Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the FIBRA Prologis Second Quarter 2025 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 would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the star one again. Thank you. I would now like to turn the conference over to Alexandra Violante, Head of Investor Relations. You may begin. Thank you, Krista, and good morning, everyone. Welcome to our Second Quarter 2025 Earnings Conference Call. Before we begin our prepared remarks, please note that all information disclosed during this call is proprietary and all rights are reserved. This material is provided for informational purposes only and is not a solicitation of an offer to buy or sell any securities. Forward-looking statements made during this call are based on information available as of today. 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. On today's call, we will hear from Héctor Ibarzábal, our CEO, who will discuss our strategy and market conditions, and from Jorge Girault, our CFO, who will review results and guidance. Also joining us today is Federico Cantú, our Head of Operations. With that, it is my pleasure to hand the call over to Héctor. Thank you, Ale, and good morning, everyone. Let me begin by addressing the macroeconomic environment we are operating in. Trade uncertainty has increased from already elevated levels last quarter. Formal trade agreements between the U.S. and other countries remain unclear, and a 30% tariff on all Mexican imports not compliant with the USMCA has been announced to take effect in August. This environment has led many export-oriented manufacturing customers, particularly those near the border, to put their new plants on hold. However, our manufacturing portfolio continues to outperform the market in terms of occupancy, a clear reflection of our differentiated customer service, strong property management, and strategic real estate location. At the same time, and by design, we maintain sector-leading exposure to key consumption-driven markets, notably Mexico City and Guadalajara, which deliver very strong performance during the quarter. Thanks to this solid diversification, FIBRA Prologis delivered strong financial and outstanding operational results, and we maintain clear visibility heading into the second half of the year. Jorge will provide more details shortly. Let me now touch on what we are hearing directly from customers and brokers in the field. As we highlighted in our last call, we had seen a pickup in interest from select manufacturing sectors, particularly electronics, and after April 2nd. However, trade clarity remains a critical factor influencing decision-making for new projects. While interest remains, customers are more cautious, and material commitments are likely to take longer in the absence of resolution of global trade terms. On the other hand, demand coming from the consumption segment remains healthy. We continue to see strong activity from e-commerce customers seeking space to support ongoing growth. Competition for space, especially modern large-format facilities, remains intense. Despite expectations of flat GDP growth this year, vacancy and rental growth in consumption-led markets continue to perform exceptionally well. Turning now to overall market dynamics. New leasing activity totaled 5 million sq ft, below the 2024 average of 11 million, largely due to softer demand in manufacturing regions. Notably, most of the leasing in those areas came from smaller expansions or first-time suppliers, typically requiring less space. Net absorption came in at 10 million sq ft, consistent with the 2024 average, and was boosted by the delivery of several large prelease spaces in Mexico City, Monterrey, and Guadalajara, mainly to e-commerce customers. New supply reached 15 million sq ft, the highest level on record, leading to an 80 basis points increase in vacancy, now at 4.9%, slightly above the 10-year average of 3.6%. Construction starts were 8 million. Market-specific. In contrast, quantities are on track to post and meet a double-digit decline by year-end. Most other markets remain generally stable. In terms of asset values, quarterly appreciation was modest, but positive at around 1%. In summary, while the external environment remains challenging, particularly with ongoing trade uncertainty and reduced manufacturing momentum at the border, our portfolio continues to demonstrate resilience. This is driven by our strategic exposure to consumption-led markets and disciplined operational execution. We expect to close the year on a strong note, both operationally and financially, and with our robust balance sheet, we remain well-positioned to act on new opportunities as they arise. We are cautiously optimistic and remain closely aligned with evolving tenant sentiment and policy developments. Above all, we stay committed to delivering long-term value to our shareholders. With that, I will hand the call over to Jorge, who will walk you through the quarter's financial and operational highlights. Thank you, Héctor, and good morning, everyone. We're pleased to share that our second quarter results exceeded internal expectations. This strong performance highlights the tenacity of our team, the strength of our strategy, and the quality of our balance sheet and portfolio in challenging environments. While year-over-year comparisons are influenced by the Terrafina acquisition, the benefits of this transaction are clearly reflected in our results. Let's begin with the financials. FFO came in at $93.8 million or $0.59 per CBFI, which represents a 21% increase versus last year. AFFO totaled $77 million, up 38% year-over-year, mainly driven by the successful integration of Terrafina. We also had a strong quarter operationally. We leased 2.1 million sq ft right on target. Occupancy remained high, ending the