Vesta Real Estate Corporation SAB de CV (VTMX) 2024 Q4 法說會逐字稿

Greetings, ladies and gentlemen. Welcome to the Vesta fourth quarter 2024 earnings conference call. (Operator Instructions) And as a reminder, this call is being recorded. It is now my pleasure to introduce your host for today, Fernanda Bettinger, Vesta's investor relations officer. Please go ahead.

女士們、先生們，大家好。歡迎參加 Vesta 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次通話正在錄音。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。請繼續。

Good morning, everyone, and welcome to our review of Vesta's fourth quarter earnings results. Presenting today with me is Lorenzo Dominique Berho, Chief Executive Officer; and Juan Sottil, our Chief Financial Officer. The earnings release detailing our fourth quarter 2024 results was released yesterday after market closed. It is available on Vesta's IR website, along with our supplemental package.

大家早安，歡迎觀看我們對 Vesta 第四季度收益結果的回顧。今天與我一起演講的是執行長 Lorenzo Dominique Berho；以及我們的財務長 Juan Sottil。有關我們 2024 年第四季業績的收益報告於昨日市場收盤後發布。它與我們的補充包一起在 Vesta 的 IR 網站上提供。

It's important to note that on today's call, management's remarks and answers to your questions may contain forward-looking statements. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ. For more information on these risk factors, please review our public filings. Vesta assumes no obligation to update any forward-looking statements in the future.

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陳述。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。有關這些風險因素的更多信息，請查看我們的公開文件。Vesta 不承擔將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 differ in certain significant riskpers from US tax. All information should be read in conjunction with and is qualified in its entirety by reference to our financial statements. including the notes thereto and are stated in U.S. dollars unless otherwise noted. I will now turn the call over to Lorenzo Berho.

此外，請注意，本文中包含的所有數字均根據 IFRS 編制，其在某些重大風險方面與美國稅收有所不同。所有資訊應與我們的財務報表一起閱讀，且完整內容應參考我們的財務報表。包括其註釋，除非另有說明，否則均以美元計價。現在我將電話轉給 Lorenzo Berho。

Thank you, Fernanda. Good morning, everyone. Before turning to our results, I would like to provide some perspective on our company as we review the past year. We have grown Vesta into a global leader in premier industrial real estate. In some cases, managing through very turbulent times. In November, we unveiled our Route 2030 strategic plan, a detailed road map for the next 5 years led by a balanced approach to investment, growth profitability assured access to energy and with ambitious Net Zero and ESG objectives.

謝謝你，費爾南達。大家早安。在談到我們的業績之前，我想先回顧一下我們公司過去的一年，並提供一些看法。我們已將 Vesta 發展成為全球頂級工業房地產領導者。在某些情況下，管理會度過非常動盪的時期。11 月，我們公佈了 2030 路線戰略計劃，這是未來 5 年的詳細路線圖，以平衡的投資方式、保證能源獲取的增長盈利能力以及雄心勃勃的淨零和 ESG 目標為主導。

Throughout 2030 builds on the outstanding results we delivered on our 2019, 2024 Level 3 strategy, all related targets, which Vesta not only met, but exceeded. With this, we have clearly illustrated our next phase in Vesta's journey. Therefore, we expect 2025 will continue to present its challenges, likely resulting in more muted performance for our industry. many agree it would be very difficult for uncertainties, either internal or external effects to alter the opportunities that we see in Mexico.

2030 年，我們將以 2019 年、2024 年 3 級策略所取得的出色成果為基礎，Vesta 不僅實現而且超越了所有相關目標。透過這一點，我們清楚地描繪了 Vesta 旅程的下一個階段。因此，我們預計 2025 年將繼續面臨挑戰，可能會導致我們產業的表現更加低迷。許多人都同意，無論是內部還是外部的不確定性都很難改變我們在墨西哥看到的機會。

In late January, President [Sheinbaum] launched a $1.4 billion nearshoring incentive package designed to strengthen the country's shore in regional supply chains as part of a multi-branch plan to grow Mexico's economy and Mexico, in part by embracing its role in manufacturing inputs for North America supply chains. President [Sheinbaum's] administration through a presidential decree will offer greater incentives for companies seeking to relocate their manufacturing operations to Mexico to be closer to the U.S. market, including generous tax incentives. What remains clear is that both countries have invested interest in maintaining and strengthening the trade relationship.

今年 1 月下旬，墨西哥總統謝因鮑姆推出了一項價值 14 億美元的近岸外包激勵計劃，旨在加強墨西哥在區域供應鏈中的地位，這是促進墨西哥經濟和墨西哥自身發展的多部門計劃的一部分，部分是通過發揮其在北美供應鏈製造業投入品中的作用。總統（謝因鮑姆）的政府將透過總統令為尋求將製造業務遷至墨西哥以更接近美國市場的公司提供更大的激勵措施，包括慷慨的稅收優惠。顯而易見的是，兩國都對維持和加強貿易關係投入了興趣。

With just over 78% of Mexico's exporting going to the U.S. and some companies considering expanding their presence in Mexico, the economic interdependence between these nations cannot be overstated. Near-shoring as a strategy for economic growth and supply chain resilience, therefore, remain undeniable. And Vesta is in a particularly advantageous position. We benefit from outstanding LEED-certified assets, a big footprint in Mexico's most resilient and desirable markets, strong relationships with premier clients and one of our industry's most innovative approaches to procuring energy.

墨西哥出口到美國的產品佔其出口總額的 78% 多一點，而且一些公司正在考慮擴大在墨西哥的業務，因此這兩個國家之間的經濟相互依存關係不容小覷。因此，近岸外包作為經濟成長和供應鏈彈性的策略，其角色是不可否認的。而維斯塔則處於特別有利的位置。我們受益於優秀的 LEED 認證資產、在墨西哥最具彈性和最受歡迎的市場的巨大影響力、與頂級客戶的牢固關係、以及我們行業最具創新性的能源採購方法之一。

We are a landlord to some of the world's most important manufacturers and not by accident. [Pip] and lasting client relationships creates new avenues (technical difficulty) for reoccuring growth. And as I noted, our Board and management team has considerable experience successfully navigating geopolitical and macro headwinds. Therefore, as we begin implementing our 2030 plan this year, we remain vigilant and cautious, fully aware of this year's importance as a foundation for the rest of the road map.

我們是世界上一些最重要製造商的業主，這並非偶然。 [Pip] 持久的客戶關係為持續成長創造了新的途徑（技術難度）。正如我所說，我們的董事會和管理團隊在成功應對地緣政治和宏觀逆風方面擁有豐富的經驗。因此，當我們今年開始實施2030計劃時，我們保持警惕和謹慎，充分意識到今年作為其餘路線圖基礎的重要性。

Moving forward, we will continue to make strategic investments prioritizing land acquisition and development only when they provide a clear competitive advantage but also focusing on capturing every potential leasing opportunity. A few other notable highlights for 2024 before I turn to the quarter, leasing activity reached 7.7 million square feet for the full year of which 3.5 million square feet were through new leases.

展望未來，我們將繼續進行策略性投資，僅在具有明顯競爭優勢的情況下優先收購和開發土地，同時也專注於抓住每個潛在的租賃機會。在我進入本季之前，我還要介紹一下 2024 年的其他一些值得注意的亮點，全年租賃活動達到了 770 萬平方英尺，其中 350 萬平方英尺是透過新租賃實現的。

Nearly 80% of which was signed with current best-in-class tenants in e-commerce as well as live manufacturing for the North American supply chain. We saw $4.2 million in renewals during the year with an 8.4% increase in rent spreads and a 6-year weighted average lease term.

其中近80%與目前北美供應鏈領域最優秀的電子商務和現場製造租戶簽約。我們全年的續約金額為 420 萬美元，租金利差增加了 8.4%，加權平均租賃期限為 6 年。

Our focus on dollar-denominated contracts resulted in 89% of our 2024 revenues being in dollars, an important competitive advantage nonnegotiable stabilizing factor, which will never change at Vesta. Vesta also delivered exceptional financial results for the full year 2024, surpassing revised guidance to reach $152.3 million, a 17.7% increase year-over-year.

