Vesta Real Estate Corporation SAB de CV (VTMX) 2024 Q1 法說會逐字稿

Greetings, ladies and gentlemen.

女士們、先生們，大家好。

Welcome to the Vesta first-quarter 2024 earnings conference call.

歡迎參加 Vesta 2024 年第一季財報電話會議。

(Operator Instructions) And as a reminder, this call is being recorded.

（操作員說明）謹此提醒，本次通話正在錄音。

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

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

Please go ahead.

請繼續。

Good morning, everyone, and welcome to our first-quarter earnings call.

大家早安，歡迎參加我們的第一季財報電話會議。

Presenting today with me is Lorenzo Dominique Berho, Chief Executive Officer; and Juan Sottil, our Chief Financial Officer.

今天與我一起出席的是執行長 Lorenzo Dominique Berho；和我們的財務長胡安·索蒂爾。

The earnings release detailing our first-quarter 2024 results was released yesterday after market close and is available on the company's website, along with our supplemental materials.

昨天收盤後，我們發布了詳細介紹 2024 年第一季業績的收益報告，並可在公司網站上取得以及我們的補充資料。

It's important to note on today's call, management remarks and answers to your questions may contain forward-looking statements.

值得注意的是，在今天的電話會議上，管理階層的言論和對您問題的回答可能包含前瞻性陳述。

Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ.

前瞻性陳述涉及可能導致實際結果不同的風險和不確定性的事項。

For more information on these risk factors, please review our public filings.

有關這些風險因素的更多信息，請查看我們的公開文件。

Vesta assumes no obligation to update any forward-looking statements in the future.

Vesta 不承擔未來更新任何前瞻性聲明的義務。

Additionally, note that all figures included herein were prepared in accordance with IFRS, which differs in certain significant respects from US GAAP.

此外，請注意，本文中包含的所有數據均根據 IFRS 編制，在某些重要方面與 US GAAP 有所不同。

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 US dollars unless otherwise noted.

所有資訊應結合我們的財務報表（包括其附註）閱讀並完整限定，除非另有說明，否則均以美元表示。

I'll now turn the call over to Lorenzo Berho.

我現在將把電話轉給洛倫佐·貝霍。

Thanks, Fernanda, and thank you, all, for joining us today. 2024 is off to a great start.

謝謝費爾南達，也謝謝大家今天加入我們。 2024 年是一個好的開始。

Our team maintained Vesta's strong track record of leasing activity during the quarter, capturing increasing rents on new and renewal leases, securing class A tenants for Vesta's development, and building out a solid pipeline for the future ahead.

我們的團隊在本季度保持了 Vesta 良好的租賃活動記錄，捕捉了新租約和續租租約不斷上漲的租金，為 Vesta 的開發爭取了 A 級租戶，並為未來建立了堅實的管道。

Probably our most exciting news for the quarter was Vesta's successful pre-lease to one of Latin America's largest e-commerce companies of our Mexico City Vesta Park Punta Norte for a substantial 890,000 square feet.

本季最令人興奮的消息可能是 Vesta 成功預租給拉丁美洲最大的電子商務公司之一墨西哥城 Vesta Park Punta Norte，面積達 89 萬平方英尺。

This is another significant milestone for Vesta and an important proof of concept for our company.

這是 Vesta 的另一個重要里程碑，也是我們公司的重要概念證明。

Vesta anticipated market trends in the early stages of Mexico's nearshoring wave.

Vesta 預測了墨西哥近岸浪潮早期階段的市場趨勢。

We turned our strategic focus towards gaining a first-mover advantage within Mexico's most strategically relevant infill locations, successfully leveraging time-earned relationships and our outstanding balance sheet to acquire some of our country's most strategically relevant land.

我們將策略重點轉向在墨西哥最具戰略意義的填充地點獲得先發優勢，成功地利用長期累積的關係和我們出色的資產負債表來收購我國一些最具戰略意義的土地。

Today, Vesta has built privileged position within Mexico's most desirable locations.

如今，Vesta 已在墨西哥最理想的地點建立了優越的地位。

Latin America's leading online marketplace has again chosen to partner with Vesta.

拉丁美洲領先的線上市場再次選擇與 Vesta 合作。

And the robust consumer demand we're seeing continues to drive e-commerce aggressive expansion, an important tailwind for Vesta in 2024 and beyond.

我們看到的強勁消費者需求將繼續推動電子商務的積極擴張，這是 Vesta 在 2024 年及以後的重要推動力。

Stabilized occupancy for the first-quarter 2024 increased 40 basis points to 97.1%, with a strong and geographically diverse client base, reflecting balanced sector exposure.

2024 年第一季的穩定入住率成長了 40 個基點，達到 97.1%，擁有強大且地理多元化的客戶群，反映了均衡的行業風險。

First-quarter leasing activity reached 2 million square feet; 1 million square feet from new leases, among them, the above leading Latin American e-commerce company; and nearly 1 million square feet of renewals.

第一季租賃活動達200萬平方英尺；新租約100萬平方英尺，其中包括上述領先的拉丁美洲電子商務公司；以及近100萬平方英尺的更新。

Last 12 months, e-commerce renewals and re-leasing spreads reached 8%.

過去12個月，電商續租和轉租價差達8%。

As a related comment, according to Colliers, first-quarter 2024 rental prices for Mexico's industrial space rose 22% year on year, with an average cost of $6.89 per square meter driven by nearshoring strength.

根據高力國際的相關評論，2024 年第一季墨西哥工業空間租金價格年增 22%，在近岸實力的推動下，平均成本為每平方公尺 6.89 美元。

Our focus for the first quarter was, therefore, on long-term objectives and establishing a solid foundation for the year.

因此，我們第一季的重點是長期目標並為今年奠定堅實的基礎。

We're evaluating land acquisitions with access to energy and utilities in urban infill locations, replicating the successful process I just described: acquire optimally located land, develop best-in-class spec buildings, and lease and re-lease to top-tier clients.

我們正在評估在城市填充地點獲取能源和公用設施的土地收購，複製我剛才描述的成功流程：收購位置最佳的土地，開發一流規格的建築，以及租賃和轉租給頂級客戶。

Meanwhile, we are expanding relationships with existing tenants and connecting with new clients, many of which are referrals, maintaining Vesta's proven disciplined approach to the continued development of state-of-the-art facilities.

同時，我們正在擴大與現有租戶的關係，並與新客戶（其中許多是推薦客戶）建立聯繫，保持 Vesta 久經考驗的嚴格方法來持續開發最先進的設施。

This ensures we maintain the industry's best-in-class portfolio.

這確保我們保持業界一流的產品組合。

The Vesta team has demonstrated ability to innovate to create value, with the capital to execute and importantly, develop aligned with our disciplined, sustainable, and profitable growth path.

Vesta 團隊展現了創新創造價值的能力，擁有執行的資本，更重要的是，按照我們紀律嚴明、可持續和盈利的成長道路進行發展。

Moving to the broader Mexico industrial real estate market, strong fundamentals continue to drive high rates of occupancy, particularly within our target markets.

