Good morning, and thank you for taking the time to connect to the Parque Arauco second quarter 2025 earnings call. I am Lauren Brown, Head of Investor Relations, and I am joined on the call today with our CFO, Francisco Moyano, and our CEO of Parque Arauco, Eduardo Pérez, who will be joining us for the Q&A section, calling in from Guatemala, where he was just attending the annual Latin American Malls Conference. I would like to mention a few things before we get started. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. Please note that this call is being recorded and the recording will be used for internal purposes. To start off today's call, I would like to turn it over to Francisco Moyano. Francisco.. Okay, perfect. Well, this quarter we have a very good results, where we deliver outstanding results with the income presenting a 41% growth against the second quarter of last year. This performance was driven by strong operational growth across the board, and was supported by a 13% increase in sales, 16% rise in revenues, and an 18% growth in EBITDA. Furthermore, our funds from operations, the FFO, grew by a strong 13.6%, reaching CLP 51 billion this quarter. This positive result was supported by both our good operational performance and positive non-operational factors by reducing our financial costs and including a growth in profits from our affiliates. The strong performance was widespread across our portfolio, with all our key markets contributing significantly to EBITDA growth. Chile led with a remarkable 24% increase, followed by Peru at 20% and Colombia with 2% increase. These results show the resilience and strength of our assets in the region, the impact of our clear and consistent growth strategy, and demonstrate our team's ability to drive top-line growth while maintaining a strong operational efficiency. This quarter was also marked by significant progress on our growth pillar. In April, we successfully incorporated the east building of Parque Arauco Kennedy, an important addition to our portfolio. We also took an important step by opening our first multifamily building in Colombia with the successful launch of LiveSpace Calle 72, which began operations in Bogotá at the end of the quarter. In addition to that, at the beginning of the third quarter, specifically on July the second, we materialized the acquisition of Minka in Lima, a 55,000 sq m asset. We expect this acquisition to positively impact our third quarter results and continue strengthening our presence in the region. At the same time, we received a BBB investment grade rating for Parque Arauco and a AAA rating for Parque Arauco Colombia. These ratings are important steps in preparing the company to access new financial markets, which will provide us, in the future, with more options and greater efficiency in managing our financial costs. Finally, we are proud that our annual integrated report in Chile received a special recognition for its quality and completeness, which support our commitment to transparency and comprehensive reporting. With that, I would like to pass to page five to talk a little bit about our tenant sales. As I mentioned, we had a very strong quarter, and everything was driven first by the tenancies, which grew 13.1%. If we consider the same assets of last year, the growth would have been 9.1%. Even without those assets, the growth in sales is very important. In Chile, the growth was 16%. Peru is 9% and Colombia 11%. Those figures are in Chilean pesos. We need to consider also that the impact of the exchange rates in this quarter is for Colombia -6%, so it's negatively impacted by the exchange rate. While Peru is positively impacted by around 4%. With everything in the same area of sales in nominal terms and in local currency, you can see that it's growing in all three countries for the second quarter of 2025. Chile is growing 8.4%, Peru is growing 2.8%, and Colombia is growing 14%. Those figures are quite important and is showing the recovery that we are seeing in Colombia. Passing from a period where we had important inflation rates, also tax changes in the last month. This growth in sales is quite important for the portfolio. Also is decreasing a little bit the occupancy cost in that country, which is decreasing from 12%- 11.5%. The next page, regarding revenues. We had a very positive quarter as well. In correlation with the sales, we are seeing revenues growing 16.4%. If we consider the same assets as last year, that figure would be 11%, this is still very important. In Chilean pesos, the growth is for Chile almost 24%, Peru 16%, and Colombia is stable, with no increase in Chilean pesos, but in local currency, as I said, is growing around 6%. That growth in revenues are also. You can see that the same effect in the same-store rent, which in local currency, is growing in all three countries. The increase in Colombia is also, around 10% in local currency for rent. Is