Good morning, ladies and gentlemen. Welcome to the video conference of LOG Commercial Properties first quarter 2022. Today with us, Mr. Sérgio Fischer and Mr. André Vitória, Director of Investor Relations. The translation is available upon clicking on the icon interpretation. If you choose to listen to keep up with in English, you should silence the original audio. Then we'll have Q&A, and then you click on the icon Q&A. When your turn comes, you will have your microphone open. The foreseeable projections are based upon projections and current market conditions. Political factors and many other factors may affect the future of the company, and may differ from those that are actually shared with people today. Now with you, Mr. Sérgio Fischer. Mr. Fischer, floor is yours. Good morning, ladies and gentlemen. Welcome to the first quarter 2022. We have a new business model. We have modular assets, 70,000 sq m. We have foreseeable for this year, more than 400,000 activities that are constructed, 103,000 sq m, and our expectation is to seal 2022 with more than 400,000 sq m built. The capacity of execution are, as you see, six projects and many more. These vacancies stabilized, 1.6%, the least in history. The trimester, where you could see the numbers there. E-commerce is expanding, activities overseas. We have two new contracts with, very important players overseas. We have Fortaleza and Tolhanta, and that speaks for the strategy that we, bear in mind for our clients. We have the trends, we keep up with the trend of growth and e-commerce in Brazil, 25% of growth in the income. The penetration of e-commerce will keep on growing more than two digits for the next few years. They are most of our activities, 65% are related to e-commerce. 240,000 sq m of projects have been approved, and we have been working to have the projects ready and prepared to go. The condominiums we have been working to keep up with what has to be done to keep the quality, the management of more than 1 billion sq m. We are very happy with our growth in 2022, and we are prepared to grow throughout Brazil. Thank you, Sérgio. We have maintained during this first quarter our capacity to generate value, BRL 98 million, and that will keep on being observed caps, and they telegraph our assets in the market. The differential of LOG keep on being worked on. Despite what is going on in the market and globally, we keep on growing. We have seen also the results financially, the growth profits 11%, growing by 19% and the default at the end of the semester, only 0.4%. We have expectations in structure and our employee liability management that has been executed by the company over the last twelve months. The first quarter has been very positive. The fundraising in the order of BRL 300 million certified receivables and CRI, five years on average. The average period, despite the problems in the market, it has been actually shortened. These aspects actually and their profitability translated into a very good profit. BRL 122 million. We have our commitment to help the communities. We have more than 4.4 thousand hours that actually are working and we are expanding faster. Emissions in our operations, we are working solidly. We have our strategy of decarbonization. We have our new report of sustainability with the global impact and the U.N. We are aligned with the U.N. goals. Now we are going to the Q&A session. Thank you. We'll start the session of Q&A. Click on the icon Q&A, type your name and company, and then your mic will be activated in order for you to be able to ask your question. Our first question. Miss Renata Cabral from Citi. Your mic is open. Hi, everyone. Thank you for taking my question. Congratulations on the results. Regarding. We have a market that is more difficult on account of the interest rates. What kind of investors you're going to focus? How do you see the market and the lease is behaving steadily, and what we're gonna do while we have that? This is Sérgio. Thank you for the question. 2% interest rate, we used to have access to many more pools. Financing is still, we have some assets, funds. We have a buildings. We have growth in the closing of capital, and those sales are very important for the company. Last year was record, BRL 300 million in assets in sales. We want to actually beat that record. The expectation is actually that we can actually disclose that value as soon as possible. We know the quality of our portfolio, the quality of the assets of LOG, reduction of spread. But it was actually very superficially, to start with. Nevertheless, we were able to identify opportunities for further growth and raise funds for recycling. Thank you for such a clear question, answer. Type your name and the name of your company for Q&A. Igor Alter, a sell-side firm, XP Investimentos. How is the appetite for the assets of the company? Thank you. I think I touched upon that, dealing with Renata's question. It's very strong. We have some funds when it comes to our transformations and our new projects. I believe that very soon we'll have good news. In order to ask questions, click on Q&A, type in your name and company. Mr. Matheus Meloni from Santander, your microphone is actually open. Good morning. Thank you for dealing with my question. Congratulations on the results. I would like two points. If you would like to, if you could actually develop further in terms of what impacted the EBITDA. We have BEL, the contract that will actually mature in the next 12 months, if I make myself clear. I'll start dealing with your question, and I'll pass on to Matheus. We are in a very positive moment. We have been able to manage the leasing prices 0.6% despite the inflation. We have dealt with the entirety of the inflation. Now, contracts that you mentioned, we see as an opportunity. This sector is very good, and the indicators are operational. The vacancy as well a record number. We are being able to deal with the prices to raise