We have met 100% of the development commitments we made during our IPO and we have added new properties to our portfolio, dramatically reducing development risk. At present, we have two properties under development. The first is an industrial project focused on logistics and product distribution in the Mexico City metropolitan area, for which we have built up a significant land reserve in the State of Mexico. There we will develop approximately 200,000 square meters of gross leasable area (GLA) for industrial buildings, of which we have already begun construction on approximately 100,000 square meters in the first phase. We are also developing, through a 50-50 joint venture with Fibra Hotel, a prestigious brand luxury hotel in one of the most exclusive locations on the Yucatán peninsula.

To date, we have multiplied the GLA of our Initial Operating Portfolio by 3.5 times and added more than 672,000 square meters of premier quality to our portfolio since October 2013. As of December 31, 2023, the current operating portfolio of Fibra Danhos consisted of 15 properties, with a combined GLA of 937,824 square meters, a total property occupancy rate of 86.4%.

Our retail portfolio recorded an annual footfall of about 112 million visitors in 2023, a 22% increase over 2022. This increase was due primarily to two factors: i) a substantial acceleration of economic activity, and ii) the stabilization of Parque Tepeyac.

The occupancy cost of our most significant institutional retail tenants in terms of GLA and base rents (the costs associated with occupancy of a locale, which include base rent, overage, maintenance fees for common areas and advertising, expressed as a percentage of the sales of those tenants) was 8.8% in 2023. In the same period, the renewal rate (gross leasable area of locales that renewed their lease contracts in a given period, as a percentage of the gross leasable area of the entire portfolio) was 98.3% in 2023, slightly higher than the 96.5% recorded in 2022.

Past-due accounts (rent paid more than 60 days late, as a percentage of base rent income annualized for the respective period) was 2.3% in 2023, down from 2.7% in 2022. Rent write-offs (accounts more than 180 days past due in proportion to base rent income annualized for the respective period) amounted to 1.02% of the total in 2023, a 38 bp increase compared to 2022.