Thanks for standing by and welcome to the FIBRA Prologis third quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question at this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press the star one again. For operator assistance throughout the call, please press star zero. And finally, I'd like to advise all participants that this call is being recorded. Thank you. I would now like to welcome Alexandra Violante, head of IR, to begin the call. Alexandra, over to you. Thank you, Mandeep, and good morning, everyone. Welcome to our third quarter 2023 earnings conference call. Before we begin our prepared remarks, I would like to remind everyone that all the information presented in this conference call is proprietary and all rights are reserved. The information has been prepared only for information purposes and is not a solicitation of an offer to buy or sell any securities. Forward-looking statements during this call speak only as of the date of this call. Our actual results, performance, prospects, or opportunities may differ materially from those expressed in or implied by the forward-looking statements. Additionally, during this call, we may refer to certain non-accounting financial measures. The company does not assume any obligations to update or revise any of these forward-looking statements in the future, whether as a result of new information, future events, or otherwise except as required by law. As is our practice, we have prepared supplementary materials that we may reference during the call as well. If you have not already done so, I will encourage you to visit our website at FIBRAPrologis.com and download this material. Today, we will hear from Luis Gutiérrez, our CEO, who will discuss our strategy and market conditions, and from Jorge Girault, our Senior Vice President of Finance, who will review results and guidance. Also joining us today is Héctor Ibarzabal, our Managing Director, Federico Cantú, our Head of Operations, and Alejandro Chavelas, our Head of Valuations and Research. With that, it is my pleasure to hand the call over to Luis. Thank you, Ale, and good morning, everyone. The market continues to accelerate, and real estate KPIs are set to have another record in absorption, rental prices, and higher valuations. Our third quarter financial and operating results, once again, came above expectations. Let me give you some highlights. We had a record rent change on rollover of 46.5%. That is reflected in the same-store cash NOI. As a result, we recorded the highest FFO and AFFO growth, setting the company in an upward earnings trajectory offsetting the dilution created after the follow-on. The portfolio continues to be very resilient, and occupancy is closing above 98%. These levels have been for the last five quarters. On the external front, this week, we announced the acquisitions of 1.1 million sq ft, and we are prepared to shortly acquire more properties from our sponsor and third parties. In addition, Prologis has launched the construction of solar panels in 20 buildings. This represents more than 15% of the goal, and it's a great step to meet our net zero goals. With that in mind, the actual environment is good news to our business regarding the logistic demand of space, and we expect it to remain well into next year and beyond. Growth in our sector continues to be at high levels. Net absorption in our six markets was about 31 million sq ft year to date, and this is 18% growth versus 2022, mainly driven by strong pace of pre-lease deliveries in the manufacturing markets coupled with new leasing from the logistics and e-commerce sector. Vacancy is 1.3%, in line with previous quarter. We forecast vacancy to rise from 1% in 2022 to 1.5% by 2023. We do not foresee our supply in any of our six markets in the near future. Market rental growth is expected to reach around 16% for the year. We're estimating double-digit rental growth for 2024. This is explained by the tightness in the market and also that replacement costs have risen more than 10% in the past six months due to the strong peso and rising land values, which pressure rents upwards. Let me expand on what we're seeing on the ground. Speculative supply represents 46% of total space under construction. This does not take into account pre-lease spaces, which we think is also substantial. Energy availability remains limited. We have recently seen this issue affect Monterrey very clearly, in addition to the border markets, where this problem has been prevalent for some time. The energy availability issue has led some competitors to develop or construct space without energy near the border. For instance, our estimates indicate that 40% of the vacant space in Juárez is under this situation. On the manufacturing side, Monterrey continues to be the darling of nearshoring, but we also see impressive activity in Juárez and Reynosa. The main sectors that stand out are 3PLs supporting the supply chains of manufacturing companies, electric vehicles and auto sectors, as well as electronics related to the semiconductor industry. Furniture and air conditioning, where Mexico appears to be building a strong foundation for the long term. Recent outreach from manufacturers to our sponsor reflects an elevated appetite for build-to-suits with sufficient energy to meet their needs. The renovations are resulting in rising rents and higher terms. On the logistics side, consumption expectations continue to increase, with consensus now expecting 3.8% real growth for the year. We're seeing this estimate reflected by a very active leasing pipeline, especially with e-commerce