Fibra Prologis Reit Ctfs

Hello everyone, thank you for joining us and welcome to the Febra Prologis third quarter 2026 earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Montserrat Chávez, Head of Investor Relations. Montserrat please go ahead.

Thank you Alexandra and good morning everyone. Welcome to our third quarter 2026 earnings conference call. Before we begin our prepared remarks please note that all information disclosed during this call is proprietary and no 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 non-accounting measure of measure. The company does not assume any obligation 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 you. As is our practice, we have prepared supplementary materials that may refer during this call. We invite you to visit our website at braprologis.com and download our earnings materials. On today's call, we will hear from Jorge Girault, our CEO, and Alexandra Violante, our CFO, who will disclose our strategy market conditions and will review results. Also joining us today is Federico Cantú, our head of operations. With that, it is my pleasure to hand the call over to Jorge.

Thank you, Montserrat. Good morning, and thank you for joining us. Quira Prologis delivers solid operating performance in this quarter. Period end occupancy was 96.5%. The construction pipeline declined 34%, more than we expected. This supports our outlook. If development remains disciplined, we believe markets will continue to move towards a healthier balance. Leasing activity in our markets reached approximately 9 million square feet. Including built-to-suit deliveries in Mexico City, net absorption was approximately 12 million square feet, more than twice the first half average. We expect net absorption to reach around 30 million square feet in 2026. That would be just below 2023 peak and about twice pre-pandemic levels. Companies serving the data center sector accounted for approximately 20% of our leasing activity year to date, totaling an estimated 6 million square feet. We will continue to monitor this growing source of demand. E-commerce and logistics also remain potential source of demand. Over the past two years, fulfillment networks have expanded more slowly than e-commerce sales, which we believe should create a new need for additional space. On this note, our global customer relationship gives us a good visibility into customer real estate needs and helps us support their future growth. Market vacancy increased 10 basis points this quarter to 7.1%, less than we expected. We anticipated it will remain near these labels as available space is absorbed and pending move-outs are completed. Market rents declined 1.7% this quarter. Our portfolio still has approximately 25% mark-to-market potential, which we expect to capture as leases roll over. Conditions have changed since the big years of nearshoring. We will stay flexible and close to our customers, drawing on our global platform, local knowledge, and financial strength. We continue to see interest in high-quality assets with strong long-term potential. We evaluate each opportunity based on its expected return relative to our cost of capital and its impact in our balance sheet. Recent capital market movements have reinforced the importance of maintaining that discipline. We remain focused on sound investments and on pursuing opportunities that reflect the continued interest in Mexico's high-quality assets. I want to thank our team on the ground for serving our customers and executing our strategy. Our portfolio, balance sheet, and Prologis unique global platform position us to respond as market conditions evolve. We remain focused on creating long-term value for our investors. With that, I'll turn it to Alexandra Violante to review our financial results.