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

Greetings, ladies and gentlemen. Welcome to the VESA 4th Quarter 2024 Earnings Conference Call. At this time, all participants are in a 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 for today, Fernanda Bettinger, VESA's Investor Relations Officer. Please go ahead.

Good morning everyone and welcome to our review of Vesta's fourth quarter earnings results. Presenting today with me is Lorenzo Dominique Vero, Chief Executive Officer, and Juan Sotil, our Chief Financial Officer. The earnings release detailing our fourth quarter 2024 results was released yesterday after market close and is available on Vesta's IR website along with our supplemental package. 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 filings. Nesta assumes no obligation to update any forward-looking statements in the future. Note that all figures included herein were prepared in accordance with IFRS, which differ in certain significant respect from U.S. tax. All information should be read in conjunction with and is qualified in its entirety by reference to our financial statements, including the notes thereto and are stated in U.S. dollars unless otherwise noted. I'll now turn the call over to Lorenzo Vero.

Thank you, Fernanda. Good morning, everyone. Before turning to our results, I would like to provide some perspective on our company as we review the past year. We have grown Vesta into a global leader in premier industrial real estate, in some cases managing through very turbulent times. In November, we unveiled our Route 2030 strategic plan. detailed roadmap for the next five years led by a balanced approach to investment growth profitability assured access to energy and with ambitious net zero and esg objectives route 2030 builds on the outstanding results we delivered on our 2019 to 2024 level 3 strategy all related targets which vesta not only met but exceeded with this we have clearly illustrated our next phase in Vesta's journey. Therefore, we expect 2025 will continue to present its challenges, likely resulting in more muted performance for our industry. Many agree it will be very difficult for uncertainties, either internal or external effects, to alter the opportunities that we see in Mexico. In late January, President Sheinbaum launched a $1.4 billion nearshoring incentive package designed to strengthen the country's role in regional supply chains as part of a multi-branch plan to grow Mexico's economy, called Plan Mexico, in part by embracing its role in manufacturing inputs for North America's supply chains. President Sheinbaum's administration, through a presidential decree, will offer greater incentives for companies seeking to relocate their manufacturing operations to Mexico to be closer to the U.S. market, including generous tax incentives. What remains clear is that both countries have a vested interest in maintaining and strengthening the trade relationship. With just over 78% of Mexico's exports going to the U.S., and some companies considering expanding their presence in Mexico, the economic interdependence between these nations cannot be overstated. Nearshoring as a strategy for economic growth and supply chain resilience therefore remain undeniable. And Vesta is in a particularly advantageous position. We benefit from outstanding LEED certified assets, a deep footprint in Mexico's most resilient and desirable markets, strong relationships with premier clients, and one of our industry's most innovative approaches to procuring energy. We are landlord to some of the world's most important manufacturers and not by accident. Deep and lasting client relationships creates new avenues for reoccurring growth. Our tenant base has solid credit as part of leasing criteria. And our portfolio is well diversified with a mix that is always changing and adapting. Best illustrated by the fact that we're seeing increasing demand in electronics manufacturing and in e-commerce from local and regional consumers. These are important differentiators should our industry experience a slowdown. And as I noted, our board and management team has considerable experience successfully navigating geopolitical and macro headwinds. Therefore, as we begin implementing our 2030 plan this year, we remain vigilant and cautious, fully aware of this year's importance as a foundation for the rest of the roadmap. Moving forward, we will continue to make strategic investments, prioritizing land acquisition and development only when they provide a clear competitive advantage, but also focusing on capturing every potential leasing opportunity. A few other notable highlights for 2024 before I turn to the quarter. Leasing activity reached 7.7 million square feet for the full year 2024, of which 3.5 million square feet were through new leases, nearly 80% of which was signed with current testing class tenants in e-commerce, as well as light manufacturing for the North American supply chain. We saw 4.2 million in renewals during the year. with an 8.4% increase in rent spreads and a six-year weighted average lease term. Our focus on dollar denominated contracts resulted in 89% of our 2024 revenues being in dollars, an important competitive advantage, a non-negotiable stabilizing factor which will never change at Vesta. Vesta also delivered exceptional financial results for the full year 2024. surpassing revised guidance to reach $252.3 million, a 17.7% increase year-over-year. Full-year 2024 adjusted NOI margin and EBITDA margin reached 94.6% and 83.5% respectively. TESTA FFO ended 2024 at $160.1 million, a 25.2% increase compared to $127.9 million in 2023. And in 2024, we secured a global syndicated sustainability link credit facility for $545 million, as Juan will discuss shortly. Turning to our fourth quarter 2024 operating results, leasing activity reached 1.6 million square feet. 739,000 square feet in new contracts, most in the Bahia region with premier global companies in the electronics, automotive, and logistics sector, and 813,000 square feet in lease renewals. Mesta's fourth quarter 2024 portfolio occupancy therefore reached 93.4%. A stabilized and same-store occupancy reached 95.5% and 97.6% respectively. We ended the quarter with current construction in progress, which reached 2.8 million square feet and an estimated investment of approximately $214.1 million and a 10.9% yield on cost in markets, including Mexico City, Puebla, Queretaro, Aguascalientes, and Monterrey. We're pleased to see continued absorption strength in the Bajio region. During the quarter, we began construction on three new buildings in Querétaro, totaling 560,000 square feet. As a related update on our portfolio, we shifted the delivery timing of two buildings at our Apodaca project to April from December. We chose to upgrade and expand the size of several buildings during the final stage of this project, also seeing an opportunity to reconfigure the park. These improvements therefore slow down the delivery of certain buildings within the project, but the adjustments enhance the overall quality and functionality of the development, and therefore the final value. So while this impacted our near-term timeline, they will not materially delay the expected income during the year, and this overall project remains on track for success. In closing, while we are certainly operating in interesting times, at the end of the day, we control our destiny. Our competitive advantages are clear and compelling, and our solid financial position means we're very comfortable being extremely selective in the tenants to which we lease. As I have commented in the past, we are focused on consistency and discipline as we navigate through potential headwinds on our Route 2030 PAC. In the meantime, we're allocating capital to ensure meaningful shareholder returns. through opportunistic land acquisitions, such as our recent purchase in Guadalajara and Ciudad Juarez, aligned with delivering on our 2030 strategy. Investors' 2024 share repurchase program reached $42.3 million by year end, 16.5 million shares, which is 1.9% of total outstanding shares. With that, let me now turn it over to Juan to review this quarter's financial results in more detail.