我們專注於以美元計價的合同，這使得我們 2024 年的 89% 的收入以美元計算，這是重要的競爭優勢、不可協商的穩定因素，對 Vesta 來說永遠不會改變。Vesta 也公佈了 2024 年全年出色的財務業績，超過修訂後的指引，達到 1.523 億美元，年增 17.7%。

Full year 2024 adjusted NOI margin and EBITDA margin reached 94.6% and 83.5%, respectively. Vesta FFO ended 2024 at $160.1 million, a 25.2% increase compared to $127.9 million in 2023. And in 2024, we secured a global syndicated sustainability-linked credit facility for $545 million Juan will discuss shortly.

2024年全年調整後的NOI利潤率和EBITDA利潤率分別達到94.6%和83.5%。截至 2024 年，Vesta FFO 為 1.601 億美元，較 2023 年的 1.279 億美元成長 25.2%。2024 年，我們獲得了 5.45 億美元的全球銀團永續發展相關信貸額度，Juan 很快就會討論這一點。

Turning to our fourth quarter 2024 operating results. Leasing activity reached 1.6 million square feet, 739,000 square feet in new contracts most in the Bajio region with premier global companies in the electronics, automotive and logistics sector and 813,000 square feet in lease renewals. Vesta's fourth quarter 2024 total portfolio occupancy, therefore, reached 93.4%. Stabilized and same-store occupancy reached 95.5% and 97.6%, respectively.

談到我們 2024 年第四季的經營業績。租賃活動達 160 萬平方英尺，新合約面積為 739,000 平方英尺，大部分位於巴希奧地區，簽約方為電子、汽車和物流行業的全球頂尖公司，續租面積為 813,000 平方英尺。因此，Vesta 2024 年第四季的總投資組合入住率達到了 93.4%。穩定和同店入住率分別達95.5%和97.6%。

We ended the quarter with current construction in progress, which reached 2.8 million square feet and an estimated investment of approximately $214.1 million. and a 10.9% yield on cost in markets, including Mexico City, Puebla Queretaro, Aguascalientes and Monterrey. We're pleased to see continued absorption strength in the [Maje] region. But during the quarter, we began construction on 3 new buildings in [Queretaro], totaling 560,000 square feet.

截至本季末，我們在建工程面積已達 280 萬平方英尺，預計投資額約 2.141 億美元。在墨西哥城、普埃布拉、克雷塔羅、阿瓜斯卡連特斯和蒙特雷等市場的成本收益率達到 10.9%。我們很高興看到[Maje]地區持續的吸收強度。但在本季度，我們開始在 [克雷塔羅] 建造 3 棟新建築，總面積達 56 萬平方英尺。

As a related update on our portfolio, we shifted the delivery timing of two buildings at our Apodaca project April from December. We chose to upgrade and expand the size of several buildings during the final stage of this project, also seeing an opportunity to reconfigure the part. These improvements, therefore, slowed down the delivery of certain buildings within the project, but the adjustments enhance the overall quality and functionality of the development and therefore, the final value.

作為我們投資組合的相關更新，我們將 Apodaca 專案中兩棟建築的交付時間從 12 月改為 4 月。我們選擇在該項目的最後階段對幾座建築進行升級和擴建，同時也看到了重新配置該部分的機會。因此，這些改進減慢了專案內某些建築物的交付速度，但調整提高了開發專案的整體品質和功能，從而提高了最終價值。

So while this impacted our near-term time line, they will not materially delay the expected income during the year, and this overall project remains on track for success. In closing, while we are certainly operating in interesting times, at the end of the day, we control our destiny. Our competitive advantages are clear and compelling, and our solid financial position means we're very comfortable being extremely selective in the tenants to which we lease.

因此，雖然這影響了我們的近期時間表，但它們不會實質地延遲今年的預期收入，整個計畫仍在成功的軌道上。最後，雖然我們確實處於一個有趣的時代，但最終我們還是掌握著自己的命運。我們的競爭優勢明顯且引人注目，而我們穩固的財務狀況意味著我們可以非常放心地選擇租賃的租戶。

As I have commented in the past, we are focused on consistency and discipline as we navigate through potential headwinds on our route 2030 pack. In the meantime, we're allocating capital to ensure meaningful shareholder returns. Through opportunistic land acquisitions such as our recent purchase in Guadalajara and Ciudad Juarez, aligned with delivering on our 2030 strategy. Investors 2024 share repurchase program reached $42.3 million by year-end, 16.5 million shares, which is 1.9% of total outstanding shares. With that, let me now turn it over to Juan to review this quarter's financial results in more detail.

正如我過去所評論的那樣，我們在克服 2030 路線上可能遇到的阻力時，將重點放在一致性和紀律性上。同時，我們正在分配資本以確保股東獲得可觀的回報。透過機會性的土地收購，例如我們最近在瓜達拉哈拉和華雷斯城的收購，這與實現我們的 2030 策略一致。投資者 2024 年股票回購計畫截至年底已達 4,230 萬美元，回購股票 1,650 萬股，佔總流通股的 1.9%。現在，讓我將話題轉交給胡安，讓他更詳細地回顧本季的財務表現。

Thank you, Lorenzo. Good day, everyone. Vesta closed the year with exceptional financial results loan noted. Our total revenue reached $252 million, marking a 17.7% year-on-year increase and surpassing our revised guidance of 17%. NOI margin also exceeded our revised guidance of 94.5%, reaching 94.6%. While EBITDA margin was in line with our guidance, at 83.5%. Vesta FFO ended 2024 at $160.1 million, a 25.2% increase compared to $127.9 million in 2023.

謝謝你，洛倫佐。大家好。Vesta 以出色的財務業績結束了這一財年。我們的總收入達到 2.52 億美元，年增 17.7%，超過了我們修訂後的 17% 的預期。淨營業利益率也超過了我們修訂後的94.5%的預期，達到94.6%。EBITDA 利潤率符合我們的預期，為 83.5%。截至 2024 年，Vesta FFO 為 1.601 億美元，較 2023 年的 1.279 億美元成長 25.2%。

Turning to our fourth quarter results and beginning with our top line Total revenues increased 16.5% to $65.2 million, mainly due to higher rental revenue coming from new leases and inflationary adjustments on rental properties during the quarter. In terms of the current mix, 88.7% of our fourth quarter revenue was denominated in U.S. dollars, an increase from 87.8% from the fourth quarter 2023.

回顧我們第四季度的業績，首先我們的營收總額增長了 16.5%，達到 6,520 萬美元，這主要歸因於本季度新租約帶來的租金收入增加以及租賃物業的通膨調整。以目前的結構來看，我們第四季的 88.7% 收入以美元計價，高於 2023 年第四季的 87.8%。

Regarding our profitability, adjusted net operating income increased 11.7% to $59.1 million, while the margin contracted 460 basis points to 93.5%. This was mainly due to higher costs related to rental income generated properties including real estate taxes, insurance costs, maintenance and other property-related expenses.

關於我們的獲利能力，調整後的淨營業收入成長 11.7% 至 5,910 萬美元，而利潤率則收縮 460 個基點至 93.5%。這主要是由於與租金收入產生的物業相關的成本增加，包括房地產稅、保險費、維護和其他與物業相關的費用。

Adjusted EBITDA reached $52 million in the fourth quarter, an 18.5% increase compared to the prior year's quarter. And the margin increased 100 basis points to 82.7%, primarily due to lower administrative expenses, which benefited from the peso depreciation relative to the prior year quarter. We closed the quarter with a pretax income of $81.2 million compared to $99.8 million in 2023. This decrease was primarily due to lower gains on revaluation of investment properties, driven by a slower pace of development throughout the year as well as an increase in discount rates. Vesta FFO, excluding current tax, increased to $41.7 million this quarter from $32.6 million in fourth quarter 2023.

第四季調整後 EBITDA 達 5,200 萬美元，較去年同期成長 18.5%。利潤率增加 100 個基點至 82.7%，主要由於管理費用降低，而管理費用降低得益於比索相對於去年同期的貶值。本季的稅前收入為 8,120 萬美元，而 2023 年的稅前收入為 9,980 萬美元。下降的主要原因是投資性房地產重估收益減少，這歸因於全年開發速度放緩以及折現率上升。不包括目前稅款的 Vesta FFO 從 2023 年第四季的 3,260 萬美元增至本季的 4,170 萬美元。

Moving to our capital structure and balance sheet. As Lorenzo alluded, we ended the year in a very strong financial position. Cash and cash equivalents stood at $484 million. And our total debt remained relatively stable at $847 million as of December 2024. Net debt to EBITDA was 3.2x, and our loan-to-value was 21.4%, well below our guidance for prudent financial management.

