Good morning. Thank you very much for your participation in our earnings release call for the fourth quarter 2022 of LOG. Starting with the operational highlights, in the fourth quarter, we delivered projects with significant volume of 131,000 square meters of GLA, located in Salvador, Brazil, Maceió, with pre-lease rate of 76%. The average ticket of these deliveries was close to 24 BRL per square meter of GLA, and YOC was 13.4. The demand generated by flight to quality remains a key factor for the company's continued growth. We have seen increasingly positive pricing dynamics, which combined with construction price stability, have positively impacted the IOC of our project. Cumulative delivery of the year totaled more than 263,000 square meters of GLA and YOC of 13.2%, reinforcing our national presence. The cumulative gross absorption for the year was 715,000 square meters of GLA, the second highest in our history. We ended the year with 207 active clients from different industries, with maximum concentration of 15%, our level of occupancy of assets exceeding 98%. At the end of 2023, we achieved a stabilized vacancy rate of 0.65%, the lowest in the history and much lower than the national average of 10%. It shows excellence and attractiveness of our projects and the ability to serve operations of different sizes and needs, regardless of their location. In addition, we have reported a price increase above inflation rate for the 6th consecutive quarter, with lease spread of 1.2%. In line with our All for 1.5 growth plan, we have a plan of additional of delivering 500,000 square meters of GLA after the recycling of the year. In 2023, we announced the beginning of a new growth cycle with LOG 2 Million plan. This plan, which will start in 2025 and be completed in 2028, aims to deliver 2,000,000 square meters of GLA in the main metropolitan regions of the country, which could represent net growth of 70% in our portfolio. This volume of deliverable sets a new level of production for the company. We expect better macroeconomic scenario in 2024. We've observed reduction in interest rates, and that will have a direct impact on liquidity of our assets, stimulated by the pickup of real estate investment funds. It may lead to compression of cap rates getting closer to pre-pandemic levels. This approach, combined with IOC growth, presents significant potential to increase the company's margins. We expect the anticipated increasing margins from asset sales to be translated in significant net GLA growth. Andre? Net revenue in the fourth quarter of BRL 447.6 million and BRL 220 million in the year. EBITDA for the quarter reached BRL 63.5 million, lease EBITDA of BRL 32.3 million. In 2023, lease EBITDA was BRL 165 million, 74.9% margin. For the quarter, leasing operating expenses remained in line with the prior year. In the fourth quarter, the financial result improved by 81.3% over the fourth quarter 2022, and in 2023, there was an improvement of 23.9% due to decrease in financial expenses caused by the drop in CDI in the period. With asset recycling, we had direct impact on the reduction of our adjusted net debt, which reached a new level of BRL 496 million. Although GLA was reduced by 15%, adjusted net debt fell by 44.1%. It reflects our efficient asset management strategy and a commitment to a sound financial structure. In the fourth quarter 2023, adjusted net debt to equity was 13.3%, down eleven percentage points over the fourth quarter 2022. As certain regions of Brazil have shortage of quality logistic infrastructures, it has generated, and will continue to generate, opportunities for the expansion of our portfolio. There are 170 million sq m of warehouses spread across the country, 80% of which are concentrated in the Southeast, and only 50% are Class A assets. This situation highlights the growth potential that LOG has, in line with the growing demand for high-quality logistic space. This year, the highlight is sales of 377,000 sq m of GLA and have 11 assets in 4 different regions, totaling more than BRL 1.2 billion, with a 30% margin. Asset recycling is the demonstration of the strength and resilience of our business model, within which enhances asset performance, strengthens our financial capacity for future investment, and maximizes shareholders' value. The significant advances achieved by our company, driven by a series of strategic levers, have been fundamental for value creation. For the plan LOG Two Million, with the spread between IOC and the cap rate, we anticipate gross profit on the asset development between BRL 1.8 billion and BRL 2 billion. We announced the payment of BRL 70 million in dividends based on the positive results of 2023. BRL 191 million dividends distributed over the past three years shows our commitment as a company that generates significant results and consolidates itself as a consistent dividend payer. Concerning ESG, Enel X has implemented chargers for electric vehicles in two projects. In addition to reinforcing its environmental commitment, the initiative aims to encourage