Vesta Real Estate Corporation SAB de CV (VTMX) 2023 Q1 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to Vesta First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

女士們、先生們，大家好，歡迎參加 Vesta 2023 年第一季度收益電話會議。 （操作員說明）謹此提醒，此通話正在錄音。

It is now my pleasure to introduce your host, Maria Fernanda Bettinger, Investor Relations Officer. Please go ahead.

現在我很高興向您介紹主持人，投資者關係官瑪麗亞·費爾南達·貝廷格 (Maria Fernanda Bettinger)。請繼續。

Good morning, everyone, and thank you for joining our first quarter results call. With me today are Lorenzo Dominique Berho, Chief Executive Officer; and Juan Sottil, Chief Financial Officer.

大家早上好，感謝您參加我們的第一季度業績電話會議。今天與我在一起的有首席執行官洛倫佐·多米尼克·貝霍 (Lorenzo Dominique Berho)；和首席財務官胡安·索蒂爾。

The earnings release detailing our first quarter 2023 results crossed the wire yesterday afternoon and is available on the company's website along with our supplemental materials.

昨天下午，詳細介紹了我們 2023 年第一季度業績的收益報告已發布，可在公司網站上與我們的補充材料一起查看。

Before we begin the call today, I'll remind you that today's presentation contains forward-looking statements. Forward-looking statements are predictions, projections or other statements about future events. These statements involve risks, uncertainties that may cause actual results, and tends to differ materially from those projected. For a full discussion of the risks and other factors that may impact these forward-looking statements, please refer to our first quarter result's press release and our MBV filings. Please also note that all figures included herein were prepared in accordance with IFRS and are stated in nominal U.S. dollars, unless otherwise noted.

在我們今天開始通話之前，我要提醒您，今天的演示文稿包含前瞻性陳述。前瞻性陳述是對未來事件的預測、預測或其他陳述。這些陳述涉及可能導致實際結果的風險和不確定性，並且往往與預測存在重大差異。有關可能影響這些前瞻性陳述的風險和其他因素的全面討論，請參閱我們第一季度業績的新聞稿和我們的 MBV 文件。另請注意，除非另有說明，本文中包含的所有數據均根據《國際財務報告準則》編制，並以名義美元表示。

Let me now turn the call over to Lorenzo Berho.

現在讓我把電話轉給洛倫佐·貝霍。

Thank you, Fernanda. Good morning, everyone, and welcome to our first quarter earnings call. Let me begin by thanking our team for delivering an excellent start to the year. We had a strong first quarter, achieving almost 20% year-on-year increase in revenue driven by high occupancy and rent increases. During the quarter, we signed 1.2 million square feet of new contracts with companies such as Polaris, DB Schenker and TLC Moka, among others. We also saw almost 1 million square feet in lease renewals. We continue to see Vesta's buildings being occupied even before delivery, which was the case with 3 buildings this quarter, 2 in Monterrey and 1 in Ciudad Juarez.

謝謝你，費爾南達。大家早上好，歡迎參加我們的第一季度財報電話會議。首先，我要感謝我們的團隊為今年帶來了良好的開局。我們第一季度表現強勁，在高入住率和租金上漲的推動下，收入同比增長近 20%。本季度，我們與 Polaris、DB Schenker 和 TLC Moka 等公司簽署了 120 萬平方英尺的新合同。我們還看到近 100 萬平方英尺的租約續簽。我們繼續看到 Vesta 的建築物甚至在交付前就已被佔用，本季度有 3 棟建築物就是這種情況，其中 2 棟位於蒙特雷，1 棟位於華雷斯城。

We had 3.8 million square feet in projects under construction during the quarter, in line with last quarter's pipeline. While there were no new construction starts during the first quarter, we're laying a strong foundation for new buildings over rest of the year working with development teams to target larger projects within our 5 strategically defined regions with a particular focus on manufacturing and e-commerce opportunities. You will recall we acquired 52 acres of land in the San Martin Obispo Punta Norte area of Mexico City during the fourth quarter 2023 adjacent to one of Mexico's main roads with optimal connectivity. This best-in-class location is ideal for last mile distribution and logistics and another addition to Vesta's increasing footprint within Mexico City and metropolitan areas with trophy assets. We expect to begin construction on this land in the near future.

本季度我們在建項目面積為 380 萬平方英尺，與上季度的在建項目一致。雖然第一季度沒有新建築開工，但我們正在與開發團隊合作，在今年剩餘時間里為新建築奠定堅實的基礎，以在我們的 5 個戰略定義區域內開展更大的項目，特別關注製造和電子領域。商業機會。您可能還記得，我們​​於 2023 年第四季度在墨西哥城的聖馬丁奧比斯波北角地區購買了 52 英畝的土地，毗鄰墨西哥的主要道路之一，具有最佳的連通性。這一一流的位置非常適合最後一英里的配送和物流，也是 Vesta 在墨西哥城和擁有獎杯資產的大都市地區不斷擴大的足蹟的又一補充。我們預計將在不久的將來在這塊土地上開始建設。

As you have heard me comment in the past, we believe Mexico nearshoring is essentially still in its early stages. During the first quarter 2023, we continue to see American, European and Asian businesses moved their manufacturing operations to Mexico. Nearshoring represents a viable and enduring long-term solution to the challenges many companies faced when operating in other markets.

正如您過去聽到我評論的那樣，我們認為墨西哥近岸外包基本上仍處於早期階段。 2023 年第一季度，我們繼續看到美國、歐洲和亞洲企業將製造業務轉移到墨西哥。近岸外包是解決許多公司在其他市場運營時面臨的挑戰的可行且持久的長期解決方案。

Economic and political factors have taken the bloom of the roads for manufacturing in China in particular. At the same time, the growth of Mexico and U.S. trade has reduced costs, improved quality and made the concept of nearshoring in Mexico, a truly viable if not sometimes superior alternative for U.S. manufacturers compelled to make the move.

經濟和政治因素尤其推動了中國製造業的蓬勃發展。與此同時，墨西哥和美國貿易的增長降低了成本，提高了質量，並使墨西哥近岸外包的概念對於被迫採取這一行動的美國製造商來說，成為一個真正可行的選擇，即使有時不是更好的選擇。

We have seen clear indications that Mexico is ready to meet the moment. This includes its manufacturing, which today is better able to handle increasing logistics demand also with a strengthened focus on research and development. Clearly, it is difficult for U.S. manufacturers to walk away from the billions of U.S. investments they have made in other markets. But the exodus to Mexico's friendlier shores started as a trickle but has become a steady stream. We believe this is a lifetime opportunity for Mexico industrial real estate in general and for Vesta in particular.

我們已經看到明確的跡象表明墨西哥已準備好迎接這一時刻。這包括其製造業，如今製造業能夠更好地應對日益增長的物流需求，同時也更加註重研發。顯然，美國製造商很難放棄他們在其他市場進行的數十億美元投資。但逃往墨西哥更友好的海岸的人一開始只是涓涓細流，但現在已經變成了源源不斷的人流。我們相信，這對於墨西哥工業房地產，尤其是 Vesta 來說，是千載難逢的機會。

Our state-of-the-art industrial parks and facilities have secured our reputations as Mexico's premier industrial real estate developer. 2023 marks Vesta's 25th anniversary. We have spent 25 years building and expanding a solid foundation, establishing deep relationships with the world's premier global companies and a presence in Mexico's most strategically relevant markets, all while assembling one of the most experienced operating teams in our industry, attracting each region's very best talent. And Vesta's 25 years of experience building the premier properties is an important differentiator for our clients.