quarter at 97.7% with an average occupancy of 98.2%, both exceeding expectations. Tenant retention reached 86%, well above our internal goals. Net effective rent change on rollover hit a record high of 68%, showing the execution ability of our team and the strength of our mark-to-market strategy. While same-store cash NOI was reflected relatively flat, GAAP NOI rose 5%, reflecting healthy rent growth and built-in escalations, despite some FX headwinds. Regarding our balance sheet, our balance sheet remains solid. We successfully refinanced short-term debt with long-term loans under FIBRA Prologis, improving liquidity, extending maturities, and lowering our relative cost of debt. A similar strategy is in motion for Terrafina. In terms of impact and sustainability, also known as ESG, we're proud to share our new annual impact and sustainability report, which is now available, with enhanced disclosure that better reflects our progress and long-term commitments. I would like to now spend a moment on the integration of Terrafina. We're just a few weeks away from the first anniversary of the successful Terrafina acquisition, and it's a great opportunity to reflect on what we have accomplished. As of December 1st, 2024, we took over all systems and fully assumed operational control. We've integrated all Prologis markets and replaced third-party managers as applicable. We will continue to reduce costs during the year by eliminating certain third-party services, among other efficiencies. On the revenue side, we've achieved rent increase on rollovers that are about three times higher than what Terrafina achieved on its own. All of this is consistent with our initial projection and in line with our original underwriting. To put it in perspective, if we isolate Terrafina operations, FFO per CBFI is now approximately 10% higher than what it was before the acquisition. With this, let me update you on the CIBanco situation, Terrafina and Trustee. After holders' approval last July 11 regarding change of Trustee, we expect that CIBanco transition to be completed in the next two to six weeks. Terrafina operations remain unaffected. We ensure timely delivery on all obligations without any disruption. Let me now change gears to guidance. Because of the strong performance and positive outlook of our portfolio, we have updated our 2025 guidance as follows. We raised our FFO per certificate range from $0.20-$0.22 up to $0.22-$0.24, which is a 9.5% increase to the midpoint. We're keeping the rest of the guidance unchanged, which you can find on page eight of our supplemental financial information. We are closer than ever to our customers. Policy stability and established trade agreements will be key drivers of new demand. In closing, I want to recognize our teams on the ground for their outstanding execution this quarter. We remain laser-focused on our long-term strategy and ready to adapt as needed, guided by discipline and corporate agility. Thank you. I will now turn back to Krista for Q&A. Thank you. We will now begin with the question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. And if you'd like to withdraw your question, again, press star one. We do ask that you limit yourself to one question. For any additional questions, please re-queue. And your first question comes from Alejandra Obregón with Morgan Stanley. Please go ahead. Hi. Good morning, everyone. Thank you, Prologis team, for taking my question. I guess I was trying to look at record net effective rent change of nearly 70% and perhaps understand a little bit better how much of this is renewal versus new business, if you can also help us perhaps understand how much of this is coming from the legacy FIBRA Prologis versus Terrafina mark-to-market. And of course, if you can help us square the impressive spread in Juárez versus the vacancies in the state and the trends that you guys mentioned earlier in this particular one, it's quite impressive. Thank you. Thank you, Alejandra. This is Federico Cantú. As it relates to our net effective rents and a rent change, a record rent change, that came primarily from renewals. As you can see, most of the activity had to do with renewals on the over 2 million sq ft. And our teams have been quite focused on making sure that we mark-to-market our leases upon every renewal. In Juárez, we continue to have good mark-to-market in our leases despite some adjustments in market rents there. In that market, as Héctor mentioned, we've had some double-digit adjustments there, but we still have a positive mark-to-market in that market. And again, most of the leasing activity, two-thirds of that, was in Mexico City and Guadalajara, where we have the strongest fundamentals. So with our current lease mark-to-market in the portfolio, it's 44% across our six markets. We expect to continue to harvest good rent change into the future. One comment, Alexandra, regarding Ciudad Juárez. With the incorporation of the Terrafina portfolio in a long-term hold, now we have 12.5 million sq ft in Ciudad Juárez, and that converts Prologis as a clear market leader in the market. When you have this leadership position, you have a permanent competitive advantage as all of the transactions, the new ones, the renewals, potential expansions, etc., all of them knock on our door. So today, more than ever in Ciudad Juárez, we have a very clear understanding of the sentiment of customers and potential new business. Thank you, Héctor. Thank you, Federico. That was very clear. Your next question comes from the line of Rodolfo Ramos with Bradesco BBI. Please go ahead. Thank you, Héctor, Jorge, Alex, Federico. Thanks for the space for questions, and congratulations on the results. My question is a little bit of a follow-up. The current state of demand and your view on rental adjustments ahead of what seems to be it will be a