Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome you to the FIBRA Prologis Fourth Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise, and after the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question at that time, please press star, then the number one on your telephone keypad to raise your hand and enter the queue. If you'd like to withdraw your question at any time, you can press star one again. I will now turn the call over to Alexandra, Head of Investor Relations. You may begin. Thank you, Colby. Good morning, everyone. Welcome to our fourth quarter and full year 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. 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's my pleasure to hand the call over to Héctor. Thank you, Ale, and good morning, everyone. 2025 marked the first complete year with Terrafina fully reflected in our numbers. Once again, we deliver excellent performance. This year, we successfully acquired more than 99% of Terrafina, and last week we completed its delisting, fully aligned with our original plan. We issued our first international bond, achieving the tightest spread ever for a FIBRA, a strong validation of our credit quality and balance sheet strength. We delivered solid operational and financial results, maintaining high occupancy levels and capturing meaningful rent growth on rollover. Jorge will provide further details shortly. Last quarter, we noted that if tariff uncertainty continued, companies would still need to move forward to serve their end market. That is exactly what we are seeing. Customers are maintaining, and in some cases, expanding their operations with an important long-term conviction. This is reflected in the strong retention we had for the full year, a weighted average lease term of over five years, and an expansion-driven leasing activity in Guadalajara, Reynosa, and Monterrey. Mexico City and Guadalajara remain our strongest markets, supported by domestic consumption. We saw particularly strong activity from 3PLs, electronics, retails, and e-commerce customers. In the border markets and Monterrey, demand remains concentrated in logistics, electronics, furniture, and home goods. From an industry standpoint, new leasing activity totaled 11.9 million sq ft, up from 10 millionsq ft last quarter and above the 8.6 millionsq ft of the last 12 months. Mexico City led with an outstanding 6.1 million sq ft, while the rest of our markets performed broadly in line with recent averages. Net absorption reached 8.3 million sq ft, is likely above the 8.1 millionsq ft recorded in the third quarter, as Tijuana returned to positive absorption. New supply remained elevated at 11.8 million sq ft, primarily driven by Monterrey. This led to vacancy across our markets, increasing 80 basis points to 6%. Construction starts declined to 6.7 million sq ft, with virtually no new starts in the border markets. Developers appear to be adjusting appropriately to current supply conditions, which should help rebalance markets going forward. In terms of rents, manufacturing markets experienced modest declines while consumption-driven markets continued to post high single-digit annualized rent growth, reinforcing the strength of domestic demand fundamentals. The path ahead may include volatility, but we remain constructive on Mexico's long-term outlook. The country's strategic role within North America's supply chains, combined with the structural nearshoring trends and resilient domestic consumption continues to support demand for high-quality logistics real estate. We remain focused on disciplined execution, maintaining a strong balance sheet, and driving sustainable rent revenue growth. With that, I'll hand it over to Jorge. Thank you, Héctor. Good morning, everyone. Despite regional uncertainty in the context of the USMCA, we delivered a strong quarter and an outstanding year. We grew earnings, maintained high occupancy, and further strengthened our balance sheet. In December, we reached 99.8 ownership of Terrafina. Last February 18th, we received authorization to cancel its CBFIs. Terrafina is now fully integrated into FIBRA Prologis. This will enhance our scale, liquidity, and efficiency, generating synergies that will benefit our holders. Moving to our financial results. FFO was $94 million in the quarter. $376 million for the year, or $0.2339 per certificate, up 20% year-over-year. This reflects the Terrafina acquisition and our ability to capture rent to market. AFFO totaled $64.4 million for the quarter and $307 million for the year, up 36%, a record and clear evidence of the strength of our platform. Let me go to the operational fundamentals. We leased 2.2 million sq ft during the quarter. Our occupancy, average and period end, was approximately 97%, in line with expectations. Net effective rent change and rollover was almost 65%. 