轉向更廣泛的墨西哥工業房地產市場，強勁的基本面繼續推動高入住率，特別是在我們的目標市場內。

According to Kearney's 2024 Foreign Direct Investment Confidence Ranking released this month, Mexico has returned to the top 25 countries attracting the most foreign direct investment in the 21st position, after having disappeared from the FDI Confidence Ranking for the last four years.

根據柯爾尼本月發布的2024年外國直接投資信心排名，墨西哥在連續四年從外國直接投資信心排名中消失後，重返吸引外國直接投資最多的25個國家，排名第21位。

This was driven by capital invested in construction of plants, factories, and manufacturing production lines, which have migrated to Mexico from Asia and other places through nearshoring.

這是由投資於工廠、工廠和製造生產線建設的資本推動的，這些資本已透過近岸外包從亞洲和其他地方遷移到墨西哥。

The Mexican economy is expected to grow between 1.8% to 2.5% in 2024.

預計2024年墨西哥經濟將成長1.8%至2.5%。

And new incentives designed to boost nearshoring investment in 2024 and 2025 will help the economy as well.

旨在促進 2024 年和 2025 年近岸投資的新激勵措施也將有助於經濟。

Given that Vesta's primary focus for new developments is on land-constrained markets, we're well positioned in the current environment.

鑑於 Vesta 新開發案的主要重點是土地有限的市場，我們在當前環境中處於有利地位。

Touching upon some other relevant highlights from the first-quarter 2024, vesta's total portfolio occupancy increased to 94% from 93.4% last quarter, while stabilized and same-store occupancy increased to 97.1% and 97.4% from 96.7% and 97%, respectively.

談到2024 年第一季的其他一些相關亮點，Vesta 的投資組合總入住率從上季度的93.4% 增至94%，而穩定和同店入住率分別從96.7% 和97% 增至97.1% 和97.4 %。

We began construction on three new buildings in Monterrey and one in Bajio to one of Vesta's long-time clients, aligned with our growth plan and reflecting today's strong market dynamics.

我們開始為 Vesta 的長期客戶之一在蒙特雷建造三座新建築，在巴希奧建造一棟新建築，這符合我們的成長計劃並反映了當今強勁的市場動態。

Current construction in progress reached 4.1 million square feet by quarter-end and a $344 million estimated investment and a 10.1% yield on cost in Mexico City, Ciudad Juarez, Monterrey, and the Bajio.

截至季末，目前在建工程面積已達 410 萬平方英尺，墨西哥城、華雷斯城、蒙特雷和巴希奧的預計投資額為 3.44 億美元，成本收益率為 10.1%。

We again delivered strong financial results, as Juan will discuss in more detail, with a 20.1% increase in adjusted NOI to $57.4 million and an adjusted NOI margin and adjusted EBITDA margin, which reached 96% and 84.7%, respectively.

我們再次實現了強勁的財務業績，調整後的NOI 成長了20.1%，達到5,740 萬美元，調整後的NOI 利潤率和調整後的EBITDA 利潤率分別達到96% 和84.7%，Juan 將對此進行更詳細的討論。

Vesta ended the quarter with FFO at more than $40 million, a 32.4% increase year on year.

Vesta 本季末的 FFO 價值超過 4,000 萬美元，較去年同期成長 32.4%。

In closing, it was a great start to what we expect will be another excellent year.

最後，這是一個好的開端，我們預計這將是另一個出色的一年。

And while the outcome of our country's upcoming elections are uncertain, this quarter's results underscore that Vesta's path forward remains unchanged.

儘管我國即將舉行的選舉結果尚不確定，但本季的結果凸顯了灶神星的前進道路保持不變。

Both the US and Mexico benefit from robust institutional frameworks, strengthening consumer demand, and a broad range of industries that require premium industrial real estate to ensure uninterrupted supply chains.

美國和墨西哥都受益於健全的製度框架、不斷增強的消費者需求以及需要優質工業地產以確保供應鏈不間斷的廣泛行業。

Vesta is optimally positioned to capture this and other exciting opportunities.

灶神星處於最佳位置，可以抓住這個機會和其他令人興奮的機會。

Let me now pass our conversation to Juan, and I'll return for some brief closing remarks.

現在讓我把我們的談話轉給胡安，然後我會回來做一些簡短的結束語。

Thank you, Lorenzo, and good day, everyone.

謝謝你，洛倫佐，大家好。

Let me begin with a summary of our first-quarter results.

讓我先總結一下我們第一季的業績。

Starting with our top line, we have a strong start of the year, with total revenues which grew 21% to reach $60.6 million, mainly due to rental revenue coming from new leases and inflationary adjustments and rental property during the quarter.

從營收開始，我們今年開局強勁，總收入成長 21%，達到 6,060 萬美元，這主要是由於本季新租約、通膨調整和租賃物業帶來的租金收入。

In terms of current mix, 87.8% of our first-quarter revenue was denominated in US dollars, up from 86.7% from the first-quarter 2023.

就目前的組合而言，我們第一季營收的 87.8% 以美元計價，高於 2023 年第一季的 86.7%。

Turning to our profitability, adjusted net operating income increased 20% to $57.4 million, while the margin decreased 35 basis points to 96%.

談到我們的獲利能力，調整後的淨營業收入成長了 20%，達到 5,740 萬美元，而利潤率下降了 35 個基點，達到 96%。

This increase was primarily driven by higher rental revenue from our rental properties as Loren has described, including energy income.

正如洛倫所描述的，這一增長主要是由於我們的租賃物業租金收入增加，包括能源收入。

Adjusted EBITDA reached $50.6 million in the first quarter, a 20% increase reported to the prior-year quarter, while the margin decreased slightly by 21 basis points to 84.7%, primarily due to higher cost and expenses.

第一季調整後 EBITDA 達到 5,060 萬美元，比去年同期成長 20%，而利潤率小幅下降 21 個基點至 84.7%，主要是由於成本和費用增加。

Administrative expenses during the quarter were impacted by the peso appreciation relative to the same period last year and the increase in auditing, legal, and consulting expenses, driven from our recent equity transactions.

本季的管理費用受到比索相對於去年同期升值以及我們最近的股權交易導致的審計、法律和諮詢費用增加的影響。

We closed the first quarter of 2024 with a pre-tax income of $150.6 million compared to $43.1 million in 2023, which benefited from higher gains on revaluation of investment properties and higher interest income.

截至 2024 年第一季度，我們的稅前收入為 1.506 億美元，而 2023 年為 4,310 萬美元，這得益於投資物業重估收益的增加和利息收入的增加。

Vesta's FFO increased 32%, reaching $40.4 million, as Loren described.

正如 Loren 所描述的，Vesta 的 FFO 成長了 32%，達到 4,040 萬美元。

Turning to our capital structure and balance sheet, cash and equivalents stood at $445 million.

就我們的資本結構和資產負債表而言，現金和等價物為 4.45 億美元。

And our total debt decreased slightly $914 million at the end of the quarter.

截至本季末，我們的總債務略有減少 9.14 億美元。

Net debt to EBITDA was 2.4 times, and our loan-to-value was 24%.

EBITDA 淨債務為 2.4 倍，貸款成數為 24%。

As a result of our successful 2023 capital raise, we're starting this year with a very solid financial position that enable us to remain focused on execution while committed to our disciplined approach to sustainable and profitable growth.

