Afternoon, everyone. Tim Regan from Water Tower Research here. Next up, we have Esteban Saldarriaga, CEO of Logistic Properties of the Americas. Esteban, welcome. Thank you, Tim. Appreciate it. To be here. In this fireside chat, I think it's important for our listeners who are new to the company, can you give us a 60-second version? What does LPA own? Where does it get the revenue from? What's the core investment thesis in a sentence or two? Wonderful. Let's get started. Logistic Properties of the Americas, it's LPA for short. It's in the name. We're a real estate operating company. We own, manage, acquire, develop modern warehouses. We're one of the few publicly trading companies that do this in a vertically integrated fashion. We're a pioneer in the industrial and logistics real estate space. We do that across several geographies in our portfolio, as I'll show here in a second. Essentially, we have built out a portfolio of almost $700 million of assets across our countries, in major commercial hubs, and that includes Mexico, Costa Rica, Colombia, and Peru. Right now we're just rolling that expansion into Mexico, especially as of late. We work in a sustainable fashion with the communities that produce essentially good source of labor for the tenants with whom we lease. Very quickly that generates trust with global multinational customers who lease those buildings on long-term leases for our company. We're trusted by global brands, as you can see here on the slides. We have top multinational names. That is essentially the critical aspect of this. We have become a reliable partner for these sorts of brand names to operate in the jurisdictions I just referenced. We are the U.S. partner, if you will, or the U.S.- mindset partner in many of these countries. We're just providing them the service, the quality, the specifications, the specs in those buildings around that. Just to close out on a few things here that I wanted to point out. Revenue stands at almost $50 million, a little bit more actually now. NOI is also growing up. Importantly, NOI is net operating income in our industry. It's a relevant metric. EBITDA is growing as well. Very importantly, we're 100% occupied. We will touch on that probably in a conversation later. All of the space is leased out to these sorts of customers. Right now, the takeaway here, and just to close out before I turn it over, the thesis here is very straightforward because emerging markets right now are benefiting from two effects. One is e-commerce penetration, which feeds into demand for our buildings. That's, once again, why we're 100% occupied. The other one is a nearshoring cycle. What that means is that supply chains are reconfiguring for geopolitical reasons to the Western Hemisphere. That also translates into demand for our buildings. That's why we're owning mission-critical assets that yield, what I would say, is twice as much as they would were they in the U.S., but with what we think is 80% dollar-denominated revenues, leases. That's why we think we can command, I would say, high and risk-adjusted returns. Got it. Thank you for that. It's a great overview of the company. You touched upon a little bit of the financial performance before. I think something for investors to know, over the last quarter, you had a great beat. Was it rent growth, occupancy, new assets coming online, combination? Is there anything of those numbers that investors should think about as one-time versus recurring revenue? Wonderful, Tim. The catalyst for the second quarter, I would say, were mostly new buildings coming online. They're the most relevant ones, especially in Peru, where we saw a 40% increase in that part of the portfolio. Since we're 100% occupied, it was not really occupancy. However, as leases expire and they are rolled over, we're capturing what's called leasing spreads. In some cases, we're able to escalate rents 20%, 25%, even more upon renewal. Replacement costs have been going up. We know inflation has been a theme over the last two to three years, not just in the U.S., but globally. Again, that provides pricing power to our buildings once again, because we are having the global specifications that multinationals want. Their switching costs are high, therefore, we're able to translate into better rents. Excellent. Thank you for that. Another question. Why Mexico? Why now? What does LPA need to execute on to turn that vision into reality? What are the biggest risks to the timeline? Wonderful. Mexico, look, Mexico, we understand that has noise right now, especially regarding tariffs and trade renegotiations. We're a long-term investor. When we look at Mexico in the broader picture, it is a very relevant logistics real estate market. It's because it's a country of 130 million people. It's a country with a youthful population, and it is, I would say, in a privileged position for multiple reasons, not just the proximity for the U.S., but, for example, the ability to deliver into the U.S. from an East Coast and West Coast perspective. There's cultural proximity. There's time zone advantages. Once again, we think Mexico, from a very structural point