Ladies and gentlemen, a very good day. Thank you for waiting. Welcome to the teleconference of LOG Commercial Properties, referring to the results of the second quarter of 2021. We have with us Mr. Sérgio Fischer, CEO of LOG, and Mr. André Vitória, CFO and Director of Relations with Investors. We inform that this event is being recorded and translated simultaneously. Participants will be listeners only, and soon after, we'll start the Q&A session, when further instructions will be provided. Just in case you need assistance during the conference, please request the help of an operator by pressing asterisk zero. We'd like to clarify further that declaration and statements during this teleconference related to perspectives of business' goals, financial goals, and operational goals are projections of the company that may or not happen. We should understand that political and macroeconomic factors and other factors may affect the future of the company and lead on to results that differ materially from those that are expressed here. In order to open the floor, would like to pass the floor to Mr. Sérgio Fischer, President of LOG. Good morning all, and thank you all for being here. I'll start with good news. The new BTS that has been closed with ABL in Betim for activities with construction work for the first trimester of this year. It wasn't foreseen in our initial plan, so we are upscaling our for-saleable delivery up to 1.5 million square meters in the first quarter of 2024. We are going through the best moment. Our absorption was 2 x greater than the expected for 2020. We have 1,415,000 sq m ABL of 93% out of the whole load, out of the axis Rio-São Paulo, and 89% of the contracts actually with vacancy of 2%. Online, we have doubled throughout our period in wholesale is a trend for the next years. Responsible for 84% of the gross absorption of the next year. We have activities that are mainly due to e-commerce, and we are going to deliver new assets. We are more than company and properties. We are delivering value. In the second trimester of 2021, we have major impact with the new assets that have been generated, and we have had major gains in this part. We have BTS Extrema BRL 272 million, 272,000 sq m, more than twice the investment. It was done through an independent contractor that is responsible for most of our assets. The competition of this recycling, 55,000 sq m, BRL 55 million in results, 44% above the average. The second semester, 227,000 ABL and BRL 1.15 million above the average. A major part was actually above the average. We have assets in-house. We have our strategy of geographic diversification, 37 cities, 17 states throughout the country. Construction works from north to south. We are committed to the delivery of our growth plan. We are building in 2021, 400,000 sq m of ABL, and we are to deliver that more than 50% are pre-leased. That demonstrates the power of our business. We are the greatest and the best portfolio in the sector, and these characteristics combined bring us a competitive and unique competitive edge. I would like to pass the floor on to André. Thank you, Sérgio. We have consistent results. We have in this second quarter, BRL 78.4 million, 3.5-fold greater than last period. EBITDA was BRL 76.5 billion, almost three-fold the same period 2020. The revenue keeps on growing. Our cash flow is BRL 89 million. We have BRL 3.2 billion in assets as properties for investment. We are showing over and over that the recycling of assets mean more than an alternative of funding for our investment. It's part of our strategy. We are going to recycle assets mature that are within the proportions, maintaining our cash flow and our plan throughout. The Plan 1.5, we made public our ranking along the agencies, we are pointing out our quality of credit. Our cost of debt is low CDI 1.5%. The liquids, the debt is +1.3. In this quarter, we have the sustainability report that has the best results and impacts on all levels, including sustainability. We have joined the UN Global Compact with the largest initiative, entrepreneurial of the world. We would like to go to Q&A now. Thank you, colleagues, and thank you all. Thank you. We would like to start now the Q&A session. In case there is a question, please press star one, or send your questions through the chat of the web chat. Our first question comes from Mr. Alex Ferraz, Itaú BBA. Good morning, Sérgio, André. Thank you for the presentation. I have two questions in one. First, build to suit. We have this announcement, 95,000 sq m in the industrial park. We see that there has been a comment that possibly there would be a fourth agreement. In general terms, whenever we have an announcement of build to suit, this contract should be the same size as the previous ones, or we have smaller ones within the pipelines, or any announcement should be relevant. Build to suit. This is my second question. Should we expect a review of the plan once a year, or could we wait more sequential