我們最先進的工業園區和設施確保了我們作為墨西哥首屈一指的工業房地產開發商的聲譽。 2023 年是灶神星誕生 25 週年。我們花了 25 年的時間建立和擴大了堅實的基礎，與世界一流的跨國公司建立了深厚的關係，並在墨西哥最具戰略意義的市場中佔有一席之地，同時組建了我們行業中最有經驗的運營團隊之一，吸引了每個地區最優秀的人才天賦。 Vesta 在建造優質房產方面擁有 25 年的經驗，這對我們的客戶來說是一個重要的優勢。

While Vesta has seen challenging operating environments over the last 25 years, we are now witnessing the kind of explosive growth we have long anticipated based on the unique qualities that the Mexican manufacturing market represents. Today, Vesta is in the privileged position to have achieved both the size and the strategic vision to capture this moment, with the demonstrated ability to seize opportunities in a disruptive environment. We can and will continue to be opportunistic driven by our experience and entrepreneurial spirit.

雖然 Vesta 在過去 25 年裡經歷了充滿挑戰的運營環境，但我們現在正在見證基於墨西哥製造業市場所代表的獨特品質而期待已久的爆炸性增長。如今，維斯塔處於有利地位，無論是規模還是戰略願景都足以抓住這一時刻，並展示出在顛覆性環境中抓住機遇的能力。在我們的經驗和創業精神的推動下，我們可以而且將繼續抓住機會。

With that, let me turn it over to Juan, and I will return for some brief closing remarks. Thank you.

接下來，讓我把它交給胡安，然後我會回來做一些簡短的結束語。謝謝。

Thank you, Lorenzo, and good day, everyone. Let me begin with a summary of our first quarter results. Starting with our top line, as Loren mentioned, we had a strong start of the year with total revenues up 20% to $50.2 million, mainly due to rental revenue coming from new leases and inflationary adjustments on rental property during the quarter.

謝謝你，洛倫佐，大家好。讓我首先總結一下我們第一季度的業績。從營收開始，正如 Loren 提到的，我們今年開局強勁，總收入增長 20%，達到 5,020 萬美元，這主要是由於新租約帶來的租金收入以及本季度租賃物業的通脹調整。

As a reminder, most Vesta leases are indexed to inflation. Therefore, we continued to benefit from the favorable effect of higher-than-expected inflation on our top line results. In terms of the currency mix, $86.7 million of the first quarter revenue was denominated in dollars, decreasing from $87.1 million recorded in last year's comparable period.

提醒一下，大多數灶神星租賃都與通貨膨脹掛鉤。因此，我們繼續受益於高於預期的通脹對我們營收的有利影響。就貨幣組合而言，第一季度收入中以美元計價的收入為 8670 萬美元，低於去年同期的 8710 萬美元。

Turning to our cost structure. Total operating cost reached $3.2 million in this quarter from $2.2 million in the first quarter of 2022. This was mainly due to higher real estate taxes, maintenance and other property-related expenses as well as the increase in the number of leased properties in our portfolio. Net operating income increased 18.1% to $47.7 million, driven by higher rental revenues, while the margin contracted 120 basis points to 95%, mainly due to higher costs from rented properties. Administrative expenses were up 28.2%, reflecting again this quarter higher noncash expenses due to an increase in the company's long-term compensation plan. In turn, EBITDA reached $42 million in the first quarter of the year, an 18.6% increase compared to the prior year's quarter. And the margin decreased 60 basis points to 83.7% as compared to the 84.3% from the same quarter last year.

轉向我們的成本結構。本季度的總運營成本從 2022 年第一季度的 220 萬美元增至 320 萬美元。這主要是由於房地產稅、維護和其他房地產相關費用增加以及我們投資組合中租賃房產數量的增加。由於租金收入增加，淨營業收入增長 18.1% 至 4770 萬美元，而利潤率收縮 120 個基點至 95%，主要是由於租賃物業成本上升。管理費用增長 28.2%，再次反映出本季度因公司長期薪酬計劃增加而導致的非現金費用增加。反過來，今年第一季度的 EBITDA 達到 4200 萬美元，比去年同期增長 18.6%。利潤率較去年同期的84.3%下降60個基點至83.7%。

Moving down the P&L. Total other income reached $4.3 million compared to $27.4 million in the first quarter 2022. This decrease was mainly due to lower property valuation gains and higher interest expense, partially offset by a positive variance in foreign exchange results. As a result, we closed the quarter with a pretax income of $43.1 million compared with $60.8 million in the first quarter of 2022, while the pretax FFO increased $21.6 million to $30.4 million and NAV per share increased 10.1% to $2.87 from $2.61 per share in the same quarter of 2022.

損益表向下移動。其他收入總額達到 430 萬美元，而 2022 年第一季度為 2740 萬美元。這一下降主要是由於財產估值收益下降和利息支出增加，部分被外匯結果的正差異所抵消。結果，我們本季度的稅前收入為 4,310 萬美元，而 2022 年第一季度為 6,080 萬美元，稅前 FFO 增加了 2,160 萬美元，達到 3,040 萬美元，每股資產淨值從 2022 年第一季度的每股 2.61 美元增加到 2.87 美元，增長 10.1%。 2022 年同季度。

Now, turning to our CapEx and portfolio composition. We invested $54.2 million in the quarter, mainly in the construction of new buildings in the Northern and Bajio regions as of March 2023. The total value of the portfolio was $2.79 billion, comprised of 202 high-quality industrial assets with a total G&A of 33.7 million square foot and with 86.7% of total income denominated in dollars. Year-over-year, our stabilized portfolio grew 5.6% to $33.1 million in square feet with an occupancy of 96.7% from 94.3% in the first quarter of last year. Our land bank stood at 38 million square feet as of March 2023 and remained unchanged from December 2022.

現在，轉向我們的資本支出和投資組合構成。我們本季度投資了 5420 萬美元，主要用於截至 2023 年 3 月在北部和巴希奧地區建設新建築。投資組合總價值為 27.9 億美元，由 202 項優質工業資產組成，總管理費用為 33.7百萬平方英尺，總收入的 86.7% 以美元計價。我們的穩定投資組合同比增長 5.6%，達到 3,310 萬平方英尺，入住率從去年第一季度的 94.3% 升至 96.7%。截至 2023 年 3 月，我們的土地儲備為 3800 萬平方英尺，與 2022 年 12 月相比保持不變。

Turning to our balance sheet. We closed the quarter with a total debt of $930 million. Net debt-to-EBITDA was 5.3x, and our loan-to-value ratio was 32%. Cash and equivalents stood at $98 million that, together with our $200 million committed credit line provides us with total liquidity position of nearly $300 million at the end of the first quarter. Subsequent to quarter end, on April 17, we paid a cash dividend for the first quarter of 2023, equivalent to MXN 1.39 per share in ordinary share.

轉向我們的資產負債表。本季度結束時，我們的債務總額為 9.3 億美元。淨債務與 EBITDA 之比為 5.3 倍，貸款價值比為 32%。現金和等價物為 9800 萬美元，加上我們承諾的 2 億美元信貸額度，截至第一季度末，我們的流動性頭寸總額接近 3 億美元。季度末後，即 4 月 17 日，我們支付了 2023 年第一季度的現金股息，相當於每股普通股 1.39 墨西哥比索。

With that, this concludes our first quarter 2023 review. Operator, could you please open the floor for questions?

我們的 2023 年第一季度回顧到此結束。接線員，您可以開始提問嗎？

(Operator Instructions) So our first question comes from Carlos Peyrelongue from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Carlos Peyrelongue。

Gentlemen, congratulations on the strong results. 2 questions, if I may. First one, if you could give us an idea of what was the positive lease spread that you got during the quarter for those contracts that expired that were renovated during the quarter? And secondly, if you could give us some idea of occupancies in your key markets just to get a sense of how they've been evolving on a quarter-over-quarter basis, if you have that number?

