Greetings, ladies and gentlemen. Welcome to the Vesta Fourth Quarter 2023 earnings conference call. At this time, all participants are in listen mode only. A question-and-answer session will follow today's prepared remarks, and as a reminder, this call is being recorded. It is now my pleasure to introduce you to your host, Fernanda Bettinger, Investor Relations Officer. Please go ahead. Good morning, everyone, and welcome to our fourth quarter earnings call. Presenting today with me is Lorenzo Dominique Berho, Chief Executive Officer, and Juan Sottil, our Chief Financial Officer. The earnings release detailing our fourth quarter 2023 results was released yesterday after market and is available on the company's website along with our supplemental materials. It's important to note that on today's call, management remarks and answers to our questions may contain forward-looking statements. Forward-looking statements address matters that are subject to risk and uncertainty that may cause actual results to differ. For more information on these risk factors, please review our public filings. Vesta assumes no obligations to update any forward-looking statements in the future. Additionally, note that all figures included herein were prepared in accordance with IFRS, which differ in certain significant respects from U.S. GAAP. All information should be read in conjunction with and is qualified entirely by reference to our financial statements, including the notes thereeto and are stated in U.S. dollars unless otherwise noted. I'll now turn the call over to Lorenzo Berho. Good morning. Thanks, Fernanda. Before turning to our results, I would like to provide some perspective on our company. As we celebrated many significant milestones in 2023, a tremendous year of opportunity and growth for Vesta. We have grown to become the leading premier industrial real estate asset manager and developer in Mexico, and our space has become increasingly more crowded and competitive with continued nearshoring tailwinds. Vesta is differentiated by our 25-year track record of execution excellence, disciplined investment process, and outstanding asset quality. So while there are broad industry tailwinds which Vesta and peers will benefit from, there also are important differentiators. For example, asset quality is an important competitive advantage for Vesta. It attracts and expands our portfolio of best-in-class tenants as well as our suppliers in a virtuous cycle. Vesta's clients are top-tier global companies, many who expanded their relationships with us from one to several facilities during 2023. You have heard me reference Foxconn, best known for being an outstanding manufacturer in the electronics sector based in Asia. During the fourth quarter, Foxconn deepened their investment in Mexico, expanding once again within the Vesta Park Guadalajara. We also signed with Tesla for the distribution facility in the Bajío region, and BRP expanded its relationship with Vesta, signing a new building in Ciudad Juárez. Our understanding of headwinds and how potential conflicts impact the global economy and supply chains enables us to help our clients understand how we can be helpful in diversifying or transitioning their manufacturing to Mexico. We're seeing this resonate with more Vesta clients in the electronics, automotive, and EV industries. For example, Eaton, Vishay Electronic Component Solutions, and Amphenol, which makes electronic and fiber optic connectors, have all shifted their production to Mexico from Asia. Let me turn to our fourth quarter 2023 results, which demonstrate the strong leasing we're seeing. Vesta's leasing activity reached 2.7 million sq ft, another record high for our company. 1.7 million sq ft was in new contracts with top-quality companies such as Foxconn in Guadalajara, Tesla in the Bajío region, Eaton, BRP as I have described, as well as ThyssenKrupp and others. 1 million sq ft was in lease renewals during the quarter. Close client relationship and deep local experience enable us to know what's going on in our markets, to anticipate and capture opportunities with agile adaptability and quick decisions. This helps drive Vesta's development pipeline, and in 2023, Vesta delivered almost 4 million sq ft in new buildings and began construction on 3.2 million sq ft. During the final quarter of 2023, we also completed an opportunistic acquisition of 81,000 sq ft in Toluca to an 8.5% estimated Cap Rate. Importantly, this is aligned with the Level 3 growth plan we presented in June to reach almost 50 million sq ft by 2025. Our investment process is disciplined and based on 25 years of experience, strategically allocating capital to the markets that matter most. We ended the fourth quarter with a total development pipeline of 3.1 million sq ft at an expected investment of $267.1 million and an average Cap Rate of 9.8%. Total portfolio occupancy for the quarter reached 93.4%, while stabilized and same-store occupancy reached 96.7% and 97% respectively, also reflecting a continued trend of increasing rents. While fourth quarter occupancy declined slightly year-on-year due to the new buildings in our portfolio, this decline sequentially relative to last quarter. We continue to see strong absorption in most of our markets and are actively marketing those buildings still vacant by quarter's end, which are in Mexico's most sought-out regions, Juárez, Monterrey, and Tijuana. As our peers have commented, Tijuana is one of the most constrained markets on the supply side, mainly due to limited land and electricity constraints. However, Vesta's Tijuana properties are not energy-constrained, an example of our deep understanding of what's going on in the market and our ability to anticipate demand. 