Thank you for standing by. My name is Amy, and I will be the conference operator for today. At this time, I would like to welcome everyone to the FIBRA Prologis First Quarter 2026 Earnings Conference Call. All participants have been placed in listen-only mode. After the speaker's remarks, we will conduct a question-and-answer session. If you would like to join the queue to ask a question, simply press star followed by the number one on your telephone keypad. It is now my pleasure to turn the call over to Alexandra Violante, Head of Investor Relations. You may begin. Thank you, Amy, and good morning, everyone. Welcome to our first quarter 2026 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, 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 Ibarzabal, 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. As you know, we launched the tender offer for FIBRA Macquarie fully aligned with our long-term strategy. Our proven track record executing similar transactions gives us confidence in our ability to unlock value through our operating platform. We ended the first quarter of 2026 with solid operational results, supported by the quality and resilience of our portfolio, as well as exceptional service to customers provided through the strength of Prologis platform. As the environment becomes more balanced, our outlook remains constructive. On the market side, in the context of ongoing uncertainty around trade and USMCA, selective, but important customer activity continues to move forward, driven by operational needs. New leasing activity continues in line with 2025 quarterly levels, with improved performance in border markets, particularly in non-automotive manufacturing. Mexico City moderated from last year's peak due to softer e-commerce demand, although we expect a near-term recovery. Net absorption totaled 4.3 million sq ft, well below 2025 average levels, primarily reflecting tenant consolidations in Mexico City and some tariff-related impacts in Tijuana. We do not expect these matters to become a trend in upcoming quarters. Market rents continue to grow modestly, led by consumption markets, while most border markets have stabilized. On the supply side, deliveries of 9 million sq ft were 24% lower than the 2025 average. Vacancy in our six markets increased 70 basis points to 6.8%, mainly driven by move-outs in the consumption markets. We expect to see stabilization in national vacancy in the following quarters, considering that the development pipeline has already declined to half of the peak levels seen in 2023. Furthermore, our portfolio continues to demonstrate outperformance, supported not only by the quality and location of our assets, but also by the execution of our teams on the ground and our close relationship with customers. Our strategy remains centered on Mexico's key industrial markets, where we see the strongest long-term fundamentals. In addition, our sponsor, Prologis, provides meaningful advantages, including deep customer relations, market intelligence, clean energy, and access to low cost of capital. On the disposition front, we will continue executing our strategy by exiting non-core markets. In the meantime, we have been creating value through operating and releasing them with excellence. I need to be clear, we are selling good assets in good markets. We have the balance to hold them as they are generating value, and we will wait until the most adequate buyer appears. In summary, despite external noise, our business remains resilient. Our strategy is clear, and we are well-positioned for long-term growth. Before I turn it over to Jorge, allow me to close on a more personal note. This marks my final earnings call after more than a decade with FIBRA Prologis and since our IPO in June 2014. It has been a privilege to be part of this journey from the beginning and to participate in every earnings call along the way. I also had the opportunity to help and start the business in Mexico in the early 2000s, making this journey especially meaningful to me. I'm particularly proud that FIBRA Prologis is today the largest FIBRA in Mexico by market capitalization and among the most successful in total return since our IPO, reflecting the quality of assets and the discipline and long-term vision behind our strategy. Looking ahead, the company is in very capable hands. Jorge will assume the role of CEO. We have worked together for more than 30 years, sharing a strong alignment of values and a deep understanding of the business. I can think of no one better to lead the company going forward. Alexandra will step into the CFO role. She has done an outstanding job leading investor relations, building strong market conditions, and demonstrating deep financial discipline. This is a well-deserved opportunity, and I'm confident she will do great. I'm deeply grateful to our investors for the trust, our customers for their partnership, and especially to our team for their permanent commitment and excellence. We have built a platform defined by quality, discipline, and long-term vision, one that I'm confident will continue to perform. I step down at the end of June, closing a great cycle with great pride in what we have accomplished and full confidence in FIBRA Prologis future. With that, I'll turn it over to Jorge. Thank you, Héctor, and good morning, everyone. Despite regional and global uncertainties in the context of USMCA and Middle East tensions, we started the year with a strong note. With the integration of Terrafina into FIBRA Prologis balance sheet, we're harvesting the synergies of the strength of our platform by lowering cost of capital through our investment-grade rating and lowering expenses for 2026. All this in line with our goal of value creation for our investors and our focus on growing in diligent