of view, is irreplaceable, let alone if you see the geopolitical chess game reshuffle. Mexico is going to be a big winner, not necessarily in the long term, but also in the midterm. Why now? We think it's going to be critical for the U.S. If anybody thinks an America first policy is important, it turns out that will mean Mexico is second. Why is that? It will be important to keep costs down, and that's already embedded in the production matrix of the U.S. Understood. As we continue to talk about trade policy in the USMCA, with the Mexico strategy deliberately focused on consumer-driven central corridor rather than export-oriented north, how does that insulate the portfolio from trade risk? What scenario would cause you to rethink Mexico thesis in general? Great point. Yeah. As we are rolling out into Mexico, we started doing that nine months ago. We already have two transactions there. We announced one for $200 million in a programmatic JV. That is focused into the outskirts of Mexico City, which is more about logistics because it feeds into domestic consumption. Even though Mexico is an exports powerhouse, an industrial base, it's relevant, we also think that as we do our opening salvos into the country, we want to stick to logistics and core consumption first, maybe while some of the USMCA renegotiation takes place. From, let's say, a 30,000-foot view, what we're seeing is that Mexico, regardless of what the tariffs end up being, is going to be a beneficiary. Why is that? We just want certainty on what the tariffs are going to be, but relatively to what other countries are going to be tariffed. Probably Mexico is going to be standing up in the best position. Even though we don't want to get into the fray in the opening moves, eventually we'll get into the northern corridor, and we want to start off with logistics. Having said that, what would make us change our speed of deployment probably would be higher vacancies, which are not happening in the logistics side. It might be happening right now in the northern part of the country. Of course, there's uncertainty around the tariffs. That's going to take some time. We'll let the market digest that, and we don't have to do it from the start. No, that's great. Even talking about occupancy, when you're essentially full, where does that organic growth come from in general? What kind of rent increases are you seeing when leases roll over, and how does that compare to where the broader market is as you talk about it? Right. I think we're right now in a privileged position because we're fully occupied. That just speaks volumes to the product that we have, the tenants that we have, how we're rolling out. Growth is probably primarily is going to come in 2026, especially with new buildings coming online. We have out of 30 buildings, two are already on our development portfolio. They represent about 7.5% of our current GLA, Gross Leasable Area. Those will be coming online towards the third and fourth quarter of this year. That's when new growth will come on. We've been growing at 30% over the last couple of quarters, and we're going to keep that momentum as those development assets become operational, and that's where growth is going to be. When we are re-leasing, recapturing those rents, we should be also capturing a premium. It depends on the market. Generally speaking, I would expect between 10% and 15% rental increases in existing assets, operating assets, whose leases are going to roll over and start once again the cycle. Awesome. Thinking about other countries around Latin America, let's talk about Peru, right? There's a lot of momentum there right now. What do you think is driving the demand surge in Peru? Is it industry specific? Is it nearshoring? Is it dynamics from there, or is it market timing? How big can Peru become with the overall market share? The industrial real estate market in Peru is not big but has been institutionalizing because of our work. We're the big fish in the small pond, and Peru right now is, I would say, underserved at many levels, undersupplied at many levels, and we are the reference point for that market. The economy right now there is being buoyed by a couple of things. First, the mining sector. It's very relevant. People don't know this. Peru is the third copper exporter in the world, and commodity prices have been going up, but also with the semiconductor situation, all of what's copper related is enjoying a boom right now. The country is in good health. By the way, there's 30% debt to GDP, They also have a good public finances situation. We're just riding that wave. Right now, we have a privileged position also adjacent to the Lima Airport. Lima is just a 10 million people city, so it's pretty good focus of demand. It's all logistics right now, not industrial. We are continually growing there in that market, exceeding our own expectations in terms of rents. Excellent. Maybe thinking about a more mature market where you've been playing in is Costa Rica for a while, and what role does Costa Rica play in the strategy going forward? Is it a primary cash generating engine that funds growth elsewhere, or