轉向我們的資本結構和資產負債表。正如洛倫佐所提到的，我們以非常強勁的財務狀況結束了這一財年。現金和現金等價物為4.84億美元。截至 2024 年 12 月，我們的總債務保持相對穩定，為 8.47 億美元。淨債務與 EBITDA 比率為 3.2 倍，貸款價值比為 21.4%，遠低於我們審慎財務管理的指導水準。

As we shared on our Investor Day, these are a loan-to-value of less than 30% and a net debt-to-EBITDA lower than 5x. Along these lines, in December, we successfully closed a $545 million global syndicated sustainable credit facility, as Lorenzo noted. This new financing is comprised of $345 million term loan structured in two tranches with terms of three and five years with an 18-month availability period in addition to a $200 million revolving credit facility.

正如我們在投資者日所分享的那樣，這些貸款價值比低於 30%，淨債務與 EBITDA 之比低於 5 倍。正如洛倫佐所說，沿著這一思路，我們在 12 月成功完成了 5.45 億美元的全球銀團永續信貸融資。這筆新融資包括兩筆 3.45 億美元的定期貸款，期限分別為 3 年和 5 年，可用期為 18 個月，此外還有 2 億美元的循環信貸額度。

This facility replaces our prior $200 million in place and undrawn revolving credit facility. We are very pleased to have secured this new financing, ensuring continued access to strategic liquidity at a competitive cost. This strengthens our financial flexibility as we execute key initiatives aligned with Vesta's route 2030 strategy, driving sustainable value for our shareholders.

該筆貸款將取代我們先前已到位且尚未動用的 2 億美元循環信貸額度。我們非常高興獲得這筆新融資，確保能夠以具競爭力的成本持續獲得策略流動性。這增強了我們的財務靈活性，因為我們執行與 Vesta 的 2030 路線策略一致的關鍵舉措，為我們的股東創造永續價值。

Our share repurchase program is also a key pillar of our capital allocation strategy. 2024, our program reached $42.3 million or 16.5 million shares is approximately 2% of total outstanding shares. We will continue to execute opportunistically as we have successfully done it in the past to maximize long-term shareholder returns. In addition, and subsequent to quarter's end, on January 15, 2025, we paid a cash dividend for the fourth quarter, equivalent to MXN 0.38 per ordinary shares. This concludes our fourth quarter 2024 review. Operator, would you please open the floor for questions.

我們的股票回購計畫也是我們資本配置策略的重要支柱。 2024 年，我們的計畫達到 4,230 萬美元或 1,650 萬股，約佔總流通股的 2%。我們將繼續抓住機遇，就像我們過去成功做到的那樣，實現長期股東回報最大化。此外，在本季結束後，即 2025 年 1 月 15 日，我們支付了第四季度的現金股息，相當於每股普通股 0.38 墨西哥比索。這就是我們對 2024 年第四季的審查結束。接線員，請您開始提問。

Yes, thank you, ladies and gentlemen. We will now begin the question and answer session.(Operator Instructions)

是的，謝謝大家，女士們、先生們。我們現在開始問答環節。

Pablo Mosvi with Barclays. Please go ahead.

巴克萊銀行的 Pablo Mosvi。請繼續。

I was wondering about Monterrey. In your development portfolio, like you have Apodaca 6, 7 and 8. And it seems that you don't have at least yet. And we know that the Monterrey has been an excess capacity probably in the fourth quarter of last year. So when to pick your brain on how are you seeing leasing activity for these three buildings because if I see it correctly, it's 1.1 million square feet. So it's perhaps quite a lot. So just wanted to hear your thoughts on what the clients are saying, how servicing activity there?

我對蒙特雷感到好奇。在您的開發組合中，您有 Apodaca 6、7 和 8。但看起來至少現在你還沒有。我們知道，蒙特雷去年第四季可能已經出現產能過剩的情況。那麼，您何時能想清楚如何看待這三棟建築的租賃活動？因此，這個數字可能相當多。所以只是想聽聽您對客戶的看法，那裡的服務活動如何？

Perfect, Ola Pablo, and thank you very much for being on the call and for your question. Monterrey has been a key market for Vesta. We currently have developed two projects, one of them in Apodaca -- I'm sorry, in Guadalupe and the second one in Apodaca. As you might know, we are fully leased in Monterrey with clients such as Amazon, Mercado Libre, Polaris, OXXO, Walmart, among others. We have been very successful in the leasing in the last phase.

非常好，Ola Pablo，非常感謝您接受電話採訪並提出問題。蒙特雷一直是 Vesta 的重要市場。我們目前已經開發了兩個項目，其中一個在阿波達卡——對不起，在瓜達盧佩，第二個在阿波達卡。您可能知道，我們在蒙特雷的辦公空間已全部租出，客戶包括亞馬遜、Mercado Libre、Polaris、OXXO、沃爾瑪等。我們在上一階段的租賃中取得了非常成功。

Now today, what we have is three buildings on the construction, which have been part of the development pipeline for the last quarters. And we feel confident that these buildings will be lease accordingly when we finish the projects. Currently, we have an estimated completion date for the second quarter I was recently in Monterrey. The progress is well on the buildings. And actually, we have some minor delays on the projects. The reason being that we upgraded the specifications of the buildings characteristic, considering better sustainable characteristics for the buildings.

目前，我們正在建造三棟建築，它們是最近幾季的開發計劃的一部分。我們有信心，工程完工後這些建築的出租率將會很高。目前，我們有一個預計第二季的完成日期，我最近在蒙特雷。建築工程進展順利。事實上，我們的專案確實出現了一些輕微的延誤。原因是我們升級了建築特性的規格，考慮到建築更好的永續性特性。

And therefore, we think that the best companies will, for sure, be looking carefully into our project in Apodaca into our buildings. Because of the quality of the project that we are currently developing. I'd like to invite all of you to make a visit to Monterrey. It is very well located in the Apodaca main corridor with good access to infrastructure, good access to labor pool. And we have a local dedicated team focusing on the leasing of these projects even before they are done. So this is going to be an important year, and we have strong confidence in the Monterrey market. and good confidence on the product that Vesta is able to deliver. .

因此，我們認為，最好的公司肯定會仔細審視我們在阿波達卡的建築項目。因為我們正在開發的專案品質很好。我想邀請大家來參觀蒙特雷。它位於阿波達卡主走廊，地理位置優越，基礎設施完善，勞動力資源豐富。在這些項目完工之前，我們就有一個本地專門團隊專注於專案的租賃。因此，這將是重要的一年，我們對蒙特雷市場充滿信心。並對 Vesta 能夠交付的產品充滿信心。。

Perfect, thank you.

非常好，謝謝。

Alan Mathias with Bank of America.

美國銀行的艾倫‧馬蒂亞斯 (Alan Mathias)。

Good morning, and thank you for the call. Just a follow-up question, I guess, on the stabilized portfolio occupancy in the North region decreased. And I guess if it's Monterey is stable? What other markets did you see pressure there? .

早安，感謝您的來電。我想這只是一個後續問題，關於北部地區穩定的投資組合佔用率下降了。我猜想蒙特利是否穩定？您認為還有哪些市場也面臨壓力？。

Thank you.

謝謝。

Alan, thank you very much for your question. I already explained on Monterrey, where we are fully leased and the market is still behaving quite well. we're not focused in all north of Mexico. There is actually markets where we're not into, but we have a strong focus and a good presence in Tijuana and Ciudad Juarez. Tijuana and Ciudad Juarez have shown some sort of slowdown in the last quarters in terms of demand. And that is not only impacting vessels portfolio, but also the rest of the market. But still, we think that vacancy rates are in a moderate level. And we think that as soon as demand picks up, there will be some interesting opportunities. for the type of buildings that Vesta has -- Vesta actually has only a couple of brand-new buildings in Juarez, which are on the leasing stage. And we are confident that the quality and the location is outstanding, and we'll have an advantage to other projects. But it has taken a little longer in this new cycle and pretty much the same with Tijuana. Nevertheless, that we have a good portfolio with good tenants, some of them requiring expansions. But at the same time that there is very shift towards demand in the last quarters, and we will like -- we will be cautious to be patient on having been able to lease up to good tenants, long-term leases, in line to Vesta's existing portfolio.