先生們，祝賀我們取得了優異的成績。如果可以的話，我有兩個問題。首先，您能否告訴我們，您在本季度獲得的那些在本季度翻新的到期合同的正租賃利差是多少？其次，您能否向我們介紹一下您的主要市場的入住率，以便了解它們每季度的變化情況（如果您有這個數字）？

Carlos, thank you for the questions. On the lease spreads, we didn't have that many maturities during the quarter. And we had a lease-up spread of between 5% and 15% over and above inflation, depending on the markets, as you would expect, Northern markets more positive than central markets.

卡洛斯，謝謝你的提問。就租賃利差而言，本季度我們沒有那麼多到期日。我們的租賃利差超出通貨膨脹率，在 5% 到 15% 之間，具體取決於市場，如您所料，北方市場比中部市場更積極。

And any form of the occupancy?

以及什麼形式的佔用？

On that we continue to extend the maturity profile of the portfolio, even on the rollover. So that's very positive for us.

在此基礎上，我們繼續延長投資組合的期限，甚至在展期時也是如此。這對我們來說非常積極。

And the second question was on occupancy of?

第二個問題是關於入住率？

Your key markets?

您的主要市場？

Let me get back to you and we have on the top of my head. But by the end of the conference call, I will just.

讓我回到你身邊，我們已經在我的頭頂上了。但在電話會議結束時，我會的。

Our next question comes from Rodolfo Ramos at Bradesco.

我們的下一個問題來自布拉德斯科的魯道夫·拉莫斯。

A couple of questions as well on my side. Just looking at the 20% of GLA that expires this and next year, can you tell us how much of that do you expect to reset to market rate and how much of that has extensions still left? And if you can quantify the magnitude of adjustment you would expect there.

我這邊也有幾個問題。只要看看今年和明年到期的 20% 的 GLA，您能告訴我們您預計其中有多少會重置為市場利率，還有多少還剩下延期嗎？如果你能量化你所期望的調整幅度。

Okay. So can you just briefly repeat the question? I got lost in the stringent thoughts. Sorry about that. That was my mistake.

好的。那麼你能簡單地重複一下這個問題嗎？我迷失在嚴格的想法中。對於那個很抱歉。那是我的錯誤。

No, no. Just when we look at the GLA that expires this and next year, I just want to get a sense of how much of those contracts that expire do you expect to reset to market rate? In other words, how much of -- or the other way around, how much of that -- how many of -- how much of those -- that GLA that is expiring, has extensions that tenants can still extend at current rates with inflation?

不，不。就在我們查看今年和明年到期的 GLA 時，我只是想了解一下，您預計在這些到期合同中有多少會重置為市場利率？換句話說，有多少——或者反過來說，有多少——有多少——有多少——即將到期的 GLA 可以延期，租戶仍可以按當前通貨膨脹率延期。 ？

Sure. Look, it is a very common picture in the leases that we have. And I would venture to say that the leases that the market as a whole has that most of leases have 2 extensions of 3 or 5 years. That's very common.

當然。看，這是我們租約中非常常見的情況。我敢說，整個市場的租賃，大多數租賃都有兩次3年或5年的延期。這很常見。

The way that we manage this is we typically get close to the clients and that's one of our most important differentiating factors. The fact that we are -- the company has its own asset managers and we are very close to the clients. And what we do is that in spite of the short-term extensions that the contracts have, we invest in the properties because most clients will have the requirements of property improvements and what have you. And we trade off the investments of our CapEx into the properties in order to upgrade the time frame of extensions.

我們管理這一點的方式通常是貼近客戶，這是我們最重要的差異化因素之一。事實上，我們公司有自己的資產管理公司，而且我們與客戶非常接近。我們所做的是，儘管合同有短期延期，我們還是投資房產，因為大多數客戶都會有房產改善的要求以及你擁有的東西。我們將資本支出的投資權衡到財產上，以提高延期的時間框架。

So instead of a 3 or 5-year extension, we typically do 7 years, 5 years, if it's a 3, whatever. And then we calculate the rent, so that we get over the in-place rent. That tends to be a winning proposition. We have a better building, which is a priority for our company. And the client gets to have the TIs that they require at a minimal expense to them. For example, sometimes they require larger, I don't know, larger lounge and room the heavy doors and certain improvements, and we trade off those 2 things. So that's the way we manage rollovers.

因此，我們通常不會延長 3 年或 5 年，而是延長 7 年、5 年，如果是 3 年，等等。然後我們計算租金，這樣我們就可以超過就地租金。這往往是一個成功的主張。我們擁有更好的建築，這是我們公司的首要任務。客戶可以以最低的費用獲得他們需要的 TI。例如，有時他們需要更大的，我不知道，更大的休息室和房間，沉重的門和某些改進，我們權衡了這兩件事。這就是我們管理展期的方式。

Okay. And just a second one, when we look at your land reserve, roughly about 10% is in the Monterrey market. And you're currently already developing something in the Apodaca submarket. So my question is, is there anything in that specific market; holding you back to develop the rest of your land reserve sooner than perhaps you indicated in your pipeline? And if you have any presence in the Santa Catarina or Escobedo submarkets, which are -- which is where Tesla or close to where Tesla and suppliers will be setting up operations. I just want to get a sense whether you have any bottlenecks there that might be holding you back? And what -- how does your land reserve look in that submarket?

好的。第二個，當我們查看你們的土地儲備時，大約 10% 左右在蒙特雷市場。您目前已經在 Apodaca 子市場開發一些產品。所以我的問題是，那個特定市場有什麼東西嗎？阻礙您比您在計劃中指定的時間更早開發剩餘的土地儲備嗎？如果您在聖卡塔琳娜州或埃斯科貝多子市場有業務，這些子市場是特斯拉或靠近特斯拉和供應商將開展業務的地方。我只是想了解一下您是否有任何阻礙您前進的瓶頸？那麼，您在該子市場的土地儲備情況如何？

Sure, great question. As you are well aware, we have penetrated the Monterrey market with 2 very successful projects, the first one been in Guadalupe, where we were able to lease up to Copel to OXXO and Amazon, among others, and our second project in Apodaca.

當然，很好的問題。如您所知，我們已經通過兩個非常成功的項目打入了蒙特雷市場，第一個項目位於瓜達盧佩，在那裡我們能夠將 Copel 租賃給 OXXO 和亞馬遜等公司，第二個項目位於阿波達卡。

In Apodaca, our first anchor project was leased or the first 2 buildings to Polaris, which is one of the greatest news we have for this quarter. And part of the land that we still have in Apodaca, part of it. We're considering an expansion also. There could be a potential expansion for the anchor tenant. However, we are also expanding and developing 2 new inventory buildings in Monterrey. And hopefully, throughout the year, we're going to be able to lease them up even before finalizing construction. As the year continues, we are paving the ground. So that we can start construction of the additional land as soon as we can be able to keep on leasing up. So we feel very comfortable that while this period of marketing, we're going to be able to put the infrastructure in place, the organization for the land. And I'm pretty sure that this privileged location will benefit from the strong market.

