Greetings, ladies and gentlemen. Welcome to the Vestas Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in listen only mode. 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 your host, Fernanda Bettinger, Vess' Investor Relations Officer. Please go ahead. Good morning, everyone, and welcome to our review of Vess' Second Quarter Earnings Results. Presenting today with me is Lorenzo Dominique Vero, Chief Executive Officer and Juan Pepig, our Chief Financial Officer. The earnings release detailing our second quarter twenty twenty five results was released yesterday after market close and is available on Vestas IR website along with our supplemental package. It's important to note that on today's call, management remarks and answer to your questions may contain forward looking statements. Forward looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ. For more information on these risk factors, please review our public filings. Vesta assumes no obligation to update any forward looking statements in the future. Additionally, note that all the figures 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 in its entirety by reference to our financial statements, including the notes thereto and are stated in U. S. Dollars unless otherwise noted. I'll now turn the call over to Lorenzo Herro. Good morning and thank you for joining today's call. Speaking to you now at the midpoint of 2025, the macro volatility and related uncertainty that I have described in prior quarters has continued, defined by shifting trade dynamics, carried vagueness and muted investment decisions made by global corporations. The landscape we're navigating has been one of caution with softened new leasing momentum and tentative client decisions. Despite these pressures, Vestas operating results again deliver resilient performance for the second quarter grounded in disciplined execution that's tied to our long term growth strategy. The current environment enables us to focus on extracting value from our core operations, noting that Vestas portfolio ended the quarter at 95.5% stabilized occupancy with rents indexed to inflation and the sustained growth recurring income and long term maturity profile of Vesta's high quality portfolio. Let me walk you through some highlights for the second quarter. New leasing activity continues at a slower pace for our overall industry. Nevertheless, we ended the quarter with 1,800,000 square feet of total leasing activity, including 411,000 square feet in new contracts with both existing and new tenants for Vesta. While this number is below Vesta's average as tenants remain in a wait and see mode, particularly those in export linked markets, it reflects a sequential increase from first quarter new leasing activity. Renewals and releasing activity was among the highest we have experienced on the first half of the year, which confirms the resilience of this portfolio despite current economic dynamics. In the second quarter twenty twenty five, we closed 1,400,000 square feet with an average lease term of approximately five years. Our strong retention rates of 84% are a testament to best of close tenant relationships and our team's proactive management. Importantly, we successfully continued to increase rents with some mark to market rent adjustments in the range of 20% to 30% as we bring legacy rents in line with current market levels. Our tracking 12 spread for the second quarter reached 13.7%, another very important increase in our mark to market portfolio strategy. This uplift reflects not only the quality of our portfolio, but also again underscores the long standing relationships we have built with our tenants who continue to choose Vesta as a long term partner. To provide some additional color, during the second quarter, we completed Vesta Park Apobaca Buildings 6 And 7, which will enter the lease up period, while Apobaca 8 remains under construction. We expect these premium buildings both located in Monterrey to be well positioned in this highly desirable location. Vestas' dual exposure to domestic consumption and global manufacturing is also a source of strength. We are focusing on completing existing projects and strategically expanding our land bank in line with Route 2030. Specifically, we acquired 128.4 acres in Guadalajara with a buildable area of 2,300,000 square feet, strengthening our position in one of Mexico's key corridors. We also finalized the 20.2 acre acquisition in Monterrey, which we announced last quarter adding another 450,000 square feet of buildable capacity in this critical Northern market. Our approach therefore remains clear. We're focused on our long term vision, managing our assets with discipline and executing a strategy led by tenant retention, strategic positioning and intrinsic value of our existing operating portfolio, which today is at 95.5 stabilized occupancy with rents indexed to inflation. For Vesta, this year's emphasis is on reinforcing the strength of our foundation, so we can scale confidently when environment normalizes. That includes accelerating energy infrastructure planning, streamlining permitting and