\nLogistic Properties of the Americas (NYSE American: LPA) (together with its subsidiaries, \u201cLPA\u201d or \u201cthe Company\u201d) announced today its unaudited consolidated financial results for the third quarter ended September 30, 2026 (\u201cthird-quarter 2026\u201d or \u201c3Q26\u201d). The financial results are expressed in U.S. dollars and are presented in accordance with International Accounting Standard (\u201cIAS\u201d) 34 \u2013 Interim Financial Reporting, as issued by the International Accounting Standards Board (\u201cIASB\u201d), which differs in certain significant respects from U.S. Generally Accepted Accounting Principles (\u201cGAAP\u201d). This information should be read in conjunction with, and is qualified in its entirety by reference to, the Company\u2019s condensed consolidated interim financial statements, including the notes thereto. All comparisons within this announcement are between the financial results for the three months ended September 30, 2026 and September 30, 2025 (\u201cYoY\u201d) and stated in U.S. dollars unless otherwise noted.<\/p>\n
\nLPA is a leading developer, owner, acquirer and manager of institutional-quality logistics and industrial real estate in the Americas, with an internally managed, vertically integrated platform operating across the region.<\/p>\n
3Q26 Financial and Operating Highlights<\/b><\/p>\n CEO Commentary<\/b><\/p>\n \nOur strong third quarter results reflect the continued contributions of new properties we have delivered and leased across the region. Total revenue increased 19.3% to $15.4 million, while rental revenue grew 26.1%. NOI maintained its strong growth momentum, increasing 21.1% to $12.6 million.<\/p>\n \nPeru and Colombia again led LPA\u2019s rental revenue growth, with increases of 45.1% and 45.7%, respectively. The persistent structural scarcity of Class A logistics facilities continues driving higher market rates that we continue capturing through lease renewals, re-leasing of space, and new tenants. Our Costa Rica platform also benefited from higher rental rates, while our Puebla, Mexico properties contributed a full quarter of revenue.<\/p>\n \nAlthough property operating costs increased significantly in the quarter, mainly as new facilities within LPA\u2019s Callao park ramped up, that operational scaling contributed a proportionally larger increase in rental revenue and drove operating leverage. Our stabilized portfolio remained fully occupied for the fourth consecutive quarter, while 91.8% of LPA\u2019s approximately 440,685-square-foot development portfolio is leased.<\/p>\n \nDuring the quarter, we advanced our capital reallocation strategy, with the closing of the $145 million transaction of our Lima Sur park. Since then, we have announced agreements to sell our Aurora park in Costa Rica and our Calle 80 park in Colombia for $6.7 million and $152 million, respectively. The core objective of the strategy is to establish a new value lever by creating a self-funding growth engine that sells certain mature assets and then reallocates the capital toward investing in new, higher returning ones, directing most of this additional investment capacity toward expansion in Mexico. At the same time, we will continue to operate and invest in high-growth areas of LPA\u2019s foundational markets where the structural supply of institutional logistics facilities like ours is limited and barriers to entry are high.<\/p>\n \nAny assets that we divest will remain an integral part of LPA\u2019s multi-market platform, and we will manage and operate them in exchange for annual fees. For example, we continue to manage and operate the Lima Sur park, which FIBRA Prime legally acquired. A similar arrangement is in place for the Calle 80 park, where we will also retain serviced land for future development, under the transaction agreement that we have with Bancolombia. These arrangements preserve our local operating presence and maintain the extensive regional scope of LPA\u2019s platform as we strategically change how we fund the next phase of growth to generate higher risk-adjusted returns on capital. In addition, future growth investments will be made in partnership with institutional partners, enabling a capital-light approach.<\/p>\n \nThe planned Panamericana Sur park illustrates our capital reallocation strategy. As we announced in October, we will redeploy some of the capital raised through the sale of our Lima Sur park by co-investing with a consortium of institutional investors to develop this approximately $85 million logistics park. Through this investment, we will own an approximately 11% equity stake while controlling and consolidating the project, including overseeing its development, leasing and future operations. This arrangement enables us to execute a large development program with minimal equity capital, while participating in the park\u2019s economics and earning recurring management fees to manage and operate it.<\/p>\n \nIn conclusion, our other near-term priorities are to complete the pending Aurora and Calle 80 transactions, and then deploy the capital into carefully underwritten opportunities, mainly in targeted high-growth sub-markets of Mexico, with an initial focus on purchasing stabilized assets within the strategically located Central Park 57 property. As an internally managed real estate company, we will carefully pace expansion in Mexico to leasing demand and project readiness, recognizing that new investments take time to contribute rental income. Our aim is to strategically rebalance and build a substantially broader regional operating platform, increase the efficiency of LPA\u2019s capital, and translate expansion into significant and durable earnings growth for our fellow shareholders.<\/p>\n \nEsteban Saldarriaga<\/p>\n \nChief Executive Officer<\/p>\n Subsequent Events<\/b><\/p>\n \nParque Log\u00edstico Calle 80: On October 5, 2026, LPA announced an agreement to sell five stabilized buildings in Colombia to Bancolombia for COP 500 billion or approximately $152 million based on the COP 3,300 per U.S. dollar exchange rate disclosed in that announcement. Closing is expected in the fourth quarter of 2026, subject to customary conditions. LPA expects approximately $70 million of net after-tax distributable proceeds. Upon closing, LPA will retain within the park serviced land that has approximately 1.08 million square feet of buildable area and will earn an annual management fee equal to 1.5% of rental revenue.<\/p>\n \nParque Log\u00edstico Panamericana Sur (\u201cPPS\u201d): On October 22, 2026, LPA announced the planned development of PPS, a four-building park in Lur\u00edn, Peru, with approximately 1.1 million square feet of planned GLA. Its approximately $85 million total investment by LPA and a consortium of three local investors is expected to be deployed over three years. LPA expects to own approximately 11% of the park\u2019s equity and will control and consolidate the project. Earthworks and access-road construction are underway, with vertical construction expected to begin in the first quarter of 2027.<\/p>\n Real Estate Portfolio<\/b><\/p>\n\n
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