tenants particularly returning to the market. Mexico City continues to show extremely attractive supply-demand dynamics, and vacancy is below 1%. Given the tightness of the market and interest in the footprint expansion, clients are being more aggressive in bidding for the limited available spaces. Regarding the value of portfolio, our externally appraised value increased almost 9% the quarter, mostly explained by market rental growth. We think our valuations will remain on a positive trajectory given the strong fundamentals. In summary, Mexico is a leading performer across global logistics markets. Nearshoring and supply chain reconfigurations are long-term structural changes in which companies are making strategic decisions to relocate their operations, and we expect this demand to continue for the coming years. The most important value increase will come by the adjustment of our in-place rent to market and the growth that it generates in the cash flow. We will keep on pushing rents. Our mark-to-market for the total portfolio is at 36%, and we're estimating a higher number for next year. On the capital front, we will continue to play offense. Our sponsor has a pipeline of projects for 2024 and is also replenishing its land bank, in addition to some third-party acquisitions. Our balance sheet is an important competitive advantage, and we will remain disciplined. FIBRA Prologis continues to outperform. This is mainly given its focus strategy to be the leader in the six most active industrial markets. With that, I will pass the call over to Jorge. Good morning to everyone. I want to start by thanking Luis, who as you know retires at the end of this year. For our 30 years working together, from retail, office, housing, and industrial development, my professional career has been an amazing ride. It has been an honor and a true privilege to have had a mentor such as you. Thank you for your trust and support all this year. Gracias, Luis. With this, let me now go through the results of the quarter. FFO was $56 million or $0.049 per certificate. This is an increase of 39% and 4% respectively versus last year. AFFO reached $46 million, a 48% increase versus last year and above our expectations. These results were driven by record rent increases on rollover, acquisitions, and a stronger peso compared to last year. Moving to our operating metrics, leasing activity was 1.9 million sq ft with a period end and average occupancy above 98%, in line with previous quarters. Net effective rent change on rollover reached a record high on the quarter and 12 months of 46.5% and 35.7% respectively. As Luis mentioned, our portfolio lease mark-to-market is 36%. What this means is that we could generate approximately 45% of additional FFO per certificate of earnings as leases roll over time. In terms of same-store cash and GAAP NOI, we had an increase of 9.5% and 9.6% respectively. Moving to our balance sheet, we have kept a strong peso and flexible balance sheet with a BBB plus rating, the highest in the sector, and above Mexican sovereign, with a stable outlook recently ratified by Standard & Poor's. In today's rate environment, we have the commitment to be vigilant of its performance and structure. Now, let me go through the metrics. Our average debt maturity is 6.8 years and no expirations until 2026. 100% of our debt is fixed at a weighted average cost of 4%. More than 80% of our debt is unsecured, and more than 60% has a Green Stamp. Loan-to-value is below 10%. Our fixed rate coverage rate is 7 times, and debt-to-adjusted EBITDA is 1.6. We have a committed and unsecured line of credit for $400 million. Let me move to guidance and capital deployment activity. Acquisitions have taken longer than we expected. That said, we are confident of our team's execution from here to the end of the year. Therefore, we're increasing our bottom range of the guidance from $250-$350 million, and as of today, FIBRA Prologis has acquired a total of $180 million. We're keeping the rest of our guidance unchanged, which you can see on page eight of the supplemental financial information. Let me now mention a couple of news on the ESG front. First, we're proud to announce that for the third year in a row, FIBRA Prologis has been named industrial sector leader by GRESB. Also, our sponsor Prologis announced the start of a solar program with one of our clients, CEVA Logistics, in the Mexico City market. The plan is to reach 120 buildings by the end of 2025. I would like to finish by thanking our investors for their trust in us and to our teams on the ground for amazing results. With that, I will turn it to the operator for Q&A. Thank you. At this time, I'd like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We ask that you limit yourself to one question and re-queue again if you desire to ask another question. We'll pause for just a moment to compile any questions. Again, if you'd like to ask a question, please press star one on your telephone keypad now. Our first question comes from Juan Ponce from Bradesco BBI. Please go ahead. Hi. Thank you very much, and good morning, everybody. Thank you for taking my question. My question's on the acquisition pipeline. Can you comment just a little bit on what you're expecting exactly from here till, let's say, the first half of next year, and if you can comment on what has taken so long regarding the third-party acquisitions? That'll be my question. Thank you so much. Thank you, Juan, for your question. So as you have seen, we have just recently acquired 1.1 million sq ft, mainly from properties coming from Prologis. So if