Logistic Properties of the Americas (LPA) Q4 2024 earnings summary

Executive summary

• Achieved strong financial growth in 2024, with revenue up 11.2% to $43.8 million and NOI up 8.1% to $36.6 million year-over-year, driven by new stabilized buildings, higher rental rates, and major new leases.

• Ended 2024 with 98.3% occupancy, reaching 100% in the operating portfolio by March 2025, and managed 7.3 million sqft of GLA with an average lease term of 5.1 years.

• Expanded into Mexico through a joint venture, listed on the NYSE, and secured controlling interest in two logistics assets anchored by DHL.

• Signed new leases with major tenants including Porsche, DSV, and a top global food and beverage company, and expanded leased GLA by 6.2% to 5.6 million sq. ft.

• Executed share repurchases totaling $2.1 million by Q1 2025, reflecting confidence in intrinsic value and future earnings.

Financial highlights

• Revenue increased 11.2% year-over-year to $43.8 million, with NOI up 8.1% to $36.6 million, and Same-Property Cash NOI up 5.0%.

• Adjusted EBITDA for Q4 2024 was $25.6 million, reflecting a 16.1% CAGR from 2021 to 2024.

• G&A expenses rose 83.6% to $15.6 million due to public company transition and compensation plans.

• Investment property operating expenses increased 35.6% to $7.0 million.

• Colombia revenue grew 8.3%, Peru 18%, and Costa Rica 8.7%, each benefiting from lease rollovers, rent escalations, and property stabilization.

Outlook and guidance

• Expect continued NOI growth in 2025, leveraging high occupancy, strong demand, and a robust development pipeline of up to 1.8 million sqft.

• Nearly all development portfolio pre-leased at year-end, mitigating development risk.

• Anticipate normalization of G&A expenses by Q2 2025.

• Focused on scaling the platform and expanding earnings power in key markets.

• Mexico remains a strategic focus, but investment will be more selective due to nearshoring uncertainties.