 99.99% 99.99% 99.99% Provides specialized administrative services (REPSE # AR12757/2022) Servicio de Administración y Mantenimiento Vesta, S. de R.L. de C.V. 99.99% 99.99% 99.99% Provide specialized administrative services (REPSE # AR17617/2022) Enervesta, S. de R.L. de C.V. 99.99% 99.99% 99.99% Provides administrative services to the Entity Trust CIB 2962 (1) (1) (1) Vehicle to distribute shares to employees under the Long-Term Incentive plan. (1) Employee share trust established in conjunction with the 20-20 Long Term Incentive Plan over which the Entity exercises control.
Basis of consolidation	Basis of consolidation The consolidated financial statements incorporate the financial statements of Vesta and entities (including structured entities) controlled by Vesta and its subsidiaries. Control is achieved when the Entity: • Has power over the investee; • Is exposed, or has rights, to variable returns from its involvement with the investee; and • Has the ability to use its power to affect its returns. The Entity reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the Entity obtains control over the subsidiary and ceases when the Entity loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit and other comprehensive income (loss) from the date the Entity gains control or until the date when the Entity ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Entity and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Entity and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Entity’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Entity are eliminated in full on consolidation. Ownership percentage Subsidiary/Entity 2023 2022 2021 Activity QVC, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties QVC II, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties WTN Desarrollos Inmobiliarios de México, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Baja California, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Bajío, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Querétaro, 99.99% 99.99% 99.99% Holds investment properties Proyectos Aeroespaciales, 99.99% 99.99% 99.99% Holds investment properties Vesta DSP, S. de R. L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Management, S. de R.L. de C.V. 99.99% 99.99% 99.99% Provides specialized administrative services (REPSE # AR12757/2022) Servicio de Administración y Mantenimiento Vesta, S. de R.L. de C.V. 99.99% 99.99% 99.99% Provide specialized administrative services (REPSE # AR17617/2022) Enervesta, S. de R.L. de C.V. 99.99% 99.99% 99.99% Provides administrative services to the Entity Trust CIB 2962 (1) (1) (1) Vehicle to distribute shares to employees under the Long-Term Incentive plan. (1) Employee share trust established in conjunction with the 20-20 Long Term Incentive Plan over which the Entity exercises control.
Financial instruments	Financial instruments Financial assets and financial liabilities are recognized in Vesta’s statement of financial position when the Entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
Financial assets	Financial assets Classification of financial assets Debt instruments that meet the following conditions are measured subsequently at amortized cost: • The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI): • The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Despite the foregoing, the Entity may make the following irrevocable election / designation at initial recognition of a financial asset: • The Entity may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met (see (iii) below); and • The Entity may irrevocably designate a debt investment that meets the amortized cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch (see (iv) below). (i) Amortized cost and effective interest method The effective interest method is a method for calculating the amortized cost of a debt instrument and for allocating interest income during the relevant period. For financial assets that were not purchased or originated by credit-impaired financial assets (for example, assets that are credit-impaired on initial recognition), the effective interest rate is the rate that exactly discounts future cash inflows (including all commissions and points paid or received that form an integral part of the effective interest rate, transaction costs, and other premiums or discounts), excluding expected credit losses, over the expected life of the debt instrument or , if applicable, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated by discounting estimated future cash flows, including expected credit losses, at the amortized cost of the debt instrument on initial recognition. The amortized cost of a financial asset is the amount at which the financial asset is measured on initial recognition minus repayments of principal, plus the accumulated amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss. The gross book value of a financial asset is the amortized cost of a financial asset before adjusting any provision for losses. Interest income is recognized using the effective interest effect for debt instruments subsequently measured at amortized cost and at fair value through other comprehensive income. For financial assets purchased or originated other than financial assets with credit impairment, interest income is calculated by applying the effective interest rate to the gross book value of a financial asset, except for financial assets that have subsequently suffered impairment of credit (see below). For financial assets that have subsequently deteriorated credit, interest income is recognized by applying the effective interest rate to the amortized cost of the financial asset. If in subsequent reporting periods the credit risk in the credit- impaired financial instrument improves, so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross book value of the financial asset. Interest income is recognized as realized in the consolidated statements of profit and other comprehensive income (loss) for the year. Foreign exchange gains and losses The book value of financial assets denominated in a foreign currency is determined in that foreign currency and it is translated at the exchange rate at the end of each reporting period. For financial assets measured at amortized cost that are not part of a designated hedging relationship, exchange differences are recognized in exchange gain (loss)-net in the statement of profit and other comprehensive income (loss). Impairment of financial assets The Entity recognizes lifetime expected credit losses (“ECL”) for operating lease receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Entity’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. (i) Measurement and recognition of expected credit losses The measurement of expected credit losses is a function of the probability of default, the loss given the default (that is, the magnitude of the loss if there is a default), and the exposure at default. The evaluation of the probability of default and the default loss is based on historical data adjusted for forward-looking information as described above. Regarding exposure to default, for financial assets, this is represented by the gross book value of the assets on the reporting date; for financial guarantee contracts, the exposure includes the amount established on the reporting date, along with any additional amount expected to be obtained in the future by default date determined based on the historical trend, the Entity's understanding of the specific financial needs of the debtors, and other relevant information for the future. For financial assets, the expected credit loss is estimated as the difference between all the contractual cash flows that are due to the Entity in accordance with the contract and all the cash flows that the Entity expects to receive, discounted at the original effective interest rate. For a lease receivable, the cash flows used to determine the expected credit losses are consistent with the cash flows used in the measurement of the lease receivable in accordance with IFRS 16 Leases. The Entity recognizes an impairment loss or loss in the result of all financial instruments with a corresponding adjustment to their book value through a provision for losses account, except investments in debt instruments that are measured at fair value at through other comprehensive income, for which the provision for losses is recognized in other comprehensive and accumulated results in the investment revaluation reserve, and does not reduce the book value of the financial asset in the statement of financial position. Derecognition policy The Entity derecognizes a financial asset only when the contractual rights to the asset's cash flows expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Entity does not transfer or retain substantially all the risks and benefits of ownership and continues to control the transferred asset, the Entity recognizes its retained interest in the asset and an associated liability for the amounts due. If the Entity retains substantially all the risks and benefits of ownership of a transferred financial asset, the Entity continues to recognize the financial asset and also recognizes a loan guaranteed by the income received. Upon derecognition of a financial asset measured at amortized cost, the difference between the asset's book value and the sum of the consideration received and receivable is recognized in income. In addition, when an investment in a debt instrument classified as fair value through other comprehensive income is written off, the accumulated gain or loss previously accumulated in the investment revaluation reserve is reclassified to profit or loss. In contrast, in the derecognition of an investment in a capital instrument that the Entity chose in the initial recognition to measure at fair value through other comprehensive income, the accumulated gain or loss previously accumulated in the investment revaluation reserve is not reclassifies to profit or loss, but is transferred to accumulated profit (deficit).
Financial liabilities	Financial liabilities All financial liabilities are measured subsequently at amortized cost using the effective interest method. Financial liabilities measured subsequently at amortized cost Financial liabilities (including borrowings) that are not (i) contingent consideration of an acquirer in a business combination, (ii) held-for-trading, or (iii) designated as at FVTPL, are measured subsequently at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and expenses paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. Derecognition of financial liabilities The Entity derecognizes financial liabilities when, and only when, the Entity’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. When the Entity exchanges with the existing lender a debt instrument in another with substantially different terms, that exchange is accounted for as an extinction of the original financial liability and the recognition of a new financial liability. Similarly, the Entity considers the substantial modification of the terms of an existing liability or part of it as an extinction of the original financial liability and the recognition of a new liability. The terms are assumed to be substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate, is at least 10% different from the current discounted rate. Value of the remaining cash flows of the original financial liability. If the modification is not material, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after the modification should be recognized in profit or loss as the gain or loss from the modification within other gains and losses. The balance as of December 31, 2023, 2022 and 2021 of short-term accounts payables was: December 31, 2023 December 31, 2022 December 31, 2021 Construction in-progress (1) $ 6,421,225 $ 13,369,927 $ 354,012 Land (2) 275,230 366,975 - Existing properties 5,107,983 2,239,163 385,369 Others accounts payables 1,384,528 652,723 2,272,034 $ 13,188,966 $ 16,628,788 $ 3,011,415 (1) At the end of fiscal year 2023 and 2022, the Entity began the construction of ten and six investment properties, respectively. The amount represents the advances according to the construction contract, which will be paid settled during the first quarter of the following year. (2) During the third quarter of 2022 the Entity acquired a land reserve and signed promissory agreements for a total of $8,256,912 to be paid on quarterly installments of $91,744 starting March 2023 plus a final payment of $7,431,218 in June 2025; the long-term payable portion as of December 31, 2023 and 2022 is $7,706,450 and $7,889,937, respectively.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consist mainly of bank deposits in checking accounts and short-term investments, highly liquid and easily convertible into cash, maturing within three months as of their acquisition date, which are subject to immaterial value change risks. Cash is carried at nominal value and cash equivalents are valued at fair value; any fluctuations in value are recognized in interest income of the period. Cash equivalents are represented mainly by investments in treasury certificates (CETES) and money market funds.
Restricted cash and security deposits	Restricted cash and security deposits Restricted cash represents cash and cash equivalents balances held by the Entity that are only available for use under certain conditions pursuant to the long-term debt agreements entered into by the Entity (as discussed in Note 12). These restrictions are classified according to their restriction period: less than 12 months and over one year, considering the period of time in which such restrictions are fulfilled, whereby the short-term restricted cash balance was classified within current assets under cash and cash equivalents and the long-term restricted cash was classified within security deposits made. During 2022, the Entity paid $7.5 million to Scotiabank for the issuance of letters of credit for the National Control Energy Center (CENACE, for its acronym in Spanish) in connection to the Aguascalientes and Querétaro projects, in exchange of a guarantee. This amount will be paid back to the Entity once the project investment conditions are met.
Investment property	Investment property Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at cost, including transaction costs. The Entity does not capitalize borrowing costs during the construction phase of investment properties. Subsequent to initial recognition, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. An investment property is derecognized upon sale or when the investment property is permanently withdrawn from use and no future economic benefits are expected to be received from such investment property. Any gain or loss arising on derecognition of the property (calculated as the difference between the net sale proceeds and the carrying amount of the asset) is included in (loss) gain on sale of investment property in the period in which the property is derecognized.
Leases	Leases 1) The Entity as lessor Vesta, as a lessor, retains substantially all of the risks and benefits of ownership of the investment properties and account for its leases as operating leases. Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term. 2) The Entity as lessee The Entity assesses whether a contract is or contains a lease, at inception of the contract. The Entity recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Entity recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Entity uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: • Fixed lease payments (including in-substance fixed payments), less any lease incentives; • Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; • The amount expected to be payable by the lessee under residual value guarantees; • The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. Rights-of-use assets consist of the initial measurement of the corresponding lease liability, the rental payments made on or before the commencement date, less any lease incentives received and any direct initial costs. Subsequent valuation is cost less accumulated depreciation and impairment losses. If the Entity incurs an obligation arising from the costs of dismantling and removing a leased asset, restoring the place in which it is located, or restoring the underlying asset to the condition required by the terms and conditions of the lease, a provision measured in accordance with IAS 37 should be recognized. To the extent that the costs are related to a rights of use asset, the costs are included in the related rights of use asset, unless such costs are incurred to generate inventories. Assets for rights of use are depreciated over the shorter period between the lease period and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the asset for rights of use reflects that the Entity plans to exercise a purchase option, the asset for rights of use will be depreciated over its useful life. Depreciation begins on the lease commencement date. Assets for rights of use are presented as a separate concept in the consolidated statement of financial position. The Entity applies IAS 36 to determine whether a rights-of-use asset is impaired and accounts for any identified impairment loss as described in the 'Impairment of assets other than goodwill' policy. Leases with variable income that do not depend on an index or rate are not included in the measurement of the lease liability and the asset for rights of use. The related payments are recognized as an expense in the period in which the event or condition that triggers the payments occurs and are included in the concept of “Other expenses” in the consolidated statement of profits and other comprehensive Income (Loss). As a practical expedient, IFRS 16 allows you not to separate the non-lease components and instead account for any lease and its associated non-lease components as a single arrangement. The Entity has not adopted this practical expedient. For contracts that contain lease components and one or more additional lease or non-lease components, the Entity assigns the consideration of the contract to each lease component under the relative selling price method independent of the lease component and aggregate stand-alone relative selling price for all non-lease components.
Foreign currencies	Foreign currencies The U.S. dollar is the functional currency of Vesta and all of its subsidiaries except for WTN Desarrollos Inmobiliarios de México, S. de R. L. de C. V. (“WTN”), which considers the Mexican peso to be their functional currency and is considered to be “foreign operations” under IFRS. However, Vesta and its subsidiaries keep their accounting records in Mexican pesos. In preparing the financial statements of each individual entity, transactions in currencies other than the entity's functional currency (foreign currencies) are recognized at the exchange rates in effect on the dates of each transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the exchange rates in effect at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the exchange rates in effect on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognized in profit or loss in the period in which they arise. For the purposes of presenting consolidated financial statements, the assets and liabilities of WTN is translated into U.S. dollars using the exchange rates in effect on the last business day of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates in effect on the dates of the transactions are used. Exchange differences arising, if any, are recorded in other comprehensive income.
Employee benefits	Employee benefits Employee benefits for termination Employee benefits for termination are recorded in the results of the year in which they are incurred. Short-term and other long-term employee benefits A liability is recognized for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service. Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service. Liabilities recognized in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Entity in respect of services provided by employees up to the reporting date. Post-employment and other long-term employee benefits Post-employment and other long-term employee benefits, which are considered to be monetary items, include obligations for pension and retirement plans and seniority premiums. In Mexico, the economic benefits from employee benefits and retirement pensions are granted to employees with 10 years of service and minimum age of 60 . In accordance with Mexican Labor Law, the Entity provides seniority premium benefits to its employees under certain circumstances. These benefits consist of a one-time payment equivalent to 12 days wages for each year of service (at the employee’s most recent salary, but not to exceed twice the legal minimum wage), payable to all employees with 15 or more years of service, as well as to certain employees terminated involuntarily before the vesting of their seniority premium benefit. For defined benefit retirement plans and other long-term employee benefits, such as the Entity’s sponsored pension and retirement plans and seniority premiums, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each reporting period. All remeasurement effects of the Entity’s defined benefit obligation such as actuarial gains and losses are recognized directly in Other comprehensive gain – Net of tax. The Entity presents service costs within general and administrative expenses in the consolidated statement of profit and other comprehensive income (Loss). The Entity presents net interest cost within finance costs in the consolidated statement of profit and other comprehensive income (Loss). The projected benefit obligation recognized in the consolidated statement of financial position represents the present value of the defined benefit obligation as of the end of each reporting period. Statutory employee profit sharing (“PTU”) PTU is recorded in the results of the year in which it is incurred and is presented in General and administrative expenses line item in the consolidated statement of profit and other comprehensive income (loss). As result of the recent changes to the Income Tax Law and the Labor Law, as of December 31, 2023, 2022 and 2021, PTU is determined based on taxable income, according to Section I of Article 9 of the that Law and the Article 127 of the Labor Law. Compensated absences The Entity creates a provision for the costs of compensated absences, such as paid annual leave, which is recognized using the accrual method.
Share-based payment arrangements	Share-based payment arrangements Share-based payment transactions of the Entity Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 21. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Entity’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Entity revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity settled employee benefits reserve.
Income taxes	Income taxes Income tax expense represents the sum of the tax currently payable and deferred tax. 1. Curren t tax Current income tax (“ISR”) is recognized in the results of the year in which is incurred. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Entity’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. A provision is recognized for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Entity supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. 2. Deferred income tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Entity expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is an enforceable legal right that allows offsetting current tax assets against current tax liabilities and when they are related to income taxes collected by the same tax authority and the Entity has the right to intention to settle your current tax assets and liabilities on a net basis. 3. Current and deferred tax for the year
Provisions	Provisions Provisions are recognized when the Entity has a present obligation (legal or constructive) as a result of a past event, when it is probable that the Entity will be required to settle the obligation, and when a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties associated with the obligation. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Revenue recognition	Revenue recognition Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Energy income and Reimbursable building services arise from tenant leases and consists on the recovery of certain operating expenses of the respective property. Such reimbursements are included in rental income in the consolidated financial statements.
Segment	Segment The Entity’s primary business is the acquisition, development, and management of industrial and distribution center real estate. Vesta manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. As of December 31, 2023, 2022 and 2021, all of our assets and operations are derived from assets located within Mexico.
Other income and Other expense	Other income and Other expense Other income and other expenses consist of transactions which substantially depart from our rental income from operating leases; these mainly include the income and expenses derived from the charge and expense of energy consumption through the Entity’s infrastructure to non-tenant third-parties, insurance recoveries and others.
Reclassifications	Reclassifications Certain items in our consolidated statements of income and other comprehensive income (loss) and certain tables in our footnotes for the years ended December 31, 2021 and 2022 have been reclassified to conform to the 2023 presentation.
Critical accounting judgments and key sources of estimation uncertainty	Critical accounting judgments and key sources of estimation uncertainty In the application of the Entity’s accounting policies, which are described in Note 3, management of the Entity is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Valuation of investment properties As described in Note 8, the Entity uses external appraisers in order to determine the fair value of its investment properties. Such appraisers use several valuation methodologies that include assumptions that are not directly observable in the market to estimate the fair value of its investment properties. Note 8 provides detailed information about the key assumptions used in the determination of the fair value of the investment properties. In estimating the fair value of an asset or a liability, the Entity uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Entity engages third party qualified valuation experts. The valuation committee works closely with the qualified external valuation experts to establish the appropriate valuation techniques and inputs to the model. The Chief Financial Officer reports the valuation committee’s findings to the board of directors of the Entity every quarter to explain the cause of fluctuations in the fair value of the assets and liabilities. Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities are disclosed in Note 8 and 19. The Entity’s management believes that the chosen valuation methodologies and assumptions used are appropriate in determining the fair value of the Entity’s investment properties.