由於我們在 2023 年成功籌集資金，今年伊始我們的財務狀況非常穩健，這使我們能夠繼續專注於執行，同時致力於以嚴格的方法實現可持續和盈利增長。

Finally, subsequent to quarter's end, on April 16, we paid a cash dividend for the first quarter, equivalent to MXN0.29 per ordinary shares.

最後，在季度結束後的 4 月 16 日，我們支付了第一季的現金股息，相當於每股普通股 0.29 墨西哥比索。

This concludes our first-quarter 2024 review.

我們的 2024 年第一季回顧到此結束。

Operator, please open the floor for questions.

接線員，請開放提問。

(Operator Instructions) Pablo Ricalde, Santander.

（操作員說明）Pablo Ricalde，桑坦德銀行。

Hi, good morning, Juan, Lorenzo.

嗨，早安，胡安，洛倫佐。

Congrats on the results.

祝賀結果。

I have two questions.

我有兩個問題。

The first one is on the rental growth we saw in the quarter.

第一個是我們在本季看到的租金成長。

I don't know if you can explain on a per region basis, how are you seeing rent growth?

我不知道您是否可以按地區解釋一下，您如何看待租金成長？

That's the first one.

這是第一個。

And the other one is on the peso-denominated rents.

另一種是以比索計價的租金。

I don't know if you have seen an increase of tenants asking for peso rent instead of USD.

我不知道你是否看到越來越多的租戶要求比索租金而不是美元租金。

Hola, Pablo.

你好，巴布羅。

Thank you very much for your question and being on the call.

非常感謝您的提問和接聽電話。

Regarding your first question, we have definitely seen rent increase in most of the markets pretty much throughout the quarter.

關於你的第一個問題，整個季度我們確實看到大多數市場的租金都有上漲。

What we have presented -- and it's actually out of the supplemental package -- is the rent increase that we have had in general terms, trailing 12 months.

我們所提供的——實際上是在補充方案之外——是過去 12 個月我們總體上的租金上漲。

And we saw an increase of 8% which is based on renewals and re-leasing, which is a great spread way above inflation and reflects the importance on -- being able to mark to market rents coming from the spread between renewals as well as the spread between re-leasing.

我們看到租金增長了8%，這是基於續租和重新租賃，這遠高於通貨膨脹，反映了能夠根據續租之間的價差以及重新租賃之間的價差來標記市場租金的重要性。

Pretty much the ranges -- and it varies market by market.

範圍差不多——而且每個市場的情況也不同。

What I can tell you is that there continues to be very strong markets where we have been able to have spreads of 20% to 40%.

我可以告訴您的是，市場仍然非常強勁，我們能夠實現 20% 到 40% 的利差。

Such markets are Tijuana, Ciudad Juarez, Toluca, for example.

例如，此類市場包括蒂華納、華雷斯城、托盧卡。

But also, in markets like the Bajio, we have also seen rents increase between 10% to 20%.

而且，在 Bajio 這樣的市場，我們也看到租金上漲了 10% 到 20%。

Some of the renewals are at inflation.

有些續約是用通貨膨脹計算的。

Remember that some of our renewals have to be at the in-place rent plus inflation.

請記住，我們的一些續約必須以原地租金加上通貨膨脹計算。

But the combination of renewals that already have an increase on inflation combined with re-leasings, new re-leasings, we get to a very attractive spread of approximately 8%.

但是，將已經增加通貨膨脹的續租與重新租賃、新的重新租賃相結合，我們得到了大約 8% 的非常有吸引力的利差。

And regarding your second question, actually, we have seen -- interestingly, we've seen that there's a huge interest for companies to lease in US dollars.

關於你的第二個問題，實際上，我們已經看到 - 有趣的是，我們已經看到公司對以美元租賃有巨大的興趣。

And that was actually the example of some of the new leases that we recently did in logistics operations in Mexico City.

這實際上是我們最近在墨西哥城物流業務中進行的一些新租賃的例子。

And we think that the companies are agnostic on the currency.

我們認為這些公司對貨幣不可知。

They want to lease a good quality space.

他們想租一個優質的空間。

And Vesta has great quality space in good locations.

Vesta 在優越的地理位置擁有優質的空間。

And they rather have that particular location, which gives them a better functionality for their operations, make them more efficient, more profitable, and therefore, are able to pay in the corresponding currency, which is dollar in our case.

他們寧願擁有那個特定的位置，這為他們的運營提供了更好的功能，使他們更有效率，更有利可圖，因此能夠以相應的貨幣（在我們的例子中是美元）支付。

So thank you.

所以謝謝。

Thank you, Lorenzo.

謝謝你，洛倫佐。

That was very good to hear.

很高興聽到這個消息。

Rodolfo Ramos, Bradesco BBI.

魯道夫·拉莫斯，布拉德斯科 BBI。

Thank you.

謝謝。

Gentlemen, good morning.

先生們，早安。

Thanks for taking my question.

感謝您提出我的問題。

My first one is -- I have two.

我的第一個是──我有兩個。

The first one is a follow-up on Pablo's question.

第一個是巴勃羅問題的後續。

In terms of the leasing spread that you're seeing, we're seeing some of your peers reporting higher numbers.

就您所看到的租賃價差而言，我們看到您的一些同行報告了更高的數字。

Given that -- when you look at your expiration profile in 2025, we're going to see a pickup in expirations.

有鑑於此，當您查看 2025 年的到期情況時，我們將看到到期數量增加。

How do you see these leasing spreads going forward in 2025 with these expirations?

隨著這些到期，您如何看待 2025 年的租賃利差？

So that will be the first one.

所以這將是第一個。

And second, we have seen more capital flowing to the sector, at least, looking to enter, whether it's at the asset level or at the structural level.

其次，我們看到更多的資本至少在尋求進入該行業，無論是在資產層面還是在結構層面。

I mean, how does this greater appetite from investors increase competition for land?

我的意思是，投資者的更大胃口如何加劇對土地的競爭？

And how does this impact your growth trajectory more medium, long term?

這對您的中長期成長軌跡有何影響？

Do you think that tenants will be able to absorb these costs and keep development yields stable at current levels?

您認為租戶能夠吸收這些成本並將開發收益保持在當前水準穩定嗎？

Thank you.

謝謝。

Thank you, Rodolfo, for your question.

謝謝魯道夫的提問。

So regarding the 2025 expirations, we will maintain the same approach to be able to renew leases as well as re-lease buildings at market rents, so that we can be able to catch up with some of the upside potential that some of these markets represent.

因此，關於 2025 年到期，我們將保持相同的方法，以便能夠續租以及以市場租金重新租賃建築物，以便我們能夠趕上其中一些市場所代表的一些上行潛力。

So we are very proactive in our asset management team to be close to our clients, try to recover as much as possible.

因此，我們的資產管理團隊非常積極主動地貼近客戶，盡力挽回損失。

We have approximately -- between 2024 and 2025, we might have almost 7 million square feet expiring.

2024 年至 2025 年間，我們可能有近 700 萬平方英尺的土地即將到期。

So for that reason, we see a great potential upside in terms of rents.

