The industrial real estate sector delivered another solid quarter at the top-line level, VESTA led the group with a 14% YoY revenue increase in USD terms, surpassing the upper end of its full-year guidance range. Within the sector we continue to prefer VESTA and NEXT, as both companies continue to benefit from resilient leasing activity, strong exposure to premium logistics markets, and healthy operating fundamentals. We remain constructive on the long-term outlook for the industrial sector, supported by limited supply in key central markets, stable occupancy levels, and improving visibility around manufacturing and logistics demand. Following FMTY’s recent stock performance and premium valuation relative to NAV, we downgrade the name to Market Perform (from Outperform), while FIBRAPL and FIBRAMQ remain Restricted. Within Retail, Office and Mixed-Use Real Estate, we continue to favor DANHOS and FUNO, supported by resilient operating trends, positive leasing spreads, and improving occupancy dynamics. Retail portfolios continued to show healthy performance despite a softer consumption environment, while Mexico City’s office market continued its gradual recovery supported by vacancy compression and limited new supply. Looking ahead, CBRE projects the CBD will reach a historic vacancy low of 4.78% by 2028E (vs. 11.46% currently). We maintain our Market Perform rating on FSHOP, as we continue to see solid operational execution and deleveraging progress, although much of the recovery story already appears reflected in valuation. Within Hotels & Hospitality, we remain cautious across the sector, maintaining Market Perform ratings on FINN, FIHO, and HOTEL, while reiterating our Underperform rating on HCITY. Although easier comparisons and the FIFA 2026 World Cup could temporarily support operating trends, we continue to expect a softer environment for the hotel sector amid FX headwinds, weaker tourism dynamics, and pressured operating leverage. The softer start to the year, FX volatility, and tariff-related uncertainty appear to be gradually stabilizing, while operating fundamentals across most real estate segments remain resilient. For the remainder of the year, the FIFA 2026 World Cup could provide a temporary boost to traffic and operating trends across retail and hotel portfolios. In industrial real estate, the export sector showed signs of reacceleration in March, with non-automotive manufacturing exports increasing 40% YoY (FMTY and FIBRAMQ have the highest exposure to automotive manufacturing at around 30%). We consider the July 1 start of the USMCA review process will be key to sustaining this momentum and improving business confidence, which could further support leasing activity and investment decisions across the sector.