Material accounting policies (T

Material accounting policies (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract]
Schedule of interests in subsidiaries	All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Entity are eliminated in full on consolidation. Ownership percentage Subsidiary/Entity 2023 2022 2021 Activity QVC, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties QVC II, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties WTN Desarrollos Inmobiliarios de México, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Baja California, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Bajío, S. de R.L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Querétaro, 99.99% 99.99% 99.99% Holds investment properties Proyectos Aeroespaciales, 99.99% 99.99% 99.99% Holds investment properties Vesta DSP, S. de R. L. de C.V. 99.99% 99.99% 99.99% Holds investment properties Vesta Management, S. de R.L. de C.V. 99.99% 99.99% 99.99% Provides specialized administrative services (REPSE # AR12757/2022) Servicio de Administración y Mantenimiento Vesta, S. de R.L. de C.V. 99.99% 99.99% 99.99% Provide specialized administrative services (REPSE # AR17617/2022) Enervesta, S. de R.L. de C.V. 99.99% 99.99% 99.99% Provides administrative services to the Entity Trust CIB 2962 (1) (1) (1) Vehicle to distribute shares to employees under the Long-Term Incentive plan. (1)
Schedule of financial liabilities	The balance as of December 31, 2023, 2022 and 2021 of short-term accounts payables was: December 31, 2023 December 31, 2022 December 31, 2021 Construction in-progress (1) $ 6,421,225 $ 13,369,927 $ 354,012 Land (2) 275,230 366,975 - Existing properties 5,107,983 2,239,163 385,369 Others accounts payables 1,384,528 652,723 2,272,034 $ 13,188,966 $ 16,628,788 $ 3,011,415 (1) At the end of fiscal year 2023 and 2022, the Entity began the construction of ten and six investment properties, respectively. The amount represents the advances according to the construction contract, which will be paid settled during the first quarter of the following year. (2) During the third quarter of 2022 the Entity acquired a land reserve and signed promissory agreements for a total of $8,256,912 to be paid on quarterly installments of $91,744 starting March 2023 plus a final payment of $7,431,218 in June 2025; the long-term payable portion as of December 31, 2023 and 2022 is $7,706,450 and $7,889,937, respectively.

Cash, cash equivalents and re_2

Cash, cash equivalents and restricted cash (Tables)	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of cash, cash equivalents and restricted cash	Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statements of financial position as follows: December 31, 2023 December 31, 2022 December 31, 2021 Cash and cash equivalents $ 501,093,921 $ 139,056,863 $ 452,802,049 Current restricted cash 72,215 90,222 19,083 501,166,136 139,147,085 452,821,132 Non-current restricted cash 735,312 735,312 735,312 Total $ 501,901,448 $ 139,882,397 $ 453,556,444

Recoverable taxes (Tables)

Recoverable taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Schedule of Recoverable Taxes	December 31, 2023 December 31, 2022 December 31, 2021 Recoverable value-added tax (“VAT”) $ 33,733,662 $ 18,440,884 $ 6,193,929 Recoverable income taxes - 9,531,645 9,530,937 Recoverable dividend tax - 1,818,971 3,533,983 Other receivables 131,159 296,973 118,713 $ 33,864,821 $ 30,088,473 $ 19,377,562

Operating lease receivables (Ta

Operating lease receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Operating Lease [Abstract]
Disclosure of Maturity Analysis of Operating Lease Receivables	The aging profile of operating lease receivables as of the dates indicated below are as follows: December 31, 2023 December 31, 2022 December 31, 2021 0-30 days $ 9,338,540 $ 6,732,985 $ 8,345,097 30-60 days 335,498 260,832 263,033 60-90 days 146,708 610,770 269,054 Over 90 days 280,086 85,608 161,963 Total $ 10,100,832 $ 7,690,195 $ 9,039,147
Disclosure of expected credit losses	The following table shows the movement in expected credit losses that has been recognized for the lease receivable: 2023 2022 2021 Balance as of January 1 $ 1,916,124 $ 1,957,935 $ 3,507,156 Increase in loss allowance arising from new financial assets recognized in the year 1,615,852 760,072 1,516,248 Decrease in loss allowance from derecognition of financial assets in the year (995,083) (801,883) (3,065,469) Balance as of December 31, $ 2,536,893 $ 1,916,124 $ 1,957,935
Disclosure of maturity analysis of operating lease payments	Future minimum lease payments receivable under non-cancellable operating lease agreements are as follows: As of December 31, 2023 2022 2021 Not later than 1 year $ 204,723,974 $ 155,267,112 $ 140,816,013 Later than 1 year and not later than 3 years 344,644,619 250,043,235 213,202,071 Later than 3 year and not later than 5 years 329,579,421 209,592,871 169,944,066 Later than 5 years 185,044,052 154,909,895 102,405,961 $ 1,063,992,066 $ 769,813,113 $ 626,368,111 Analysis of maturity of liabilities by lease: Finance lease liabilities As of December 31, As of December 31, As of December 31, Less than 1 year $ 662,388 $ 709,901 $ 523,281 Later than 1 year and not later than 5 years 301,099 963,487 968,672 963,487 1,673,388 1,491,953 Less: future finance cost (65,836) (169,449) (111,540) Total lease liability $ 897,651 $ 1,503,939 $ 1,380,413 Finance lease - short term $ 607,481 $ 606,281 $ 464,456 Finance lease - long term 290,170 897,658 915,957 Total lease liability $ 897,651 $ 1,503,939 $ 1,380,413
Disclosure of prepayments and other assets	Prepaid expenses and other current assets As of December 31 2023 2022 2021 Advance payments (1) $ 19,308,297 $ 17,201,933 $ - Other accounts receivables (2) 328,082 7,486,147 - Property expenses 1,638,607 543,804 - Prepaid expenses 24,406 76,467 483,581 $ 21,299,392 $ 25,308,351 $ 483,581 1) During the second quarter of 2022 the Entity entered into an agreement for the procurement, permissioning and other conditions for the acquisition of several plots of land; if the conditions are met within a period of 18 months, or an additional 18-month extension, the advance deposit will be considered part of the final transactions price, otherwise approximately $1 million will be forfeited to the counterparty and expensed; the remainder amount will be reimbursed to the Entity. 2) As stated in Note 8 the Entity sold land reserve located in Queretaro, and as of December 2022, there was an outstanding balance of $7,486,147 that was settled in the first quarter of 2023.

Investment property (Tables)

Investment property (Tables)	12 Months Ended
	Dec. 31, 2023
Investment property [abstract]
Disclosure of detailed information about investment property	The following table provides information about how the fair values of the investment properties are determined (in particular, the valuation techniques and inputs used). Property Fair value Valuation Significant Value/range Relationship of unobservable inputs Buildings and land Level 3 Discounted cash flows Discount rate 2023: 7.00% to 12.21% 2022: 7.50% to 12.24% 2021: 7.75% to 12.15% The higher the discount rate, the lower the fair value. Exit cap rate 2023: 6.50% to 8.99% 2022: 6.50% to 8.99% 2021: 6.75% to 8.99% The higher the exit cap rate, the lower the fair value. Long-term NOI Based on contractual rent and then on market related rents The higher the NOI, the higher the fair value. Inflation rates Mexico: 3.6% to 4.25%, in 2023 3.4% to 5.0%, in 2022 3.55% to 4.15% in 2021 U.S.: 2.1% to 3.0%, in 2023 2.1% to 3.5% in 2022, 2.3% to 3.0% in 2021 The higher the inflation rate, the higher the fair value. Absorption period 12 months of average The shorter the absorption period, the higher the fair value Market related rents Depending on the park/state The higher the market rent the higher the fair value Land reserves Level 3 Market comparable Price per acre Weighted average price per acre is $195,196 in 2023, $239,266 in 2022, $149,153 in 2021. The higher the price, the higher the fair value. The table below sets forth the aggregate values of the Entity’s investment properties for the years indicated: 2023 2022 2021 Buildings and land $ 3,167,770,000 $ 2,657,513,766 $ 2,167,895,680 Land improvements 16,277,544 7,562,174 7,975,906 Land reserves 138,380,000 208,910,000 133,859,180 3,322,427,544 2,873,985,940 2,309,730,766 Less: Cost to conclude construction in-progress (110,263,380) (135,520,664) (46,559,825) Balance at end of year $ 3,212,164,164 $ 2,738,465,276 $ 2,263,170,941 The reconciliation of investment property is as follows: 2023 2022 2021 Balance at beginning of year $ 2,738,465,276 $ 2,263,170,941 $ 2,103,214,762 Additions 259,757,058 292,349,582 109,032,511 Foreign currency translation effect 13,001,109 7,196,797 (3,742,001) Disposal of investment property (42,519,100) (9,743,562) (109,984,290) Gain on revaluation of investment property 243,459,821 185,491,518 164,649,959 Balance at end of year $ 3,212,164,164 $ 2,738,465,276 $ 2,263,170,941
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets	An increase/decrease in discount rates and exit cap rate will decrease/increase the building and land valuation as of December 31, 2023, 2022 and 2021: December 31, 2023 Impact of +/- 10 bps on Impact of +/- 10 bps on Impact of +/- 10 bps on Buildings and land $ 14,622,874 $ 15,652,178 $ 36,530,020 December 31, 2022 Impact of +/- 10 bps on Impact of +/- 10 bps on Impact of +/- 10 bps on Buildings and land $ 12,177,562 $ 20,763,362 $ 21,538,398 December 31, 2021 Impact of +/- 10 bps on Impact of +/- 10 bps on Impact of +/- 10 bps on Buildings and land $ 15,072,887 $ 15,978,900 $ 29,857,968

Lease liabilities (Tables)

Lease liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Disclosure of quantitative information about right-of-use assets	Right-of-use asset: Rights-of-use January 1, 2023 Additions Disposals December 31, 2023 Office space $ 2,552,121 $ - $ - $ 2,552,121 Vehicles and office furniture 791,773 - - 791,773 Cost of rights-of-use $ 3,343,894 $ - $ - $ 3,343,894 Depreciation of rights-of-use January 1, 2023 Additions Disposals December 31, 2023 Office space $ (1,508,871) $ (452,154) $ - $ (1,961,025) Vehicles and office furniture (417,078) (131,592) - (548,670) Accumulated depreciation (1,925,949) (583,746) - (2,509,695) Total $ 1,417,945 $ (583,746) $ - $ 834,199 Rights-of-use January 1, 2022 Additions Disposals December 31, 2022 Office space $ 2,296,581 $ 255,540 $ - $ 2,552,121 Vehicles and office furniture 411,357 380,416 - 791,773 Cost of rights-of-use $ 2,707,938 $ 635,956 $ - $ 3,343,894 Depreciation of rights-of-use Office space $ (1,078,035) $ (430,836) $ - $ (1,508,871) Vehicles and office furniture (285,486) (131,592) - (417,078) Accumulated depreciation (1,363,521) (562,428) - (1,925,949) Total $ 1,344,417 $ 73,528 $ - $ 1,417,945 Rights-of-use January 1, 2021 Additions Disposals December 31, 2021 Office space $ 1,260,626 $ 1,035,955 $ - $ 2,296,581 Vehicles and office furniture 302,650 108,707 - 411,357 Cost of rights-of-use $ 1,563,276 $ 1,144,662 $ - $ 2,707,938 Depreciation of rights-of-use Office space $ (717,375) $ (360,660) $ - $ (1,078,035) Vehicles and office furniture (188,064) (97,422) - (285,486) Accumulated depreciation (905,439) (458,082) - (1,363,521) Total $ 657,837 $ 686,580 $ - $ 1,344,417
Disclosure of lease obligations	Lease obligations: January 1, 2023 Additions Disposals Interests Repayments December 31, 2023 Lease liabilities $ 1,503,939 $ $ $ 103,611 $ (709,899) $ 897,651 January 1, 2022 Additions Disposals Interests accrued Repayments December 31, 2022 Lease liabilities $ 1,380,413 $ 635,956 $ - $ 135,531 $ (647,961) $ 1,503,939 January 1, 2021 Additions Disposals Interests accrued Repayments December 31, 2021 Lease liabilities $ 731,285 $ 1,144,662 $ - $ 69,143 $ (564,677) $ 1,380,413
Disclosure of maturity analysis of operating lease payments	Future minimum lease payments receivable under non-cancellable operating lease agreements are as follows: As of December 31, 2023 2022 2021 Not later than 1 year $ 204,723,974 $ 155,267,112 $ 140,816,013 Later than 1 year and not later than 3 years 344,644,619 250,043,235 213,202,071 Later than 3 year and not later than 5 years 329,579,421 209,592,871 169,944,066 Later than 5 years 185,044,052 154,909,895 102,405,961 $ 1,063,992,066 $ 769,813,113 $ 626,368,111 Analysis of maturity of liabilities by lease: Finance lease liabilities As of December 31, As of December 31, As of December 31, Less than 1 year $ 662,388 $ 709,901 $ 523,281 Later than 1 year and not later than 5 years 301,099 963,487 968,672 963,487 1,673,388 1,491,953 Less: future finance cost (65,836) (169,449) (111,540) Total lease liability $ 897,651 $ 1,503,939 $ 1,380,413 Finance lease - short term $ 607,481 $ 606,281 $ 464,456 Finance lease - long term 290,170 897,658 915,957 Total lease liability $ 897,651 $ 1,503,939 $ 1,380,413