18 months ago, we began investing heavily in energy, in substations, voltage, and ensuring grid connectivity, a significant investment many companies were not able to make. Today, we're in a privileged position with the appropriate infrastructure. We expect Tijuana market trends to further strengthen in 2024, and Vesta's advantage is an important competitive moat demonstrated by the quality of our portfolio and the rents that Vesta commands. Also note that client switching costs are high. When a client secures the right property in the right location with reliable energy, strong labor pulls on logistics, it results in natural stickiness. We ended up the year strategically executing Vesta's asset recycling strategy, another Level 3 Strategy pillar. We sold a 313,000 sq ft building in Tijuana from which we extracted 15 years of value for $37 million during the fourth quarter, a premium price reflecting a 6.5% cap rate over market rent and a 4% cap rate over in-place rent. We also sold 8.5 hectares of land in Aguascalientes during the quarter for $5.1 million. Proceeds from sales will be directed to tax payments, paying down debt, and other corporate uses. Vesta has new projects under construction and a strong pipeline, also with substantial demand for Vesta buildings in markets where we're seeing a scarcity of land. We have been successful moving into infill locations within high barrier entry markets and our focus on Monterrey, Mexico City, and Guadalajara, which is becoming the Silicon Valley of Mexico, with some iconic projects underway. Ciudad Juárez is also leasing up. We're also starting to see strong dynamics and initial signs of rent increase in the Bajío and expect we'll continue to see rent growth similar to what we have seen in other regions. Sumitomo, Tesla, Thyssen, Safran, and Continental all wanted to go to the Bajío for the quality of infrastructure and available skilled labor pools. Releasing spreads have also increased during the quarter. We closed 2023 with renewals and releasing of 4.1 million sq ft, with a wider average spread of 6.5%, with some regions such as Juárez and Tijuana reaching releasing spreads of above 20%. Importantly, same-store NOI grew 9.5% during the quarter. We deliver exceptional financial results, as Juan will expand upon in more detail. 2023 revenues increased more than 20% to $214.5 million, with adjusted NOI and adjusted EBITDA margins of 94.6% and 82% respectively. Full year 2023 FFO reached $127.9 million, a 23.6 year-on-year increase, and we invested more than $269 million in innovative best-in-class projects throughout the year. And Vesta's portfolio is supported by the industry's strongest balance sheet. Our reputation for prudent capital allocation has engendered investors' trust and enabled us to return to the market when needed to fuel our growth. I again want to thank the entire Vesta team who have contributed to 25 years of success. Before I pass our conversation over to Juan to review our financials, I'd like to note that 2024 will be a record-breaking year for elections. Around the world, more than 2 billion voters in 50 countries will head to the polls, including the United States and Mexico. Many predict a growing adversarial trend in international economic relations: higher business costs, trade restrictions, market instability, and policy swings. Vesta believes that with volatility comes opportunities. We'll continue to leverage our privileged position, time-earned experience, and demonstrated track record to size the opportunities focusing on our goal, not on obstacles. As we look forward to the year ahead, I'd like to note that 2024 is the final year of strong execution on our Level 3 Strategy. We look forward to presenting our plan for the next phase of our journey and continue evolution at our 2024 Vesta Day. With that, let me pass our conversation to Juan, and I'll return for some brief closing remarks. Thank you, Lorenzo, and good day, everyone. Before delving into our financial results, I would like to point out some changes we made in our Adjusted EBITDA, Adjusted NOI, and Vesta's FFO calculations. Since 2023, we began to experience certain effects in our business driven by the strong growth of our tenants, operations in Mexico, which resulted in significant increases in our energy used. Since we believe that both income and cost derived from our tenant energy used do not represent a business actively managed by the company and directly related to our operations and strategy, we decided to adjust certain profitability metrics for a better understanding of our financial performance. Therefore, starting Q4 2023, we are excluding both energy income and cost from the calculations of Adjusted EBITDA, NOI, Adjusted NOI, and Vesta's FFO. This is also applicable to full year 2023 results and a year-on-year comparison. You can find detailed information regarding energy income and cost in our financial statements in Note 13 and Note 14. Now, let me briefly go to some key financial results. Starting with our full year performance, 2023 was another year of outstanding results for Vesta, as Loren noted. We achieved $215 million in total revenue, representing a 20.5% increase year-over-year, exceeding the upper