Financial Data and Key Metrics Changes - Revenue increased by 11.2% to $438 million, while NOI rose by 7.1% to $366 million [6][17] - Occupancy in the operating portfolio surged by 400 basis points to 98.3% by year-end [7] - G&A expenses increased due to the transition to a public company, with costs expected to normalize by Q2 2025 [20] Business Line Data and Key Metrics Changes - Colombia experienced 8.3% revenue growth, driven by $1.5 million increase in rental income [18] - Peru recorded an 18% revenue increase, primarily due to the stabilization of two buildings [19] - Costa Rica's revenue rose by 8.7%, fueled by the stabilization of a specific building [19] Market Data and Key Metrics Changes - The company captured mark-to-market spreads exceeding 25% compared to expiring leases [8] - The logistics space demand is strong, with nearly all development portfolio pre-leased and 100% occupancy in the operating portfolio [15] Company Strategy and Development Direction - The company aims to remain a preferred logistics solutions provider as it expands into Mexico through a joint venture [9][11] - The development of Parquet Logistico Callao is being accelerated, showcasing the company's ability to deliver landmark logistics facilities [14] - The focus is on domestic consumption-driven logistics space demand in foundational markets like Costa Rica, Peru, and Colombia [13] Management's Comments on Operating Environment and Future Outlook - Management is cautious about U.S. tariff policies affecting Mexico's nearshoring sector, leading to selective investment strategies [12] - The company sees significant long-term upside in emerging economies due to low e-commerce penetration [13] - Confidence in LPA's intrinsic value is reflected in the decision to purchase LPA shares [15][16] Other Important Information - The company secured a $25 million fixed-rate loan to support the construction of new Class A warehouses [21] - The joint venture in Mexico is expected to enhance LPA's reach and operational capabilities in the region [10] Q&A Session Summary Question: What are the expectations for future revenue growth? - Management indicated that the strong demand for logistics space and ongoing projects will support revenue growth moving forward [21] Question: How is the company addressing rising G&A expenses? - Management noted that the increase in G&A expenses is due to the transition to a public company and is expected to normalize by mid-2025 [20]

Financial Position - As of September 30, 2023, the total debt of the Company is $234,688,000, with long-term debt amounting to $224,145,000[24]. - Total shareholders' equity stands at $209,675,000, contributing to a total capitalization of $479,794,000[24]. - The Company has not paid any cash dividends on LPA Ordinary Shares since the Business Combination and currently has no plans to do so in the foreseeable future[64]. - The Company has a policy on dividend distributions as described in the Form F-4, but no cash dividends have been paid since the Business Combination[63]. - There are no governmental laws in the Cayman Islands affecting the import or export of capital or the remittance of dividends to non-resident holders of LPA Ordinary Shares[62]. Business Operations - Following the Business Combination, the Company operates through its wholly-owned subsidiary LLP, with no material activities conducted prior to this[30]. - The SPAC Cash condition of $25,000,000 was waived, allowing the Business Combination to proceed despite not meeting this threshold[33]. - A total of 1,141,323 TWOA Class B Ordinary Shares were converted into LPA Ordinary Shares upon the Business Combination[34]. - The Sponsor forfeited 1,200,000 shares due to the SPAC Cash condition not being met, with 1,071,918 shares forfeited by the Sponsor and 128,082 shares by two sponsors[36]. - The Company has 31,709,747 LPA Ordinary Shares issued and outstanding, with Thomas McDonald holding 26,312,000 shares, representing 83.0% ownership[46]. - HC PropTech Partners III LLC holds 2,130,693 shares, accounting for 6.7% of the total shares[47]. - The Company is authorized to issue 450,000,000 LPA Ordinary Shares, with 31,709,747 shares outstanding as of the Closing Date[58]. - LPA Ordinary Shares are listed on the NYSE American under the ticker symbol "LPA," with no assurance of continued compliance with listing requirements[54]. - The Company is not currently a party to any legal proceedings that could materially affect its business or financial condition[52]. - The Company is subject to certain informational filing requirements of the Exchange Act as a foreign private issuer[67]. Financial Performance - The company reported a significant increase in revenue, achieving $1.2 billion for the quarter, representing a 15% year-over-year growth[73]. - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase[74]. - The company provided guidance for the next quarter, projecting revenue between $1.3 billion and $1.4 billion, which would reflect a growth rate of 10% to 15%[75]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[76]. - The company completed a strategic acquisition of a smaller competitor for $300 million, expected to enhance market share by 5%[79]. Strategic Initiatives - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[77]. - Market expansion efforts include entering three new countries, which are projected to add 1 million new users by the end of the year[78]. - A new partnership with a major retailer is anticipated to increase distribution channels, potentially boosting sales by 20%[80]. - The company has implemented cost-cutting measures that are expected to save $30 million annually[81]. - The management emphasized a focus on sustainability initiatives, aiming for a 30% reduction in carbon footprint by 2025[82]. Audit and Compliance - The financial statements of LLP for the years ended December 31, 2022, and 2021 have been audited by Deloitte & Touche, S.A.[65]. - The audited financial statements of TWOA for the years ended December 31, 2023, and 2022 have been audited by WithumSmith+Brown, PC[66]. - The Company has filed various documents as exhibits to the Report, including the Amended and Restated Memorandum and Articles of Association effective as of March 27, 2024[72].