reviews, if you would say so? Good morning. Thank you for your question. This is Sérgio. In the first semester, we had two BTS that weren't in the plan, that were actually above the plan. First quarter and the second in the second trimester, the industrial park of Betim. We have a third one in July, and we have a fourth undergoing negotiations in August. These two new ones, July and August, they are not going to justify an alteration of the plans. The BTS are going to go according to exchanging the speculation for BTS. They are major projects, the sum of those in this quarter are going to go above 100,000 sq m of BTL. Construction works already started to be delivered by the end of next year. Well, thank you. That's quite clear. Our next question comes from André Mazini from Citibank. Sérgio, André, thank you for the call. First of all, recycling-wise, you sold Extrema for a third party. Macaw, if I'm not mistaken, a real estate fund. We thought that with interest rates going up, the real estate market would change dramatically with more capturing. It seems that it's off the negotiation table. When it comes to real estate capturing, and when it comes to third parties, will there be further recycling if interest rates go to 7, 8, or in that order, or will we step back? Vacancy-wise, we can see that it's a very low level. Please let us know about your initiatives in terms of numbers for LOG to be the chosen party. Mentioning that, also I'd like to point out competition services. I remember you mentioned providing forklifts if a leasing party needs, and e-commerce as well. I think that point would go even above and beyond my statement. Still within that line, that sector is not major in Brazil. I think the economy is different in Brazil. When do you believe that will take off in Brazil, considering all the risks that we have, and what would be the boosters? Sérgio here. Thank you for the question. Solar energy. It doesn't make sense yet. Our projects require energy in medium level pattern. Our projects actually have that in mind for the future. What we have done recently in the last few years is change our projects, in exchange with the free market, a reduction in the order of 25% in that order, in the reduction of bills of consumers. When we think solar energy, we are discussing, trying to understand, and trying to see how that will unfold in the future. We'll see certainly results in the near future. Services-wise and our differential, our competitive edge, we are becoming a one-stop shop for many clients. We see leases that used to be robust, that we are actually decreasing. We are going for clients that know our assets, our specs in terms of quality. We have that as a major differential, and that has been playing a major part in our leasings. We sell the demand of the client. We know where they have to be, where they are installed, and they are much more assisted in that sense. The assets that we have had here in LOG Adm that manages the projects in the end. We do not have any concrete project at this point. We are still undergoing the studies regarding IoT and innovation, things that will certainly disclose in the future. I think I dealt with your question. Is there anything that I left out? Real estate that is sold to third parties, Macaw, how is that scenario in terms of capturing third parties and others? Yeah. What we have seen is that our call center is searched from third parties. We see that there is an appetite from those third parties. That was not the plan initially. We didn't think that would drop. We do not expect that to drop. We'll make some adaptations for those investors and our funds. We have the intention, a very solid intention, to have more and more ABL in there with transactions that are paced and in a timely fashion. We are planning to do something in the near future in a robust way. As I mentioned, in the last 18 months, we recycled more than BRL 500 million in assets. That's an important strategy for funding, not only for the growth of the company, but for the CDI of capital. We have stats that are very important. This BRL 500 million with a spread in the order of 44%, which is highly relevant, and we'll keep on acting on that. Regarding your point, the increasing of interest rates, we have some advantage in our business. The pipeline we are delivering, we are in the order of 12% and yield on costs. We see a compression of spreads that may happen that will report a gross margin that is around 35% or even above. If we are to close the dealing tables in that order were so. Thank you. I think that was all. Reminding you that in order to ask questions, you can dial asterisk one or send in your question via the web chat. Our next question comes from Bruno Mendonça, Bradesco BBI. Good morning. Thank you for the space to ask a question. Uncertainties in the real estate market, we have the tax reform. On that point, I believe you must have discussed that. A lot of people believed that would be a