LPA · Logistic Properties of the Americas

Logistic Properties of the Americas delivered strong Q1 2026 results, with revenue accelerating 21.6% year-over-year to $14.4 million, primarily fueled by a 39.9% surge in Peru's rental revenues from the stabilization of new buildings in the Callao Logistics Park, including a LEED Gold-certified facility for PepsiCo. Colombia contributed a 24.8% revenue increase driven by rental rate growth and favorable foreign exchange, while Mexico added $0.5 million from two Puebla properties acquired in August 2025. NOI expanded even faster at 28.6% to $12.1 million, highlighting operating leverage as fixed costs were spread over higher revenues in these segments. Same-Property Cash NOI rose 10.9% to $9.82 million, underscoring organic growth from rental escalators, positive leasing spreads, and the end of rent abatements, independent of portfolio expansion. The operating portfolio grew 9.7% to 5.8 million square feet across 34 properties, achieving full 100.0% occupancy versus 98.0% a year ago, with average rent per square foot up 9.8% to $8.74 amid contractual escalators and currency benefits. CEO Esteban Saldarriaga emphasized the platform's resilience amid macroeconomic volatility, including a one-time Colombian emergency tax that drove 13.3% higher G&A expenses to $4.0 million, yet did not derail momentum. Investment property operating expenses declined 4.1% to $2.2 million, aiding margins. With 92% of the development pipeline pre-leased and strong tenant demand from globals like PepsiCo and DHL, LPA positions for continued earnings compounding across Costa Rica, Peru, Colombia, and Mexico.