end of our revised revenue guidance. NOI and EBITDA margin also exceeded our revised guidance by 210 basis points, reaching 94.6%, and by 50 basis points, reaching 82% respectively. Let me now turn to our fourth quarter results. Beginning with our top line, total revenue increased 17.9% to $55.9 million, mainly due to initial rental revenue coming from new leases and inflationary adjustments on rental property during the quarter. In terms of the current mix, 87.8% of our fourth quarter revenue was denominated in US dollars, an increase from 87.2% from the fourth quarter 2022. Turning to our profitability, adjusted net operating income increased 19.4% to $53 million, with a margin expansion of 220 basis points to 98.1%. This was mainly driven by higher rental revenue and lower costs from our rented properties, excluding both energy income and costs. Adjusted EBITDA reached $44 million in the fourth quarter, a 12% increase compared to the prior year's quarter, while the margin decreased 365 basis points to 81.7%, primarily due to higher administrative expenses, mainly from the increase in employment benefits, auditing, legal, and consulting expenses. We closed the quarter with a pre-tax income of $99.8 million compared to $74.8 million in 2022, which benefited from higher interest income and gain in revaluation of investment properties. Vesta's FFO increased 20%, reaching $32.6 million. Moving to our capital structure and balance sheet, as Loren noted, we ended the year with a very strong financial position. Our total debt slightly decreased to $916 million at the end of this quarter. Net debt to EBITDA was 2.4x, and our loan-to-value was 24%. Cash and equivalents increased to $501 million, reflecting the funds raised from our recent IPO and follow-on transactions in the New York Stock Exchange. As a reminder, we will use the net profits to fund our growth strategy, including land acquisitions and the development of industrial buildings. In addition, and in line with our commitment to increase value for our shareholders, subsequent to quarter's end, on January 15, we paid a cash dividend for the fourth quarter, equivalent to MXN 0.29 per ordinary shares. Finally, I would like to discuss the outlook for the year. We are expecting to increase revenues between 16%-17% year-on-year, while we expect to achieve 94% NOI margin and 83% EBITDA margin for the full year 2024. This concludes our fourth quarter 2023 review. Operator, could you please open the floor for questions? Thank you very much. Our floor is now open for question and answer. If you'd like to ask a question, please press star and number one on your telephone keypad. That's star and number one on your telephone keypad. Our first question comes from Alejandra Obregón from Morgan Stanley. Your line is now open. Thank you. Good morning, Vesta team. So I have a question on your guidance, if I may. So it seems that, if I understand correctly, you're considering some revenue growth deceleration from 2023 highs. So wondering if you could elaborate a little bit on what's driving the trend, what's behind the 16%-17% revenue growth, and if there is some factor that we need to keep under the radar for 2024, perhaps on your delivery of pipeline. Is that still on track? Anything that could help us understand that deceleration. And then the second question would be about your occupancy in Monterrey at 80%. Wondering if you could talk about the leasing dynamics that you're seeing in the state and perhaps elaborate where you see the occupancy for your portfolio in Nuevo León landing in 2024. That would be very helpful. Thank you very much. Hola, Alejandra. Thank you very much for being on the conference, and regarding your questions. I think that Vesta has had extraordinary rental growth throughout the years. Clearly, the guidance that we have is way above even our average historic rate of growth in terms of revenues. More than this year, I think that Vesta is a company that will continue to provide rental growth, not only this year but also in the upcoming years. And it's not about so that's why, and this is coming mostly from the development portfolio as well as rent increase in the current portfolio and operational results. More than one year, I think that what is attractive is to see that we will continue to have good high teens numbers throughout the following years. I think that that consistency is what drives Vesta's main differentiator, which is to keep on investing prudently at above-average wider returns. I think that profitability is exactly what we're looking for. This doesn't mean that there's in any ways that this is a deceleration. I think actually that this is having continued sustainable revenue growth is exactly what we'd want to achieve in the upcoming future. On the occupancy metric, it's basically what we have in Monterrey. We have currently five buildings, out of which two of them are in lease-up stage. Actually, one of them is in the lease-up stage. That's why 80% is really not necessarily an important measure because of how much we have under development. Actually, we will start the construction of several buildings in Monterrey throughout this year, in 2024, early in the year. So the footprint in Monterrey will change dramatically. And because of how small the footprint is right now, that's why the number looks below the average of Vesta. But leasing is coming quite well in Monterrey, and construction starts will kick on quite soon. Thank you. Thank you. That