LPA 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission File Number: 001-41995

Logistic Properties of the Americas

(Exact name of registrant as specified in its charter)

1395 Brickell Avenue

Suite 800

Miami, FL 33131

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F o

EXPLANATORY NOTE

The following documents attached as exhibits to this Form 6-K: Exhibit 99.1, the unaudited condensed consolidated interim financial statements as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025; and Exhibit 99.2, Logistic Properties of the Americas’ Management’s Discussion and Analysis for the period ended June 30, 2026, shall be deemed to be filed and incorporated by reference herein.

This report on Form 6-K is hereby incorporated by reference into the Company’s Registration Statements on Form S-8 (File No. 333-282421), Form F-3 (File No. 333-286813) and Form F-3 (File No. 333-290711), and shall be deemed to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

EXHIBIT INDEX

Exhibit No.	Description
99.1	Unaudited Condensed Consolidated Interim Financial Statements as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025
99.2	Management’s Discussion and Analysis for the period ended June 30, 2026

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Logistic Properties of the Americas
By:	/s/ Esteban Saldarriaga
Name:	Esteban Saldarriaga
Title:	Chief Executive Officer

Date: August 12, 2026

Document

Exhibit 99.1

Logistic Properties of the Americas
Condensed Consolidated Interim Financial Statements (Unaudited)
As of June 30, 2026 and December 31, 2025, and for the three and six months ended June 30, 2026 and 2025

LOGISTIC PROPERTIES OF THE AMERICAS AND SUBSIDIARIES

TABLE OF CONTENTS
	Page
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (LOSS)	1
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION	2
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY	3
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS	4
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS	5

LOGISTIC PROPERTIES OF THE AMERICAS AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (LOSS)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(in U.S. Dollars except for number of shares)

		For the three months ended June 30,		For the six months ended June 30,
		2026	2025	2026	2025
	Notes	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
REVENUES
Rental revenue	3	14,715,722	11,589,985	29,076,265	23,354,760
Other revenue	3	27,099	102,707	65,015	177,723
Total revenues		14,742,821	11,692,692	29,141,280	23,532,483
Investment property operating expense	4	(2,548,730)	(2,007,135)	(4,790,591)	(4,344,837)
General and administrative expense		(4,181,069)	(4,579,830)	(8,251,024)	(8,172,171)
Investment property valuation gain (loss)	9	19,981,310	(257,400)	10,734,351	1,658,081
Financing costs	11	(4,938,236)	(4,933,560)	(10,926,392)	(10,182,645)
Net foreign currency (loss) gain		(586,245)	64,530	(903,636)	264,517
Other income	5	324,314	212,567	1,061,369	484,369
Other expenses	5	(327,078)	—	(349,484)	(2,749)
Profit before taxes		22,467,087	191,864	15,715,873	3,237,048
INCOME TAX EXPENSE	14	(8,211,739)	(1,306,837)	(9,033,517)	(3,291,315)
PROFIT (LOSS) FOR THE PERIOD		14,255,348	(1,114,973)	6,682,356	(54,267)
OTHER COMPREHENSIVE INCOME:
Items that may be reclassified subsequently to profit or loss:
Translation gain (loss) from functional currency to reporting currency		8,203,068	3,089,457	11,136,270	8,034,046
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		22,458,416	1,974,484	17,818,626	7,979,779
PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the Company		12,733,405	(1,208,387)	4,823,659	(1,940,834)
Non-controlling interests		1,521,943	93,414	1,858,697	1,886,567
Total profit (loss) for the period		14,255,348	(1,114,973)	6,682,356	(54,267)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:
Owners of the Company		20,936,473	1,881,070	15,959,929	6,093,212
Non-controlling interests		1,521,943	93,414	1,858,697	1,886,567
Total comprehensive income for the period:		22,458,416	1,974,484	17,818,626	7,979,779
Weighted average number of shares – basic	13	31,698,635	31,584,816	31,658,448	31,606,150
Weighted average number of shares – diluted	13	31,849,901	31,584,816	31,752,901	31,606,150
Earnings (loss) per share attributable to owners of the Company - basic	13	0.40	(0.04)	0.15	(0.06)
Earnings (loss) per share attributable to owners of the Company - diluted	13	0.40	(0.04)	0.15	(0.06)

All values are in US Dollars.