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
	Dec. 31, 2023
Borrowing costs [abstract]
Disclosure of detailed information about borrowings	The long-term debt is comprised by the following notes: Loan Amount Annual interest rate Monthly amortization Maturity 31/12/2023 31/12/2022 31/12/2021 MetLife 10-year 150,000,000 4.55% (1) August 2026 144,266,224 146,723,915 149,071,012 Series A Senior Note 65,000,000 5.03% (3) September 2024 65,000,000 65,000,000 65,000,000 Series B Senior Note 60,000,000 5.31% (3) September 2027 60,000,000 60,000,000 60,000,000 Series A Senior Note 45,000,000 5.50% (3) May 2025 45,000,000 45,000,000 45,000,000 Series B Senior Note 45,000,000 5.85% (3) May 2028 45,000,000 45,000,000 45,000,000 MetLife 10-year 118,000,000 4.75% (2) December 2027 103,955,374 117,867,109 118,000,000 MetLife 8-year 26,600,000 4.75% (1) August 2026 25,620,991 26,041,321 26,441,925 Series RC Senior Note 70,000,000 5.18% (4) June 2029 70,000,000 70,000,000 70,000,000 Series RD Senior Note 15,000,000 5.28% (5) June 2031 15,000,000 15,000,000 15,000,000 Vesta ESG Global bond 35/8 05/31 350,000,000 3.63% (6) May 2031 350,000,000 350,000,000 350,000,000 923,842,589 940,632,345 943,512,937 Less: Current portion (69,613,002) (4,627,154) (2,880,592) Less: Direct issuance cost (8,655,835) (10,132,759) (9,979,721) Total Long-term debt $ 845,573,752 $ 925,872,432 $ 930,652,624 (1) On July 22, 2016 the Entity entered into a 10-year loan agreement with MetLife, interest on this loan is paid on a monthly basis. On March 2021, under this credit facility, an additional loan was contracted for $26,600,000 bearing interest on a monthly basis at a fixed interest rate of 4.75%. Principal amortization over the two loans will commence on September 1, 2023. This credit facility is guaranteed with 48 of the Entity’s properties. (2) On November 1, 2017, the Entity entered into a 10-year loan agreement with MetLife, interest on this loan is paid on a monthly basis. The loan bears monthly interest only for 60 months and thereafter monthly amortizations of principal and interest until it matures on December 1, 2027. This loan is secured by 19 of the Entity’s investment properties under a Guarantee Trust. On November 28, 2023, the Entity prepaid $12,194,600 associated with the sale of one investment property under the Guarantee trust. (3) Series A Senior Notes and Series B Senior Notes are not secured by investment properties of the Entity. The interest on these notes is paid on a monthly basis. As of December 31, 2023, Series A Senior Notes were reclassified to the Current portion of long-term debt. (4) On June 25, 2019, the Entity entered into a 10-year senior notes series RC to financial institutions, interest on these loans is paid on a semiannual basis December 14, 2019. The note payable matures on June 14, 2029. Five of its subsidiaries are joint obligators under these notes payable. (5) On June 25, 2019, the Entity entered into a 12-year note payable to financial institutions, interest on these loans is paid on a semiannual basis beginning December 14, 2019. The note payable matures on June 14, 2031. Five of its subsidiaries are joint obligators under these notes payable. (6) On May 13, 2021, the Entity offered $350,000,000 Senior Notes, Vesta ESG Global bond 35/8 05/31 with maturity on May 13, 2031. Interest is paid on a semiannual basis at an annual interest rate of 3.625%. The cost incurred for this issuance was $7,746,222.
Disclosure of maturity analysis for non-derivative financial liabilities	Scheduled maturities and periodic amortization of long-term debt are as follows: 2025 49,856,047 2026 165,520,823 2027 98,852,717 2028 105,000,000 2029 70,000,000 Thereafter 365,000,000 Less: direct issuance cost (8,655,835) Total long-term debt $ 845,573,752 The maturity of the long-term, its current portion and the accrued interest at December 31, 2023, 2022 and 2021 is as follows: December 31, Weighted 1 to 3 months 3 months to 1 1 to 4 years 5 or more Total Long-term debt $ 1,143,783 $ 67,306,362 $ 420,392,444 $ 435,000,000 $ 923,842,589 Accrued interest 4.98% 17,523,667 20,701,788 118,441,437 29,034,658 185,701,550 $ 18,667,450 $ 88,008,150 $ 538,833,881 $ 464,034,658 $ 1,109,544,139 December 31, Weighted 1 to 3 months 3 months to 1 1 to 4 years 5 or more Total Long-term debt $ 1,183,062 $ 3,444,093 $ 501,005,191 $ 435,000,000 $ 940,632,346 Accrued interest 4.98% 17,700,067 21,144,641 143,645,742 46,594,158 229,084,608 $ 18,883,129 $ 24,588,734 $ 644,650,933 $ 481,594,158 $ 1,169,716,954 December 31, Weighted 1 to 3 months 3 months to 1 1 to 4 years 5 or more Total Long-term debt $ 702,749 $ 2,177,843 $ 290,278,136 $ 650,354,209 $ 943,512,937 Accrued interest 4.98% 6,635,998 35,791,636 153,899,886 73,591,722 269,919,242 $ 7,338,747 $ 37,969,479 $ 444,178,022 $ 723,945,931 $ 1,213,432,179

Employee benefits (Tables)

Employee benefits (Tables)	12 Months Ended
	Dec. 31, 2023
Employee Benefits [Abstract]
Disclosure of defined benefit plans	The principal long-term assumptions used in determining the retirement plan, seniority premium and the current service cost are as follows: As of December 31, 2023 2022 2021 Financial: Discount rate 9.80% 10.30% 8.20% Rate of salary increase 5.00% 5.00% 4.50% Rate of minimum wage increase 5.00% 5.00% 4.50% Inflation rate 4.00% 4.00% 3.50% Biometric: Mortality EMSSA-09 EMSSA-09 EMSSA-09 Incapacity EMSSIH-97 EMSSIH-97 EMSSIH-97 Retirement age 65 years 65 years 65 years Rotation 20% / 100% 20% / 100% 20% / 100%
Disclosure of net defined benefit liability (asset)	Balance of liabilities for defined benefit obligations: As of December 31, 2023 2022 2021 Seniority premium Net defined benefit liability $ 40,453 $ 9,270 $ - Retirement plan Net defined benefit liability 1,479,337 339,010 - Employee benefit liability $ 1,519,790 $ 348,280 $ -
Disclosure of defined benefit plan, expected future benefit payments	Based on our assumptions, the benefit amounts expected to be paid in the following years are as follows: Assumption Seniority premium Retirement Plan 2024 5,047 265,205 2025 7,798 538,736 2026 4,099 73,151 2027 4,012 86,782 2028 3,091 71,281 2029 onwards 56,858 1,923,520

Capital stock (Tables)

Capital stock (Tables)	12 Months Ended
	Dec. 31, 2023
Share Capital [Abstract]
Disclosure of classes of share capital	Capital stock as of December 31, 2023, 2022 and 2021 is as follows: 2023 2022 2021 Number of Amount Number of Amount Number of Amount Fixed capital Series A 5,000 $ 3,696 5,000 $ 3,696 5,000 $ 3,696 Variable capital Series B 870,104,128 591,596,417 679,697,740 480,620,223 684,247,628 482,854,693 Total 870,109,128 $ 591,600,113 679,702,740 $ 480,623,919 684,252,628 $ 482,858,389
Disclosure of treasury shares	As of December 31, 2023, 2022 and 2021 total treasury shares are as follows: 2023 2022 2021 Treasury shares (1) 5,721,638 10,077,405 5,652,438 Shares in Long-term incentive plan trust (2) 8,655,670 8,456,290 8,331,369 Total Treasury shares 14,377,308 18,533,695 13,983,807 (1) Treasury shares are not included in the Total Capital Stock of the Entity; they represent the total stock outstanding under the repurchase program approved by the resolution of the general ordinary stockholders meeting on March 13, 2020. (2) Shares in long-term incentive plan trust are not included in the Total Capital Stock of the Entity. The trust was established in 2018 in accordance with the resolution of the general ordinary stockholders meeting on January 6, 2015 as the 20-20 Long Term Incentive Plan, this compensation plan was extended for the period 2021 to 2025, “Long Term Incentive Plan” by a resolution of the general ordinary stockholders meeting on March 13, 2020. Such trust was created by the Entity as a vehicle to distribute shares to employees under the mentioned incentive plan (see Note 21) and is consolidated by the Entity. The shares granted to the eligible executives and deposited in the trust accrue dividends for the employee any time the ordinary shareholders receive dividends and those dividends do not need to be returned to the Entity if the executive forfeits the granted shares.
Disclosure Of Fully Paid Ordinary Shares	Fully paid ordinary shares Number of Amount Additional paid-in Balance as of January 1, 2021 564,214,433 $ 422,437,615 $ 297,064,471 Vested shares 3,258,637 1,647,600 4,743,437 Equity Issuance 116,779,558 58,773,174 164,422,275 Balance as of December 31, 2021 684,252,628 482,858,389 466,230,183 Vested shares 4,161,111 2,014,895 5,800,994 Repurchase of shares (8,710,999) (4,249,365) (11,353,943) Balance as of December 31, 2022 679,702,740 480,623,919 460,677,234 Vested shares 4,156,388 2,204,586 8,048,945 Equity Issuance 186,250,000 108,771,608 466,218,277 Balance as of December 31, 2023 870,109,128 $ 591,600,113 $ 934,944,456
Disclosure of dividends	Retained earnings that may be subject to withholding of up to 10% on distributed dividends is as follows: Period Amount Reinvested Distributed Amount that Amount not Retained earnings through December 31, 2013 $ 204,265,028 204,265,028 204,265,028 $ - $ - 2014 24,221,997 24,221,997 24,221,997 - $ - 2016 45,082,793 45,082,793 45,082,793 - $ - 2017 126,030,181 126,030,181 126,030,181 - $ - 2018 93,060,330 93,060,330 22,541,485 70,518,845 $ - 2019 134,610,709 134,610,709 - 134,610,709 $ - 2020 66,956,082 66,956,082 - 66,956,082 $ - 2021 173,942,373 173,942,373 - 173,942,373 $ - 2022 243,624,754 243,624,754 - 243,624,754 $ - 2023 325,012,754 325,012,754 - 325,012,754 $ - (1) Dividend paid in 2019, were distributed form earnings generated in 2014 and 2016, which were reinvested until the days in which the dividends were paid. Dividend paid in 2020 were distributed from earnings generated in 2017. Dividends paid in 2021 and 2022 were distributed from earnings generated in 2013 and 2017.
Earnings per share	The amounts used to determine earnings per share are as follows: December 31, 2023 December 31, 2022 December 31, 2021 Basic Earnings per share Earnings attributable to ordinary shares outstanding $ 316,637,512 $ 243,624,754 $ 173,942,373 Weighted average number of ordinary shares outstanding 756,961,868 682,642,927 648,418,962 Basic Earnings per share 0.4183 0.3569 0.2683 Diluted Earnings per share Earnings attributable to ordinary shares outstanding and shares in Long-term Incentive Plan $ 316,637,512 $ 243,624,754 $ 173,942,373 Weighted average number of ordinary shares plus shares in Long-term Incentive Plan 768,845,264 694,253,758 692,934,852 Diluted earnings per share 0.4118 0.3509 0.2636

Rental income (Tables)

Rental income (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Disclosure Of Rental Income	December 31, 2023 December 31, 2022 December 31, 2021 Rents $ 200,267,401 $ 166,875,957 $ 154,954,624 Energy income 1,940,693 1,831,137 571,684 Reimbursable building services 11,240,202 9,318,367 5,172,077 $ 213,448,296 $ 178,025,461 $ 160,698,385

Property operating costs and _2

Property operating costs and General and administrative expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Description of direct property operating costs	Direct property operating costs from investment properties that generated rental income during the year: December 31, 2023 December 31, 2022 December 31, 2021 Real estate tax $ 2,658,183 $ 1,831,436 $ 1,887,480 Insurance 1,062,027 691,462 655,883 Maintenance 2,083,252 1,624,366 1,559,539 Structural maintenance accrual 111,851 110,403 105,228 Trust fees 114,062 110,439 106,752 Energy costs 2,102,060 1,345,588 571,684 Other property related expenses 5,344,889 3,227,095 3,657,395 $ 13,476,324 $ 8,940,789 $ 8,543,961 b. Direct property operating costs from investment property that did not generate rental income during the year: December 31, 2023 December 31, 2022 December 31, 2021 Real estate tax $ 683,843 $ 328,919 $ 449,403 Insurance 33,298 42,973 63,388 Maintenance 625,648 458,178 403,167 Other property related expenses 3,420,609 1,652,535 1,266,838 4,763,398 2,482,605 2,182,796 Total property operating costs $ 18,239,722 $ 11,423,394 $ 10,726,757
Disclosure of general and administrative expense	General and administrative expenses consist of the following: December 31, 2023 December 31, 2022 December 31, 2021 Employee annual salary plus employee benefits $ 17,883,095 $ 13,501,686 $ 11,744,548 Auditing, legal and consulting expenses 2,357,281 971,629 815,843 Property appraisal and other fees 572,207 682,905 683,681 Marketing expenses 948,211 1,026,804 871,705 Other 379,197 116,997 129,571 22,139,991 16,300,021 14,245,348 Depreciation 1,578,073 1,463,920 1,601,216 Share-based compensation expense – Note 21.3 8,001,831 6,650,487 5,554,353 Total $ 31,719,895 $ 24,414,428 $ 21,400,917

Other income (Tables)

Other income (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Disclosure of Other Income	December 31, 2023 December 31, 2022 December 31, 2021 Non-tenant electricity income $ 2,191,789 $ - $ - Insurance recovery 2,447,112 1,153,350 102,943 Inflationary effect on tax recovery 188,750 122,855 43,980 Others 310,507 54,648 3,555 Total $ 5,138,158 $ 1,330,853 $ 150,478

Other expense (Tables)

Other expense (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Disclosure of Other Expenses	December 31, 2023 December 31, 2022 December 31, 2021 Non-tenant electricity expense $ 1,834,479 $ - $ - Commissions paid 127,513 104,680 122,684 Others 1,075,121 269,311 - Total $ 3,037,113 $ 373,991 $ 122,684

Finance costs (Tables)

Finance costs (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Disclosure Of Finance Costs Explanatory	December 31, 2023 December 31, 2022 December 31, 2021 Interest on loans $ 44,335,420 $ 44,852,043 $ 45,482,028 Loan prepayment fees 1,971,555 1,544,113 4,781,465 Total $ 46,306,975 $ 46,396,156 $ 50,263,493

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Disclosure of major components of tax expense (income)	Income taxes are as follows: December 31, 2023 December 31, 2022 December 31, 2021 ISR expense: Current $ 91,953,099 $ 41,981,391 $ 50,262,466 Deferred (26,969,516) 6,242,079 31,828,085 Total income taxes $ 64,983,583 $ 48,223,470 $ 82,090,551
Disclosure of reconciliation of effective tax rate	The effective ISR rates for fiscal 2023, 2022 and 2021 differ from the statutory rate as follows: December 31, 2023 December 31, 2022 December 31, 2021 Statutory rate 30% 30% 30% Effects of exchange rates on tax balances (2%) (20%) (7%) Effects of inflation (11)% 7% 9% Effective rate 17% 17% 32%
Disclosure of temporary difference, unused tax losses and unused tax credits	The main items originating the deferred tax liability are: December 31, 2023 December 31, 2022 December 31, 2021 Deferred ISR assets (liabilities): Investment property $ (279,051,207) $ (302,909,300) $ (291,729,224) Effect of tax loss carryforwards 6,076 5,461 - Other provisions and prepaid expenses 2,134,624 2,924,146 150,648 Deferred income taxes – Net $ (276,910,507) $ (299,979,693) $ (291,578,576) A reconciliation of the changes in the deferred tax liability balance is presented as follows: December 31, 2023 December 31, 2022 December 31, 2021 Deferred tax liability at the beginning of the period $ (299,979,693) $ (291,578,576) $ (260,873,091) Movement included in profit or loss 26,969,516 (6,242,079) (31,828,085) Movement included in other comprehensive income (3,900,330) (2,159,038) 1,122,600 Deferred tax liability at the end of the year $ (276,910,507) $ (299,979,693) $ (291,578,576)

Financial instruments (Tables)