also growing at the same level or similar level as sales. The occupancy rate is in its maximum and record high for the whole portfolio at around 96%. It's showing almost 98% for Chile, 97% for Peru, and 93% for Colombia. Next page. In page 7, we are presenting these figures that are quite important for the company and are figures that we follow very closely because we think that represents the strength of our portfolio. With first quarter results and figures from the industry, we can see that in revenues per square meters, we are number one in Chile, Peru, and Colombia. In sales per square meters, we are number one in Colombia and Peru, and second in Chile. This reflects, as I said, the strength of our portfolio, not only in Chile and iconic assets, but in the portfolio as a whole in the three countries. Now in page nine, we can see the EBITDA that is growing 18%, with a very positive results for the quarter. This 18% is first driven by revenues, which is growing 16%. Then cost of sales is growing around 18%. Both revenues and cost of sales growing because of the incorporation of the new assets. In cost of sales, it's important to consider that last year we have the positive impact in cost of the recovery of a property, an important property tax, in Chile, which decrease the figure for 2024 and decrease then the base for the comparison with the cost of sales for 2025. As a whole, we can see that the EBITDA margin, the adjusted EBITDA margin, is reaching 77% with an increase against last year of 220 basis points, which is an important growth for the company. Also, to highlight that the bad debt expense, which is shown in the estimated income due to impairments of accounts receivable, we can see that that account is quite stable this year. We have had a sound accounts receivable, and the bad debt expense in the last 12 months. You can see how it's decreasing against the last 12 months of 2024 by 51%. Next page, regarding the income statement as a whole. First, to highlight the important growth that we are having in net profit, which is growing 38% and 41% for the equity holders of the company. This important increase in net profit is the result, first, of the strong operational results, also the incorporation of new assets coming from our clear growth strategy. Then good results in the non-operating results, where we can see that the financial expense is decreasing against last year at 14% mainly because of new renegotiations of debt in Colombia mainly. The financial income, which is decreasing because of the lower cash that we have in balance and the lower profits that we can have from the financial investment in the market. At the same time, we have less income or loss from indexed assets and liabilities, which is related with the UF and inflation effect in our debt, which is decreasing 20% coming from CLP 14 billion in the second quarter of last year to CLP 11 billion in the second quarter of 2025. With all, we presented a very strong quarter coming from the operational results and the non-operational results. Now, if we can pass to page 12. The FFO is also growing 13% and the adjusted FFO which also consider the changes of the income and loss from index assets is growing 33%. The FFO is reaching CLP 51 billion, and you can see in the chart below that the trend that we are having with the FFO is quite showing an important increase year after year. The evolution of the price to FFO is also growing, reaching 11.4x this quarter. Finally, I would like to highlight in page 17 the net financial debt to EBITDA, which is closing this quarter at 5.3x. Just to mention that since we acquired Minka, the Minka asset in Lima at the beginning of the third quarter, we're expecting this ratio to increase below the 6x that we have in our range. Also, continue decreasing toward the end of the year when we can have the effect of the 12 months of the EBITDA coming from the new assets, the East building of Parque Arauco Kennedy and the Minka assets. With all, we are seeing this ratio moving very comfortably between our range, that is from 5x-6x. With that, I would like to pass the call to Lauren to continue with the presentation. Thank you very much, Francisco. Now let's talk about our asset level milestones. Let's turn to the performance of our retail assets in Chile during the second quarter of 2025. As we have mentioned, at the beginning of second quarter, we incorporated the East building, formerly Open Plaza Kennedy, into the Parque Arauco Kennedy asset. As a result, the asset closed the quarter with a consolidated increase in NOI of over 32%, driven by a revenue increase also over 30%. However, even without taking into account the new East building, the Parque Arauco Kennedy West building had strong performance by itself, increasing its sales by over 12%, its revenues by over 14%, and its NOI by over 16%. These numbers reflect ongoing sales momentum across the mall, while the