and prudent manner. Before reviewing our financial results, I'd like to note that starting this year, we will report exclusively in U.S. dollars, our functional currency. We will no longer present figures in pesos in our financial information. We believe this change simplifies evaluation of our performance. Moving to financial results. FFO was $99.6 million for the quarter or $0.06 per certificate, basically flat year-over-year. AFFO totaled approximately $80 million for the quarter, in line with our expectations. Let me go to our operational fundamentals. Leasing activity was 3.6 million sq ft during the quarter. Our period and an average occupancy were around 97%. Same-store cash and GAAP NOI growth was 99.9% and 10.10% respectively. Net effective rent change for the quarter and 12 months was close to 60%. As you can see, we keep on harvesting the mark-to-market in our portfolio, which stands today above 30%. What this means is that we can grow revenues without additional investment. This is a result of our strategy, people on the ground focused on delivering value, and obviously, market dynamics. Turning to the balance sheet. We continue to operate with a conservative financial profile. We're maintaining a healthy loan-to-value, and we'll keep on extending our debt maturities. We will use our financial flexibility to our investors' advantage with a focus on delivering superior quality returns. Moving to guidance, we're keeping our guidance unchanged, which you can see on page eight of our financial supplemental information. In terms of our tender offer to acquire 100% of FIBRA Macquarie's CBFIs launch on April 7th, which will close by May 12th, I would like to remind you that we have all required approvals in place. Following local regulation, we will not further comment on the progress of this transaction. Like Héctor said, FIBRA Prologis is the largest FIBRA in Mexico by market capitalization and ranks among the top 20 publicly traded companies in the Mexican stock exchange. It's also among Prologis' largest vehicles globally by AUM and GLA. Mexico, as a standalone market, is Prologis' second largest in terms of area, underscoring Mexico as a key market out of 20 countries Prologis invests in. Since our IPO, we have delivered approximately 490% total return, or 16% annually, outperforming our peers. This reflects our ability to leverage Prologis' global platform and execute a disciplined strategy. I want to thank our people on the ground for their commitment and support on achieving these outstanding results. Before I finish, I want to thank Héctor for your guidance, support, friendship, and for putting your faith in me 32 years ago. You're a great leader and exceptional human being. I am grateful for the trust and opportunity from Prologis leadership. I follow the path of remarkable leaders. Antonio Gutiérrez Cortina, who founded Acción, Luis Gutiérrez, who took the company into the institutional arena, and Héctor Ibarzabal, who brought it all together and built the company we know today with passion and dedication that have carried across generations. Héctor, you are one of my closest friends and someone I deeply admire. Thank you for everything. I will miss you. I will miss our daily interactions. I wish you the best in the years ahead, which, knowing you, have yet to come. I also want to thank, and welcome, and congratulate Alexandra Violante, who has led investor relations for the past five years with excellence. Montserrat Chávez, who after 15 years leading FP&A, will now take the IR role. I am very proud that these promotions came from within our team, ensuring continuity while positioning us for what's ahead. To our stakeholders, my commitment is clear: To leverage our unmatched platform, portfolio, and balance sheet to continue creating value in the years to come. With that, let me turn it to Q&A. Amy? Thank you. The floor is now open for questions. To enter the queue, please press star followed by the number one on your telephone keypad. If you would like to withdraw your questions, simply press star and then number one again. If you are called upon to ask your question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. We do request that for today's session, you please limit to one question. If you have a follow-up, we kindly ask you to return to the queue. Thank you. Again, press star followed by one to enter the queue now. We'll pause for just a moment to compile the Q&A roster. The first call comes from the line of Pablo Monsivais with Barclays. Your line is now open. Hi, team. Thanks for taking my question. First of all, Héctor, we're going to miss you. Thank you for everything. Jorge Girault, congratulations on your new appointments. If I can ask, to what extent the dynamics that you're seeing on softer trends in the consumption markets could support medium-term rent increases? Are we seeing the peak of the cycle for rent increments? Thank you. Thank you, Pablo, for your words and for having been with us all this long way. I think consumption markets are evolving. It is a fact that consumption is slowing the pace a little bit. As I have mentioned in previous occasions, when consumption gets tighter, e-commerce has even a greater opportunity. E-commerce is the best instrument that people have to make sure that their buying power is getting the most for the money. Probably the two-digit growth on market rents in Mexico City were big, as you mentioned, but eventually I'm confident that in the short term, they will recover. Pablo, again, thanks for your words. This is Jorge. Regarding the portfolio itself, as I mentioned, the mark-to-market today is above 30%. As we roll, we keep on harvesting the mark-to-market. Market rents, as we have seen, especially in the border, have softened. The space between