Vesta Real Estate Corporation SAB de CV (VTMX) 2024 Q3 法說會逐字稿

Greetings, ladies and gentlemen, welcome to the Vesta third quarter 2024 earnings conference call.

女士們、先生們，大家好，歡迎參加 Vesta 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員指令）

And as a reminder, this call is being recorded.

提醒一下，本次通話正在錄音。

It is now my pleasure to introduce your host for today, Fernanda Bettinger, Vesta's Investor Relations Officer.

我很高興向大家介紹今天的主持人，Vesta 的投資者關係官 Fernanda Bettinger。

Please go ahead.

請繼續。

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

大家早安，歡迎參加我們的第三季財報電話會議。

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

今天與我一起出席演講的是執行長 Lorenzo Dominique Berho 和財務長 Juan Sottil。

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

詳細介紹我們 2024 年第三季業績的收益報告於昨日收盤後發布，可與我們的補充資料一起在公司網站上查閱。

It's important to note that 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，管理層的評論和對您的問題的回答可能包含前瞻性的陳述。

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

前瞻性陳述涉及受風險和不確定因素影響的事項，這些風險和不確定因素可能會導致實際結果差異。

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。

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

Vest 不承擔將來更新任何前瞻性陳述的義務。

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

此外，請注意，本文中包含的所有數據均採用 IFRS 計算，在某些重要方面與美國 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.

所有資訊應與我們的財務報表（包括其註釋）一起閱讀，並完全參考這些報表，且以美元表示，除非另有說明。

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

現在我將電話轉給 Lorenzo Berho。

Thanks, Fernanda, and good morning, everyone.

謝謝，費爾南達，大家早安。

We again delivered strong financial performance with steady operating performance during the third quarter 2024.

2024 年第三季度，我們再次取得了強勁的財務表現和穩定的營運表現。

Total income for the third quarter 2024 was $63.7 million, a 14.4% year-over-year increase.

2024 年第三季總營收為 6,370 萬美元，年增 14.4%。

Adjusted NOI margin and adjusted EBITDA margin reached 94.2% and 84.5%, respectively, for the quarter.

本季調整後的淨營業利潤率和調整後的息稅折舊攤提前利潤率分別達到 94.2% 和 84.5%。

Vesta FFO ended at $40.4 million for the quarter, a 20.3% year-on-year increase.

Vesta FFO 本季達到 4,040 萬美元，較去年同期成長 20.3%。

Importantly, we have upwardly revised guidance for the full year 2024 as Juan will discuss in more detail shortly.

重要的是，我們已上調 2024 年全年業績指引，Juan 稍後將詳細討論。

Vesta is focused on creating value through disciplined, highly strategic investment activities that we continue to deliver long-term growth in cash flow, funds from operations and which ensures we maintain the industry's strongest balance sheet, as Juan will discuss further.

Vesta 專注於透過嚴謹、高度策略性的投資活動創造價值，我們將繼續實現現金流和營運資金的長期成長，並確保我們保持業界最強勁的資產負債表，Juan 將進一步討論。

Importantly, our best-in-class properties enable us to be extremely selective in the tenants to which we lease.

重要的是，我們一流的物業使我們能夠極其嚴格地挑選租賃的租戶。

Third quarter leasing activity reached 1.3 million square feet, 476,000 square feet for new leases and 787,000 square feet in renewals.

第三季的租賃面積達到 130 萬平方英尺，其中新租約 476,000 平方英尺，續約約 787,000 平方英尺。

We're seeing our markets expand and I'm pleased to note continued recovery and heightened activity in Mexico City and Bajio.

我們看到我們的市場正在擴大，我很高興地註意到墨西哥城和巴希奧的持續復甦和活動增強。

During the quarter, Vesta closed three new leases in Queretaro with new and existing clients, which are directly aligned with Vesta's exacting criteria, two European companies and one American in the automotive and mixed automotive and electronics space.

在本季度，Vesta 在克雷塔羅與新舊客戶達成了三份新租約，這些租約完全符合 Vesta 的嚴格標準，其中兩家是歐洲公司，一家是美國公司，涉及汽車及汽車和電子混合領域。

Also, most of the companies Vest is currently in discussions within our primary regions are Europe, American and Asian companies in the automotive electronics, consumer logistics and aeronautical industries.

此外，Vest 目前在我們的主要區域內討論的大多數公司是歐洲、美國和亞洲的汽車電子、消費物流和航空工業公司。

We continue benefiting from longer-term client commitments with a contract lease term at approximately 10 years for the majority of new leases as well as attractive rental rates and an 8% spread for renewals and re-leasing during the third quarter 2024.

我們繼續受益於長期客戶承諾，大多數新租約的合約租賃期限約為 10 年，且租金具有吸引力，2024 年第三季續約和重新租賃的利差為 8%。

During the third quarter, we made a strategic investment in nearly 36 hectares of land bank in Tijuana Baja, California.

第三季度，我們對加州蒂華納巴哈的近36公頃土地儲備進行了戰略投資。

Adjacent to our best part mega region, which will be comprised of six world-class LEED certified buildings on 1 million square feet.

毗鄰我們最好的大都會區，該大都市區由六座佔地 100 萬平方英尺的世界級 LEED 認證建築組成。

As with all Vesta properties, this new acquisition has assured access to energy, water, drainage and infrastructure.

與 Vesta 的所有資產一樣，此次新收購確保了獲得能源、水、排水和基礎設施的使用。

As a related comment, Vesta's high-quality assets designed to Vesta's consistently high standards include security at our properties, which enables clients to focus operations not under safety.

作為相關評論，Vesta 的高品質資產是根據 Vesta 一致的高標準設計的，包括我們物業的安全性，這使客戶能夠專注於不受安全限制的營運。

And this ensures Vesta maintains a solid foothold in this important region.

這也確保了維斯塔在這個重要地區的穩固立足點。

Nearshoring trends remain robust.

近岸外包趨勢依然強勁。

An example of this was Foxconn's recent announcement that the company has committed to build the largest plant for NVIDIA's JV 200 super chip servers in Mexico, aiming to produce 20,000 units by 2025 to meet global AI demand.

例如，富士康近日宣布，將在墨西哥建造NVIDIA合資公司200超級晶片伺服器最大的工廠，目標到2025年生產2萬台，以滿足全球人工智慧需求。

Today, Foxconn, which is Vesta's third largest tenant has its digital twin within one of our facilities, (technical difficulty) Mexico's electronics industry hub, where Foxconn's engineers are defining processes and training robots in this virtual environment, enabling the physical plan to highly efficiently produce the next engine of accelerated computing, which is NVIDIA Blackwell HGX systems.