Group 1 - The individual mentioned has extensive experience in accounting and finance, including roles as a CFO, Government Auditor, and Public Accountant, and has authored numerous publications [1] - The individual has a long-term investment strategy that includes holding positions and selling covered calls, indicating a focus on generating income from investments [1] - The individual has recently relocated to the Philippines for travel in Southeast Asia after overcoming significant health challenges, including stage 3 pancreatic cancer [1] Group 2 - The article expresses the author's personal opinions and indicates a beneficial long position in LPA shares, suggesting confidence in the company's future performance [2] - There is no compensation received for the article other than from Seeking Alpha, highlighting the independence of the analysis [2] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not reflect the platform's overall stance [3]

Financial Performance - Total revenues for Q3 2024 reached $11,272,630, a 10.4% increase from $10,214,189 in Q3 2023[7] - Rental revenue for Q3 2024 was $11,173,774, up 9.8% from $10,175,293 in Q3 2023[7] - Profit for the period attributable to owners of the company was $4,942,591, compared to $1,351,495 in Q3 2023, marking a significant increase[5] - Total comprehensive income for the period was $4,601,931, slightly down from $4,827,848 in Q3 2023[8] - The company experienced a total profit (loss) for the period of $4,833,469, compared to $2,371,130 in Q3 2023[5] - The Company’s total revenue for the nine months ended September 30, 2024, was $32,743,028, an increase of 17.5% compared to $27,867,943 for the same period in 2023[79] - Rental income for the nine months ended September 30, 2024, was $29,022,101, up from $24,652,708 in the prior year, reflecting a growth of 17.5%[79] - Profit before taxes for the three months ended September 30, 2024, was $7,199,040, slightly down from $7,224,409 in 2023[94] - The company reported a net loss of $33,181,385 for the nine months ended September 30, 2024, compared to a net income of $4,959,776 for the same period in 2023[173] Assets and Liabilities - Total assets increased to $596,384,825 as of September 30, 2024, compared to $590,825,310 on December 31, 2023, reflecting a growth of approximately 1%[9] - Current assets decreased from $58,903,014 to $43,366,159, a decline of about 26%[9] - Investment properties rose to $535,573,272, up from $514,172,281, indicating an increase of approximately 4%[9] - Total liabilities slightly increased to $330,015,995 from $329,882,393, a marginal rise of about 0.04%[9] - Long-term debt increased to $260,519,198 from $253,151,137, representing a growth of approximately 3%[9] - Total current liabilities increased significantly to $2,283,282 as of September 30, 2024, compared to $959,539 on December 31, 2023, representing a rise of about 138.5%[125] - The total debt, including current and long-term portions, was reported at $271,033,409 as of September 30, 2024, compared to $269,854,235 at the end of 2023, showing a slight increase of about 0.4%[138] Expenses - General and administrative expenses increased to $4,750,884 in Q3 2024 from $2,519,836 in Q3 2023, reflecting a 88.3% rise[7] - Total rental property operating expenses for the three months ended September 30, 2024, were $1,616,919, an increase from $1,509,044 in 2023, representing a 7.1% increase[83] - General and administrative expenses totaled $11,001,664 for the nine months ended September 30, 2024, significantly higher than $4,834,222 in the previous year[97] - The company recognized share-based payment expense related to RSUs of $555,323 for the three months ended September 30, 2024, and for the nine months, it was $1,695,541[186] Shareholder Information - The weighted average number of shares for basic earnings per share was 31,740,073 in Q3 2024, up from 28,600,000 in Q3 2023[8] - Earnings per share attributable to owners of the company was $0.16 for Q3 2024, compared to $0.05 in Q3 2023[8] - The number of ordinary shares outstanding as of September 30, 2024, is 31,799,747, compared to 168,142,740 as of December 31, 2023, indicating a significant reduction in share count[11] - The company issued 31,709,747 Ordinary Shares as