Q4 2025 Update:

• ⁠Rental Agreement Projected Start: March 2026
• ⁠Construction: The project is 90% complete, the final floor slab pouring and west wall installation will be completed during the next couple of weeks. Punchlist process with the tenant will start next week to ensure a timely delivery.
• ⁠Financing: 82% of the project has been funded. Equity is fully deployed and 70% of the $16.2M Scotiabank facility has been called.
• ⁠VAT Recovery: Started process with Tax Consultant to recover VAT in a monthly basis during the next 18 months. Application was submitted last month; expecting response from SAT by Feb-26.
• ⁠CFE: Received approval of the property’s electrical installations from UVIE (Unidad Verificadora de Instalaciones Electricas). Will request connection service to CFE next week, expecting final electrical service connection by mid-February.