因此，我們看到租金方面存在巨大的潛在上漲空間。

It will vary market by market.

它會因市場而異。

It will vary according to the lease agreement that is in place or the situation of each of the expirations.

它會根據現有的租賃協議或每次到期的情況而有所不同。

But I'm sure that the Vesta team is doing the right decisions and working in the right direction in order to capture value coming from rent increases.

但我確信維斯塔團隊正在做出正確的決定，並朝著正確的方向努力，以獲取租金上漲帶來的價值。

And that has been a very good portion of the overall revenue increase that we have seen just this quarter.

這是我們本季看到的整體收入成長的很大一部分。

Increasing revenues above 20% is an excellent number, which is a combination of new leases but, also, with current and existing leases which are increasing, which we have been able to increase rents and mark to market.

收入增加 20% 以上是一個非常好的數字，這是新租賃的組合，而且當前和現有租賃的增加，我們已經能夠提高租金並按市場定價。

Secondly, regarding your question on capital flow, absolutely, there has been a lot of activity in the market.

其次，關於你提到的資金流向問題，確實，市場上已經有很多活動了。

And nevertheless, most of this activity is focused on acquisitions.

儘管如此，大部分活動都集中在收購上。

Many of the players that have been raising capital do not have very well-developed development capabilities.

許多籌集資金的參與者並不具備非常成熟的開發能力。

And they are just, I would say, in early innings on development, and that's why their position is mostly going to be based on acquisitions.

我想說，他們還處於發展的早期階段，這就是為什麼他們的地位主要基於收購。

They have all expressed actually that.

他們實際上都表達了這一點。

And doing acquisitions at cap rates in the 5.8%, 6%, or even at 7%, including a lot of tenant improvements and a lot of amortized investments that have to be done during a certain period of time, that's exactly -- that's completely a different approach.

以 5.8%、6% 甚至 7% 的資本化率進行收購，包括大量的租戶改善和大量必須在一段時間內完成的攤銷投資，這完全是——完全是這樣。

So we think that all of them have different investment venues and different strategies.

所以我們認為他們都有不同的投資場所和不同的策略。

And therefore, we think that for the sizable development transactions, the companies that have raised capital do not have those development capabilities.

因此，我們認為，對於大規模的開發交易，籌集資金的公司並沒有這些開發能力。

And that's exactly a sweet spot where Vesta has been able to acquire land, which we are currently in that process, to start construction as we have recently done, to lease up during construction or during the stabilized period, lease-up period.

這正是維斯塔能夠獲得土地的最佳時機，我們目前正在這個過程中，像我們最近所做的那樣開始建設，在建設期間或在穩定期、租賃期內出租。

And that's where we believe we can capture the most value, create spreads between 300 and 400 basis points on top of acquisition cap rates.

我們相信，這就是我們能夠獲得最大價值的地方，在收購上限率的基礎上創造 300 到 400 個基點的利差。

And this particular trend towards -- other companies and actually new players coming into the market, that's going to be pushing cap rates down, particularly for stabilized assets.

這種特殊的趨勢——其他公司和實際上的新參與者進入市場，這將壓低資本化率，特別是對於穩定資產。

And that's going to be another important trigger that our assets will be better priced looking forward.

這將成為我們的資產未來定價會更好的另一個重要觸發因素。

Thank you, Lorenzo.

謝謝你，洛倫佐。

Jorel Guilloty, Goldman Sachs.

喬雷爾·吉洛蒂，高盛。

Good morning.

早安.

I have two, actually, pretty straightforward questions.

實際上，我有兩個非常簡單的問題。

So we were looking through the release, and we didn't see anything on guidance.

因此，我們查看了該版本，但沒有看到任何指導內容。

So is it fair to assume that it remains unchanged from what you published in 4Q?

那麼，假設它與您在第四季度發布的內容保持不變是否公平？

And then the second question is around Guanajuato.

第二個問題是關於瓜納華託的。

We saw that there was a decline in occupancy Q-on-Q, about 400 basis points, whereas the majority of the markets saw an increase in occupancy Q-on-Q.

我們發現，入住率較上季下降了約 400 個基點，而大多數市場的入住率則是較上季上升。

So I just want to understand what the dynamic is there and what we should expect going forward.

所以我只想了解目前的動態以及我們未來應該期待什麼。

Thank you.

謝謝。

Thank you, Jorel, for your call.

謝謝喬雷爾的來電。

Regarding the Guanajuato question, we recently developed a building, an inventory building in Puerto Interior.

關於瓜納華托問題，我們最近在波多黎各內陸開發了一棟建築，一棟庫存建築。

We have been successfully leasing up the rest of the space.

我們已成功出租剩餘空間。

And probably, that's why you see a small adjustment on the total portfolio.

也許這就是為什麼您會看到總投資組合出現小幅調整的原因。

Because it's a brand-new building that we recently incorporated.

因為這是我們最近合併的全新建築。

But if you look at stabilized portfolio as well as same store, we have kept that occupancy at 91%.

但如果你看看穩定的投資組合以及同店，我們將入住率維持在 91%。

And I would suggest that you follow the stabilized portfolio because that doesn't represent -- that doesn't have any major adjustments.

我建議您遵循穩定的投資組合，因為這並不代表沒有任何重大調整。

The market is doing well.

市場表現良好。

It's just probably the incorporation of a new spec building that we have recently developed.

這可能只是我們最近開發的新規格建築的結合。

And we have been announcing that throughout the last quarters.

我們在過去幾個季度一直在宣布這一點。

And regarding your first question, yes, we will keep firm the guidance that we gave in the last call without any adjustments for the moment.

關於你的第一個問題，是的，我們將保持上次電話會議中給予的指導，暫時不做任何調整。

And a quick follow-up, just to understand -- because when I look at the GLA for Guanajuato, it remains unchanged for about three quarters.

快速跟進，只是為了了解 - 因為當我查看瓜納華托州的 GLA 時，它在大約四分之三的時間內保持不變。

So you're saying it became incorporated right now or -- I'm just trying to understand how that works.

所以你是說它現在就合併了或——我只是想了解它是如何運作的。

Yeah.

是的。

So if you look at the numbers in Guanajuato or let's -- if you look at the supplemental package at page number 10, you will see the new buildings that are currently as part of the lease-up.

因此，如果您查看瓜納華托州的數字，或讓我們查看第 10 頁的補充包，您將看到目前作為租賃一部分的新建築。

We have one building in Guanajuato in Puerto Interior, 231,000 square feet.

我們在瓜納華托內陸港擁有一棟建築，面積為 231,000 平方英尺。

And if you look at the total portfolio, we currently have 4.6 million square feet.

如果你看看總投資組合，我們目前擁有 460 萬平方英尺。

And first quarter last year, it was 1.3 million square feet.

去年第一季度，這一數字為 130 萬平方英尺。

So it does change by 230,000 square feet, which is basically that building.

所以它確實改變了 23 萬平方英尺，基本上就是那棟建築。

All right.

好的。

Thank you.

謝謝。

Alan Macias, Bank of America.

