In addition to the strong foundation upon which we operate, there were other first quarter numbers besides those I have already highlighted. It's important to highlight that revenues are higher than first quarter in spite of the portfolio sale we did last year in the second quarter. Looking ahead, so we're being prudent and have adopted a cautious and defensive approach to managing our business as the duration, scope and impact of COVID are largely unknown at this time.
Before turning the call over to Juan, I would like to return to the subject of people. We consider ourselves members of the communities where Vesta facilities are located and social responsibility is an integral part of our company's culture. These programs are, in addition to the company's existing programs, established through Vesta's ESG Committee.
Again, we're monitoring the situation carefully and in every regard. That concludes my prepared remarks for now. Juan, please go ahead. In addition, rent increased 2. The net increase in revenue was partially offset by rent that we do not longer earn on properties that have been sold in the second half of and by expired leases that were not renewed.
The first quarter revenue That brings us to net operating income, increased 1. Vesta administrative expenses increased 8. Interest expenses rose 1. This was due to the sequential quarterly depreciation of the peso, functional currency of our WTN subsidiary, reported a lower gain in U.
At the end of the first quarter, A higher valuation was due to increased occupancy in our total portfolio. Looking at quarterly income taxes, this expense line increased roughly fourfold technical difficulty million. An explanation of the change in deferred taxes is detailed in our earnings press release.
As we announced last month, facility matures in August , we paid an interest rate of basis points above LIBOR. I will take this moment to also point out that the average weighted maturity of Vesta's total debt is 6 years, bearing an average weighted interest rate of 4.
In other words, Vesta continues to maintain healthy debt profile. Before opening the call for questions, I will provide few additional highlights, portfolio properties. At the end of first quarter, the GLA of our total portfolio rose slightly on a sequential basis, Our stabilized portfolio expanded 1. Inventory buildings under development totaled 1. Lorenzo has emphasized, we will not begin construction of any additional inventory buildings for the next 1 or 2 quarters, cautionary measure.
Regarding Vesta land bank, it stood at That concludes our prepared first quarter review. Operator, could you please open the call for questions? First, I noticed you didn't make mention of the guidance -- of a guidance on your remarks, and I didn't see it on the press release either.
So I was wondering, just wanted to confirm that -- I suppose the guidance that you shared with us when you reported fourth quarter results is for the moment suspended until you have greater visibility. Just to clarify, is that as of now or was that as of the end of the first quarter? In regards of guidance, Gordon, let me tell you, right now, we're not changing guidance. As of today, we don't see that impact.
Our clients are currently paying rent as scheduled. If I look at collection on March and even on April, we see collections coming through regularly. We don't see any clients dropping significantly. So we're just not changing guidance at this time. As the crisis evolve, if we feel the need, then we will adjust the figures. We're not giving any rental concessions at this point. Any help that we're giving our clients involve deferral of rental payments for a couple of months, and payments will -- should -- the loans that we -- in effective our clients will be paid back by the end of the year or it depends on the situation.
Our guidance itself, we don't -- we're not changing it as today. We'll be prompt to give information, if anything changes. That's about it, I guess. And that number is as of Monday, I guess, this week. Casa de Bolsa - Analyst  Just a follow-up on the requests from payment deferrals. Can we get a little bit more color on the negotiations you are reaching with tenants? And in the long term, are you worried these deferrals might affect cash flow?
And my second question is just about the FX volatility. Have you seen any tenants seeking to renegotiate the contracts and change to peso-denominated rents? This is Lorenzo Berho. Absolutely, I think it's important to understand the current situation and why the industrial sector plays a different -- plays differently the situation.
Let me give you more clarity on what we are seeing in current Vesta's portfolio. And I think this will be useful for everybody. I think this is an important number. And considering -- and the other part of the portfolio is still at the same or higher activity, and this is what we have been able to assess. Secondly, I think it's important to mention that we're not seeing any particular region, which has had a major impact than other. I think this is very general across the country in different regions, different industries, different ways.