艾倫，非常感謝您的提問。我已經解釋過蒙特雷的情況，那裡的樓盤已經全部租出，市場表現仍然良好。我們的重點並不在墨西哥北部。實際上，有些市場我們還沒有涉足，但我們在蒂華納和華雷斯城有很強的關注度，而且佔有很大的份額。在過去幾個季度，蒂華納和華雷斯城的需求出現了一定程度的放緩。這不僅影響船舶組合，也影響其餘市場。但我們仍然認為空置率處於中等水平。我們認為，一旦需求回升，就會出現一些有趣的機會。就 Vesta 所擁有的建築類型而言—— Vesta 實際上在華雷斯只有幾棟全新的建築，目前處於租賃階段。我們相信，該專案的品質和地理位置都非常出色，我們將比其他專案更具優勢。但在這個新的周期中，它花費的時間更長一些，蒂華納的情況也差不多。儘管如此，我們擁有良好的投資組合和優秀的租戶，其中一些需要擴張。但與此同時，最近幾季的需求發生了很大變化，我們會謹慎耐心地將房屋出租給優質租戶，簽訂長期租約，以符合 Vesta 現有的投資組合。

Alejandra Obregon with Morgan Stanley.

摩根士丹利的 Alejandra Obregon。

I have a few on the Bajio. So it looks like some KPIs are improving. You're doing some backing of vacancies, some pre-leasing, cash rents are holding up pretty well. So I just wanted to kind of like get a sense of what you're seeing on the ground. What -- I mean if you look at the tenant pool that you have for the available and for the coming development space in the rail, is there any perhaps ecosystem that is taking in your conversations, especially in Queretaro now that you brought up some four properties in Queretaro to the development pipeline, what's happening in Wallara. Any color here will be very material.

我在巴希奧 (Bajio) 有一些。因此看起來有些 KPI 正在改善。你正在對空置房屋進行一些支持，一些預租房屋，現金租金保持得相當好。所以我只是想了解你在當地看到的情況。什麼 — — 我的意思是，如果您看看您擁有的可用的和即將到來的鐵路開發空間的租戶池，是否存在任何可能的生態系統正在被您在談話中提及，特別是在克雷塔羅，現在您已將克雷塔羅的四處房產納入開發渠道，那麼瓦拉拉的情況如何。這裡的任何顏色都將非常珍貴。

Thank you, Alexandra. And yes, glad to share Guadalajara, as many of you know, has been a very attractive market, particularly for the electronics sector as well as e-commerce. We were fortunate to be able to buy the land adjacent to our park. So we will soon start development and use the existing infrastructure of the park and expand it to the new site. It is not very large but we think that it's a great continuation and a great opportunity to be able to keep on growing in a fantastic location, where we have grown with clients such as Foxconn BSB Logistics Mercado Libre, Amazon.

謝謝你，亞歷珊卓。是的，很高興與大家分享瓜達拉哈拉，正如你們許多人所知，它是一個非常有吸引力的市場，特別是對於電子行業和電子商務而言。我們很幸運能夠買下我們公園附近的土地。因此我們將很快開始開發並利用公園現有的基礎設施並將其擴展到新地點。雖然規模不是很大，但我們認為這是一個很好的延續，也是一個很好的機會，能夠在一個絕佳的地點繼續發展，我們與富士康 BSB Logistics、Mercado Libre、亞馬遜等客戶一起成長。

And I'm pretty sure that particular success will expand with the current land that we acquired. In Queretaro, we have seen some very positive signs to that there has been a recovery. Vacancy rates are still low. There has -- demand has picked up.

而且我非常肯定，隨著我們目前獲得的土地的擴大，這項成功將會進一步擴大。在克雷塔羅，我們看到了一些非常積極的跡象，表明經濟已經開始復甦。空置率仍然很低。需求已經回升。

We are fully leased in the Vesta Queretaro. And for that reason and for the pipeline that we have seen, we think it's a good moment to start construction and inventory buildings and use and anticipate to some clients that require space immediately. Just to give you again some names on the Queretaro the price we have in Queretaro, we have clients such as FedEx, Home Depot ESA and recently, companies in the electric manufacturing sector, focusing on machinery and equipment for Mexico as well as export to the U.S.

我們在 Vesta Queretaro 的房間已經全部租賃了。出於這個原因，以及我們已經看到的渠道，我們認為現在是開始建造和盤點建築物以及使用和預期一些立即需要空間的客戶的好時機。再次向您提供克雷塔羅的一些名稱，我們在克雷塔羅的價格，我們的客戶包括聯邦快遞、家得寶 ESA，最近還有電氣製造業的公司，專注於為墨西哥提供機械設備以及出口到美國。

So we think that there is a good demand in the market, and that's why we would like to anticipate and have good space available for those tenants that require expansions. We just say the same for the aerospace industry.

因此，我們認為市場需求良好，因此我們希望提前為需要擴建的租戶提供良好的空間。我們對航空航天工業也持同樣的看法。

Nevertheless, we -- many of the decisions we take them with discipline. -- we know our markets and we validate each decision at our investment committee, where we know that whenever there's an opportunity where we have an advantage, we take that opportunity to start and anticipate the potential demand.

儘管如此，我們還是十分嚴謹地做出了許多決定。 ——我們了解我們的市場，並在我們的投資委員會上驗證每一個決定，我們知道，只要有一個我們有優勢的機會，我們就會抓住這個機會開始並預測潛在的需求。

The rest of the markets, I would say I would say, in the Bajio region are still improving. However, we think that patients has to prevail as well as caution so that we understand better the uncertainties that have triggered current trade tensions between the U.S., Mexico and the effects of the tariffs are imposed to many goods from all over the world from the U.S. yes.

我想說的是，巴希奧地區其他市場仍在改善。然而，我們認為，我們必須耐心等待，也必須謹慎行事，這樣我們才能更好地理解引發當前美國和墨西哥之間貿易緊張局勢的不確定性，以及美國對來自世界各地的許多商品徵收關稅的影響。

Got you. That was very clear.

明白了。那是非常清楚的。

Thank you very much.

非常感謝。

Gordon Lee with BTG.

Gordon Lee 與 BTG 合作。

Thank you very much for the call. Two quick questions. The first one, Lorenzo, in November or December, I can't remember exactly the date when you unveiled route 2030. You had already sort of adjusted, I think, your view at least for the medium term, just to encompass this sort of more uncertain scenario. And so I'm wondering, 3 months later, whether you think that, that adjustment was enough or whether you're feeling a little bit more cautious? And then the second question is in this uncertain environment, as you look to replenish your land bank, are you finding that, that uncertainty is either producing greater availability of land or land on better terms? Or have we not seen that adjustment yet.

非常感謝您的來電。兩個簡單的問題。第一個，洛倫佐，是在十一月還是十二月，我不記得你公佈 2030 路線的具體日期。我認為，至少就中期而言，您已經調整了您的觀點，以涵蓋這種更不確定的情況。所以我想知道，三個月後，您是否認為這種調整已經足夠，或者您是否感覺更加謹慎？第二個問題是，在這種不確定的環境下，當您試圖補充土地儲備時，您是否發現這種不確定性會帶來更多的土地供應或以更好的條件提供土地？或者我們還沒有看到這種調整。

Thank you for your question. Well, I think we were -- Vesta has always had the strategy to define a long-term plan. and execute understanding that things might vary in the period. Level 3 strategy was very successful. We are happy to be able to close that particular cycle of the company. And that gave us the opportunity to present another long-term plan. The route 2030 back in November. And we believe that Vesta has a clear vision on hard way it's heading towards 2030. We have a clear path. And we feel confident that, that plan will be well executed and will be very profitable.

