A year of lackluster growth plans in the Industrial Real Estate sector doesn’t mean that opportunities aren’t there. While our outlook in the overall Real Estate industry is neutral, we are mostly positive on Industrial Real Estate, given its long-term horizon, tenant stickiness, and diversification between internal (i.e., in logistics and e-commerce) and external (i.e., in manufacturing) drivers. While we expect growth to slow down this year due to current trade uncertainties and the high growth exhibited by these companies in the last couple of years, 2026 onwards could turn to a more positive trend. Amid these factors, we are more constructive on companies with solid growth track records and outlook; we initiate FIBRAPL, FMTY and VESTA with an Outperform rating. In these three companies, we see ample room for growth in the medium-to-long term; FIBRAPL with a leading scale amid its recent acquisition of TERRA, FMTY with further growth opportunities amid a stellar track record, and Vesta with a solid long-term growth plan and flexibility given its non-FIBRA status. On the other hand, we are more cautious on FIBRAMQ (Market Perform rating). Despite attractive valuation levels and a healthy dividend yield, we view limited growth opportunities vs peers. Overall, we expect solid occupancy trends, positive manufacturing trends beyond the current trade noise, and increasing e-commerce logistics needs to be the main drivers of the sector. Within this context, we see FIBRAPL and VESTA as excelling at generating capital appreciation, while FMTY with its high NOI and AFFO margins offers a very attractive annual income. The current context of declining interest rates could further add to their appeal given their healthy dividend yields.