如今，富士康（Vesta 的第三大租戶）在我們的其中一處設施內（技術難題）擁有其數位孿生，該設施位於墨西​​哥的電子產業中心，富士康的工程師正在這個虛擬環境中定義流程和訓練機器人，從而使物理計劃能夠高效地生產下一代加速計算引擎，即 NVIDIA Blackwell HGX 系統。

This underscores Mexico's growing appeal for high-tech manufacturing, while decoupling global technology supply chains from China.

這凸顯了墨西哥對高科技製造業日益增長的吸引力，同時將全球技術供應鏈與中國脫鉤。

So while there were no new construction starts during the third quarter, Vesta's development pipeline remains robust, with 3.4 million square feet under construction and 1.3 million square feet delivered during the third quarter 2024.

因此，雖然第三季沒有新建築開工，但 Vesta 的開發管道依然強勁，其中在建建築面積為 340 萬平方英尺，2024 年第三季將交付 130 萬平方英尺。

We are seeing continued strength in the Mexican market and expect to close 2024 with leasing activity similar to that of 2023.

我們看到墨西哥市場持續保持強勁勢頭，預計 2024 年的租賃活動將與 2023 年類似。

We are executing on a strong pipeline with a land bank that's shovel-ready and an eye toward sustained but strategic land growth that ensures clients access to logistic corridors and energy infrastructure that is critical in today's environment.

我們正實施強大的專案儲備，擁有隨時可動工的土地儲備，並著眼於持續且策略性的土地成長，以確保客戶能夠獲得當今環境下至關重要的物流走廊和能源基礎設施。

Our portfolio and strategic footprint cannot be replicated, and our close relationships and deep Mexico presence ensures we will have privileged access to the unique opportunities, which continue to surface.

我們的投資組合和策略足跡無法複製，我們的密切關係和在墨西哥的深厚影響力確保我們將能夠優先獲得不斷湧現的獨特機會。

We remain focused on consistency and discipline as we pave the road for Vesta's next phase.

在為 Vesta 的下一階段鋪路時，我們將繼續專注於一致性和紀律性。

Let me now turn it over to Juan to review this quarter's financial results.

現在，我讓胡安來回顧一下本季的財務結果。

Thank you, Lorenzo, and good day, everyone.

謝謝你，洛倫佐，大家好。

Let me begin with a summary of our third quarter results.

首先，我來總結一下我們第三季的業績。

Starting with our top line, total revenues increased 14.4% to $64 million, mainly due to rental revenues coming from new leases and inflationary adjustments on rental properties during the quarter.

從我們的營業收入開始，總收入成長了 14.4%，達到 6,400 萬美元，這主要歸功於本季來自新租約的租金收入和租賃物業的通膨調整。

In terms of current mix, 89% of our third quarter revenue was denominated in US dollars, up from 86% in the third quarter 2023.

就目前的結構而言，我們第三季 89% 的營收以美元計價，高於 2023 年第三季的 86%。

Turning to our profitability.

談到我們的獲利能力。

Adjusted net operating income increased 11.4% to $57.6 million, and the margin increased 87 basis points to 94.2%.

調整後淨營業收入成長 11.4% 至 5,760 萬美元，利潤率增加 87 個基點至 94.2%。

This increase was driven by higher rental revenue from our rental properties and lower property costs, resulting in a higher margin.

這一增長是由於我們租賃物業的租金收入增加以及物業成本下降，從而帶來了更高的利潤率。

Adjusted EBITDA resulted in $51.6 million in the third quarter, a 15% increase compared to the same quarter last year, and the margin expanded 322 basis points to 84.5%, primarily due to lower expenses during the third quarter.

第三季調整後EBITDA為5,160萬美元，較去年同期成長15%，利潤率擴大322個基點至84.5%，主要因第三季費用降低。

Administrative expenses, including audit, legal and consulting fees benefited from the peso depreciation relative to the same period last year as well as a positive effect from expenses, which were reimbursed during the third quarter.

包括審計、法律和諮詢費用在內的行政費用受益於比索相對於去年同期的貶值以及第三季報銷費用的正面影響。

We closed the third quarter of 2024 with a pre-tax income of $63 million compared to $131 million in 2023.

截至 2024 年第三季度，我們的稅前收入為 6,300 萬美元，而 2023 年為 1.31 億美元。

This decrease was mainly due to lower gains on revaluations of investment properties and higher exchange loss.

下降的主要原因是投資性房地產重估收益減少以及匯兌損失增加。

Vesta's FFO, excluding current tax, increased 20.3%, reaching $4.4 million, as Lorenzo describes.

正如 Lorenzo 所描述的，Vesta 的 FFO（不包括當前稅款）成長了 20.3%，達到 440 萬美元。

Turning to our balance sheet.

轉向我們的資產負債表。

Cash and equivalents stood at $281.2 million, and our total debt decreased to $845 million at the end of the quarter, due to the payment of $65 million, corresponding to the first tranche of Vesta's private placement bonds, which matured on September 2024.

現金和等價物為 2.812 億美元，由於支付了 6,500 萬美元（相當於 Vesta 私募債券的第一批，將於 2024 年 9 月到期），我們的總債務在本季末減少至 8.45 億美元。

Net debt to EBITDA was 2.9x and our loan-to-value was 21.6%.

淨債務與 EBITDA 比率為 2.9 倍，貸款價值比為 21.6%。

Reflecting on our ongoing strategy to optimize our capital structure, as Lorenzo has noted, in October, we signed a mandate letter for a $500 million syndicated credit loan comprised of a US$300 million term loan and a $200 million revolving credit facility, replacing our existing revolving line.

正如 Lorenzo 所說，考慮到我們優化資本結構的持續策略，10 月我們簽署了一份授權書，授權成立了一家 5 億美元的銀團信貸貸款機構，該貸款由 3 億美元的定期貸款和 2 億美元的循環信貸組成，以取代我們現有的循環信貸額度。

Furthermore, during the quarter, we opportunistically bought back approximately 5 million shares, totaling nearly $50 million, in line with our objective of delivering the highest possible return to our shareholders through disciplined, strategic capital allocation.

此外，在本季度，我們抓住機會回購了約 500 萬股，總額近 5000 萬美元，這符合我們透過嚴謹的策略性資本配置為股東帶來最高回報的目標。

Along these lines, after quarters end on October 14, we paid a cash dividend of $16.2 million for the third quarter.