感謝您的提問。嗯，我認為我們——Vesta 一直都有製定長期計劃的策略。並執行對在此期間事情可能發生變化的理解。第三級策略非常成功。我們很高興能夠結束公司的這個特定週期。這給了我們提出另一個長期計劃的機會。2030 路線於 11 月回歸。我們相信，Vesta 對於 2030 年的艱難道路有著清晰的願景。我們有一條清晰的道路。我們相信，該計劃將會順利執行並且帶來豐厚的利潤。

That plan incorporated the uncertainty for 2025. And so where we are standing today in 2025, it's a little bit of a no surprise. We understand how our clients behave, we understand how new demand behaves and it's understandable that there will be some uncertainty through a period of time. Nevertheless, this is also not new, and we have been over these times before. And this is a great moment to position the company better to be ready when there is a new economic cycle, and we know that, that will happen.

該計劃考慮了2025年的不確定性。因此，對於我們今天所處的 2025 年而言，這並不令人意外。我們了解客戶的行為方式，我們了解新的需求的行為方式，因此可以理解在一段時間內會出現一些不確定性。不過，這並不是什麼新鮮事，我們以前也經歷過這樣的時刻。這是一個很好的時機，可以讓公司更好地準備迎接新的經濟週期的到來，我們知道這會發生。

And this will probably take it to your second question, Gordon. Definitely Vesta has a strong discipline towards acquiring the best location, the best land with urban infill and high barriers of entry, land that we can add value through high-quality projects. And definitely, we have been analyzing different sites. And we're going to take advantage of being able to close on probably the best sites in the best markets, which are the ones that we operates. So it will be a very interesting year, where we think that will be even better positioned for the long-term plan that we have on bail.

這可能就要引出你的第二個問題了，戈登。毫無疑問，Vesta 非常注重獲取最佳地段、具有城市填充和高進入門檻的最佳土地，以及我們可以透過高品質專案增加價值的土地。當然，我們一直在分析不同的網站。我們將充分利用這一優勢，在最佳市場中找到可能最優質的網站，也就是我們經營的網站。因此，這將是非常有趣的一年，我們認為，這將對我們保釋的長期計劃更加有利。

Perfect. Thank you very Much.

完美的。非常感謝。

Rodolfo Ramos with Bradesco BBI

Rodolfo Ramos 與 Bradesco BBI

It's a little bit of a follow-up on the previous discussions. But we've seen this weakness in the northern markets. And my question here is twofold. It doesn't seem to be the case. But in the future, how do you see this weakness in the northern markets impacting your Bajio markets? I don't know if this is these are substitutes or these are just completely different client bases that you're tapping.

這是對之前討論的一點後續。但我們已經看到北方市場的這種疲軟。我在這裡的問題有兩個。但事實似乎並非如此。但在未來，您認為北方市場的這種疲軟將如何影響您的巴希奧市場？我不知道這些是替代品還是您所針對的完全不同的客戶群。

So that's the first question. And the second one, which is related as well, how does this change your answer to the first question, how does it change the pace and the focus of your development pipeline considering you have ambitious CapEx plans under your route 2030 in Monterrey, Tijuana Juarez. So those will be my questions.

這是第一個問題。第二個問題也與此相關，這會如何改變您對第一個問題的回答，考慮到您在蒙特雷、提華納華雷斯的 2030 路線下制定了雄心勃勃的資本支出計劃，這會如何改變您的開發渠道的步伐和重點。這就是我的問題。

Thank you.

謝謝。

Thank you very much for your question. Well, regarding the first one, I believe that all markets have very different dynamics. And they -- and all of them, first of all, we valid first, the real estate fundamentals in each of the market, then we analyze the trends of which the restrictions and the opportunities. And I believe that the industrial market in Mexico behaves differently from one to the other because some of them are more related to consumption, logistics, e-commerce.

非常感謝您的提問。嗯，關於第一個問題，我相信所有市場都有非常不同的動態。首先，我們先研究每個市場的房地產基本面，然後分析其中的限制和機會。我認為墨西哥的工業市場表現有所不同，因為其中一些與消費、物流、電子商務更相關。

And in a broad matter, I think that that's mostly on the metro areas, particularly in Mexico City and even in the Bajio. Another market rely more on supply chains, manufacturing and export, I would probably say that the border region being more on that category. So with that, we analyze both things. And as you know, we focus on both industries, let's say, both segments.

從廣義上講，我認為這主要發生在大都市地區，特別是墨西哥城，甚至是巴希奧地區。另一個市場更依賴供應鏈、製造和出口，我可能會說邊境地區更屬於這一類。因此，我們對這兩件事進行分析。如您所知，我們專注於這兩個行業，可以說是兩個領域。

And I think that -- but as long as there is opportunity on both, there will eventually be opportunities in pretty much all of the markets that we operate. However, understanding real estate fundamentals, we know that there are cycles.

我認為——只要兩者都有機會，我們所經營的幾乎所有市場最終都會有機會。然而，在了解房地產基本面後，我們知道它有一個週期。

There's moments where there is a limited supply, when there's strong demand, where there's moments that, that gets that could get inverted. And today, we think that trends are a bit different. However, we feel confident that vacancy rates are still at pretty low levels. I think that us and even other developers have been conservative on this approach, and that's why we think that the markets are in a still healthy stage.

有時候供應有限，有時候需求強勁，有時候情況可能會逆轉。而今天，我們認為趨勢有些不同。然而，我們有信心空置率仍然處於相當低的水平。我認為我們甚至其他開發商對這種方法都持保守態度，這就是我們認為市場仍然處於健康階段的原因。

We see most of the markets being in the let's say, 5% latency rate, give or take. Some of the markets are even closer to 1%, like Mexico City. Bajio region, even in some cases, now lower than 5%. So we will follow carefully. We'll be patient, disciplined and I think that this is not the first time that we are in the situation. And as long as we have good quality products, but we understand the clients' needs, I think that we can take advantage of these particular situations.

我們發現大多數市場的延遲率大約在 5% 左右。有些市場甚至接近 1%，例如墨西哥城。巴希奧地區，在某些情況下，現在甚至低於5％。因此我們將密切關注。我們會保持耐心和紀律，我想這不是我們第一次遇到這種情況。只要我們有優質的產品，同時了解客戶的需求，我認為我們就可以利用這些特殊情況。

Maybe developers that do not meet the quality or do not have the right infrastructure or do not have the permits in place. Those will probably struggle the most. But as long as we have good quality product, which is what we have focused -- been focusing on. I think that we have a better advantage.

也許是開發商不符合品質標準、沒有適當的基礎設施或沒有許可證。這些可能是最困難的。但只要我們有高品質的產品，這也正是我們一直在關注的重點。我認為我們更具有優勢。

Just to use the example on Monterrey, one of the greatest decisions that we recently did is to improve the specifications on the buildings it pass us a bit of a delay, but we think that we're in great shape and a great moment to deliver, but I would probably think are the best buildings in the Monterrey market, which is the largest one.

僅以蒙特雷為例，我們最近做出的最大決定之一就是改進建築的規格，雖然這給我們帶來了一些延遲，但我們認為我們處於良好的狀態，並且是交付的好時機，但我可能會認為這些建築是蒙特雷市場上最好的建築，而蒙特雷是最大的市場。

So we have a great location. We have the best buildings. And actually, we have a great tenant base already in Monterey. So I don't see why we're not going to be able to continue that success even now with improved products.

因此我們擁有優越的地理位置。我們擁有最好的建築。事實上，我們在蒙特雷已經擁有大量租戶基礎。所以我不明白為什麼即使現在產品有所改進我們仍無法繼續取得成功。

Francisco Chavez with BBVA.

西班牙對外銀行 (BBVA) 的 Francisco Chavez。

Hi, thanks for the call and for taking my question. Question regarding the position of land in quarry early this year and consider what you have mentioned the softening activity inquiries. Can you give us an idea on how opportunistic acquisition is it was applied at a lower price than a few months ago. I know that you can let us know this land has access to electricity and has all the infrastructure in place.