Financial instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Financial Instruments [Abstract]
Disclosure Of Leverage Ratio	The leverage ratio at end of following reporting periods was as follows: As of December 31, 2023 2022 2021 Debt $ 915,186,754 $ 930,499,586 $ 933,533,216 Cash, cash equivalents and restricted cash (501,166,136) (139,147,085) (452,821,132) Net debt 414,020,618 791,352,501 480,712,084 Equity 2,486,968,425 1,639,787,828 1,453,652,407 Net debt to equity ratio 17% 48% 33%
Disclosure of financial risk management	The carrying amounts of the Entity’s foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period as well as the relevant exchange rates are as follows: December 31, 2023 December 31, 2022 December 31, 2021 Exchange rates: Mexican pesos per US dollar at the end of the period 16.8935 19.3615 20.5835 Mexican pesos per US dollar average during the year 17.7576 20.1249 20.2818 Monetary assets: Mexican pesos $ 120,056,104 $ 229,361,977 $ 249,437,217 US dollars 21,161 263,033 1,486,635 Monetary liabilities: Mexican pesos $ 14,408,011 $ 260,708,893 $ 195,227,796 US dollars 30,777,579 30,979,579 33,081,624
Disclosure of maturity analysis for non-derivative financial liabilities	Scheduled maturities and periodic amortization of long-term debt are as follows: 2025 49,856,047 2026 165,520,823 2027 98,852,717 2028 105,000,000 2029 70,000,000 Thereafter 365,000,000 Less: direct issuance cost (8,655,835) Total long-term debt $ 845,573,752 The maturity of the long-term, its current portion and the accrued interest at December 31, 2023, 2022 and 2021 is as follows: December 31, Weighted 1 to 3 months 3 months to 1 1 to 4 years 5 or more Total Long-term debt $ 1,143,783 $ 67,306,362 $ 420,392,444 $ 435,000,000 $ 923,842,589 Accrued interest 4.98% 17,523,667 20,701,788 118,441,437 29,034,658 185,701,550 $ 18,667,450 $ 88,008,150 $ 538,833,881 $ 464,034,658 $ 1,109,544,139 December 31, Weighted 1 to 3 months 3 months to 1 1 to 4 years 5 or more Total Long-term debt $ 1,183,062 $ 3,444,093 $ 501,005,191 $ 435,000,000 $ 940,632,346 Accrued interest 4.98% 17,700,067 21,144,641 143,645,742 46,594,158 229,084,608 $ 18,883,129 $ 24,588,734 $ 644,650,933 $ 481,594,158 $ 1,169,716,954 December 31, Weighted 1 to 3 months 3 months to 1 1 to 4 years 5 or more Total Long-term debt $ 702,749 $ 2,177,843 $ 290,278,136 $ 650,354,209 $ 943,512,937 Accrued interest 4.98% 6,635,998 35,791,636 153,899,886 73,591,722 269,919,242 $ 7,338,747 $ 37,969,479 $ 444,178,022 $ 723,945,931 $ 1,213,432,179

Transactions and balances wit_2

Transactions and balances with related parties (Tables)	12 Months Ended
	Dec. 31, 2023
Related party [Abstract]
Disclosure of transactions between related parties	The following table details the general and administrative expense of the annual salary plus short-term benefits as well as the Long-term incentive plan and Equity plus that are reflected in the general and administrative expense of the Entity: December 31, 2023 December 31, 2022 December 31, 2021 Employee annual salary plus employee benefits $ 7,128,489 $ 6,217,721 $ 4,704,415 Share-based compensation expense (Note 21.3) 8,001,831 6,650,487 5,554,353 $ 15,130,320 $ 12,868,208 $ 10,258,768 Number of key executives 23 21 23

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payments [Abstract]
Disclosure of number and weighted average exercise prices of share options	Plan Parameters Grant Year Total Relative Shares granted in Equity Plus Cumulative Exercised Shares MIN TARGET MAX 2015 0% $ - $ - $ - $ - $ - 1,738,037 2,600,000 2016 55% 863,499 483,826 (1,347,325) - 695,215 1,738,037 2,607,056 2017 40% 637,200 944,674 (1,581,873) - 695,215 1,738,037 2,607,056 2018 145% 3,423,106 753,372 (4,176,478) - 1,000,000 2,500,000 3,750,000 2019 150% 3,550,449 515,706 (4,066,156) 1,409,481 1,000,000 2,500,000 3,750,000 2020 150% 3,707,949 520,492 (2,818,960) 2,890,420 1,000,000 2,500,000 3,750,000 2021 143% 3,760,851 525,181 (1,395,612) 4,355,769 1,100,000 2,750,000 4,125,000 2022 143% 3,763,449 592,318 - - 1,100,000 2,750,000 4,125,000 2023 143% 3,722,427 - - - 1,100,000 2,750,000 4,125,000 Total $ 23,428,930 $ 4,335,569 $ (15,386,404) $ 8,655,670 * Calculated for the previous three years.
Explanation of effect of share-based payments on entity's profit or loss	The long-term incentive expense for the years ended December 31, 2023, 2022 and 2021 was as follows: December 31, 2023 December 31, 2022 December 31, 2021 Share-based compensation expense $ 8,001,831 $ 6,650,487 $ 5,554,353 Total share-based compensation expense $ 8,001,831 $ 6,650,487 $ 5,554,353

General information (Details)

General information (Details)

12 Months Ended

Dec. 13, 2023 USD ($)

Dec. 07, 2023 $ / shares shares

Jul. 05, 2023 USD ($) shares

Jun. 29, 2023 $ / shares shares

Sep. 01, 2022 USD ($)

Apr. 28, 2022 USD ($) shares

May 13, 2021 USD ($)

Apr. 27, 2021 USD ($) shares

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($) deferralAgreement

Dec. 31, 2020 USD ($) deferralAgreement

Sep. 30, 2021

General Information [Line Items]

Equity Issuance

$ 200,000,000

Option exercise period (in days)

30 days

Borrowings, interest rate (in percent)

4.98%

4.98%

4.98%

Number of deferral agreements | deferralAgreement

43

Operating lease receivable, deferral agreement

$ 5,500,000

Operating lease receivable., deferral agreements, percent recoverable (in percent)

0.16

0.84

Percentage of tenants that have reached pre-crisis operating levels (in percent)

0.95

Number of additional deferrals granted | deferralAgreement

0

Conversion ratio (in shares) | shares

10

Equity issuance proceeds

$ 594,375,000

$ 0

$ 229,215,419

American Depositary Shares

General Information [Line Items]

Sale of stock, price per share (usd per share) | $ / shares

$ 31

Vesta ESG Global bond 35/8 05/31

General Information [Line Items]

Notional amount

$ 350,000,000

$ 350,000,000

Borrowings, interest rate (in percent)

3.625%

3.63%

Borrowing costs incurred

$ 7,746,222

Sustainability Linked Revolving Credit Facility

General Information [Line Items]

Notional amount

$ 200,000,000

Borrowing costs incurred

$ 1,339,606

Current borrowings

$ 0

Primary Global Offering

General Information [Line Items]

Sale of stock, number of shares issued in transaction (in shares) | shares

101,982,052

Over-Allotment Option

General Information [Line Items]

Equity Issuance

$ 29,215,419

Sale of stock, number of shares issued in transaction (in shares) | shares

18,750,000

18,750,000

14,797,307

Number of shares authorised (in shares) | shares

15,297,306

Over-allotment option (in percent)

0.15

Share issue related cost

$ 6,019,970

Initial Public Offering ("Offering")

General Information [Line Items]

Share issue related cost

$ 22,950,000

Equity issuance proceeds

$ 445,625,000

Initial Public Offering ("Offering") | American Depositary Shares

General Information [Line Items]

Sale of stock, number of shares issued in transaction (in shares) | shares

125,000,000

Follow-On Offering

General Information [Line Items]

Sale of stock, number of shares issued in transaction (in shares) | shares

42,500,000

Share issue related cost

$ 4,746,000

Conversion ratio (in shares) | shares

10

Equity issuance proceeds

$ 148,750,000

Follow-On Offering | American Depositary Shares

General Information [Line Items]

Sale of stock, price per share (usd per share) | $ / shares

$ 35

Material accounting policies -

Material accounting policies - Schedule of Consolidation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
QVC, S. de R.L. de C.V.
Disclosure of subsidiaries [line items]
Ownership percentage	99.99%	99.99%	99.99%
QVC II, S. de R.L. de C.V.
Disclosure of subsidiaries [line items]
Ownership percentage	99.99%	99.99%	99.99%
WTN Desarrollos Inmobiliarios de México, S. de R.L. de C.V.
Disclosure of subsidiaries [line items]
Ownership percentage	99.99%	99.99%	99.99%
Vesta Baja California, S. de R.L. de C.V.
Disclosure of subsidiaries [line items]
Ownership percentage	99.99%	99.99%	99.99%
Vesta Bajío, S. de R.L. de C.V.
Disclosure of subsidiaries [line items]
Ownership percentage	99.99%	99.99%	99.99%
Vesta Querétaro, S. de R.L. de C.V.
Disclosure of subsidiaries [line items]
Ownership percentage	99.99%	99.99%	99.99%
Proyectos Aeroespaciales, S. de R.L. de C.V.
Disclosure of subsidiaries [line items]
Ownership percentage	99.99%	99.99%	99.99%
Vesta DSP, S. de R. L. de C.V.
Disclosure of subsidiaries [line items]
Ownership percentage	99.99%	99.99%	99.99%
Vesta Management, S. de R.L. de C.V.
Disclosure of subsidiaries [line items]
Ownership percentage	99.99%	99.99%	99.99%
Servicio de Administración y Mantenimiento Vesta, S. de R.L. de C.V.
Disclosure of subsidiaries [line items]
Ownership percentage	99.99%	99.99%	99.99%
Enervesta, S. de R.L. de C.V.
Disclosure of subsidiaries [line items]
Ownership percentage	99.99%	99.99%	99.99%

Material accounting policies _2

Material accounting policies - Schedule of Short Term Accounts Payable (Details)	3 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) investmentProperty	Dec. 31, 2022 USD ($) investmentProperty	Dec. 31, 2021 USD ($)
Disclosure of financial liabilities [line items]
Construction in-progress		$ 6,421,225	$ 13,369,927	$ 354,012
Land		275,230	366,975	0
Existing properties		5,107,983	2,239,163	385,369
Others accounts payables		1,384,528	652,723	2,272,034
Short-term accounts payable		$ 13,188,966	$ 16,628,788	3,011,415
Number of investment properties that began construction | investmentProperty		10	6
Long-term payable		$ 7,706,450	$ 7,889,937	$ 0
Land
Disclosure of financial liabilities [line items]
Additions other than through business combinations, property, plant and equipment	$ 8,256,912
Quarterly installment amount	91,744
Final payment amount	$ 7,431,218

Material accounting policies _3

Material accounting policies - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract]
Loans and advances to banks	$ 7.5

Cash, cash equivalents and re_3

Cash, cash equivalents and restricted cash - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	$ 501,093,921	$ 139,056,863	$ 452,802,049
Current restricted cash	72,215	90,222	19,083
Cash, cash equivalents and current restricted cash	501,166,136	139,147,085	452,821,132
Non-current restricted cash	735,312	735,312	735,312
Total	$ 501,901,448	$ 139,882,397	$ 453,556,444	$ 121,277,454

Cash, cash equivalents and re_4

Cash, cash equivalents and restricted cash - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash, Cash Equivalents And Restricted Cash [Line Items]
Additions to right-of-use assets		$ 73,528	$ 686,580
Increase (decrease) through financing cash flows, liabilities arising from financing activities	$ 1,971,555	1,544,113	4,781,465
Increase for new lease liabilities		635,956	1,144,662
Gross carrying amount
Cash, Cash Equivalents And Restricted Cash [Line Items]
Additions to right-of-use assets	$ 0	$ 635,956	$ 1,144,662

Recoverable taxes (Details)

Recoverable taxes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Recoverable value-added tax (“VAT”)	$ 33,733,662	$ 18,440,884	$ 6,193,929
Recoverable income taxes	0	9,531,645	9,530,937
Recoverable dividend tax	0	1,818,971	3,533,983
Other receivables	131,159	296,973	118,713
Total current assets	$ 33,864,821	$ 30,088,473	$ 19,377,562

Operating lease receivables - S

Operating lease receivables - Schedule of Aging Profile of Lease Receivables (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Lease Receivables [Line Items]
Total	$ 10,100,832	$ 7,690,195	$ 9,039,147
0-30 days
Operating Lease Receivables [Line Items]
Total	9,338,540	6,732,985	8,345,097
30-60 days
Operating Lease Receivables [Line Items]
Total	335,498	260,832	263,033
60-90 days
Operating Lease Receivables [Line Items]
Total	146,708	610,770	269,054
Over 90 days
Operating Lease Receivables [Line Items]
Total	$ 280,086	$ 85,608	$ 161,963

Operating lease receivables - N

Operating lease receivables - Narrative (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Operating Lease Receivables [Line Items]
Operating lease receivables- Net	$ 10,100,832	$ 7,690,195	$ 9,039,147
Option to extend (in years)	20 years
MAX
Operating Lease Receivables [Line Items]
Operating lease term (in years)	15 years
MIN
Operating Lease Receivables [Line Items]
Operating lease term (in years)	5 years
0-30 days
Operating Lease Receivables [Line Items]
Percent of operating lease receivables outstanding (in percent)	0.92	0.88	0.92
Operating lease receivables- Net	$ 9,338,540	$ 6,732,985	$ 8,345,097
30-60 days
Operating Lease Receivables [Line Items]
Percent of operating lease receivables outstanding (in percent)	0.03	0.03	0.03
Operating lease receivables- Net	$ 335,498	$ 260,832	$ 263,033
60-90 days
Operating Lease Receivables [Line Items]
Percent of operating lease receivables outstanding (in percent)	0.01	0.08	0.03
Operating lease receivables- Net	$ 146,708	$ 610,770	$ 269,054
Over 90 days
Operating Lease Receivables [Line Items]
Percent of operating lease receivables outstanding (in percent)	0.03	0.01	0.02
Operating lease receivables- Net	$ 280,086	$ 85,608	$ 161,963

Operating lease receivables -_2

Operating lease receivables - Schedule of Credit Losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Lease [Abstract]
Balance as of January 1	$ 1,916,124	$ 1,957,935	$ 3,507,156
Increase in loss allowance arising from new financial assets recognized in the year	1,615,852	760,072	1,516,248
Decrease in loss allowance from derecognition of financial assets in the year	(995,083)	(801,883)	(3,065,469)
Balance as of December 31,	$ 2,536,893	$ 1,916,124	$ 1,957,935

Operating lease receivables - O

Operating lease receivables - Operating Lease Receivables Maturity (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	$ 1,063,992,066	$ 769,813,113	$ 626,368,111
Not later than 1 year
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	204,723,974	155,267,112	140,816,013
Later than 1 year and not later than 3 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	344,644,619	250,043,235	213,202,071
Later than 3 year and not later than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	329,579,421	209,592,871	169,944,066
Later than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	$ 185,044,052	$ 154,909,895	$ 102,405,961

Operating lease receivables - P

Operating lease receivables - Prepaid Expenses and Other Current Assets (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Lease Receivables [Line Items]
Advance payments		$ 19,308,297	$ 17,201,933	$ 0
Other accounts receivables		328,082	7,486,147	0
Property expenses		1,638,607	543,804	0
Prepaid expenses		24,406	76,467	483,581
Prepaid expenses and other current assets		21,299,392	25,308,351	483,581
Period for conditions to be met for acquisition (in months)	18 months
Period for conditions to be met for acquisition, extension (in months)	18 months
Advance payments forfeited	$ 1,000,000
Investment properties		$ 3,212,164,164	2,738,465,276	$ 2,263,170,941	$ 2,103,214,762
Land Reserve In Queretaro
Operating Lease Receivables [Line Items]
Investment properties			$ 7,486,147

Investment property - Fair Valu

Investment property - Fair Value of Investment Properties Valuation Method (Details) - Level 3 of fair value hierarchy [member]	Dec. 31, 2023 $ / a	Dec. 31, 2022 $ / a	Dec. 31, 2021 $ / a
Discounted cash flows | Discount rate | MIN | Buildings and land
Disclosure of detailed information about investment property [line items]
Value/range	0.0700	0.0750	0.0775
Discounted cash flows | Discount rate | MAX | Buildings and land
Disclosure of detailed information about investment property [line items]
Value/range	0.1221	0.1224	0.1215
Discounted cash flows | Exit cap rate | MIN | Buildings and land
Disclosure of detailed information about investment property [line items]
Value/range	0.0650	0.0650	0.0675
Discounted cash flows | Exit cap rate | MAX | Buildings and land
Disclosure of detailed information about investment property [line items]
Value/range	0.0899	0.0899	0.0899
Discounted cash flows | Inflation rates | MIN | UNITED STATES | Buildings and land
Disclosure of detailed information about investment property [line items]
Value/range	0.021	0.021	0.023
Discounted cash flows | Inflation rates | MIN | MEXICO | Buildings and land
Disclosure of detailed information about investment property [line items]
Value/range	0.036	0.034	0.0355
Discounted cash flows | Inflation rates | MAX | UNITED STATES | Buildings and land
Disclosure of detailed information about investment property [line items]
Value/range	0.030	0.035	0.030
Discounted cash flows | Inflation rates | MAX | MEXICO | Buildings and land
Disclosure of detailed information about investment property [line items]
Value/range	0.0425	0.050	0.0415
Market comparable | Price per acre | Land reserves
Disclosure of detailed information about investment property [line items]
Value/range	195,196	239,266	149,153