艾倫·馬西亞斯，美國銀行。

Hi, good morning, and thank you for the call.

你好，早安，謝謝你的來電。

Just if you can remind us on your land bank, what is the potential GLA that it represents?

如果您能提醒我們您的土地儲備，它代表的潛在 GLA 是多少？

And just another question on recent spreads.

還有一個關於最近利差的問題。

I guess, the assumption is that there is upside risk for the 8% going forward.

我猜想，假設未來 8% 有上行風險。

Thank you.

謝謝。

Potential risk on the 8% going forward.

未來8%的潛在風險。

Hola, Alan.

你好，艾倫。

Thank you for your question.

謝謝你的問題。

So I mean, regarding your second question on the rent spread, well, I think that more than risk, I think that we believe that there is greater opportunities to have major rent adjustments.

所以我的意思是，關於你關於租金利差的第二個問題，我認為除了風險之外，我認為我們相信有更大的機會進行重大租金調整。

First of all, we think that in the current inflation environment, we have shown that Vesta is very well positioned to hedge towards inflation very well because that's how the leases are structured.

首先，我們認為在當前的通膨環境下，我們已經表明 Vesta 處於非常有利的位置，可以很好地對沖通膨，因為這就是租賃的結構。

So the majority of the leases that will expire will have full adjustment towards inflation, either in US or Mexico.

因此，大多數即將到期的租約都將根據通貨膨脹進行全面調整，無論是在美國還是墨西哥。

And I believe inflation currently is between the 3% or 4% ranges depending on the currency.

我認為目前的通貨膨脹率在 3% 或 4% 之間，具體取決於貨幣。

But in the end, I think that we are very well positioned.

但最終，我認為我們處於非常有利的位置。

But getting to the -- but the upside on rent is not only inflation, but it's our ability to be able to mark to market many of our leases at the expiration that are re-leasing.

但是，租金的上漲不僅在於通貨膨脹，而且在於我們能夠在到期時以市價計算許多重新租賃的租賃的能力。

And we believe that since rents have been increasing in many of the markets, maybe even probably all of the markets, we see a great potential to renew.

我們相信，由於許多市場（甚至可能是所有市場）的租金一直在上漲，因此我們看到了巨大的續租潛力。

The market is incredibly hot right now.

現在市場異常火熱。

There's good demand, and companies that are established in Mexico are performing quite well.

需求旺盛，在墨西哥成立的公司表現也相當不錯。

So we don't see this trend to change in the near term.

因此，我們認為這種趨勢短期內不會改變。

(spoken in foreign language)

（用外語說）

And regarding land bank, well, we currently have land bank that could help us to increase more than 10 million square feet -- our portfolio.

至於土地儲備，我們目前擁有的土地儲備可以幫助我們增加超過 1000 萬平方英尺——我們的投資組合。

However, we are in the process to acquire more land.

然而，我們正在獲取更多土地。

We're looking into land in the north part of Mexico -- Tijuana, Juarez, Monterrey, as well as Guadalajara, Mexico City -- to incorporate a potential larger pipeline opportunity as we have done in the past.

我們正在尋找墨西哥北部的土地——蒂華納、華雷斯、蒙特雷以及墨西哥城的瓜達拉哈拉——以納入潛在的更大管道機會，就像我們過去所做的那樣。

Thank you, Alan.

謝謝你，艾倫。

Thank you.

謝謝。

Gordon Lee, BTG.

戈登李，BTG。

Hi, good morning.

早安.

Thank you very much for the call.

非常感謝您的來電。

Just very quickly -- and this is sort of more out of curiosity.

只是很快——這更多的是出於好奇。

But in the last two or three quarters, you've had two or three properties -- not many -- but two or three properties that have -- in the pipeline that have seen some delays for delivery.

但在過去的兩三個季度裡，有兩三個房產——數量不多——但有兩三個房產——在管道中出現了一些交付延遲。

And so my question is, is there a common theme in some of those delays?

所以我的問題是，其中一些延誤是否有一個共同的主題？

Or is each of them sort of its own particular driver, maybe tenant modifications, et cetera?

或者它們中的每一個都有其自己的特定驅動程序，也許是租戶修改等等？

Or is it more to do maybe with permitting and infrastructure, and maybe that's a little bit more systemic?

還是更多地與許可和基礎設施有關，也許這更加系統化？

Thank you.

謝謝。

Thank you, Gordon, for your question.

謝謝戈登的提問。

And yes, I think one of the good things is that we are incredibly active on construction.

是的，我認為好處之一是我們在建設方面非常積極。

We currently have under construction over 4 million square feet, which is a great pipeline pretty much in many of -- in all of the regions where we operate.

目前，我們正在建造面積超過 400 萬平方英尺，這在我們運營的所有地區幾乎都是一條很棒的管道。

In many of these cases, at the same time that we're in the construction, we are in marketing phase.

在許多情況下，我們在建設的同時也處於行銷階段。

A good example is what we recently did in Mexico City.

我們最近在墨西哥城所做的就是一個很好的例子。

It's a very large building for e-commerce, very well located in Punta Norte.

這是一棟非常大的電子商務建築，位於北角，地理位置優越。

This building will be delivered end of the year.

該大樓將於今年底交付。

And we were able to lease, this quarter, to a great e-commerce company as mentioned.

如同前面所提到的，本季我們能夠租賃給一家出色的電子商務公司。

So in the process, sometimes, we need to do a couple of adjustments.

所以在這個過程中，有時候我們需要做一些調整。

And sometimes, that generates certain delays.

有時，這會產生一定的延遲。

That was actually the case of Queretaro, one of the projects which is leased to Eaton.

這實際上就是克雷塔羅的情況，它是租給伊頓的項目之一。

We're working close with them.

我們正在與他們密切合作。

And there has been some minor adjustments, which represent some adjustments also on the date.

並且有一些小的調整，這也代表了日期上的一些調整。

So it is a bit common that this might happen.

所以這種情況發生是很常見的。

And then there was another adjustment that we had to do.

然後我們還必須做另一個調整。

And this was, basically, because it took us a little bit longer to start the building as forecasted.

這基本上是因為我們按照預測花了更長的時間才開始建造。

And it was merely based on the start -- took us later to start basically.

這只是基於開始——我們後來才開始基本上。

And we will let you know every time there's a situation with any of the dates.

每當任何日期出現問題時，我們都會通知您。

But we feel very comfortable that it doesn't represent a major impact to our potential income or value proposition.

但我們感到非常放心，它不會對我們的潛在收入或價值主張產生重大影響。

Perfect.

完美的。

That's very clear.

這非常清楚。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Gracias.

謝謝。

Francisco Suarez, Scotiabank.

弗朗西斯科·蘇亞雷斯，豐業銀行。

Good morning.

早安.

Congrats on the results.

祝賀結果。

Two questions that I have.

我有兩個問題。

I've noticed that Foxconn now is one of your most important tenants.

我注意到富士康現在是你們最重要的租戶之一。

Any plans to go beyond that?

除此之外還有什麼計畫嗎？

I mean with that, perhaps, offering a full park or consolidating other assets that Foxconn may have in Mexico in a single park as they usually want.