ensuring our parks are positioned to meet the evolving tenant demands. Being ahead of the curve operationally is how we differentiate especially in slower cycles. These principles have guided us through past cycles and they continue to anchor our strategy as we position the company for future growth. Along these lines, as Juan will discuss shortly, we maintain discipline related to costs, achieving efficiencies in both operative and administrative expenses, which supported our margin performance and help preserve capital strength. Our financial position remains solid with strong liquidity and conservative leverage. That gives us the optionality to move when the time is right. To reiterate, despite the volatility, we view the current slowdown in leasing as a temporary deceleration, not a structural change. Companies are exercising caution, not canceling plans. Importantly, our portfolio and operational model represents an important competitive advantage, tenant diversification, strong market presence and the flexibility we have based on our C Corp structure. Critically, being a C Corp enables us to be uniquely agile, both when returning money to shareholders and reinvesting into the business without the rigidity of external distribution mandates. This flexibility has become a key advantage in an environment where patient strategic capital matters most. Recent deliveries of income producing properties pre leased buildings are expected to contribute to revenues in the second half of twenty twenty five. Also, with continued operating efficiencies, which would support full year margins. Vesta therefore expects to achieve its stated 2025 guidance and remains focused on the company's Route two thousand thirty long term strategy while navigating on the current uncertainty. In closing, 2025 is proving to be a transitional year for the sector marked by caution and extended decision cycles. But Vesta remains focused, grounded and forward looking. We have navigated through multiple cycles and what has always set Vesta apart is our ability to stay disciplined, remain close to our tenants and make smart long term decisions even in the face of short term uncertainty. Trade policy stabilization and continued manufacturing resilience all point to a more constructive environment for the years ahead and future negotiations will maintain Mexico in a solid position. Mexico is increasingly well positioned to benefit from industrial realignment and Vesta intends to lead in that process. Let me turn our conversation over to Juan to review Vesta's financial results in more detail. Juan? Thank you, Lorenzo. Good day, everyone. Let me walk you through our second quarter results, starting with our top line. Total revenues were up 6.8% year over year, reaching $67,000,000 primarily driven by rental income from new leases and inflationary adjustments across our rental portfolio. In terms of the current mix, 89.4% of our second quarter rental revenues were denominated in U. S. Dollars, an increase from 88% in the second quarter of twenty twenty four. On the profitability front, adjusted net operating income increased 7.2% to €61,800,000 Our adjusted NOI margin remained strong at 94.5%, down just seven basis points from the prior year, reflecting a slight increase in costs related to rent and income generating properties, including real estate taxes, insurance and other property related expense. Adjusted EBITDA came in at EUR 55,000,000, a 9% increase year over year, a margin expansion of 137 basis points to 84.1%. This was largely due to tighter control over administrative expenses, underscoring our continuing focus on cost discipline. We closed the quarter with a pretax income of $54,500,000 compared to 131,800,000.0 in 2024. This decrease was mainly due to lower gains on valuation of investment properties as well as a reduced interest income due to a lower average cash position during the period. Vestas FFO, excluding current tax, increased to $43,100,000 this quarter from $38,200,000 in the second quarter twenty twenty four, a 12.9% increase year over year. Turning to our capital structure. We ended the quarter with $65,200,000 in cash and cash equivalents. Total debt increased to $900,000,000 as of 06/30/2025, primarily reflecting the €100,000,000 drawdown in April from the €345,000,000 syndicated loan secured in December 2024. Our net debt to EBITDA stood at four times, and our loan to value ratio was 22.4%, maintaining a healthy leverage position. On capital allocation, as Lorenzo mentioned, we prioritized deploying capital towards completing ongoing development and acquiring land in Vestas' core market. During the quarter, we acquired 128.4 acres of land in Guadalajara, and we finalized the acquisition of 20.2 acres in Monterrey. These investments reflect our long term vision, enhancing our strategic footprint and preparing us to meet future demand, as Loren has mentioned. Finally, and also subsequent to quarter's end, on 07/15/2025, we paid a cash dividend for the second quarter equivalent to $0.38 per ordinary shares. This concludes our second quarter twenty twenty five