Investment property - Sensitivi

Investment property - Sensitivity Analysis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Exit cap rate
Disclosure of detailed information about investment property [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	$ 14,622,874	$ 12,177,562	$ 15,072,887
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	14,622,874	12,177,562	15,072,887
Discount rate
Disclosure of detailed information about investment property [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	15,652,178	20,763,362	15,978,900
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	15,652,178	20,763,362	15,978,900
Exit Cap Rate and Discount Rate
Disclosure of detailed information about investment property [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	36,530,020	21,538,398	29,857,968
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	$ 36,530,020	$ 21,538,398	$ 29,857,968

Investment property - Schedule

Investment property - Schedule of Investment Property (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about investment property [line items]
Investment property, gross	$ 3,322,427,544	$ 2,873,985,940	$ 2,309,730,766
Less: Cost to conclude construction in-progress	(110,263,380)	(135,520,664)	(46,559,825)
Investment properties	3,212,164,164	2,738,465,276	2,263,170,941	$ 2,103,214,762
Buildings and land
Disclosure of detailed information about investment property [line items]
Investment property, gross	3,167,770,000	2,657,513,766	2,167,895,680
Land improvements
Disclosure of detailed information about investment property [line items]
Investment property, gross	16,277,544	7,562,174	7,975,906
Land reserves
Disclosure of detailed information about investment property [line items]
Investment property, gross	$ 138,380,000	$ 208,910,000	$ 133,859,180

Investment property - Reconcili

Investment property - Reconciliation of Investment Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in investment property [abstract]
Balance at beginning of year	$ 2,738,465,276	$ 2,263,170,941	$ 2,103,214,762
Additions	259,757,058	292,349,582	109,032,511
Foreign currency translation effect	13,001,109	7,196,797	(3,742,001)
Disposal of investment property	(42,519,100)	(9,743,562)	(109,984,290)
Gain on revaluation of investment property	243,459,821	185,491,518	164,649,959
Balance at end of year	$ 3,212,164,164	$ 2,738,465,276	$ 2,263,170,941

Investment property - Narrative

Investment property - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) ft² investmentProperty	Dec. 31, 2022 USD ($) ft² landReserve sale	Dec. 31, 2021 USD ($) ft² landReserve industrialProperty	Dec. 31, 2020 USD ($)	Jul. 22, 2016 investmentProperty
Disclosure of detailed information about investment property [line items]
Additions paid	$ 15,884,322	$ 739,381	$ 933,571
Disposal of investment property	42,519,100	9,743,562	109,984,290
Investment properties	$ 3,212,164,164	2,738,465,276	2,263,170,941	$ 2,103,214,762
Number of investment properties | investmentProperty	67				48
Collateral Pledged
Disclosure of detailed information about investment property [line items]
Investment properties	$ 642,470,000
Queretaro Aerospace Park
Disclosure of detailed information about investment property [line items]
Remaining term of investment property (in years)	41 years
Querétaro Aerospace Park - Airport Concessions
Disclosure of detailed information about investment property [line items]
Remaining term of investment property (in years)	34 years
Nissan the Douki Seisan Park
Disclosure of detailed information about investment property [line items]
Remaining term of investment property (in years)	40 years
Land Reserves And New Buildings
Disclosure of detailed information about investment property [line items]
Additions not paid	$ 19,510,889	23,866,003	$ 739,381
Land Reserves And New Buildings | Aguascalientes and Tijuana
Disclosure of detailed information about investment property [line items]
Investment properties	42,519,100
Losses on disposals of investment properties	$ 461,600
Land reserves
Disclosure of detailed information about investment property [line items]
Disposal of investment property		$ 13,862,383
Land reserves | Aguascalientes
Disclosure of detailed information about investment property [line items]
Number of square feet | ft²	914,932
Disposal of investment property	$ 5,057,500
Land reserves | Querétaro
Disclosure of detailed information about investment property [line items]
Number of square feet | ft²		115,101	2,100,000
Disposal of investment property		$ 909,005	$ 16,317,539
Investment properties			$ 7,395,427
Number of investment properties sold | landReserve		2	4
Gains on disposals of investment properties			$ 8,922,112
Land reserves | Cd Juarez
Disclosure of detailed information about investment property [line items]
Number of square feet | ft²		1,297,508
Land reserves | Queretaro and Cd. Juarez
Disclosure of detailed information about investment property [line items]
Investment properties		$ 9,743,562
Number of sales | sale		2
Gains on disposals of investment properties		$ 5,027,826
Industrial Properties | Queretaro and Ciudad Juarez
Disclosure of detailed information about investment property [line items]
Number of square feet | ft²			1,371,129
Disposal of investment property			$ 108,248,000
Investment properties			$ 103,177,437
Number of investment properties sold | industrialProperty			2
Gains on disposals of investment properties			$ 5,070,563
Buildings | Tijuana
Disclosure of detailed information about investment property [line items]
Number of square feet | ft²	313,410
Disposal of investment property	$ 37,000,000

Lease liabilities - Right-of-Us

Lease liabilities - Right-of-Use Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance, right-of-use assets, net	$ 1,417,945	$ 1,417,945	$ 1,344,417	$ 1,344,417	$ 657,837	$ 657,837
Additions			73,528		686,580
Disposals	0		0		0
Ending balance, right-of-use assets, net	834,199		1,417,945		1,344,417
Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance, right-of-use assets, net	3,343,894	3,343,894	2,707,938	2,707,938	1,563,276	1,563,276
Additions	0		635,956		1,144,662
Disposals	0		0		0
Ending balance, right-of-use assets, net	3,343,894		3,343,894		2,707,938
Depreciation of rights-of-use
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance, right-of-use assets, net	(1,925,949)	(1,925,949)	(1,363,521)	(1,363,521)	(905,439)	(905,439)
Additions		(583,746)		(562,428)		(458,082)
Disposals		0		0		0
Ending balance, right-of-use assets, net	(2,509,695)		(1,925,949)		(1,363,521)
Adjustments, netting
Disclosure of quantitative information about right-of-use assets [line items]
Additions	(583,746)
Office space | Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance, right-of-use assets, net	2,552,121	2,552,121	2,296,581	2,296,581	1,260,626	1,260,626
Additions	0		255,540		1,035,955
Disposals	0		0		0
Ending balance, right-of-use assets, net	2,552,121		2,552,121		2,296,581
Office space | Depreciation of rights-of-use
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance, right-of-use assets, net	(1,508,871)	(1,508,871)	(1,078,035)	(1,078,035)	(717,375)	(717,375)
Additions		(452,154)		(430,836)		(360,660)
Disposals		0		0		0
Ending balance, right-of-use assets, net	(1,961,025)		(1,508,871)		(1,078,035)
Vehicles and office furniture | Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance, right-of-use assets, net	791,773	791,773	411,357	411,357	302,650	302,650
Additions	0		380,416		108,707
Disposals	0		0		0
Ending balance, right-of-use assets, net	791,773		791,773		411,357
Vehicles and office furniture | Depreciation of rights-of-use
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance, right-of-use assets, net	(417,078)	(417,078)	(285,486)	(285,486)	(188,064)	(188,064)
Additions		(131,592)		(131,592)		(97,422)
Disposals		$ 0		$ 0		$ 0
Ending balance, right-of-use assets, net	$ (548,670)		$ (417,078)		$ (285,486)

Lease liabilities - Lease Liabi

Lease liabilities - Lease Liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Lease Liabilities [Line Items]
Lease liabilities, beginning balance	$ 1,503,939	$ 1,380,413	$ 731,285
Additions		635,956	1,144,662
Disposals		0	0
Interests accrued	103,611	135,531	69,143
Repayments	(709,899)	(647,961)	(564,677)
Lease liabilities, ending balance	$ 897,651	$ 1,503,939	$ 1,380,413

Lease liabilities - Maturity of

Lease liabilities - Maturity of Lease Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease liabilities to be received	$ 963,487	$ 1,673,388	$ 1,491,953
Less: future finance cost	(65,836)	(169,449)	(111,540)
Total lease liability	897,651	1,503,939	1,380,413
Lease liabilities - short term	607,481	606,281	464,456
Lease liabilities - long term	290,170	897,658	915,957
Lease liabilities	897,651	1,503,939	1,380,413	$ 731,285
Not later than 1 year
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease liabilities to be received	662,388	709,901	523,281
Later than 1 year and not later than 5 years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease liabilities to be received	$ 301,099	$ 963,487	$ 968,672

Long-term debt - Narrative (Det

Long-term debt - Narrative (Details) - USD ($)	Sep. 01, 2022	May 13, 2021	Aug. 02, 2019	Jun. 25, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 07, 2020	Mar. 23, 2020
Disclosure of detailed information about borrowings [line items]
Long-term debt					$ 923,842,589	$ 940,632,346	$ 943,512,937
Borrowings, interest rate (in percent)					4.98%	4.98%	4.98%
Sustainability Linked Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Debt instrument term (in years)	3 years
Notional amount	$ 200,000,000
Borrowing costs incurred	$ 1,339,606
Current borrowings					$ 0
Sustainability Linked Revolving Credit Facility | Term Secured Overnight Financing Rate
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis (in percent)	1.60%
Unsecured Credit Agreement
Disclosure of detailed information about borrowings [line items]
Debt instrument term (in years)			5 years
Notional amount			$ 80,000,000
Revolving Credit Line
Disclosure of detailed information about borrowings [line items]
Notional amount			$ 125,000,000
Long-term debt								$ 40,000,000	$ 85,000,000
Revolving Credit Line | London Inter-Bank Offered Rate
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis (in percent)			2.15%					1.85%	1.85%
Series RC Senior Note
Disclosure of detailed information about borrowings [line items]
Debt instrument term (in years)				10 years
Notional amount				$ 70,000,000	$ 70,000,000
Borrowings, interest rate (in percent)				5.18%	5.18%
Series RD Senior Note
Disclosure of detailed information about borrowings [line items]
Debt instrument term (in years)				12 years
Notional amount				$ 15,000,000	$ 15,000,000
Borrowings, interest rate (in percent)				5.28%	5.28%
Vesta ESG Global bond 35/8 05/31
Disclosure of detailed information about borrowings [line items]
Notional amount		$ 350,000,000			$ 350,000,000
Borrowing costs incurred		$ 7,746,222
Borrowings, interest rate (in percent)		3.625%			3.63%

Long-term debt - Schedule of De

Long-term debt - Schedule of Debt Instruments (Details)	Nov. 28, 2023 USD ($) investmentProperty	May 13, 2021 USD ($)	Jun. 25, 2019 USD ($) subsidiary	Nov. 01, 2017 USD ($) investmentProperty	Jul. 27, 2016 USD ($)	Jul. 22, 2016 investmentProperty loan	Dec. 31, 2023 USD ($) investmentProperty	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	May 31, 2018 USD ($)	Sep. 22, 2017 USD ($)
Disclosure of detailed information about borrowings [line items]
Annual interest rate (in percent)							4.98%	4.98%	4.98%
Long-term debt							$ 923,842,589	$ 940,632,346	$ 943,512,937
Less: Current portion							(69,613,002)	(4,627,154)	(2,880,592)
Long-term debt							$ 845,573,752	925,872,432	930,652,624
Number of loans | loan						2
Number of investment properties | investmentProperty						48	67
Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt							$ 923,842,589	940,632,345	943,512,937
Less: Current portion							(69,613,002)	(4,627,154)	(2,880,592)
Debt Issuance Costs
Disclosure of detailed information about borrowings [line items]
Long-term debt							(8,655,835)	(10,132,759)	(9,979,721)
MetLife 10 Year 4.55% Loan, Due August 2026
Disclosure of detailed information about borrowings [line items]
Amount					$ 150,000,000		$ 150,000,000
Annual interest rate (in percent)							4.55%
Debt instrument term (in years)					10 years	10 years
MetLife 10 Year 4.55% Loan, Due August 2026 | Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt							$ 144,266,224	146,723,915	149,071,012
Series A Senior Note, 5.03% Due September 2024
Disclosure of detailed information about borrowings [line items]
Amount							$ 65,000,000					$ 65,000,000
Annual interest rate (in percent)							5.03%					5.03%
Series A Senior Note, 5.03% Due September 2024 | Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt							$ 65,000,000	65,000,000	65,000,000
Series B Senior Note, 5.31% Due September 2027
Disclosure of detailed information about borrowings [line items]
Amount							$ 60,000,000					$ 60,000,000
Annual interest rate (in percent)							5.31%					5.31%
Series B Senior Note, 5.31% Due September 2027 | Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt							$ 60,000,000	60,000,000	60,000,000
Series A Senior Note, 5.50% Due May 2025
Disclosure of detailed information about borrowings [line items]
Amount							$ 45,000,000				$ 45,000,000
Annual interest rate (in percent)							5.50%				5.50%
Series A Senior Note, 5.50% Due May 2025 | Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt							$ 45,000,000	45,000,000	45,000,000
Series B Senior Note, 5.85% Due May 2028
Disclosure of detailed information about borrowings [line items]
Amount							$ 45,000,000				$ 45,000,000
Annual interest rate (in percent)							5.85%				5.85%
Series B Senior Note, 5.85% Due May 2028 | Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt							$ 45,000,000	45,000,000	45,000,000
MetLife 10 Year 4.75% Loan, Due December 2027
Disclosure of detailed information about borrowings [line items]
Amount				$ 118,000,000			$ 118,000,000
Annual interest rate (in percent)				4.75%			4.75%
Debt instrument term (in years)				10 years
Number of investment properties | investmentProperty				19
Monthly interest term (in months)				60 months
Borrowings, prepaid expenses related to sale of investment property	$ 12,194,600
Number of investment properties sold | investmentProperty	1
MetLife 10 Year 4.75% Loan, Due December 2027 | Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt							$ 103,955,374	117,867,109	118,000,000
MetLife 8 Year 4.75% Loan, Due August 2026
Disclosure of detailed information about borrowings [line items]
Amount							$ 26,600,000			$ 26,600,000
Annual interest rate (in percent)							4.75%			4.75%
MetLife 8 Year 4.75% Loan, Due August 2026 | Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt							$ 25,620,991	26,041,321	26,441,925
Series RC Senior Note
Disclosure of detailed information about borrowings [line items]
Amount			$ 70,000,000				$ 70,000,000
Annual interest rate (in percent)			5.18%				5.18%
Debt instrument term (in years)			10 years
Number of subsidiaries that are joint obligators | subsidiary			5
Series RC Senior Note | Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt							$ 70,000,000	70,000,000	70,000,000
Series RD Senior Note
Disclosure of detailed information about borrowings [line items]
Amount			$ 15,000,000				$ 15,000,000
Annual interest rate (in percent)			5.28%				5.28%
Debt instrument term (in years)			12 years
Number of subsidiaries that are joint obligators | subsidiary			5
Series RD Senior Note | Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt							$ 15,000,000	15,000,000	15,000,000
Vesta ESG Global bond 35/8 05/31
Disclosure of detailed information about borrowings [line items]
Amount		$ 350,000,000					$ 350,000,000
Annual interest rate (in percent)		3.625%					3.63%
Borrowing costs incurred		$ 7,746,222
Vesta ESG Global bond 35/8 05/31 | Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt							$ 350,000,000	$ 350,000,000	$ 350,000,000