To give you also another important update, I -- we have been getting requests from several tenants. In many of them, we stay as we are, and there is no negotiation in process. I think that -- they analyze the situation, we analyze it together with them. They have strong financial capacity, and we're pretty much staying with the same contracts. In some of them, we have already had -- we're under -- we already have had agreements. And in some of them, we're still negotiating. Normally, the way that we are approaching this is the strong tenants that have a good track record with the company that have been paying on time and that still have a long-term commitment are the ones that we're giving important financial aid, which is a pay -- rental deferral.
And rent deferral normally is regarding the upcoming months, and they will end up paying for the end of the year. We are seeing that the companies have strong financial positions. As you might know, many of our clients have corporate guarantees. Many of them have global presence and we think that, that is complete -- it's very important in current situation. I think that's why the -- our discipline in order to really close transactions with strong tenants is giving us an edge today when the situation is more difficult.
And regarding the dollars and pesos, we strongly believe that the dollar leases is how the market should operate. And we have been also very disciplined in getting dollar leases. Even -- this is not the first devaluation that we've seen in the -- in the last 4 years, 5 years. This is the second time. And even with that devaluation today, we have more leases in U.
And this reflects the economic situation of most of the companies we work with. They are in dollars. And in our case, it's the same situation. Even in some cases, and new contracts that we have been signing lately, even for build-to-suit projects, we have been able to close in U.
So we're going to keep that discipline, understanding that there could be some financial stress by some companies. We want to have -- find solutions for our clients, long-term solutions also. And I believe that, that approach will benefit ourselves and will benefit the clients in the long term, too. Could you please clarify which assets are these?
Can you repeat a little bit louder, the question? I will address it. Well, from what we understood, you have U. Could you clarify which assets are these? I did get it -- Juan, I did get it clear. And that is not the situation. We have dollar leases, and they are -- stay in dollars.
And we have the peso leases that we have with clients in the consumer goods business. I mean, those are the ones that stay in pesos. So there is no change. That was never mentioned by anybody from Vesta. We'll move on to our next question, which is coming from Armando Rodriguez of Signum Research. That's my only question. Thank you for being on the call. Regarding the buyback program, as you know, we were active throughout the first quarter, which was part of our program and plan.
Today, we're not active on the buyback. I think that currently, it's important to preserve cash. See how -- after the dust settles where we're at. And I think at that time, we will analyze further. But for the moment, we are preserving cash, which we believe is the appropriate thing to do. And regarding the asset recycling program, it's part of our Level 3 Strategy, and we will do it only if the environment permits.
As for the moment, we are not executing any transactions. We did one last year. It was a good timing to do a transaction. And we believe that in the future, there will be other opportunities to price our properties well and to be successful on an asset recycling program. Can you tell me your thoughts on canceling those shares?
That's my first question. And secondly, on margins. This quarter, margin contraction follows almost 4 quarters of year-on-year contraction. So what is happening on the margin front? Should we expect this to be a one-off and normalize through the rest of the year? Share repurchase. Look, right now, the priority of the company is to devote our cash reserves, which are substantial, the operations, that is you help clients by deferring rental payments, you're in effect not receiving cash.
So cash preservation is paramount at this time. So we have contracted our CapEx expenditures significantly. As Lorenzo mentioned, we're not going to do any spec buildings, inventory buildings for the next couple of quarters. And we will be doing the same on -- from a capital allocation point of view into the repurchase of shares. I don't think that we're going to be active at all over the next couple of quarters.
We will see -- this is a day-by-day situation. But I don't expect to be active. This is the matter of cash preservation during these times. Regarding cancellation of the repurchased shares that we have done in the past, let me confirm and underline that every share that we repurchase gets canceled. And that's what we will do. You can expect that the balance that we announced of shares that we have repurchased on the -- the last time we did a summary was on the shareholder meeting of March.