review. Operator, could you please open the floor for questions? Absolutely. Ladies and gentlemen, we will now begin the question and answer session. Your first question comes from the line of Juan Ponce with Bradesco BBI. Please go ahead. Hi, everybody. Thank you for taking my question. If you can give us a sense of how you're seeing the development pipeline progress ahead of the USMCA review, which we believe could unlock some pent up demand in near showing markets. And you can tie your comment with what we're seeing per CBRE regarding rising vacancy in these northern markets, but stable rent levels? Thank you very much. Olafan, thank you very much for your questions. Yes, we have seen that even that there has been an uptick in vacancy in some markets such as Tijuana, Juarez, Monterrey. We are positively surprised on how well rents have maintained. And actually in some cases rents have increased in the high single digits in some of these markets, which means that there is still pent up demand that we believe that as long as we start seeing more clarity on those negotiations, we will continue to have a better momentum on lease up stage. On that regard, I think that Vesta has carefully selected the markets where we want to develop and anticipate for that pent up demand, which will eventually get back and look for the best locations, the best assets. And we believe that the best of parks are incredibly well located. We have the infrastructure. We have energy, which is very important as a key advantage. And that's when we think that markets such as Tijuana, Ciudad Juarez and even Monterrey will be a huge support of the leasing leasehold property portfolio of Vesta. We currently have approximately 2,000,000 square feet on lease up stage in different regions and we see a pipeline building up. We currently have been cautious on new starts on development. And as we have always said, we like to accelerate when needed, push the brakes when needed and drive carefully under short term uncertainties and will benefit on the longer term. Thank you. Thank you very much. Your next question comes from the line of Pablo Montevijs with Barclays. Please go ahead. Hi, Lauren, Juan and Fer. Thanks for taking my question. If I'm doing my numbers correctly, perhaps by the third quarter of this year, you will have a little bit more than 1,000,000 square feet to lease in Monterrey. However, this market has had the weakest net absorption since early twenty twenty four compared to all main markets in Mexico. How confident are you that you can lease up these quickly? And how do you see Monterrey's competitive environment going forward? Thank you. Gracias, Pablo. First of all, regarding revenues, one of the interesting things about this year is that we have delivered several buildings in this quarter and last quarters that will start generating an important part of income in the second half of the year. We're talking about 1,800,000 square feet approximately in places like Mexico City, places like Monterrey, Aguascalientes and that's going to be a lot of income coming due or starting to be generated in the second half. That's going to be very important for year old revenues for the company. And to your point on Monterrey, Monterrey actually had one of the strongest net absorptions throughout 2025. According to CVRE numbers, they had more than 4,000,000 square feet in the first half. This is definitely lower than other than previous years. But if we continue to see some positive net absorption in these markets and right now when we are finishing new buildings, we think that we eventually are going to have some good companies taking up BESTAS space, which again we think is really the best parks in the region, in the best locations and we will benefit from having the best assets. Remember that Monterrey Vesta has zero vacancy, but the only ones that we have available are the ones that we have recently developed and have recently delivered or soon to be delivered. So we are very confident that Monterrey being the largest market, we having the best presence will be a good assets to be marketed and lease up soon. Thank you. Your next question comes from the line of Piero Trotta with Citibank. Please go ahead. Hi, team. Thank you very much for the presentation. I would like to know about the Udon cost on projects under construction. Udon cost expanded 20 bps quarter over quarter to 10.8%. Can we expect this you don't cost getting higher going forward? And how do you see the construction cost scenario in Mexico? Hear from you would be great. Thank you. I'm sorry, I didn't understand the question. Which type of costs are you mentioning? The Udon cost on projects under construction development. The yield on cost of the second quarter was 10.8%. And I would like to know if it could get higher going forward. And just update what you think about the construction costs in Mexico? Thank you. Okay. Sorry, I was now I get it clear. It's the yield on cost. So frankly, we are very have very attractive yield on costs, which are above 10%. And that's a very important spread to stabilize assets. So even if