您好，感謝您來電並回答我的問題。關於今年早些時候採石場土地狀況的問題，並考慮您提到的軟化活動詢問。您能否向我們介紹一下此次機會性收購的程度？ 與幾個月前相比，這次收購的價格更低嗎？我知道您可以讓我們知道這片土地有電且所有基礎設施齊全。

Francisco, thank you very much for your question. Yes, we're very happy that we were able to find this site in a quarter. And maybe to your last point, what is key about this land is that remember that land for us is raw material. And then the pace on the development, it depends more on how we see the demand coming. But one of the greatest things is that it has access to electricity.

弗朗西斯科，非常感謝您的提問。是的，我們很高興能夠在一個季度內找到這個網站。也許回到您最後一點，這片土地的關鍵在於記住，土地對我們來說是原材料。然後，發展的速度更取決於我們如何看待需求。但最棒的事情之一是它可以用電。

It is very close to the border crossing of Saragosa which is the major commercial border crossing in the -- in Ciudad Juarez. It is right next to the current project that we developed. So this gives us continuity on what we think is the best submarket in the Ciudad Juarez region.

它非常靠近薩拉戈薩邊境，這是華雷斯城的主要商業邊境。它就在我們目前開發的項目的旁邊。因此，這讓我們對華雷斯城地區最好的次市場有了連續性的認識。

So I think that this will put us in a great shape whenever we see that there is a demand in the market, we will kick out with a project. but the size was also very important so that we can deliver a high-quality industrial compounds where there could be synergies amount among our tenants where there could be higher quality of infrastructure higher quality of security and the accessibility to the border crossing, I think, is going to be key. So we're happy to be able to close on that land, and that will be a project that will be developed over time.

所以我認為這會讓我們處於良好的狀態，只要我們看到市場有需求，我們就會推出一個專案。但規模也非常重要，這樣我們才能提供高品質的工業園區，在那裡我們的租戶之間才能產生協同效應，從而擁有更高品質的基礎設施、更高品質的安全性以及邊境口岸的可及性，我認為，這將是關鍵。因此，我們很高興能夠獲得這塊土地，這將是一個可以長期開發的項目。

Thank you.

謝謝。

Jorge Vargas with GBM

Jorge Vargas 與 GBM

Congratulations on the results. Only one quick question from my side. Regarding the CapEx deployment throughout the year, what were the dynamics that influenced not meeting guidance? And should we expect an acceleration in 2025.

恭喜你所取得的成果。我只想問一個簡單的問題。就全年的資本支出部署而言，哪些因素導致未能達到預期？我們是否應該預期 2025 年會出現加速？

Thank you, Jorge, for your question. We're not giving any guidance in terms of capital deployment as we have done in the past. But the only thing that I can say is that we currently have a development pipeline that has been carefully selected with discipline by the investment committee. And whenever we continue -- we have recently done land acquisitions, and we will continue with that same dynamic following the path towards our, let's call it, mid long-term plan.

謝謝你，豪爾赫，提出這個問題。與過去不同，我們不會提供任何有關資本部署的指導。但我唯一能說的是，我們目前擁有經過投資委員會嚴格篩選的開發管道。無論我們何時繼續——我們最近完成了土地收購，我們都會繼續以同樣的動力沿著我們所謂的中長期計劃前進。

And with that, I think that Vesta will continue to have an active capital deployment strategy. And maybe just to add a bit on the strategy, we are glad to been able to close on a leasing -- I'm sorry, on a credit facility that will help us in the future to fund the capital requirements of the company. So we are in a very good shape. In terms of our balance, we have a good credit facility. And with that, we have enough resources to have -- for the capital deployment strategy for the year.

因此，我認為 Vesta 將繼續推行積極的資本配置策略。也許只是為了補充一點策略，我們很高興能夠完成一項租賃 - 對不起，是一項信貸安排，它將在未來幫助我們滿足公司的資本需求。因此我們的狀況非常好。就我們的餘額而言，我們擁有良好的信貸條件。這樣，我們就有足夠的資源來實施今年的資本配置策略。

Okay, thank you very much.

好的，非常感謝。

Jorel Guilloty with Goldman Sachs

高盛的 Jorel Guilloty

Apologies for that, my line dropped. So I had two straightforward questions. So the first one is around your guidance. I just wanted to see, would be able -- would you be able to provide or give some color on what your occupancy and lease spread expectations are within that guidance? And then the second question is around essentially development pipeline.

抱歉，我的線路斷了。所以我有兩個簡單的問題。因此，第一個是關於你的指導。我只是想看看，您能否提供或說明一下您的入住率和租賃價差預期在該指導範圍內嗎？第二個問題主要涉及開發通路。

So mean going back to the last day back in November, there was already -- you already gave an idea that there was going to be a downshift in the development pipeline, at least for the next year or and we're clearly seeing it now. But I just wanted to get a sense, are you also seeing it from your competitors? Are they in general terms, also downshifting development pipelines as well basically based on how the macro environment and the policy environment is developing. So those are my two questions.

所以，回到 11 月的最後一天，當時就已經有——你已經提出了一個想法，即開發流程將會放緩，至少在明年是這樣，而且我們現在已經清楚地看到了這一點。但我只是想了解一下，您是否也從競爭對手那裡看到了這一點？整體而言，他們是否也根據宏觀環境和政策環境的發展情況，降低發展速度。這就是我的兩個問題。

Thank you.

謝謝。

Thank you, Jorel. Well, I think that Vesta -- when it comes to our peers, I think that we have different types of peers and I think that some of them that you know very well, they are focusing right now on a major merger, which is going to have them very busy. And I think for that reason, I think that they have been focusing mostly on that particular major merger. Other developers, I think other players did not have major development capability. So it's kind of hard to talk about (technical difficulty) of our fees in terms of development. What I can say is that there has been Vesta has had a well-defined strategy towards development.

謝謝你，喬雷爾。嗯，我認為，當談到我們的同行時，我們有不同類型的同行，我認為其中一些你很了解的同行現在正專注於一項重大合併，這會讓他們非常忙碌。我認為出於這個原因，他們一直主要關注那次特定的重大合併。其他開發商，我認為其他玩家不具備重大的開發能力。因此，從開發角度來說，談論我們的費用（技術難度）有點困難。我可以說的是，Vesta 已經制定了明確的發展策略。

We understand whenever there's moments to put the gas pedal down, we know when there's moments that we need to push the break pedals hard. And there's signs when you just have to drive carefully using the gas pedal when needed and also using the brakes. And I think that's exactly the situation that Vesta might be facing understanding very clearly what happens in each of the markets. Whenever there's an opportunity, you put the gas pedal down, but then you need to break to just drive perfectly.

我們知道何時該踩油門，也知道何時該用力踩煞車。並且有跡象表明您必須小心駕駛，必要時使用油門並使用煞車。我認為這正是 Vesta 可能面臨的情況，需要非常清楚地了解每個市場發生的情況。只要有機會，你就踩下油門，但隨後你需要煞車才能完美駕駛。

And I think that has been the strategy in the past of Vesta, and it has played out well. And right now, maybe to your point on the on the forecast, yes, we think that having development of over 2 million square feet per year compared to maybe other years where we have close to $3 million, $4 million. Well, I think it's still a good number. But it's not about the current year.

我認為這就是 Vesta 過去的策略，而且效果很好。現在，也許正如您所說，在預測中，我們認為每年的開發量超過 200 萬平方英尺，而其他年份的開發量則接近 300 萬美元、400 萬美元。嗯，我認為這仍然是一個不錯的數字。但這與今年無關。

I think it's more about the combination of years that will help us to continue that discipline to develop at a major spreads returns of 10% when stabilized assets are close to 6% and focus on profitability more than the size more than the amount of square feet and continue our strategy to develop to give profitability through net asset value per share increase as well as FFO per share increase, and that's what we have done in the past. And that has been a major driver of value, and we will continue with that particular discipline.

我認為，更重要的是多年的經驗積累，這將有助於我們繼續保持這種紀律，在穩定資產接近 6% 的情況下，以 10% 的主要利差回報率發展，並且更加關注盈利能力而不是規模而不是平方英尺的數量，並繼續我們的戰略發展，通過每股淨資產價值的增加以及每股 FFO 的增加來提高盈利能力，這就是我們過去所做的。這是推動價值的主要因素，我們將繼續堅持這項特殊原則。

In terms of occupancy, well, I think that we're in a great shape. There could be adjustments upwards or downwards. And we think that in general terms, broad base, we are in a great shape. We're were above the historical averages that we have held. So we're in a good position, and I think that will be -- that will be -- we wouldn't be able to hold those averages quite well in the future.