在阿波達卡，我們的第一個主力項目或前兩棟建築被出租給北極星，這是我們本季度最棒的消息之一。我們在阿波達卡仍然擁有一部分土地，一部分。我們也在考慮擴展。主力租戶可能會有擴張的潛力。然而，我們還在蒙特雷擴建和開發兩座新的庫存大樓。希望全年我們都能夠在竣工之前就將它們出租。隨著這一年的繼續，我們正在鋪平道路。這樣，一旦我們能夠繼續租賃，我們就可以開始建設額外的土地。因此，我們感到非常放心，在這段營銷期間，我們將能夠將基礎設施和土地組織到位。我非常確定這個優越的地理位置將受益於強勁的市場。

Now clearly, Apodaca is the most traditional industrial market in Monterrey, which is in the opposite side to Santa Catarina, where Tesla is going. However, we feel very comfortable by having land in the opposite side to Tesla, because Tesla also represents a challenge when it comes to labor. And if you develop a building that is not -- that is next to Tesla, the clients might have a challenge for labor. And we think that the Apodaca and Guadalupe region where we're at is a privilege in terms of having accessibility to labor, accessibility for logistics.

現在很明顯，阿波達卡是蒙特雷最傳統的工業市場，位於特斯拉要去的聖卡塔琳娜州的對面。然而，我們對在特斯拉對面的土地感到很舒服，因為特斯拉在勞動力方面也帶來了挑戰。如果你開發的建築不在特斯拉旁邊，那麼客戶可能會面臨勞動力方面的挑戰。我們認為，我們所在的阿波達卡和瓜達盧佩地區在獲得勞動力和物流方面享有特權。

And even for suppliers of Tesla, it has even a great connectivity in the most desired industrial market. But we are excited about the Tesla announcement. And I'm pretty sure that it will benefit Santa Catarina, Monterrey and even the rest of Mexico for its supplier base.

甚至對於特斯拉的供應商來說，它甚至在最理想的工業市場上也擁有出色的連接性。但我們對特斯拉的宣布感到興奮。我非常確定這將使聖卡塔琳娜州、蒙特雷甚至墨西哥其他地區的供應商基地受益。

Our next question comes from Vanessa Quiroga at Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Vanessa Quiroga。

My question is about your growth plans. It's clear would you like to concentrate your development growth going forward? And how you expect to get the funding for the growth? I mean, after the shareholders meeting, just any update on those plans would be great. And also, any update on the environment in Bajio and on timing for Bajio to become a more attractive region for the nearshoring trend. And so that Vesta is able to use more rapidly its land bank in the region.

我的問題是關於你們的發展計劃。很明顯您想集中精力繼續發展嗎？您預計如何獲得增長所需的資金？我的意思是，在股東大會之後，這些計劃的任何更新都會很棒。此外，有關 Bajio 環境的任何最新信息以及 Bajio 成為對近岸趨勢更具吸引力的地區的時機。這樣維斯塔就能更快地利用其在該地區的土地儲備。

Thank you, Vanessa, and thank you for your question. We are executing very successfully the development pipeline for the $1.1 billion we presented last year in our Vesta Day. That actually, fortunately, is coming quicker than expected. Which markets are we -- do we see with a major demand? Well, it's clearly the 5 strategic markets that we defined as the 5 Olympic rings. But we're currently very active in Tijuana with a mega region project.

謝謝你，瓦妮莎，謝謝你的問題。我們正在非常成功地執行去年在灶神日上提出的 11 億美元的開發計劃。幸運的是，這實際上來得比預期要快。我們認為哪些市場有主要需求？嗯，這顯然是我們定義為奧運五環的 5 個戰略市場。但我們目前在蒂華納的一個大型地區項目非常活躍。

We are very active with the new land acquisition we did in Juarez, very close to the Saragossa bridge crossing. And we've actually leased to DB Schenker, a great logistic company from Germany, focusing the integration of supply chains for the electronics business. And that was the first project that we were leasing. And we're going to be very active in Juarez too and we have land to develop still for the next upcoming years. Again, Monterrey that I recently mentioned, Mexico City with 2 projects that are going to be real iconic projects for Vesta in the Mexico City area. And Bajio is coming actually -- it's coming -- it's getting back on track. And we might see a greater commercial and leasing activity, particularly in the Creator market and Guanajuato. So we are seeing that there is a strong demand in these major markets even just to mention Guadalajara is another market that we're very strong at. And we have been able to lease at under great conditions. And ideally, if this continues to move as fast as it is happening, we're going to be able to invest about $250 million per year. And the idea after we got the shareholder approval to raise equity; ideally, if -- when markets permit at some point, we might have an equity issuance and that's something that we have talked already with existing shareholders. We see a strong pipeline, even on top of our existing pipeline that is little by little building up with a strong demand in most of these markets. And therefore, we see that we might have an opportunity to raise capital and put money to work even that we have a strong balance sheet. We believe that this is a great path going forward to particularly take advantage of the great opportunities in the market and the strong operational presence that Vesta has in many of these dynamic markets.

我們非常積極地在華雷斯收購了新的土地，非常靠近薩拉戈薩大橋。我們實際上已經租給了德鐵信可（DB Schenker），這是一家來自德國的大型物流公司，專注於電子業務供應鏈的整合。這是我們租賃的第一個項目。我們也將在華雷斯非常活躍，並且我們還有土地可以在未來幾年進行開發。再次，我最近提到的蒙特雷，墨西哥城有兩個項目將成為維斯塔在墨西哥城地區真正的標誌性項目。 Bajio 真的來了——它來了——它正在回到正軌。我們可能會看到更多的商業和租賃活動，特別是在創作者市場和瓜納華托。因此，我們看到這些主要市場的需求強勁，甚至僅提及瓜達拉哈拉是我們非常擅長的另一個市場。我們已經能夠在良好的條件下出租。理想情況下，如果這種情況繼續以目前的速度發展，我們每年將能夠投資約 2.5 億美元。以及我們獲得股東批准後籌集股權的想法；理想情況下，如果市場允許的話，我們可能會發行股票，這是我們已經與現有股東討論過的事情。我們看到了一個強大的管道，甚至在我們現有的管道之上，隨著大多數市場的強勁需求而逐漸建立起來。因此，我們認為，即使我們擁有強大的資產負債表，我們也可能有機會籌集資金並投入資金。我們相信，這是一條偉大的前進道路，特別是利用市場上的巨大機遇以及維斯塔在許多充滿活力的市場中擁有的強大運營實力。

So our next question comes from Jorel Guilloty at Goldman Sachs.

我們的下一個問題來自高盛的 Jorel Guiilloty。

I actually have 2. One is you made it clear that on your Investor Day and you just repeated that you're focused on the $1.1 billion development pipeline. But I was also wondering, as you look at your valuation and you look at opportunities if M&A is something that could be of interest or is something that you might think about.

我實際上有 2 個想法。一是您在投資者日明確表示，您只是重申您專注於 11 億美元的開發渠道。但我也想知道，當你審視你的估值並審視併購機會時，併購是否是你可能感興趣或可能考慮的事情。

Just any color you can provide on that possible consolidation strategy would be helpful.

您可以為該可能的整合策略提供的任何顏色都會有所幫助。

And then, my other question is around Bajio dynamics. We actually saw, I believe it was one also that saw a decline in occupancy quarter-to-quarter. So I was just wondering if you can talk a little bit about what drove that and as I look at Bajio in general, I mean, you do have that delta between the north and the central regions of Mexico. It's 8% vacancy in Bajio, 2% vacancy in the North and about the same in Central Mexico. How do you see that developing in your existing portfolio in terms of perhaps closing that delta between the Bajio and the rest of Mexico? Like, what's the time frame, how do you think it will happen and so on?

然後，我的另一個問題是關於 Bajio 動力學。我們實際上看到，我相信這也是入住率逐季度下降的情況。所以我只是想知道你是否可以談談是什麼推動了這一點，當我總體上看待巴吉奧時，我的意思是，墨西哥北部和中部地區之間確實有三角洲。 Bajio 的空置率是 8%，北部的空置率是 2%，墨西哥中部的空置率也差不多。您如何看待現有投資組合中可能關閉巴吉奧與墨西哥其他地區之間三角洲的發展？比如，時間範圍是多少，你認為它會如何發生等等？

Thank you, Jorel, and good question. And I will start by the light one. First, I think that as long as we continue growing and expanding according to our strategy in the main regions, this will clearly balance out well our diversification among markets. So clearly, we're not only a developer in the Bajio, but it's an important market. But we are also a leader in markets like Tijuana, where we are the largest landlord in Tijuana. And we have over 6 million square feet that we are currently developing. And we're seeing new opportunities coming in that market.