Long-term debt - Maturity of Lo

Long-term debt - Maturity of Long-Term Debt (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 845,573,752	$ 925,872,432	$ 930,652,624
Gross carrying amount | 2025
Disclosure of detailed information about borrowings [line items]
Long-term debt	49,856,047
Gross carrying amount | 2026
Disclosure of detailed information about borrowings [line items]
Long-term debt	165,520,823
Gross carrying amount | 2027
Disclosure of detailed information about borrowings [line items]
Long-term debt	98,852,717
Gross carrying amount | 2028
Disclosure of detailed information about borrowings [line items]
Long-term debt	105,000,000
Gross carrying amount | 2029
Disclosure of detailed information about borrowings [line items]
Long-term debt	70,000,000
Gross carrying amount | Thereafter
Disclosure of detailed information about borrowings [line items]
Long-term debt	365,000,000
Debt Issuance Costs
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ (8,655,835)	$ (10,132,759)	$ (9,979,721)

Employee benefits - Long-Term A

Employee benefits - Long-Term Assumptions of Retirement Plans (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of defined benefit plans [line items]
Discount rate	9.80%	10.30%	8.20%
Rate of salary increase	5%	5%	4.50%
Rate of minimum wage increase	0.0500	0.0500	0.0450
Inflation rate	4%	4%	3.50%
Retirement age  (in years)	65 years	65 years	65 years
MIN
Disclosure of defined benefit plans [line items]
Rotation (in percent)	0.20	0.20	0.20
MAX
Disclosure of defined benefit plans [line items]
Rotation (in percent)	1	1	1

Employee benefits - Net Defined

Employee benefits - Net Defined Benefit Liability (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of defined benefit plans [line items]
Employee benefit liability	$ 1,519,790	$ 348,280	$ 0
Seniority premium
Disclosure of defined benefit plans [line items]
Employee benefit liability	40,453	9,270	0
Retirement plan
Disclosure of defined benefit plans [line items]
Employee benefit liability	$ 1,479,337	$ 339,010	$ 0

Employee benefits - Expected Be

Employee benefits - Expected Benefit Payments (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Seniority premium | 2024
Disclosure of defined benefit plans [line items]
Estimate of benefit payments expected to be paid from defined benefit plan	$ 5,047
Seniority premium | 2025
Disclosure of defined benefit plans [line items]
Estimate of benefit payments expected to be paid from defined benefit plan	7,798
Seniority premium | 2026
Disclosure of defined benefit plans [line items]
Estimate of benefit payments expected to be paid from defined benefit plan	4,099
Seniority premium | 2027
Disclosure of defined benefit plans [line items]
Estimate of benefit payments expected to be paid from defined benefit plan	4,012
Seniority premium | 2028
Disclosure of defined benefit plans [line items]
Estimate of benefit payments expected to be paid from defined benefit plan	3,091
Seniority premium | Later than 5 years
Disclosure of defined benefit plans [line items]
Estimate of benefit payments expected to be paid from defined benefit plan	56,858
Retirement plan | 2024
Disclosure of defined benefit plans [line items]
Estimate of benefit payments expected to be paid from defined benefit plan	265,205
Retirement plan | 2025
Disclosure of defined benefit plans [line items]
Estimate of benefit payments expected to be paid from defined benefit plan	538,736
Retirement plan | 2026
Disclosure of defined benefit plans [line items]
Estimate of benefit payments expected to be paid from defined benefit plan	73,151
Retirement plan | 2027
Disclosure of defined benefit plans [line items]
Estimate of benefit payments expected to be paid from defined benefit plan	86,782
Retirement plan | 2028
Disclosure of defined benefit plans [line items]
Estimate of benefit payments expected to be paid from defined benefit plan	71,281
Retirement plan | Later than 5 years
Disclosure of defined benefit plans [line items]
Estimate of benefit payments expected to be paid from defined benefit plan	$ 1,923,520

Capital stock - Issued Capital

Capital stock - Issued Capital (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	870,109,128	679,702,740	684,252,628
Amount	$ 591,600,113	$ 480,623,919	$ 482,858,389
Series A
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	5,000	5,000	5,000
Amount	$ 3,696	$ 3,696	$ 3,696
Series B
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	870,104,128	679,697,740	684,247,628
Amount	$ 591,596,417	$ 480,620,223	$ 482,854,693

Capital stock - Treasury Shares

Capital stock - Treasury Shares (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Treasury Shares [Line Items]
Total Treasury shares	870,109,128	679,702,740	684,252,628	564,214,433
Treasury shares
Treasury Shares [Line Items]
Treasury shares	5,721,638	10,077,405	5,652,438
Shares in Long-term incentive plan trust	8,655,670	8,456,290	8,331,369
Total Treasury shares	14,377,308	18,533,695	13,983,807

Capital stock - Schedule of Ful

Capital stock - Schedule of Fully Paid Ordinary Shares (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of number of shares outstanding [abstract]
Beginning balance, Number of shares (in shares)	679,702,740	684,252,628	564,214,433
Equity at beginning of period	$ 1,639,787,828	$ 1,453,625,407	$ 1,108,662,167
Vested shares (in shares)	4,156,388	4,161,111	3,258,637
Vested shares	$ 0	$ 0	$ 0
Equity Issuance (in shares)	186,250,000		116,779,558
Equity issuance	$ 574,989,885		$ 223,195,449
Repurchase of shares (in shares)		(8,710,999)
Repurchase of shares		$ (15,603,308)
Equity at end of period	$ 2,486,968,425	$ 1,639,787,828	$ 1,453,625,407
Ending balance, Number of shares (in shares)	870,109,128	679,702,740	684,252,628
Capital Stock
Reconciliation of number of shares outstanding [abstract]
Equity at beginning of period	$ 480,623,919	$ 482,858,389	$ 422,437,615
Vested shares	2,204,586	2,014,895	1,647,600
Equity issuance	108,771,608		58,773,174
Repurchase of shares		(4,249,365)
Equity at end of period	591,600,113	480,623,919	482,858,389
Additional Paid in Capital
Reconciliation of number of shares outstanding [abstract]
Equity at beginning of period	460,677,234	466,230,183	297,064,471
Vested shares	8,048,945	5,800,994	4,743,437
Equity issuance	466,218,277		164,422,275
Repurchase of shares		(11,353,943)
Equity at end of period	$ 934,944,456	$ 460,677,234	$ 466,230,183

Capital stock - Narrative (Deta

Capital stock - Narrative (Details) - USD ($)	Jan. 15, 2024	Oct. 16, 2023	Jul. 17, 2023	Apr. 17, 2023	Mar. 30, 2023	Jan. 15, 2023	Oct. 15, 2022	Jul. 15, 2022	Apr. 15, 2022	Mar. 24, 2022	Jan. 15, 2022	Oct. 15, 2021	Jul. 15, 2021	Apr. 15, 2021	Mar. 23, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Dividend payables					$ 60,307,043					$ 57,432,776					$ 55,776,929
Dividends declared (usd per share)					$ 0.08782					$ 0.08306					$ 0.097
Dividends declared, ordinary shares, quarterly					$ 15,076,761					$ 14,358,194					$ 13,944,232
Dividends paid, ordinary shares per share (in dollars per share)		$ 0.0182	$ 0.0180	$ 0.0218		$ 0.02086	$ 0.02086	$ 0.02086	$ 0.0207		$ 0.0242	$ 0.0242	$ 0.0242	$ 0.0242
Dividends payable																$ 15,155,311	$ 14,358,194	$ 13,944,232
Dividends paid, ordinary shares		$ 15,076,761	$ 15,076,761	$ 15,076,761		$ 14,358,194	$ 14,358,194	$ 14,358,194	$ 14,358,194		$ 13,944,232	$ 13,944,232	$ 13,944,232	$ 13,944,232
Major ordinary share transactions
Disclosure of classes of share capital [line items]
Dividends paid, ordinary shares per share (in dollars per share)	$ 0.0172
Dividends paid, ordinary shares	$ 15,155,311

Capital stock - Retained Earnin

Capital stock - Retained Earnings (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014	Dec. 31, 2013
Share Capital [Abstract]
Amount	$ 325,012,754	$ 243,624,754	$ 173,942,373	$ 66,956,082	$ 134,610,709	$ 93,060,330	$ 126,030,181	$ 45,082,793	$ 24,221,997	$ 204,265,028
Reinvested earnings	325,012,754	243,624,754	173,942,373	66,956,082	134,610,709	93,060,330	126,030,181	45,082,793	24,221,997	204,265,028
Distributed earnings	0	0	0	0	0	22,541,485	126,030,181	45,082,793	24,221,997	204,265,028
Amount that may be subject to withholding	325,012,754	243,624,754	173,942,373	66,956,082	134,610,709	70,518,845	0	0	0	0
Amount not subject to withholding	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

Capital stock - Earnings Per Sh

Capital stock - Earnings Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic Earnings per share
Earnings attributable to ordinary shares outstanding	$ 316,637,512	$ 243,624,754	$ 173,942,373
Weighted average number of ordinary shares outstanding (in shares)	756,961,868	682,642,927	648,418,962
Basic earnings per share (usd per share)	$ 0.4183	$ 0.3569	$ 0.2683
Diluted Earnings per share
Earnings attributable to ordinary shares outstanding and shares in Long-term Incentive Plan	$ 316,637,512	$ 243,624,754	$ 173,942,373
Weighted average number of ordinary shares plus shares in Long-term Incentive Plan (in shares)	768,845,264	694,253,758	692,934,852
Diluted earnings per share (usd per share)	$ 0.4118	$ 0.3509	$ 0.2636

Rental income (Details)

Rental income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Rents	$ 200,267,401	$ 166,875,957	$ 154,954,624
Energy income	1,940,693	1,831,137	571,684
Reimbursable building services	11,240,202	9,318,367	5,172,077
Rental income	$ 213,448,296	$ 178,025,461	$ 160,698,385

Property operating costs and _3

Property operating costs and General and administrative expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Real estate tax	$ 2,658,183	$ 1,831,436	$ 1,887,480
Insurance	1,062,027	691,462	655,883
Maintenance	2,083,252	1,624,366	1,559,539
Structural maintenance accrual	111,851	110,403	105,228
Trust fees	114,062	110,439	106,752
Energy costs	2,102,060	1,345,588	571,684
Other property related expenses	5,344,889	3,227,095	3,657,395
Property operating costs related to properties that generated rental income	13,476,324	8,940,789	8,543,961
Real estate tax	683,843	328,919	449,403
Insurance	33,298	42,973	63,388
Maintenance	625,648	458,178	403,167
Other property related expenses	3,420,609	1,652,535	1,266,838
Property operating costs related to properties that did not generate rental income	4,763,398	2,482,605	2,182,796
Total property operating costs	$ 18,239,722	$ 11,423,394	$ 10,726,757

Property operating costs and _4

Property operating costs and General and administrative expenses - Schedule of General and Administrative Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Employee annual salary plus employee benefits	$ 17,883,095	$ 13,501,686	$ 11,744,548
Auditing, legal and consulting expenses	2,357,281	971,629	815,843
Property appraisal and other fees	572,207	682,905	683,681
Marketing expenses	948,211	1,026,804	871,705
Others	379,197	116,997	129,571
Administrative expense	22,139,991	16,300,021	14,245,348
Depreciation	1,578,073	1,463,920	1,601,216
Share-based compensation expense – Note 21.3	8,001,831	6,650,487	5,554,353
Total	$ 31,719,895	$ 24,414,428	$ 21,400,917

Other income (Details)

Other income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Non-tenant electricity income	$ 2,191,789	$ 0	$ 0
Insurance recovery	2,447,112	1,153,350	102,943
Inflationary effect on tax recovery	188,750	122,855	43,980
Others	310,507	54,648	3,555
Total	$ 5,138,158	$ 1,330,853	$ 150,478

Other expense (Details)

Other expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Non-tenant electricity expense	$ 1,834,479	$ 0	$ 0
Commissions paid	127,513	104,680	122,684
Others	1,075,121	269,311	0
Total	$ 3,037,113	$ 373,991	$ 122,684

Finance costs (Details)

Finance costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Interest on loans	$ 44,335,420	$ 44,852,043	$ 45,482,028
Loan prepayment fees	1,971,555	1,544,113	4,781,465
Total	$ 46,306,975	$ 46,396,156	$ 50,263,493

Income taxes - Schedule of Inco

Income taxes - Schedule of Income Tax Components (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Current income tax expense	$ 91,953,099	$ 41,981,391	$ 50,262,466
Deferred	(26,969,516)	6,242,079	31,828,085
Total income taxes	$ 64,983,583	$ 48,223,470	$ 82,090,551

Income taxes - Schedule of Effe

Income taxes - Schedule of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Statutory rate	30%	30%	30%
Effects of exchange rates on tax balances	(2.00%)	(20.00%)	(7.00%)
Effects of inflation	(11.00%)	7%	9%
Effective rate	17%	17%	32%

Income taxes - Schedule of Net

Income taxes - Schedule of Net Deferred Tax Liability (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income taxes – Net	$ (276,910,507)	$ (299,979,693)	$ (291,578,576)	$ (260,873,091)
Investment property
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income taxes – Net	(279,051,207)	(302,909,300)	(291,729,224)
Effect of tax loss carryforwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income taxes – Net	6,076	5,461	0
Other provisions and prepaid expenses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income taxes – Net	$ 2,134,624	$ 2,924,146	$ 150,648

Income taxes - Rollforward of N

Income taxes - Rollforward of Net Deferred Tax Liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liability at beginning of period	$ (299,979,693)	$ (291,578,576)	$ (260,873,091)
Movement included in profit or loss	26,969,516	(6,242,079)	(31,828,085)
Movement included in other comprehensive income	(3,900,330)	(2,159,038)	1,122,600
Deferred tax liability at end of period	$ (276,910,507)	$ (299,979,693)	$ (291,578,576)

Financial instruments - Disclos

Financial instruments - Disclosure of Leverage Ratio (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Financial Instruments [Abstract]
Long-term debt	$ 915,186,754	$ 930,499,586	$ 933,533,216
Cash, cash equivalents and restricted cash	(501,166,136)	(139,147,085)	(452,821,132)
Net debt	414,020,618	791,352,501	480,712,084
Total stockholders’ equity	$ 2,486,968,425	$ 1,639,787,828	$ 1,453,652,407
Net debt to equity ratio	0.17	0.48	0.33

Financial instruments - Discl_2

Financial instruments - Disclosure of Financial Currency Risk (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Disclosure of nature and extent of risks arising from financial instruments [line items]
Monetary liabilities:	$ 1,109,544,139	$ 1,169,716,954	$ 1,213,432,179
Mexican pesos | Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Mexican pesos per US dollar at the end of the period | shares	16.8935	19.3615	20.5835
Mexican pesos per US dollar average during the year | shares	17.7576	20.1249	20.2818
Monetary assets:	$ 120,056,104	$ 229,361,977	$ 249,437,217
Monetary liabilities:	14,408,011	260,708,893	195,227,796
US dollars | Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Monetary assets:	21,161	263,033	1,486,635
Monetary liabilities:	$ 30,777,579	$ 30,979,579	$ 33,081,624

Financial instruments - Sensiti

Financial instruments - Sensitivity Analysis Of Foreign Currency Risk (Details) - Currency risk - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Mexican pesos
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, percent	10%
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent	10%
Sensitivity analysis for types of market risk, reasonably possible increase in risk variable, impact on earnings	$ 100,921	$ 147,185	$ (239,421)
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on earnings	$ (123,347)	(179,893)	292,626
US dollars
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, percent	10%
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent	10%
Sensitivity analysis for types of market risk, reasonably possible increase in risk variable, impact on earnings	$ (51,958,356)	(59,471,840)	(65,033,544)
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on earnings	$ 51,958,356	$ 59,471,840	$ 65,033,544

Financial instruments - Maturit

Financial instruments - Maturity Analysis For Financial Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings, interest rate (in percent)	4.98%	4.98%	4.98%
Long-term debt	$ 923,842,589	$ 940,632,346	$ 943,512,937
Accrued interest	185,701,550	229,084,608	269,919,242
Total financial liabilities	1,109,544,139	1,169,716,954	1,213,432,179
1 to 3 months
Disclosure of nature and extent of risks arising from financial instruments [line items]
Long-term debt	1,143,783	1,183,062	702,749
Accrued interest	17,523,667	17,700,067	6,635,998
Total financial liabilities	18,667,450	18,883,129	7,338,747
3 months to 1 year
Disclosure of nature and extent of risks arising from financial instruments [line items]
Long-term debt	67,306,362	3,444,093	2,177,843
Accrued interest	20,701,788	21,144,641	35,791,636
Total financial liabilities	88,008,150	24,588,734	37,969,479
1 to 4 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Long-term debt	420,392,444	501,005,191	290,278,136
Accrued interest	118,441,437	143,645,742	153,899,886
Total financial liabilities	538,833,881	644,650,933	444,178,022
5 or more years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Long-term debt	435,000,000	435,000,000	650,354,209
Accrued interest	29,034,658	46,594,158	73,591,722
Total financial liabilities	$ 464,034,658	$ 481,594,158	$ 723,945,931