就入住率而言，我認為我們的狀況很好。可能會有向上或向下的調整。我們認為，從總體上看，我們的狀況良好。我們已高於歷史平均。所以我們處於有利地位，而且我認為，未來我們將無法很好地保持這些平均值。

And a follow-up really quickly. I was just trying to understand, and I don't know if this is something you provide, but embedded in the guidance, what is the occupancy expectation, what is the lease spread expectation? .

並且很快進行後續跟進。我只是想了解一下，我不知道這是否是您提供的內容，但嵌入在指導中，入住率預期是什麼，租賃價差預期是什麼？。

Sure. Well, I think we will continue the same trends as we have seen in the past. Where as reported, we have had approximately -- the way we report it is approximately 8% increase towards in line towards (technical difficulty) rents. And that has been pretty much sustained over the last 4 quarters. So I think that going forward, this is quite positive. This is way above inflation.

當然。嗯，我認為我們將繼續延續過去所見的趨勢。據報道，我們的報告顯示，租金大約上漲了 8%，這與技術難度有關。自過去 4 個季度以來，這種狀況基本上持續。所以我認為，從未來來看，這是非常正面的。這遠高於通貨膨脹率。

Remember that many of our -- all of our lease agreements have an adjustment at every anniversary most of them to inflation. And we as we consider our rollovers being close to 8%. Well, that's way above inflation. And I think that consistently over the quarters consistently over the years, we continue pushing hard our revenue growth, and we think that we're in a great shape in that too.

請記住，我們的許多租賃協議都會在每年週年紀念日進行調整，其中大部分都是根據通貨膨脹進行調整。我們認為我們的展期率接近 8%。嗯，這遠高於通貨膨脹率。我認為，多年來，我們一直在持續努力推動我們的收入成長，我們認為我們在這方面也處於良好的狀態。

Thank you.

謝謝。

Keefer Kennedy with Citi Bank

花旗銀行的 Keefer Kennedy

Just a follow-up on previous question regarding projects under construction. You've explained the aspects regarding Apodaca project in Monterey. I'd like to get a better color on Valede Mexico. Yes, Punta Norte is a small project, but it seems to be delayed as well compared to third quarter expect or termination date. I'm just wondering what would be the reasons here. Any color on that would be very helpful.

這只是對先前關於在建工程的問題的後續回答。您已經解釋了有關蒙特雷 Apodaca 專案的各個方面。我希望 Valede Mexico 的色彩更佳。是的，Punta Norte 是一個小項目，但與第三季的預期或終止日期相比，它似乎也被推遲了。我只是想知道這裡的原因是什麼。任何顏色都會非常有幫助。

Sure, absolutely. And thank you for your question. Well, Punta Norte in Mexico City that it experienced a minor delay, and it's mostly coming from the -- from our clients. So we ended up leasing the larger building to Mercado Libre and they ended up taking the second building. It's a major project under construction. We are considering the tenant improvements already what we built. And sometimes, when you lease up a building before construction, there could be some times adjustments.

當然，絕對是如此。感謝您的提問。嗯，墨西哥城的北角出現了輕微的延誤，這主要是由於我們的客戶造成的。因此，我們最終將較大的建築物租給了 Mercado Libre，而他們最終租下了第二棟建築。這是一個正在建設中的大型項目。我們正在考慮對租戶進行改進，我們已經建造了這些建築。有時，當您在施工前租賃建築物時，可能會進行一些時間調整。

But we're very happy that -- those projects will be delivered next quarter. And not only that, they will be developed and leased to the largest e-commerce company in Latin America with a long-term lease and of course, at an inboard terms at a 10% return. So we're very happy with the tenant. We're very happy with the project and those minor delays have pretty much non-impact on the profitability of the project on the Apodaca deal.

但我們非常高興——這些項目將於下個季度交付。不僅如此，它們還將被開發並以長期租約租賃給拉丁美洲最大的電子商務公司，當然，內部條款的回報率為 10%。因此我們對租戶非常滿意。我們對該專案非常滿意，這些小小的延遲對 Apodaca 交易專案的獲利能力幾乎沒有影響。

Actually, if you look at the -- if you look carefully into the detail of each of the projects, we actually expanded one of the buildings just because we found out that we could take advantage of the floor area ratio. We also consider some sustainability features on the roofing, which is basically a membrane of TPO. We also consider some efficiencies on lighting, electricity, amenities.

實際上，如果你仔細研究每個項目的細節，你會發現我們實際上擴建了其中一棟建築，因為我們發現我們可以利用容積率。我們也考慮了屋頂的一些永續性特徵，屋頂基本上是一層 TPO 薄膜。我們也考慮了照明、電力和便利設施的一些效率。

So a lot of aspects that we think add value to the project. And we did all of that while not only maintaining but even increasing the return of the projects. So that's why the minor delays, which is only a few months have no material implications. We actually -- I was there last week -- and I'm very happy to see that how these projects are evolving. And these are actually the last buildings on the Apodaca sites. And with this, we will completely be fully leased in what we think is one of the most successful projects that we have recently developed.

我們認為很多方面都為該項目增添了價值。我們在做這一切的同時，不但維持了專案的回報，甚至還提高了回報。所以這就是為什麼只有幾個月的短暫延遲不會產生實質影響的原因。事實上——我上週就在那裡——我很高興看到這些項目正在進展。這些實際上是阿波達卡遺址上的最後幾座建築。這樣一來，我們將完全承租我們認為的最近開發的最成功的項目之一。

And maybe just to add up on maybe a previous question. I'd like to also highlight how well the company has done in our discipline to get dollar-denominated leases. We're currently at 89%, almost 90% of our leases being in U.S. dollars. This is a historic high. I think that this reflects well our discipline, our approach to be on the right currency. And when talking about spreads. And when talking about rents and talking about long-term leases, it's always better to consider that there's an opportunity to do it in U.S. dollars, and we think it's a great advantage.

也許只是為了補充之前的問題。我還想強調一下該公司在獲得以美元計價的租賃方面表現得非常出色。我們目前的租賃比例為 89%，幾乎 90% 都是以美元結算的。這是一個歷史新高。我認為這很好地反映了我們的紀律以及我們對正確貨幣的態度。說到利差。在談論租金和長期租賃時，最好考慮以美元來計算，我們認為這是一個很大的優勢。

David Soto with Scotia Bank.

加拿大豐業銀行的 David Soto。

Two quick questions. The first one is related to the development pipeline. Did you see any major risks that could affect your development pipeline for tariffs local regulation, energy regulation or a potential increase in construction materials? And the second would be, could you provide some color about the marketing efforts that you are having on the building to be leased in [Juarez and Tijuana]? Thanks.

兩個簡單的問題。第一個與開發流程有關。您是否發現任何可能影響您的業務發展管道的重大風險，例如關稅地方監管、能源監管或建築材料價格的潛在上漲？第二個問題是，你能否介紹一下你們在即將出租的大樓的行銷工作[華雷斯和蒂華納]？謝謝。

Thank you. I don't see any effects on materials. Remember -- so our development approach is based on having third-party construction companies, third-party project managers. So we think that we have a very good grip on the development process. Minor development delays have to do with maybe other things. But I think that Mexico is very well supplied in terms of materials and should not be a major effect for this type of projects. And we have actually a process for each of the buildings, independently. Which I think is an important aspect to how we reduce risk on the development process and the construction process.

謝謝。我沒有看到對材料有任何影響。請記住－我們的開發方法是基於第三方建築公司、第三方專案經理。因此我們認為我們對開發過程有很好的把握。輕微的開發延遲可能與其他因素有關。但我認為墨西哥的材料供應非常充足，對這類計畫應該不會有重大影響。事實上，我們針對每棟建築都有一個獨立的流程。我認為這是我們降低開發過程和建設過程中的風險的一個重要方面。

And then on the second question? Okay. So commercial efforts. Well, I think that another main differentiator of ESA is that we are a vertically integrated company. Terminally managed and we have local presence in each of the markets.