part of the Business Combination on March 27, 2024[169] Investment and Financing Activities - The company reported an investment property valuation gain of $8,175,196 for Q3 2024, compared to $9,826,109 in Q3 2023[7] - Financing costs for Q3 2024 were $5,796,879, compared to $5,646,861 in Q3 2023, indicating a slight increase[7] - The company raised $13,091,001 through long-term debt borrowing, significantly lower than $121,888,624 in the previous year[17] - The company completed a business combination on March 27, 2024, resulting in TWOA and LLP becoming wholly-owned subsidiaries[21] - The company incurred a listing expense of $44,469,613 during the reporting period[17] Currency and Foreign Operations - Revenue generated from Colombian operations for the nine months ended September 30, 2024, was $6.4 million, representing approximately 19.6% of the company's consolidated revenues[32] - The average sell-exchange rate for Colombian Pesos (COP) was COP 3,979 in 2024, compared to COP 4,406 in 2023, reflecting a decrease of about 9.7%[40] - The average sell-exchange rate for Costa Rican Colones (CRC) was CRC 520, down from CRC 552 in 2023, indicating a decrease of approximately 5.8%[40] Management and Governance - The company granted a total of 112,500 Restricted Stock Units (RSUs) to board members that were fully vested upon grant during the nine months ended September 30, 2024[184] - The majority shareholder provided management and advisory services totaling $92,682 for the three months ended September 30, 2024[197] - The company does not expect to declare any dividends in the near future, impacting the measurement of grant date fair value for RSUs[185] Risk Management - Interest rate risk primarily relates to the company's long-term debt obligations with floating interest rates, affecting future cash flows[198] - The company’s approach to managing liquidity aims to ensure sufficient liquidity to meet obligations under both normal and stressed conditions[199]

Revenue and Income - Total revenues for the three months ended June 30, 2024, were $10,986,936, representing an increase of 10.0% compared to $9,989,772 for the same period in 2023[4]. - Rental revenue for the six months ended June 30, 2024, was $21,373,343, up 11.0% from $19,203,738 in the prior year[4]. - Profit for the period attributable to owners of the company was $9,907,633 for the three months ended June 30, 2024, compared to a loss of $4,762,860 in the same period of 2023[3]. - Total comprehensive income for the period was $5,305,739, compared to a loss of $41,723,330 in the prior year[5]. - The company reported a total profit (loss) for the period of $12,431,660 for the three months ended June 30, 2024, compared to a loss of $4,762,500 in the same period of 2023[4]. - The Company’s total revenue for the six months ended June 30, 2024, was $21,470,398, representing an increase of 11.4% compared to $19,239,758 for the same period in 2023[73]. - Rental income for the six months ended June 30, 2024, was $19,043,548, up from $17,157,965 in the prior year, reflecting a growth of 10.9%[73]. - Net operating income for the three months ended June 30, 2024, was $9,238,998, up from $8,698,607 in the same period of 2023, indicating a 6.2% increase[88]. - Total other income for the three months ended June 30, 2024, was $10,837,729, compared to $52,917 for the same period in 2023, showing a substantial increase[78]. - Net operating income for the six months ended June 30, 2024, was $18,133,453, up from $16,564,151 in 2023, reflecting a growth of 9.5%[90]. Assets and Liabilities - Total assets increased to $604,189,764 as of June 30, 2024, up from $590,825,310 as of December 31, 2023, representing a growth of approximately 2.3%[7]. - Current assets rose to $63,895,466, compared to $58,903,014 at the end of 2023, marking an increase of about 5.4%[7]. - Total liabilities increased to $334,976,588 from $329,882,393, a rise of about 1.3%[7]. - Retained earnings decreased to $29,754,669 from $67,878,645, a decline of approximately 56.2%[13]. - Total equity increased to $269,213,176 from $260,942,917, showing a growth of about 3.4%[14]. - The company reported a loss of $38,123,976 for the period, impacting total comprehensive income negatively[13]. - The company’s