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

LOGISTIC PROPERTIES OF THE AMERICAS AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2026 AND DECEMBER 31, 2025

(in U.S. Dollars)

		As of June 30, 2026 (Unaudited)	As of December 31, 2025
	Notes
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		33,582,188	27,323,468
Lease and other receivables, net	7	3,742,796	4,142,217
Prepaid construction costs		767,443	125,061
Restricted cash equivalents - short term		5,000	105,000
Prepaid income taxes		2,129,152	1,196,382
Other current assets	8	5,808,442	6,709,555
Total current assets		46,035,021	39,601,683
NON-CURRENT ASSETS:
Investment properties	9	687,060,442	649,825,184
Tenant notes receivable - long term, net	7	1,210,639	1,370,812
Restricted cash equivalents - long term		7,242,243	6,598,299
Property and equipment, net		363,677	355,265
Deferred tax asset		185,542	179,509
Other non-current assets		3,097,768	2,842,514
Total non-current assets		699,160,311	661,171,583
TOTAL ASSETS		745,195,332	700,773,266
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses		10,554,399	11,694,817
Income tax payable		905,010	7,101,476
Retainage payable		2,135,677	2,598,043
Long term debt – current portion	11	10,607,609	10,270,261
Security deposits – current portion		81,506	112,624
Lease liability – current portion	10	746,125	131,641
Other current liabilities	8	543,696	90,785
Total current liabilities		25,574,022	31,999,647
NON-CURRENT LIABILITIES:
Long term debt	11	310,182,329	285,064,648
Deferred tax liability		50,873,775	42,804,138
Security deposits		3,274,027	3,004,501
Lease liability	10	13,261,380	13,153,846
Other non-current liabilities		—	178,196
Total non-current liabilities		377,591,511	344,205,329
TOTAL LIABILITIES		403,165,533	376,204,976
EQUITY:
Ordinary shares	12	3,168	3,186
Additional paid-in capital		217,976,407	219,191,477
Retained earnings		53,913,723	49,090,064
Treasury shares, at cost	12	—	(2,030,382)
Foreign currency translation reserve		1,545,479	(9,590,791)
Equity attributable to owners of the Company		273,438,777	256,663,554
Non-controlling interests		68,591,022	67,904,736
Total equity		342,029,799	324,568,290
TOTAL LIABILITIES AND EQUITY		745,195,332	700,773,266

All values are in US Dollars.

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

LOGISTIC PROPERTIES OF THE AMERICAS AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(in U.S. Dollars except for number of shares)

		Ordinary<br>Shares		Treasury Shares		Additionalpaid-incapital	Retainedearnings	Foreigncurrencytranslationreserve	Equityattributableto owners oftheCompany	Non—controllinginterests	Total equity
	Notes	Number<br><br>of shares	Common Share capital	Number<br>of shares	Amount
BALANCE AS OF DECEMBER 31, 2025		31,867,009	3,186	(249,194)	(2,030,382)	219,191,477	49,090,064	(9,590,791)	256,663,554	67,904,736	324,568,290
Profit (loss) for the period		—	—	—	—	—	4,823,659	—	4,823,659	1,858,697	6,682,356
Other comprehensive income		—	—	—	—	—	—	11,136,270	11,136,270	—	11,136,270
Total comprehensive income (loss) for the period		—	—	—	—	—	4,823,659	11,136,270	15,959,929	1,858,697	17,818,626
Share-based payments (net of tax)	16	—	—	—	—	791,627	—	—	791,627	—	791,627
Derecognition of non-controlling interests		—	—	—	—	23,667	—	—	23,667	(23,667)	—
Shares issued for vested RSUs	16	80,820	8	—	—	(8)	—	—	—	—	—
Retirement of treasury shares	12	(249,194)	(26)	249,194	2,030,382	(2,030,356)	—	—	—	—	—
Distributions to non-controlling interests		—	—	—	—	—	—	—	—	(2,048,744)	(2,048,744)
Capital contributions from non-controlling interests		—	—	—	—	—	—	—	—	900,000	900,000
BALANCE AS OF JUNE 30, 2026 (Unaudited)		31,698,635	3,168	—	—	217,976,407	53,913,723	1,545,479	273,438,777	68,591,022	342,029,799

All values are in US Dollars.

