FY24 Financial and Operating Highlights<\/b><\/p>\n Subsequent Events<\/b><\/p>\n CEO Commentary<\/b><\/p>\n \nOur Company made substantial achievements last year and has maintained strong momentum going into 2025. It has been just over one year since we became a public company through LPA\u2019s listing on the New York Stock Exchange. The listing was a major milestone that has strengthened our corporate brand and improved access to equity capital, enabling our vertically integrated logistics property platform\u2019s continued regional expansion to capture more of the growing demand for institutional quality facilities across the underpenetrated markets we serve.\n<\/p>\n \nDuring 2024 we continued taking a patient and disciplined approach to leasing, to fully capitalize on highly favorable mark-to-market lease renewals and to wait for the right new tenants, always seeking to maximize the opportunities presented by acute supply and demand imbalances in our foundational markets: Costa Rica, Colombia and Peru. That approach helped drive an 11.2% increase in revenue and a 7.1% increase in net operating income for the year. Further, our premium, strategically located properties continue attracting high-quality tenants, such as Porsche, DSV, and one of the world’s leading food and beverage companies. In March 2025, we achieved 100% occupancy in LPA\u2019s operating portfolio, with total Leased GLA that expanded 6.2% to 5.6 million square feet as of the end of 2024. Additionally, virtually all of our development portfolio had been pre-leased at year-end, which significantly mitigates our development risk and speaks to the fast-growing, consumer-led economies to which we cater.\n<\/p>\n \nAlthough there is considerable uncertainty surrounding Mexico\u2019s nearshoring sectors today, we still see select opportunities in logistics, given the strength of domestic demand in the country. Therefore, investing in Mexico will remain integral to our long-term value-creation strategy, although we intend be more discerning in our approach in the current environment. Fundamentally, we see this market as a path to serving not only our global but also leading U.S. customers that operate in this market in a cost-effective manner. As always, we will maintain a disciplined approach to investing, working closely with current and prospective local partners, among them Falcon. Moreover, many opportunities to expand LPA\u2019s platform remain in our foundational markets \u2013 whose economies are not as dependent on exports, making them less exposed to the threat of trade tariff increases and where local consumption continues to grow. As with all investments, we are guided by a strong and independent board, which welcomed two new independent directors last year. They have brought additional international and regional experience as well as complementary skillsets and insights to our board.\n<\/p>\n \nAnother way we are deploying capital to increase shareholder value is LPA\u2019s share repurchase program, under which we bought back $1.3 million worth of our ordinary shares during the fourth quarter of 2024, and another $0.8 million in the first quarter of this year. These buybacks demonstrate our confidence in LPA\u2019s unique value proposition with its largely USD contracted revenue, global and diversified customer base, and differentiated geographic scope of operations\u2014one of our key competitive advantages.\n<\/p>\n \nLooking ahead, we are confident in our ability to create additional value and momentum within our unique, internally managed, multinational platform of Class A logistics properties. We are still in the early innings of growth. With a diverse set of pipeline opportunities, we are well-positioned to scale into a larger, stronger and more profitable company. Backed by our executive team’s deep industry and regional expertise, we have built a solid operational and development foundation as well as a widely recognized brand in the region\u2014other key advantages that will enable us to continue expanding to drive long-term shareholder value.\n<\/p>\n \nEsteban Saldarriaga Real Estate Portfolio<\/b><\/p>\n\n
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Chief Executive Officer\n<\/p>\n
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