Download that presentation. All of those shares are going to be canceled. So that's what you can expect. Regarding margin contraction, look, we're -- margins have been affected mainly by expenses of maintenance last quarter, and certain reserves on accounts receivable that we have done last quarter and this quarter. We're being extra prudent on receivables. And I think that the things we're going to be doing -- financing of clients, we have to be incredibly transparent and incredibly precise in taking -- very careful ensuring a strong book, all the precautionary measures impact the receivables as we -- management's opinion on the help of our clients.
But looking forward, what I can expect is that margins are going to grow. The main reason for it is, most of our expenses are peso based. Pesos are going to be depreciating throughout the rest of the year. And as our rental income is mostly denominated in dollars, that will tend to increase our margins across the board. So that's what I see looking forward. So regarding the question about -- that I was making.
That's the first question. The second one, can you clarify whether you are going to charge interest for the rents -- for the rent deferrals? Is that -- is this financing of rents? Or is there going to be 0 interest on those deferrals for clients? And the third one is, if you can quantify what percentage of your tenants are currently not operating at the plants?
And thank you for jumping back to the call and making these important questions, which I think would be very useful in terms to clarify to the whole audience where we're standing. That's the amount of requests. That doesn't mean that, that will be the impact for the company. Importantly, the way that we're negotiating is a way where we can defer the rents or defer part of those rents. That's part of what we are trying to negotiate, so that we do not have a major impact in the income, total annual income on the company.
The way we're negotiating is deferring the rents so that they can pay at some point in time, according to their business, according to the situation where they are. And I think this is where communication with our clients is very important. And knowing them for many years is what gives us the advantage of really be able to understand their situation and hopefully, find a great solution for them so that they can also overcome the current situation and a very good solution for us in order to be able to collect rents at some point in time and keep on a long-term relationship with our clients.
Regarding the interest, I believe that it's kind of secondary. We do not make money out of interest, out of payments on rents normally. So in the end, I think we're focusing more on the negotiation of the rental income that we want to defer more than interest. Regarding your question on which companies are -- I think, that are not in operation right now.
Is that correct? This is up to this week. These are very recent numbers. These are updated every week. But we know that -- and so this is -- but many of the companies also have had a major slowdown situation. If it's shutdown or major slowdown, we think that both of them are pretty much in a similar situation. And we believe that those companies will get back in track at some point during the -- during end -- probably end of next month.
It's important to understand, and you have all heard the news regarding the supply chain on the auto industry, and how important Mexico is to the U. So there is -- at some point in time, there would be a slowly but prudent way in order to start operations on many of these facilities. What we're currently working -- and many of these companies, as you know, the Tier 1 companies in the auto sector, these are very well capitalized companies today, very different to and I think many of them are key to the final OEMs and many of them have very modern facilities in Mexico, which I think is going to help them in order to start operations and have the right components with a good cost approach, which I believe is also very important to consider.
Probably just to add on that, I think that what we are doing currently is also working, on really having the most sanitized industrial parks throughout Mexico with a high standards and trying to foster our clients to kind of keep the same standards and have very good operational measurements -- measures -- I mean, health measures in their operations whenever they resume operations, which -- it will be at some point, no?
And that's something that we're going to be -- we're going to have to focus, particularly in this quarter will be key for our operational team. Maybe it's for Juan. The -- how are collections done so far in April? What percentage of the rents for the months have you been able to collect compared to last year, if you have that information handy? So we believe that we're going to have a good -- in the end, good collection for the rest of the month. I don't see any particular trend if I compare April collection with March or any typical month.
I think that it will be -- we're keeping an eye every day on collection. And that's what we have been doing through April. That's why I knew the number well. And that's part of the task team that we have incorporated. But definitely, that's something that we're going to be watching very closely through the next quarter, particularly, which is the one that we believe that will have the most differences to what normal would be.
And so May is going to be important and even June is going to be important. So that's something that we're keeping an eye on. The question that I have is that, if you are seeing a potential TIs emerging out of COVID, and if that -- it's actually an opportunity for you guys to negotiate with your tenants perhaps lengthening the life of the contracts or perhaps an enhancement in rents.