		Ordinary<br>Shares		Treasury Shares		Additional paid-incapital	Retained earnings	Foreigncurrencytranslationreserve	Equityattributableto owners oftheCompany	Non—controllinginterests	Total equity
	Notes	Number of Shares	CommonShare capital	Number<br>of shares	Amount
BALANCE AS OF DECEMBER 31, 2024		31,799,747	3,180	(126,834)	(1,242,773)	218,291,347	38,593,217	(26,680,095)	228,964,876	41,836,542	270,801,418
Profit (loss) for the period		—	—	—	—	—	(1,940,834)	—	(1,940,834)	1,886,567	(54,267)
Other comprehensive income (loss)		—	—	—	—	—	—	8,034,046	8,034,046	—	8,034,046
Total comprehensive income (loss) for the period		—	—	—	—	—	(1,940,834)	8,034,046	6,093,212	1,886,567	7,979,779
Share-based payments (net of tax)	16	—	—	—	—	1,103,170	—	—	1,103,170	—	1,103,170
Shares issued for vested RSUs	16	97,910	10	—	—	(10)	—	—	—	—	—
Repurchase of Treasury shares	12	—	—	(249,194)	(2,030,381)	—	—	—	(2,030,381)	—	(2,030,381)
Capital contributions from non-controlling interests		—	—	—	—	—	—	—	—	1,462,334	1,462,334
Distributions paid to non-controlling interests		—	—	—	—	—	—	—	—	(1,256,373)	(1,256,373)
BALANCE AS OF JUNE 30, 2025 (Unaudited)		31,897,657	3,190	(376,028)	(3,273,154)	219,394,507	36,652,383	(18,646,049)	234,130,877	43,929,070	278,059,947

All values are in US Dollars.

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

LOGISTIC PROPERTIES OF THE AMERICAS AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(in U.S. Dollars)

		For the Six Months Ended June 30,
		(Unaudited)
	Notes	2026	2025
Cash flows from operating activities:
Profit (loss) for the period		6,682,356	(54,267)
Adjustments:
Share-based payments	16	890,122	1,236,333
Depreciation and amortization		450,792	571,957
Expected credit losses adjustments	7	19,100	250,541
Net foreign currency loss (gain)		1,050,480	(104,518)
Investment property valuation gain	9	(10,734,351)	(1,658,081)
Financing costs	11	11,727,715	10,329,299
Loss on disposal of property and equipment		422	—
Straight-line rent		53,178	(171,300)
Interest income	9	—	(67,143)
Income tax expense	14	9,033,517	3,291,315
Working capital adjustments		(3,807,398)	(3,494,141)
Income tax paid	14	(7,108,861)	(1,221,330)
Net cash provided by operating activities		8,257,072	8,908,665
Cash flows from investing activities:
Capital expenditure on investment properties	9	(9,559,116)	(10,289,751)
Purchase of property and equipment		(25,744)	(26,892)
Proceeds from sale of investment properties		—	3,901,985
Repayments on loans to tenants	7	181,212	192,468
Restricted cash equivalents		(543,944)	(501,803)
Net cash used in investing activities		(9,947,592)	(6,723,993)
Cash flows from financing activities:
Long term debt borrowing	11	79,371,593	16,000,000
Long term debt repayment	11	(57,280,643)	(8,641,403)
Payments related to tax on restricted stock units		(98,495)	(133,163)
Cash paid for raising debt	11	(743,641)	(397,679)
Cash paid for equity issuance		(670,677)	—
Interest and commitment fees paid	11	(11,637,052)	(10,108,882)
Repurchase of treasury shares	12	—	(2,030,381)
Capital contributions from non-controlling interests		900,000	1,462,334
Distributions to non-controlling interests		(2,048,744)	(1,637,323)
Repayment of lease liabilities	10	(86,202)	(213,350)
Net cash provided by (used in) financing activities		7,706,139	(5,699,847)
Effects of exchange rate fluctuations on cash held		243,101	260,596
Net increase (decrease) in cash and cash equivalents		6,258,720	(3,254,579)
Cash and cash equivalents at the beginning of period		27,323,468	28,827,347
Cash and cash equivalents at the end of period		33,582,188	25,572,768
Supplemental disclosure of noncash investing and financing activities:
(Decrease) increase in accrued payables for investment properties	9	—	2,368,306
Retirement of treasury stock	12	2,030,382	—
Derecognition of non-controlling interests		23,667	—
Change in lease liability due to lease modification		57,639	—
Commencement of WeWork lease	10	134,616	—

