Logistic Properties of the Americas (LPA) Q3 2025 earnings summary

Executive summary

• Revenue grew 14.3% year-over-year in Q3 2025 to $12.9 million, led by strong performance in Peru and Colombia, and supported by new property acquisitions in Mexico anchored by DHL.

• Achieved stabilized occupancy of 97.9% across the portfolio, with 35 buildings and 6.0 million sq ft as of September 30, 2025.

• Gross leasable area reached 7.6 million sq ft, with 80.5% of leases denominated in US dollars and a weighted average lease life of 4.7 years.

• Maintained a disciplined approach to capital efficiency, risk management, and selective development, with no speculative projects underway.

• Expansion into Mexico with two logistics assets in Puebla supports long-term growth and cross-border logistics solutions.

Financial highlights

• Q3 2025 revenue reached $12.9 million, up 14.3% year-over-year, driven by higher leasing rates, new facilities, and robust occupancy.

• NOI for Q3 increased 8.7% to $10.4 million year-over-year, with a margin of 85.3%; cash NOI rose 13.5% to $10.5 million.

• Year-to-date revenue rose 11.2% to $36.4 million, with NOI up 6.2% to $29.4 million.

• Net earnings for Q3 2025 were $5.2 million, compared to $4.8 million in Q3 2024.

• Operating GLA increased 8.4% year-over-year to 5.6 million sq ft; total GLA rose 14% to nearly 6 million sq ft.

Outlook and guidance

• Sustained double-digit revenue growth expected into 2026, supported by completed lease renewals and high occupancy.

• Management expects continued strong organic growth in 2026, supported by favorable consumption trends and e-commerce penetration.

• Development portfolio in Peru is expected to stabilize between November 2025 and January 2027, with estimated annualized rent revenues of $1.2–$1.3 million and development yields of 7.2–10.2%.