And also the second question, if I may, relates to the -- with the overall disruption that you are seeing, I mean, particularly on those tenants that have no activity in their operations. Is that correlated, I guess, with the equity of what industries are essential and what industries are not considered essential in Mexico? This is Lorenzo again. I think that it does rely -- part of it, it's because of some industries are not considered essential for the Mexican government.
That's correct. And I think -- and on top of that, there's also other companies that are having more -- are taking a bit more percussions also because of their global outreach or -- yes, yes, probably their own standards. It's a bit of combination of both.
But even the ones that are operating are taking a lot of precautions. But in the end, I think it relies a lot on the -- on how essential they might be and how they are considered in the Mexican -- within the Mexican federal government standards and measures. Then regarding your question on -- I think it was tenant improvement, TIs?
So we have not been getting requests particularly on tenant improvements per se. But what we have been doing is, now that we're in touch with our clients for whatever reason, clearly, we are negotiating with them, and we're negotiating extensions of leases. We are negotiating, in some cases -- normally when we do renewals, we also incorporate sometimes some investment to the company.
And I think that's normal in a regular renewal environment, that's something that we would be doing. But we have not seen any major TIs investments requests for the moment being -- for this particular situation. I think it's just the normal situation. We've heard some chatter from other realty groups in the space that they are getting additional requests for more GLA.
So just wanted to see what your tenants or at least potential tenants are saying. And I think that's what Vesta is currently focusing on. Nevertheless, there's definitely certain situations which have turned into opportunities. We have seen that already with some clients requesting immediate space, some clients requesting expansions.
We're dealing with those. And I mean, we did an announcement early last week, and there are certain industries which are just moving incredibly fast, particularly e-commerce and logistics. We're very happy that we brought 2 new tenants to the list of tenants for Vesta. These prudent measures, combined with Vesta's solid long-standing base of mostly global blue-chip tenants, mean we remain well-positioned to better weather the current crisis.
It also means continue to be strategically positioned to capitalize on the long-term trend of global companies consolidating their operations by either shifting them to or expanding within countries like Mexico. Our country continues to offer sustainable competitive advantages, such as its proximity to the United States, lower operating expenses and abundance of the skilled labor and engineering talent at low cost.
In the meantime, our strong position is also enabling us to capture near-term opportunities such as the ongoing shift in consumers' buying habits towards more online purchases. This shift is expected to create more opportunities in markets where we own land that offers last-mile advantages such as in Guadalajara, but also in Monterrey, a new geographic market for us, where we recently signed another anchor tenant in the e-commerce sector.
The signing follows that of Mercado Libre earlier in the year and demonstrates our ability to diversify in terms of geography and the sectors we serve. Our positive long-term outlook is tempered though uncertainty remains. With deferring predicted outcomes, it is clear the world has a long way to go to full recovery from the effects of the COVID global pandemic. The strength of Vesta's tenant base is reflected in our solid third quarter financial results, which are tracking well to our revised full year guidance.
During our previous earnings call, we discussed granting rent deferrals for selected clients between August and year-end. I'm pleased to report that all of them have been fulfilling their obligations. That said, uncertainty prevails, including the expected pace of the world's economic recovery, which could be hampered further by the growing momentum of the pandemic's second wave as can be seen in Europe currently.
Another unknown is policy responses implemented by governments, which have varied country-by-country and even within each one. Consequently, tenants are -- prospective clients have remained cautious and are deferring leasing decisions, resulting in only moderate growth in new contracts during the third quarter.
Nevertheless, our leasing pipeline is solid while the supply of buildings across our markets remains limited with low vacancies, helping maintain a healthy pricing environment. During the quarter, our leasing activity was , square feet. Of which, , square feet was new contracts with logistics and repeated e-commerce companies, , thousand square feet in growth from new projects and , square feet of lease renewals.