Financial instruments - Narrati

Financial instruments - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial liabilities at amortised cost, category [member] | Borrowings
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities, at fair value	$ 881,873,634	$ 912,330,632	$ 951,153,932

Transactions and balances wit_3

Transactions and balances with related parties - Schedule of General and Administrative Expense Between Related Parties (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) executive	Dec. 31, 2022 USD ($) executive	Dec. 31, 2021 USD ($) executive
Related party [Abstract]
Share-based compensation arrangement, performance bonus, premium, percentage	20%
Employee annual salary plus employee benefits	$ 7,128,489	$ 6,217,721	$ 4,704,415
Share-based compensation expense	8,001,831	6,650,487	5,554,353
Key management personnel compensation	$ 15,130,320	$ 12,868,208	$ 10,258,768
Number of key executives | executive	23	21	23

Share-based payments - Narrativ

Share-based payments - Narrative (Details)		12 Months Ended
	Mar. 13, 2020	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Mar. 31, 2020 shares	Jan. 31, 2015 shares
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Share-based compensation arrangement, performance bonus, premium, percentage		20%
Vesting requirements for share-based payment arrangement, vesting period	3 years
Number of share options outstanding in share-based payment arrangement		8,655,670	8,456,290	8,331,369
Weighted average remaining contractual life of outstanding share options		13 months	13 months	13 months
Vision 2020 LTI Plan
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of shares reserved for issue under options and contracts for sale of shares (in shares)						10,400,000
Level 3 LTI Plan
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Share-based compensation arrangement, performance bonus, premium, percentage	20%
Number of shares reserved for issue under options and contracts for sale of shares (in shares)					13,800,000
Number of share options granted in share-based payment arrangement (in shares)		3,722,427	3,763,449	3,687,231
Aggregate fair value, equity instruments granted | $		$ 14,857,978	$ 9,040,519	$ 7,168,103
Level 3 LTI Plan | Worst Performer
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of share options granted, percentage of expected share amount	0%
Level 3 LTI Plan | Best Performer
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of share options granted, percentage of expected share amount	150%

Share-based payments - Schedule

Share-based payments - Schedule of (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Shares granted in LTI	$ 23,428,930
Equity Plus Guaranteed Shares	4,335,569
Cumulative Exercised Shares	(15,386,404)
Shares in trust	$ 8,655,670
Grant Year, Year One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total Relative Return	0
Shares granted in LTI	$ 0
Equity Plus Guaranteed Shares	0
Cumulative Exercised Shares	0
Shares in trust	$ 0
2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total Relative Return	0.55
Shares granted in LTI	$ 863,499
Equity Plus Guaranteed Shares	483,826
Cumulative Exercised Shares	(1,347,325)
Shares in trust	$ 0
2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total Relative Return	0.40
Shares granted in LTI	$ 637,200
Equity Plus Guaranteed Shares	944,674
Cumulative Exercised Shares	(1,581,873)
Shares in trust	$ 0
2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total Relative Return	1.45
Shares granted in LTI	$ 3,423,106
Equity Plus Guaranteed Shares	753,372
Cumulative Exercised Shares	(4,176,478)
Shares in trust	$ 0
2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total Relative Return	1.50
Shares granted in LTI	$ 3,550,449
Equity Plus Guaranteed Shares	515,706
Cumulative Exercised Shares	(4,066,156)
Shares in trust	$ 1,409,481
2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total Relative Return	1.50
Shares granted in LTI	$ 3,707,949
Equity Plus Guaranteed Shares	520,492
Cumulative Exercised Shares	(2,818,960)
Shares in trust	$ 2,890,420
2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total Relative Return	1.43
Shares granted in LTI	$ 3,760,851
Equity Plus Guaranteed Shares	525,181
Cumulative Exercised Shares	(1,395,612)
Shares in trust	$ 4,355,769
2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total Relative Return	1.43
Shares granted in LTI	$ 3,763,449
Equity Plus Guaranteed Shares	592,318
Cumulative Exercised Shares	0
Shares in trust	$ 0
2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total Relative Return	1.43
Shares granted in LTI	$ 3,722,427
Equity Plus Guaranteed Shares	0
Cumulative Exercised Shares	0
Shares in trust	0
MIN | Grant Year, Year One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	0
MIN | 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	695,215
MIN | 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	695,215
MIN | 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	1,000,000
MIN | 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	1,000,000
MIN | 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	1,000,000
MIN | 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	1,100,000
MIN | 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	1,100,000
MIN | 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	1,100,000
TARGET | Grant Year, Year One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	1,738,037
TARGET | 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	1,738,037
TARGET | 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	1,738,037
TARGET | 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	2,500,000
TARGET | 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	2,500,000
TARGET | 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	2,500,000
TARGET | 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	2,750,000
TARGET | 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	2,750,000
TARGET | 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	2,750,000
MAX | Grant Year, Year One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	2,600,000
MAX | 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	2,607,056
MAX | 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	2,607,056
MAX | 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	3,750,000
MAX | 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	3,750,000
MAX | 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	3,750,000
MAX | 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	4,125,000
MAX | 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	4,125,000
MAX | 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Plan parameters, expected grant value	$ 4,125,000

Share-based payments - Schedu_2

Share-based payments - Schedule of Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payments [Abstract]
Total share-based compensation expense	$ 8,001,831	$ 6,650,487	$ 5,554,353

Litigation and commitments (Det

Litigation and commitments (Details)	12 Months Ended
	Dec. 31, 2023
Queretaro Aerospace Park
Disclosure of contingent liabilities [line items]
Remaining term of investment property (in years)	41 years
Querétaro Aerospace Park - Airport Concessions
Disclosure of contingent liabilities [line items]
Remaining term of investment property (in years)	34 years

Events after reporting period (

Events after reporting period (Details)														12 Months Ended
	Jan. 24, 2024 USD ($) ft²	Jan. 15, 2024 USD ($) $ / shares	Oct. 16, 2023 USD ($) $ / shares	Jul. 17, 2023 USD ($) $ / shares	Apr. 17, 2023 USD ($) $ / shares	Jan. 15, 2023 USD ($) $ / shares	Oct. 15, 2022 USD ($) $ / shares	Jul. 15, 2022 USD ($) $ / shares	Apr. 15, 2022 USD ($) $ / shares	Jan. 15, 2022 USD ($) $ / shares	Oct. 15, 2021 USD ($) $ / shares	Jul. 15, 2021 USD ($) $ / shares	Apr. 15, 2021 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Dividends paid, ordinary shares per share (in dollars per share) | $ / shares			$ 0.0182	$ 0.0180	$ 0.0218	$ 0.02086	$ 0.02086	$ 0.02086	$ 0.0207	$ 0.0242	$ 0.0242	$ 0.0242	$ 0.0242
Dividends paid, ordinary shares			$ 15,076,761	$ 15,076,761	$ 15,076,761	$ 14,358,194	$ 14,358,194	$ 14,358,194	$ 14,358,194	$ 13,944,232	$ 13,944,232	$ 13,944,232	$ 13,944,232
Sale of investment property														$ 42,057,500	$ 7,285,242	$ 124,565,539
Other disposals of assets
Disclosure of non-adjusting events after reporting period [line items]
Disposals, investment property, square feet (in square feet) | ft²	64,583
Sale of investment property	$ 780,000
Costs associated with sale of investment property	583,000
Gains on disposals of investment properties	$ 197,000
Major ordinary share transactions
Disclosure of non-adjusting events after reporting period [line items]
Dividends paid, ordinary shares per share (in dollars per share) | $ / shares		$ 0.0172
Dividends paid, ordinary shares		$ 15,155,311