sometimes depending on the project or the region, it could vary a little bit, but it's still in the double digits. And actually in many of these markets, our objective is to get dollar leases. I think that what has been very remarkable is that recent transactions and what I mean recent is recent as this week, we have seen cap rates are still at very low levels with recent pricing of a new fibra pricing in the 7.5% range, a fibra that generates mostly pesos. So if you think about it being able to yield above 10% when stabilized assets in U. S. Dollars are sub 7%, we believe that spread investment is still going to be key for developers like ours and strategic for Vesta. So we think that those deals on costs will remain high and that will eventually benefit from our development strategy vis a vis acquisition strategy in lower cap rates. Secondly, we think that I mean construction costs have somewhat remained in the same levels. There have been some minor adjustments on cement and steel. And what is also important is the FX, but still with our estimated yield on cost, we believe that there is a lot of value to be generated from the development approach. So we will be careful and cautious on when to develop and where because now more than the cost, what is important is that lease up periods are still in place so that we can be able to meet those returns. And if possible, when markets where we've seen rents increasing, of course, try to take that benefit and that right too and be able to increase rents returns as much as possible. Thank you very much. Your next question comes from the line of Pablo Riccardo with Itau. Please go ahead. Hi, good morning, Loretz and Juan. I have a question on your balance sheet regarding land acquisitions. I believe you will continue doing land acquisitions on the second half. How should we think of leverage by year end thinking of a lower EBITDA in 2025? I'm sorry, can you repeat your question on EBITDA? Yes. Like achieving like that, maybe EBITDA will reach the bottom end of your guidance and you will continue doing that acquisitions, how should we think of leverage as net debt to EBITDA target by year end? Okay. So net debt to EBITDA. Thank you. Thank you, So we have done very important land acquisitions in the past. More recently, the land acquisition in Guadalajara and the one that we did in Monterrey. So we have in the last, let's say, twelve months, we have been able to land to buy land in Mexico City, Ciudad Juarez, Monterrey and Guadalajara. This is going to be very helpful for our 2030 strategy. We are still might do a few more acquisitions in the second half. However, we think that we are lining up very well to the development that we will start having eventually from 2026 onwards for our route 02/1930. Our net debt to EBITDA, I don't have the exact number with us, but we are currently at very, very healthy levers in terms of leverage, loan to value, net debt to EBITDA. And we're very careful that even with the high capacity of leverage that the company has, we will be very mindful on the net debt to EBITDA ratios as well as loan to values, so that they are not compromised. But I think that we are in a very attractive range. Maybe Juan or Fernanda you have the exact numbers with you, but I don't think there will be a major up increase. Look, we have yes, exactly, Loren. We have a very strong balance sheet. Currently, we have a net debt to EBITDA of four times, 2222.4% leverage ratio. I have a strong balance sheet. We can easily sustain the land acquisition strategy that Lorenz has just pointed out. Not particularly worried. We have ample credit lines in place. So we sustain the strategy set forth by Lorenz at this point in time. Perfect. Thanks a lot. Thanks, Verdes. Your next question comes from the line of Antonio Hernandez with Actingver. Please go ahead. Hi, good morning. Thanks for taking my question. Just a quick one regarding what you mentioned in the press release that you're seeing an increase in leasing activity pipelines expecting an acceleration towards year end. If you could provide more color on which markets are you seeing this and how it is compared to previous expectations? Thanks. Thank you. Well, first of all, I think that we all know that the start of the year was very slow when the Trump President Trump took office and our certainty was maybe at its highest together with volatility, somewhat that has been lower in the recent months, particularly maybe right after Liberation Day. And as long as we continue to see more agreements in terms of tariffs between different countries with The U. S, we think that that will trigger more companies to eventually look back into their plans for investment in manufacturing facilities in the right places and that's where Mexico might benefit. We have seen a spike in number of visits of industrial parks in different regions Tijuana, Monterrey, particularly Bajio and also the request for proposals. So that's how we meter how much more pipeline or how much more activity we see. And that's how eventually decisions are made based on an analysis and this is a very and it's