where our markets are, our rent markets, our rent portfolio rents are, and the market is still, you know, pretty substantial, and we are harvesting that business. Thank you. The next question comes from the line of Gordon Lee with BTG. Your line is now open. Hi, good morning. Thank you very much for the call, and I'd just like to echo Pablo's gratitude to Héctor. You know, my best wishes for whatever comes next. I'm sure it'll be exciting. Also my best wishes for Jorge, Ale, and Montserrat. Just very quickly, generally it seems from your comments and I guess from the decision to launch new projects by PLD together with other comments from companies that are involved in the development side of things, both public companies and private companies, that it seems like there's a little bit more activity or more appetite from potential new clients for new space. I was wondering if there's a common theme to that or what you would attribute it to. Is it just the passage of time and that passage of time forcing decisions? Is it the view that, you know, whatever happens with USMCA, in relative terms Mexico will for certain products be better off than other locations? Or what is it that you're seeing, if you're seeing, that's prompting that sort of increased appetite, at the margin for space? Thank you. Thank you Gordon, and thank you for your words, again. It's a little bit of everything you said. As Héctor mentioned in his opening remarks, supply has come down, which is something good from occupancy levels and from market dynamics. Some markets are requiring these new development. Mexico City and Guadalajara are requiring bigger footprints if you may. We see some clients that are taking decisions regardless of the indecision on the USMCA. It's a little bit of both, and some markets are getting this type of traction. I don't know, Héctor, if you want to add anything. Yes. I think that, you know, leading companies, they do understand that this uncertainty will be or is already the new normal. They have operational needs, so they are commencing to move forward important projects, I would say, understanding that this condition will not necessarily be defined automatically by the execution of the USMCA whenever it happens. I think that this leading trend from important customers are gonna be itself a confident sign to the remainder companies to keep on moving. Mexico fundamentals are strong, location, supply chain, availability of labor, and that's going nowhere. We're confident about the future even though we need to surpass these volatility times that we're currently living. Thank you. Your next question comes from the line of Alejandra Obregón with Morgan Stanley. Your line is now open. Hi. If you are producing, thank you for taking my question. Héctor, thank you for all the learnings and collaboration over the years, and I guess my very best wishes to all the entire team for what's coming next. My question is a little bit, perhaps a follow-up on the prior two questions. If you can perhaps elaborate on these leasing spreads and incremental demand on the margin, whether it's more visible in any particular market, especially on the manufacturing ones, whether you're growing more constructive in any of these markets on a given particular driver. That would be my first question if I got... If I can double-click on that same question, but for the non-core portfolio, whether you're seeing any, I'm gonna say upside or downside risks for the assets that you have inside of the non-core portfolio. Thank you. Thank you, Alejandra, for your question. This is Federico Cantú. As far as leasing spreads, you know, we don't break them out per market, but we have, you know, very healthy spreads across, you know, all our markets and especially in our consumption markets, Mexico City being a standout. As Jorge mentioned, you know, we expect to continue to harvest that our mark-to-market at 33% over the coming quarters. Even without any rent growth, we still have that opportunity as our teams continue to leverage our customer experience, our locations, you know, top quality product that is something that our teams are very good at doing. As it relates to the non-core portfolio, as was mentioned, you know, we have had very good activity. Our teams are close to our customers. We had good leasing activity. We had good retention as well as, you know, our mark-to-market is still also positive in those markets where there is activity. Again, we feel good about that portfolio as well to continue to add value over time. Yeah. Go ahead. Let me highlight, Ale, what is happening in the non-core portfolio. Somehow, I mentioned it in my opening remarks. We have been able to increase in renewing contracts on the Terrafina portfolio 45.2% rents. There is no way that portfolio is not creating value when you have this type of re-leasing activity. We are confident that the differentiation that Prologis has on making the right attention to the customer, providing the service, and doing the right CapEx in the facility, plus all the other initiatives like clean energy that we're providing, represents a real differentiator that allow us to be always on top of competitors regarding our leasing conditions. Our portfolio is gaining value. Development cost is not decreasing. You know, we're very confident, and we understand well how much value we have created through Terrafina. This is the main reason for us to have approached the following M&A transaction. We are confident that we will be able to replicate what we are doing and what we have done with Terrafina. I don't want to make the answer more longer still, but to your question on the border markets and consumption markets, I mean, if you look at the page 12 of the supplemental financial information, you will see that markets