Logistic Properties of the Americas (LPA) Q4 2025 earnings summary

Executive summary

• Achieved a transformational year with significant expansion into Mexico, including a $200 million partnership with Fortem Capital and a forward purchase agreement for Class A industrial properties, accelerating the platform's scope and reach.

• Delivered strong financial and operational results, including 23.3% YoY revenue growth in Q4 2025, 14.3% full-year revenue growth to $50.1 million, and 100% stabilized occupancy across the operating portfolio by year-end.

• Gross leasable area reached 7.6 million sqft as of December 31, 2025, with operations in Costa Rica, Colombia, Peru, and Mexico.

• Marked the tenth year in business with a renewed brand identity and digital presence.

• Maintains a vertically integrated platform, managing development, acquisition, and leasing of industrial assets.

Financial highlights

• Fourth quarter revenue increased 23.3% year-over-year; full year revenue up 14.3% to $50.1 million.

• Net Operating Income (NOI) grew 29.8% in Q4 and 11.9% for the full year, reaching $41.0 million in 2025.

• Adjusted EBITDA rose from $22.2 million in 2022 to $28.7 million in 2025, with a Q4 2025 margin of 61.3%.

• Average rent per sq ft increased 11% to $8.65, supported by favorable FX and market conditions.

• Investment property valuation gain decreased by $11.7 million (36.2%) to $20.6 million.

Outlook and guidance

• NOI momentum expected to continue into 2026, with further growth anticipated from new developments, lease rollovers, and 84.1% of the development pipeline pre-leased.

• Strategic investments in Mexico and other core markets to drive platform expansion and diversification.

• Full occupancy at year-end positions the company for additional rental growth as leases reset to market rates.

• Organic growth potential of up to 1.8 million additional sqft through development of land portfolio.

• Expansion plans focus on leveraging land reserves in Peru, Colombia, and Costa Rica.