因此，在 10 月 14 日季度結束後，我們為第三季支付了 1,620 萬美元的現金股息。

Finally, I would like to provide an update on our 2024 full year guidance.

最後，我想提供有關我們 2024 年全年指引的最新資訊。

We are upwardly revising our revenue growth to exceed 17% from our prior guidance range of 16% to 17% revenue growth for our full year 2024.

我們將 2024 年全年營收成長預期從先前的 16% 至 17% 上調至超過 17%。

Adjusted NOI margin has also been revised to 94.5% from 94%.

調整後的淨營運利潤率也從 94% 調整為 94.5%。

And adjusted EBITDA has been revised to 83.5% from 83%.

調整後的 EBITDA 從 83% 修正為 83.5%。

This reflects best of financial discipline and continued strength on leasing activity during the year.

這體現了最佳的財務紀律和全年租賃活動的持續強勁。

This concludes our third quarter 2024 review.

這就是我們對 2024 年第三季的審查結束。

Operator, can you please open the floor for questions.

接線員，請開放發言權，以便提問。

Thank you.

謝謝。

We will now begin our question-and-answer session.

我們現在開始問答環節。

(Operator Instruction)

（操作員指令）

(technical difficulty) Bradesco BBI.

（技術難題）Bradesco BBI。

Good morning, everyone.

大家早安。

Thanks for taking my question.

感謝您回答我的問題。

Just a couple on my side.

我這邊只有幾個。

We saw good occupancy, but down quarter-over-quarter.

入住率良好，但環比有下降。

So just wanted to get a little bit of sense of how your commercial discussions are going on with your clients, whether the recent volatility around Mexican politics or US election, whether this has had some clients delaying being in those final steps, perhaps pulling the trigger.

所以只是想了解一下您與客戶的商業討論進展如何，最近墨西哥政治或美國大選的動盪是否導致一些客戶推遲採取最後步驟，或許是扣動了扳機。

So I wanted to get a sense there on your commercial discussions.

所以我想了解你們的商業討論。

And secondly, when you think about your development going forward, you have some developments in the Bajio region.

其次，當你考慮未來的發展時，你會發現巴希奧地區有一些發展。

You commented you had very positive comments around the automotive industry.

您評論說您對汽車行業的評價非常積極。

So just wanted to see how -- what your outlook is more medium-term, whether you would expect more activity in the Bajio region to make more use of your land bank instead of more the strategic acquisitions in the North.

所以只是想看看——你的中期前景如何，你是否期望在巴希奧地區開展更多活動以更多地利用你的土地儲備，而不是在北部進行更多的戰略收購。

Just wanted to see if you could have higher utilization of that part of your portfolio?

只是想看看您是否可以更高地利用您的那部分投資組合？

Thank you.

謝謝。

[Pola Rodolfo] Thank you very much for being on the call, and for giving us the opportunity to address further on some of items coming to your question.

[Pola Rodolfo] 非常感謝您接受我們的電話採訪，並給我們機會進一步討論您問題中的一些內容。

Definitely, we have seen throughout the year, occupancy levels being quite good.

確實，我們看到全年的入住率都相當不錯。

Even that we -- in some markets, there has been an uptick in vacancy, we're coming from record low vacancies in the last couple of years and that's why it's the nature of the market to have some sort of adjustment.

即使在某些市場，空置率有所上升，過去幾年的空置率創下了歷史新低，這就是為什麼市場自然會進行某種調整。

But still, we believe that current market conditions are strong as well as Vesta's occupancy levels, given that we had a minor tick on the total portfolio.

不過，考慮到我們對整個投資組合的輕微影響，我們仍然相信當前的市場狀況和 Vesta 的入住率都很強勁。

But positively on the same-store portfolio, we saw an increase in occupancy but still at a very high level of 98% which represents well the commitment from existing clients committing to longer term renewing 90% of retention rate throughout the year and actually having very little move-outs.

但從同店組合來看，我們看到入住率有所增加，但仍然保持在 98% 的非常高的水平，這充分體現了現有客戶的承諾，他們承諾長期續約，全年保留率為 90%，實際上很少有人搬離。

Maybe the only way -- the only reason why we saw a little bit higher -- lower occupancy is because of new projects coming online that we have been in lease-up stage and that have taken in this case, a little more than -- now more than 12 months.

也許我們看到入住率略高一點或略低的唯一原因是由於新項目上線，我們一直處於租賃階段，在這種情況下，租賃時間略長一點——現在已經超過 12 個月。

So we feel comfortable with year-end occupancy levels and year-end leasing activity.

因此，我們對年底的入住率和年底的租賃活動感到滿意。

Part of the -- and this comes from our discussions with our commercial team with tenants and potential tenants, which interestingly, they are following more I would say, economic trends or market trends regarding taking up space, more than even political considerations.

部分原因——這來自我們與商業團隊與租戶和潛在租戶的討論，有趣的是，我想說，他們在關注佔用空間方面的經濟趨勢或市場趨勢，甚至比政治考慮還要多。

The reason being that many of these companies already have long-term contracts with OEMs, for example, or they have already -- so we have contracts with, let's call it, retailers in the US.

原因是其中許多公司已經與 OEM 簽訂了長期合同，或者他們已經與美國零售商簽訂了合約。

So they need to start operations in 2025, 2026 and they have long-term contracts with many of these companies.

因此他們需要在 2025 年、2026 年開始運營，並與其中許多公司簽訂了長期合約。

And that's the reason why they continue to take on space and pretty much care less about political impacts, which they know that there's always uncertainty.

這就是他們繼續進軍太空並且不太關心政治影響的原因，他們知道政治影響總是存在不確定性。

So for that reason, we feel confident that we're going to end up a good year.

因此，我們有信心，我們將會度過一個豐收的一年。

And 2025, we will continue to see some positive demand.

到 2025 年，我們將繼續看到一些積極的需求。

And those commercial discussions are we keep on doing them actively.

我們將繼續積極地進行這些商業討論。

I take the opportunity to remind everyone that we have local presence in many of the -- in all of the markets that we operate.

我藉此機會提醒大家，我們在所有開展業務的市場中都擁有本地業務。

We have immediate access to clients and potential clients.

我們可以立即接觸客戶和潛在客戶。

And that's one of the key reasons of being vertically integrated and internalized management team and not leaving external management structures to talk on behalf of the company.

這就是垂直整合和內部化管理團隊、不讓外部管理結構代表公司發言的主要原因之一。

Having said that we believe that the development going forward will continue to come from the demand that we see on the market.

