Hello, everyone. I'm Rodrigo Martinez, and I run Investor Relations for the company.

At this time, I'd like to welcome everyone to Fibra Danhos's Third Quarter Conference Call. We issued our quarterly report yesterday.

If you did not receive a copy, please do not hesitate to contact us. Please be aware that they are also available on our website and in Mexico Stock Exchange website.

Before we begin the call today, I would like to remind you that forward-looking statements made during today's call do not account for future economic circumstances, industry conditions and company performance or financial results. These statements are subject to a number of risks and uncertainties.

All figures included herein are prepared in accordance to IFRS standards and are stated in Mexican nominal pesos, unless otherwise noted. Joining today from Fibra Danhos in Mexico City is Mr.

Salvador Daniel, CEO of Fibra Danhos; Mr. Jorge Serrano, CFO of Fibra Danhos; and Mr.

Elias Mizrahi. Now I will return the call to Jorge Serrano for opening remarks and financial and operating indicators.

Jorge, please go ahead.

Good morning. Thank you for joining us today.

Let me share some initial remarks on the third quarter that reflects similar steady trends so far this year for Fibra Danhos. Total revenues of MXN 2 billion were 8.6% higher against last year and reflect increases of 8% on rent and 16% on parking revenues.

NOI remained steady at MXN 1.6 billion, an increase of 7.1% year-over-year with a 78% margin. AFFO reached MXN 1.2 billion that accounted for MXN 0.73 per CBFI.

Distribution per CBFI with economic rights remained at MXN 0.45. Our dividend is equivalent to 1.7x taxable income and represents a payout ratio relative to AFFO of 62%.

Retained cash flow will be used to partially fund our CapEx needs, which are complemented with additional debt. We keep a sound financial structure and a prudent level of leverage of 14.1%.

Overall occupancy reached 90% and on a comparable basis, it reached 93%, with retail occupancy at almost 95%, while office portfolio occupancy keeps increasing and reached above 82%. Industrial occupancy stood at 88%, explained by the conclusion and delivery of Building 2 at EdoMex III, which increased GLA and it is fully leased.

Lease spread on our operating portfolio calculated on 35,000 square meters renewal agreements stood at 8.4%, mainly explained by a strong performance on our retail portfolio. On our CapEx pipeline, Danhos Industrial EdoMex III Building 2 has been completed and delivered.

Also, additional space is scheduled to be delivered at Palomas and EdoMex III on the coming weeks. Oaxaca reports progress in its construction phase and also significant progress on potential leases with LOIs flowing in for available space.

Nizuc construction advances on time and budget. Thank you, and we're ready to address any questions you may have.

[Operator Instructions]. Go ahead [indiscernible].

So I just want to talk about the retail segment here. So leasing spreads, we're looking at sort of historical data.

It's been the highest leasing spread over the past 6 years or so. Just want to get a sense what's going on in the retail space because there's a disconnect within the consumer side of the equity space.

It's been very depressed. I just want to get more sense on what you guys are seeing, what happened this quarter?

What's been sort of the trends there?

The leasing spreads we reported were around 8% for our retail portfolio. So we think it's actually a pretty good number, which is roughly twice the inflation.

From a consumer standpoint, this was, I would say, a year with -- obviously, with the World Cup, it was a different year where this event is only held in the summer. And the consumer was certainly, I would say, lower than usual in the first 6 months of the year.

But we have seen in the third quarter and towards the fourth as we speak with our tenants that the consumer is getting stronger and getting back. So we feel comfortable with those leasing spreads, and we've always targeted twice the inflation rate.

So that's where we should be.

And a quick follow-up here. So if you could pinpoint certain types of tenants or is this broad-based across every single type -- what can you give us on that?

I would say, in general, for the World Cup, obviously, the sports franchises such as Adidas, Nike, Innovasport. So the sports companies did very well.

And the rest of the companies were slower than usual because most of the buying was geared towards those items, and now it's getting normalized. But for the rest of the segments, it was, I would say, pretty generalized.

Igor, please go ahead.

A quick question here, a more structural one. I'm just trying to understand how you're seeing the relevance of the industrial portfolio for Danhos and how are you thinking on expanding industrial assets for another regions in Mexico?

And how are you seeing the demand for the development pipeline right now? That's it.

Igor, this is Salvador Daniel. Yes, we've actually soon announce new projects in terms of industrial projects.

We've basically done the projects we've announced, and we're in the finishing touches of this. And soon, you will hear about new projects we've been able to almost assemble.

So in the future, we will announce a couple of big projects, which I think will keep us on the right track in the industrial side.

Alan Macias, please go ahead.

Just a quick question on timetable for the hotel and the retail project in Oaxaca. When do you expect to deliver?

And when will the properties begin generating rents?

Yes. As you know, both projects are meant to be done by 2028.

I believe second quarter 2028 Oaxaca and the third quarter, the hotel. We're on the right track.

Actually, we are a little bit ahead of the timing. So we're going to see if we're able to actually decrease those dates.

But as of tonight, we -- today, we are still on the same track as we have announced in the past.

Francisco Chavez, please go ahead.

Just a question regarding the office segment that we have seen a recovery. Can you share with us the drivers for this recovery, particularly in Toreo and Reforma buildings?

And what do you expect for the coming months?

Francisco, this is Elias. So we were able to lease close to 8,000 square meters during the quarter, especially in Reforma and in Toreo.

The market is steadily getting back. We have close to a 75% occupancy, and that was driven up to 82%.

So the market, I would say, is getting back for the second year.

Francisco, this is Salvador. Yes, I think the market of the office spaces are coming back, especially because there's no product in the market.

People stopped doing office spaces in the past 5 years. And we've seen office spaces becoming more attractively to some sectors.

So we believe this will still be strong in the next year, and we expect to be fully leased in the next 6 to 8 [ some sectors ].

There are no more questions. So thank you, everyone, for joining us today.

Please do not hesitate to contact us if there's any further questions. We are always available.

We will see you in our next conference call. Thank you very much.