Fibra Prologis Reit Ctfs

Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome you to the FIBRA Prologist's fourth quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise, and after the speaker's remarks, there will be a question and answer session. If you would like to ask a question at that time, please press star, then the number one on your telephone keypad to raise your hand and enter the queue. If you'd like to withdraw your question at any time, you can press star 1 again. I will now turn the call over to Alexandra, head of investor relations. You may begin.

Thank you, Colby, and good morning, everyone. Welcome to our fourth quarter and full year 2025 earnings conference call. Before we begin our prepared remarks, please note that all information disclosed during this call is proprietary and all rights are reserved. This material is provided for informational purposes only and is not a solicitation of an offer to buy or sell any securities. Forward-looking statements made during this call are based on information available as of today. Our actual results, performance, prospects, or opportunities may differ materially from those expressed in or implied by the forward-looking statements. Additionally, during this call, we may refer to certain non-accounting financial measures. The company does not assume any obligations to update or revise any of these for well-looking statements in the future, whether it's a result of new information, future events, or otherwise, except as required by law. As is our practice, we have prepared supplementary materials that we may reference during the call as well. If you have not already done so, I will encourage you to visit our website at fibraprologist.com and download these materials. On today's call, we will hear from Hector Ibarzabal, our CEO, who will discuss our strategy and market conditions, and from Jorge Giró, our CFO, who will review results and guidance. Also joining us today is Federico Cantu, our head of operations. With that, it is my pleasure to hand the call over to Hector.

Thank you, Ale, and good morning, everyone. 2025 marked the first complete year with Terrafina fully reflected in our numbers. And once again, we delivered excellent performance. This year, we successfully acquired more than 99% of Terrafina. And last week, we completed its delisting, fully aligned with our original plan. We issued our first international bonds. achieving the tightest spread ever for Afibra, a strong validation of our credit quality and balance sheet strength. We delivered solid operational and financial results, maintaining high occupancy levels and capturing meaningful rent growth on rollover. Jorge will provide further details shortly. Last quarter, We noted that if that uncertainty continues, companies will still need to move forward to serve their end market. That is exactly what we are seeing. Customers are maintaining and in some cases expanding their operations with an important long-term conviction. This is reflected in the strong retention we had for the full year a weighted average lease term of over five years, and an expansion-driven leasing activity in Guadalajara, Reynosa, and Monterrey. Mexico City and Guadalajara remain our strongest markets, supported by domestic consumption. We saw particularly strong activity from 3PLs, electronics, retail, and e-commerce customers. In the border markets and Monterey, demand remains concentrated in logistics, electronics, furniture, and home goods. From an industry standpoint, new leasing activity totaled 11.9 million square feet, up from 10 million last quarter and above the 8.6 million of the last 12 months. Mexico City led with an outstanding 6.1 million square feet, while the rest of our markets performed broadly in line with recent averages. Net absorption reached 8.3 million square feet, slightly above the 8.1 million recorded in the third quarter, as Tijuana returned to positive absorption. New supply remained elevated at 11.8 million square feet, primarily driven by Monterrey. This led to vacancy across our markets, increasing 80 basis points to 6%. Construction starts declined to 6.7 million square feet, with virtually no new starts in the border markets. Developers appear to be adjusting appropriately to current supply conditions, which should help rebalance markets going forward. In terms of rents, manufacturing markets experienced modest declines, while consumption-driven markets continued to post high single-digit annualized rent growth, reinforcing the strength of domestic demand fundamentals. The path ahead may include volatility, but we remain constructive on Mexico's long-term outlook. The country's strategic role within North America's supply chains, combined with the structural nearshoring trends and resilient domestic consumption, continues to support demand for high-quality logistics real estate. We remain focused on disciplined execution, maintaining a strong balance sheet, and driving sustainable rent revenue growth. With that, I'll hand it over to Jorge.