funds, and soon we'll have news about that as well. This is André. In terms of overhead expenses, this first quarter, we have seen growth and results. The non-recurrence actually was dealt with our structure of personnel. We'll see that we have expectations actually for the next quarters. That is very positive, considering the increase in our results concerning the variable profitability. Reminding once again that, you can type in your name and type on Q&A. Mr. Elvis Rodécia from BTG Pactual. Good morning, Sérgio and André. Pre-leasing. We don't have much, ABL, actually available. On that note, actually, I would like to know what you have in terms of the foreseeable for 2023 and the average lease your estimates. You had an addition of 100 million sq m. We believe that we can get to BRL 24 per sq m. Furthermore, I would like to know how are the dynamics for modular projects. Thank you for the questions. Pre-leasing. We have products that are ready, and we have a lot of construction work ongoing to be delivered in 2023. Other projects that even at the very earliest stages, they are actually being leased. That is taking into account 2023. We are preparing to have 2023 beating our records BRL 24 per sq m. We started this quarter with very strong numbers, and we have aimed to maintain that. Now, list both BTS that has a ticket that is higher. New leasings, even modular ones. Retail. The average ticket that we have in the company around BRL 16.50. You'll see different numbers for upcoming leasings. The new leasings are coming with new numbers and positive ones. Thank you. Thank you, Sérgio. Mr. André Canuto from Estrela da Manhã, your mic is open. Mr. André Canuto. Mr. Canuto, your mic is open. First of all, congratulations to the team of LOG, especially at this point in time. I have a first question. The fitting industrial park, that investment is actually major. When we have warehouses and other buildings, we have lots. I would like to understand better the investments, what that takes. Second question. In your minds, in the back of your minds, do you hold the idea of building new constructions in smaller cities? I think I hope it was clear. Which were respectively about fitting and your projects concerning cities that have small populations. I'll start in these, in the second. When we plan a new project, we look at an area that would hopefully have endless demand. There is a consumption that is very relevant. We have regions with 500,000 inhabitants to consider a project. High GDP, we have some BTS there in that region, and we are going to start more aggressively selling land lots, generating more further value for the remaining lots. We are planning further activities for selling lots. The other regions of the country, we are looking for opportunities on a daily basis. For now, we don't see anything different in the near future. Thank you for the objectivity, Mr. Sérgio. Please, remember that you have to type your name and click, and the name of your company. Pedro, from BBI. Good morning, Sérgio and André. Thank you, for the question, for the orientation. My question is more in terms of funding. You're able to raise BRL 300 million. How is your strategy for the coming future? Is there anything new, or you have the trends, will keep on the trends, of the debts? It's actually an addition of both. Our net debt is 20%, so there is room there despite the growing interest rates. I mentioned earlier, recycling. We are working to have another record year taken into account, better results, even further than planned for 2022 and 2023, especially. Thank you, Mr. Sérgio. Our next questions are in writing, Mr. Antônio Carlos Magalhães da Silva. Congratulations on the results. Raw materials such as steel will impact the results of the company. Have you anything in mind concerning that? This is Sergio. Thank you for your question. In the last 12-18 months, we have been paying attention to steel and CapEx per square meter. The price of leasing has kept on growing. We have kept our yield of growth, and we believe to be at a plateau. I don't see much big growth due to that. We have reached a peak, and the new negotiations, as I mentioned, are on a level that is lower than last year. We understand that the yields concerning new assets will happen. Yes, Sir Felipe Pinheiro from Paulo Cafe. The 400,000 sq m, would you be able to mention the CapEx for such a project? Thank you, Felipe. This is Sérgio Fischer. We have a foreseeable CapEx of BRL 400 million. That's considering ongoing construction work and what will be delivered next year. We'll be running around BRL 800 million and probably something in that order next year. For questions, type in your name and the company. Mr. Antônio Carlos Magalhães da Silva, congratulations once again. The increase of interest rates and DIs will help fund raising in the company and equity-wise. How is that happen? This is André Vitória. In order to finance our growth plan, we have assets. The expansion of that we maintain at a healthy level. The net debt is 20%, and we still have room for raising numbers in that sense. Type in your name and your company. Please bear with us while we gather more questions. The Q&A session is adjourned. Mr. Sérgio Fischer. Thank you for the monitoring of the call. We have the macroeconomic scenario very concerning in terms of the ABL, we will delivers 130,000 sq m, and in the third quarter, 220. That will be part of the strategy for preparing the house for 2023. Next year will be very solid. Next year, we'll have a record, hopefully beating this year. Equity is coming on the spreads very meaningful. We are working on that, and we are achieving very meaningful results. We have further growth, new BTS, even in areas that have not been dealt with so far. From our side, that's all. I thank you and see you soon. The Q&A session is over. You can send questions to ri@logcp.com.br. We thank you for your presence and have a great week.