very important period for lease expiration, and your portfolio has performed better than the market, but we're still caught in this context that you described, Héctor, of Mexico's negotiation, these tariffs. Just want to get a sense of what kind of pickup in activity do you foresee in these next 12 months once we clear these negotiations, which we as a house have remained optimistic? And also, can you talk about any preliminary discussions with your existing clients ahead of next year's well, this year and next year's expirations? Thank you. Thank you, Rodolfo. Your question is a very difficult question as it has as a fundamental when this trade uncertainty is going to end. What our conversations with customers make us be confident that the projects that they are chasing and that it's today on the standby pipeline is comprised by projects that have not been canceled. I think that this is a very important point. Those projects are just waiting for definitions in order to be able to get their final approvals. Actually, we have a very active interaction with customers trying to update costs and trying to exchange ideas on when and how this situation is going to be solved. The particular momentum that we are facing reminds me a little bit of what happened in the pandemic days because in the pandemic days, all the activity was placed on hold as nobody really knew what was happening. And as the situation got under control, and particularly when the vaccines went out in the market, there was an immediate reignition of projects. I think that probably in a different magnitude, but this situation is what it's going to be happening once a final agreement between Mexico and the U.S. is reached about our trading situation. Projects will keep on being feasible as Mexico will remain with a competitive advantage no matter what is the final number on tariffs. And this is important, a very important factor. Our location is not being modified, and our availability of efficient labor hands is right there. So I'm very optimistic that once the definition is reached under this trade uncertainty, most of these projects are going to be reactivated, and not only Prologis, but all of the market will start receiving a lot of requests for new space. This does not necessarily need to wait until 2026. This is just waiting for definitions. Hopefully, definitions are to be reached before their end. This is our view. If I may add to what Héctor mentioned, in our conversations with our customers, we'd say they're increasingly looking past the headlines and planning for the long term in what has been an evolution of their thinking over the last few months where, as we know, the headlines constantly change. Interesting to note, some data points, our showings over the summer, which typically tends to be a softer season, are actually higher than last year's. So we're encouraged to see that activity in our spaces, as well as proposal volume is actually pretty healthy. So I do feel that there is pent-up demand building, and there is that, as Prologis mentioned in the earnings call, water building up in the dam. I do feel there is that activity that will be released once we have a bit more certainty as to the trade landscape. Great. Thank you. Very useful. Your next question comes from the line of Pablo Ricalde with Itaú. Please go ahead. Hi. Good morning, Prologis team. I have two questions. The first one is very quick. I don't know if you can provide an update on the Terrafina and the lease. I think we're on the quarter. I don't know if you can walk us through what are your negotiations involving with your tenants. That's it. Yeah. I will answer your first question, Pablo, and Federico will take the second one. Today, we are very busy, and we are fully concentrated on executing what we anticipated we were going to do with Terrafina. I feel very pleased about the stabilization. Actually, some of an important part of the rent change that we're showing is part of what we offer when we were trying to get such transactions. We have full operational control. We can take any kind of disposition or leasing decision, and it is there where we are concentrated. I think that eventually, the Terrafina final privatization will happen, but as of today, we want to concentrate on what is under our control, which is on the operational side. Hello, Pablo. Thank you for your question on the second part of it. As you can see, this year, we've had very high retention, which is a reflection, as Héctor mentioned in the opening remarks, of the diligence and talent of our teams, our top locations in our markets. I must say our diligence in locating in the best of markets in every city that we're in is reflected in this great performance. Of course, our platform, our teams on the ground do a phenomenal job. It's all about staying in front of our customers and understanding their business. In this environment with high uncertainty, customers that are already operating and serving their markets are staying put. Our planning, like I said, companies plan for the long term, have that long-term vision. And we're bullish on Mexico in terms of our position vis-à-vis trade with the U.S. and being the number one trading partner. So this is a result, again, of just being in front and having the best customer service out in the market. We're optimistic in our conversations with our customers as far as what they see. But again, in this environment with uncertainty, new spaces are probably the ones that are more muted. But we do expect, as we get certainty, for that activity to reignite. Your next question comes from the line of Francisco Suárez with Scotiabank. Please go ahead. Thank you. Good morning and congrats for the earnings release. Very well done. The question that I have relates with the decisions on PLD in Mexico in terms of overall