Logistic Properties of the Americas (LPA) Q1 2026 earnings summary

Executive summary

• Revenue grew 21.6% year-over-year, with NOI up 28.6%, driven by operating leverage, strong demand for Class A logistics facilities, and contributions from new assets in Mexico.

• Same property NOI rose 10.9%, and average rent per square foot increased 9.8%, reflecting pricing power in underserved markets.

• Portfolio occupancy remained at 100% in Q1 2026, with expansion into Mexico and continued growth in Peru, Colombia, and Costa Rica.

• Gross leasable area (GLA) reached 7.6 million sq ft, including 1.5 million sq ft of potential new GLA in the land portfolio.

• Portfolio spans major commercial hubs in Mexico, Costa Rica, Peru, and Colombia, trusted by leading global brands across logistics, consumer goods, retail, and manufacturing sectors.

Financial highlights

• Total revenue for Q1 2026 was $14.4 million, up from $11.8 million in Q1 2025, with NOI for YTD 2026 at $12.1 million.

• Peru revenue surged 39.9% year-over-year, Colombia revenue increased 24.8%, and Mexico contributed $0.5 million from new acquisitions.

• Operating expenses decreased 4.1% to $2.2 million, mainly due to recoveries and lower property taxes.

• General and administrative expenses rose 13.3% to $4 million, impacted by a one-time emergency tax in Colombia.

• Adjusted EBITDA reached $20.7 million for the last twelve months ending Q1 2026, with a CAGR of 5.95% from 2023 to LTM Q1 2026.

Outlook and guidance

• Expect continued revenue and NOI growth as new developments in Peru and acquisitions in Mexico come online, with 92% of the development pipeline pre-leased.

• Focus on expanding GLA through land bank and development portfolio, targeting high-barrier-to-entry markets.

• Anticipate further capital recycling from mature assets in Colombia and Peru to fund higher-return opportunities in Mexico.

• Monitoring macroeconomic and political developments, including USMCA renegotiations and regional elections.

• Growth guided by innovation, integrity, and sustainability, with EDGE certification and environmental programs in place.