Revenue Growth - Revenue increased by 11.2% to $43.8 million in 2024, driven by $3.6 million in additional rental income and a $1.9 million increase from higher rental rates[5]. - Revenue from Peru increased by 18.0% to $10.9 million, while revenue from Colombia and Costa Rica grew by 8.3% and 8.7%, respectively[13]. Net Operating Income - Net Operating Income (NOI) rose by 7.1% to $36.6 million, with Same-Property Cash NOI increasing by 5.0% to $33.9 million[5]. Occupancy and Leasable Area - Occupancy rate of the operating portfolio was 98.3% as of December 31, 2024, down from 100% at year-end 2023[5]. - Total Leased Gross Leasable Area (GLA) expanded by 6.2% to 5.6 million square feet by the end of 2024[7]. - The company achieved 100% occupancy in its operating portfolio in March 2025, with a new lease signed for 71,580 square feet in Peru[5]. Expenses - General and Administrative expenses surged by 83.6% to $15.6 million, reflecting increased compliance and reporting obligations[5]. - Total investment property operating expenses rose by 35.6% to $6.975 million, with significant increases in Peru (80.5%) and Costa Rica (19.4%)[14]. Share Repurchase - The company repurchased $0.9 million of its ordinary shares in Q4 2024 and an additional $0.8 million in Q1 2025, totaling $2.1 million[5]. Future Plans - The company plans to utilize a $25.0 million loan from BBVA Peru to finance the construction of strategically located warehouses in Lima, Peru[5].
Logistic Properties of the Americas(LPA) - 2024 Q4 - Annual Report