Fibra Prologis Reit Ctfs

Thank you for standing by. The SEPA Prologis Q1 2026 earnings call will begin at two minutes past the hour. Thank you. Thank you for standing by my name is amy and I will be the conference operator for today at this time, I would like to welcome everyone to the zebra for lodges first quarter 2026 earnings conference call. All participants have been placed in listen only mode after the speakers remarks, we will conduct a question and answer session. If you would like to join the queue to ask a question, simply press star followed by the number one on your telephone keypad. It is now my pleasure to turn the call over to Alexandra Violante, Head of Investor Relations. You may begin.

Thank you, Amy, and good morning, everyone. Welcome to our first quarter 2026 earnings conference call. Before we begin our preferred 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. It's 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 goal, we may refer to certain non-accounting financial measures. The company does not assume any obligations to update or revise any of these forward-looking statements in the future, whether as 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. As you know, we launched the tender offer for Fibra Macquarie fully aligned with our long-term strategy. Our proven track record executing similar transactions gives us confidence in our ability to unlock value through our operating platform. We ended the first quarter of 2026 with solid operational results, supported by the quality and resilience of our portfolio. as well as exceptional service to customers provided through the strength of Prologis platform. As the environment becomes more balanced, our outlook remains constructive. On the market side, in the context of ongoing uncertainty around trade and USMCA, selective but important customer activity continues to move forward driven by operational needs. New leasing activity continues in line with 2025 quarterly levels, with improved performance in border markets, particularly in non-automotive manufacturing. Mexico City moderated from last year's peak due to softer e-commerce demand, although we expect a near-term recovery. Net absorption totals 4.3 million square feet, well below 2025 average levels, primarily reflecting tenant consolidations in Mexico City and some tariff-related impacts in Tijuana. We do not expect these matters to become a trend in upcoming quarters. Market trends continue to grow modestly, led by consumption markets. while most border markets have stabilized. On the supply side, deliveries of 9 million square feet were 24% lower than the 2025 average. Vacancy in our six markets increased 70 basis points to 6.8%, mainly driven by move outs in the consumption markets. we expect to see stabilization in national vacancy in the following quarters, considering that the development pipeline has already declined to half of the peak levels seen in 2023. Furthermore, our portfolio continues to demonstrate outperformance, supported not only by the quality and location of our assets, but also by the execution of our teams on the ground and our close relationship with customers. Our strategy remains centered on Mexico's key industrial markets, where we see the strongest long-term fundamentals. In addition, our responsive prologies provide meaningful advantages, including deep customer relations market intelligence, clean energy, and access to low cost of capital. On the disposition front, we will continue executing our strategy by exiting non-core markets. In the meantime, we have been creating value through operating and releasing them with excellence. I need to be clear. We are selling good assets in good markets. We have the balance to hold them as they are generating value, and we will wait until the most adequate buyer appears. In summary, despite external noise, our business remains resilient. Our strategy is clear, and we are well positioned for long-term growth. Before I turn it over to Jorge, allow me to close on a more personal note. This marks my final earnings call after more than a decade with Fibra Prologis and since our IPO in June of 2014. It has been a privilege to be part of this journey from the beginning and to participate in every earnings call along the way. I also had the opportunity to help start the business in Mexico in the early 2000s, making this journey especially meaningful to me. I'm particularly proud that Fibra Prologis is today the largest fibra in Mexico by market capitalization and among the most successful in total return since our IPO. reflecting the quality for assets and the discipline and long-term vision behind our strategy. Looking ahead, the company is in very capable hands. Jorge will assume the role of CEO. We have worked together for more than 30 years, sharing a strong alignment of values and a deep understanding of the business. I can think of no one better to lead the company going forward. Alexandra will step into the CFO role. She has done an outstanding job leading investor relations, building a strong market conditions, and demonstrating the financial discipline. This is a well-deserved opportunity, and I'm confident she will do great. I'm deeply grateful to our investors for the trust, our customers for their partnership, and especially to our team for their permanent commitment and excellence. We have built a platform defined by quality, discipline, and long-term vision, one that I'm confident will continue to perform. I stepped down at the end of June, closing a great cycle with great pride in what we have accomplished. and full confidence in FIBRA Prology's future. With that, I'll turn it over to Jorge.