話雖如此，我們相信未來的發展將繼續源自於市場需求。

As long as we see demand, we will continue to develop buildings.

只要我們看到需求，我們就會繼續開發建築。

And for the moment, we see that there will be demand.

目前來看，我們看到了需求。

So we will have an active development pipeline.

因此我們將擁有一個活躍的開發管道。

We see strong -- industry is being strong in the Bajio Northern Central Mexico.

我們看到，墨西哥中北部巴希奧的工業正在蓬勃發展。

E-commerce playing quite well.

電子商務發展相當順利。

You see the big names expanding and expanding -- doing major investment announcements.

你會看到大公司不斷擴張——發布重大投資公告。

We also see -- that's on the e-commerce front and logistics.

我們也看到——這是在電子商務和物流方面。

We also are seeing a supply chain integration with North America which is a strong statement that nearshoring is not only robust but will stay for a while.

我們也看到了與北美的供應鏈整合，這有力地表明近岸外包不僅強勁，而且將會持續一段時間。

And we're seeing industries like the auto industry also integrating further.

我們看到汽車等產業也在進一步融合。

Mexico has been playing out well in the last years in terms of manufacturing and in terms of integrating supply chains.

近年來，墨西哥在製造業和供應鏈整合方面表現良好。

And today, we continue to see the same trend.

今天我們仍然看到同樣的趨勢。

Obviously, we will remain cautious on company's decisions.

顯然，我們將對公司的決定保持謹慎。

And luckily Vesta has a lot of flexibility to adjust according to the market reaction.

幸運的是，Vesta 具有很大的靈活性，可以根據市場反應進行調整。

And for that reason, we will continue to follow very closely.

因此，我們將繼續密切關注。

Thanks.

謝謝。

Alejandra Obregon, Morgan Stanley.

摩根士丹利的亞歷杭德拉‧奧布雷貢 (Alejandra Obregon)。

Hi, good morning, Lorenzo and Juan.

嗨，早上好，洛倫佐和胡安。

Thank you for taking my question.

感謝您回答我的問題。

It's a couple of follow-ups on your development portfolio and your leasing activity.

這是對您的開發組合和租賃活動的一些後續行動。

The first part of the question is, I guess, you are coming -- I mean, we're all coming from a period of leasing during the construction period, but it seems like we could be back to normal, at least for now.

問題的第一部分是，我想，您即將到來——我的意思是，我們都剛剛經歷了建設期間的租賃期，但看起來我們可以恢復正常，至少現在是這樣。

So we're seeing the normal course of stabilization happening.

因此，我們看到了正常的穩定進程。

So just wondering if you can talk a little bit about what's the base case or the fair assumption for construction and stabilization cycle these days?

所以我只是想知道您是否可以稍微談論一下目前的建設和穩定週期的基本情況或合理假設是什麼？

How long is it taking you to build a project?

您要花多長時間來完成一個專案？

And more important to roll it into the portfolio and go through the natural leasing curve.

更重要的是將其納入投資組合併經歷自然租賃曲線。

So, the first part of the question.

所以，這是問題的第一部分。

And then on the pace of starts.

然後就開始了步伐。

So you mentioned on the starts in this specific quarter.

所以您提到了本特定季度的開始。

So given how things are shaping and the velocity that you're seeing on the ground, do you think that maybe the pace at which you underwrite new projects for construction could change?

那麼，考慮到目前事態的發展以及您在實地看到的發展速度，您是否認為您承保新建築專案的速度可能會改變？

Or is it just too early, a lot of moving parts to make that call.

或者現在還為時過早，還有很多不確定因素需要考慮，所以無法做出這個決定。

So those are the questions.

這就是問題所在。

Thank you.

謝謝。

Thank you, Alejandra.

謝謝你，亞歷杭德拉。

And maybe, I think, yeah, this is -- it's a little bit of a follow-up on development.

或許，我想，是的，這是──這是對發展的一點後續行動。

So I will elaborate further.

因此我將進一步闡述。

So currently, we have a pipeline of approximately 3 points under construction, 3.5 million square feet.

目前，我們正在建造大約 3 個點，350 萬平方英尺。

Actually, almost half of it is already leased, so if you look at only this number, you can see that there's still strong pre-leasing activity while projects are under construction.

實際上，其中近一半已經被出租，因此，如果只看這個數字，您會發現在項目建設期間，預租活動仍然很活躍。

So if -- so this is actually very positive.

所以如果——那麼這實際上是非常積極的。

And we feel confident that we will continue to see this trend going forward just because vacancy levels are still very low in most of the markets.

我們有信心繼續看到這種趨勢，因為大多數市場的空置率仍然很低。

Now having said that our underwriting has not changed.

現在說我們的核保並沒有改變。

We have always been -- we have always had some leasing of time, and we are confident that lease-up period of time is actually positive when it comes to selecting the type of tenants, selecting the quality of the tenants.

我們一直都有一些租賃時間，我們相信，在選擇租戶類型和選擇租戶品質時，租賃期實際上是積極的。

We have always said that we'd rather have an empty building than a lousy client and we will continue to keep that discipline on having good tenants.

我們一直說，我們寧願擁有一棟空置的建築，也不願擁有一個糟糕的客戶，我們將繼續堅持這項原則，以擁有好的租戶。

We have really only a few buildings that have taken us longer than 12 months, but the rest have been way below that and many of them having been pre-leasing, Four of these buildings that were incorporated, two of them are in Tijuana, which is a strong market.

實際上，只有少數幾棟建築花費了超過 12 個月的時間，但其餘建築的完工時間都遠低於這個數字，其中許多建築都已預租，其中四棟建築已經合併，其中兩棟位於市場強勁的蒂華納。

And actually, we have seen an increase in rent in 12 months, which is also very positive.

事實上，我們看到 12 個月內租金上漲，這也是非常正面的。

And the other two markets are Juarez and Guanajuato.

另外兩個市場是華雷斯市場和瓜納華托市場。

So we're confident with the strategy on Vesta to develop spec building in hot markets as long as we continue to see good occupancy and good [leasing] activity, this strategy should not change materially.

因此，我們對 Vesta 在熱門市場開發規格建築的策略充滿信心，只要我們繼續看到良好的入住率和良好的[租賃]活動，這項策略就不會發生實質改變。

We did not start building this quarter.

我們本季還沒有開始建設。

However, we will continue -- we will start some buildings end of for the next quarter and we have a good pipeline building up for next year in some of the land reserves that we own and actually in some land that we have recently acquired or that we will be acquiring soon.

