Vesta director Arthur Milan reports initial holdings

Vesta Real Estate Corporation, S.A.B. de C.V. director Arthur Douglas Milan filed a Form 3 reporting his existing ownership in the company.

Rhea-AI Filing Summary

Vesta Real Estate Corporation, S.A.B. de C.V. director Arthur Douglas Milan filed a Form 3 reporting his existing ownership in the company. He holds American Depository Shares and Ordinary Shares directly, including 5,000 American Depository Shares and 24,986 Ordinary Shares.

The filing notes that each American Depository Share represents ten Ordinary Shares of the issuer. This Form 3 does not report new purchases or sales, but establishes Milan’s baseline equity position as a company insider.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider ARTHUR DOUGLAS MILAN

Role Director

Type	Security	Shares	Price	Value
holding	American Depository Shares	--	--	--
holding	Ordinary Shares	--	--	--

Holdings After Transaction: American Depository Shares — 5,000 contracts (Direct); Ordinary Shares — 24,986 shares (Direct)

Footnotes (1)

1. F1. Each American Depository Share (ADS) represents ten Ordinary Shares of the Issuer

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the VTMX Form 3 filed by Arthur Douglas Milan report?

The Form 3 reports Arthur Douglas Milan’s existing shareholdings in Vesta Real Estate Corporation, S.A.B. de C.V., including American Depository Shares and Ordinary Shares. It establishes his baseline ownership as a director rather than disclosing new trades.

How many Vesta (VTMX) American Depository Shares does Arthur Douglas Milan hold?

Arthur Douglas Milan holds 5,000 American Depository Shares of Vesta Real Estate Corporation, S.A.B. de C.V. These are reported as directly owned securities and form part of his initial insider ownership disclosed on the Form 3.

How many Vesta (VTMX) Ordinary Shares does Arthur Douglas Milan directly own?

Arthur Douglas Milan directly owns 24,986 Ordinary Shares of Vesta Real Estate Corporation, S.A.B. de C.V. This Ordinary Share position is reported separately from his American Depository Shares in the Form 3 filing.

Does the VTMX Form 3 show Arthur Douglas Milan buying or selling shares?

The Form 3 does not show any purchases or sales by Arthur Douglas Milan. It classifies the entries as holdings with unknown transaction codes, indicating disclosure of existing positions rather than new trading activity.

What is the relationship between VTMX American Depository Shares and Ordinary Shares?

The filing states that each American Depository Share represents ten Ordinary Shares of the issuer. This ratio explains how the depository share structure relates to the underlying Ordinary Shares of Vesta Real Estate Corporation, S.A.B. de C.V.

Is Arthur Douglas Milan a director or officer of Vesta (VTMX)?

Arthur Douglas Milan is reported as a director of Vesta Real Estate Corporation, S.A.B. de C.V. The Form 3 indicates director status and shows his direct ownership in American Depository Shares and Ordinary Shares without listing any officer title.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/18/2026 - 09:30 AM EDT Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

ARTHUR DOUGLAS MILAN

(Last) (First) (Middle)

PASEO DE LOS TAMARINDOS NO. 90, TORRE II

PISO 28, COL. BOSQUES DE LAS LOMAS

(Street)

CUAJIMALPA MEXICO CITY 05120

(City) (State) (Zip)

MEXICO

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Vesta Real Estate Corporation, S.A.B. de C.V. [ VTMX ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	24,986	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
American Depository Shares	(1)	(1)	Ordinary Shares	5,000	(1)	D

Explanation of Responses:

1. Each American Depository Share (ADS) represents ten Ordinary Shares of the Issuer

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Douglas M. Arthur	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)