the adoption of sustainable practice among our customers. Chargers not only provide convenience to those who use electric vehicles, but also contribute to the reduction of polluting emissions, promoting electric mobility and contributing to the preservation of the environment. Let us now move on to the Q&A session. Thank you. We are going to start now the Q&A session. To ask a question, please click on the Q&A icon, type in your name and company name. When your name is called, you will get a message to open your mic. Please do so and ask your question. The first question comes from Pedro Lobato from Bradesco BBI. Pedro? Good morning, Sergio, André. Thank you very much for the presentation. We would like to understand a bit more what seems to be your new level of yield on cost. Based on your release, the 13.4% above what you had last year seems to be the new level of yield on cost. Therefore, if that's the case, is it going to change the profile of your new projects? Because in the past, we had the impression that the yield on cost of about 10%-11% had a BTS, which was less attractive. So into the new level, do you think the pipeline of new projects will change, or will you maintain investments on traditional ones? Hi, Pedro, this is Sérgio speaking. About yield on cost, last year, it was a record year, 263,000 sq m with 13.2% average yield on cost, which has set a record. The deliveries on the fourth quarter were 13.4%, as you said. For the pipeline of 2024, which will be record deliveries as well, we expect to have 500,000 of GLA. We expect it to be about 13% yield on cost. And looking ahead, this is probably going to be a new level, not as high as 13.5, but very close to 13%. And for two reasons, let me give you some more information. First of all, we believe there is a stability in construction cost. We don't expect it to increase. We expect we are going to maintain it at the same level as we have had. And pricing, we've really increased the average ticket of new businesses made in the fourth quarter, about 24 BRL per square meter. There was an impact, of course, of the product mix we delivered, but we've seen that all over Brazil, the nationalization of price, so to speak, all areas operating very closer to the numbers in São Paulo, where we tend to have higher prices. Therefore, we've really delivered excellent results. Now, in terms of project profile, when we designed Log Two Million, which is the new plan to be delivered by 2028, we've just modeled projects of speculation, modular ones. We haven't used our BTS account because that's what we anticipated. We've been performing quite well in speculative assets, crazy demand, 76% of rental as a rate. So BTS is no longer competitive. We are constantly invited to be part of the process. There is always an ongoing process, but we are going to be more selective. There is a fight and a constant strife for investments, and our more speculative deliveries tend to be just our preference. We might invest in BTS, but not quite. Thank you very much, Sérgio. Thank you for the additional information. The next question comes from Rafael Rehder, from Safra. Rafael, please go ahead. Good morning, everyone. Thank you very much for taking my questions, and I have two questions. First, I would like to talk about the yield on cost of 13.4%. In your release, you said the average ticket was closer to 24 BRL, which is somewhat higher than the average ticket of the company. Do you think that the 24 were just a one-time delivery, or do you think this is going to be the new average level for the company in future contracts? Finally, sales. As you are delivering higher levels with expectations of lower levels in future sales, you won't necessarily have to sell the 250 units that you had in mind for the plan. Are you going to make changes depending on additional profitability? Thank you. Hello, Rafael. Thank you. This is Sergio speaking. About the average ticket and the product mix, what we delivered in the fourth quarter, the mix increased our average. We had one Vivo project, which has a higher ticket than the average ticket. Salvador, which is also very positive. I think the actual number is kind of 22 square meter, 22 BRL per square meter, such as in Maceió, which we delivered in the fourth quarter. The yield level should be at about 13% yield on cost. That's what we have anticipated for ongoing projects. Now, in terms of scenario, we are very optimistic about what we've been seeing on both ends, delivering higher YOC, and we've got 1 percentage point increase in 2023, and that's what we project for 2024. And we've also seen more liquidity for assets. We've been constantly approached by potential buyers. We talk around the market, and we've seen a number of real estate investment funds that are going to open throughout the year. It's a natural buyer of our assets, as you know, and we believe we are going to be able to improve the sales cap, the average sales that we have in 2023, which was a record, BRL 1.2 billion. We're at about 8% cap rate, and we think there is