LPA · Logistic Properties of the Americas

Logistic Properties of the Americas’ Q1 2026 results reflect a pronounced shift from profitability to loss, primarily driven by a $9.25 million non-cash investment property valuation loss—contrasting sharply with a $1.92 million gain in Q1 2025. This reversal alone accounts for over $11 million swing in pre-tax profit, overwhelming otherwise solid operational performance: rental revenue grew 22% year-over-year to $14.36 million, supported by portfolio expansion into Mexico and strong rent growth in Peru (+40%). The company maintained full stabilization—100% occupancy across 34 properties totaling 5.8 million square feet—with a weighted average lease term of 4.7 years, signaling tenant retention and pricing power. Management attributes revenue growth to geographic diversification and nearshoring tailwinds, noting all Colombian leases are denominated in COP while most others are USD-linked, exposing earnings to foreign exchange movements. The $2.93 million foreign currency translation gain partially offset the valuation loss in comprehensive income, resulting in a $4.64 million total comprehensive loss. Operationally, the business generated $0.91 million in operating cash flow, though this was more than offset by $5.73 million in capital expenditures on investment properties—consistent with its development-focused model. With $28.15 million in cash and $297.4 million in long-term debt, liquidity remains adequate, but the valuation-driven earnings volatility underscores sensitivity to fair value assumptions in IAS 40 accounting. No forward guidance is disclosed in the filing.