you add what we have acquired, you know, year to date, it will it's around $180 million. So, we're planning to continue acquiring properties before year-end in the fourth quarter, and most of them will be coming from Prologis' pipeline and some from third parties. You can expect around 20% of that pipeline from third parties and 80% from Prologis. So we are confident that we will meet our guidance. As we said in previous calls, we have around 3.5 million sq ft for the year from the Prologis' pipeline that will be coming in. Most of these properties will come from the border markets and Monterrey. So, as for next year, the pipeline is active, but certainly uncertain on third parties as the third-party acquisitions sometimes you win and sometimes you lose. Very clear. Thank you so much. Our next question comes from the line Jerald Galati from Goldman Sachs. Please go ahead. Good morning, and thank you for taking my question. I just wanted to focus on leasing spreads. So, as you all acknowledged earlier, they were very high, reaching record levels, you know, 47% at the NER level. And I was just wondering, how much more can this go? I mean, if we look at the corporate presentation, at least the most recent one, the delta between your in-place rents and market rents it suggests there is around where we are right now, around 50%. And so, I was just wondering, can we see this going higher? Are we at the limit? How should we be thinking about leasing spreads going forward? That's basically my question. Thank you. Thank you all. Thank you for your question, Jerald. What you are seeing on the ground is that the demand coming from customers, mainly from nearshoring, but as well, as Luis mentioned in his opening remarks, from e-commerce, the demand is probably at peak in the markets in which we participate. Supply keeps on being very difficult, mainly because of entitlement infrastructure. So we do see market trends increasing next year, probably between 15%-20%. That's the best expectation that we have. So this mark-to-market spread that you mentioned will keep on growing. I think that the high barrier of entry of our strategy in the markets in which we participate allows FIBRA Prologis to be in the best position to take advantage of this situation. One of the key things, because we understand that there's a lot of value behind, is the ability and the way we know how to increase rents, and you should be expecting this to keep on happening in the portfolio. Thank you. Our next question comes from the line of Pablo Monsivais from Barclays. Please go ahead. Hi. Thanks for taking my question. I just wanna pick your brain on the competitive landscape. How do you see the competitive landscape, based on what FIBRA is doing in terms of potential IPO on the industrial portfolio? Should we expect more aggressive competition, perhaps in the medium term, or what's the read-through for you guys? Thank you. Thank you, Pablo, for your question. Certainly, industrial real estate seems to be the darling, and everyone is piling into the sector. I guess on the development side, you have seen a lot of new players. A lot of them are local. And then I guess on the more stabilized projects, you know, everybody wants to buy industrial properties. So yes, we have recently seen what you are commenting, the FIBRA Uno potential internalization and a spinoff, and certainly we'll be vigilant to see what happens. Having said that, you know, in order to grow, it takes some time to develop a focus strategy and a big portfolio. So I think our platform is well prepared for the future, and you know, the cycle always turns, and that's where the opportunity comes. I think we'll be there all the time in the good times and the bad times, but we feel very good about our prospects going forward. As, as Luis mentioned, Pablo, competition is at peak. We have never seen so many competitors. But, it is important to mention that, probably 50% or more of the business that we do has to do with our current customer base. So it's, it's not a good thing, that, some competitors underestimate these relationships that you have. It has trust. It has service. It has reliability, delivering on time. And I think that that's, part of what, Prologis brings to the table. Super clear. Thank you very much. Our next question comes from the line of Francisco Chavez from BBVA. Please go ahead. Hi. Thanks for the call and congrats on the strong results. My question is regarding the NOI margin. We haven't seen these levels since the last few quarters. Can you give us more color on what happened on the cost side and when can we expect the margin to recover? Thank you. Hola, Paco. This is Jorge, and thank you for your question. Yeah, we're, margin to NOI for this quarter is just above 85%. If you look at the last 12 months, we're in the 86%, which is what we have guided, yeah, around 86%. The reason for this quarter, it has to do with—sorry, did you hear me? The, the phone was on mute, and I didn't notice. But, the margin went down because of increasing the cost of security and insurance in particular. This is across the board. There was an increase in, in these two areas, and, obviously, it has had an effect in our NOI margin. That said, on an annual basis, you're gonna see an 86%, on average, and, that has been our average in the past year. So those two were the ones that affected mostly the margin. Great. Thank you. Anytime. Our next question comes from the line of David Soto from Scotiabank. Please go ahead. Hi. Thanks for taking my question. Just two quick questions. The first one is regarding about