Logistic Properties of the Americas (LPA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 19.3% to $15.4 million and NOI increased 21.1% to $12.6 million; occupancy remained 100% for a fourth consecutive quarter.

• Three asset transactions totaling just over $300 million were priced at a weighted average premium of 10%-12% to appraised value, depending on FX.

• Asset-sale proceeds and institutional co-investment support capital-light growth, with Mexico the primary expansion destination.

Financial highlights

• Total revenue rose 19.3% to $15.4 million; rental revenue increased 26.1% to $15.3 million, partly offset by the absence of ~$0.7 million in non-recurring development fees recognized in 3Q25.

• NOI increased 21.1% to $12.6 million; excluding Colombian peso appreciation, NOI rose 14.2% to $11.9 million. Cash NOI grew 20.6% in Q3 and 26.1% YTD.

• Investment property operating expenses rose 54.6% to $2.8 million, reflecting new Peru buildings, Colombian peso appreciation and higher La Verbena property taxes.

• G&A increased 3.5% to $4.7 million, declining to 30.3% of revenue from 34.9%; PLS sale closing also drove one-time professional fees.

• Financing costs increased ~104% to $10.1 million, primarily from PLS debt prepayment and related costs; the penalty was $1.3 million.

Outlook and guidance

• Mexico capital deployment is targeted over 2027, paced by leasing demand, project readiness, disciplined underwriting and market conditions.

• Mexico investments target 8%-9% yields on cost, with prudent leverage priced 150-200 bps below yield; management expects recurring NOI and scale.

• G&A dilution is expected as 401,000 sq ft of largely pre-leased development comes online by year-end, with further dilution anticipated in 2027 and beyond.

• Panamericana Sur Park (PPS) is a planned 1.1 million sq ft development over three years; vertical construction is expected to begin in Q1 2027.

• CP57 is planned as a >2.1 million sq ft, roughly $200 million investment; leasing interest is building, alongside planned acquisitions along Highway 57.