total financial liabilities as of June 30, 2024, amounted to $301,898,791, compared to $298,578,357 as of December 31, 2023, indicating an increase of approximately 1.1%[191]. Cash Flow and Financing - Cash and cash equivalents increased significantly to $48,173,742 from $35,242,363, reflecting a growth of approximately 36.7%[7]. - Net cash provided by operating activities was $7,208,539, a decrease from $8,302,628 in the prior year[17]. - The company reported a net cash used in investing activities of $11,001,373, compared to $6,849,875 in the previous year[17]. - Long-term debt borrowing amounted to $13,091,001, significantly lower than $113,971,395 in the same period last year[17]. - The company incurred capital expenditures of $11,681,535 on investment properties, up from $10,672,226 in the previous year[17]. - The total outstanding amount for Costa Rica loans was $140,485 as of June 30, 2024, with an annual interest rate of 6.4% for Year 1[130]. - The company recognized accrued financing costs of $827,501 as of June 30, 2024, compared to $752,874 as of December 31, 2023[132]. - The company entered into a COP 44,500 million ($12.8 million) financing agreement with Bancolombia for the construction of a building in Latam Logistic Park, fully disbursed by December 31, 2021[141]. - The company negotiated a deferral of principal payments with Bancolombia for seven months starting October 1, 2023, recognizing a modification gain of $70,058 in Q3 2023[142]. Business Combination and Share Issuance - The company completed a business combination on March 27, 2024, with TWOA and LLP, resulting in TWOA and LLP becoming wholly-owned subsidiaries[20]. - The Business Combination resulted in the issuance of 31,709,747 LPA Ordinary Shares, with 83.0% of these shares issued to legacy LLP equity holders[63]. - The net proceeds from the Business Combination, after transaction costs, amounted to $8,174,119[64]. - The Company recognized a share listing expense of $44,469,613 due to the excess fair value of equity interests issued to TWOA over the fair value of its identifiable net assets[67]. - The company issued 31,709,747 Ordinary Shares as part of a Business Combination on March 27, 2024, with no Preference Shares issued during the periods presented[163]. Expenses and Costs - Financing costs decreased significantly to $5,808,977 for the three months ended June 30, 2024, from $12,134,876 in the same period of 2023[4]. - Employee benefits for the three months ended June 30, 2024 amounted to $2,438,663, a substantial increase from $688,925 in the same period of 2023[171]. - The company incurred management and advisory service costs of $289,982 for the three months ended June 30, 2024, up from $111,376 in the same period of 2023, representing an increase of approximately 160%[186]. - The company recognized share-based payment expense related to RSUs of $1,140,218 for the three and six months ended June 30, 2024[176]. - The company incurred transaction-related costs of $6,179,179 for the six months ended June 30, 2024, related to the Business Combination[68]. Tax and Compliance - The effective tax rate for the three months ended June 30, 2024 was 4.2%, a significant improvement from (61.2)% in the same period of 2023[170]. - The company was compliant with all debt covenants as of June 30, 2024, and received waivers for the Bancolombia financial covenants effective through December 31, 2024[161]. Foreign Currency and Exchange Rates - The company’s foreign currency translation reserve showed a negative balance of $(21,390,187) as of June 30, 2024[14]. - As of June 30, 2024, the exchange rate for USD to Colombian Pesos (COP) was COP 4,148, compared to COP 4,191 in 2023, indicating a 1.03% appreciation of the USD[36]. - The average exchange rate for USD to Colombian Pesos for the three months ended June 30, 2024, was COP 3,926, down from COP 4,415 in 2023, reflecting a 11.05% decrease[37]. - The average exchange rate for USD to Costa Rican Colones (CRC) for the six months ended June 30, 2024, was CRC 517, compared to CRC 556 in 2023, showing a 7.00% appreciation of the USD[38]. Corporate Governance - The company appointed two new independent directors on July 15, 2024, increasing the total number of board members to seven[196].