65% in the quarter and 59 for the last 12 months. Same-store cash NOI grew. Growth was 9.4% and GAAP almost 14%. This is a result of capturing markets and market rents at lease rollover, supported by annual escalation and stronger leases. Turning to the balance sheet. We continue to operate with conservative financial profile. For example, late in 25 and early this year, we issued two $500 million international bonds. Both transactions priced below Mexico's sovereign and were significantly oversubscribed, which marks an important milestone. I'm proud and humbled by these results. Not many publicly traded companies in Mexico have achieved something of this nature, certainly not in the FIBRA sector. Proceeds were used to refinance short-term debt and repay Terrafina's bond, resulting in a debt-neutral transaction. We're maintaining a healthy loan-to-value, extended debt maturities, and preserved strong credit metrics. With Terrafina fully integrated, we now have greater financial flexibility and enhanced liquidity, while remaining disciplined on leverage. Moving to 2025 taxable distribution. Taxable income increased materially during 2025 due to inflation and FX appreciation. We distributed more than twice our guided amount. The guided portion was paid in cash and the remaining, remainder in kind through CBFIs, fully complying with FIBRA requirements. Let me move to guidance. Looking ahead and based on current visibility, we expect year-end occupancy between 96.5% and 98.5%. Same-store cash NOI growth between 9% and 13%. Annual CapEx between 10% and 12% of NOI. G&A expense between $65 million-$70 million. Full-year FFO per CBFIs to be between $0.24 and $0.26. We're setting our guided distribution per CBFI at $0.17, which represents more than a 13% increase when compared to our 2025 dividend guidance. We expect $200 million-$500 million in acquisitions while maintaining balance sheet discipline. On the disposition front, we will continue to execute our strategy by exiting non-core markets on our own terms and at the right time. As a result, we will not provide guidance on disposition. I want to emphasize that our strategy remains clear. We are focused on delivering long-term value, executing with discipline and leveraging our position as Mexico's largest industrial FIBRA by market capitalization, supported by a strong balance sheet and world-class platform. I want to thank our teams on the ground and across Prologis for their exceptional work on strengthening the balance sheet while maintaining operational excellence. I now pass it to Héctor for closing remarks. Before closing, I would like to address our previously announced management succession. As you know, in early January, we announced my retirement as CEO of FIBRA Prologis, effective June 30th. Jorge, our current CFO, will assume the role of CEO. This succession plan has been thoughtfully developed over time, and I have full confidence in his leadership, his strategic clarity, and deep understanding of our business. Alejandra, currently our Head of Investor Relations, will step into the CFO role. She brings a strong financial expertise and capital markets experience, ensuring continuity and discipline in our financial management. This transition reflects the depth of our team and the strength of our organization. You should expect seamless execution and continuous focus on long-term value creation. Finally, I want to thank our team, our customers, and our shareholders for the continued trust and partnership. It has been an honor to lead this company. I remain fully confident in its future. Now, let me open the floor for Q&A. Operator, please go ahead. Thank you. We will now begin the question-and-answer session. We please ask that you limit yourself to one question and rejoin the queue for any follow-ups. Thank you. If you would like to ask a question, please press star, then the number one on your telephone keypad to raise your hand and enter the queue. If you'd like to withdraw your question at any time, simply press star one again. We'll pause just for a moment to compile the roster. Your first question comes from Adrian Huerta with JP Morgan. Your line is open. Héctor, best wishes on whatever you do, thank you very much for all these years. Hopefully, we can work in the future, congrats on the rest of the team, Jorge and Alexandra. My question has to do with the maintenance cost. We saw a large increase in the quarter and overall in the year. They were significantly higher than what they were in 2024. Any color on this line and what we should expect going forward? Hello, Adrian. This is Federico Cantú. Thank you for your question. If you look at the numbers, we had increases in operating and maintenance costs, primarily driven by inflation and wage increases. We also had property taxes increase, which are non-controllable. If you look at for the full year, we came out at 87%, and we expect going forward to be in terms of our NOI margin, between mid-80s to upper 80s in terms of margin. Your next question comes from Pablo Ricalde with Itaú. Your line is open. Hi, good morning, colleagues. I have one question on the CapEx line. We saw a decrease, in, I think, through this quarter. I just want to see, how should we see that line going forward? I know there was an issue with the core assets, and that it seems to be enough, but I just want to understand further how you think this line going forward. Okay. Thank you, Pablo, for your question. This is Federico. We did have towards the end of the year, a catch-up in the property improvement investments, plus we had higher TIs and leasing commissions, primarily driven by increased leasing