All values are in US Dollars.

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

LOGISTIC PROPERTIES OF THE AMERICAS AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in U.S. Dollars)

1. NATURE OF BUSINESS

Logistic Properties of the Americas (“LPA”) is a Cayman Islands exempted company formed on October 9, 2023. The Company’s principal executive office address is 1395 Brickell Avenue, Suite 800, Miami, FL 33131 and its chief administrative office is Plaza Tempo, Edificio B, Oficina B1, Piso 2, San Rafael de Escazú, San José, Costa Rica.

Logistic Properties of the Americas, through its affiliates and subsidiaries (jointly referred to as the “Company”) is a fully integrated, internally managed real estate company that develops, owns and manages a diversified portfolio of warehouse logistics assets across Latin America.

These condensed consolidated interim financial statements should be read in conjunction with LPA’s most recent audited consolidated financial statements and notes.

2. MATERIAL ACCOUNTING POLICY INFORMATION

a.Basis of Accounting – The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 - Interim Financial Reporting, as issued by the IASB.

The condensed consolidated interim financial statements have been prepared on the historical cost basis except certain investment properties that are measured at fair value as of the end of each reporting period, as explained in the accounting policies included in LPA’s most recent audited consolidated financial statements and notes. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

These condensed consolidated interim financial statements follow the same significant accounting policies as those included in LPA’s most recent audited consolidated financial statements. The Company's management believes that all adjustments that are required for a proper presentation of the financial information are incorporated in these condensed consolidated interim financial statements.

b.Foreign Currency –

•Functional and Presentation Currency - The condensed consolidated interim financial statements are presented in U.S. dollars (USD), which is the functional currency of Logistic Properties of the Americas and its subsidiaries, except for the Colombian subsidiaries of LPA COL OpCo, S.A. and LPA COL PropCo Cota I, S.A.S, for which the functional currency is the Colombian Peso. The Company did not disclose the MXN (Mexican Peso) exchange rates for periods prior to the third quarter of 2025 as its operations in Mexico commenced in the third quarter of 2025. As of June 30, 2026 and December 31, 2025, the sell-exchange rates for a USD to relevant currencies for the Company $1.00 were the following:

	As of	As of
	June 30,<br>2026	December 31,<br>2025
Costa Rican Colones (“CRC”)	CRC 457	CRC 501
Colombian Pesos (“COP”)	COP 3,444	COP 3,757
Peruvian Soles (“PEN”)	PEN 3.415	PEN 3.369
Mexican Peso (“MXN”)	MXN 17.47	MXN 17.97

The average sell-exchange rates for a USD to relevant currencies for the Company $1.00 were the following for the three months ended June 30, 2026 and 2025:

	For the three months ended June 30, 2026	For the three months ended June 30, 2025
CRC	CRC 459	CRC 509
COP	COP 3,611	COP 4,199
PEN	PEN 3.435	PEN 3.662
MXN	MXN 17.40	N/A

The average sell-exchange rates for a USD to relevant currencies for the Company $1.00 were the following for the six months ended June 30, 2026 and 2025:

	For the six months ended June 30, 2026	For the six months ended June 30, 2025
CRC	CRC 473	CRC 508
COP	COP 3,655	COP 4,195
PEN	PEN 3.413	PEN 3.684
MXN	MXN 17.48	N/A

•Foreign Currency Transactions - Transactions in foreign currencies are translated into the respective functional currencies of the Company entities at exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in profit or loss.