do you see it as a path to accelerating its contribution? Costa Rica is the anchor, the foundation from which we kind of place or base our ambitions firmly. It is much more mature, it is much more stabilized from our perspective, but it still has a growth prospect. What we see there is growth from companies who know our work already. We've been in that market for inception. That means we've been 10 years in that market, and we see the opportunity to continue growing in Costa Rica, I would say through the lens of aligning capital partners there. Not necessarily our own capital from the balance sheet, which we want to allocate towards Mexico rather. We see growth in that market as well because our tenants are asking for that. Again, we're 100% occupied. We get the calls every day. There are some industries, for example, there's room to grow in medical devices. That's a relevant industry for that economy. We see more of that. Just to close out one thought here that I think is important. The primary role of our stabilized portfolio in Costa Rica is the fact that it is a compounding machine. We have the benefit of time. To give you perspective, in Costa Rica, we have very accretive financing in place. It is roughly $100 million that we have in debt there, but that debt has a 25-year term, and it costs us SOFR plus 140. Let that sink in. That's 5% interest rate on that. Wow. Once again, we're getting the compounding and the benefit of time as we slowly pay down that debt, but generate a lot of cash from those assets. That's great. I think now talking a little bit more about the stock and kind of where you've been trading, roughly that $3-$4 range over the last little bit. When we talk about the book value being around $8 a share, as you've talked about. Beyond investor awareness, what can you help do to close that gap? Are you thinking structural levers, buybacks, secondaries, maybe potentially asset sales? Is it purely a matter of executing the growth plan and letting the market catch up to what we're talking about? Yeah. It's going to be a combination. There's not going to be a silver bullet that overnight closes that 60%, 70% gap. We're working hard to combine several of those factors, and we're committed to delivering that. First, of course, is execution. The market also will trust our book value, which is already net of taxes and everything, capital gains taxes. We want to prove that mark, that book value per share. I think nothing signals that more powerfully than probably monetizing an asset or two to really show the market that we can sell those assets at or above carrying value. The second is going to be scale and liquidity. Yeah, we need to, again, grow that base, also dilute the cost of our operating platform, which again, has been built out for bigger ambitions. I would say 2x-3x of what we have right now in terms of an asset base. The third is research coverage, investor access. These sorts of events are important to get the word out and bring visibility and awareness to our stock. That's going to be part of the game. You asked about something like buybacks. It's something that we have considered in the past. The element here is it would work against our idea of creating more liquidity in the stock price. Right. That's fair. As we talked about the vision of where you see the company going, let's take a look out three years. Paint a picture for us. What does LPA look like three years from now if everything goes according to plan, let's say? What are the two or three things that you might think the company can prove to the market to make that happen, too? Yeah. I think three years from now, the company will be fundamentally different. Not just a larger one, again, 2x-3x the asset base we have right now. The ambition here is to be recognized as the platform for institutional-grade logistics and critical infrastructure across the Americas. We want to be that partner of choice, continue being that partner of choice for multinationals when they need world-class facilities in markets that are historically underserved, underpenetrated. Mexico will anchor, if we're looking at that three-year vision, Mexico will be a centerpiece of that portfolio, with other markets compounding alongside it. That scale will follow the vision. The real prize will be what our platform unlocks. Supply chains are going to be reconfigured. The semiconductor and AI build-out will also take place, that's going to reshape where computing and manufacturing lives. Again, once again, towards the Western Hemisphere, we definitely think Mexico and the other markets we're in will be beneficiaries of that. Once again, we're positioning a platform ahead of the wave, especially as many of these narratives show that there's a lot of disruption that's taking place. Solid income-producing assets, solid assets, irreplaceable assets are an interesting hedge for this sort of market. That's the vision we're trying to create. Awesome. Thank you for that, Esteban. Any questions, anyone? No? All right. Well, thank you very much, Esteban from LPA. Appreciate the time. Thank you very much. Pleasure to be here. Thank you.