was very clear. If I can follow up on your first answer, if you were to balance all the assumptions that you're baking into the top-line guidance, where do you think you could see some upside or downside surprise? We would like to stay on the guidance that we have just provided. For the ones that know us well, we like to give guidance for you to give some clarity. Hopefully, we can get some better news after this. But as of today, we know that at least we will continue to deliver growth, rental growth in the high teen numbers. I think that's quite good. Having sustainable rent growth, I think it's exactly what we will want to continue achieving throughout the next years. Excellent. That's very clear. Congratulations on the amazing 2023. Thank you very much. Thank you very much. Our next question comes from Adrián Huerta from JPMorgan. Your line is now open. Thank you. Good morning, everyone. My questions are around greenfields. We have seen the implied cost per sq m increasing quite a bit over the last few quarters. Now, it seems to be up 40% versus what you had a year ago. So if you can just give us some explanations on this. And the second one is on the land bank. Two-thirds of the current greenfields that you have are in the north and in the center. And you have limited land bank at the moment. So if you can just tell us what are your plans for land bank and what we could expect in terms of land acquisitions for the year. Thank you. Keep it on mute, Esther. Excellent. Thank you, Adrián, for taking on today's call. And yes, I think that Vesta has changed in the last years. The most important element is that we have entered certain markets: Monterrey, Mexico City, Guadalajara. And we have been incredibly active in the north part of Mexico. So the increase in cost per sq ft comes from, first of all, the different markets that we are entering and the balance that we have throughout new markets. And also, it comes from an increase in construction costs. An increase in construction costs comes from materials, inflation, as well as effects because our results are based on dollars. However, even with the approximately 40% increase in construction costs, this is highly offset by the increase in rents in dollar terms by all of the markets where we are currently developing. And that is driving our return on costs to still be at very attractive numbers, way above or at a good spread still to average cap rates in the acquisition market. We will continue with that discipline. Even with an increase in costs, we think that the main differentiator of Vesta is to have the ability to have higher returns, even considering the risks and the effects on construction and development, which part of that is an increase in land, increase in construction materials, and also an increase on effects. But we feel very comfortable with the pipeline. We have probably this drives me to your second question, Adrián, that we have been acquiring great land reserves in the last years. And actually, we have pretty much been able to develop most of what we have acquired. We will continue to acquire this year land in several markets where we are running out of it, particularly the ones that are strategic for Vesta. This includes markets like Tijuana, Ciudad Juárez, Mexico City, Guadalajara, among others. So this year is going to be very important. And part of the capital raise will help us to fuel the land acquisition, investment in infrastructure on that land, and of course, after that, on buildings that will eventually generate income and, importantly, at high returns. Thank you, Loren. And if I may ask a follow-up, what has been the rent per square meter on average over the last two quarters on new assets that you deliver over the last two quarters? Within what range? I mean, frankly, I mean, an average is a little bit difficult because of the different markets where we're at. But what I can tell you is that the rent increases have been quite high in all of the markets. So I mean, many of them are in the high double digits. Markets like Bajío Querétaro, for example, we are currently leasing at rents which are, I don't know, probably 20%-25% above last year, the previous year. So that's quite high. Markets like Monterrey, rents have increased in the last couple of years by more than 50%. Tijuana has been growing at a sustainable way throughout the last four years at 15%-20% per year, per annum. And so rents vary from market to market. But what we're seeing today is historically high numbers. As long as we see the supply being limited in many of these markets, we only see rents to continue growing. But if you were to say a range on that rent per square meter, would you say $7-$9 per month per sq m? Per sq ft per year, yeah, I mean, we're seeing rents in Mexico way above $10. And then in other markets like Tijuana, Juárez, in the, I don't know, $8-$9 per sq ft range. But again, this depends a lot on the type of building, the type of asset, the type of lease, tenant. But I think that the main message is that the trend is up. The fundamentals are incredibly strong. And we're having rents way higher than in the past on the new leases. And in some cases, even above market. Great. Thank you, Lorenzo. Appreciate it. Thank you. Adrián, probably a discussion on market by market on a following conversation would be more appropriate. Great. Thanks. Thank you. Our next question comes from Jorel Guilloty from Goldman Sachs. Your line is now open. Good morning. Thank