然而，我們將繼續——我們將在下個季度末開始建造一些建築，並且我們在擁有的一些土地儲備以及我們最近獲得或即將獲得的一些土地中為明年的建設做好了良好的準備。

Excellent Lorenzo, [now its] very clear.

太棒了，洛倫佐，現在非常清楚了。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Jorel Guilloty, Goldman Sachs.

高盛的喬雷爾·吉洛蒂 (Jorel Guilloty)。

Good morning.

早安.

Thank you for taking my questions.

感謝您回答我的問題。

I have two.

我有兩個。

One of them is -- I wanted to understand a little bit more demand on a market-by-market basis, I mean the numbers we've been seeing from CBRE or other brokers essentially are showing a slowdown in net demand in northern markets like Tijuana Baja, Reynosa and sometimes going to, I believe, negative net absorption vacancy increasing.

其中之一是——我想進一步了解每個市場的具體需求，我的意思是，我們從世邦魏理仕或其他經紀商那裡看到的數據基本上表明，像蒂華納巴哈、雷諾薩這樣的北部市場的淨需求正在放緩，有時，我相信，淨吸收量會出現負增長，空置率也會增加。

And so when you comment about the strength that you're seeing from in demand, particularly in nearshoring driven demand.

因此，當您評論需求方面的強勁表現時，特別是近岸外包驅動的需求。

I was wondering how your comments fall within a market-by-market context.

我想知道您的評論如何適應具體的市場背景。

Is the broker comments that we've been seeing, are those -- what you've been seeing as well on the ground in terms of perhaps a softening of demand in these northern markets in particular?

我們看到的經紀人評論是否也是您在現場看到的情況，尤其是這些北方市場的需求是否出現疲軟？

And then the second question is related to the first one.

第二個問題與第一個問題相關。

It's how do you think about lease-up?

您如何看待租賃？

You delivered -- you increased your GLA by 3% in this quarter.

你們在本季將 GLA 提高了 3%。

And we do understand that the way you develop is more focused on speculative development, you deliver and then you lease up.

我們確實明白，開發方式更著重於投機性開發，先交付，然後再租賃。

So I was wondering in this context, how do you think about you’re -- the lease-up of your portfolio?

所以我想知道在這種情況下，您如何看待您的投資組合的租賃？

Do you think that it can go at the same pace that you've seen in the past?

您認為它能以與過去相同的速度發展嗎？

Could it go a little bit slower and particularly in the markets that are in the North?

它能否稍微慢一點，特別是在北部市場？

Those are my questions.

這些都是我的問題。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you, Jorel, for your question.

謝謝喬雷爾的提問。

Sure.

當然。

Well, I think that the analysis that we do is the same.

嗯，我認為我們所做的分析是一樣的。

We analyze market-by-market, we analyze short-term behaviors as well as long-term trends.

我們逐一分析市場，分析短期行為以及長期趨勢。

Thinking about the North, for example, where we have seen a minor uptick in terms of vacancies, we continue to see the long-term trend where companies are strong.

以北方為例，我們發現那裡的職缺數量略有上升，我們繼續看到公司強勁的長期趨勢。

We continue to seek for expansions, and we will continue to deliver high-quality buildings in order to be able to attract good companies.

我們將繼續尋求擴張，並將繼續提供高品質的建築，以便能夠吸引優秀的公司。

Tijuana, for example, is a market where we continue to see strong rent increase and we have seen also a good demand coming from companies that are strongly related to the US economy and the US economy is just doing fine.

例如，在蒂華納市場，我們看到租金持續強勁上漲，而且我們也看到與美國經濟密切相關的公司有良好的需求，而美國經濟表現良好。

Juarez is a similar situation.

華雷斯的情況也類似。

We saw also an increase in vacancy, but it was from -- coming from maybe 2% -- 1% to 2% vacancy to now 7% to 8%.

我們也看到空置率增加，但空置率從大約 2%（1% 到 2%）增加到了現在的 7% 到 8%。

We still think it's a good number and we will follow -- we will follow closely to see how it behaves in the upcoming quarters.

我們仍然認為這是一個不錯的數字，我們將密切關注它在未來幾季的表現。

Interestingly, we have a strong pipeline of potential clients that want to line up and want to take space in not only in the north part of Mexico, but also in other regions.

有趣的是，我們擁有大量潛在客戶，他們不僅想在墨西哥北部佔有一席之地，還想在其他地區佔有一席之地。

So our communication is key.

因此，我們的溝通非常關鍵。

And for that reason, we believe that leasing activity will remain in very healthy levels.

因此，我們相信租賃活動將保持非常健康的水平。

Therefore, we will continue to focus on our strategy to select the most dynamic markets where leasing still is absorption as well.

因此，我們將繼續專注於我們的策略，選擇最具活力的市場，這些市場中的租賃仍然處於吸收狀態。

And also in the markets that we have seen some adjustments and some corrections, for example, Bajio.

而且我們也看到市場出現了一些調整和修正，例如巴希奧。

We recently saw in this throughout the year, we have seen good demand coming from aerospace industry, auto industry as well as consumer -- local domestic consumer demand.

我們最近看到，我們全年都看到來自航空航太工業、汽車工業以及消費者——國內消費需求的強勁需求。

So we are in a good spot.

因此我們處於一個很好的位置。

We think that the strategy that we have, which actually has been a long-term strategy will continue to pay off.

我們認為，我們的策略實際上是一項長期策略，它將繼續帶來回報。

We will continue to develop at very attractive returns.

我們將以非常有吸引力的回報繼續發展。

We're more than happy with having returns of 10% to 11% return on cost.

我們對 10% 至 11% 的成本回報率感到非常高興。

And actually, while FX will -- has evaluated and might develop could evaluate further.

實際上，FX 已經進行了評估，並且可能會進一步發展。

We could even see an uptick in returns, which is incredibly positive and that's why the -- being able to anticipate to the market by developing inventory buildings will pay off.

我們甚至可以看到回報率的上升，這是非常積極的，這就是為什麼能夠透過開發庫存建築來預測市場將會帶來回報。

Maybe it was not part of your question, but I -- we're happy to see that on the acquisition front now that even interest rates are dropping, we have seen transactions in the market at attractive cap rates.

也許這不是您問題的一部分，但我很高興地看到，現在在收購方面，即使利率正在下降，我們也看到市場交易的資本化率很有吸引力。

Some acquisitions have been done at between 6% and 7% cap rates which shows also that there's strong appetite for good institutional quality real estate and other players are able to pay returns in the 6% cap rate.

