Industrial real estate companies once again delivered solid operational results in 3Q25, a trend we expect to continue—consistent with the outlook presented in our prior 3Q25 review (link to report). Despite ongoing uncertainty surrounding trade relations and potential tariff scenarios, nationwide vacancy remains low at 5%, according to CBRE, and several markets are beginning to show early signs of stabilization as new construction gradually normalizes. Within this context, Mexico City continues to stand out as the most resilient market. Industrial real estate in Mexico City continues to deliver robust results, supported by historically low vacancies and limited inventory—conditions we expect to persist in the coming months. Given that Mexico City represents 36.0%, 59.3%, and 31.8% of GLA for FIBRAPL, NEXT, and FUNO, respectively, we believe these companies are well positioned to benefit not only from the strength of the local logistics market but also from a potential recovery in border markets as trade tensions ease. In this context, we reiterate our Outperform ratings for FIBRAPL and NEXT following the quiet period, as we continue to see meaningful upside. We also maintain our Market Perform rating for FUNO.