a process and this is a very important sign that companies are now looking back into their plans. Some of them were, let's say, paused or were freaked out. But now we are seeing a material number of visits and we hope that, that will be helpful to be materialized in the next quarters I'm sorry, in the next half of the year. But we are very close with the broker community as well as government authorities, our own tenants and trying to keep a very tight communication and try to understand what their challenges are, what the opportunities and with the information that we have been gathering from having that local presence, we feel confident that second half of the year will have more activity in terms of leasing and things will somehow level up. Okay. Appreciate the color. Have a nice day. Your next question comes from the line of Toreal Gilotti with Goldman Sachs. Please go ahead. Yes. Good morning. I have two quick questions. One is on your leasing spreads. So we saw that there was a meaningful acceleration. It went on a trailing twelve month basis, I believe it was above 13%, and it's at least the highest we've seen since you started publishing those numbers. I was wondering if you can comment on what are your expectations for leasing spreads going forward? And then the the second question is is around your development pipeline. And I apologize if you answered this earlier, but it remained unchanged, so no new starts were added. And so I wanna understand a little bit about your framework on how you think about development starts. So is the the view here that development starts should remain muted until you see a meaningful increase in the lease up of your existing property? In other words, I just want to understand what would be a trigger to start launching starts again? Those are my questions. Thank you. Thank you. Those are thank you for your questions. I think it's very important to highlight how resilient the portfolio of Vesta has been throughout these quarters. And I think a very a strong statement is the acceleration we have seen in renewal rates, trying to be able to mark to market many of the rents that are either expiring or just renewing in advance. And I think that number is real. It's very good. We have been increasing rents by 20%, 30% in certain markets. And that trend will continue in the upcoming quarters and even in the upcoming years and that will generate and unlock a lot of value from the existing portfolio. So we're very positive also on the amount of the high retention rate that the company still has. And maybe this is a positive signal not only for Vesta, but also for the sector where we continue to see companies committing to a long term renewing their leases and even be able to increase rents. So that will continue to be the same situation going forward. And we are very disciplined and very proactive in working that out with our existing tenants. On your second question regarding development, we will definitely have starts in markets where we are fully leased like Guadalajara, where we recently acquired land just because we have a good pipeline and the market is strong. And the reason why we have not started development is because we didn't have land. We did it and I think we are going to be benefiting for a strong momentum in that particular market in the electronic sector, e commerce and logistics, which are key for us. Nevertheless, in other markets where we have recently developed, we have buildings to be leased up. We will be cautious that in order to start new buildings, we have to lease up the other ones. I think that discipline is something that we have had in the past and we will continue to keep it that way and we will benefit from that. And we think that we can anticipate when we have identified that there could be demand coming from existing clients, which actually remember that most of our growth comes from existing clients as well as new companies entering the market. Very clear. Thank you. Thank you. Your next question comes from the line of Francisco Suarez with Scotiabank. Please go ahead. Hey, good morning. Thanks for the call. Loren and Juan. The questions that I have are follow-up on your land bank. Just to understand, your the recent land purchases in Monterrey and Guadalajara, those are shovel ready land. You have all the permits and everything. If you think because you mentioned that in markets like Guadalajara, you are more likely to start soon, isn't it, is to what I understood on your past answer. And if you can also help me to understand why the revenues related with energy declined sequentially and year on year, That will be very helpful. Thank you. Thank you, Paco, for your questions. On your second question on energy, I it's more remember that this is a pass through mechanism. It has to do with the usage of our tenants. However, income that we might have, it's kind of matches the cost. So it really doesn't have a material impact if it increases or decreases, because it's offset by the same amount almost by on the cost. On the land acquisitions, we are very careful and selective what type of land we