Corporación Inmobiliaria Vesta, S.A.B. de C.V. / "Tax" | Tables in SEC filings

VTMX Corporación Inmobiliaria Vesta, S.A.B. de C.V.

19 Apr 24

Annual report (foreign)

4:37pm

NOI or Adjusted NOI are not financial measures recognized under IFRS and do not purport to be alternatives to profit for the period or total comprehensive income as measures of operating performance. NOI and Adjusted NOI are supplemental industry reporting measures used to evaluate the performance of our investments in real estate assets and our operating results. In addition, Adjusted NOI is a leading indicator of the trends related to NOI as we typically have a strong development portfolio of “speculative buildings.” Under IAS 40, we have adopted the fair value model to measure our investment property and, for that reason, our financial statements do not reflect depreciation nor amortization of our investment properties, and therefore such items are not part of the calculations of NOI or Adjusted NOI. We believe that NOI is useful to investors as a performance measure and that it provides useful information regarding our results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from profit for the year. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). As so defined, NOI and Adjusted NOI may not be comparable to net operating income or similar measures reported by other real estate companies that define NOI or Adjusted NOI differently.

For the Year Ended December 31,
2023	2022	2021
Profit for the period	316.6	243.6	173.9	(+) Total income tax expense	65.0	48.2	82.1	(-) Interest income	$9.4	2.6	0.1	(-) Other income	5.1	1.3	0.2	(+) Other expense	3.0	0.4	0.1	(+) Finance costs	46.3	46.4	50.3	(-) Exchange gain (loss) –– net	8.9	1.9	(1.1)	(-) Gain on sale of investment property	(0.5)	5.0	14.0	(-) Gain on revaluation of investment property	243.5	185.5	164.6	(+) Depreciation	1.6	1.5	1.6	(+) Stock-based compensation	8.0	6.7	5.6	(-) Energy Income	1.9	1.3	0.6
(+) Energy expense	2.1	0.9	0.6
Adjusted EBITDA	174.3	150.4	135.8	(+) General and administrative expenses	31.7	24.4	21.4	(-) Depreciation	1.6	1.5	1.6	(-) Stock-based compensation	8.0	6.7	5.6	NOI	196.4	166.3	150.0	(+) Property operating costs related to properties that did not generate rental income	4.8	2.5	2.2	Adjusted NOI	201.2	168.8	152.2

Notes	December 31, 2023		December 31, 2022		December 31, 2021
Assets		Current assets:				Cash, cash equivalents and restricted cash		5			$	501,166,136	$			139,147,085	$	452,821,132
Recoverable taxes		6		33,864,821		30,088,473		19,377,562
Operating lease receivables- Net		7		10,100,832		7,690,195		9,039,147
Prepaid expenses and other current assets		7.vi		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		8		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		9		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
Liabilities and stockholders’ equity		Current liabilities:		Current portion of long-term debt		10		$	69,613,002		$		4,627,154		$		2,880,592
Lease liabilities - short term		9		607,481		606,281		464,456
Accrued interest		3,148,767		3,847,752		3,840,079
Accounts payable		3.f		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		12.4		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		10		845,573,752			925,872,432		930,652,624
Lease liabilities - long term		9		290,170		897,658		915,957
Security deposits received		25,680,958		18,333,119		15,868,704
Long-term payable		3.f		7,706,450		7,889,937		-
Employee benefits		11		1,519,790		348,280		-
Deferred income taxes		18.3		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

December 31, 2023	December 31, 2022		December 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 property		(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		461,600		(5,027,826)		(13,992,675)
Employee benefits and pension costs		1,171,510		348,280		-
Income tax benefit from equity issuance costs		8,307,906		-		-
Working capital adjustments:		(Increase) decrease in:		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)
Increase (decrease) in:		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		-		-		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		-		-		350,000,000
Loans paid		(16,789,756)		-		(252,500,000)
Costs of debt issuance		-		(1,667,278)		(7,746,222)
Dividends paid		(59,509,926)		(57,018,815)		(55,367,252)
Repurchase of treasury shares		-		(15,603,308)		-
Equity issuance proceeds		594,375,000		-		229,215,419
Equity issuance costs paid		(27,693,021)		-		(6,019,970)
Payment of lease liabilities		(606,279)		(647,961)		(564,677)

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%

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