Financial Data and Key Metrics Changes - In 2025, consolidated revenue increased by 14.3% to $50.1 million, driven primarily by growth in Peru and Colombia, which saw increases of 31% and 14.8% respectively [19] - Operating GLA increased by 13.3% to 5.8 million sq ft across 34 properties, while leased GLA rose by 6.3% to nearly 6 million sq ft [20] - Cash NOI increased by 12.4% to $40.3 million, reflecting higher occupancy and rental rates during the year [24] Business Line Data and Key Metrics Changes - Net operating income (NOI) grew by 29.8% in Q4 and 11.9% for the full year, indicating strong operational performance [5] - Average rent per sq ft increased by 11% to $8.65, benefiting from lease renewals and market rate adjustments [19] Market Data and Key Metrics Changes - In Mexico, the real estate market showed encouraging signs with gradual rent increases and improved net absorption, despite limited new supply [10] - In Peru, PepsiCo's occupancy of a new facility significantly contributed to growth, with construction of additional buildings on track for future revenue increases [11] Company Strategy and Development Direction - The company is focusing on expanding its presence in Mexico through a strategic partnership with Fortem Capital, representing a $200 million investment [7] - The partnership is expected to increase GLA by 36% compared to year-end 2025, allowing for a more substantial growth pipeline [9] - The company aims to leverage its established tenant relationships and expand into key logistics submarkets in Mexico [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Mexican market, noting that recent M&A activity could lead to market segmentation that benefits the company [29] - The company anticipates significant rental growth in 2026 as leases roll over to market rates and new buildings become operational [35] Other Important Information - The company has launched a renewed brand identity and website to reflect its evolution and enhance visibility in the market [17] - Book value per share stood at $8.12 as of year-end 2025, indicating a potential value opportunity for investors [16] Q&A Session Summary Question: Insights on the Mexico market and M&A activity - Management indicated that M&A activity in Mexico bolsters confidence in the market and may lead to segmentation, allowing the company to focus on mid-market opportunities [29][30]