buy. We regularly buy land that already has the use of land and some of the permits ready. However, there's always things to be done. There's always improvements to be done. Sometimes it's more, sometimes it's less. But I think that these land acquisitions that we have done are similar to what we have done in the past where we that we might do the whole entitlement process and permitting and then we will start with the construction. So that's why it might take it doesn't need to take a lot of time, but it's a process to do the organization, earthworks, infrastructure and but yes, the land that we acquired is ready to be developed soon. So we're very happy with the acquisitions and the opportunities. One of them is adjacent. It's part of the Guadalajara project and the other one is going to be a new project. And then the one in Monterrey is again, it's urban infill where we will start when we kick ground eventually, we will have to tear down a build an older building so that we can build a new one. So but it's part of the development process and we are very excited about these opportunities that we have been able to find in a market where we can buy land at a better cost and create more value on the development process. These are highly desirable sites. Perfect. Thank you so much. Thank you. Your next question comes from the line of Ebrahim Puentes with Santander. Please go ahead. Good morning. I wonder if you could give us more color about the dynamics that you are seeing in final part in terms of absorption, vacancy and rents and how these trends could affect the performance of your portfolio going forward? Thank you. Gracias. Well, Tijuana Tijuana has experienced a major rent growth in the last cycles and that's why that has triggered more development. However, one of the there might be some major construction coming due in the next quarters. However, we still see that rents remain high. And eventually pipeline we think that will pick up. We recently leased a couple of buildings in Tijuana with some of our existing tenants. So we see that there's activity from existing companies that are adjusting their supply chains, they're adjusting their production. Definitely the tariffs adjustment globally has made companies also adjust their production. And I think that's how we're seeing the activity in markets like Tijuana. Ciudad Juarez also kind of felt a stable to positive rent growth. And eventually and we saw some positive net absorption in the Ciudad Juarez market. There's some buildings available. However, the ones that will benefit the most are the ones that have the energy and have the utilities ready for companies to start operation. And that's where we think that Vesta has also an important advantage. So I think that second half is going to be very important to see how all these active users materialize their decisions. And we believe that Vesta is well positioned with good quality assets in the right locations and eventually will be able to close with good companies as we have done in the past. Your next question comes from the line of Gordon Lee with BPG. Please go ahead. Hi, team. That's a thanks very much for the call. Just a couple of quick questions on thinking about, your renewals over the next eighteen months. I know that you mentioned in the release that roughly 5% of your leases will come due in the second half of the year. But I was wondering if you could remind us what that number is for 2026? And what do you estimate the current gap in your stabilized portfolio to be between in place rents and market rents? Thank you. Thank you, Gordon for your questions. We currently have, I think approximately 3% of GLA of total GLA, which is expiring this year. We have high expectations since we have a high retention rate that we're going to be able to renew many of these leases. And we think that if we the number that we saw this quarter of having rent increases in the 20%, 30% range for renewals, think that that will continue to be the same way in the second half. And going into 2026, approximately we might have approximately less than 4,000,000 square feet that to be renewed. And we feel very we're confident that we're going to be able to whatever rents we have further from market to be able to close that gap and that will generate a strong value. I don't know exactly how much it is for 2026, But I think that the trend that we have seen going upwards in the leasing and releasing activity will continue the same way going forward. Rents continue to be high And there's some legacy buildings that are expiring for are expiring in the next years. So that's going to be a huge benefit to unlock value on the existing portfolio. And just to clarify, the 4,000,000 square feet roughly that you mentioned for next year, is that GLA rolling over from your existing portfolio exclusively? Or are you also including the lease up of new properties in that 4,000,000? No, this is these are all properties that have a lease in place that is expiring next year. It doesn't contemplate the current vacant buildings. Perfect. Vacant Thank buildings are in the lease up stage. That's