Fibra Danhos

Good day, everyone, and welcome to the Fibra de Año's fourth quarter 2025 conference call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session. You may register to ask a question at any time by pressing star 1 on your phone. Please note this call is being recorded, and I'll be standing by for assistance. Now, it's my pleasure to turn the call over to your host, Roligo Martinez. Please go ahead, Roligo.

Thank you very much, Alice. Hello, everyone. I am Rodrigo Martinez, and I run Investor Relations for the company. At this time, I'd like to welcome everyone to Fibra Danos 2025 Fourth Quarter Conference Call. We should report yesterday. If you did not receive a copy, please do not hesitate and contact us. Please be aware that they are also available on our website and the Mexico Stock Exchange website. Before we begin the call today, I would like to remind you that forward-looking statements made during today's call do not account for future economic circumstances industry conditions, and company performance or financial results. These statements are subject to a number of risks and uncertainties. All figures included herein are prepared in accordance to IFRS standards and are stated in nominal Mexican pesos unless otherwise noted. Joining today from Fibra Danos in Mexico City is Mr. Salvador Daniel, CEO of Fibra Danos, Mr. Jorge Serrano, CFO of Fibra Danos, and Mr. Elias Mirraji. Now I will turn the call for questions. Jorge Serrano for opening remarks and financial operating indicators. Jorge, please go ahead.

Thanks, Rodrigo. Good morning. Thanks for joining us today. Let me share some initial remarks on Fibra Dano's fourth quarter. Despite a softer consumption environment, financial and operating results reflect steadiness on our operating portfolio. complemented by the recent contribution from industrial projects. Increased revenues were explained by higher fixed rents with sound occupation levels, overage, and positive lead spreads that more than compensated the effect of the dollar depreciation on our office portfolio. Revenue was up 6.5% on the quarter and 11.8% on the year. NOI margin of 78%. for the quarter and 78.5% for the year reflect expense control and operating efficiencies. Quarterly AFFO reached 1.3 billion pesos that accounted for 80 cents per CBFI and accumulated close to 4.6 billion in the year or 2.85 pesos per CBFI. Distribution for the quarter was determined at the same level of 45 cents per CBFI. which amounts to $724 million and represented a payout ratio of 56%. Capital expenditures on new developments during 2025 were financed with non-distributed cash flow plus additional debt of $1.5 billion. Balance sheet, however, remained strong with only 13.5% leverage. Our $3 billion Segure Danos 16, will reach maturity by mid-year. We are analyzing the best alternatives in order to fulfill our commitment and optimize financial expense. Danos maintains AAA local debt rating. New projects, Nisuk and Oaxaca, have gained momentum on its construction phase and report progress as scheduled. Industrial projects on development stage are making progress as well, and expect to deliver quick and sound cash flow returns. execution capabilities, high quality construction standards, and have become a reference in the logistic corridor located in the north of Mexico City metropolitan area. Overall, GLA increased 15% year-over-year and reached 1.25 million square meters with an overall portfolio occupancy of 91.5%. Resale occupancy reaching 94.2%, office 77%, and industrial 100%. Least spread on 24,000 square meter renewal agreements was 3.9% during the quarter, which is in line or above inflation levels. Thanks, and we may now turn to the Q&A session.