謝謝你，喬雷爾，這是個好問題。我將從輕的開始。首先，我認為只要我們繼續按照我們在主要地區的戰略進行增長和擴張，這顯然會很好地平衡我們在市場之間的多元化。顯然，我們不僅是 Bajio 的開發商，而且還是一個重要的市場。但我們也是蒂華納等市場的領導者，我們是蒂華納最大的房東。我們目前正在開發的面積超過 600 萬平方英尺。我們看到該市場出現了新的機會。

The same for Juarez and Monterrey, where we have -- as mentioned, we have been able to not only close with great tenants. But we are paving the growth for the upcoming -- for the upcoming years in these 2 markets are going to be very dynamic and the rest for Mexico City and Guadalajara. So having said that, if we continue growing and we eventually get to 50 million square feet, this will balance out well and close that particular delta that you mentioned between the different markets. And we'll have -- so we're going to be seeing very, very soon a very well-balanced portfolio on Vesta being a leader in the most dynamic markets and continue to take advantage of the markets that will foster growth.

華雷斯和蒙特雷也是如此，正如前面提到的，我們不僅能夠與優秀的租戶達成協議。但我們正在為未來的增長鋪平道路——未來幾年，這兩個市場將非常活躍，其餘市場將在墨西哥城和瓜達拉哈拉。話雖如此，如果我們繼續增長並最終達到 5000 萬平方英尺，這將很好地平衡並縮小您提到的不同市場之間的特定三角洲。我們很快就會看到 Vesta 的投資組合非常均衡，成為最具活力的市場的領導者，並繼續利用市場來促進增長。

And the Bajio, we believe that we'll continue to show growth, show resilience with great companies and have a -- and will show also long-term sustainability opportunities in the strong industrial markets.

對於 Bajio，我們相信我們將繼續展現增長，展現與偉大公司的韌性，並在強大的工業市場中展現長期可持續發展的機會。

Regarding M&A, as you remember, last quarter, we were able to acquire in the state of Mexico, a couple assets related to the supply chain of electric vehicles business for Stellantis, Chrysler, Expressed, --. And our approach will continue to be opportunistic. We have such a great pipeline of development with great quality assets in the best markets at very attractive returns, development yields of 10%. So we will continue to do acquisitions whenever there is an opportunity to buy at discounts to replacement costs at attractive yields and particularly at yields that we believe that are accretive for our net asset value per share focus.

關於併購，如您所知，上個季度，我們在墨西哥州收購了 Stellantis、克萊斯勒、Expressed 等公司與電動汽車業務供應鏈相關的幾項資產。我們的做法將繼續是機會主義的。我們擁有如此豐富的開發項目，在最好的市場擁有優質資產，回報率非常有吸引力，開發收益率為 10%。因此，只要有機會以相對於重置成本的折扣、具有吸引力的收益率進行收購，尤其是我們認為能夠增加我們關注的每股淨資產價值的收益率，我們將繼續進行收購。

There has been some activity in the lower 6% range on acquisitions. We think that on that range, it's really hard to increase value on a net asset value per share basis. And also, there has been also other type of consolidations. But particularly in markets where we do not necessarily would like to focus or the quality of assets do not match our strategy. So we're going to be very careful on the acquisitions. Thankfully, we have a strong development pipeline that actually is not only accelerating but might even at some point increase.

低於 6% 的範圍內出現了一些收購活動。我們認為，在這個範圍內，每股資產淨值的價值確實很難增加。此外，還有其他類型的合併。但特別是在我們不一定願意關注或資產質量與我們的戰略不匹配的市場。因此，我們對收購將非常謹慎。值得慶幸的是，我們擁有強大的開發渠道，實際上不僅在加速，甚至可能在某個時候增加。

Loren, a follow-up, if I may. You mentioned affixes for M&A. Do you think there could be pressure for that to go even lower?

洛倫（Loren），如果可以的話，請跟進。您提到了併購的詞綴。您認為是否存在進一步降低的壓力？

Yes, there's a lot of appetites to enter the Mexican industrial market. And I mentioned 6. But I heard that it has been even below 6. That is just a reference. That is just a reference. There's, a lot of appetite. This is an industry that represents great risk-adjusted returns. And I'm pretty sure that our cap rates will continue to be very well bid. This is a fantastic asset class with long-term opportunities. And if you compare with other asset classes, which are currently being punished and are actually, in many cases, driven by pesos.

是的，進入墨西哥工業市場的興趣很大。我提到了6。但是我聽說它甚至低於6。這只是一個參考。這只是一個參考。很有食慾啊這是一個代表著巨大風險調整回報的行業。我非常確定我們的上限利率將繼續保持良好的出價。這是一個具有長期機會的絕佳資產類別。如果你與其他資產類別進行比較，這些資產類別目前正在受到懲罰，並且實際上在許多情況下是由比索驅動的。

Interest rates in pesos are at 12%, 13%, 14% when it comes to a loan. That's why if you consider and if you compare it with dollar leases, long-term leases, great companies in a hot market like the industrial sector globally. It doesn't surprise me to see these low cap rates.

貸款利率以比索計為 12%、13%、14%。這就是為什麼如果你考慮並將其與美元租賃、長期租賃、全球工業部門等熱門市場中的偉大公司進行比較。看到如此低的資本化率，我並不感到驚訝。

And that's actually makes us actually focus on the development because developing a 10% and having yields at 6% for good quality assets, that's the most attractive and appealing value proposition that we can find.

這實際上讓我們真正專注於開發，因為開發 10% 的優質資產並獲得 6% 的收益率，這是我們能找到的最具吸引力和吸引力的價值主張。

Our next question comes from Andre Mazini at Citi.

我們的下一個問題來自花旗銀行的安德烈·馬齊尼。

So 2 quick questions. The first one, a little bit of a follow-up on stuff people have asked. Why do you think nearshoring is -- happening, the most in Monterrey and Saltillo, right? So 60% of nearshoring is happening over there, Monterey and Saltillo, at least regarding the numbers we have. So do you think it's just a matter of proximity to the U.S.? Of course, it's the biggest city among the few metropolis' of Mexico, which is closest to the U.S. It's just a matter of proximity or something else, maybe public policy, infrastructure, so on and so forth. So another way of asking, what Monterrey has that maybe the Bajio still doesn't have to capture the 60% share of nearshoring, which is definitely a lot? And the second one would be on the likely dual listing, right, that you guys are considering doing. So talk a little bit about the cost benefit analysis of doing a dual listing. On our one hand, you could increase costs, compliance costs with another stock exchange and maybe split liquidity, right, among 2 stock exchanges. But on the other hand, you can probably tap a new investor base, right, being in another stock exchange. So how do you guys think about the trade-offs there?

