Financial Data and Key Metrics Changes - Revenue for Q3 2025 reached approximately $13 million, reflecting a 14.3% increase year-over-year, driven by higher leasing rates and robust occupancy [9][10] - Net Operating Income (NOI) increased by 8.7% to $10.4 million compared to Q3 2024 [9] - For the first nine months of 2025, revenue and NOI grew 11.2% and 6.2%, reaching $36.4 million and $29.4 million, respectively [10][15] Business Line Data and Key Metrics Changes - Colombia and Peru were the primary drivers of revenue growth, with rental revenue increasing by 17.6% and 16.9%, respectively, while Costa Rica's rental revenue decreased by 1.5% [13] - The operating Gross Leasable Area (GLA) increased by 8.4% year-over-year to 5.6 million sq ft, with leased GLA increasing by 4.2% [14] - Average rent per sq ft of leased GLA was $8.14, representing a 2.8% increase [15] Market Data and Key Metrics Changes - Mexico contributed approximately $222,000 in rental revenue in Q3 2025, marking its first reporting segment contribution [13] - Vacancy levels in key northern markets in Mexico, such as Juárez, have begun to decrease, indicating a recovery in the market [6] - The company is focusing on submarkets driven by domestic consumption in Mexico, which aligns with its growth strategy [6] Company Strategy and Development Direction - The company plans to expand in Mexico through strategic partnerships and acquisitions, with a focus on high-quality logistics facilities [5][28] - Development projects are being prioritized in foundational markets, with no speculative builds planned at this time [28] - The company aims to leverage its brand strength and local partnerships to enhance capital efficiency and risk management [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory despite market headwinds, including interest rate fluctuations and political uncertainties [11] - The company anticipates sustained double-digit revenue growth moving into 2026, supported by completed lease renewals and a solid operational foundation [10][11] - Management highlighted the importance of maintaining strong communication with the market to showcase operational progress and profitability [11] Other Important Information - The company reported a valuation gain of $7.1 million, down from $8.2 million in Q3 2024, primarily due to stabilization in rent appreciation [16] - Financing costs were 15% lower than the previous year, contributing to a healthy debt profile with net debt to investment properties improving to 41% [16] Q&A Session Summary Question: Future strategy in Mexico regarding JVs or acquisitions - Management indicated a focus on growing through partnerships like the one with ALAS and prioritizing acquisitions in the market [19] Question: Clarification on a new investment deal - Management explained that the new investment arrangement is a customary strategy to preserve optionality and flexibility for future acquisitions [22] Question: Expansion into the Chilean logistics market - Management acknowledged Chile as an interesting market but emphasized prioritizing expansion in Mexico at this time [24]