room for improvement, and this is going to have a relevant impact on gross margin. We may anticipate movements fine, because the Log Two Million plans, plus expected deliverables for 2024, will mean 2.5 million square meters being delivered for the next five years. It is going to take significant CapEx, and the sales scenario will fluctuate somewhat. So we may anticipate some actions if we understand there are better negotiations, but nothing very relevant. We are going to maintain our recycling strategy, and what we want to have is a perfect match between the forecast CapEx and the sales volume. But things may vary somewhat depending on the scenario and how things evolve. Great, thank you. Very clear. Have a great day. T he next question comes from André Mazini, Citi. Hello, Sérgio, André. Thank you for the call. My question concerns the pilot plan of energy, 35% savings, which a lot for the participating projects. How have you achieved the savings? Do you think it's scalable to the rest of the portfolio? Rental is something small in the total cost of tenants. Of course, local logistics, more complex ground logistics and energy tend to cost more to them than the lease. Just to understand whether this reduction in cost of energy would give you more space to increase your rentals, because then you can just have a better adjustment in all the cost lines. So reduction of energy costs would maybe mean an increase in rentals. This is André speaking. Thank you for the question. We've been studying the energy efficiency in our projects for the past one year and a half, I would say. Some of the projects, we've tried to identify what the best alternatives would be, and our team has brought these energy efficiency into the project in details to all our projects. The efficiency that we've been focusing on operating in the free energy market can be replicated into existing and future projects. It does bring a significant benefit to all our lessees and tenants. There is a reduction of the total amount, and it means additional revenues for us because we are responsible for managing that for all our projects. This is going to generate one additional line, maybe some marginal result at first, but that's going to increase progressively, thanks to the initiatives that we are bringing as additional services. Now, building up on what André has said, the possibility of adjusting tickets based on that. We have the large ADM team, which is responsible not only for managing power energy for our different projects. It's a new line of revenues, and we get paid for that. And also safeguarding and just managing costs and maintenance, and it means 20% lower cost than the average in the industry, thanks to our good management. And I think there are two benefits there. First, positive pricing and adjustment pricing in the long term, and secondly, retention rates, high retention rates. Our tenants are very satisfied. They have a digital journey, which is in full operation. We are benefiting from that, so there is improved retention. It was 94% retention rate of our tenants this quarter, and also improvement in our NPS. This is something that is noted in our average ticket as we have a natural churn, we negotiate contracts, and especially those that expire. Great. Thank you very much. Great answers. The next question comes from Jorel Guilloty, Goldman Sachs. Good morning, everyone. Thank you for taking my question. The first question concerns the EBITDA margin. There was a drop quarter-over-quarter, and if we consider your track record or history, it's low compared to what we used to have in previous years. I would like to understand whether we should think about cost differently. Is it just a one-timer? And also the policy on dividend sharing you've just announced, dividends to be paid amounting to BRL 70 million. And are you thinking about consolidated net profit or, consolidated profit just from, rentals? Or can you tell us a little more about the strategy and how you've got to that payout of dividends? Thank you very much. Jorel, André speaking. Let me start by talking about margins. The best way to analyze the margin evolution would be to have a longer cycle, not only a single quarter, which is subject to seasonality, more deliveries, or some one-off events that may concentrate the margin more or less. The margin of the quarter, I would rather focus on the year margin, which was close to 75%. And also, the future growth cycles mean that our margin should be close to 70%, which is good. Also, if we compare against our peers and the whole industry at large, the margin is close to that 70%, which is something that we control quite well in terms of management. Now, speaking on our dividend policy, we've made it very clear that now we are going to have the perspective of Log being considered a company that consistently pays out dividend. Based on our solid, robust financial management and structure, there is room to apply this policy as we've been doing so. During this growth cycle, from 2024 to 2028, we are going to announce the