revenue increases are driven by higher minimum rent and parking revenues. Additionally, this asset has experienced higher traffic compared to the same period of the previous year. Arauco Estación advances in its recovery with an over 11% increase in its NOI following significant improvements in security matters, thanks to our joint efforts with local authorities. Additionally, sales increased by over 5% and revenues increased by over 15% at this asset. At Arauco Quilicura, the latest stage of the expansion, including a Líder Express supermarket, was opened at the asset. This helps drive the increase in the asset sales by over 16%, revenues by 21%, and NOI by over 12%. Arauco Chillán continues to show positive results following the inauguration of its conversion at the end of second quarter 2024. Which helped drive the increase of tenant sales by over 11%, the revenue by over 19%, and the NOI by over 8% compared to the same quarter of the previous year. Additionally, sales at strip centers, Arauco Coronel and Arauco Outlets increased by over 5%, 6%, and 16% respectively. While revenues at Arauco Maipú strip centers and Arauco Outlets also increased compared to the same quarter of the previous year by over 12%, 13%, and 26% respectively. In summary, our Chilean retail assets are showing strong and consistent performance in tenant sales, revenues and NOI, driven by a combination of strategic tenant curation, continued consumer spending and a sustained robust, sustained rebound in tourism. Moving over to Peru, the temporary closure of Larcomar, which began on June seventeenth and was lifted on July first, was due to a magnitude 6 earthquake in Peru. After which the municipality ordered its preventative closure to verify the safety conditions of the asset. This process was carried out in conjunction with the authorities, reiterating our commitment to the well-being of all of our visitors. The closure of Larcomar did affect its results and also the consolidated levels of sales and revenues. However, on an asset-by-asset level, various shopping centers in Peru displayed strong performance in the quarter. Sales at MegaPlaza Pisco, Cajamarca, Chimbote, Cañete and Ica grew by over 6%, 7%, 7%, 10% and 13% respectively. Meanwhile, NOI grew at MegaPlaza Cajamarca, Arauco Outlets and ViaMix strip centers by over 20%, 13% and 104% respectively. This large increase in NOI is largely explained by the recovery of uncollectible. Parque La Molina continues to mature with an occupancy of over 93% and with favorable revenue results. Moving over to Colombia, compared to 2024, there is a notable reduction in uncertainty among brands and consumers. The country has shown signs of recovery in tenant sales with an increase of over 16% after a challenging macroeconomic environment in 2024, marked by high inflation, interest rates, as well as the implementation of new textile and personal taxes. Across the portfolio, tenant sales have now surpassed expectations at several key assets in the second quarter of 2025. However, revenue growth has not kept pace. This lag is largely due to the stabilization phase we're currently in for some of our recently acquired or repositioned assets, particularly Parque Alegra, Parque Fabricato and Titán Plaza, which continue to follow the maturation process curve that we expected. Starting with Parque Alegra, the asset continues to mature strongly and stands out with the highest increase in tenant sales in the country's portfolio, with an over 33% increase over the same period of last year. Additionally, its revenues increased by over 9% and its NOI by over 46%. Outlet Arauco Sopó had an increase of tenant sales of 22%, revenues over 8% and NOI over 21%. Additionally, Parque Caracolí experienced a growth in sales over 21%, revenue by 7% and NOI by over 9%. Sales were driven by a strong performance at Falabella, increasing over 50%. On pages 34-36, you can find a case study explaining more about how we optimized and enhanced the value of this asset. Titan Plaza had a strong quarter with sales increasing 26%, again led by smaller format stores and restaurants. As part of our strategy, we've made targeted tenant replacements that are paying off. For example, the space that was vacated by Forever 21 was replaced by Koaj, a brand with rent structure more aligned with the location's market value. At the end of the quarter in Colombia, we also opened our very first multifamily building in this country, LiveSpace Calle 72, which has 132 units and 750 sq m of commercial space. In summary, we are seeing consistency, improved sentiment and clear progress in asset stabilization. We continue to optimize tenant mix, capture market aligned rents, and support our tenants through this next phase of growth. Now, moving over to development on page 25, I would like to highlight our CapEx table. The new CapEx table includes the recent acquisitions of Parque Arauco East Building, previously