Logistic Properties of the Americas (LPA) Q1 2025 earnings summary

Executive summary

• Revenue grew 12.9% year-over-year to $11.8 million in 1Q25, with NOI up 6% to $9.4 million, driven by strong performance in Peru, Costa Rica, and continued customer expansion.

• Achieved 98% to 100% occupancy across the 5.3–5.6 million sq ft operating portfolio, with key new leases signed in Peru and a fully leased status during the quarter.

• Expansion in Lima with a new 215,000–227,172 sq ft building at Parque Logístico Callao, over 70% pre-leased to major domestic companies.

• Strategic entry into Mexico through a joint venture, with a controlling interest in two logistics assets in Puebla and DHL as an anchor tenant.

• LPA manages 7.3 million sqft of GLA as of March 31, 2025, with a tenant base including major multinationals and regional leaders.

Financial highlights

• NOI for YTD 2025 reached $9.4 million, with a 2.2% growth in Cash NOI compared to YTD 2024.

• Average rent per sq ft increased 1.9% year-over-year, reaching $7.96.

• Lease GLA grew 5.9% year-over-year; stabilized occupancy rate reached 98%.

• G&A expenses increased 112% to $3.6 million due to higher professional services, D&O insurance, share-based compensation, and headcount.

• Financing costs decreased 5.6% year-over-year; net debt to adjusted EBITDA improved by 30 basis points.

Outlook and guidance

• Expectation to drive further NOI growth in 2025, supported by resilient foundational markets, a strong customer base, and a 1.5 million sqft development pipeline with 479,306 sqft at 74.4% leased.

• Expansion plans focus on leveraging land reserves, maintaining high occupancy, and selective investment in Mexico despite nearshoring uncertainties.