you for taking my question. I have two. So first one is I'm curious to know a little bit more about your criteria for divestments because it's very interesting that the asset that you ended up selling this last quarter was in one of the hottest markets in Mexico, in Tijuana. And you sold it at a very attractive cap rate. So I just want to understand, how does an asset go into the divestment category? What is the criteria? And also, given that you're so focused on growing through development, I mean, is the idea of becoming more of a merchant developer that is developing to sell more attractive? And then my second question is going back to what Alejandra was asking about your guidance for revenue growth. I just want to kind of understand the parts because as we understand it, you're growing GLA or your pipeline right now is about 8% of your current GLA. You have US CPI, call it, in the low single digits. I'm just trying to understand where the rest of that potential growth is coming from. Is it from leasing spreads? Any color you can provide would be helpful. Thank you. Thank you. Thank you, Jorel, for being on the conversation and your question. So basically, the rent growth comes from a combination of leasing spreads on the existing portfolio and our ability to convert vacant buildings or buildings under development into income-producing assets, so basically the development pipeline. So it's a combination of both. I cannot recall right now how much comes from one or the other, but it's a balance of both. Probably next time, we can give a little bit more clarity, Juan and Fer, so that everybody can know what comes from which. I think that, again, one of the main attributes of Vesta is its ability on development and also its ability to increase rents, as it was presented in this quarter where we increased Same-Store NOI growth year-over-year was 6.5% approximately, with some leasing spreads coming between some leasing spreads and renewal spreads coming between 8%-20%. So this is quite appealing. If we continue to deliver growth through development and we continue to deliver rent growth through leasing spreads, I think that revenue growth will continue to kick in not only this year but in the following years. And revenue will change dramatically. Regarding the asset recycling, yes, we sold one asset in Tijuana. We sold it to the current user. This was quite appealing from an investment perspective in which we held this property. We developed this property, I think, like 13-15 years ago. So we have been able to lease it up to actually, we had two different tenants. One was the initial tenant and then the other final tenant. So we thought that it was a good way to recycle capital with an existing user at a higher price. And it's part, actually, of our asset recycling program where we think that we can crystallize value by recycling assets, selling assets. And we will continue to do so in the next years. We have done that in the past. We are doing it right now. And we will continue to do that in the future as long as we think that it could be a good value proposition. Yes, Tijuana is a market where we will continue developing. It doesn't mean that we're exiting a market. It's just one asset where we saw an opportunity. It was more an opportunistic approach. But down the road, Tijuana is a market where we will continue to invest through development. We have also done acquisitions in the past in Tijuana opportunistically. And as long as we think that this is profitable, we will continue to acquire. Thank you. A quick follow-up if I may. I understand it that the focus is to continue to develop for yield, for Vesta yield, not necessarily develop for asset sales. Yeah, we hold. We hold. That's why it's only opportunistic every now and then. Wonderful. Thank you. Thank you. Our next question comes from Pablo from Santander. Your line is now open. Hello, Vesta team. Maybe I have two questions. One, it's a follow-up on Alejandra's questions on Monterrey. But in this case, for the Bajío region, we saw a sharp improvement in occupancy. I don't know how should we see occupancy in the Bajío region going forward. Do you think there's more room to improve there? You have a lot of buildings under construction there. So how should we think of occupancy for the Bajío region for 2024? That's my first question. And my second question is on your new energy disclosure. How should we see maybe these lines going forward? Do you expect aggressive growth there or you're expecting to be very stable for 2024 onwards? Okay. I would probably answer on the Bajío. And then, Juan, if you can help me on the energy side. So we are clearly seeing very hot markets throughout Mexico. And the Bajío is no exception. We were able to lease up buildings to different types of tenants in the region. Talking about Querétaro, the recent lease to Tesla was an important one. This is a distribution facility for Tesla but electric vehicles. And we have also other clients in the electric vehicle business that are expanding operations. So vacancy rates in the Bajío region are decreasing together with absorption being increasing strongly in all of the markets. And so with these vacancy rates and the high absorption and actually, the trends that we see from current clients and others, that's why we even decided to start some construction in some of the markets in the Bajío. I think that throughout the last year, we saw a major decline on vacancies. Developers that have good