known as Open Plaza Kennedy, and the recently announced premium outlet in Buin. On the top right-hand side of the slide, you can see a pie chart showing the breakdown of our total CapEx investments by the type of project. As you can see in the table, some of these projects were already incorporated in 2024, while others will be incorporated between now and 2028. By the time all of these projects are completed, we will have expanded our total GLA to over 260,000 sq m and our own GLA to over 250,000 square meters with a total investment of $765 million. While page 25 highlights total CapEx, on page 26, we take a look at remaining CapEx. You can see the breakdown by type of project on the remaining $302 million in the pie chart on the left-hand side of the slide. On the right-hand side of the slide, you can see the investment distribution by each project. Our investment pipeline totaling $765 million is a historic figure for the company, representing almost one quarter of the total value of investment properties as of the end of second quarter 2025. The remaining investment associated with the pipeline represents 9% of the total. This robust growth plan reflects the company's commitment to the sustainable development of its assets and ensures a strong and sustained growth outlook for the coming years. On the following page, you can see how the announced projects yet to be incorporated represent a 13% increase in the company's GLA. In the remainder of 2025, we expect to incorporate an additional 73,000 sq m driven by the acquisition of the Minka Shopping Center. On page 30, I would like to highlight our announcement of our new greenfield project in Buin, which we announced in January. We will be using one of our existing land banks to construct a new premium outlet south of Santiago, which is home to more than 3.5 million people. This will be Parque Arauco's fifth outlet in Chile and the ninth overall, including Chile, Peru, and Colombia. On page 32, I would like to speak about our expansion at MegaPlaza Ica, which has two subphases, which have already been completed, the gym on the third floor and the new area on the second floor, where we've added banks and new stores. The next phase, which we're calling the Boulevard, has already begun its construction. This includes putting the parking underground and creating a greener open air area with restaurants, making the mall much more iconic. Additionally, we will also internally connect the Sodimac Maestro to the main mall corridor, as this anchor was previously separated, operated almost as a standalone. The project is expected to be completed by the end of the year, with some units opening by Christmas and others starting in early 2026. On page 34- 36, I would like to highlight our case study about the successful commercial management of Parque Caracolí, located in Bucaramanga, Colombia. Over the years, in-depth analysis allowed the commercial offering to be adjusted, prioritizing national and international brands. This new approach positioned Parque Caracolí as a solid asset with an attractive and differentiated offering, layering the foundations for sustained growth. On page 36, you can see on the graphs that the EBITDA and the occupancy grew significantly after 2020 as a result of our new approach. We invite you to read this case study for more details. At Parque Arauco Kennedy, moving over to our marketing initiatives, we have been working on a rebranding strategy for the new east building. A brand logo on the main facade and entrances to the mall were incorporated, as well as the implementation of new signage, both indoors and outdoors. These initial modifications not only ensure a coherent and smooth transition from the acquisition, but also mark the beginning of the creation of a space aligned with the essence of Parque Arauco. In Peru, for the second consecutive year, we are running Moto Promo, where eight trucks will be raffled. The campaign is integrated across 16 assets and runs from May 2 to July 24. During May and June, Moto Promo achieved an 84% increase in ticket registration and an 83% increase in tenant sales compared to 2024. Tenant sales associated with the campaign represent 2.7% of the total for the period, and the average ticket price increased by 39%. In Colombia, at Parque La Colina and Parque Arboleda, we hosted one of the most renowned exhibitions at the American Museum of Natural History in New York, called Magia Rosario. The experience reaffirms our purpose of transforming the retail by integrating entertainment, culture, and education into spaces that bring real value to people. More than 2.8 million people visited the shopping centers during the campaign period, exceeding the target by over 3% and registering 8% growth compared to the previous year. We also achieved a CSAT satisfaction rating of 95%, demonstrating the high value of connection and interest generated by the experience. We