一些收購是在 6% 至 7% 的資本化率下完成的，這也表明人們對優質機構房地產有著強烈的需求，其他參與者能夠在 6% 的資本化率下支付回報。

So if you consider that we are developing above 10% and acquisitions are down at 6%, spread is what we will continue to look for, and that's the way that Vesta will deliver profitability.

因此，如果考慮到我們的開發率超過 10％，而收購率下降了 6％，那麼我們將繼續尋找利差，這就是 Vesta 實現盈利的方式。

Thank you very clear.

非常清楚，非常感謝。

[David Soto], Scotiabank.

[大衛索托]，加拿大豐業銀行。

Hi, good morning.

嗨，早安。

Thanks for taking my question.

感謝您回答我的問題。

Just a quick one, It is related to

簡單說一下，它與

[Licha].

[雖然]有點驚。

We have seen that there is still some properties located in Tijuana that are still clear to be leased.

我們發現，蒂華納仍有一些房產可供出租。

So could you please provide more detail about how are the marketing efforts going?

那麼您能否提供更多有關行銷工作進度的詳細資訊？

And as well, if you could remind me there?

另外，你能提醒我嗎？

There is much dynamics from this region, please.

請注意，該地區有很多動態。

Thank you.

謝謝。

Thank you, David, for your question.

謝謝大衛提出的問題。

Yes.

是的。

So Tijuana, Vesta is the market leader in Tijuana.

所以蒂華納，Vesta 是蒂華納的市場領導者。

We have local presence, and we have been incredibly active.

我們在當地有業務，並且非常活躍。

We were very lucky to be able to acquire the land adjacent to the existing parts which is mega region.

我們很幸運能夠獲得毗鄰現有大區域土地。

If you have been late in Tijuana, mega region is a project that we have been developing over the last couple of years, we have developed six buildings, four of them are leased up to high-quality companies such as Home Depot, Airbus, Amphenol and PCL, well diversified for, again, Home Depot for local domestic market areas, food and beverage for the same market, logistics for PCL and we have electronic components with Amphenol and PCL doing components for flat screens.

如果您來蒂華納已經晚了，那麼大區域是我們過去幾年一直在開發的一個項目，我們已經開發了六棟建築，其中四棟租給了家得寶、空中客車、安費諾和PCL等優質公司，這些公司的業務非常多樣化，家得寶面向當地國內市場區域，食品和飲料面向同一市場，面向PCL，我們有

So it's a well-diversified park where we still have two buildings available on marketing stage, which are the ones that are vacant.

所以這是一個多元化的園區，我們仍然有兩棟建築處於行銷階段，它們是空置的。

And actually, mega region is a park that has energy.

事實上，大都會區是一個充滿活力的公園。

People ask about energy in the region and maybe Vesta is the one that has the most energy in a park.

人們詢問該地區的能源狀況，也許 Vesta 是公園裡能源最豐富的一個。

So that's why we feel very confident that we have the right buildings.

這就是為什麼我們非常有信心我們擁有合適的建築。

And while we continue to see rents ticking up.

同時，我們也看到租金持續上漲。

We think that we're going to be able to make the returns that we expected, which were above 10% when we lease up these particular properties.

我們認為，我們將能夠獲得預期的回報，當我們租賃這些特定房產時，回報率超過 10%。

And down the road, this particular project is going to be quite attractive.

從長遠來看，這個項目將會非常有吸引力。

We acquired land.

我們獲得了土地。

If you saw a cost at a very attractive cost of land of, let's say, less than $40 per square meter which is maybe compared to market land prices of $150, this is a major discount.

如果您看到一個非常有吸引力的土地成本，比如說，每平方米不到 40 美元，而市場土地價格為 150 美元，這是一個很大的折扣。

Of course, it needs improvements, but it's already part of adjacent to our piece of land.

當然，它需要改進，但它已經是我們土地相鄰的一部分了。

So this is very positive.

所以這是非常積極的。

Alright, thanks.

好的，謝謝。

[Lets go ahead please]

[請繼續]

Okay.

好的。

Is there any other questions, Operator?

還有其他問題嗎，接線生？

Yes.

是的。

It seems that our participant had his question cut off.

看來我們的嘉賓的問題被打斷了。

He's still on the line.

他仍在線上。

Yeah, sorry.

是的，抱歉。

Do you hear me?

你聽見我說話了嗎？

Great.

偉大的。

Yes

是的

[Filipe]

[菲利普]

It's still Mr. David Soto.

仍然是大衛索托先生。

Thanks.

謝謝。

Okay.

好的。

Just a follow-up question.

這只是一個後續問題。

Could you remind me the dynamics in Juarez as well, please?

你能也提醒我一下胡亞雷斯的動態嗎？

Absolutely.

絕對地。

So Juarez is a market where we have been also very active throughout the year.

因此，華雷斯市場是我們全年都非常活躍的市場。

Interestingly, in this year, we leased up several spaces.

有趣的是，今年我們租了幾個空間。

And I will remind -- use the opportunity to remind everyone what we did throughout the quarter the year.

我會提醒——利用這個機會提醒大家我們在整個第一季所做的事情。

So we lease up -- and this is -- maybe this is a good example of how Vesta focuses on quality.

因此我們租賃——這也許就是 Vesta 注重品質的一個很好的例子。

We leased this year to an existing client, which is Eaton, they took an additional space.

我們今年租給了現有客戶伊頓，他們佔據了額外的空間。

We also leased to BRP for the side-by-side vehicle, a logistic facility, another great company.

我們也將並排式車輛和物流設施租給了 BRP，這也是另一家很棒的公司。

We also leased to Harman, Harman being a part of Samsung Group, and they are doing infotainment systems for auto industry and electronics and technology base.

我們也租給了哈曼，哈曼是三星集團的一部分，他們為汽車產業和電子及技術基礎提供資訊娛樂系統。

And we have a good pipeline for a couple of great quality buildings that we have in the Vesta Park Juarez Oriente.

我們為 Vesta Park Juarez Oriente 的幾棟高品質建築做好了充足的準備。

If you visit Juarez, this is probably the best location in Juarez, where you can find assets close to the border and very close to labor pool with infrastructure.

如果您訪問華雷斯，這可能是華雷斯最好的位置，您可以找到靠近邊境的資產，並且非常靠近擁有基礎設施的勞動力庫。

So we feel confident that these good quality buildings are on top of the list of the broker community way better than most of the market availability, which is in lower quality projects or, let's say, further locations, which are not necessarily that attractive for many companies.

