Fibra Danhos

Good day, everyone, and welcome to the Fibra de Año's first quarter 2026 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. Please note this call is being recorded, and I'll be standing by for assistance. Now, I'll turn the call over to your host, Rodrigo Martinez. Please go ahead, Rodrigo.

Thank you, Elvis. 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 2026 First Quarter Conference Call. We showed our quarterly reports 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 in Mexico's Stock Exchange website. Before we begin our call today, I would like to remind you all that forward statements made during today's call do not account 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 were 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 Serranos, CFO of Fibra Danos, and Mr. Elias Misrachkin. Now I will turn the call to Jorge Sarralo for opening remarks of financial and operating indicators. Jorge, please go ahead.

Good morning. Thanks for joining us today. Fibra Danos posted sound financial and operating results for the first quarter of 2026. Fixed rent and 8% growth. explained by the full contribution of Coquitlam and Palomas industrial projects, indexation of lease agreements, and improved occupancy levels in our office portfolio. Overage and parking revenues increased almost 13% and 18% respectively, based on strong sales from our tenants and tariff adjustments in our properties. Consequently, total revenue during the quarter increased 9.4% year-over-year, while operating expenses did so by 7%, resulting in a 10% increase in net operating income and 11% on EBITDA, with margin improvements. AFFO per CBFI accounted for 76 cents, equivalent to 1.2 billion pesos, and almost 16% higher year-in-year. Distribution was determined at 45 cents per CBFI, that represents a payout ratio of 59%. GLA on our operating portfolio increased by 15% year-over-year, and overall occupancy level grew 220 basis points, reaching almost 92%. Least credit on 20,000 square meter renewal agreements on our operating portfolio was 4.3%. CAPEX pipeline continues to gain momentum, particularly in Palomas and Edom Express industrial projects that are due to deliver by year-end, while Parque Oaxaca and IZUC are making progress and running on schedule as well. Balance sheet remains with only 13.6% leverage. During the quarter, Fitch Ratty played rating for Fibra Danos EBFIs and Arred bond issuances. Fibra Danos shareholders' meeting took place on March 27 with a general quorum of assistance of more than 80% and resulting on the approval of all the agenda items with a favorable vote of more than 95% on each of them. Thanks, and we may now turn to the Q&A session.