Logistic Properties of the Americas (LPA) Q2 2025 earnings summary

Executive summary

• Operates as a leading developer, owner, acquirer, and manager of logistics and industrial real estate in Central and South America, with a vertically integrated platform and institutional standards.

• Revenue grew 6.4% year-over-year in Q2 2025 to $11.7 million, driven by building stabilizations and higher rental rates, with 98% portfolio occupancy led by Colombia and Peru.

• As of June 30, 2025, manages 7.3 million sqft of gross leasable area with 94.5% occupancy and an average remaining lease life of 5.0 years.

• Expansion into Mexico is underway, with new leadership and strategic partnerships to drive long-term growth.

• Maintains relationships with major multinational tenants and regional players, supporting stable rental income.

Financial highlights

• Rental revenue increased 6.4% year-over-year in Q2 and 9.6% for the first half; net operating income rose 3.7% in Q2 and 4.8% for the first half.

• Net Operating Income (NOI) for the LTM ended Q2 2025 reached $37.5 million, up from $36.6 million in Q2 2024, reflecting a 12.3% CAGR since 2021.

• Adjusted EBITDA for LTM Q2 2025 was $25.1 million, with a 4.2% CAGR since 2021.

• Colombia's revenue grew 19%, Peru 10.7%, while Costa Rica declined 0.9% year-over-year.

• Operating cash flow rose 23.5% year-over-year to $8.9 million.

Outlook and guidance

• Construction began on two new buildings in Lima, both substantially pre-leased and expected to drive revenue growth in late 2025 and early 2026.

• Expansion into Mexico to focus on acquisitions and forward purchases, with disciplined capital deployment.

• Organic growth potential of up to 1.5 million additional sqft through development of the land portfolio.

• E-commerce penetration and regional economic trends expected to sustain demand for logistics space.

• Strong momentum anticipated to be fully reflected by late 2025 and into 2026.