因此，我們相信，這些優質的建築在經紀人社區中位居榜首，遠遠好於市場上大多數可用的建築，這些建築都是質量較低的項目，或者說，位置較遠，對許多公司來說，這些建築並不一定那麼有吸引力。

So we believe that our strategy to buy good locations, land with good access to logistic corridors, good access to labor, energy, water pays off over time.

因此，我們相信，我們的策略，即購買地理位置優越、擁有良好物流通道、勞動力、能源和水資源的土地，隨著時間的推移，將獲得回報。

Okay, thanks.

好的，謝謝。

Felipe Barragan, BTG Pactual.

費利佩·巴拉甘，BTG Pactual。

Hey guys, good morning.

嘿，大家早安。

Thanks for the call and thanks for taking my question.

感謝您的來電，也謝謝您回答我的問題。

I have a couple.

我有一對。

One is on the land bank pipeline.

一是土地儲備。

Just curious on any updates on that if you guys are closing in on some acquisitions.

如果你們即將完成一些收購，我只是好奇是否有任何更新資訊。

And my other question is on a delay in Punta Norte.

我的另一個問題是關於北角 (Punta Norte) 航班延誤的問題。

I just wanted to understand what happened that you have that delay?

我只是想知道發生了什麼事，導致你延遲？

Thank you.

謝謝。

Sure.

當然。

Yes, absolutely.

是的，絕對是如此。

I think that on your second question, Punta Norte is related to the leasing to a company and finalizing tenant improvements for the client.

我認為，關於您的第二個問題，Punta Norte 與租賃給一家公司以及為客戶完成租戶改善有關。

So it's -- should not -- will not affect income -- the income producing of the asset as much.

因此，它不應該對資產的收入產生太大影響。

And to your first question related to land bank.

關於您第一個問題，與土地儲備有關。

Yes, we have been working hard to find good pieces of land in -- with urban infill characteristics.

是的，我們一直在努力尋找具有城市填充特徵的優質土地。

And we have a strong pipeline, a good pipeline of potential land acquisitions we might be doing over the next quarters, which will be very helpful to address future development pipeline.

我們擁有強大的資源，未來幾季我們可能會進行一系列潛在的土地收購，這對於解決未來的發展問題非常有幫助。

So we currently have -- and we have ample room to do more acquisitions since we currently have a little bit more than $100 million of land.

因此，我們目前擁有——並且我們有充足的空間進行更多收購，因為我們目前擁有價值略高於 1 億美元的土地。

And this will replenish the land that we are currently using as part of our construction pipeline.

這將補充我們目前用於建造的土地。

We will replenish land in Monterrey in Mexico City, in Ciudad Juarez, Guadalajara and Guadalajara mainly.

我們將主要補充位於墨西哥城蒙特雷、華雷斯城、瓜達拉哈拉和瓜達拉哈拉的土地。

So with this, we think that we will continue to have strong key advantage to our peers by having well located land.

因此，我們認為，憑藉地理位置優越的土地，我們將繼續比同行保持強大的關鍵優勢。

And where we can develop to the clients that we have, the deal expansions or clients that are new that match our tenant criteria.

我們可以根據現有的客戶需求進行開發，擴大交易範圍，或拓展符合我們租戶標準的新客戶。

And current land reserves are quite good.

而且目前的土地儲備相當不錯。

We're happy with the activity that we are seeing in some markets, as I mentioned, like (Inaudible) and in other markets.

正如我所提到的，我們對某些市場（例如（聽不清楚）和其他市場）的活動感到滿意。

So we think that land will still be one of the main advantages for Vesta.

因此我們認為陸地仍然是Vesta的主要優勢之一。

Got it.

知道了。

That was very clear.

那是非常清楚的。

Thank you.

謝謝。

Isabela Salazar, GBM.

伊莎貝拉·薩拉查，GBM。

(technical difficulty)

（技術難度）

I'm sorry.

對不起。

Isabela, could you please make a question again?

伊莎貝拉，你能再提一個問題嗎？

I think you cut off at the beginning.

我認為你一開始就打斷了。

Can you hear me?

你聽得到我嗎？

Okay now?

現在好了嗎？

Now it's better.

現在好多了。

Thank you.

謝謝。

Okay.

好的。

Perfect.

完美的。

We saw that during the quarter, you deployed around 42 million.

我們發現，在本季度，您部署了約 4,200 萬。

Could you provide some color on the factors influencing the pipeline's progress?

能否詳細說明影響管道進展的因素？

And what your deployment expectations are for the year-end?

您對年底的部署有何預期？

Thank you.

謝謝。

Thank you, Isabela, we do not -- I mean without being a major guidance on construction starts, we currently have 42 million, which encompasses the existing portfolio as well as construction in progress.

謝謝你，伊莎貝拉，我們沒有——我的意思是，如果沒有對建築開工的主要指導，我們目前有 4200 萬，其中包括現有投資組合以及在建工程。

So we'll have on some projects.

因此我們會開展一些項目。

But more importantly, I think is that Vesta has been developing more than 3 million square feet per year and we think that this is something that we will continue to see down the road over the longer term.

但更重要的是，我認為 Vesta 每年的開發面積超過 300 萬平方英尺，我們認為從長遠來看，我們將繼續看到這種發展勢頭。

And it's part of the advantages of Vesta that we can have a development pipeline and develop to a spread.

Vesta 的優點之一就是我們可以擁有開發管道並進行推廣。

So we will continue to focus on markets that have strong dynamism.

因此，我們將繼續關注具有強大活力的市場。

And if you compare the 42 million square feet to what we had last year, it has been a major growth, but it's not only about a year.

如果將今年的 4,200 萬平方英尺與去年的面積進行比較，就會發現這是一個巨大的成長，但這不僅僅是一年的時間。

It's more about what we can deliver over time.

這更重要的是我們能夠隨著時間的推移提供什麼。

We have 42 million.

我們有4200萬。

I can remember when we listed the company in 2012, we had 11 million.

我記得 2012 年我們上市的時候，公司市值是 1,100 萬美元。

So we have seen major growth in development and we'll continue to do it and focus on defining where we want to invest the type of assets we want and also the type of tenants we want.

因此，我們看到了發展的重大成長，我們將繼續這樣做，並專注於確定我們想要在哪裡投資我們想要的資產類型以及我們想要的租戶類型。

And maybe to your -- maybe to give more detail, we are incredibly happy with our diversification in terms of regions and industries in our sector.