starts. It's been a year since the company hasn't made any new starts. And the question that I have is because I already saw that PLD also canceled. Sorry, they actually expect zero deliveries for the rest of the year of new facilities. So I think that what I want to know and understand is if this is entirely blamed to overall uncertainties related with precisely USMCA trade and everything, or if there is anything that doesn't allow you to develop the properties, namely a lack of energy, permits, whatever. Thank you. Thank you for your questions, Francisco. The short answer to your concern is related 100% to market conditions. PLD is eager to keep on doing things in Mexico. I think that one of the competitive advantages that we have is that we have the ability to stop and to reignite development very rapidly. Today, the same situation that our customers are facing with uncertainty of what the final reconfiguration of the supply chain is going to be is affecting as well any potential decision of starting any speculative building. Actually, it's not only Prologis the one taking these kind of actions. Most of the speculative development has been placed on hold until a definition, and the final conditions are known. Regarding PLD, I want to reiterate that we have all the support that Mexico today is one of the best-performing markets that they have. If you analyze the PLD information, you will notice that there was an important increase on build-to-suit opportunities. Build-to-suit opportunities are coming from customers that are not being able to find in the market the needs that they have from space. In Mexico as well, they are not reflected in the numbers, but we are currently working on two or three important build-to-suit opportunities as well. It's not because of the lack of energy. It's not because of the lack of confidence in the market. It's just the moment that the market is facing. Perfect. Thank you so much. Your next question comes from the line of Gordon Lee with BTG. Please go ahead. Hi. Thank you very much for the call. Two quick ones. The first, and this may be a question for Héctor or for Federico, I was wondering if you could give us a little color of how you're feeling about Monterrey. It's seen obviously a slippage in occupancy year to date. And from what I understand, it's a very significant amount of inventory that's going to hit the market over the next six-12 months. So I was wondering how you feel about the resiliency of that market, which is obviously a core national market and a core market for you as well. And then just one quick one for Jorge. I was wondering, Jorge, why you decided to keep the distributions guidance unchanged in spite of raising the FFO guidance. Thank you. Thank you, Gordon, for your question. So talking about Monterrey, as you probably know, Monterrey benefits from having both manufacturing and logistics dynamics and demand. So we are seeing activity across both of those sectors. We've had showings. So we feel good about the prospects of that market. We continue to outperform the overall vacancy in that market. We did have some move-outs, but I would point towards very healthy occupancy at over 95%. And let's bear in mind, pre-pandemic levels, 95% was a very good occupancy. So we're slightly above that. And with the activity that we're seeing across various sectors, we feel good about the second half of the year and into next year. Gordon, thank you for making a question on the financials. I mean, the way that you have to see the dividend, to give you some background, I mean, we increased 6.4% the dividend in dollar terms versus 2024. And yeah, I kind of agree that increasing the dividend, though it sounds appealing and the results are strong and supported, it is also true that, as you know, we're selling half of Terrafina portfolio. And eventually, starting next year, there's going to be some debt refinancing. To this extent, we will be recycling capital. This process, as you now know, takes some time. So we want to be prudent with our dividend distribution as we always have been and give you certainty, give the market certainty on our guidance. That's it. Your next question comes from the line of Jorel Guilloty with Goldman Sachs. Please go ahead. Good morning. Thank you for taking my question. I wanted to address the decline in occupancy we saw in this quarter. So it was nearly 100 basis points. We saw this was concentrated in three markets. So Monterrey declined 300 basis points. Guadalajara 300. Reynosa 180 basis points. I mean, when I look and this is just referred to, right? You still are at a fairly strong occupancy level at the high 90s. But I just want to understand what happened in these three markets. Is it just one-offs and move-outs? And how do you expect leasing to proceed for these three markets going forward? Thank you. Thank you, Jorel, for your question. One of the strengths that FIBRA Prologis has is our real estate strategy. We have a very balanced diversification between consumption and near-shoring. Both of them comprise the industrial real estate world in Mexico. But the two of them eventually could obey two different fundamentals. In the last couple of years, the fundamentals in the border were very strong because of this important near-shoring activity. Today, what is happening is that the border markets, including a little bit Monterrey, which is a hybrid market, is facing uncertainty because of this lack of definitions that we have been talking during this call. I think that the fundamentals are very strong: location, access to labor, and the complexity of the already established supply chain where most of this investment is coming from the U.S. So eventually, as these definitions take place and we have seen how definitions eventually get solved in just a weekend as it happened last weekend between