Your first question comes from a line of Gordon Lee. Gordon Lee reads, thank you for the call and congratulations on the strong results. Are you fully exposed in your operating metrics to the recent appreciation of COP versus USD? Or do you have any hedges in place that could reduce the translation gains but produce a financial gain? Also, I assume the U.S. 600,000 FX loss is related to this and is immediate. But how long does it typically take for currency variations to be reflected in property appraisals when reported in USD?

Thank you, Gordon. We appreciate your question. Effectively, just to be addressing your point, we don't have any hedges in place. So we don't address that currency exposure directly, rather by just design. 20% of the portfolio roughly is in Colombian pesos. So that is left unhatched. And to your second point of the question before I turn it over to Paul regarding the FX considerations in your question. Currency variations is reflected on a quarter by quarter basis because our property are appraised in local currency every quarter. And therefore, currency movements do translate on a quarter by quarter basis. So just to recap before I turn it over to Paul, we don't have any hedges. 20% is denominated in pesos, and lastly, FX flows into our P&L on a quarter-by-quarter basis. Paul, do you want to talk about the FX?

Yeah, sure. Thank you, Gordon, for the question. So, as someone already mentioned, we have two FX here. One is unrealized, which is basically the appreciation of the asset that gets recognized every quarter with a revaluation of that asset. and then to your specific question on the 600k loss that is derived from the opposite effect uh that's coming from the debt as we also have debt denominated in the u.s dollar that creates an effect of the opposite side particularly in peru and in costa rica where those vehicles are financed through u.s denominated debt and as those currencies appreciate as well generate that recognized loss on our results. And we had similar effects for both the Costa Rican Cologne and the salt in Peru.

Your next question comes from the line of Hector Cruz. Hector asks, what are you doing in order to rationalize the G&A expenses? These are very high compared to public U.S. rates.

Thank you, Hector, for joining the call. Yes, we want to address G&A expenses. g gna expenses decreased this quarter 8.7 it's something that we have front and center it is part of setting our platform to be ready for growth so that should be expected and it's also a function of scale that's why we are on this constant push to particularly bring in local capital meaning other equity that can work alongside our balance sheet capital and therefore or augment the breadth of operations that we have and progressively dilute that GNA expense compared to our asset base. So we're trying to address that head on.

At this time, there are no further questions. I will now turn the call over to Esteban for closing remarks.

Thank you. Before I recap the quarter, I do want to take a moment to acknowledge the earthquake that struck Western Columbia on August 10th. Our hearts are with everyone affected and we extend our deepest condolences to families who lost loved ones and to communities who are now facing a steep recovery ahead. I am grateful to report that all LPA and tenant personnel at our Parque Logístico Calle Ochenta in Bogota are safe and accounted for, and that the facility has sustained no damage and is fully operational as we shared yesterday. Colombia has been an important part of LPA's history, growth, its future. We stand with the country during this difficult time. And in the weeks and months ahead, we will explore how LPA can contribute to the recovery. We covered a lot of ground today in this call, so I'd like to provide a brief summary of the most important points that we wanted to convey. today. First, our differentiated regional logistics platform remained 100% occupied and continues delivering consistently strong revenue and NOI acceleration, both up nearly 30% year over year. We expect to hold this organic momentum through the second half of the year as more embedded rental lease spreads kick in and as our newly developed facilities become operational. Second, we completed a landmark transaction with the divestment of our Lima Sur Park, roughly 18% as discussed today above its appraised carrying value, with the capital to be reinvested in higher return assets in targeted sub-markets of Mexico, which is again central to a regional business model and ambitious growth plans. The harvesting of this capital in this way is a new lever of long-term value creation that will play a greater role with time. Moreover, the cash consideration that we received for the park reflects the high quality that institutional investors see in LPA's assets, its customer base, and ongoing partnership. This validates the underlying value of our vertically integrated platform. Third, although structural demand for logistics space remains strong in Mexico, and we see many opportunities to acquire assets there, we remain highly selective with a focus on facilities that meet the exacting standards of the blue chip companies we serve, and that are located in key logistics corridors that form the backbone of the country's rapidly growing e-commerce sector and promising AI-related supply chain dynamics. With the discipline of an internally managed company and leveraging our many years of experience, we expect to deploy capital and normalize cap rates of 8 to 9%. At the same time, we continue to monitor the global macroeconomic backdrop, particularly inflation measures and the path of interest rates. Finally, as we further scale LPA's multi-market platform to capture more value accretive growth, we're further strengthening our competitive mode while benefiting from operating leverage. Many of our growth levers are working in concert. Full occupancy, embedded rental rate growth, capital reallocation into high returning opportunities, and new streams of fee income. That is the foundation of our confidence in the months and years ahead. And as we enter the second half of the year with a stronger balance sheet and the deepest growth pipeline in LPA's history, we intend to convert it into lasting value for our fellow shareholders. Thank you again for joining our call and for the continued confidence in LPA. We look forward to reporting on our progress next quarter. Have a good day, everyone.

This concludes today's call. Thank you all for attending. You may now disconnect.