different. Super. Thank you very much. Thank you. Your next question comes from the line of Alejandra Obregon with Morgan Stanley. Please go ahead. Hi, good morning, Wes and team. Thank you for taking my question. Mine is perhaps a little bit on your priorities when it comes to regional footprint. I mean, as you put together all the new land that you have acquired with what you have in stock, which markets do you think have more room for new starts? Of course, when the time is right, like you mentioned Guadalajara, but what are sort of your priorities as you put together all the external and internal factors like which markets have more room, which ones are up in your list, I mean, you can think of growth in the future? Thank you. Thank you, Alejandra. First of all, I think the priority for Vesta is to lease up vacant space because this is the one that will have an immediate impact on revenue. And I think that we have a clear marketing strategy so that we're going to be able to lease up to good companies at attractive and higher rates in markets such as Monterrey, Ciudad Juarez, Queretaro and Tijuana, which is where we have most of the development activity or recent development activity. Eventually, the markets that we currently like the most are the ones where we recently acquired land, which that's Mexico City, Guadalajara and eventually when things get better, we can get back to other strategic markets for Vesta. But right now, I think in order to prioritize in the over the next quarters, I think it's mostly on the leasing activity and eventually we'll get to development. Understood. That's very clear. Thank you very much. Thank you. Your next question comes from the line of Armando Rodriguez with Signum Research. Please go ahead. Thank you everyone for the call. Congratulations on the operational numbers. Well, just a quick question regarding on your net income. If we can we have a sense of how much of this adjustment of the net income was explained by the exchange rate? That's my question. Thank you very much. Gracias Juan, can you elaborate on that, please? Just to clarify, on my net income, what is the effect of exchange rate? Yes. If we compare the net income to 2024, there's a particularly on the earnings per share. On the earnings per share, we saw a significant adjustment. So I don't know if this is mainly explained by the exchange rate or maybe something other factors, financial factors that are not decided. Well, let's go from the top. Remember that my basically, most of my properties are dollar denominated properties, and we have actually increased that percentage on this particular quarter. Going down the income statement, most of our costs are peso related. And as the peso has appreciated, we have some pressure on margins, I guess. However, on the bottom line that you're referring to, most of the impact comes from the financial numbers, in particular, the loss that we had on revaluation of property, which is a noncash item. But however, on my bottom line, it does have an impact, which is why we emphasize pretax FFO. So that's why we, the company, have also emphasized that instead of looking at earnings per share, we should focus on pretax FFO because that doesn't suffer the impacts of the revaluation, which are volatile Juan. Thank you very much for your answers. Thank you. Your next question comes from the line of Valentina MacKillan with GBM. Please go ahead. Hi, good morning. First of all, congratulations for your results. On my behalf, we have two questions. The first one would be with the nearly 120,000 square meters of inventory project scheduled to deliver in August, could you provide more color on the expected leasing activity or financial impact in the second half of the year? And in another subject, with the operating cost up 5.3% compared to last year, mainly from taxes and insurance, do you see the pressure in the second half of the year or some relief ahead? Thank you. Thank you. Maybe to the first question and then Juan, you can elaborate on the second one. We have the pipeline that we have under construction, which is basically projects in Queretaro and Monterrey that will be delivered in the next half of the year. We expect leasing activity to be between three months to let's say twelve months. And that's kind of how we do the underwriting. We think that these will be high quality assets. And once the buildings are delivered, we'll be very attractive to be leased up. And the marketing strategy is supported by bringing visits, taking clients, potential clients and we feel comfortable on that underwriting assumption. On the cost side, I think that as Loren has emphasized, we're focusing on cost control. I think that we have been particularly successful this quarter and in fact this first semester controlling costs. On the quarter itself, increases in costs around 4.8%. Well, look, think that we will maintain the discipline. We will meet our guidance in EBITDA and property cost as well. We have been quite conscious of them and we have been containing them as much as possible. So I feel very comfortable structure on the