我的意思是，也許可以提供一個完整的園區，或者將富士康在墨西哥可能擁有的其他資產整合到一個園區中，就像他們通常想要的那樣。

And the second question that I have is that, if there is any reason that explains why the buildings in Tijuana and Juarez haven't been leased at all.

我的第二個問題是，是否有任何原因可以解釋為什麼蒂華納和華雷斯的建築物根本沒有出租。

I mean, these markets of Tijuana and Juarez are totally sold out.

我的意思是，蒂華納和華雷斯的這些市場已經完全賣光了。

Perhaps, it is related with the fact that, perhaps, the tenants are willing to have more energy-intensive buildings over there, and you don't have the KBAs for those type of tenants.

也許，這與這樣一個事實有關：也許，租戶願意在那裡擁有更多能源密集型建築，而你沒有為這些類型的租戶提供 KBA。

Anything missing that explains why these three buildings haven't been leased so far?

有什麼遺漏可以解釋為什麼這三棟建築到目前為止還沒有出租嗎？

Great.

偉大的。

Thank you, Francisco, for your questions.

謝謝弗朗西斯科提出的問題。

Let me start by the latter.

讓我從後者開始。

Yes, we have some buildings that have recently been finished, and we are currently on the marketing stage.

是的，我們有一些建築最近已經完工，目前正處於行銷階段。

In both cases, Tijuana and Ciudad Juarez, these buildings are still on marketing.

在蒂華納和華雷斯城這兩個案例中，這些建築仍在銷售中。

But bear in mind that, for example, in Ciudad Juarez, we have leased four buildings out of the five buildings that we developed throughout the last year pretty much.

但請記住，例如在華雷斯城，我們去年開發的五棟建築中，有四棟已經出租。

So there's only one building which is currently on marketing stage out of the five.

因此，五棟建築物中目前只有一棟處於行銷階段。

The other four buildings are leased to DB Schenker, to BRP, to Sage Electronics, and another one is currently on a letter of intent.

另外四棟建築已出租給 DB Schenker、BRP 和 Sage Electronics，另外一棟建築目前正在簽署意向書。

So we feel very comfortable with our position to have one project available on a marketing stage.

因此，我們對自己能夠在行銷階段推出一個專案感到非常滿意。

And we're waiting until the best tenant to take this building.

我們正在等待最好的租戶租用這棟大樓。

Nothing to do with energy.

與能量無關。

Actually, the building -- I mean, the park is already running.

事實上，這棟建築——我的意思是，公園已經開始運作了。

A good example is the clients that we have already -- that already started operations.

一個很好的例子是我們已經開始營運的客戶。

And the same situation for Tijuana, where we lease to Home Depot.

蒂華納的情況也是如此，我們在那裡租給家得寶（Home Depot）。

We lease to Amphenol, Herdez, and other companies.

我們租給 Ampheno、Herdez 和其他公司。

And we're currently working with some great companies to take this space.

我們目前正在與一些偉大的公司合作來佔據這個空間。

And we, sometimes, are a bit more patient to take the best client rather to take immediately a client.

有時，我們會更有耐心地接受最好的客戶，而不是立即接受客戶。

This is actually -- normally, we give 12 months for a lease-up.

實際上，通常情況下，我們會給予 12 個月的租賃期。

Our underwriting considers 12 months of lease-up stage.

我們的核保考慮12個月的租賃階段。

That's why we will be converting these to the third quarter of 2024 to stabilize.

這就是為什麼我們將這些時間推遲到 2024 年第三季才能穩定下來。

But hopefully, before that, we might close a transaction.

但希望在此之前，我們可以完成一筆交易。

Regarding energy, it's interesting.

關於能源，這很有趣。

But for example, in Tijuana, we did a major investment in energy.

但例如，在蒂華納，我們在能源方面進行了重大投資。

And probably, the Vesta Park Mega Región is a project with the most energy out of the whole region.

維斯塔公園巨型區域可能是整個地區最具活力的項目。

So it has nothing to do with it.

所以與此無關。

Actually, we have more energy available just because the type of clients that we have leased require our light manufacturing, which require smaller amounts of energy.

事實上，我們有更多的可用能源，只是因為我們租賃的客戶類型需要我們的輕工業製造，而輕工業製造所需的能源較少。

And that's why we feel actually very comfortable that we will have -- we have excess energy in Tijuana, which is a greater advantage.

這就是為什麼我們實際上感到非常舒適——我們在蒂華納擁有過剩的能量，這是一個更大的優勢。

And our marketing team in Tijuana knows that and is positioning that very well to be able to capture a great company.

我們蒂華納的行銷團隊知道這一點，並且正在很好地定位，以便能夠抓住一家偉大的公司。

Regarding your first

關於你的第一個

--

--

Yeah.

是的。

You are more selective, in other words.

換句話說，你更有選擇性。

I mean, you can be more selective at current -- how market conditions are at this moment.

我的意思是，目前你可以更有選擇性──目前的市場狀況如何。

That's the reason why.

這就是原因。

Exactly.

確切地。

.

。

If you look at our numbers and the total portfolio, basically, this is the only property we have available in Ciudad Juarez.

如果您查看我們的數據和總投資組合，基本上，這是我們在華雷斯城擁有的唯一房產。

And in Tijuana, these are the only properties.

在蒂華納，這些是唯一的財產。

So it's part of the development process.

所以這是開發過程的一部分。

And hopefully, we can have some closing soon, but we feel comfortable with the dates.

希望我們能盡快結束，但我們對日期感到滿意。

So there's no major delay to underwriting.

因此承保不會有重大延誤。

And then -- and regarding Foxconn, absolutely, Foxconn is one of the best examples of nearshoring, where they have been expanding rapidly in Mexico, particularly because -- since in Guadalajara -- just because they already have presence before COVID.

然後，就富士康而言，富士康絕對是近岸外包的最佳例子之一，它們在墨西哥一直在迅速擴張，特別是因為——自從在瓜達拉哈拉以來——只是因為它們在新冠疫情之前就已經存在了。

And since all of these disruptions have happened in terms of trade, supply chains, and adjustments, which have benefited nearshoring, friend-shoring, and Foxconn has been a great example of growth.

由於所有這些中斷都發生在貿易、供應鏈和調整方面，這有利於近岸外包、友岸外包，而富士康就是一個很好的成長例子。

They have taken several buildings inside of our campus, of the Vesta Park Guadalajara.

他們佔領了我們校園內的幾棟建築，就是瓜達拉哈拉維斯塔公園。

And so basically, they have a good position in several buildings, where they're going to be incredibly active with several electronics manufacturing components.

基本上，他們在幾座建築物中佔據了有利位置，在那裡他們將非常活躍地生產一些電子製造組件。

Hopefully, we see -- I'm pretty sure that Foxconn will continue growing.

希望我們能看到——我很確定富士康將繼續成長。

And I'm pretty sure that other companies similar to Foxconn will have a similar process going forward.

我很確定像富士康這樣的其他公司未來也會有類似的流程。

Thank you.

謝謝。

Congrats again.

再次恭喜。

Thank you.

謝謝。

Felipe Lenza, Citi.

費利佩·倫扎，花旗銀行。

Good morning.