worsened scenario, but it didn't go either way. Did you change your mindset in terms of leveraging the company, speeding up some projects or changing some plans, running a leverage on a more temporary fashion? In that order, how would you be your mindset in that scenario? A second question would be leases. We see the costs increasing in construction work and so. You mentioned that you are still delivering in the order of 12%, but the increasing curve in order to compensate the inflation, how do you deal with balancing out increasing costs and inflation? I'll start with lease, and then I'll pass on to André for the topic on leveraging. New leases now. It's keeping up with IGP-M. In the last 12 months, it's in the order of 34%. IGP-M is according to IPCA. We haven't been able to pass on the totality of IPCA and clients are renegotiating, asking for discussions that will give longer deadlines. We have clients that allow us to deal with, especially clients that are paying less. Now, in the second quarter, the same leased areas comparing first and second quarters, we have a growth in the order of 25% or more that has been improving the player as a whole, even for new businesses. We have seen that nationwide prices gaining momentum and increasing. Margins are doing well at our level. We have the impact in the civil construction sector that is unavoidable and undeniable, and we have been a settling in that sector. We are very optimistic in maintaining the yields. We have maintaining that in the order of 12%. We have been dealing accordingly with the levels of low leases prices. André, floor is yours. Bruno, structure-wise, as we have in the company currently for funding, independently on the tax reform on the account of the market, which is very volatile, the perspectives concerning the windows that we can explore, we have had equity this year. We have to assess that structure and monitor that constantly within our assessments. Debt-wise, we have very low leveraging. We can keep on pushing that slightly further to balance out with capital. On the other end, the tax reform, that was a pillar that had a greater attention given to with higher volume, and we are still assessing the alternatives in terms of recycling. It depends on the moment. It depends on the windows of opportunity that we find in terms of the market, but we have to have those three alternatives, and depending on the moment, we can use either one or the other alternative. Ceiling numbers or maximum numbers. Could we think in that sense? We have a balance that is very solid. We do not have a ceiling number. We have an opening and an open mind to advance with that, but we do not have a metric at this point or a ceiling that I would be able to disclose at this point. Thank you for the answer. Our next question comes from Mr. Gustavo Cambaúva, BTG Pactual. Good morning. How do you see the competitive scenario in your market? Vacancy is very low, and I would like to understand these greater players that have been very focused on São Paulo, Rio de Janeiro, whether you have seen a greater movement towards the Northeast or Center -East, whether there are different levels of competition, or you see that more locally or more nationwide. This is Sérgio. Thank you. The dynamics are still the same, Mr. Cambaúva. The very few players organizing these sectors are focused on developing in São Paulo because that's where we have more traffic. Random ones, Belo Horizonte, Salvador, but not nationwide as we are. We don't see competition, to be very honest. We have been able to replace very healthily without major disagreements, and I don't think that will change. This is the scenario we work with. I think we'll be drinking for a very clean water spring, to be very honest. These markets are in high demand. Thank you. Thank you. A great day. Questions, I remind you, please press asterisk one or send your questions through the web chat. Please hold on, bear with us while we collect the questions. Our next question comes from Ms. Aline Caldeira, Bank of America. Good morning. Congratulations on the result. You mentioned that most of the absorption was strongest in this quarter. Demand-wise, how you see the demand in different areas, BTS-wise and speculation-wise as well? Thank you. Aline, thank you for your question. This is Sérgio. The demand is strong nationwide. We have been able to show that clearly with our assets, not only BTS. We have players that want major operations sometimes, and they tend to take that on to BTS, and there is a competition that is higher in that level. We have been able to deliver a quality asset, and doing that with many players in the sector, and we have been able to gain some major operations. Demand-wise, a continental country as Brazil, we have consumption centers that are far from the northeast and similar areas. That area is still not a major market. We have seen in relevant cities with 3, 4 million inhabitants, we see these major platforms. We have closed