payout of similar level of dividends. Dividends are correlated with net profit, so it's based on the profits reported by the company. As we expect very robust earnings, we are probably going to be identified as a consistent payout dividend payout company. Thank you. The next question comes from Marcelo Motta from JP Morgan. Good morning. I have two quick questions. First, can you please tell us about expected vacancy rate for 2024? You are going to have lots of deliveries. Your results are very good. So can you please anticipate what would be the vacancy rate of those 500 million that you are expect to deliver two months already in the year? Second question about CapEx. In the last call, you said that in 2024, because of the growth plan, we could expect a CapEx of about BRL 200 million per quarter. Can we maintain that kind of understanding? Of course, depending on disinvestments to maintain that flat leverage. Just understanding then, vacancy rate and CapEx for 2024. Thank you. Hi, Motta. Sergio speaking here. Let me start with CapEx. Our pipeline of projects anticipates BRL 200 million of CapEx per quarter, something very linear. We don't expect differences among quarters. We are doing very comfortable. We are with our net debt, it is below BRL 500 million, a very comfortable number to us. Understanding there is still some room for adjustment in the number. But throughout the year of 2024, we want to match CapEx with the disinvestments in a very similar volume. We want to maintain the net debt very close to what we currently have, adjusted net debt. And as we use the CapEx, we can have disinvestments throughout the year to maintain a stable balance. Now, concerning vacancy rate, it's going to be a record year of deliveries, and we cannot deliver with 100% leased all the 500 million square meters. So I expect to have some higher vacancy rate. We have very good pre-lease rates, average ticket, very attractive, lots of things being delivered in the second, third quarter, fully leased. I think we're going to maintain vacancy rates closer to what we have, but always below 5%, which is our magic number that really impacts our pricing. Stabilized vacancy rate is expected to be below 2%, which has historically been our number, something of quality. Assets delivered over more than one year with 90% lease. So this is a constant indicator for us, and we've reached 0.65% vacancy rate this last quarter, it's amazing. So as you can see, we might have a minor increase in vacancy rate because of deliveries throughout the year and the stability in our stabilized vacancy rate, so to speak, close or below the 2%. Great. Thank you very much for your answer. The next question comes from Antonio Castrucci, from Santander. Good morning, speaking on behalf of Santo André. In addition to Salvador and Brasília, which are the regions where you expect to have a higher increase of average lease amounts, and how is the company positioning the regions? And what's the cap rate you are discussing in the different sales predicted for the year? This is Sergio speaking. If you get the pipelines from 2023, 263 square meters, 13% in the Northeast, where there is a shortage. E-commerce needs a lot of expansion there. It amounted to 38% of the demand of the fourth quarter of our projects because of this shortage of quality products in the Northeast. These are regions where we have very positive average tickets, such as Salvador and Brasília as well. Considering what we are going to deliver throughout the years, there are things being done in São Paulo, very nice, robust project that is going to be delivered throughout the year, more concentrated in the end of the year. There are things in the Southeast being delivered, in Belo Horizonte, and lots of things in the Northeast of Brazil as well. The average ticket will be very close, 22-24 BRL should be really the average for the year. When we developed the model of our plan Log Two Million, of all the projects that are going to be delivered up to 2028, are areas where we are already located. We know the region, the potential clients, the size, the best location. Some clients come already, bringing their needs of expansion. All the supply chain, construction, operations, they are all set in motion, so then it's much easier to deliver what makes sense. And this is why we have, delivery of, assets already pre-leased. All the cities where we operate, we are, we already have permits. Some of them we have, what, done 2 or 4 projects, such as Fortaleza and others. So this is what you can expect for the continuation of the year. Cap Rate? Yes, about the Cap Rates, right. We still have, interest rates, which are kind of high, even though there is a trend of decrease. So we are talking, at levels very close to what we used to up to in 2023, but we have higher liquidity. This is what we observe, and this is something that's going to impact Cap Rates in the midterm. If we have good performance of sales, we can talk about cap rates of 7-7.5%, which is a great number, which increases our gross