access to land with infrastructure, with energy, good quality buildings, and the ability to give that immediately, I think that's exactly the opportunity that we will continue to see. We're quite happy with the recovery on the Bajío on top of the increase in rents that we have seen, the market rents that we saw over last year. That dynamic, we think that will continue as long as the logistics, e-commerce, electric vehicles, and manufacturing platforms supported by nearshoring keep on increasing throughout Mexico. Definitely, Bajío will still benefit from that. We're very bullish on the Bajío and most of the other markets too. Okay. Regarding the energy question, what we try to do is provide some clarity to our investors of how energy is going to change over the years. Bear in mind that we have several types of users of energy, and they should be treated differently. Energy is not our core business. First of all, the energy that we sell to those non-tenant customers where we have sold land reserves such as Equinix and Ascenty, primarily in the Bajío region, those energy sales, we move down the line. We move down EBITDA line on the other revenue, other income, rather, because they are not the core business of Vesta, and they are non-clients of Vesta. The second distinction that we made is between the usual energy the typical energy sales, energy payments that we do on behalf of our clients where we basically have reimbursements. That is, we pay on behalf of our clients a certain amount, and then we recover back those amounts from them. That's what we typically have done in the past. The new item that I would like to underline is those tenants that are heavy users of energy. We do have some clients that are heavy users of energy, as you know. We think ahead and provide infrastructure to help them. And those heavy users, we decided to separate the revenues from those guys by putting a line in note 13 of our financials and open that line as well in the cost. So the revenue that we get from heavy users has a corresponding disclosure on the cost side. And what will happen there is that we believe that this energy income of heavy users will grow significantly over the next three to five years. The only thing that we want to point out is that this business is really a convenience business to attract these clients for leasing. The spread on the energy is not significant. We just wanted to provide the clarity by segregating the income and the cost so that you can take that into account. That's about it. That's the basis of the segregation of the revenue and costs. Thanks, Juan. This was very, very clear. Question comes from Alan Macias from Bank of America. Your line is now open. Hi. Good morning. Thank you for the call. Just one question. At this point in time, is there any indication of potential new tenants slowing down leasing decisions due to election uncertainties? And also, have you seen any delays in acquiring permits and licenses due also to election times? Thank you. Look, basically, clients' business is brisk. We don't see any slowdown due to any election, either in Mexico or in the U.S. We have a lot of demand. Demand is brisk. We're basically focusing in providing the product to our clients. I reiterate that we will continue to invest about $300 million in deployment over the next couple of years because we see a lot of demand. We see brisk leasing activity. I would only add that this particular last quarter, we saw major transactions which are long-term investments and are long-term decisions. The example of Tesla, the example of Foxconn, these companies are making decisions even last year knowing that we have elections this year. And actually, the whole world, I think, has elections. And even with that, companies are making long-term decisions based on whatever they require in terms of global footprints. And I think what happened last year sets an example. And this year, we don't think that there will be an exception, even that we might be having elections. Many of the companies that are making decisions this year or that are taking space, let's say, this year, they have already made their decisions in the past. So hopefully, we don't have too much noise. Everybody knew about elections. Everybody knew about the alternatives and the possible outcomes in the elections. So that's why I think that companies feel comfortable in Mexico making the long-term decisions. I mean, regarding permitting and licensing, I think it's yeah. Business as usual. Business as usual. I don't see any major difference. Thank you, Alan. Thank you. Our next question comes from Felipe Barragán from BTG. Your line is now open. Hey, Vesta team. Good morning. Thanks for taking my question. Congrats on the great year. My question is a quick one. It's on the reduction on the pipeline in Juárez Oriente 4. Could you touch on what drove that reduction and if we can expect us to see another development in the coming years? Thank you. The reduction? Yeah. If we look at the previous quarter from Juárez Oriente 4 in the development pipeline, it went down like 70,000 sq ft. I'm just curious what drove that adjustment. All right. Thank you. Yeah. Thank you for your question. Yes. So this was interesting. So what we are developing right now is Juárez Oriente 3 and Juárez Oriente 4. When we started those projects under development, the first one was leased to BRP. BRP has a major facility in Ciudad Juárez, actually two of them. And we leased a distribution