great deals in these platforms and regionalizing with an effective delivery of high level of quality. At the end, we have seen that demand. We have felt that clients are planning with us our growth path. We have some new cities that in the past weren't in our radar. Of course, we study the scenario to see whether we have enough information to make a decision. That has been something that has been steady, and we are optimistic. If you see the delivery, in the short term, we are going to deliver half the plan by halfway through next year, 400,000 sq m of the original plan. Most of that is pre-leased. As they are delivered, that number will near 100%. We are very optimistic. E-commerce is transforming. It will change e-commerce as a scenario in Brazil. We see an appetite with these players, the amount of ABL that we have seen overseas, and that's a trend for the upcoming years. Thank you. Thank you for your answer. Questions, please press star one. Our next question comes from webcast, Renan Ulrich. Is there any perspective in terms of OpEx for the next quarters? Thank you. André here. We are at a very distinct level compared to previous years. We see stability in terms of maintenance, in terms of OpEx. When we don't see a marginal growth in terms of expenses compared to the first quarter of this year, we have that trend to keep at a very stable level. There is a natural growth, marginal growth, and we adapt our structures to keep on growing and growing on our daily processes as we have been doing and will keep doing. Thank you. Asterisk one for questions. I remind you once again, or send your question via the web chat. Webcast brings a question from Mr. Paulo. A good morning. Could you comment on the demand from players that are not from e-commerce? This is Sérgio Fischer. Thank you. In the sector, we have two major drivers, e-commerce, that is at a very impressive level, and flight quality. Brazil has an industrial park that is in the order of 160,000 sq m of warehouses. Only 15% out of those are of quality. We have to work on that. That is a demand that has always been there. When we change projects and we think of new fronts, we think of changing operations for more modern operations and more active operations. This has had decades of investment. We have grown by 1 million of ABL per year. That is a demand that is ongoing for unforeseeable future, and that would be that for now. Questions, star one, or you can send your questions through the web chat room. Mr. Lucas Hoon, XP Investimentos. Good morning. Congratulations on the results. I would like to ask a brief question. Given your robust growth plan and the impact of the pandemic, do you see that the approvals of the pipeline have some risks? I would like to see how you are planning on working on that. Lucas, thank you for your question. This is Sérgio. The pandemic impacted very specifically at certain areas, certain municipalities. What we have been doing is to anticipate approvals. Town halls are understanding that the impact is highly positive for municipalities, and we have been having approvals in the order of six months or less, generating employment. There are BTS, the points that we are studying. In some points, we have 5,000 new job opportunities, which is highly relevant. That added to the tax generation to the municipalities, major. Our business organizes the space of the city. We are taking things that are unorganized throughout the municipality and organizing in certain areas. Therefore, we have a strong argument to have approvals. The pandemic certainly held back some approvals, but it wasn't impacting after all. Thank you. Once again, I'd like to remind you that for questions, type asterisk one or send your questions through the webchat room. Please bear with us while we get the questions. We have a question from the webcast room. Rodrigo from Santipar. "Is there any perspective of payment of dividends?" This is André. Dividends-wise. The paying of those, the company assesses that constantly, and that's part of the structure that we assess. We are going to maintain 25%, which is the minimum required by the legal framework. Questions, asterisk 1. You can send your questions through the webcast chat. Please hold on. On the floor to Mr. Sérgio and André for final considerations. Thank you for the participation of all. I would like to emphasize the perspectives of growth that we have. As I mentioned earlier, there is a rhythm that is rather consistent. We have deliveries in the third and fourth quarters with record deliveries way prior to the foreseeable deadlines. We have the idea of doubling the portfolio of the company as previously foreseen. We are going to hit historic records. We have new businesses in place. We will revisit this point in the future. Thank you all for the participation and a great day to all. Thank you. The conference call of LOG Commercial Properties is adjourned at this point. We thank you all for being with us, and have a great day.