所以有兩個簡單的問題。第一個是對人們提出的問題的一些後續行動。您認為為什麼近岸外包在蒙特雷和薩爾蒂約發生得最多，對嗎？因此，60% 的近岸外包發生在蒙特利和薩爾蒂約，至少就我們掌握的數字而言是這樣。那麼你認為這只是靠近美國的問題嗎？當然，它是墨西哥少數大都市中最大的城市，距離美國最近。這只是距離或其他原因的問題，也許是公共政策、基礎設施等等。那麼換一種方式問，蒙特雷有什麼，也許 Bajio 仍然不必佔據近岸外包 60% 的份額，這絕對是很多？第二個可能會出現在你們正在考慮做的雙重列表上，對吧。那麼談談雙重上市的成本效益分析吧。一方面，您可能會增加成本、與另一個證券交易所的合規成本，並且可能會在兩個證券交易所之間分配流動性，對吧。但另一方面，你可能可以利用新的投資者基礎，對吧，在另一個證券交易所。那麼你們如何看待那裡的權衡呢？

Thank you, Andre, and thank you for your question. Well, first of all, I think that -- when it comes to nearshoring, clearly, many of these companies are fully related to the U.S. And that's why we -- normally, this starts at the border or the north part of Mexico, Monterrey being a part of the north part of Mexico. Monterey is the largest market, industrial market in Mexico. And that's why I believe that it has attracted the attention of nearshoring opportunities initially in the north -- in this area first.

謝謝你，安德烈，也謝謝你的問題。嗯，首先，我認為，當談到近岸外包時，很明顯，這些公司中有許多與美國完全相關，這就是為什麼我們通常從邊境或墨西哥北部、蒙特雷開始是墨西哥北部的一部分。蒙特雷是墨西哥最大的工業市場。這就是為什麼我相信它首先引起了北方近岸外包機會的關注——首先是在這個地區。

We think that this will have an impact in the rest of the country, Bajio, Central Mexico, actually 2. And I think that -- and I think that it's very -- it's -- we're going to see that impacting the whole country. Again, I think that Monterrey is also doing a great job attracting investment and it's a great city. So therefore, I think that today, it's very appealing to consider projects in Monterrey. However, we think that this wave of nearshoring, we think, is just starting. And we're going to see a lot more of foreign direct investment coming into electric vehicle business industry, electronic industry, even aerospace industry. The decoupling from China is even considering industries that are -- were gone a long time ago, like textile industry somehow and the garment industry. So it's going to be interesting how this impacts the rest of the country.

我們認為這將對該國其他地區產生影響，實際上是墨西哥中部的巴希奧 2。我認為——而且我認為這非常——我們將看到這對整個國家產生影響國家。我再次認為蒙特雷在吸引投資方面也做得很好，它是一座偉大的城市。因此，我認為今天考慮在蒙特雷開展項目非常有吸引力。然而，我們認為這波近岸外包浪潮才剛剛開始。我們將看到更多的外國直接投資進入電動汽車行業、電子行業，甚至航空航天行業。與中國脫鉤甚至考慮到了很久以前就消失的行業，比如紡織業和服裝業。因此，這將如何影響該國其他地區將會很有趣。

On your second question, well, we will consider and analyze different alternative markets. There's, some alternatives also to -- for dual listing. So for the moment, we're just analyzing and we will, for sure, make the decision where it would make the most sense for the company.

關於你的第二個問題，我們會考慮和分析不同的替代市場。對於雙重上市，還有一些替代方案。因此，目前我們只是進行分析，我們肯定會做出對公司最有意義的決定。

Our next question comes from Francisco Suarez at Scotiabank.

我們的下一個問題來自豐業銀行的弗朗西斯科·蘇亞雷斯。

This is a great opportunity to talk to you. Thanks for this call. The question that I have is mostly on the -- on your pipeline. I mean you have roughly 3.6 million square feet of new GLA on spec property will be delivered over the next few quarters. Can you give us a sense of how much of that -- were pre-leased? How much -- what are your expectations on that?

這是一個與您交談的好機會。感謝您的來電。我的問題主要是關於你們的管道。我的意思是，大約有 360 萬平方英尺的新 GLA 規格房產將在未來幾個季度交付。您能否告訴我們其中有多少是預租的？多少錢——你對此有何期望？

Great, Francisco, thank you very much for your question. As you can see -- that you're completely right in our supplemental package, we -- out of the almost 4 million square feet that we are currently presenting under construction. It's almost 40% has been already pre-leased, which is a great number. However, the pipeline for us is not only what we have under construction. But what we're paving the road for. And we see a very strong pipeline coming in the upcoming years, a combination of inventory buildings as well as potential build-to-suits. Another -- an important way to see our -- not only our construction pipeline, but just look at the number of the projects that we are that we are currently in our lease-up stage or stabilized properties.

太好了，弗朗西斯科，非常感謝你的問題。正如您所看到的，您在我們的補充方案中完全正確，我們目前正在建設的近 400 萬平方英尺的面積中。近40%已被預租，這是一個很大的數字。然而，對我們來說，管道不僅僅是我們正在建設的管道。但我們正在鋪平道路。我們預計未來幾年將會出現非常強大的產品線，包括庫存建設以及潛在的定制產品。另一個重要的方式是查看我們的建設管道，而且只需查看我們目前處於租賃階段或穩定財產的項目數量。

Our stabilized properties that are not same stores, which are the projects that we pretty much developed throughout last year or end of 2021, 100% have been leased, which means that the market is incredibly strong. And even if we -- inventory buildings, even if it's either through construction phase or later, we are able to lease them up very, very quickly. The same for our lease properties and that's why our strategy for inventory buildings is still paying off. On top of that, with a high occupancy in our existing portfolio at, let's say, somewhere north of 96%. We think that it's the right time to continue developing inventory buildings or spec buildings. That's why we will continue to focus on the $250 million approximately of investment phase per year, balancing throughout inventory buildings and build-to-suit. But we think that the opportunity of developing and capture 10% returns on cost is very, very appealing. And that's why we're making strong moves to get ready as soon as possible. Demand is there. Good companies want to grow. And we are taking advantage of that particular opportunity. So we're going to continue to see a lot of construction throughout this period.

我們的穩定物業不是同一家商店，這些項目幾乎是我們去年或 2021 年底開發的項目，100% 已出租，這意味著市場非常強勁。即使我們庫存建築物，即使它已經完成建設階段或稍後，我們也能夠非常非常快地出租它們。我們的租賃物業也是如此，這就是為什麼我們的庫存建築策略仍然有效。最重要的是，我們現有的投資組合的入住率很高，比如說，超過 96%。我們認為現在是繼續開發庫存建築或規格建築的最佳時機。這就是為什麼我們將繼續專注於每年約 2.5 億美元的投資階段，平衡庫存建設和定制生產。但我們認為開發並獲取 10% 成本回報的機會非常非常有吸引力。這就是為什麼我們正在採取強有力的行動，盡快做好準備。需求是存在的。好的公司想要成長。我們正在利用這個特殊的機會。因此，在此期間我們將繼續看到大量建設。

And our next question comes from [Antoine Morten Goter] from GBM.

我們的下一個問題來自 GBM 的 [Antoine Morten Goter]。

Congrats on the results. I ask just 2 quick ones. One is, could you provide a breakdown on the $54 million CapEx you did during the quarter? And the second one is, I mean, we know that the energy infrastructure and other services in some regions of the country having kind of restricted. Have you seen any shift or efforts from governmental agencies to improve this?

祝賀結果。我只問兩個快速的問題。一是，您能否提供本季度 5400 萬美元資本支出的明細？第二個是，我的意思是，我們知道該國某些地區的能源基礎設施和其他服務受到某種限制。您是否看到政府機構為此做出了任何轉變或努力？

Sorry, it was hard to listen to the question. Can you repeat that again?

抱歉，很難聽清這個問題。你能再說一遍嗎？

Sure. Just if you could provide a breakdown on the $54 million CapEx you did during the quarter? And also if you have heard anything from governmental efforts or something to improve the restrictions and the lack of capacity and energy infrastructure and overall services in some regions of the country?

