Corporacion Inmobiliaria Vesta, S.A.B de C.V. American Depositary Shares, each representing ten (10) Common Shares

and gentlemen, welcome to the VESTA first quarter 2024 earnings conference call. At this time, all participants are in listen-only mode. A question and answer session will follow today's prepared remarks. And as a reminder, this call is being recorded. It is now my pleasure to introduce your host, Fernanda Bettinger, Investor Relations Officer. Please go ahead.

Good morning, everyone, and welcome to our first quarter earnings call. Presenting today with me is Lorenzo Dominique Vero, Chief Executive Officer, and Juan Sotil, our Chief Financial Officer. The earnings release detailing our first quarter 2024 results was released yesterday after market closed and is available on the company's website, along with our supplemental materials. It's important to note that on today's call, management remarks and answers to your questions may contain forward-looking statements. Forward-looking statements address matters that are subject to risk and uncertainties that may cause actual results to differ. For more information on these risk factors, please review our public file. This assumes no obligation to update any forward-looking statements in the future. Additionally, note that all figures, including hearings, were prepared in accordance with IFRS with deferred insert and significant re-spreads from U.S. dollars. All information should be read in conjunction with and is qualified in its entirety by reference to our financial statements, including notes thereto and are stated in U.S. dollars unless otherwise noted. I'll now turn the call over to Lorenzo Vero.

Thanks, Fernanda, and thank you all for joining us today. 2024 is off to a great start. Our team maintained Vesta's strong track record of leasing activity during the quarter, capturing increasing rents on new and renewal leases, securing Class A tenants for Vesta's development, and building out a solid pipeline for the future ahead. Probably our most exciting news for the quarter was Vesta's successful pre-lease to one of Latin America's largest e-commerce companies of our Mexico City Vesta Park Punta Norte. for a substantial 890,000 square feet. This is another significant milestone for Vesta and an important proof of concept for our company. Vesta anticipated market trends in the early stages of Mexico's nearshoring wave. We turned our strategic focus towards gaining a first mover advantage within Mexico's most strategically relevant infill locations. successfully leveraging time earned, relationships, and our outstanding balance sheet to acquire some of our country's most strategically relevant land. Today, Vesta has built privileged position within Mexico's most desirable locations. Latin America's leading online marketplace has again chosen to partner with Vesta, and the robust consumer demand we're seeing continues to drive e-commerce aggressive expansion an important tailwind for Vesta in 2024 and beyond. Stabilized occupancy for the first quarter 2024 increased 40 basis points to 97.1%, with a strong and geographically diverse client base reflecting balanced sector exposure. First quarter leasing activity reached 2 million square feet. One million square feet from new leases among them the above leading Latin American e-commerce company, and nearly 1 million square feet of renewals. Last 12 months, e-commerce renewals and releasing spreads reached 8%. As a related comment, according to Collier's, first quarter 2024 rental prices for Mexico's industrial space rose 22% year on year, with an average cost of $6.89 per square meter, driven by nearshoring strength. Our focus for the first quarter was therefore on long-term objectives and establishing a solid foundation for the year. We're evaluating land acquisitions with access to energy and utilities in urban and utility locations, replicating the successful process I just described. Acquire optimally located land, develop best-in-class spec buildings, and lease and release to top-tier clients. Meanwhile, we're expanding relationships with existing tenants and connecting with new clients, many of which are referrals, maintaining Vesta's proven discipline approach to the continued development of state-of-the-art facilities. This ensures we maintain the industry's best-in-class portfolio. The Vesta team has demonstrated ability to innovate to create value. with the capital to execute and importantly, develop aligned with our discipline, sustainable and profitable growth path. Moving to the broader Mexico industrial real estate market, strong fundamentals continue to drive high rates of occupancy, particularly within our target markets. According to Kearney's 2024 Foreign Direct Investment Confidence Ranking released this month, Mexico has returned to the top 25 countries attracting the most foreign direct investment in the 21st position, after having disappeared from the FDI confidence ranking for the last four years. This was driven by capital invested in construction of plants, factories, and manufacturing production lines, which have migrated to Mexico from Asia and other places through nearshoring. The Mexican economy is expected to grow between 1.8 to 2.5% in 2024. and new incentives designed to boost nearshoring investment in 2024 and 2025 will help the economy as well. Given that Vesta's primary focus for new developments is on land-constrained markets, we're well positioned in the current environment. Touching upon some other relevant highlights from the first quarter of 2024, Vesta's total portfolio occupancy increased to 94% from 93.4% last quarter, while stabilized and same-store occupancy increased to 97.1% and 97.4% from 96.7% and 97% respectively. We began construction on three new buildings in Monterrey and one in Bajio to one of Vesta's longtime clients, aligned with our growth plan and reflecting today's strong market dynamics. Current construction in progress reached 4.1 million square feet by quarter's end and a $344 million estimated investment, and a 10.1% yield on cost in Mexico City, Ciudad Juarez, Monterrey, and the Bajio. We again deliver strong financial results, as Juan will discuss in more detail, with a 20.1% increase in adjusted NOI to $57.4 million, and an adjusted NOI margin and adjusted EBITDA margin, which reached 96% and 84.7% respectively. Vesta ended the quarter with FFO at more than $40 million, a 32.4% increase year on year. In closing, it was a great start to what we expect will be another excellent year. And while the outcome of our country's upcoming elections are uncertain, This quarter's results on the score that Vesta's path forward remains unchanged. Both the US and Mexico benefit from robust institutional frameworks, strengthening consumer demand, and a broad range of industries that require premium industrial real estate to ensure uninterrupted supply chains. Vesta is optimally positioned to capture this and other exciting opportunities. Let me now pass our conversation to Juan, and I'll return for some brief Closing remarks.