of the company. We will continue to focus on savings and we will be the second half of the year, I expect to have the same discipline. Thank you very much. Your next question comes from the line of Alan Masihs with Bank of America. Please go ahead. Hi, good morning and thank you for the call. Just if you can remind us your exposure to manufacturing and to logistics and to e commerce? And five years down the line, are you planning to have this breakdown change? Thank you. Sure. Thank you for your questions. We have identified long term strategy towards our balance between light manufacturing and logistics. We currently are at maybe Fernando, you have the exact number, but let's say maybe 55% manufacturing, 45% logistics. Part of logistics is e commerce, which is expanding. So we feel very comfortable that going forward, we will probably stay half and half just because we think that both sectors will be thriving. The type of facilities that we develop are very flexible to accommodate logistics, e commerce, light manufacturing. And I think that is key on our portfolio strategy. And more importantly or let's say, not more important, but also very important, it's not only the sector, but also the type of companies we do business with. We have long term leases with outstanding companies. We are very disciplined in the type of global tenants that we do business with. These are companies with corporate guarantees, high credit rating and that's very important to have in place. And then another important disciplined approach that Vesta has is our high number of dollar denominated leases. And we will continue to emphasize how important this is for Vesta. We believe over the long term that the dollar will continue to have more value than the peso. Financing cost on the dollar is more competitive and we can continue to have a very attractive spreads. And that's and for that reason, we think that that's one of the main advantages on the company vis a vis our some of our peers who have the majority of their income in pesos and does not offset with the majority of their obligations financial obligations and debt in U. S. Dollars. So I think this discipline is key and we will continue to have a well balanced portfolio. Thank you. Your next question comes from the line of Octavio Arias with Signum. Please go ahead. Thank you. Hi, this is Luis from Signum Research. I have two questions. The first one is, as the market evolves, are you considering more vertical integrations to better serve tenants and capture more value? And have you seen any new or specific demands from tenants lately in the sector? Thank you. Can you elaborate more on vertical integration? Yeah. Yeah. Like in house projects or Us energy solutions for tenants. Sure. Yeah. Well, I think that I think that Vesta, one of the key differentiators that we have to other vehicles is that we are vertically integrated. We have the development platform in house. We do external parties doing development or doing other things. However, and that is something that we have highlighted over the years that we have a particular vertical integration in the structure. I think that the only other items that we might that we are considering is some services like renewable energies or solar panels and sort of and those sort of things, which are very important. But we also already have several of those features in our projects. In the end, what we want to do is serve better our tenants and make sure that we are enablers for them in all the real estate aspects needed. Energy, we're in one of them. Some of the property management that we do also for them. And I think that that's why in this particular situation, it's key to have a closer relationship with tenants and try to have the best services as possible as needed. So we will continue to violate alternatives that help us to provide that service. Thank you. My second question is with the current stabilized occupancy, is there any interest like in asset recycling or diversity material properties to fund growth in your region? Yeah. That's a good point. We might have some massive recycling. It's part of the long term strategy. We'll do it now every now and then. And at the moment, I think that the key priority is to lease up the lease up properties, the vacant space or the price that we have recently developed. But every now and then, we will continue to do some develop some massive dispositions too. Great. Thank you for your answers. Thank you. And it seems that we have no further questions for today. I would now like to turn the call over to Mr. Berho for his concluding remarks. Please go ahead, sir. Thank you, and thank you, everyone, for joining us today. As we have noted, Vesta's strategy is focus, protect value, strengthen our base and prepare for what comes next. Our platform is healthy, our assets are well positioned and our team is aligned around execution. We continue to move forward with our 2030 strategy supported by a flexible capital structure, a resilient portfolio and a clear view of long term value. Thank you all. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.