當然。您能否提供本季度 5400 萬美元資本支出的明細？另外，您是否聽說過政府為改善該國某些地區的限制以及能力、能源基礎設施和整體服務的缺乏所做的努力？

On the CapEx, look, the CapEx is basically executing the pipeline, the development pipeline that we have disclosed on the supplemental package. And it also encompasses some advanced payments on the various buildings that -- and projects that we are executing. So that's basically -- but we're closely following what you are seeing on the supplemental package on the pipeline. Just take a note that from when we start a new building, we do give an advanced payment. So that the supplier can -- the contractor can take a position on the key raw materials, think about the steel and concrete. And that's why we typically do a 30% or 35% even advance payments, so that they can secure the supply of those key elements. And they can comply with a very tight pricing that they provide to us. So basically, that's what you might see on the CapEx. But I think that the headline that we all should think about is that we expect this year to be another year of $250 million CapEx. And we see that to be executed without any issue.

在資本支出上，看，資本支出基本上是在執行管道，即我們在補充包中披露的開發管道。它還包括對我們正在執行的各種建築物和項目的一些預付款。所以這基本上是 - 但我們正在密切關注您在管道上的補充包中看到的內容。請注意，從我們開始建造新大樓時，我們確實會支付預付款。這樣供應商和承包商就可以在關鍵原材料上採取立場，考慮鋼材和混凝土。這就是為什麼我們通常會預付 30% 或 35% 甚至預付款，以便他們能夠確保這些關鍵元素的供應。他們可以遵守向我們提供的非常嚴格的定價。基本上，這就是您可能在資本支出上看到的內容。但我認為我們所有人都應該考慮的頭條新聞是我們預計今年資本支出將達到 2.5 億美元。我們看到它的執行沒有任何問題。

On the second question which is energy and infrastructure. Well, look, we work a lot with governmental agencies and local governments to secure the supply of those things well in advance. So when we plan for a part, we're already talking to the CFE to see how can we guarantee the supply of electricity. That implies significant investments. And we have the balance sheet to do that. And that is why when we have a part, it becomes a reference part in the regions that we operate because we plan well ahead in advantage for -- to get the necessary energy and other infrastructure, public infrastructure that we will need. That's basically what a good development does.

關於第二個問題，即能源和基礎設施。嗯，看，我們與政府機構和地方政府進行了大量合作，以提前確保這些東西的供應。所以當我們規劃一部分的時候，我們已經在和CFE談，看看如何保證電力供應。這意味著大量投資。我們有資產負債表來做到這一點。這就是為什麼當我們擁有一個零件時，它會成為我們運營地區的參考零件，因為我們提前做好了有利的計劃，以獲得我們需要的必要能源和其他基礎設施、公共基礎設施。這基本上就是一個好的開發的作用。

So our next question comes from Felipe Barragan from BTG Pactual.

我們的下一個問題來自 BTG Pactual 的 Felipe Barragan。

Congrats on the results. I have a couple of questions. My first one is on USD income. So you guys had a nice jump this quarter and we saw a strong peso. So I'm just curious on your thoughts on how you guys are navigating the current environment where Mexican peso is getting stronger and then how you guys are seeing the exposure of the currency for the firm. And my second question is on -- in the press release, you guys noted that you guys looked at the development and commercial teams to capture both manufacturing and e-commerce opportunities. I'm just curious, is there anything notable that you'd like to share from the time digging this quarter, digging more into these opportunities? Is there anything unique that you guys would like to share with us?

祝賀結果。我有一些問題。我的第一個是美元收入。所以你們本季度有一個不錯的跳躍，我們看到比索走強。因此，我很好奇你們對當前墨西哥比索走強的環境有何看法，以及你們如何看待該公司的貨幣風險。我的第二個問題是——在新聞稿中，你們注意到你們研究了開發和商業團隊，以抓住製造和電子商務機會。我只是很好奇，在本季度的挖掘過程中，您有什麼值得注意的事情想分享，更多地挖掘這些機會嗎？你們有什麼獨特的事情想與我們分享嗎？

So regarding the currency position of the company, as you know, we have always liked that Vesta is a long dollar, it has a very strong long dollar position. We believe that we're building -- I mean, we just had a 25-year anniversary.

因此，關於公司的貨幣頭寸，如您所知，我們一直喜歡 Vesta 是多頭美元，它擁有非常強勁的多頭美元頭寸。我們相信我們正在建設——我的意思是，我們剛剛度過了 25 週年紀念日。

We're building best and we continue to build best for the next 25 years. And I think that over the long term, having long-term leases and dollar-denominated leases are what will provide the best value for our shareholders.

我們正在打造最好的產品，並將在未來 25 年繼續打造最好的產品。我認為，從長遠來看，長期租賃和以美元計價的租賃將為我們的股東提供最大價值。

In the peso's strengthening, well, that's great. That puts some pressure on us. But over the long term, long-term dollar leases with an average maturity of 5 years does provide the quality of earnings that I think all of our shareholders value the most. We will continue to manage the cost implications of that by trying to have initiatives of cost savings so that my income statement stays profitable. We have a very profitable EBITDA. And we are keen on keeping that EBITDA as high as possible. So look, we think that we will continue to have this policy. We will not sell dollars forward to take advantage of the -- to get an advantage and have some kind of financial income for that. That's something that my shareholders can do on their own if they think so. But I will like the type of exposure that we provide to our shareholders. And so we'll just keep managing that.

比索走強，這很好。這給我們帶來了一些壓力。但從長遠來看，平均期限為 5 年的長期美元租賃確實提供了我認為我們所有股東最看重的盈利質量。我們將繼續通過嘗試採取節省成本的舉措來管理由此產生的成本影響，以便我的損益表保持盈利。我們的 EBITDA 利潤非常豐厚。我們熱衷於保持盡可能高的 EBITDA。所以看，我們認為我們將繼續實行這項政策。我們不會遠期出售美元來利用——獲得優勢並為此獲得某種財務收入。如果我的股東願意的話，他們可以自己做這件事。但我喜歡我們為股東提供的曝光類型。因此，我們將繼續管理這一點。

In relation to e-commerce and the type of clients that we're seeing; I have to underline that the clients that we're closing leases with is quite diverse. We're no longer seeing auto-only clients. We're seeing a well-diversified client base, e-commerce, industrial logistics, logistic for exports, health care, electronics significantly. And so it's quite widespread. And that's what you would expect on the initial phases of an expansion. And that's why we believe that the expansion that we're feeling is not a short-term phenomenon. It's rather a meeting and moving and it'll take years to reach the peak and to end the cycle. So we're quite optimistic in that regard.

關於電子商務和我們看到的客戶類型；我必須強調，我們與之簽訂租賃合同的客戶非常多樣化。我們不再看到僅限汽車的客戶端。我們看到了多元化的客戶群，尤其是電子商務、工業物流、出口物流、醫療保健、電子產品。所以它相當普遍。這就是您在擴展的初始階段所期望的。這就是為什麼我們相信我們所感受到的擴張不是短期現象。這更像是一次相遇和移動，需要數年時間才能達到頂峰並結束這個循環。所以我們在這方面非常樂觀。

Our next question comes from Mariel Abreu from T. Rowe Price.

我們的下一個問題來自 T. Rowe Price 的 Mariel Abreu。

I would like to have more color on how you go about securing the energy in the areas where you're growing? I have engaged in calls with people also close to the government. And the messaging is pretty negative in terms of the availability of infrastructure in certain regions, especially transmission and how limiting that could be for the nearshoring team and all the demand that may come to Mexico. So I will appreciate more color on your thoughts there. How companies will continue to come to Mexico if you have those limitations and also probably also the lack of access to keep energy, which is the other, I think, area of concern is if Mexico is really not supporting renewables, for example. Can you please comment on that? And then the second question is regarding debt appetite. I know you're waiting to raise equity. That's the plan. What about debt issuance in the international market?