那麼第二個問題呢？好的。所以是商業努力。嗯，我認為 ESA 的另一個主要區別在於我們是一家垂直整合的公司。透過終端管理，我們在每個市場都有本地業務。

And I think that is when it comes to commercializing and being able to market each of the regions. We have very professional real estate executives in Ciudad Juarez, in Monterrey, in Tijuana will be glad to host you whenever you like and not only visit our projects, but meet the team visit our offices and understand how we have a local approach in each of the regions that we operate. We use, of course, we use third-party brokers when needed.

我認為這就是商業化和能夠行銷每個地區的能力。我們在華雷斯城、蒙特雷、提華納都有非常專業的房地產高管，他們將很高興隨時接待您，不僅會參觀我們的項目，還會與團隊會面、參觀我們的辦公室，了解我們在每個經營地區如何採取本地化方式。當然，在需要的時候我們會使用第三方經紀人。

We talk to local authorities. We actually market a lot with existing clients, a number that surprisedly positively last year is that 7 -- more than 70% of our leasing activity in the last year came from existing clients. growth comes from existing clients and 70% is a material number. That's why our focus in high-quality tenants is very important. We want to continue growing with good companies and good companies tend to grow, and that's the opportunity that we see investors.

我們與地方政府進行交談。我們實際上向現有客戶進行了大量行銷，去年令人驚訝的正面數字是，我們去年 70% 以上的租賃活動來自現有客戶。成長來自於現有客戶，其中 70% 是一個實質的數字。這就是為什麼我們關注高品質租戶非常重要。我們希望與優秀的公司一起繼續成長，優秀的公司往往會不斷成長，這就是我們看到的投資者的機會。

Armando Rodriguez with Signum Research.

Signum Research 的 Armando Rodriguez。

Congratulations on the results. I think I have to do the mandatory question specifically about the automotive sector. As you know, we have heard some news about some major automakers that plan to move away the production to United States to avoid this tariff problem. So I don't know, as you have said, our the growth comes from your existing clients. So I don't know if you Nissan, for example, it's considering this scenario and maybe another important piece for example, that's my question. Thank you very much.

恭喜你所取得的成果。我想我必須專門回答有關汽車行業的必答問題。正如您所知，我們聽到一些消息稱，一些大型汽車製造商計劃將生產轉移到美國以避免關稅問題。所以我不知道，正如你所說，我們的成長來自於現有客戶。所以我不知道日產是否正在考慮這種情況，也許還有另一個重要部分，這就是我的問題。非常感謝。

Thank you for your question, Armando. Well, yes, there have been some -- there has been a lot of news lately on many items, one of them being the auto sector.

謝謝你的提問，阿曼多。嗯，是的，最近有很多關於很多領域的新聞，其中之一就是汽車領域。

And actually, we regarding, for example, Nissan, we recently Nissan recently announced and reaffirmed their commitments towards Mexico, towards Aguascalientes. So sometimes we get negative news, but sometimes those get they actually reaffirmed that they have strong commitments to Mexico. So I think that has not been -- it has not been any major shifts until we see how the -- what the final outcome will be regarding tariffs.

實際上，以日產為例，我們最近日產宣布並重申了對墨西哥、阿瓜斯卡連特斯的承諾。因此，有時我們會收到負面消息，但有時這些消息實際上重申了他們對墨西哥的堅定承諾。因此我認為，在我們看到關稅的最終結果之前，不會有任何重大轉變。

So I think it's a little early to say. I think that most of the companies have been very profitable in Mexico. Have been -- actually very profitable in North America because, as you know, the auto sector relies not only in Mexico, but it's Mexico and the US combine and moving auto parts from one place to the other several times in order to have a competitive final product. So I think that this is February, we have -- early in February, we saw the first issues regarding tariffs.

所以我認為現在說還太早。我認為大多數公司在墨西哥的獲利都非常高。實際上，北美的利潤非常豐厚，因為如你所知，汽車產業不僅依賴墨西哥，而且墨西哥和美國聯合起來，將汽車零件從一個地方運輸到另一個地方，以獲得有競爭力的最終產品。所以我認為現在是二月份，二月初，我們看到了第一起有關關稅的問題。

We will have to continue analyzing carefully what the outcome will be. But in the end, I think that most of the companies are already in Mexico have long-term plans in Mexico have major investments. They have been profitable near shoring is not new, near shoring has been here since, I would even say, NAFTA 1994, it has been several years. And as long as companies are profitable, I think they're going to make their best efforts not only to maintain the operations in Mexico, but maybe even expand. But of course, we'll have to figure out what the new rules in terms of trade will be, and we'll have some information later in the year.

我們必須繼續仔細分析結果會是什麼。但最終我認為大多數公司已經在墨西哥制定了長期計劃並在墨西哥進行了重大投資。他們已經從近岸外包中獲利，這並不是什麼新鮮事，近岸外包自 1994 年北美自由貿易協定簽署以來就已經存在了，已經好幾年了。只要公司能夠獲利，我認為他們就會盡最大努力，不僅維持在墨西哥的業務，甚至可能擴大業務。但當然，我們必須弄清楚貿易方面的新規則是什麼，我們將在今年稍後獲得一些資訊。

Thank you very much.

非常感謝。

Alan Macias with Bank of America.

美國銀行的艾倫‧馬西亞斯 (Alan Macias)。

Just a follow-up question. I guess your pipeline has an investment for $214 million. Can you give us the amount you have already deployed? And I guess, should we expect -- I know you do not give guidance for CapEx, but is $200 million to $250 million a conservative assumption? .

這只是一個後續問題。我猜你的管道投資了 2.14 億美元。您能告訴我們您已部署的金額嗎？我想，我們應該預期——我知道您沒有提供資本支出指導，但 2 億到 2.5 億美元是一個保守的假設嗎？。

Thank you, Alan. So investment today out of the construction building $640 million. Give me one second, is -- we have investment today, $140 million of the $240 million, I think, is the right number, right?

謝謝你，艾倫。因此，今天該建築的投資為 6.4 億美元。給我一秒鐘，我們今天的投資，2.4 億美元中的 1.4 億美元，我想，是正確的數字，對嗎？

Exactly. So the rest is -- so the remainder is what we still have to complete these projects, which is which is construction. And I think in terms of capital deployment, well, we will start more buildings throughout the year. we will buy more land. We will invest in the urbanization and infrastructure in land like we are doing in Tijuana.

確切地。所以剩下的就是──剩下的就是我們仍然需要完成的這些項目，也就是建造。我認為從資本配置來看，我們將全年開工建造更多的建築。我們將購買更多土地。我們將像在蒂華納所做的那樣，投資土地的城市化和基礎設施。

So I think that this will be an active year still. Particularly, as you know, we kind of develop the land that we have we're buying new land. That land has to get its infrastructure and utilities improvement. So this will be a year where we will continue to be active on the construction side. .

因此我認為今年仍將是活躍的一年。具體來說，如你所知，我們正在開發我們現有的土地，我們正在購買新的土地。那片土地必須改善其基礎設施和公用設施。因此，今年我們將繼續積極進行建設工作。。

Thank you.

謝謝。

Thank you.

謝謝。

As there are no further questions, I would now like to turn the call back over to Mr. Berho for his concluding remarks. Please go ahead, sir.

由於沒有其他問題，我現在想將電話轉回給貝爾霍先生，請他作最後發言。先生，請繼續。

Thank you, and thank you, everyone, for joining today's call. We're pleased with our financial and operational results in the fourth quarter, including an exceptional year for our company. I want to thank our shareholders for your ongoing support and our investor colleagues who continue to enable us to outperform in any environment and our many lean and long-term clients. Our future remains bright, and we look forward to updating you on our progress. Thank you for listening.

謝謝大家，也謝謝大家參加今天的電話會議。我們對第四季度的財務和營運業績感到滿意，這對我們公司來說是一個非凡的一年。我要感謝我們的股東一直以來的支持，感謝我們的投資人同事，他們讓我們在任何環境下都能表現出色，也感謝我們眾多精實的長期客戶。我們的未來依然光明，我們期待向您通報我們的進展。感謝您的聆聽。

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

今天的會議到此結束。現在您可以斷開您的線路。感謝您的參與