the strategy that you follow for securing energy on your buildings, and if you could share some thoughts about the strategy that your competitors are following too for this matter. And the second question is, could you please provide some guidance about how are you going to fund your acquisitions with respect to third-party acquisitions until 2024? Yeah. So, let me address the first question, and I'll let Jorge address the second question. So I guess on the energy question, certainly, you know, the difference is that the sponsor will never develop a project that does not have energy. And, you know, the land that we buy always will have energy when we go vertical. So in that sense, you know, the land that you see in the supplemental all of it has energy, or we're in the process of acquiring that energy. And so our pace may, you know, be higher or be lower depending on the availability of energy in each time. So today, you know, we are gonna be very active developing in the border towns in which we have energy, like, you know, Monterrey, Reynosa, and most recently, Tijuana. So, I think, you know, the pipeline for next year from coming from the sponsor will be, I think, between 3-4 million sq ft. As to the competition, I think you need to ask them what is their strategy. Let me now pass the word over to Jorge. And thank you, David. This is Jorge. Regarding the funding going forward, obviously, for this year, we have $470 million in cash, given the follow-on and some sales that we did for these positions, so that's covered. For 2024, we have a line of credit for $400 million. There could be some other dispositions next year which could, you know, help on the cash part and, you know, funding side. Who knows? Let's see how the market behave, and we might tap the market. But I mean, we have different leverage to pull, and we'll evaluate how the markets perform next year and needs. Thank you. Let me just add some additional thoughts on the energy side which relate to our net zero goals. So I think also one of the things where the FIBRA has been a leader is by trying to offer this clean energy for our clients. And certainly, you know, the program is just beginning after a couple of years of finding the right structure. And we have just begun 120 roofs which will cover a good percentage of the needs of our clients. This is, of course, you know, doing a joint venture with a qualified supplier, and this, you know, at this moment, it's a unique structure, and that will also complement our energy efforts. Perfect. Thanks. Our next question comes from the line of Andre Mazini from Citigroup. Please go ahead. Sure. Thanks, guys. It's a follow-up on the energy solutions you guys' been providing, particularly the solar project. So this, the sponsor is the one that makes the investment on the solar panel and then sells the energy to the FIBRA tenants, right? In this case, CEVA Logistics, right, that you guys mentioned. So the panel being installed on the roof of a FIBRA Prologis property, and there will be any payments from the sponsor for Mexico at the moment, do you guys think? Thank you. Thanks, Andre. How are you, Luis? It's Jorge. And regarding your question on Prologis Energy Solution or solar solution and the relationship with FIBRA, the answer is yes. Prologis will put in, will do the investment and put the solar panels on our roofs. FIBRA will collect roof rent. It's not going to be a significant amount. We won't move the needle, but we will receive rent, and our clients will receive clean and sustainable energy as well as, it's gonna be, you know, a stickiness for it will deliver stickiness for FIBRA and for our clients. So we will receive roof rent from FIBRA, and we won't put the investments into the solar panels. With that, I'll pass it to Luis. Yeah, Andre. So, thank you for your question. So certainly, yes, energy is a bottleneck, and I think, you know, we now have two candidates, and I think both are, you know, very, open-minded to provide the infrastructure that is that is needed. So, you know, we're always optimistic, and, and I think, you know, that there will be a policy change as soon as the new administration comes, regardless of who, you know, the candidate is. I would have to say that, you know, we have recently seen a change in attitude in the administration. You know, doing this, solar project that we just mentioned, we have seen, more readiness to, to give us, I guess, some of the permits that we need to, get a qualified user status, and that is, somehow good news. I guess in addition to this change in attitude we just saw, these tax incentives that were announced recently which, you know, for me, it was a big surprise. I think now the administration understands that nearshoring and this manufacturing trend is very active and good for the country and now is beginning to incentivize it. So I think there's a change in attitude even in this last year of the administration. Thank you, Luis and Jorge. Anytime. Our next question comes from the line of Aldo Hernandez from Santander Asset Management. Please go ahead. Hi. Again, congrats again with your strong results. Well, my question is related, again, to leasing rate. I don't know if you can give us some hints about why, maybe other regions were kind of behind that, against the other regions like Reynosa. I mean, I see that Reynosa, it's good in terms of leasing, but, like, 75% and the other regions, like, 46% more or less. What was the issue in that region? Thank you for your question, Aldo. I think, there's no issue in Reynosa. Reynosa is a market with high barriers of entry