Europe and the United States. So I'm optimistic that once that these definitions are reached, the new demand, which is what is driving vacancy up, will reignite, and the markets that you're referring to will go back to their run rate dynamic of occupancy. Federico mentioned in the previous answer, the occupancy that we are showing makes us to be very proud about the performance of our teams on the ground. I mean, a diversified portfolio as the one that we have, showing these levels of occupancy, believe me, above market, I think that speaks very highly about the job that the teams are doing on the field. On the consumption side, which is a different story, we are seeing the two most important e-commerce players more active than ever. The two big players are showing and are working on important plans. PLD, with the exclusive relation that has with FIBRA Prologis, is very active on trying to entertain those needs. I think that on the consumption and the e-commerce front, there will be positive news that are not going to be hitting the 2025 numbers, but they will be impacting the 2026 figures. Your next question comes from the line of Adrian Huerta with JPMorgan. Please go ahead. Thank you. Thank you for that response, Héctor. Just a follow-up on the previous question. If you can just give a few details on the companies that did not renew, the reasons, the sectors that they are in, and the reasons why they don't renew. I had a little trouble understanding. Could you repeat the final part? Which specific aspects are you interested? Sure, Héctor. I just wanted to have more details on those tenants that did not renew and explain they are dropping occupancy. Any more data you can provide on the reasons why they left, in which sectors they were focusing on, etc.? Yes, Adrian. Thank you for your question. So it's a diverse mix. Some of them in consumption, some of them in manufacturing markets. A couple were 3PLs. We had one that was a customer default that we took control of the space. But again, nothing specific. And it mostly related to consolidations. Adrian, just let me. This is Jorge. Sorry for jumping in. Just let me give you some perspective. Since IPO back in June 2014, only five clients have left the space because of rent increase. That gives you some clarity on why they leave. Most of them leave because of either we don't have the space and they need more space or M&A activity on their part. Thank you. Your next question comes from the line of Enrique Cantú with GBM. Please go ahead. Hello everybody, and thank you for the call and for taking my question. My question is about the intent to sell around 50% of Terrafina. What cap rate range do you expect? What is the likely timeline you see? And how will you prioritize the proceeds? Thank you very much, Enrique, for your question. We continue to make steady progress on our disposition process. The full portfolio has been segmented into five equivalent portfolios that allow us to pursue a more flexible approach and minimize risks at the same time. We have selected several third-party advisors to manage the deal. And while we are not in a position to share further specifics at this time, such as expected cap rates, we remain very positive with investors' response received at this point. Our guidance showed that we might be showing some disposition progress before year-end. But this is related as well to some approvals that we need to reach before consolidating the process. So some concrete activity should be seen either before year-end or in the first quarter of next year. In terms of use of proceeds, Enrique, I mean, we want to recycle capital. We want to invest in our core markets. That, as I said in one of the answers, takes a little bit of time. In the short term, we will be paying short-term debt in Terrafina and to the extent that is required, making the distributions that are by law. That's it. All right. That's what I could use. Thank you very much. Your next question comes from the line of David Soto with Scotiabank. Please go ahead. Hi. Thanks for taking my question. Just a follow-up question regarding your guidance. Could you please share if the driver for revising upwards your FFO pressure guidance was driven by the delay of the other disposition, or do you expect better performance across your markets? Thank you, David. It was hard hearing you, but what I heard is we increased our FFO guidance. That's related to not selling the assets yet and the performance. It's a little bit of both. I mean, the performance of our core portfolio is one thing. As you saw, 68% I mean, that's a record rent increase on rollover, high occupancy, etc., has been very strong. That's part of the reason. The other one, obviously, the more it takes to sell a portfolio, the more FFO you generate. That's on the map. It's a matter of time. Everything takes process. It takes time in this world of taking these kinds of decisions. So it's a mix of both, David. Perfect. Thanks, Jorge. Congrats on that. Your next question comes from the line of Piero Trotta with Citi. Please go ahead. Hi, team. Thank you for the call. The first one is a quick one. The difference between the NOI cash and the NOI net effective would be related to grace period of rent-free for tenants, right? Could you confirm that for me? And the second one is about the guidance. It implies a midpoint for same-store NOI cash around between 4%-7%. So should we see this indicator accelerating in the second half of the year? And if you could walk us through the reasons why, the rationale. Thank you. Thank you, Piero. This is Jorge. Your first question was on NOI cash. Yes, it's related to the net effective rent on the cash. The difference is straight-line rent. That's the main difference. The other one on guidance, you have to take into consideration two things. One is FX. Last