Paul Smith

“I'll start by providing some detail about the accelerated growth of our platform's Peruvian and Colombian operations during the second quarter. PepsiCo's occupancy of our new lead gold facility in Parque Logístico Callao, near the end of last year, primarily drove the 50.4% increase in Peru's rental revenue.”

“I'll begin my review by providing a closer look at the acceleration of revenue growth in Peru and Colombia in the first quarter. The 39.9% increase in Peru's stoplight was primarily driven by incremental leasing activity and a higher level of stabilized occupancy.”

“Our consolidated 2025 revenue increased 14.3% to 50.1 median led by Peru and Colombia which grew 31 and 14.8% respectively. Costa Rica's revenue increased just under one percent, while our new facilities in Mexico contributed incremental revenue.”

“Colombia and Peru grew the double-digit increase in our consolidated revenue, which was $12.9 million in the third quarter and in line with our forecast. Their rental revenue increased 17.6% and 16.9% respectively, while Costa Rica's decreased 1.5%.”

“Colombia let the quarter's revenue growth increased in 19%, followed by Peru, where rental revenue grew 10.7%, while decreasing 1% in Costa Rica.”