The quarter's moderate leasing activity led to occupancy of Also impacting our occupancy was the expiration of 3 leases in the Central and Bajio Region that were not renewed as well as 2 buildings from one client in Tijuana that were recovered through a bankruptcy. For both these buildings in Tijuana, the losses have already been accounted for in our provisions for doubtful receivables. And we are reasonably confident that the buildings will be re-leased given the quality and location as well as Tijuana's healthy market dynamics, with record low vacancy rates.
Although we suspended spec building at the second quarter, we still maintain an active development pipeline, a mix of pre-lease buildings, build-to-suit facilities and tenant expansions. This includes 2 new projects during the quarter, one being a pre-leased , square foot spec building for a new e-commerce client in Monterrey and a 44, square foot expansion for an existing client.
That increased our development portfolio to 1. It's important to note that this has been the strongest development pipeline with a very high number of pre-lease we have seen since the third quarter , which underpins our ability to adapt according to market conditions. The margins reflect a disciplined approach to administrative expenses and the strict cost controls that we have implemented in the spring.
Before turning the call over to Juan, I would like to highlight that we recently signed an agreement with a data center company that will purchase , square feet of land in Queretaro. Asset recycling is a major component of our Level 3 strategy, although the focus is on our portfolio of facilities. The low yield environment that still prevails across the world's capital markets continues to support cap rates in Mexico's industrial real estate sector.
As such, institutional investors are still engaging us from time to time, and we'll look to sell whenever the right opportunity arises, but only then. As regards to capital allocation, although our share repurchase program remains on hold in favor of cash preservation, we intend to continue providing a dividend based on our current performance outlook as was seen also in this particular quarter.
That concludes my prepared remarks for now. Over to you, Juan. I will begin with some detail on our top line growth during the quarter. As Lorenzo mentioned, revenues increased 4. Most of this growth results from rentals of space that had been vacant in the previous year's quarter, while these results were partially offset by a decrease related to expired leases agreements that were not renewed.
In his remarks, Lorenzo has emphasized the strength of Vesta client base. Nevertheless, because of the economic climate remains tenuous, we are still carefully monitoring our receivables and maintain a robust collection process. Higher year-over-year operating costs primarily accounted for 58 basis points decline in our operating income margin to Moving to other income.
This shift explain yesterday's earnings release. The smaller gain in this quarter was due to the higher vacancy level, the discount rates applied, exchange rate and, of course, a weaker economy versus last year. As Lorenzo noted, we have an active development pipeline made up of re-leased buildings, build-to-suit projects and tenant expansions. Further, we expect to finish the year with a solid cash position. Lastly, on debt, we finished the quarter with a loan-to-value ratio of Moving to the asset side of our balance sheet.
The GLA of our total portfolio was Occupancy declined basis points to Our stabilized portfolio at the end of the quarter was And finally, our land bank decreased 1. That concludes our review of Vesta's third quarter performance. We'll be happy to take your questions now. Operator, please open the call. So just wondering what are you expecting for the fourth quarter? And why you're not revising the guidance upwards? And also with that regards, operating expenses, which have been coming down on a sequential basis for the last 2 quarters.
I assume that there are some expenses that are going to be back. But can you tell us just a little bit what has happened on the expense side? And if there has been any cuts that are permanent or not? Look, NOI was a [little bit stressed] on the beginning basically because of our careful approach to accounts receivable. As I have mentioned in the past, we value a strong balance sheet above all. And as we forecast, we have been pricing to market, so to speak, our receivables since the last quarter of last year.
That continued in the first quarter and had some more to do on the second quarter. I believe that we are comfortable with the levels of accounts receivable reserves that we have right now. In fact, at this quarter, we have recovered some of our marked down receivables because of our efforts to talk to our clients. And that's a good sign under the current circumstances.
So I believe that NOI will behave as on a more -- of this manner for the rest of the year and indeed, over the next quarter. As I always mentioned, COVID has been with us for 6 months, and we believe it's going to be with us for a little bit more.
So we will want to be watchful. We're going to be watchful of any development. Collections are doing good, as we -- as I mentioned, on a write-up. And so we feel comfortable with what we have been doing right now. As for the administrative costs, we have been incredibly strict over the last 6 months. We have adjusted our budget several times, and we will be very watchful to administrative cost uptick.