我想了解更多有關您如何確保您正在種植的地區的能源的信息？我與也與政府關係密切的人士進行了通話。就某些地區基礎設施的可用性而言，這一消息相當負面，尤其是傳輸，以及這對近岸團隊和可能來到墨西哥的所有需求的限制。所以我會欣賞你的想法有更多的色彩。如果存在這些限制，而且可能還缺乏保持能源的機會，那麼公司將如何繼續來到墨西哥，我認為，另一個令人擔憂的領域是墨西哥是否真的不支持可再生能源。您能對此發表評論嗎？第二個問題是關於債務偏好。我知道你正在等待籌集股本。這就是計劃。國際市場發債情況如何？

Sure. Let me take the bottom and then the first. The bottom one is Mariel, we have a strong balance sheet. Right now, I mean, we have enough capacity in the balance sheet to execute this year's plan and thereafter. So we have a strong revolver, which is unused and we have committed revolver. And with -- it's a $200 million revolver with our cash on hand. We have no issue for the $250 million CapEx that we're planning. Regarding the debt issuance in the future, we will refinance the debt maturities that we have, when they are view, which is way in the future. So that's about it. We will come to the market as needed. I think that's why we keep managing the company to have flexibility and to be a rated company, BBB minus rating company by the 3 agencies and we manage the company to keep that rating. So we will access that market as needed.

當然。讓我先看底部，然後是第一個。最後一位是馬里埃爾，我們擁有強大的資產負債表。我的意思是，現在我們的資產負債表有足夠的能力來執行今年及以後的計劃。所以我們有一把強大的左輪手槍，未使用，我們已經承諾了左輪手槍。還有——這是一把價值2億美元的左輪手槍，還有我們手頭的現金。我們對計劃中的 2.5 億美元資本支出沒有任何意見。關於未來的債務發行，我們將對我們擁有的債務到期日進行再融資，這是未來的事情。就是這樣。我們會根據需要來到市場。我認為這就是為什麼我們繼續管理公司以保持靈活性並成為一家評級公司，BBB 減去 3 個機構的評級公司，我們管理公司以保持該評級。因此，我們將根據需要進入該市場。

And probably the energy, I can just comment that clearly, it has been a challenge. And it's the challenge that we have always been seeing in the last years, particularly current administration. However, I will only use a couple of examples that probably identified or let's say, reflect what's happening in our industry. The first one is Tesla in Monterrey. Tesla is bringing a huge investment, multibillion-dollar investment that will definitely require huge amounts of energy, not only energy, renewable energy. I don't know exactly the details, because they have not been provided. But I'm pretty sure that Elon Musk and his team has been able to secure some energy for their project. So that -- it's a good example that at some point, the government has to be somehow open to supply and have the transmission for projects like Tesla and other projects that I'm sure that will require major amounts of energy. However, in our -- the projects that we're developing, every time we start a project, we secured some energy so that our clients can have. And a good example is Tijuana. Tijuana is a project that will have 6 buildings. We have already leased up 3 of them. And the most recent one being leased to TCL, which is a Chinese company in the electronics sector, is the second building we lease to them. They do -- they do TVs and screens -- television screens that are quite attractive in the U.S. market. And they require energy. And we were able to secure the energy for our industrial park. We have put a large investment in the transmission internally of the park and the supply. So that we can have the energy for live manufacturing, for logistics and enough to capture this type of tenants, which actually are the bread and butter of Vesta. Any other major user of energy could probably be a challenge. But for the moment, the type of clients that Vesta has, we have been able to secure some of that. It's challenging, yes. But I think that our ability to develop for 25 years gives us the advantage of being close to the government agencies that require this, also to anticipate for potential demand. And I think that laying off that part of the investment from the beginning on is giving Vesta actually an advantage to other developers.

可能還有能量，我可以明確地評論說，這是一個挑戰。這是我們過去幾年一直看到的挑戰，特別是現任政府。然而，我只會使用幾個可能確定或者可以說反映我們行業正在發生的事情的例子。第一個是蒙特雷的特斯拉。特斯拉帶來了巨大的投資，數十億美元的投資，肯定會需要大量的能源，不僅僅是能源，可再生能源。我不知道具體細節，因為還沒有提供。但我非常確定埃隆·馬斯克和他的團隊已經能夠為他們的項目獲得一些能量。因此，這是一個很好的例子，在某種程度上，政府必須以某種方式開放供應，並為特斯拉等項目和我確信需要大量能源的其他項目提供傳輸。然而，在我們正在開發的項目中，每次我們啟動一個項目時，我們都會獲得一些能量，以便我們的客戶可以擁有。蒂華納就是一個很好的例子。蒂華納項目將擁有 6 棟建築。我們已經租了其中 3 個。最近租給 TCL（一家中國電子行業公司）的大樓是我們租給他們的第二棟大樓。他們做的——他們做電視和屏幕——電視屏幕在美國市場上相當有吸引力。他們需要能量。我們也能夠確保工業園區的能源供應。我們在園區內部的輸電和供電方面投入了大量資金。這樣我們就能有足夠的精力進行生產、物流，並有足夠的精力來吸引這類租戶，而這實際上是灶神星的麵包和黃油。任何其他主要能源用戶都可能是一個挑戰。但就目前而言，就灶神星擁有的客戶類型而言，我們已經能夠獲得其中的一些客戶。是的，這很有挑戰性。但我認為，我們 25 年的發展能力使我們有優勢，可以接近有此要求的政府機構，也可以預測潛在需求。我認為從一開始就取消這部分投資實際上給了 Vesta 相對於其他開發商的優勢。

This is reassuring the fact that you are able to secure energy for your pipeline. I guess I was focusing more on how -- what's the life of this nearshoring team if things can't keep up like this, just future demand being met by the supply of energy and how that's built up in Mexico, so in my mind, something that I'm keeping in mind.

令人放心的是，您能夠確保管道的能源。我想我更關注的是，如果事情不能像現在這樣發展下去，這個近岸團隊的生活會怎樣，​​只是通過能源供應來滿足未來的需求，以及墨西哥是如何建立這種需求的，所以在我看來，我一直牢記在心的事情。

No, definitely. And we will continue the conversation, Mariel. Thank you.

不，絕對是。我們將繼續談話，馬里爾。謝謝。

Perfect. Thank you very much and thank you for your questions.

完美的。非常感謝您並感謝您的提問。

I'd now like to turn the call back over to Mr. Berho for his concluding remarks. Please go ahead, sir.

現在我想將電話轉回給貝爾霍先生，讓他作總結髮言。請繼續，先生。

Thank you, operator. It's an exciting time for Vesta. We are focused on executing on our Level 3 strategy also with an eye towards the future ahead. 25 years have enabled unparalleled industry experience, deep client relationships and a privileged position within our markets. Vesta's nimble adaptability and entrepreneurial spirit will ensure we continue capturing today's exciting opportunities and delivering strong shareholder value.

謝謝你，接線員。對於維斯塔來說，這是一個激動人心的時刻。我們專注於執行我們的 3 級戰略，同時著眼於未來。 25 年的經驗讓我們擁有無與倫比的行業經驗、深厚的客戶關係以及在市場中的特權地位。 Vesta 靈活的適應能力和創業精神將確保我們繼續抓住當今令人興奮的機遇並提供強大的股東價值。

Thank you to entire Vesta team for your hard work and to our shareholders for partnering with us on the path ahead.

感謝整個 Vesta 團隊的辛勤工作，感謝我們的股東在未來的道路上與我們合作。

This concludes today's conference. You may now disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。