activity in the second half of the year. However, I'd like to encourage you to look at the full year, the trailer in fourth quarter average, which came out to 10.7%, which is in line with our expectations. Okay. thanks, Freddie. Your next question comes from the line of André Mazini with Citigroup. Your line is open. Yes, congrats, Jorge and Ale, on the new roles. Hector, I know we have at least one more earnings call, but really hope to keep interacting after that. The question is on the geographical breakdown of the $200 million-$500 million acquisition guidance. If you could pretty much guide us to where you think you're gonna be deploying this capital in terms of geography, maybe if the recent events around Guadalajara and that region change anything, and if the breakdown in manufacturing and in logistics. In this point, given all the trade volatility, is it fair to say that you guys are more excited with logistics over manufacturing or not necessarily? Thank you. Thank you very much, André. Going forward, as you know, we have full visibility to, about, what TLD is developing. The most important market today, as I mentioned in my opening remarks, is Mexico City, where, by the way, and it's not a coincidence, we have our largest exposure. The most of the opportunities are be coming from Mexico City market, particularly in Toluca, where we are having a very successful development going on. Talking about the future, you know, I'm very comfortable because the sentiment that we receive from our customers in the border is not negative. Our customers keep on operating business as usual. There is very isolated cases of companies shutting down, but that's far away from being a trend. I would highlight that the most of our customers are expecting positive news by the end of the second quarter on the USMCA renegotiation. The leading companies are already commencing to start operations, understanding that uncertainty on this regard might be a constant going forward. We are very positive about the fundamentals. The fundamentals are still very solid, and the conversations that we have with the authorities make us be optimistic as well on a final resolution. Guadalajara is a market that we like a lot. It's a market where we are focusing potential future acquisitions. Just if I may add, to your question, André, about manufacturing logistics. If you think about our business, roughly half of it is manufacturing, half is logistics. During last year, we had about a third of our transactions were manufacturing and two-thirds logistics. Bear in mind that we design our buildings to be agnostic, so we can have our users, our customers, use them for logistics or manufacturing. We, we like them both, and we feel very positive going forward, on both sectors. Thank you, Héctor and Freddie. Thank you. Your next question comes from the line of David Soto with Scotiabank. The line is open. Hi, thanks for taking my question. Just a quick one, regarding to your acquisition guidance. Should we expect a larger share of the transactions to come from third-party acquisitions, or should we expect a higher portion from your current company? Thanks. Thank you, David. We have a much better visibility to what is happening or what TLD is developing, and we know for sure what is gonna be happening on that regard. On the third-party front, we are permanently looking for all potentials opportunity that would help us to create value. When we buy from third parties, it's not with the objective of trying to be bigger or trying to have a higher penetration. When we buy from third parties, it's because we're positive that through that acquisition, we will be creating value. In other words, we buy high-quality real estate, and such quality of real estate need to be at the right price in order to be something of our target investments. For us, it's always the most difficult part of our guidance, try to anticipate how many of these opportunities are gonna be finalizing on FIBRA for logistics. We are positive because we know for sure the different opportunities that will be out of the market and understanding the low cost of capital and the very precise view that we have on the potential behavior of our markets going forward, we feel positive that we will be able to land some of those opportunities with us. Perfect. Thanks. Your next question comes from the line of Jorel Guilloty with Goldman Sachs. Your line is open. Thank you for taking my question. I wanted to focus on the acquisition and disposition guidance. Just understanding you have $200 million-$500 million in acquisition guidance, but you have zero for disposition. I was wondering, what makes 2026 more of an acquisition market year for you versus a selling market for you? Is it that there's more attractive acquisition pricing versus disposition? Is it due to, you know, I guess, better visibility of what's coming to market from potential sellers versus, you know, the possibility of buyers? Just trying to understand why you have, which is quite different from where we were, I guess, at the very beginning of last year, where we have an acquisition, disposition, guidance that is sort of balanced out. Thank you. Yeah. Thank you, Jorel. Let me start by the disposition front. As