continue to expand our omni-channel network and strengthen our partnerships in Chile, Peru, and Colombia, integrating logistics solutions that connect the physical and digital worlds of retail. This quarter, we initiated projects at Arauco Estación, Arauco Quilicura, Parque Fabricato, and Outlet Arauco Sauces. Additionally, in our efforts to improve the experience for our end customers, we also launched ticketless parking at Larcomar and virtual lines in Chile. Moving over to sustainability. We continue to be recognized for our sustainability efforts. We are proud to mention that for the sixth consecutive year, Parque Arauco was recognized as a member of S&P Global Sustainability Yearbook for 2025, reaffirming our commitment to sustainability and continuous improvement. We were recognized as leaders in Chile and number one in our industry for our 2024 integrated report according to the Gobernarte report about Memoria. Our integrated report can be found on our website for your review. Additionally, we are proud to share that for our shopping centers in Chile, we were recognized with the Seal of Energy Excellence Award by the Energy Sustainability Agency of the Ministry of Energy. We earned the silver category at Arauco Maipú and Arauco Quilicura, the bronze category at Parque Arauco Kennedy and Arauco Premium Outlet Coquimbo. This important recognition reflects our commitment to increasingly efficient and responsible operations that are aligned with our decarbonization goals under the Science Based Targets initiative standard. Now I will pass our call over to our question section, and we have a lot of eager participants who have raised their hands, starting at the call. I will be unmuting Eduardo so he can answer our questions. Give me one moment here. Hi, Eduardo. You are now unmuted, and I will be unmuting Alejandra from Morgan Stanley. Let's first make sure... Eduardo, can you hear me? Yes. Yes, I can. Can you hear me well? Good morning, everybody. Yes, we can hear you. Thank you so much for joining us from Guatemala today. Lauren, also, Francisco Moyano will be also taking questions. We'll be both taking questions. Okay, excellent. To start off the questions, I am going to unmute Alejandra from Morgan Stanley. Hi, Alejandra, can you hear me? You are now unmuted. I can hear you, Lauren. Good morning. Good morning, Eduardo. Good morning, Francisco. Thank you for taking my question. I mean, congratulations on all the multiple milestones in the quarter, and I guess I wanted to focus on Parque Arauco Kennedy East and West now. I mean, the integration is clearly starting. I was just wondering if you can walk us through what we should be keeping an eye on next. I mean, there's multiple milestones here. If you can walk us on, you know, on the CapEx, cost savings, operational integration, Cerro Colorado expansion, I mean, all the things that we should be keeping an eye on next, what's already in place, what's still missing. I mean, it's clear this is only the beginning here. If you can help us kind of understand what's coming. Thank you. Good morning, Alejandra. Thank you very much for your question. We have been working a lot in Parque Arauco Kennedy in the last years, and as you mentioned, there's a relevant transformation going on. I would say the first step at which we are currently working at is the integration of Parque Arauco Oriente, which is the name of the building that was named before, Open Plaza Kennedy. Related to that, we have been working hard in capturing cost synergies, and we expect to capture those cost synergies during the next two quarters. With that, and also considering some revenue synergies that we will capture gradually over time once the contracts expire, we expect that the acquisition cap rate of 7% will go at 8% levels. That's the first step, is a successful integration of the eastern building. The second milestone is the opening of the expansion of Parque Arauco Kennedy, and let's remember there that we are changing in a very important way the asset, moving from three floors to seven floors, including two floors below ground level and five floors above. It's basically a first floor related to services, then three floors related to in-line retail, and the upper three floors related to gastronomy. We will inaugurate all the in-line retail and service floors during the last quarter of this year. Let me mention that the commercialization is above 90%. The commercialization has been very successful and in line with what we expected before. The gastronomy part will be open during the first quarter of 2026. That's another phase. The next phase will be the opening of the office tower at the end of 2026. We are also optimistic about that office tower because we see that the office market in Chile is improving, especially the office market in the eastern part of the city, Nueva Las Condes and El Golf. The next milestone is the opening of the multifamily