早安.

Congrats on the results.

祝賀結果。

My question is around 2024 guidance.

我的問題是 2024 年左右的指導。

First-quarter P&L (technical difficulty)

第一季損益表（技術難度）

Your question was a little bit garbled.

你的問題有點亂。

So I understand that you're asking about our rental growth, which was outstanding.

所以我知道你在問我們的租金成長情況，這是非常出色的。

I agree with you.

我同意你的看法。

And you were asking -- about the question itself.

你問的是問題本身。

Can you repeat it, please?

你能重複一遍嗎？

Yeah.

是的。

About the NOI and EBITDA margins, too. (technical difficulty) the guidance in the first quarter.

關於 NOI 和 EBITDA 利潤率也是如此。 （技術難度）第一季指引。

Should we expect the same level of margin for the full year?

我們是否應該期望全年的利潤率保持相同水準？

Yeah.

是的。

I think that -- I mean, NOI for sure, we will continue to be expecting higher NOI throughout the year.

我認為——我的意思是，NOI 肯定是，我們將繼續期待全年更高的 NOI。

In terms of EBITDA, we have a higher impact of the peso exchange rate in those.

就 EBITDA 而言，比索匯率對我們的影響更大。

But I feel confident that we will be on guidance throughout the years.

但我相信我們多年來都會得到指導。

Thank you.

謝謝。

Alejandra Obregon, Morgan Stanley.

亞歷杭德拉‧奧布雷貢，摩根士丹利。

Hi, good morning, Vesta team.

嗨，早安，灶神星團隊。

Thank you for taking my question.

感謝您回答我的問題。

I just have one on capital allocation.

我只有一篇關於資本配置的文章。

So I'm thinking, if you think of macro conditions, probably, interest rates higher for longer, as you balance that with construction cost, your requirements for more land, you just dropped the Apodaca properties into the development pipeline, so you're probably looking at some acceleration there.

所以我在想，如果你考慮宏觀條件，利率可能會在更長時間內保持較高水平，當你與建築成本、對更多土地的需求進行平衡時，你只是將阿波達卡房產放入開發管道中，所以你可能會看到那裡有一些加速。

So when you put all those things together and your debt and equity program, when do you think you could potentially be tapping the market, either debt or equity again?

因此，當您將所有這些因素以及您的債務和股權計劃放在一起時，您認為您什麼時候有可能再次利用債務或股權市場？

And when you think of your capital allocation structure or your capital structure, where do you see equity and debt balancing for you and going forward, if that makes sense?

當您考慮您的資本配置結構或資本結構時，您在哪裡看到股權和債務平衡以及未來的發展，如果這有意義的話？

Thank you.

謝謝。

No, sure.

不確定。

It's an excellent question.

這是一個很好的問題。

Look, we have a dry powder for more than $430 million, somewhere around there.

看，我們有超過 4.3 億美元的乾火藥，就在附近的某個地方。

I think we do expect to invest about north of $300 million this year, all in all.

我認為今年我們預計總共投資約 3 億美元。

So I think that we have about 18 months or 20 months of dry powder to invest.

所以我認為我們有大約18個月或20個月的乾粉可供投資。

We will tap the market at some point.

我們將在某個時候開拓市場。

I think that there are both opportunities in debt.

我認為債務中存在著兩種機會。

I do agree that it's higher for longer, but we live in the longer.

我確實同意它的壽命更長，但我們的壽命更長。

So at some point in time, with inflation coming under control in the US, I think that rates are going to be more amicable.

因此，在某個時間點，隨著美國通膨得到控制，我認為利率將會更加溫和。

In regards of equity, we take equity decisions very carefully.

在股權方面，我們非常謹慎地做出股權決策。

And we have a good and strong balance sheet.

我們擁有良好而強勁的資產負債表。

So we will see what's the best way to fund the company at some point in the latter part of next year.

因此，我們將在明年下半年的某個時候看看為公司提供資金的最佳方式是什麼。

I don't see any competing offering in either of the equity or debt.

我沒有看到任何股權或債務方面的競爭性產品。

Got it.

知道了。

And do you mind reminding us how much is your debt program -- how much has it been approved?

您介意提醒我們您的債務計劃有多少嗎？

Wow.

哇。

I think that $1.5 billion, somewhere around there.

我認為 15 億美元大約在這個水平。

On our shareholder meeting of last year, I think that we did it for $1.5 billion, give or take.

在我們去年的股東大會上，我認為我們付出了 15 億美元的代價。

We're checking.

我們正在檢查。

I will let you know in the conference.

我會在會議上通知大家。

Got you.

明白你了。

Thank you very much, and congratulations on the numbers.

非常感謝您，並祝賀您獲得了這些數字。

Isabela Salazar, GBM.

伊莎貝拉·薩拉查，GBM。

Hello.

你好。

Thank you for taking my questions.

感謝您回答我的問題。

I have two questions.

我有兩個問題。

The first one is, I was wondering if you could give a bit of color on the non-tenant reimbursement during the quarter.

第一個是，我想知道您是否可以對本季度的非租戶報銷進行一些說明。

I'm just trying to understand what this means.

我只是想理解這意味著什麼。

The second question is, I saw you sold some land in Queretaro.

第二個問題是，我看到你賣掉了克雷塔羅的一些土地。

And I was just wondering what the driver for this sale was, and also, if you could share your thoughts on the dynamics in the Bajio region?

我只是想知道這次銷售的驅動因素是什麼，此外，您是否可以分享您對 Bajio 地區動態的看法？

Sure.

當然。

The tenant -- I mean, we invest on behalf of the tenants on tenant improvements.

租戶－我的意思是，我們代表租戶投資於租戶改善。

I mean, there are some investments that tenants want that we, basically, say that they are not part of our interest.

我的意思是，租戶想要一些投資，但我們基本上說它們不屬於我們的利益。

And tenants ask us to do them anyway.

無論如何，租戶要求我們這樣做。

So we manage the construction process of those tenants.

因此我們管理這些租戶的施工過程。

At some point in time, they reimbursed us.

在某個時間點，他們償還了我們的費用。

That was the case on a larger amount in this particular quarter.

本季金額較大的情況就是如此。

It was about $25 million, somewhere around there -- I'm sorry, $14 million.

大約是 2500 萬美元，大約是——抱歉，是 1400 萬美元。

So well, we got reimbursed.

好吧，我們得到了回報。

It was a major investment.

這是一項重大投資。

It has to do with the properties that we sold in Queretaro some time ago for

這與我們前段時間在克雷塔羅出售的房產有關

(inaudible).

（聽不清楚）。

That's why the number is so large.

這就是為什麼這個數字如此之大。

It's not common, that amount of tenant improvement that we manage on behalf of our tenant.

我們代表租戶管理的租戶改善量並不常見。

On the other question, which was -- can you remember your other question?

關於另一個問題，你還記得你的另一個問題嗎？

Regarding the land sale, well, basically, this was a non-strategic asset outside of the industrial park that it was -- it's always better to clean some assets.

關於土地出售，基本上，這是工業園區以外的非戰略資產——清理一些資產總是更好。

It's very small, below $1 million, and it was a major premium.

