Company Overview - Logistic Properties of the Americas (LPA) is a leading developer, owner, acquirer, and manager of logistic and industrial real estate in Central and South America[18] - LPA operates as a vertically-integrated platform across the region[18] - As of March 31, 2025, LPA's gross leasable area (GLA) is 73 million sq ft, with 58 million sq ft operating and 15 million sq ft potential new GLA from land portfolio[21, 22] - LPA's portfolio occupancy is at 980%[21] - LPA's YTD 2025 Net Operating Income (NOI) is US$94 million, with a Cash NOI growth of 22% compared to 2024[21] Market and Growth - E-commerce drives demand, requiring approximately 30x more logistical space than traditional retail[28] - Latin America's e-commerce penetration is projected to grow from US$43 billion in 2023 to US$56 billion in 2028, with a CAGR of 11%[29] - LPA has demonstrated a proven track record of performance and growth in Colombia, Costa Rica, and Peru[30, 31] Operations and Tenants - The top 10 customers account for 445% of net effective rent[35] - As of March 31, 2025, 783% of leases are US dollar-denominated, while 217% are COP-denominated[37] - The company's operating portfolio is 980% occupied as of Q1 2025[39] Capitalization and Debt - As of March 31, 2025, the total debt is US$2657 million[51] - Net debt over investment properties is 411%[53] - 862% of the company's debt is USD-denominated[54]
Logistic Properties of the Americas(LPA) - 2025 Q1 - Earnings Call Presentation