也許可以更詳細地講，我們對我們行業的地區和行業多樣化感到非常高興。

And we have focused and been able to learn more about new sectors or other sectors that are driving and are coming stronger into Mexico.

我們集中精力，並能夠更多地了解正在推動墨西哥發展並在墨西哥變得更加強大的新興行業或其他行業。

And we're happy to say that now-a-days, we have industries and e-commerce players in our top 10 roaster.

我們很高興地說，如今，我們的十大咖啡烘焙商中已經包括了工業和電子商務參與者。

Also, we have companies in the electronic sector like Foxconn, which is one of our top 3 clients right now.

此外，我們還有電子產業的公司，像是富士康，它是目前我們前三大客戶之一。

Aerospace industry still increasing.

航空航天工業持續成長。

So we will continue to develop to this type of industries that have been strong, that have invested on the long-term in Mexico, that have created a lot of jobs, and we'll continue to grow their manufacturing and logistics footprint throughout the country.

因此，我們將繼續發展這類實力雄厚、在墨西哥進行長期投資、創造了大量就業機會的行業，並將繼續在全國擴大其製造和物流足跡。

Perfect.

完美的。

Thank you.

謝謝。

Armando Rodriguez, Signum Research.

阿曼多·羅德里格斯（Armando Rodriguez），Signum Research。

Two questions, if I may.

請問我有兩個問題。

The first one related to your balance sheet.

第一個與您的資產負債表有關。

And considering your comments, Lorenzo about this strong fundamental strong trends in the market and the land bank acquisitions.

考慮到您的評論，Lorenzo 關於市場和土地儲備收購的強勁基本趨勢。

The first question is, if you are foreseeing some changes in your loan-to-value levels, you have a reduction in your total debt compared to previous quarters.

第一個問題是，如果您預見到您的貸款價值比會發生一些變化，那麼您的總債務與前幾季相比會減少。

So you're also seeing some changes on that?

那麼，您也看到了一些改變嗎？

And my second question is about the buyback program.

我的第二個問題是關於回購計劃。

Considering the levels, the now-a-days levels for the stock.

考慮到水平，即當前的股票水平。

So if you are foreseeing maybe some major activity on your buyback program, that's my only two questions.

因此，如果您預見到回購計劃中可能會有一些重大活動，這就是我唯一的兩個問題。

Thank you.

謝謝。

Sure thing.

當然可以。

Thank you for the question.

感謝您的提問。

Well, we had a debt that matured on September.

嗯，我們有一筆債務將於九月到期。

We paid just a month ahead.

我們提前一個月付款。

We typically don't wait until the last moment.

我們通常不會等到最後一刻。

Sure, our leverage has -- is very low given the capital raising of last year.

當然，考慮到去年的融資情況，我們的槓桿率非常低。

What has noted on our report, we are engaging some new debt over the next 18 months totaling about $0.5 million out of which [300] are on a syndicated loan.

我們的報告指出，未來 18 個月我們將承擔一些新債務，總額約為 50 萬美元，其中 [300] 為銀團貸款。

And the other [200] are just, in my mind, rolling over the line that ends sometime October next year.

而另外 [200] 個人，在我看來，只是超過了明年 10 月某個時候結束的期限。

That will increase my leverage but very manageable levels.

這將增加我的槓桿作用，但水平非常易於管理。

We are proud of having a very strong balance sheet.

我們為擁有非常強勁的資產負債表而感到自豪。

And one of the focuses of the company is to continue to have a very strong balance sheet always.

公司的重點之一就是始終保持強勁的資產負債表。

Regarding the buybacks, look, I believe that one of the strongest objectives of a good management is capital allocation.

關於回購，我相信良好管理的最重要目標之一就是資本配置。

And we'll continue to do that very actively.

我們將繼續積極地進行這項工作。

Capital allocation is not only about developing new buildings for our commercial pipeline.

資本配置不僅僅是為我們的商業管道開發新建築。

It is also about buying back the stock when we think that the market pricing of our assets through the price of the stock is not what we believe our assets are worth.

當我們認為透過股票價格對我們的資產進行的市場定價不符合我們所認為的資產價值時，我們也需要考慮回購股票。

So during the quarter, we bought about close to $15 million worth of stock.

因此，在本季度，我們購買了價值約 1500 萬美元的股票。

And we will continue to do that if we -- I mean the increase in cap rate at which we bought at over next year's earnings is attractive if you compare it to our development pipeline.

如果我們繼續這樣做的話——我的意思是，如果將我們購買的資本化率相對於明年的收益的增長與我們的開發管道進行比較，這是有吸引力的。

And when we see that we will be very active on the buyback and we will continue to be reactive on the buyback.

當我們看到我們將非常積極地進行回購時，我們將繼續對回購採取被動態度。

That's a good capital allocation decision.

這是一個很好的資本配置決策。

Regarding -- and there's the third level, which is give the opportunities to do some sales of buildings, we will activate that as we see demand for high-quality buildings, we might consider that in the future.

關於—還有第三個層次，即提供銷售一些建築物的機會，當我們看到對高品質建築物的需求時，我們就會啟動它，我們可能會在未來考慮這一點。

Perfect.

完美的。

Thank you very much for your comments.

非常感謝您的評論。

Thank you.

謝謝。

Thank you for the question.

感謝您的提問。

(Operator Instructions)

（操作員指令）

As there are no further questions at this time.

因為現在沒有其他問題。

I would now like to turn the call back over to Mr. Berho for closing remarks.

現在我想將發言權交還給貝爾霍先生，請他作最後發言。

Please go ahead, sir.

先生，請繼續。

Thanks, Operator and thank you, everyone, for joining today's call.

謝謝接線員，也謝謝大家參加今天的電話會議。

Vesta again delivered strong financial performance with sustained operating results for the quarter.

Vesta 本季再次取得強勁的財務表現和持續的經營業績。

I would like to take this opportunity to remind everyone we will be hosting Investor Day 2024 on November 25 at the New York Stock Exchange.

我想藉此機會提醒大家，我們將於 11 月 25 日在紐約證券交易所舉辦 2024 年投資者日。

When we will be presenting our detailed plan for Vesta's next stage of growth.

我們將在何時介紹 Vesta 下一階段發展的詳細計劃。

And I would again like to thank the entire Vesta team for their important contribution to our continued performance.

我再次感謝整個 Vesta 團隊為我們持續表現做出的重要貢獻。

We hope to see you in November.

我們希望在十一月見到您。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect your lines at this time.

現在您可以斷開您的線路。