Schedule III - Schedule of Re_2

Schedule III - Schedule of Real Estate (Details)	12 Months Ended	24 Months Ended
	Dec. 31, 2023 USD ($) building	Dec. 31, 2017 loan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	225
Encumbrances	$ 642,470,000
Initial Cost, Land	453,662,671
Initial Cost, Buildings & Improvements	1,183,141,992
Costs Capitalized Subsequent to Acquisition or Construction	345,841,092
Gross Cost, Land	453,662,671
Gross Cost, Buildings & Improvements	1,528,983,084
Fair Value Adjustments	1,346,029,040
Cumulative Foreign Currency Translation Effect	(24,520,312)
Cost to conclude	(110,263,379)
Carrying Value at the End of the Year	3,212,164,164
Number of loans acquired | loan		2
Federal income tax basis	2,281,993,475
Intercompany profit included in amount	$ 0
Operating Parks
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	214
Encumbrances	$ 642,470,000
Initial Cost, Land	325,340,786
Initial Cost, Buildings & Improvements	1,058,155,329
Costs Capitalized Subsequent to Acquisition or Construction	345,841,092
Gross Cost, Land	325,340,786
Gross Cost, Buildings & Improvements	1,403,996,421
Fair Value Adjustments	1,085,774,287
Cumulative Foreign Currency Translation Effect	(24,520,312)
Cost to conclude	(25,280,077)
Carrying Value at the End of the Year	$ 2,783,584,164
Operating Park, DSP, Aguascalientes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	8
Encumbrances	$ 0
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	67,731,979
Costs Capitalized Subsequent to Acquisition or Construction	6,462,960
Gross Cost, Land	0
Gross Cost, Buildings & Improvements	74,194,939
Fair Value Adjustments	66,905,061
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 141,100,000
Operating Park, Vesta Park Aguascalientes, Aguascalientes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	2
Encumbrances	$ 0
Initial Cost, Land	1,310,069
Initial Cost, Buildings & Improvements	7,173,960
Costs Capitalized Subsequent to Acquisition or Construction	1,494,388
Gross Cost, Land	1,310,069
Gross Cost, Buildings & Improvements	8,668,348
Fair Value Adjustments	9,221,584
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 19,200,000
Operating Park, Los Bravos Vesta Park, Cd Juarez
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	4
Encumbrances	$ 112,770,000
Initial Cost, Land	6,796,499
Initial Cost, Buildings & Improvements	6,994,614
Costs Capitalized Subsequent to Acquisition or Construction	14,133,652
Gross Cost, Land	6,796,499
Gross Cost, Buildings & Improvements	21,128,265
Fair Value Adjustments	3,195,235
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 31,120,000
Operating Park, Vesta Park Juárez Sur I, Cd Juarez
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	8
Encumbrances	$ 0
Initial Cost, Land	10,582,374
Initial Cost, Buildings & Improvements	48,408,722
Costs Capitalized Subsequent to Acquisition or Construction	8,390,929
Gross Cost, Land	10,582,374
Gross Cost, Buildings & Improvements	56,799,651
Fair Value Adjustments	46,477,975
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 113,860,000
Operating Park, Vesta Park Guadalajara, Guadalajara
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	7
Encumbrances	$ 0
Initial Cost, Land	38,363,080
Initial Cost, Buildings & Improvements	53,498,608
Costs Capitalized Subsequent to Acquisition or Construction	54,786,971
Gross Cost, Land	38,363,080
Gross Cost, Buildings & Improvements	108,285,579
Fair Value Adjustments	156,963,390
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(4,812,050)
Carrying Value at the End of the Year	$ 298,800,000
Operating Park, Vesta Park Guadalupe, Monterrey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	2
Encumbrances	$ 0
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	18,245,889
Costs Capitalized Subsequent to Acquisition or Construction	1,320,633
Gross Cost, Land	0
Gross Cost, Buildings & Improvements	19,566,522
Fair Value Adjustments	13,503,478
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 33,070,000
Operating Park, Vesta Puebla I, Puebla
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	5
Encumbrances	$ 0
Initial Cost, Land	2,941,828
Initial Cost, Buildings & Improvements	37,367,404
Costs Capitalized Subsequent to Acquisition or Construction	3,133,192
Gross Cost, Land	2,941,828
Gross Cost, Buildings & Improvements	40,500,597
Fair Value Adjustments	40,993,601
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 85,100,000
Operating Park, Bernardo Quintana, Querétaro
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	9
Encumbrances	$ 40,280,000
Initial Cost, Land	3,941,469
Initial Cost, Buildings & Improvements	18,132,773
Costs Capitalized Subsequent to Acquisition or Construction	7,587,596
Gross Cost, Land	3,941,469
Gross Cost, Buildings & Improvements	25,720,369
Fair Value Adjustments	10,618,163
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 40,280,000
Operating Park, PIQ, Querétaro
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	13
Encumbrances	$ 62,250,000
Initial Cost, Land	11,860,812
Initial Cost, Buildings & Improvements	58,679,157
Costs Capitalized Subsequent to Acquisition or Construction	9,767,389
Gross Cost, Land	11,860,812
Gross Cost, Buildings & Improvements	68,446,546
Fair Value Adjustments	59,963,135
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 139,370,000
Operating Park, VP Queretaro, Querétaro
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	4
Encumbrances	$ 0
Initial Cost, Land	3,483,212
Initial Cost, Buildings & Improvements	26,878,558
Costs Capitalized Subsequent to Acquisition or Construction	17,214,107
Gross Cost, Land	3,483,212
Gross Cost, Buildings & Improvements	44,092,666
Fair Value Adjustments	8,123,129
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 56,600,000
Operating Park, Queretaro Aerospace Park, Querétaro Aero
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	13
Encumbrances	$ 0
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	112,967,664
Costs Capitalized Subsequent to Acquisition or Construction	11,189,681
Gross Cost, Land	0
Gross Cost, Buildings & Improvements	124,157,345
Fair Value Adjustments	45,098,723
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(206,068)
Carrying Value at the End of the Year	$ 169,050,000
Operating Park, SMA, San Miguel de Allend
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	7
Encumbrances	$ 0
Initial Cost, Land	11,140,979
Initial Cost, Buildings & Improvements	30,851,867
Costs Capitalized Subsequent to Acquisition or Construction	7,559,488
Gross Cost, Land	11,140,979
Gross Cost, Buildings & Improvements	38,411,354
Fair Value Adjustments	42,247,808
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(2,448,781)
Carrying Value at the End of the Year	$ 92,000,000
Operating Park, Las Colinas, Silao
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	7
Encumbrances	$ 58,200,000
Initial Cost, Land	8,957,440
Initial Cost, Buildings & Improvements	30,014,764
Costs Capitalized Subsequent to Acquisition or Construction	4,327,428
Gross Cost, Land	8,957,440
Gross Cost, Buildings & Improvements	34,342,191
Fair Value Adjustments	14,900,369
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 58,200,000
Operating Park, Vesta Park Puerto Interior, Silao
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	7
Encumbrances	$ 0
Initial Cost, Land	22,453,115
Initial Cost, Buildings & Improvements	24,432,824
Costs Capitalized Subsequent to Acquisition or Construction	5,633,296
Gross Cost, Land	22,453,115
Gross Cost, Buildings & Improvements	30,066,120
Fair Value Adjustments	12,116,273
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 69,200,000
Operating Park, Tres Naciones, SLP
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	9
Encumbrances	$ 32,550,000
Initial Cost, Land	16,683,579
Initial Cost, Buildings & Improvements	23,167,433
Costs Capitalized Subsequent to Acquisition or Construction	7,946,289
Gross Cost, Land	16,683,579
Gross Cost, Buildings & Improvements	31,113,722
Fair Value Adjustments	16,252,699
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 64,050,000
Operating Park, Vesta Park SLP, San Luis Potosí
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	3
Encumbrances	$ 0
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	19,048,011
Costs Capitalized Subsequent to Acquisition or Construction	4,308,645
Gross Cost, Land	0
Gross Cost, Buildings & Improvements	23,356,657
Fair Value Adjustments	15,043,343
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 38,400,000
Operating Park, La Mesa Vesta Park, Tijuana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	16
Encumbrances	$ 58,310,000
Initial Cost, Land	9,054,608
Initial Cost, Buildings & Improvements	21,227,938
Costs Capitalized Subsequent to Acquisition or Construction	7,157,387
Gross Cost, Land	9,054,608
Gross Cost, Buildings & Improvements	28,385,324
Fair Value Adjustments	27,290,068
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 64,730,000
Operating Park, Nordika, Tijuana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	1
Encumbrances	$ 17,300,000
Initial Cost, Land	1,970,311
Initial Cost, Buildings & Improvements	4,518,481
Costs Capitalized Subsequent to Acquisition or Construction	1,123,668
Gross Cost, Land	1,970,311
Gross Cost, Buildings & Improvements	5,642,148
Fair Value Adjustments	9,687,541
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 17,300,000
Operating Park, El potrero, Tijuana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	2
Encumbrances	$ 29,600,000
Initial Cost, Land	3,918,715
Initial Cost, Buildings & Improvements	7,643,699
Costs Capitalized Subsequent to Acquisition or Construction	2,655,597
Gross Cost, Land	3,918,715
Gross Cost, Buildings & Improvements	10,299,296
Fair Value Adjustments	15,381,989
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 29,600,000
Operating Park, Vesta Park Tijuana III, Tijuana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	3
Encumbrances	$ 0
Initial Cost, Land	8,967,836
Initial Cost, Buildings & Improvements	17,021,445
Costs Capitalized Subsequent to Acquisition or Construction	2,251,489
Gross Cost, Land	8,967,836
Gross Cost, Buildings & Improvements	19,272,933
Fair Value Adjustments	28,699,231
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 56,940,000
Operating Park, Vesta Park Pacifico, Tijuana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	2
Encumbrances	$ 13,500,000
Initial Cost, Land	3,320,210
Initial Cost, Buildings & Improvements	13,454,123
Costs Capitalized Subsequent to Acquisition or Construction	1,204,010
Gross Cost, Land	3,320,210
Gross Cost, Buildings & Improvements	14,658,133
Fair Value Adjustments	13,521,657
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 31,500,000
Operating Park, VP Lago Este, Tijuana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	2
Encumbrances	$ 0
Initial Cost, Land	19,284,782
Initial Cost, Buildings & Improvements	18,309,203
Costs Capitalized Subsequent to Acquisition or Construction	5,119,011
Gross Cost, Land	19,284,782
Gross Cost, Buildings & Improvements	23,428,215
Fair Value Adjustments	30,287,003
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 73,000,000
Operating Park, Vesta Park Megaregion, Tijuana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	6
Encumbrances	$ 0
Initial Cost, Land	8,619,298
Initial Cost, Buildings & Improvements	34,052,802
Costs Capitalized Subsequent to Acquisition or Construction	28,931,737
Gross Cost, Land	8,619,298
Gross Cost, Buildings & Improvements	62,984,538
Fair Value Adjustments	51,290,003
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(9,403,840)
Carrying Value at the End of the Year	$ 113,490,000
Operating Park, VPT I, Tlaxcala
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	4
Encumbrances	$ 0
Initial Cost, Land	1,986,312
Initial Cost, Buildings & Improvements	18,283,246
Costs Capitalized Subsequent to Acquisition or Construction	1,202,590
Gross Cost, Land	1,986,312
Gross Cost, Buildings & Improvements	19,485,836
Fair Value Adjustments	21,227,852
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 42,700,000
Operating Park, Exportec, Toluca
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	3
Encumbrances	$ 14,830,000
Initial Cost, Land	872,299
Initial Cost, Buildings & Improvements	4,160,722
Costs Capitalized Subsequent to Acquisition or Construction	1,179,700
Gross Cost, Land	872,299
Gross Cost, Buildings & Improvements	5,340,422
Fair Value Adjustments	8,617,279
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 14,830,000
Operating Park, T 2000, Toluca
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	3
Encumbrances	$ 84,890,000
Initial Cost, Land	10,436,630
Initial Cost, Buildings & Improvements	20,079,946
Costs Capitalized Subsequent to Acquisition or Construction	19,857,542
Gross Cost, Land	10,436,630
Gross Cost, Buildings & Improvements	39,937,488
Fair Value Adjustments	34,515,882
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 84,890,000
Operating Park, El Coecillo Vesta Park, Toluca
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	1
Encumbrances	$ 58,090,000
Initial Cost, Land	1,766,847
Initial Cost, Buildings & Improvements	14,377,370
Costs Capitalized Subsequent to Acquisition or Construction	11,382,445
Gross Cost, Land	1,766,847
Gross Cost, Buildings & Improvements	25,759,815
Fair Value Adjustments	30,563,338
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 58,090,000
Operating Park, Vesta Park Toluca I, Toluca
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	11
Encumbrances	$ 0
Initial Cost, Land	20,411,730
Initial Cost, Buildings & Improvements	65,896,059
Costs Capitalized Subsequent to Acquisition or Construction	10,122,871
Gross Cost, Land	20,411,730
Gross Cost, Buildings & Improvements	76,018,931
Fair Value Adjustments	96,689,339
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 193,120,000
Operating Park, Vesta Park Apodaca, Monterrey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	4
Encumbrances	$ 0
Initial Cost, Land	14,447,513
Initial Cost, Buildings & Improvements	20,673,976
Costs Capitalized Subsequent to Acquisition or Construction	40,714,311
Gross Cost, Land	14,447,513
Gross Cost, Buildings & Improvements	61,388,287
Fair Value Adjustments	11,319,728
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(7,701,481)
Carrying Value at the End of the Year	$ 79,580,000
Operating Park, PARQUE LAS VENTANAS, Matamoros
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	1
Encumbrances	$ 0
Initial Cost, Land	3,881,289
Initial Cost, Buildings & Improvements	21,858,633
Costs Capitalized Subsequent to Acquisition or Construction	0
Gross Cost, Land	3,881,289
Gross Cost, Buildings & Improvements	21,858,633
Fair Value Adjustments	15,560,077
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 41,300,000
Operating Park, VESTA PARK ALAMAR, Tijuana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	2
Encumbrances	$ 0
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	15,711,289
Costs Capitalized Subsequent to Acquisition or Construction	4,102,361
Gross Cost, Land	0
Gross Cost, Buildings & Improvements	19,813,649
Fair Value Adjustments	26,596,351
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 46,410,000
Operating Park, VESTA PARK RIVERA LARA 1, Cd Juarez
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	1
Encumbrances	$ 0
Initial Cost, Land	1,075,750
Initial Cost, Buildings & Improvements	3,684,126
Costs Capitalized Subsequent to Acquisition or Construction	0
Gross Cost, Land	1,075,750
Gross Cost, Buildings & Improvements	3,684,126
Fair Value Adjustments	130,124
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 4,890,000
Operating Park, VESTA PARK ROSARITO 1, Tijuana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	1
Encumbrances	$ 0
Initial Cost, Land	2,891,498
Initial Cost, Buildings & Improvements	15,168,855
Costs Capitalized Subsequent to Acquisition or Construction	1,094,307
Gross Cost, Land	2,891,498
Gross Cost, Buildings & Improvements	16,263,163
Fair Value Adjustments	145,340
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 19,300,000
Operating Park, VESTA LAGOS MORENO, Lagos
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	3
Encumbrances	$ 0
Initial Cost, Land	3,498,267
Initial Cost, Buildings & Improvements	27,368,941
Costs Capitalized Subsequent to Acquisition or Construction	7,835,878
Gross Cost, Land	3,498,267
Gross Cost, Buildings & Improvements	35,204,819
Fair Value Adjustments	33,946,914
Cumulative Foreign Currency Translation Effect	(24,520,312)
Cost to conclude	0
Carrying Value at the End of the Year	$ 48,129,688
Operating Park, VESTA TLAXCALA, Tlaxcala
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	9
Encumbrances	$ 22,500,000
Initial Cost, Land	7,072,992
Initial Cost, Buildings & Improvements	23,741,557
Costs Capitalized Subsequent to Acquisition or Construction	2,493,013
Gross Cost, Land	7,072,992
Gross Cost, Buildings & Improvements	26,234,570
Fair Value Adjustments	17,022,439
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 50,330,000
Operating Park, VESTA MORELOS, Tijuana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	2
Encumbrances	$ 0
Initial Cost, Land	6,033,568
Initial Cost, Buildings & Improvements	9,140,732
Costs Capitalized Subsequent to Acquisition or Construction	497,696
Gross Cost, Land	6,033,568
Gross Cost, Buildings & Improvements	9,638,428
Fair Value Adjustments	19,528,004
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 35,200,000
Operating Park, STELLANTIS I, Toluca
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	2
Encumbrances	$ 0
Initial Cost, Land	6,185,551
Initial Cost, Buildings & Improvements	8,514,449
Costs Capitalized Subsequent to Acquisition or Construction	7,696,655
Gross Cost, Land	6,185,551
Gross Cost, Buildings & Improvements	16,211,104
Fair Value Adjustments	2,853,345
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	0
Carrying Value at the End of the Year	$ 25,250,000
Operating Park, Other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	27
Encumbrances	$ 37,400,000
Initial Cost, Land	51,130,324
Initial Cost, Buildings & Improvements	89,673,511
Costs Capitalized Subsequent to Acquisition or Construction	23,962,182
Gross Cost, Land	51,130,324
Gross Cost, Buildings & Improvements	113,635,693
Fair Value Adjustments	29,276,316
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(707,857)
Carrying Value at the End of the Year	$ 203,604,476
Land and Buildings Under Construction
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	11
Encumbrances	$ 0
Initial Cost, Land	44,162,762
Initial Cost, Buildings & Improvements	124,986,663
Costs Capitalized Subsequent to Acquisition or Construction	0
Gross Cost, Land	44,162,762
Gross Cost, Buildings & Improvements	124,986,663
Fair Value Adjustments	206,033,877
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(84,983,302)
Carrying Value at the End of the Year	$ 290,200,000
Land And Buildings Under Construction, Vesta Park Juarez Oriente, Cd. Juarez
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	3
Encumbrances	$ 0
Initial Cost, Land	21,037,666
Initial Cost, Buildings & Improvements	48,245,923
Costs Capitalized Subsequent to Acquisition or Construction	0
Gross Cost, Land	21,037,666
Gross Cost, Buildings & Improvements	48,245,923
Fair Value Adjustments	45,421,792
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(26,455,382)
Carrying Value at the End of the Year	$ 88,250,000
Land And Buildings Under Construction, Vesta Park Aguascalientes, Aguascalientes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	1
Encumbrances	$ 0
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	18,828,833
Costs Capitalized Subsequent to Acquisition or Construction	0
Gross Cost, Land	0
Gross Cost, Buildings & Improvements	18,828,833
Fair Value Adjustments	66,251
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(5,985,084)
Carrying Value at the End of the Year	$ 12,910,000
Land And Buildings Under Construction, Vesta Park SLP, San Luis Potosí
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	1
Encumbrances	$ 0
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	7,151,934
Costs Capitalized Subsequent to Acquisition or Construction	0
Gross Cost, Land	0
Gross Cost, Buildings & Improvements	7,151,934
Fair Value Adjustments	15,866,596
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(6,058,529)
Carrying Value at the End of the Year	$ 16,960,000
Land And Buildings Under Construction, Tres Naciones, San Luis Potosí
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	1
Encumbrances	$ 0
Initial Cost, Land	4,410,373
Initial Cost, Buildings & Improvements	9,293,898
Costs Capitalized Subsequent to Acquisition or Construction	0
Gross Cost, Land	4,410,373
Gross Cost, Buildings & Improvements	9,293,898
Fair Value Adjustments	(779,877)
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(3,964,394)
Carrying Value at the End of the Year	$ 8,960,000
Land And Buildings Under Construction, VP Queretaro, Querétaro
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	2
Encumbrances	$ 0
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	9,221,448
Costs Capitalized Subsequent to Acquisition or Construction	0
Gross Cost, Land	0
Gross Cost, Buildings & Improvements	9,221,448
Fair Value Adjustments	11,349,955
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(4,661,404)
Carrying Value at the End of the Year	$ 15,910,000
Land And Buildings Under Construction, Other, Valle de México
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# buildings | building	3
Encumbrances	$ 0
Initial Cost, Land	18,714,723
Initial Cost, Buildings & Improvements	32,244,627
Costs Capitalized Subsequent to Acquisition or Construction	0
Gross Cost, Land	18,714,723
Gross Cost, Buildings & Improvements	32,244,627
Fair Value Adjustments	134,109,159
Cumulative Foreign Currency Translation Effect	0
Cost to conclude	(37,858,508)
Carrying Value at the End of the Year	147,210,000
Land reserves
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	84,159,124
Gross Cost, Land	84,159,124
Fair Value Adjustments	54,220,876
Carrying Value at the End of the Year	138,380,000
Land Reserves, VP SLP, San Luis Potosí
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	2,642,396
Gross Cost, Land	2,642,396
Fair Value Adjustments	7,627,604
Carrying Value at the End of the Year	10,270,000
Land Reserves, VP Queretaro, Querétaro
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	8,624,913
Gross Cost, Land	8,624,913
Fair Value Adjustments	23,215,087
Carrying Value at the End of the Year	31,840,000
Land Reserves, Vesta Park Puerto Interior, Silao
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	13,055,507
Gross Cost, Land	13,055,507
Fair Value Adjustments	4,564,493
Carrying Value at the End of the Year	17,620,000
Land Reserves, Vesta Park Aguascalientes, Aguascalientes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	14,754,874
Gross Cost, Land	14,754,874
Fair Value Adjustments	15,375,126
Carrying Value at the End of the Year	30,130,000
Land Reserves, Vesta Puebla II, Puebla
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	126,026
Gross Cost, Land	126,026
Fair Value Adjustments	663,974
Carrying Value at the End of the Year	790,000
Land Reserves, SMA, San Miguel de Allende
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	11,861,361
Gross Cost, Land	11,861,361
Fair Value Adjustments	2,648,639
Carrying Value at the End of the Year	14,510,000
Land Reserves, Vesta Park Apodaca, Monterrey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	33,094,046
Gross Cost, Land	33,094,046
Fair Value Adjustments	125,954
Carrying Value at the End of the Year	$ 33,220,000

Uncategorized Items - vtmx-2023

Label	Element	Value
Mexico, Pesos
Sensitivity analysis for types of market risk [text block]	ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk	The following table details the Entity’s sensitivity to a 10% appreciation or depreciation in the US Dollar against the Mexican peso. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency exchange rates. A positive number below indicates an increase in profit or equity where the US dollar appreciates 10% against the relevant currency. For a 10% depreciation of the US dollar against the Mexican peso, there would be a comparable impact on the profit or equity, and the balances below would be negative: December 31, 2023 December 31, 2022 December 31, 2021 Profit or loss impact: Mexican peso - 10% appreciation - gain $ 100,921 $ 147,185 $ (239,421) Mexican peso - 10% depreciation - loss (123,347) (179,893) 292,626 U.S. dollar - 10% appreciation – loss (51,958,356) (59,471,840) (65,033,544) U.S. dollar - 10% depreciation – gain 51,958,356 59,471,840 65,033,544
Rental Income [Member] | Customers [member] | One Customer [Member]
Concentration Risk, Percentage 1	vtmx_ConcentrationRiskPercentage1	0.06
Concentration Risk, Percentage 1	vtmx_ConcentrationRiskPercentage1	0.05
Concentration Risk, Percentage 1	vtmx_ConcentrationRiskPercentage1	0.06
Lease receivables [member] | Customers [member] | One Customer [Member]
Concentration Risk, Percentage 1	vtmx_ConcentrationRiskPercentage1	0.42
Concentration Risk, Percentage 1	vtmx_ConcentrationRiskPercentage1	0.43
Concentration Risk, Percentage 1	vtmx_ConcentrationRiskPercentage1	0.45
Current Operating Lease Receivables, Net	vtmx_CurrentOperatingLeaseReceivablesNet	$ 3,249,692
Current Operating Lease Receivables, Net	vtmx_CurrentOperatingLeaseReceivablesNet	3,863,928
Current Operating Lease Receivables, Net	vtmx_CurrentOperatingLeaseReceivablesNet	$ 4,525,100