building at 2028. With that, we are also currently working in the western part of the asset. Of course, in this business, changes take time, so it's important to plan in advance. We are currently spending a lot of time working on what will happen after the eastern part of the project. We're talking about 2029 and 2030 now. Let's remember also that the subway is coming to the door and with a direct connection to the asset. We expect an important transformation of Parque Arauco in the next five years. Thank you, Eduardo. Alejandra, did you have any follow-up questions? Thank you very much. That was very clear. Thank you for the answer. Mm-hmm. Great. Excellent. Moving on to our next question. I have Igor from Goldman Sachs, who I will now unmute. Hello, Igor. Can you hear us? Yes. Hi, team. Can you hear? Yes. Hello. Hello. Thanks for taking my question. Regarding the Chile revenue increase, I have two questions here. How can we think on the impact of Tarifa Simplificada going forward? The same for parking revenues. Do you expect this to increase in the next quarters? That's it. Hello, Igor. Yeah, regarding the revenue increase in Chile, for everybody, we are changing in Chile the way how we charge for rents. It's an option for the tenants. They can decide whether to close contracts in the new way with the Tarifa Simplificada or with the regular rate that is the rent and then the promotional rate and the common expenses. So that has followed in Chile, and we have several tenants are deciding to close in simplified rent. Today we have around half of the tenants in simplified rent, and the rest is in the normal rent. I don't have it here. The effects on the rent. Parking or rent? The rent. Is the actual. Because the revenues are growing in Chile 24%, and the effect in that 24% coming from the Tarifa Simplificada is almost 3%. We would have an increase in revenues of around 20% without the effect of the Tarifa Simplificada. Regarding the parking revenues, what we are seeing, we are making several projects in order to improve all our revenues in the company, including the parking revenues. We have important projects within the company that we expect will have positive effects on the parking revenues. As of today, we don't have actual fees for that, for those projects, but we can say that we are working on having a better experience in our parking and improving the revenues in most of our iconic assets in Chile, Peru, and Colombia. Igor, commenting on that, Eduardo here. Let's remember that the change into this simplified contract does not affect NOI or EBITDA at all. It is only a different way on how we split the revenues and cost of goods, but without an impact in EBITDA. Regarding the other income, we are working on improving the quality of the information you receive. In the next quarters, we are working on giving you more detail regarding the other revenues different than rental revenues. As a team, we are working hard also in increasing the relevance of these other revenues different than rent. These are related to parking as related to your question. Charges for services such as electricity, retail media, omni-channel services and other services that we can offer to tenants. We are also working on improving this transparency of these other revenues and the relevance of these other revenues. Thank you. Igor, do you have any follow-up questions? No. Very clear, team. Thank you for the answer. Great. Okay, I am now going to be unmuting Felipe from Santander. Hi, Felipe. How are you? You are now unmuted. Hi. Can you hear me? Hi, everyone. Can you hear me well? Yes, we can hear you. Great. Your EBITDA margin expanded by 17 basis points year-over-year in Chile on a consolidated basis. However, from a bottom-up perspective, like, on a mall by mall basis, and the margin contracted, like, by 260 basis points year-over-year. It seems like EBITDA margin expansion in Chile was driven by a non-operating effect instead of mall performance. My question is: What was this non-operating effect that drove margin expansion? And is it related to the property taxes recovery you guys mentioned in the presentation? That's my first question. Maybe we can kick off with that. Yes. Yeah, you are correct. We have an important factor in property taxes in Chile because last year we recovered part of our property tax coming from previous years, in fact. The basis in the comparison is lower than this year. Above that, I would say that we have had, as I mentioned also, less bad debt expense across the board. That has impact not only in Chile but also in Peru, improving EBITDA margins in our malls. That's why Peru also has a better margin expansion, like, on a top-down way instead of a NOI margin expansion bottom up, even though they're both expanding. It's still, like, on a mall, the mall some of the parts is lower than the 12% that you guys reported. Mm-hmm. Yeah, that's correct. Okay. That's