Logistic Properties of the Americas (LPA) Q2 2026 earnings summary

Executive summary

• Achieved 100% occupancy across all operating markets in Q2 2026, with total gross leasable area (GLA) at 7.5 million sq ft, including 6.2 million operating and 1.2 million development GLA.

• Revenue grew 26.1% year-over-year to $14.7 million, with NOI up 27.0% to $12.2 million, driven by strong leasing activity and portfolio expansion, especially in Peru and Colombia.

• Average rent per sq ft increased 10.0% year-over-year to $8.88, with Costa Rica, Peru, and Colombia all achieving 100% occupancy.

• Completed the strategic divestment of Lima Sur Park in Peru for $145 million, 18% above appraised value, with proceeds to be reinvested in Mexico and a four-year repurchase option.

• Formed a strategic alliance with FIBRA Prime, generating ongoing fee income and future transaction opportunities.

Financial highlights

• Q2 2026 revenues: $14.7 million, up from $11.6 million in Q2 2025, with NOI at $12.2 million, up 27.0% year-over-year.

• Same-property NOI up 14.5% year-over-year; same-property cash NOI up 10.7% year-over-year.

• Average rent per square foot increased 10.0% to $8.88.

• Operating expenses increased 27% to $2.6 million, mainly due to new facility operations and higher taxes.

• Net earnings for the quarter: $14.3 million, a significant turnaround from a $1.1 million loss in Q2 2025.

Outlook and guidance

• 91.9% of the development pipeline is pre-leased, with estimated stabilization yields of 12.5–14.9%.

• Weighted average lease term stands at 4.5 years, supporting stable future cash flows.

• Capital from Lima Sur sale to be redeployed in Mexico, with first payment expected by September or October.

• Ongoing focus on acquiring assets in Mexico at cap rates of 8%-9%.

• Continued focus on disciplined capital allocation and proactive asset management to drive long-term value.