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

Good morning, everyone, and welcome to our review of Vesta's second quarter earnings results.

Presenting today with me is Lorenzo Dominique Vero, Chief Executive Officer, and Juan Patiz, our Chief Financial Officer. The earnings release detailing our second quarter 2025 results was released yesterday after market closed and is available on the SSIR website along with our supplemental package. It's important to note that on today's call, management remarks and answer to your questions may contain forward-looking statements. Forward-looking statements address matters that are subject to risk and uncertainty that may cause actual results to differ. For more information on these risk factors, please review our public findings. VESA assumes no obligation to update any forward-looking statements in the future. Additionally, note that all the figures were prepared in accordance with IFRS. which differ in certain significant respects from U.S. debt. All information should be read in conjunction with and is qualified in its entirety by reference to our financial statements, including the notes thereto on our status in U.S. dollars unless otherwise noted. I'll now turn the call over to Lorenzo Herrera.

Good morning, and thank you for joining today's call. Speaking to you now at the midpoint of 2025, the macro volatility and related uncertainty that I have described in prior quarters has continued, defined by shifting trade dynamics, tariff vagueness, and muted investment decisions made by global corporations. The landscape we're navigating has been one of caution with soft and new leasing momentum and tentative client decisions. Despite these pressures, Vesta's operating results again deliver resilient performance for the second quarter, grounded in disciplined execution that's tied to our long-term growth strategy. The current environment enables us to focus on extracting value from our core operations, noting that Vesta's portfolio ended the quarter at 95.5% stabilized occupancy with rents indexed to inflation and the sustained growth recurring income and long-term maturity profile of Vesta's high-quality portfolio. Let me walk you through some highlights for the second quarter. New leasing activity continues at a slower pace for our overall industry. Nevertheless, we ended the quarter with 1.8 million square feet of total leasing activity, including 411,000 square feet in new contracts, with both existing and new tenants for Vesta. While this number is below Vesta's average, as tenants remain in a wait-and-see mode, particularly those in export-linked markets, it reflects a sequential increase from first quarter new leasing activity. Renewals and releasing activity was among the highest we have experienced on the first half of the year, which confirms the resilience of this portfolio despite current economic dynamics. In the second quarter 2025, we closed 1.4 million square feet with an average lease time of approximately five years. Our strong retention rates of 84% are a testament to vested close tenant relationships and our team's proactive management. Importantly, we successfully continue to increase rents with some mark-to-market rent adjustments in the range of 20 to 30% as we bring legacy rents in line with current market levels. Our tracking 12-month spread for the second quarter reached 13.7%. Another very important increase in our mark-to-market portfolio strategy. This up list reflects not only the quality of our portfolio, but also, again, underscores the long-standing relationships we have built with our tenants who continue to choose Vesta as a long-term partner. To provide some additional color, during the second quarter, we completed Vesta Parque Apodaca Building 6 and 7, which will enter their list of periods. while Apodaca 8 remains under construction. We expect these premium buildings both located in Monterrey to be well positioned in this highly desirable location. Vesta's dual exposure to domestic consumption and global manufacturing is also a source of strength. We are focusing on completing existing projects and strategically expanding our land bank in line with Route 2030. Specifically, we acquired 128.4 acres in Guadalajara with a buildable area of 2.3 million square feet, strengthening our position in one of Mexico's key corridors. We also finalized the 20.2 acre acquisition in Monterrey, which we announced last quarter, adding another 450,000 square feet of buildable capacity in this critical northern market. Our approach therefore remains clear. We're focused on our long-term vision, managing our assets with discipline and executing a strategy led by tenant retention, strategic positioning, and the intrinsic value of our existing operating portfolio, which today is at 95.5% stabilized occupancy with rent index to inflation. For Vesta, this year's emphasis is on reinforcing the strength of our foundation so we can scale confidently when environment normalizes. That includes accelerating energy infrastructure planning, streamlining permitting, and ensuring our parks are positioned to meet the evolving tenant demands. Being ahead of the curve operationally is how we differentiate, especially in slower cycles. These principles have guided us through past cycles, and they continue to anchor our strategy as we position the company for future growth. Along these lines, as Juan will discuss shortly, we maintain discipline related to costs, achieving efficiencies in both operative and administrative expenses, which supported our margin performance and helped preserve capital strength. our financial position remains solid with strong liquidity and conservative leverage. That gives us the optionality to move when the time is right. To reiterate, despite the volatility, we view the current slowdown in leasing as a temporary deceleration, not a structural change. Companies are exercising caution, not canceling plans. Importantly, our portfolio and operational model represents an important competitive advantage, tenant diversification, strong market presence, and the flexibility we have based on our C-Corp structure. Critically, being a C-Corp enables us to be uniquely agile, both when returning money to shareholders and reinvesting into the business without the rigidity of external distribution mandates. This flexibility has become a key advantage in an environment where patient, strategic capital matters most. Recent deliveries of income-producing properties, pre-lease buildings, are expected to contribute to revenues in the second half of 2025, also with continued operating efficiencies which would support full-year margins. therefore expects to achieve its stated 2025 guidance and remains focused on the company's Route 2030 long-term strategy while navigating on the current uncertainty. In closing, 2025 is proving to be a transitional year for the sector, marked by caution and extended decision cycles. But Vesta remains focused, grounded, and forward-looking. We have navigated through multiple cycles. And what has always set Vesta apart is our ability to stay disciplined, remain close to our tenants, and make smart long-term decisions, even in the face of short-term uncertainty. Trade policy stabilization and continued manufacturing resilience all point to a more constructive environment for the years ahead, and future negotiations will maintain Mexico in a solid position. is increasingly well positioned to benefit from industrial realignment, and Vesta intends to lead in that process. Let me turn our conversation over to Juan to review Vesta's financial results in more detail. Juan?