And I believe that the gains we have made on spaces are largely going to be repeatable next year. We still need the companies growing. Look at our growth rate over the past couple of years. We may need to hire a couple of more people, which is the largest part of my administrative expenses. We have stopped all hiring, as we said on the last conference call, but we are watchful of the stresses that we are making on our operational levels.
And we keep a tight look at those and we'll react accordingly. We're not going to be taking more accounts receivable reserves. So I think that they're going to be in line with this quarter. If they may tweak a little bit, it was because we stopped doing reserves on the middle of the quarter. So there is a couple of uplift on the last quarter of this year. Where are they located exactly? And are you already getting interest from potential tenants?
And I guess, I would ask you if you would be willing to sell any of your assets in Tijuana, given how strong the appetite is? And the second question is regarding the data center, the land that you said -- that you sold to the data center. If you consider this to be a onetime event or would you be looking to do more of these transactions in your part?
I'd say these 2 properties are located in the Pacifico Industrial Park, industrial submarket, which currently has an incredibly high occupancy level. And since we recently repossessed, we already have an important line of potential prospects to lease up the properties. It is important for us to, first of all, to -- as we do every time we recover a building, an empty building, we put it in shape.
We have it ready, and then we lease it up. So we feel very confident that we're going to be -- we're going to be able to lease it up, particularly in a very strong market. As you know, Tijuana has been seeing an important increase in rents because of the lack of supply and the high demand. And I think that because of that, we're going to be able to capitalize with a potentially good tenant, a good lease and a good leasing rate.
One of the buildings was recent -- was built in the last, I think, 3 years ago, so it's almost brand new. And the other one, it's a second-generation building, but we believe that the type of the building is going to be very well taken by the market.
And hopefully, we can have some good news soon. As to your question regarding sales. As you know, we have a strategy to keep on selling real estate assets in the -- which is part of the Level 3 strategy. We are currently analyzing what are the best options to sell assets.
And definitely, if there is an opportunity to sell and its timing permits, we will analyze if Tijuana could be also a potential area of recycling capital. We're open to that. And we have currently over 5 million square feet in Tijuana.
And regarding your second question on the data center in Queretaro, we sold this piece of land and we believe that we're going to be able to keep on selling more land, particularly for projects where we normally would sell only land if it's not a developer. And in this case, it's a data center, it's not part of our business model to do a build-to-suit projects for data centers, which have a high complexity and high specialization.
I mean, they're normally tend to be, in some cases, 10x larger investment per square foot. So therefore, we believe that we can be capitalizing value through asset through land sales. It will not be a one-off transaction. We think that we can be repeating this business. But of course, it will have to be limited so that we still have enough land for future developments for projects that we want to accomplish, which match our portfolio investment thesis, projects, build-to-suit projects or spec buildings.
And I think that therefore, we will be limited at some point into how much land we might sell. But definitely, we're going to see more of this. We see a very high demand of data centers coming into Mexico. This was already -- the trend was already before the pandemic. But clearly, with the pandemic, there's just so much need for technology infrastructure in the country. And definitely, data centers are the ones that are playing a very important role in that regard. So if you sell more land, you think it will likely be in Queretaro or are you considering your whole portfolio?
And also, can you give us a range of the cash-on-cash return or any idea of value over appraisal that you are willing to do this kind of asset recycling? And I guess some -- a question linked to that is if you always will sell developed land? Or are you willing to sell raw land? I think it's important to give detail on that.
Remember that in Queretaro, we developed the Vesta Park Queretaro, which has -- which is comprised of hectares. So in the end, I think that this is very profitable. Nevertheless, of course, the land that we have is -- its main focus is to be developed so that we can keep expanding our portfolio and keep on getting attractive returns through development.
Are we able to sell land in other places? I think that we will have to see project by project. But definitely, in markets where we have a bit more land than expected and does not jeopardize our development projects, I think we might be open to sell land at a margin.