because it's a particular market, like I said, probably out of the 6 markets in which FIBRA Prologis participates, Reynosa could be probably the one in which we have less competitors. It's a market in which you really need to play local, in order to do development. Regarding entitlement, construction is difficult infrastructure. So, I would say that there's no any specific issue with Reynosa. The only comment that I would make about Reynosa is that Reynosa is very linked to what happens in Texas. It's there is a close correlation of the activity between Reynosa and Texas. As we all know, in the U.S., the trend is not as good as it is in Mexico, so probably a little influence on that regard, but it's a market that we like and that we will keep on investing. Aldo, I just would like to comment that leasing rates are dependent on vintage, meaning what leases are coming due and are being renewed at each time, and it can vary. So a market like Reynosa can show a small increase, and another market can show a very large increase. And the next quarter, you can see the opposite. It only depends on what type of leases per market are coming to renewal over the quarter and, you know, the new market conditions. So it doesn't focus necessarily on the market because it depends on what you have. It can vary quarter to quarter. Many thanks for the explanation. Anytime. Our next question comes from the line of Felipe Barragán from BTG Pactual. Please go ahead. Hey. Good morning, guys. Thank you for the call and for taking my question. My question is on other general and admin income. This quarter and the last quarter, we saw it significantly higher. Just curious if that's something we'll, we'll continue to see for the following quarters and just know a little bit more on what, what's driving that. Thank you. Sure, Felipe. The answer to your question is the interest gain that we have on the cash, from the follow-on. So you're seeing a $6 million figure number, because of that reason. Following your second part of the question, for the next year, you won't see this income. I mean, you will see a reduction in that income in the fourth quarter given that we're gonna use that cash for the acquisitions that we have in the pipeline. So that's the reason. Well, but that income is gonna be substituted by the revenue produced by the acquisitions that FIBRA is doing. Correct. So different, different box, better results. Great. Thank you. Very clear. Our next question comes from the line of Anton Morten from GBM. Please go ahead. Your line is open, sir. Please go ahead. Hi. Sorry, can you hear me there? Yes. Thank you for taking my question, and congrats on your results, guys. I just have one quick question. I mean, I know we are still very far from this, but considering, considering that you mentioned how significant is the amount of supply that is being restrained due to the lack of energy, what kind of impact do you think you we could see in the market if this issue was suddenly solved? Thank you. Thank you, Anton, for your question. And I think that you are mentioning a key point. The barrier of supplying the space is a very important factor that is driving the market nowadays. What's gonna happen when this energy situation is behind? It's not only energy. It's water, could be gas, could be some infrastructure regarding highways. But definitely, as this barrier is left behind, the demand will grow, and this will have an impact in the market. It is important to mention that, once that the political wheel is moving into the right decisions to improve the energy supply, it's gonna take at least 2-3 years for this infrastructure to be built. So it is an important milestone when this happens, but we don't see this situation improving this year, next year, or in a couple of years. It's gonna take a little bit of time. How much pressure do you think this could have in, in maybe rental prices or, or vacancies? It's hard to say. I think that current rents are not only driven by supply and demand, but construction costs are going up, particularly because of the effects that we have with the peso. So, my opinion, and I don't have a crystal ball, is that what is gonna happen is that the increase on rents is gonna be flat or flatter once that this situation is left behind. But once again, it's gonna take at least 2-3 years to get there. Perfect. That's pretty good. Thanks. Our next question comes from the line of Juan Macedo from GBM. Please go ahead. Hi. Thanks for taking my question. My first question is regarding supply dynamics. You mentioned in your report that larger supply in Juarez meant you change your vacancy estimates for that market. I was wondering if you could give us some color on how our supply dynamics in the other markets. After that, just another quick question. You could give us some color on the lease activity. We saw, particularly large rent increment in Guadalajara leases. Is it due to a particular event or mostly market rent catch-up? The Guadalajara, the delta that you are seeing, is not, is related to what Jorge was explaining in the previous question. It's linked to a particular vintage of the rollovers that we have with a particular tenant. It's not that it's going something crazy in Guadalajara. Regarding supply and demand, let me show a little bit the figures that we have. In Guadalajara, for example, net absorption is 2.5, and new constructions are 2.2-2.3 million sq ft. In Guadalajara, these numbers are 4.2 of net absorption compared to 3.5 of construction starts. Not all of these starts have electricity. In Mexico City, you have 10.5 