Financial Performance - Revenue for the year ended December 31, 2023, was $39.4 million, representing a 23.1% increase from $32.0 million in 2022[76] - Profit for the year ended December 31, 2023, was $7.2 million, down from $11.4 million in 2022, indicating a decrease of 36.8%[76] - Total revenues for the year 2023 reached $39,436,343, an increase of $7,452,776 or 23.3% compared to $31,983,567 in 2022[107] - Profit for the year decreased to $7,156,005, down $4,285,228 or 37.5% from $11,441,233 in the previous year[107] - Total comprehensive income for the year was $25,529,069, compared to a loss of $2,092,499 in 2022[224] - The company reported a profit for the year of $3,139,333 in 2023, compared to $8,028,610 in 2022, indicating a decrease of about 60.8%[226] Revenue Breakdown - The total rental revenue for 2023 was $39.3 million, up from $31.9 million in 2022, marking a 23.4% increase[77] - Revenue in Colombia increased by $2.3 million, or 41.3%, to $8.0 million for the year ended December 31, 2023[108] - Revenue in Peru increased by $0.9 million, or 10.9%, to $9.3 million for the year ended December 31, 2023[108] - Revenue in Costa Rica increased by $3.9 million, or 21.8%, to $21.7 million for the year ended December 31, 2023[108] - Rental revenue reached $39,327,779 in 2023, up from $31,890,569 in 2022, reflecting a growth of 23.3%[224] Operating Metrics - As of December 31, 2023, the operating portfolio consisted of 28 properties with a Gross Leasable Area (GLA) of over 4.6 million square feet and a stabilized occupancy rate of 100%[76] - The average rent per square foot increased to $7.80 in 2023 from $6.88 in 2022, reflecting a growth of 13.4%[77] - The weighted average remaining lease term was 5.3 years as of December 31, 2023, compared to 6.2 years in 2022[77] - Approximately 90% of the leased GLA as of December 31, 2023, served logistics needs for tenants[94] - The company had 77 leases in place, with approximately 67% secured by guarantees or other credit support mechanisms[96] Expenses and Costs - General and administrative expenses rose significantly to $8,508,862, an increase of $3,899,667 or 84.6% compared to $4,609,195[107] - Financing costs surged to $31,111,064, reflecting an increase of $19,344,338 or 164.4% from $11,766,726[107] - Investment property operating expenses decreased slightly to $5,142,950, a reduction of $264,489 or 4.9% from $5,407,439[107] - Other expenses rose to $6,133 million in 2023, compared to $611,000 in 2022, reflecting a significant increase of 901.3%[117] Investment and Development - The company is developing four buildings with an expected GLA of nearly 700,000 square feet as of December 31, 2023[89] - The company has land reserves of 50.6 acres in Colombia and 39.2 acres in Peru, representing 56.3% and 43.7% of total land reserves, respectively[91] - The company targets average yields-on-cost of 200 to 300 basis points above estimates for similar stabilized assets[89] - The company incurred capital expenditures totaling $28.4 million, $41.0 million, and $48.3 million for the years ended December 31, 2023, 2022, and 2021, respectively, related to warehouse construction projects[126] Debt and Liquidity - Net debt as of December 31, 2023, was $231.931 million, compared to $191.085 million in 2022, indicating an increase of 21.4%[120] - Total outstanding debt increased to $269.9 million in 2023, up from $209.3 million in 2022, with 93.81% classified as long-term debt[122] - Cash and equivalents were reported at $(37.923) million as of December 31, 2023, compared to $(18.241) million in 2022, showing a decline in liquidity[120] - The company recognized a loss of $10.290 million in FFO for 2023, compared to a gain of $4.866 million in 2022[121] Governance and Management - The Chief Executive Officer, Esteban Saldarriaga, has been in position since November 2022, bringing extensive experience in investment management and real estate[137] - Annette Fernandez serves as Chief Financial Officer and Chief Operating Officer, with a background in logistics facilities and accounting[137] - The LPA Board currently consists of seven directors, with five appointed and two vacancies, and features a staggered board structure for re-elections every three years[140] - The audit committee is composed of independent directors, including Mr. Lazarus, who serves as chair, ensuring compliance with SEC and NYSE American independence requirements[145] Shareholder Information - As of the date hereof, there are 31,709,747 Ordinary Shares issued and outstanding[151] - Thomas McDonald holds 26,312,000 Ordinary Shares, representing 83.0% of the total[152] - The company has not paid any cash dividends to date, and future dividend payments will depend on revenues, earnings, and financial condition[159] - The company is authorized to issue 450,000,000 Ordinary Shares and 50,000,000 Preference Shares, with a par value of $0.0001 each[161] Risk Management and Compliance - The company has provisions for legal claims based on evaluations by internal and external legal counsel, reflecting a proactive approach to potential risks[158] - The company is not currently involved in any legal proceedings that could materially affect its business or financial condition[157] - The company has adopted the Logistic Properties of the Americas Equity Incentive Plan to attract and retain talent through equity-based awards, although no awards have been granted as of the report date[139] Market and Economic Factors - The average exchange rate for the Colombian Peso (COP) was COP 4,321 in 2023, compared to COP 4,810 in 2022, indicating a depreciation of the currency[237] - A hypothetical 10% strengthening or weakening of the U.S. dollar against local currencies would have decreased or increased profit for the year by $0.3 million and $0.4 million, respectively[206] - The company is exposed to market risks primarily from changes in interest rates and foreign currency exchange rates, without using derivatives for trading purposes[207]