facility. So we expanded one of the buildings. And by expanding it, we had to reduce the footprint of the second building. So altogether, it's kind of the same GLA. It's a similar GLA. But we did those final adjustments when we started construction. I think this is a good example of many clients that want to take the space and lease up the buildings even before construction starts. So we did a minor adjustment here. I think this was a great outcome that even before starting construction, we were able to lease a building to a great company for a distribution facility. Again, another good example that companies are still growing in Juárez, good companies. We're taking advantage of that. We have only one more building under development that is for lease. We are in the marketing stage, which is Juárez Oriente 4. Thank you. Great. Thank you very much. Our next question comes from Alejandro Lavín from Santander Asset Management. Your line is now open. Hi. Good morning, everyone. Thank you for taking my question. So I have a couple of quick questions on M&A. So as always, you have been opportunistic this time recently selling assets at 4%, buying at 8%. So going forward, my first question is on asset sales. What could be the potential size of this asset recycling program? I mean, how much could it be worth, obviously, depending on the opportunity? And the second quick question on acquisitions. You have plenty of firepower. You have an attractive development pipeline. But what if you have the opportunity to make a big, stabilized acquisition? Let's call it for $100-$200 million, maybe even bigger. So could you be willing to consider a big acquisition? Thank you. Thank you, Alejandro, for being on the call. So I think that I'll take this opportunity to mention that Vesta, we don't like to acquire just for growth, just for growth. That's not our main driver in acquisitions. So that's why in Vesta, you will continue to see that we will acquire only opportunistically and only if it adds value for our shareholders. That's why we have passed along many acquisitions and, more importantly, on larger portfolio acquisitions, which we believe are not drivers of value for shareholders. But every now and then, there's opportunistic acquisitions like the ones that we did. And we will continue to analyze those. And as long as we think that they're in line to our strategy, we will continue to pursue those. However, we're very happy with the development pipeline that we have that we have been able to identify and on a more profitably than acquisitions. And we will continue to focus on that path. And on the disposition side, as you remember, part of the Level 3 Strategy was to have an asset recycling program where we have sold. I believe the plan was for $300 million. And I think that we have sold, I don't know, let's say, $250 million approximately in the last cycle or the last business plan cycle. Nevertheless, end of this year, we will be providing a new five-year plan for next year and beyond. And I think part of that plan will incorporate also a strategy on asset recycling. And we will give more clarity on our Vesta Day. Definitely, we think that all of these are drivers of value as long as they are profitable. We will continue to sell high. We will continue to buy low. Net asset value per share growth, as well as FFO per share growth, are what we believe the main drivers of profitability. That's going to keep on being our main focus. All right. Thank you. Congrats on a solid year. Gracias. Our next question comes from Francisco Chávez from BBVA. Your line is now open. Hi, Lorenzo, from Fernanda. Thanks for the call. Just to follow up on rents and on the Bajío region, can you give us an idea on the specifics of the new contracts that you signed in the Bajío with Tesla and Foxconn? Are range in price or are these U.S. dollar denominated? What is the average term of those contracts? Thank you. Sure. Thank you for your question. I mean, on the call, I think that Foxconn, Tesla I would even say that all of our leases have been in the quarter in dollar terms. And all of them are the standard of a Vesta lease, which is in the longer-term period with annual adjustments. And rents are, again, at market or even a bit above market. And I think that these are good examples of what we will continue to focus on in the future, which is having new buildings with great companies, long-term leases adjusted with annually. And so the business proposition is the same one. What I think is more attractive is the type of tenants that Vesta is looking for. We have always said that we'd rather have an empty building than a lousy client. That's why if you just look at the quality of the tenants on the Vesta portfolio, I don't think that there's none other portfolio in all Mexico with the quality of Vesta and the quality of tenants that Vesta has. This is a good example of the discipline that we have maintained throughout the years. Great. Thanks so much. Our next question comes from Juan Macedo from GBM. Your line is now open. Hi. Thanks for the call. Congrats on the results. I have two questions. The first one is regarding the Toluca acquisition. You mentioned the property is leased to a Tier 1 tenant. But could you give us more detail on this kind of property, how it is, how it's your operation? The second question is on the Querétaro land bank. We saw a mild increase in reserves. But you also initiated a new project in Querétaro that should have diminished