First one related to demand for new developments. If you could give us an idea of how demand is, is it picking up? Is it stable? And also more importantly, if you could give us a sense or some color as to where is the region or country that you're seeing the demand coming from and what industry?
That would be the first. And the second, if you could also comment on the lease spreads that you're achieving on contracts that are being renewed in the third quarter and this year, that will also be helpful. Regarding your last question on lease renewals, the data that we have for this year for renewals is that we have been able to lease at a spread of 2.
This is a good number. It's way above inflation. And remember that this is in U. We have been able to renew 1. So we see this as a positive trend that the market is absorbing at higher rates and pretty much across the country. Secondly, regarding on your first question on new development, it's interesting how the pipeline on the second quarter when the pandemic hit was completely put on hold.
And little by little, the pipeline has been increasing from second quarter to third quarter, and we believe that, that particular pipeline will keep on increasing, particularly for end of the year and a lot for The only thing that we have also been seeing is that many -- given that there's a large pipeline that has -- that is partly following the trend from near-shoring opportunities as well as the USMCA being signed, we have seen that some of the projects or some of the companies have delayed their decisions to close transactions up to end of the year or even In our opinion, it's regarding -- it's part of the pandemic uncertainty and the volatility that we are still seeing on the market.
So I think that we have to be patient. We think that could be a very strong year, particularly if it considers that many of the companies that want to come to Mexico and if you think about near-shoring trend, it doesn't -- they don't make decisions overnight. It's -- they make an analysis, they make a study. It's a little bit longer process. We have seen that in the past. And therefore, we think that a process of 6 months to 1 year is something that might be very normal.
Regarding regions, clearly, we see that, as I mentioned, Tijuana is currently one of the strongest markets, particularly in even new sectors that have been arriving to Tijuana and medical device industries as well as electronics and also even e-commerce. And this is a similar situation to Ciudad Juarez, which have lower vacancy rates.
As to the Bajio region, it is interesting that the automotive center has recovered at a very fast pace. We believe that it's related to the backlog of production that was generated from this top of the -- when the pandemic started. And we have seen also a pickup in demand of car purchases in the US. However, there has been some adjustments in the automotive industry in terms of platforms, more focused toward SUVs and less towards sedan.
So that will bring another opportunity since there will be probably more suppliers that we'll have to supply for these particular new platforms. So that's driving also good demand in the Bajio. And as I mentioned, I think that e-commerce is clearly going to be an important player, not only in strong markets such as Mexico City, Guadalajara and Monterrey. But also, we might be seeing more e-commerce projects in other regions in Mexico.
We recently closed a deal in Tijuana for an e-commerce company, and we're pretty sure that there will be more leases in markets, for example, in the Bajio region or for markets like Puebla, where there is also high demand and high demand for e-commerce projects. My question is on the e-commerce front. Lorenzo, can you comment on the economics of [new collection] in Monterrey and Guadalajara? Are they pesos, dollars? What is it's maturity and expected return on this type of projects? And also, how active do you see the pipeline of these type of channels in the coming quarters?
I think that we have a very disciplined approach towards getting attractive and accretive returns on our development projects. We are still seeing returns in the That's something that we believe we might still see in the upcoming future.
As you have seen in our development pipeline, we are -- we currently have a very high pipeline and 1. But we had a more aggressive strategy towards spec buildings. And currently, our strategy is strongly based on pre-lease buildings, and the sign of that is reflected in our pipeline.
So it's interesting. And a little -- it is a mix -- it is still a mix of dollar and peso leases. However, we have a bit of room to take from time to time with great companies. Some peso leases too are going to be balanced out. But currently, our return on cost for the development pipeline is at We believe it's a great return on cost, particularly considering that there is a very low risk as to the leasing period and the absorption period.
So we feel very comfortable, and we hope to maintain this is good returns in the -- for upcoming development projects. And probably lastly is how careful we are at really getting great companies in our portfolio. We have learned from the past. We learned from some other deals. And I think that's making us being even more disciplined and not only lease because we need to lease. It's we want to make lease agreements long-term with great companies. And if I may do a follow-up question.