margin. Great. Thank you very much. The next question comes from André Dibe, Itaú BBA. Good morning, Sérgio. Good morning, André. Thank you for the presentation and also for taking my question. I have two questions. One is a follow-up concerning your previous answer about the difference of 24 BRL per square meters in the fourth quarter, which should be the expected number would be 22 for the year of 2024. What determines the price, location, project, and how do you see the difference of prices among regions? Finally, repurchase. In 2023, you've executed almost all. Do you also expect more, and what are you going to do with the stocks which are still in treasury? Hi, André. Thank you for the questions. About the average ticket, what we've seen are all projects have the same specifications, same quality level, so to speak. There are no differences in assets. In terms of the region where we are. So all regions will have the same spec, and this is also a demand of our clients. Construction costs are also very linear, but there are some markets which are very strong. For example, Brasília or Salvador, it's a large area with small assets where people can operate. So we can have average tickets above 22. But there are other regions where we have a major shortage, and then the negotiation revolve around 22. So it all depends on the product needs. And this is something that should be around 22-24 BRL. Now let's talk about the buyout of our stocks. While there are significant discounts of our stock options, we are always going to discuss buying back for investments. As we've taken most of those shares in circulation or outstanding share, I suppose the treasury stocks are going to be bought back. This is a constant discussion, and we want to really think about bringing value to shareholders by following the program, but at the same time, there is a limitation concerning liquidity. The definition will come from upcoming months with discussions with our board. Whenever there are discounts in our stocks, we are always going to consider that possibility. Great, thank you very much. The next question comes from André Canuto of Estrela. Hello, good morning. Thank you for the opportunity. I would like to congratulate you on your numbers and results. It's amazing, a conservative company in terms of financial operations, but very innovative in execution. Vacancy rate low, delinquency rates are really great. Thanks to your excellent execution, always focusing on financial health, do you expect to have new businesses, or are you just going to keep on operating with logistics warehouse rental? It's a large market. You do quite well, but I'm thinking about, let's say, 5-10 years perspective, considering your great execution capacity. In the mid- and long-term plan, do you think about going into different business lines, considering that you are so good in execution? Great results, almost 6% increase in your stock prices today. Thank you. Sergio speaking here. You see, Brazil has this shortage of logistics operation. 170 million sqm, what we currently have, and about 30 million of Class A top-quality warehouse available, but only the south of Brazil, south and southeast. So we know that there is still a need of investments to be made, and this is what we have in mind with our 2.5 square meter by 2028. 2.5 million square meters, I mean. I think we can do it quite well. We have our own clients to do it. I don't think we have to go into new investment avenues because our capital is all being reinvested and well invested. So the trend is to keep on doing what we've been doing and expanding our footprint in the same market of logistics warehouse. Well, I hope the demand is sufficient for your excellent capacity of execution and delivery. Thank you very much. The Q&A session is finished now. Let me hand it over to you, Mr. Fischer, for his closing remarks. Thank you all very much for your participation. I would like to wrap up by saying that in 2024, with... The plan for 2024 will be shared, despite all the difficulties that we have experienced. But we are focused on the new cycle of growth LOG 2 Million by 2028. We are very optimistic for the year of 2024. It's going to be a great year, very positive yield, close, of 13% as we delivered last year. We also have very good scenario for recycling of assets. This is why we're going to maintain the same pipeline. We are going to observe an increase in spread for future negotiations, very benign, situation, so to speak, and there has been an increase in real costs and reduction of cap, delivering more and better. And we are focused on growth. We are going to change the level of the company with delivery of 500 million square per year, and the value will be captured as we deliver more and more assets. Thank you all very much. Have a great day. Well, the conference call of earnings release of LOG is completed now. If you have questions, please submit your questions to the Investor Relations team through ri@logcp.com.br. We thank you very much for your participation. Have a great day. Thank you.