它很小，不到 100 萬美元，但溢價很高。

Nevertheless, it was a small transaction.

儘管如此，這仍然是一筆小交易。

Perfect.

完美的。

Thank you very much.

非常感謝。

David Sara, Scotiabank.

大衛·薩拉，豐業銀行。

Hi, good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

Congrats on the results.

祝賀結果。

I have a few questions.

我有幾個問題。

The first one is related to the asset recycling strategy.

第一個與資產回收策略有關。

Should we expect divestments in other regions?

我們是否應該期待其他地區的撤資？

And my other questions are related to the development program.

我的其他問題與開發計劃有關。

Is there any variable that could affect the delivery timeline?

是否有任何變數可能影響交付時間？

And what should we expect of leases-up in the next quarters?

我們對未來幾季的租賃成長有何預期？

What can we expect in the -- I'm sorry, leasing or -- what was the question?

我們可以期待什麼——對不起，租賃或——問題是什麼？

Sorry, in the lease-up for next quarters.

抱歉，在下個季度的租賃中。

Lease-up.

租賃。

Great question.

很好的問題。

Thank you, David, for your question.

謝謝大衛的提問。

So basically -- since we incorporated a level three strategy, we decided to have an asset recycling program every now and then.

所以基本上 - 自從我們納入了三級策略以來，我們決定時不時地實施資產回收計劃。

And we have done that in the past.

我們過去也這麼做過。

Nevertheless, right now, we are focusing on the capital deployment from the funds raised recently from the IPO in the New York Stock Exchange.

儘管如此，目前我們關注的是最近在紐交所IPO籌集的資金的資本配置。

And that's why where we're more active is on investment and development.

這就是為什麼我們更積極地進行投資和開發。

And on that regard, we foresee a strong pipeline, as Juan mentioned, above $300 million of investment throughout this year.

在這方面，正如胡安所提到的，我們預計今年全年的投資將超過 3 億美元。

That's where we're going to continue seeing a strong development activity, where we -- actually, when we start the buildings, we don't see any major variables.

這就是我們將繼續看到強勁的開發活動的地方，實際上，當我們啟動建築物時，我們沒有看到任何重大變數。

As you remember, we have third-party contractors that take the responsibility on construction.

如您所知，我們有第三方承包商負責施工。

We have different contractors, so we have managed very well the risk on development in that regard.

我們有不同的承包商，因此我們很好地管理了這方面的開發風險。

The markets where we're investing spec buildings are very strong.

我們投資規格建築的市場非常強勁。

Leasing activity is very good, as was seen recently with some buildings being leased before construction ends.

租賃活動非常好，最近看到一些建築物在施工結束前就已出租。

And for that reason, we think that we will continue to see a strong activity.

因此，我們認為我們將繼續看到強勁的活動。

Markets are at record-high occupancies, and supply is incredibly limited, still, for good quality buildings.

市場的入住率創歷史新高，而優質建築的供應仍極為有限。

And that's why Vesta, we believe, has a good advantage to take that opportunity.

這就是為什麼我們相信灶神星具有很好的優勢來抓住這個機會。

Lease-up buildings, again, we have a strong local marketing team that is close by existing clients that might grow and other new clients and the broker community, which is always helpful to bring new opportunities for our buildings.

租賃建築物，我們擁有一支強大的本地行銷團隊，靠近可能成長的現有客戶以及其他新客戶和經紀人社區，這總是有助於為我們的建築物帶來新的機會。

Perfect.

完美的。

Thanks.

謝謝。

Gracias.

謝謝。

(Operator Instructions) Jeronimo Delgado, Santander.

（操作員說明）Jeronimo Delgado，桑坦德銀行。

(inaudible - microphone inaccessible)

（聽不清楚 - 麥克風無法存取）

It's very -- Jeronimo, it's very hard to listen.

這非常——傑羅尼莫，很難聽。

Apologies.

道歉。

Can you hear me now?

你聽得到我嗎？

Yes, perfect.

是的，完美。

Got it.

知道了。

Thanks.

謝謝。

Congrats on the results, first of all.

首先祝賀結果。

This is great for the company.

這對公司來說是件好事。

Apologies if my question was already asked and I missed it.

如果我的問題已經被問過而我錯過了，我深表歉意。

But I just wanted to ask, given the current interest from multiple players in the market on Fibra Terrafina, [Terra], is it something you are currently evaluating as well?

但我只是想問，考慮到目前市場上多個參與者對 Fibra Terrafina [Terra] 的興趣，您目前也在評估它嗎？

Is it something you're interested?

這是你感興趣的東西嗎？

We'd like to get some color.

我們想要一些顏色。

Thank you.

謝謝。

Thank you, Jeronimo.

謝謝你，傑羅尼莫。

That's a good question.

這是個好問題。

What I can say is that Vesta will continue focusing on its investment pipeline that we have presented.

我可以說的是，Vesta 將繼續專注於我們提出的投資管道。

We believe that that particular focus and discipline is giving us the ability to capture opportunities at above-market returns with higher spreads.

我們相信，這種特別的關注和紀律使我們有能力以更高的利差抓住高於市場回報的機會。

And for the moment, we have a greater strategy through development, through higher rents, and through being able to capture a leading position in many of these markets.

目前，我們透過發展、提高租金以及能夠在許多此類市場中佔據領先地位，制定了更大的策略。

It's a crowded transaction.

這是一場擁擠的交易。

I'm glad that there is a lot of interest.

我很高興有很多人感興趣。

It's important for the sector.

這對該行業很重要。

It's very important for the industry.

這對於產業來說非常重要。

For the moment, we think that -- we want to keep that discipline to our shareholders and keep the strategy that we have maintained, which is giving us a great edge for the opportunities that Mexico is representing at the moment.

目前，我們認為，我們希望對股東保持這種紀律，並保持我們所維持的策略，這使我們在抓住墨西哥目前所代表的機會方面擁有巨大優勢。

Great.

偉大的。

Thank you so much.

太感謝了。

There are no further questions.

沒有其他問題了。

I'd now like to turn the call back over to Mr. Berho for concluding remarks.

現在我想將電話轉回給貝爾霍先生進行總結發言。

Please go ahead, sir.

請繼續，先生。

Thank you, operator. 2024 is definitely -- is off to a great start.

謝謝你，接線生。 2024 年無疑是一個好的開始。

And our portfolio results remain solid, and the Vesta team continues to drive long-term value creation.

我們的投資組合績效依然穩健，Vesta 團隊持續推動長期價值創造。

We're very well positioned to take advantage of new opportunities with a strong capital base.

我們擁有強大的資本基礎，處於有利地位，可以利用新的機會。

As a team, we are laser focused on execution and our long -- for our long-term strategy.

作為一個團隊，我們專注於執行和我們的長期策略。

Thank you to the Vesta team.

感謝維斯塔團隊。

Thank you for our shareholders, and see you on our next call.

感謝我們的股東，我們下次電話會議再見。

Thank you.

謝謝。

This concludes today's conference.

今天的會議到此結束。

You may now disconnect your lines.

現在您可以斷開線路。

Thank you for your participation.

感謝您的參與。