year, if you remember the first half of last year, FX was at 17 or below MXN 17 per one. This first half, it's around MXN 19 or close to MXN 19. It has been in MXN 20, MXN 19, etc. So if you take the same-store cash FX neutral, the same-store cash for this year would have been around 4%. So what we see in the second half is that FX is going to be around what was in the last year, in the second half of last year. It's going to be more neutralized, the effect of the peso devaluation. In that sense, we do expect to get to the 4%-7% range given the second half of the year. Thank you, Piero. Your next question comes from the line of Alan Macias with Bank of America. Please go ahead. Hi. Good morning, and thank you for the call. Just a quick question on if you have seen any changes in the new government versus the previous government in terms of, I guess, policies or infrastructure or security regarding the industry. Are they more positives or negatives, or is it the same level of support to the industry? Thank you. Thank you for your question, Alan. There's only one difference from the land to the sky. The support that we have been receiving from the current administration is humongously more powerful than, basically, the lack of answers that we received during the previous administration. Development of industrial parks is part of the priorities of President Sheinbaum, and I think that she's acting accordingly. She has appointed Marcelo Ebrard, our Minister of Economy, as the ambassador to try to solve all the different aspects and all the different challenges that we have in front of us. Today, I can tell you that there's an open dialogue. There are committees that work permanently trying to solve infrastructure, access, security in highways, entitlement regulation, etc. I'm part of the board of the Mexican Association of Industrial Parks, and I think that we are very active in this regard, and we are very pleased with the responses and the action plans that the authorities are taking. Some of these aspects, as energy and security, are going to take some time to get solved, but at least I'm confident that all of them are moving in the right direction. Thank you. If you would like to ask a question, please press star one on your telephone keypad. Your next question comes from the line of Anton Mortenkotter with GBM. Please go ahead. Hi, guys. Thank you for taking my question, and congrats on your results. I just have two quick ones. One is, aside from the dispositions you're trying to do from Terra's portfolio, I mean, are there any tenants or sectors you're actively trying to reduce exposure to or you're trying to avoid? And also, just would like to understand a little bit better how are tenant demands evolving, maybe in terms of more so on the operational side, maybe in terms of what kind of infrastructure are they asking for, maybe in terms of ESG and all of that. Thank you. Thank you. Provide analysis of all and each one of our customers. Believe it or not, we reject, I would say, probably 10%-20% of the potential business that we could have just because we do not feel comfortable with the financial conditions of our potential customer. We're very clear on this. We act like if we were a bank, we are not lending money, but we are lending a building that might be worth $20 million, $30 million, $35 million. We're not receiving any interest, but we're receiving rent coming from our customers. That's why we keep always our receivables way below the standard. We do not and our customers, they do have the obligation to present to us an update on their financial performance every year. So when we see that a customer might be facing difficulties because the market is changing or the financial situation is changing, we try to anticipate, and we design a preventive action plan and not a corrective action plan. So we do not have any specific concern about any specific customer at this point of time regarding Prologis. And I will pass the word to Federico to provide a little bit more comment. Yeah. So on tenant demand, starting off with the consumption markets, particularly in Mexico City, Guadalajara, we're seeing, and as Héctor mentioned, very encouraging signs of activity and firm activity from e-commerce and retail driven by domestic consumption with very just standard warehouse space with not much in terms of energy requirements. In the border markets and Monterrey included, we're seeing some activity across various sectors, electronics, durable goods, to mention a couple. We're seeing good terms, as you can see in our WALT. We're achieving good lease terms. Also seeing activity on logistics, both related to consumption, particularly in Monterrey, as well as supporting manufacturing and even seeing some trends of manufacturers optimizing their spaces and taking out of their operations the warehouse components, sometimes outsourcing. So that is a trend that we continue to observe and activity across that sector. And also, as it relates to just sustainable initiatives, we're making progress in solar implementation and offering our customers, through qualified supply, 100% renewable energy. So we're seeing interest from companies in going green, and we can support that as part of our program and qualified supply. So all in all, again, just speaking to some of the trends that we're observing. And thank you, Anton. That concludes our question-and-answer session. I will now turn the conference back over to Héctor Ibarzábal for closing comments. Thank you very much all for attending our second quarter earnings call. We understand well how valuable your time is. As usual, we're looking forward to see and connect with you during this quarter. Please do not hesitate to contact for any specific need that you may have. [Foreign language]. Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.