I mentioned in my opening remarks, this is the full year where we have all the numbers in FIBRA Terrafina in our P&L. I need to mention that it's not a surprise, but we are very pleased with the performance that such assets has, they have had with us. The disposition portfolio that we have has importantly increased above 30% on all the renewals that we have had, and its vacancy has been above what we were expecting. We tried to launch the first dispo portfolio last year, and I think that we learn a lot from that process. Our dispo strategy is more regional, and, being a regional strategy, we need to do a better job on sizing such portfolios. In other words, we are positive about the quality of the properties that we are selling. Number two, we have no urgency to sell those properties because we know today better than ever the quality and the value that those properties have. This is why we are not guiding on dispositions. We will sell the properties at the right timing and in the right conditions, and in the meantime, it's gonna be positive for our P&L to keep those assets on board. We are showing that we have a good performance on operating those properties, and we will keep on doing them until we reach the right conditions in order to sell them. Talking about acquisitions, through TLD, we have full visibility on replacement costs as of today, and we have full visibility as well on market rent conditions. We have very strong information about the forecast that we do see on market rents. The combination of all these, with a low cost of capital, allow us to be a very competitive buyer for the different opportunities that might arise in the market. We anticipate that there's gonna be three, potentially four different SECAVs that are gonna be getting maturity on this year, and some of them, they have interesting properties that eventually we will be analyzing. If we reach the right price and the right conditions, we will be executing on them. Thank you. Your next question comes from the line of Jorge Vargas with GBM. Your line is open. Hi, good morning, and thank you for the call. You achieved nearly 40% rental spreads in the quarter. With vacancy trending upwards and rent growth moderating, what is a sustainable spread assumption for 2026 and 2027? Thank you, Jorge. This is Jorge Girault. Your question, if I heard it right, has to do with lease spreads for 2026. That was your question. We don't guide on, necessarily on rent spreads. What we tell you is where our mark-to-market is today. You're right, some in some markets, rents have come down, but we still have a nice spread in those markets, mark-to-market spread. Overall, for the whole portfolio, on a weighted average basis, is around 40%. A little bit less than that, but we feel comfortable to capture that spread during 2026. What will be, it depends on the market, the tenure of the contract, et cetera. The short answer to your question is, we do see a nice mark-to-market lease roll during 2026. If I may add, just would like to highlight the remarkable job that our teams on the ground do every day, and taking advantage of our location, the quality of our properties, the quality of our service as well, in making sure that we're marketing to market, and that we're capturing the highest value, providing the highest value for our customers. That is something that we'll continue to do, and we expect, despite the challenges in some of our markets, to be able to capture good leasing spreads. All right. Thank you very much. Your next question comes from the line of Alan Macias with Bank of America. Your line is open. Hi, good morning and thank you for the call and congratulations for the new positions. Just on funding for acquisitions, what should we be thinking about? What level adjusted FFO payout ratio and what leverage target would you be willing to reach if you do not do any dispositions of assets during the year? Thank you. Hello, Alan, how are you? This is Jorge. Thank you for your question. Look, what we have said in the past is our loan-to-value, you know, our ceiling, it would be 35%. Right now, we're in the mid-20s. We have just above $1 billion of capacity on the line. We still have $1 billion. We will use the line for any acquisitions that may come during the year. We have many levers to pull down the road. If we do some dispositions, obviously we can use part of those proceeds to do these acquisitions. There are many levers. I can tell you that, the balance sheet has the liquidity and the strength today to take care of at least the guidance that we have in place. Again, if you would like to ask a question, please press star then the one on your telephone keypad. With no further questions in queue, I'd like to turn the conference back over to Héctor Ibarzábal, CEO, for closing remarks. Thank you very much, everyone, for your time devoted to our call this morning. I am very excited about what we have achieved so far, and I'm convinced that the best is yet to come. Our current foundation will bring amazing opportunities going forward. Rest assured that we will remain focused on creating value for our investors. Talk to you in the next opportunity. Thank you. This concludes today's conference call. You may now disconnect. Goodbye.