million of net absorption compared to 8.1 of construction starts. Monterrey, 11.3-11.6 versus 10.2. Reynosa is almost even, 0.9 versus 0.7. Tijuana, you have 4 million of absorption and 3 million of construction starts. So, as you can see, the strategy that FIBRA Prologis has of focusing on barriers in markets with high barrier of entrance of entrants is yielding good results to us. In any case, in spite of all the interest and all the money chasing opportunities, we don't see an oversupply or constraint between the demand the supply and demand range. So we're confident, you need to anticipate. Development cycles are taking two to three years, so it's not an easy moment, you know, for supply to take over demand. Again, if you'd like to ask a question, please press star one on your telephone keypad now. We have a question from Felipe Barragán from BTG Pactual. Please go ahead. Hey, guys. Another quick question on my end. You guys touched on the letter at the start of the report that Cuidad Juarez has had a vacancy of 2.6% because of energy that wasn't fulfilling the tenant needs. What I'm curious on the strategy here is this something you can change on in terms of the energy that the property has, or are you guys just waiting for the right tenant so that it can be with whatever you guys have installed? What's your take on that? If I understood your question properly, I could mention that nowadays there's a new category in the market. And this new category is linked to properties that are in construction or that have finalized construction, and they don't have electricity. When I comment this concept with my colleagues in the U.S., it's a little bit hard for them to understand. Luis mentioned in his opening remarks, we wouldn't go vertical in the project if we don't have the electricity guaranteed. The issue that happens on the field is that, you know, electricity will not appear like a magic situation. I mean, infrastructure needs to be done. And, you know, there are some markets like Ciudad Juárez and Monterrey where it seems that new infrastructure is getting there. The issue is more about distribution and not generation. So it's a very complex concept. And, you know, what, what we are doing and FIBRA Prologis is part of AMPIP. You know, we are trying to approach the approach that this, this is a federal situation because of the Comisión Federal de Electricidad. And, you know, we have been spoken several in several of these, questions of this conference about this, an important issue. You need to anticipate. You need to invest more money. Replacement rents and replacement costs are going up because of this, and there's not a short-term solution for this. So we need to learn we need to keep on, working on the with this, and competition, need to learn that, it's not a good idea, to start development if you don't have the energy solution. Great. Thanks for that. My, my question is more on, like, you guys have here in the letter, it says that 2.6% is vacant, so I'm guessing that's already built. Like, energy's already there, and it doesn't have sufficient energy for tenant needs. So I'm, I'm just curious on, you know, if I got this right, the energy's already there. It's, it's ready to go for a tenant to come in. I'm guessing it's, like, Yeah. I mean, the numbers that you are mentioning is a fictional situation. I mean, Okay. This kind of things happen. The most of the customers that leave our buildings is because they are consolidating or they are requiring more space that we don't have the ability to provide. I would say that that's the number one issue for customers to leave our portfolio. But, it's not a trend that is happening in the market. Okay. Got it. Thank you. I would now like to turn the call over to Luis Gutiérrez for closing remarks. As you know, I mean, consistent with what has been announced, I will be leading all executive activities as of December 31st, and Héctor Ibarzabal will become the new CEO. I will remain as chairman of the Technical Committee and a senior advisor. So this is my last earnings call after leading 36 calls after the IPO in June of 2014. First, I want to express my deepest gratitude to all sell-side analysts that have accompanied us all this way. I feel through our numerous meetings, we are shaping up the sector to become more institutional and attract more capital, and we have done many good things together, and this is great for Mexico. Also, to all our investors for their trust, we always are transparent and direct in our plans. I have seen a much larger set of investors that are bigger tickets and more diversified. We're making strides to improve our liquidity, and we have some pending homework to do on that front. Mexico is going through a great period, and I have never seen such good market conditions in my long professional career, and I'm very optimistic that this will last for years to come. FIBRA Prologis is well positioned to thrive. I have a lot of trust in the team, Héctor, Jorge, and now Armando, and the whole FIBRA team, that they will take this to the next level. I'm very appreciative since my relationship with them goes beyond the FIBRA IPO. Finally, I wanna thank our sponsor, Prologis, as they have brought a lot of value to our shareholders. I'm very, very impressed on how, this period has been. So my deepest gratitude to everyone, and I hope to see you again soon. Thank you very much, and, you know, I will end the call now. I would like to thank our speakers for today's presentation, and thank you all for joining us. This now concludes today's call. You may now disconnect.