great. My second question. You guys mentioned in the presentation, I think it was Francisco, that you expect net debt to EBITDA to remain below six times after the Minka incorporation in the third quarter. Are you talking about second quarter pro forma leverage, or are you referring to the third quarter leverage that you're gonna publish? Yeah. We closed the second quarter at 5.3x. Uh-huh. With Minka, if you do the calculations, the net debt to EBITDA should increase to almost 5.6 times. Okay. At the same time, if you consider 12 months of EBITDA of Minka and Mm-hmm The building of Parque Arauco Kennedy that 5.6x will decrease again to 5.3x or below that figure. For the rest of the year, what we are seeing is to move around 5.6x from a maximum of 5.6x-5.7x and below that and closing the year below that figure. That's very helpful color. Thank you everyone. Congrats on the results too. Thank you, Felipe. Okay, I will now be unmuting Jose from Quest Capital. Hi, Jose, you are now unmuted. Can you hear me? Jose? Okay. You can type me your question. I'm not able to hear you at this time. Okay, I will now be unmuting Gustavo from BTG. Good morning. Hi, Gustavo. How are you? We can hear you. Hi. Hello. Good morning, Francisco, Lauren, Eduardo. Thanks for taking my questions. I have two here on my side. First, could you please give us a quick update on your most recent acquisition, which is Minka in Peru. How should we think about these assets' contribution going forward, I mean, in terms of sales and revenues in Peru? Second, in Minka also, now that you're in possession of these assets, what should be the next steps? I mean, do you plan to do any active changes in tenant mix or just rents or eventually allocate CapEx here in physical improvements in the asset? Any update here on this front would be very helpful. Thank you. Okay, I'll take this one. Eduardo here. Good morning. As you mentioned, Minka is a very important asset. It will become the second most important asset in Peru, in GLA after MegaPlaza Independencia. We like the asset because it has a lot of optionality. Optionality related to the consolidation of the influence area. This area is changing from industrial to residential and from residential in a low height to residential in medium height. It's very close to the new entrance of the airport of Lima. We also expect an improvement in the infrastructure related to highways. That will also benefit the asset. Regarding the asset, it's an asset in only one floor, so it also has an optionality related to densifying the asset. It's an asset that we acquired. We expect a cap rate of 10%, which is a very attractive acquisition cap rate in our opinion. It's a different asset because the anchors are not traditional. The anchors is basically a 7,000 sq m market, Mercado de Abastos, where you can buy all type of fresh products. It has three supermarkets, two of which are low-cost supermarkets. It's a very important point where the people that live in the north of the city and also other businesses and restaurants buy products, okay? It has 18 million visits a year. It's a very successful property as it is right now. My first comment is we don't want to change a lot, a very successful asset, but we see some opportunities related to densifying the asset, and because of that, we started working this month in master plan of the asset, and as I was explaining before, this is a long process that takes a lot of time. We are studying in more detail the market in order to understand what other categories we can incorporate in the asset. We are also inviting architecture firms in order to work in this master plan. This is a property that, yes, you should expect changes going forward, but these changes will happen not next year, but after. The changes takes time. We are very optimistic about the asset, and we are very happy about the acquisition. Mm-hmm. Thank you. Very clear. Thanks. Very clear, Eduardo. Thank you. Okay. Thank you, Gustavo. Now I will be unmuting Guillermo from LarrainVial. Can you hear me, Guillermo? You are now unmuted. Yes. Can you hear me? Yes. Okay. Thank you for taking my question. It is regarding the renegotiated contracts. How much above prior levels have they been? If you can give us some color on that trend. It's important to clarify how we measure this, okay? We measure the lease spread, which is a compound annual growth lease spread. Some other companies measure the lease spread comparing the new contract to the older. The figure I will give you is not that figure comparing the new to the older, but considering a compound annual growth rate. The compound annual growth rate of the new contract is basically inflation plus 1%-2%, depending on the case, above the level of that contract before. Perfect. In that regard, what are the other main drivers behind the double-digit growth in revenues per square meter? Basically, this is a business where growth is