Do you think that this e-commerce opportunity is mainly focused on these metropolitan areas? Or should we also expect to see type of deals in secondary cities like [Oaxaca de Juarez], Queretaro, Guanajuato, for instance? I think that's the next trend that we are -- that we're going to be seeing every time more that our e-commerce players do not want to be only in Mexico City.
They want to expand. They want -- and they want to expand rapidly into other regions and other markets. Therefore, we have -- and I'm glad that we define as part of our Level 3 strategy last year, to have e-commerce as part of our portfolio. And I'm really happy that we have been increasing our portfolio, and we have extended our relationships with many of these e-commerce companies.
And I'm glad that Vesta is currently being considered as one of -- as a very important player in the e-commerce sector for industrial space. Remember that we currently have the largest e-commerce project under development in Mexico. And that's -- the other e-commerce players know that, and that's why they want to know where else we can be helping in their growth strategy throughout the country. And I'm glad that we're going to be able to do so.
You mentioned 3 contracts not renewed. So wanted to understand which types of tenants did not renew, any pattern there? Or if they were either shrinking their operations or they moved to different locations, so any color you could give on that front? Also if you give -- a similar question, some color on the types of tenants there are pre-leasing.
So the bulk of the development pipeline is BTS, right? So which types of tenants, is it driven by e-commerce, as you said? Or is it near-shoring that's driving the demand for the development pipeline? Do you hear me well? Well, actually, in 2 other cases. One of them is the second phase of Mercado Libre in Guadalajara and the other one is now in Monterrey. The other one is a project for Pepsi in Puebla, so this is consumer goods. And the other ones are related to the [op] industry, recreational vehicles.
And the other one is related also to a [consumer] goods expansion. So we are seeing a broad base of different industries. And I think looking forward, we are still going to be seeing a diversified industry -- industries in the -- in our growth pipeline. And regarding the projects that did not -- have been used, it's interesting that first of all, these 3 contracts didn't go onto treaty until expirations.
They did pay on time until the last day. In one of the cases, they reduced their footprint, and they are still a tenant of ours, and we extended their lease. And this is one building that we currently operate in Toluca, which is a very strong market, and we feel comfortable that it will be leased. And the other 2 projects, one of them is related to logistics, it was a short-term -- a shorter-term period. And the last one was on a [plan].
It was a bit of [copper] operation. So it's -- we think that our companies are just being cautious in what they want to achieve. This is, in our opinion, this is a regular business cycle. We have to be open to whenever we receive buildings. Let's have pay as soon as possible so that we can be able to lease them up.
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|Sports betting in vegas online||Asset recycling is a major component of our Level 3 strategy, although the focus is on our portfolio of facilities. As to your question regarding sales. Last week, Qin, now 24 and expressing remorse, pleaded guilty in federal court in Manhattan to a vesta bettinger employment count of newcastle jets vs adelaide united betting expert predictions fraud. While the two sell Vesta bettinger employment derived from existing models, they will start selling vehicles based on the dedicated EV platform from March, helping to bring down costs and improve performance efficiency. Disciplined execution of our strategy has consistently generated profitable growth that has further strengthened Vesta's financial position, which includes our most recent quarter. Very importantly, this building, the clients per se are doing huge investments inside of the facilities because they are going to put a lot of automation inside of their buildings, a lot of technology, and therefore, I think it's a combination of what we develop as a shell building and what they are investing in not only in TIs but also in part of their operations.|
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|Vesta bettinger employment||Forward-looking vesta bettinger employment inherently involve risks and uncertainties that could cause actual results to differ materially understanding basketball sports betting those predicted in such forward-looking statements. Thank you, operator for this call. And as long as we find markets where we can be doing so, we're going to be able to keep on developing. We have it ready, and then we lease it up. As a partner at the hard money hedge fund, Steven Bettinger is heavily involved in marketing and raising capital for mortgage lending. Silver|
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