like Tijuana, which is a border market and have been softer, had almost a 72% increase in rent change. The other market, Mexico City has almost 76%. So you can see how, yes, the border markets are maybe softer, but the rent change depends on the venue of the tenor of the lease agreement where when you leased it, what levels and so on. So it's a mix of things, and we still can harvest that. Thank you, Ale. Thank you. The next question comes from the line of Piero Trotta with Citibank. Your line is now open. Hi, team. Thanks for the call. Héctor, I wish you all the best in this new phase, and I wish you luck and congratulations to Jorge as well. My question is regarding the matter of occupancy on the non-core portfolio, which improved to around 97%. I would like to understand what is driving this or was driven by this position. A question related to that as well is if tenants are becoming more price sensitive, migrating toward assets with lower rental rates, or does the flight to quality trend remain intact? That's it. Thank you very much. Thank you, Piero, for your question. Yes, we've had very good occupancy in our non-core portfolio. As I mentioned, our teams continue to stay close to our customers. We've had new leasing activity, mostly in the Bajío region, and we've renewed important customers. We feel good about our prospects, as we've mentioned, to continue to maintain and increase value in this portfolio. As it relates to price, you know, I wanna highlight here the great quality of our buildings. As Héctor mentioned, our investment in the properties are top locations. You know, there is some of that flight to quality as you mentioned, but also I would like to highlight the great job or the outstanding job our teams do on the ground to leverage our position and get to market rents and these lease spreads, which are phenomenal. I'd like to again highlight that. We do that across all our markets, leveraging our brand, our position, and the great quality of the buildings that we have. Piero, let me just. This is Jorge Girault on the question regarding the price on rents. Since IPO back in June 2014, we have lost maybe nine tenants because of price increases. Rent is not the highest component of cost of our clients. Some have to take the decision because of M&A or they need more space or less space, whatever, and we cannot deliver that. That's an important fact. Again, the core or non-core portfolio, it's a good portfolio. These are good markets. We treat everyone the same, but obviously we will keep to our strategy. This is one of the reasons that we have been keeping, you know, a good occupancy. It's not nuclear science. Thank you. Thank you. Before we take our next call from Jorel Guilloty, I do want to remind you, if you'd like to ask a question, please press star and the number one followed by the pound or star and one on your keypad to enter the queue. The next call comes from the line of Jorel Guilloty with Goldman Sachs. Your line is now open. Good morning, everyone. Jorel here. First off, I wanna thank Héctor. Thank you for the partnership over the last few years. It's been very insightful for our franchise. I wish you well in whatever the future brings to you. For the rest of the team, Jorge and Ale, I wish you success in your new roles. I wanted to follow up on the non-core portfolio. I know there's been a couple of questions, but just wanted to understand a few items about it. Today it accounts for about 24% of your GLA, 20% of NOI. You mentioned that there's been numerous investments done. Upside has been delivered. As I recall previously, you mentioned that you intended to divest part, if not all of this portfolio. Is the intention now to retain it and continue to grow it? If so, could we see meaningful upside, considering that, you know, occupancy has already reached around 97%? Those are my questions. Thank you. Thank you, Jorel. This is Jorge. To answer your question in a summary manner is we will keep to our strategy of investing in fixed markets. We target three border markets and the three consumption markets that we have always had. We will eventually sell our non-core portfolio. That's what we have said. It will take some time, and we've been harvesting the quality of those assets and the good markets and, you know, increasing the rents. We have, I mean, like Héctor said on the Terrafina portfolio, we grew the rents 45%. In the part that we want to sell, the number has been close to 40% on rent increase. We have been creating value in this portfolio. It has been, you know, at the end of the day, in hindsight, a good thing not to sell it for now. That doesn't mean that we won't. We will keep to our strategy. We want to do it at a time, and like Héctor said in his commentary at the beginning, at the right time and then to the right buyer. This is why we are not guiding on this position. That doesn't mean we won't sell. It will take us some time. There has been, as you know, a lot of noise in the market. We will take our time to sell and bring value to our investors. That's the plan. Thank you. Thank you. At this time, there are no further questions. Mr. Ibarzabal, I would like to turn the call back over to you. Thank you very much. I really, I really appreciate your attention. Your time is very valuable. For me has been an impressive journey. The most outstanding thing about I have done in the past, besides the results that we have commented, is all the close relation and all the many friends that I have been able to gather along the way. I'm not going anywhere far, so I wish you all the best, and I'm pretty confident that the new team will do it even better than what I was able to do. Thank you very much, and see you soon, guys. Thank you. That concludes today's conference call. You may now disconnect.