important. Growth, well-executed growth and profitable growth can contribute importantly to the growth. Regarding the same area, we have been able to increase, as you can see in the same area rent, this quarter, the growth was two digits in both in Chile and Colombia and mid-single digits in Peru. The figures I was giving you before are average figures, of course, and what you can expect going forward. This last quarter, that was the case. Above 10% in Chile and Colombia and around 5% in Peru, much above inflation levels. Considering, let's say, an average of inflation of 3.5%-4%, with the same area, we are being able to incorporate two more points above inflation. We get to a 6%. Above that, we are working in other sources of revenues. We are aiming to get to an 8%. From there, we are working in several efficiency initiatives that can add, at least for the next years, I'm not sure if this is something that you can expect for a long time, but at least for the next years, we are working in improving our EBITDA margin, 1-2 points a year. At least one I feel comfortable with. From there you get to a 9%. Above the 9%, you get the cash flows coming from the new surfaces, the growth. From there, we're getting to 15+%. We're working, I would say, hard both in delivering a profitable growth and also working hard in improving the productivity of our portfolio, both because of higher revenues related to rental revenues growth above inflation, but also because of other revenues different than rent, and also working in several initiatives in order to increase efficiency in the company. Perfect. Muchas gracias, clear and very helpful. Thanks, Guillermo. All right, our last question is a written question coming in from Eduardo from Bci. Number one, he has two questions here. The first question is: What was the specific non-recurring impact at MegaPlaza Independencia? The second question is: Could an upgraded Parque Arauco East building resemble any existing asset in terms of revenue per square meter and NOI per square meter growth? Can you repeat the second question, Lauren? I didn't hear it well. Yes, of course. The second question is: Could an upgraded Parque Arauco Kennedy East resemble an existing asset in terms of its revenue per square meter and NOI per square meter growth? Good morning, everyone. Regarding the first question, it's a non-recurring effect related to a tenant contract, okay? At this point, we cannot give more detail than that because of strategic reasons. But I can tell you two things. First, it's a non-recurring effect, so don't expect that to continue in the next quarters. Second, we will give more color in the results of the next quarter. Regarding the second question, the productivity of the eastern building is lower than the productivity of the western building. More specifically, sales per square meter in the case of minor stores are approximately half in the eastern building than in the western building. We expect that to close that gap gradually and slowly, especially because of marketing efforts on one hand. Before you had two companies working in a separate way in bringing customers, now it's only Parque Arauco working in bringing customers to both assets. I think there's a marketing effect that will influence visits. Second, I think there's also synergies related to improving the connectivity of both assets. Before when you search for a store in Parque Arauco Kennedy, of course the alternatives were given only inside Parque Arauco Kennedy. For example, when a customer searched for H&M in Parque Arauco Kennedy, the answer was, "Go to Zara." Now when you search for H&M in the western building, it gets you to H&M in the eastern building. We are improving the connectivity and working in order to improve the connectivity with the bridge. Also improving the signal, improving the signaling and the wayfinding, the digital wayfinding in both assets. I think that will also contribute to closing slowly and gradually that gap. Finally, there's a lever which is related to changing contracts. As you know, the eastern part is very anchored, so the relevance of anchor stores is high. You do have some minor stores and restaurants expiring in the next years. We are currently working in this commercial master plan, deciding what we will do with that expirations. You could also expect a minor change in the commercial mix that can also contribute to closing that productivity gap. Great. Thank you very much. Thank you, Eduardo, for joining us and answering our questions. Thank you very much, Francisco, for your participation today. Everyone on the call who participated, thank you for all of the questions today and making this a very dynamic call. We will see you again in October for our Q3 2025 conference call. Have a great day, everyone, and feel free to reach out if you have any other follow-up questions, and I'd be happy to schedule a call. Have a good day. Thank you. Bye.