reserves. Was there a land acquisition in Querétaro or something else that included reserves that you could tell us about? Is this another land acquisition in Querétaro? No. Okay. So [Foreign language] Consuming. Thank you for your question. Thank you for being on the call. Querétaro, I think the reduction is because I think we're developing a build-to-suit in Querétaro. So we use part of the land bank for that build-to-suit as well as another spec building. And that's why it has a minor adjustment. And as you know, we are mark-to-market our land bank as well as the rest of the portfolio. Probably the adjustment comes from there. So yes. And basically, on the acquisition in Toluca, this building was part of a three-property portfolio acquisition we did throughout the year. And this was the last one. And these are suppliers of Stellantis. And Stellantis, as you know, has an important plan on electric vehicles in the region. So these are suppliers that actually we already have those tenants in other markets of Mexico. So we feel very comfortable with the market. We feel very comfortable with the type of tenant, the industry. And again, when we are able to acquire assets at a below replacement cost, good-quality assets at an attractive cap rate, I think this is a good example on our approach in acquisition, even though this was minor. I think that we want to emphasize our discipline on acquisitions and our discipline on the investment cycle. Yeah. Thanks for the detail. Thank you. Our next question comes from Hugo Grassi from Citibank. Your line is now open. Hi, gentlemen. This is Hugo from Andre Mazini's team here at Citi. Congratulations on the quarter results. Thank you for the space. I would like to go back to the topic of the guidance that you disclosed. I wonder how much it looks to us on the conservative side, the fact that the top line growth projections reduce year on year. We wonder how much of that has to do with changes to macro conditions. More specifically, how much the changes to projections of U.S. inflation reflecting on U.S. denominated contracts, U.S. dollar denominated contracts, or asking perhaps from another angle, if you were to keep U.S. inflation constant, would we perhaps see a guidance more in line with top line growth seen last year? That's on my side. Let me just answer. Guidance is a good topic to talk about. But please bear in mind that Vesta has always been a conservative company. I'd rather be conservative. Bear in mind, conservative is a double-digit growth in sales. So I mean, let's keep that in perspective. It has to do with the pace of construction, the pace of leasing. We don't want to overpromise. I mean, we will deploy $300 million. It takes time to build up the pipeline. And it takes some time, even today with so much demand, to lease the properties to the ideal tenants. I think that the guidance that we provide is quite reasonable. I wouldn't focus on the fact that we achieve a 20%+ increase in sales. And I provided a lesser growth rate on 2024. I will focus that it's a double-digit growth and that we're deploying significant amount of cash into buildings. We will continue to do so. All right. Thank you. Okay. Our next question comes from Isabela Salazar from GBM. Your line is now open. Hello. Thank you for taking my question. I was wondering if you could offer some more color on your anticipated CapEx deployment for the coming year on top of the current pending $95 million you have to complete the pipeline? Sorry. Can you repeat the question? Sure. I was wondering if you could offer some color on your anticipated CapEx deployment for the upcoming year on top of the current pending $95 million you already have to complete the pipeline that should be delivered by mid-2024? Yes. I mean, I don't like to commit to a number of deployment of cash because we never do. But I do see this year deploying a little bit over $300 million. And there will be some land acquisitions in some key markets. And we're working on those as we speak. And we will continue to develop buildings where we see opportunity growing. Clearly, the north part of the country, we see those opportunities, Guadalajara. And we will focus on those. The delivery of the buildings is in time. And we see demand across the board at significant higher rents. So as we continue to see higher rents, that opens up opportunity to buy land, even if it's pricey. And as long as the acquisition of land and the deployment of cash is accretive, we will push on the pedal. As we have said, we're pretty much leaning forward on this year. Perfect. Thank you. Further questions, I'd now like to turn back the call over to Mr. Berho for his concluding remarks. Please go ahead, sir. Thank you, operator. Thank you, everyone, for joining us today. I would also like to take this opportunity to comment that Juan underwent surgery in December. Juan returned to his full responsibilities two weeks after the procedure and has since then made a near full recovery. As we look forward to the year ahead, I'd like to note that 2024 is the final year of strong execution on our Level 3 Strategy. We'll also be presenting our plan for the next phase of our journey and continued evolution at our 2024 Vesta Day. My team and I are committed to further value creation and on fulfilling our responsibilities to our stakeholders. Thank you, everyone. See you on our next call. This concludes today's conference. You may now disconnect your lines. Thank you for your participation.