Foreign Operations - The assets and liabilities of foreign operations, for which the functional currency is other than the USD are translated into USD at exchange rates in effect at the date of the consolidated statement of financial position. The income and expenses of foreign operations are translated at the average exchange rates for the period, unless exchange rates fluctuates significantly during the period, in which case the exchange rates at the date of the transactions are used. Components of equity are translated into USD at the historical exchange rates.

Foreign currency differences are recognized in other comprehensive income (loss) ("OCI") and accumulated in a separate line item in the Company’s condensed consolidated interim statements of changes in equity under “Foreign currency translation reserve”, except to the extent that the translation difference is allocated to non-controlling interests ("NCI"). When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the foreign currency translation reserve account related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Company disposes of part of its interest in a subsidiary but retains control, then, the relevant proportion of the cumulative amount is reattributed to non-controlling interests.

c.Basis of Consolidation - The condensed consolidated interim financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) at the end of each reporting period. Control is achieved when the Company:

•has the power over the investee;

•is exposed, or has rights, to variable returns from its involvement with the investee; and

•has the ability to use its power to affect its returns.

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

When the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the contractual rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including:

•the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;

•exposure, or rights, to variable returns from its involvement with the investee; and

•any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made including the ability to use its power over the investee to affect the amount of the investor’s returns.

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (loss) are attributed to owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with the Company’s accounting policies.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Company are eliminated on consolidation.

Non-controlling interests in subsidiaries are identified separately from the Company’s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net

assets upon liquidation may initially be measured at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Changes in the Company’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Company’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the Company.

When the Company loses control of a subsidiary, the gain or loss on disposal recognized in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value, as of the date control is lost, of any retained interest in the subsidiary and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognized in other comprehensive income (loss) in relation to that subsidiary are accounted for as if the Company had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 - Financial Instruments ("IFRS 9"), when applicable, or the cost on initial recognition of an investment in an associate or a joint venture.

On August 15th, 2025, the Company acquired two operating investment properties in Mexico through a strategic partnership with Immobiliaria y Constructora Alas, S.A. ("Alas"). The partnership is structured through a master trust (Fideicomiso 6193), which was established to hold and administer the underlying project assets and related activities. Despite holding less than 50% of the economic interest, the Company has control over the master trust through contractual and legal rights.

The condensed consolidated interim financial statements include the financial information of Logistic Properties of the Americas (parent entity) and its subsidiaries:

		Ownership Interest				Non-controlling Interests
Entities	Country	June 30,<br>2026		December 31, 2025		June 30,<br>2026		December 31, 2025
Latam Logistic Properties S.A.	Panamá	100	%	100	%
two	Cayman Islands	100	%	100	%
Latam Logistic Property Holdings, LLC	United States	100	%	100	%
LPA Corporate Services Inc.	United States	100	%	100	%
Latam Logistic COL HoldCo I, S de R.L.	Panamá	100	%	100	%
Latam Logistic CR HoldCo I, S de R.L.	Panamá	100	%	100	%
Latam Logistic Pan HoldCo S de R.L.	Panamá	100	%	100	%
Latam Logistic Pan Holdco El Coyol II S de R.L.	Panamá	50	%	50	%	50	%	50	%
Latam Logistic Pan Holdco Cedis Rurales S de R.L.	Panamá	100	%	100	%
Latam Logistic Pan HoldCo San Joaquin I S de R.L.	Panamá	100	%	100	%
Latam Logistic Pan Holdco Verbena I S de R.L.	Panamá	48	%	48	%	52	%	52	%
Latam Logistic Pan Holdco Verbena II S, S.R.L.	Panamá	48	%	48	%	52	%	52	%
Logistic Property Asset Management, S de R.L.	Panamá	100	%	100	%
Latam Logistic Pan Holdco Verbena Fase 2 S de RL.	Panamá	100	%	100	%
LPA Asset Management CR, S.A.	Panamá	100	%	75	%			25	%
LPA Pan Holdco 2 Verbena Fase II, INC.	Panamá	75	%	75	%	25	%	25	%
LPA Verbena Fase II Pan Holdco 1, S.A.	Panamá	75	%	75	%	25	%	25	%
Latam Logistic Pan Holdco Medellin I, S.R.L.	Panamá	100	%	100	%
LatAm Logistic Pan HoldCo Bodegas los Llanos, S.R.L.	Panamá	100	%	100	%
LPA PER OpCo, S.R.L.	Perú	100	%	100	%
LPA PER PropCo Lurin I, S.R.L.	Perú	100	%	100	%
LPA PER PropCo Lurin II, S. R.L.	Perú	100	%	100	%
LPA PER PropCo Lurin III, S.R.L.	Perú	100	%	100	%
Parque Logístico Callao, S.R.L.	Perú	40	%	40	%	60	%	60	%
LPA COL OpCo, S.A.S.	Colombia	100	%	100	%
LPA COL PropCo Cota I, S.A.S.	Colombia	100	%	100	%
LPA CR OpCo Sociedad de Responsabilidad Limitada	Costa Rica	100	%	100	%
LPA CR PropCo Alajuela I Sociedad de Responsabilidad Limitada	Costa Rica	100	%	100	%
LPA Propco El Coyol Dos Sociedad de Responsabilidad Limitada	Costa Rica	50	%	50	%	50	%	50	%
LPA Propco Bodegas San Joaquín Sociedad de Responsabilidad Limitada	Costa Rica	100	%	100	%
LPA Propco Cedis Rurales Costa Rica Sociedad de Responsabilidad Limitada	Costa Rica	100	%	100	%
Tres Ciento dos Setecientos Ochenta y Cuatro Mil Cuatrocientos Treinta y Tres Sociedad de Responsabilidad Limitada	Costa Rica	24	%	24	%	76	%	76	%
LPA PropCo Bodegas los Llanos Sociedad de Responsabilidad Limitada	Costa Rica	100	%	100	%
LPA CR Zona Franca Sociedad de Responsabilidad Limitada	Costa Rica	100	%	100	%
LPA MX Holdco I S.R.L. de C.V.	Mexico	100	%	100	%
Latam Logistics Mx Holdco II S.R.L. de C.V.	Mexico	100	%	100	%
LPA Mex OpCo SRL de CV	Mexico	100	%	100	%
Fideicomiso F/6193	Mexico	10	%	10	%	90	%	90	%
Fideicomiso F/6384	Mexico	10	%	10	%	90	%	90	%
Latam Logistics SLV OpCo S.A. de C.V.	El Salvador	100	%	100	%

d.New and amended IFRS Accounting Standards that are effective for the current year

The condensed consolidated interim financial statements and notes are based on accounting policies consistent with those described in Note 2 to LPA’s most recent audited consolidated financial statements and notes. All the new and amended IFRS Accounting Standards effective as of June 30, 2026 that are relevant to the Company have already been early adopted before January 1, 2026. See details below:

•Amendments to IFRS 9 and IFRS 7 - Financial Instruments: Disclosures ("IFRS 7") - Classification and Measurement of Financial Instruments – On May 30, 2024, the IASB issued amendments to IFRS 9 and IFRS 7, which clarifies the classification of financial assets with environmental, social and corporate governance (ESG) and similar features, derecognition of financial liability settled through electronic payment systems and also introduces additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features. The amendments are effective for annual reporting periods beginning on or after January 1, 2026. The Company adopted these amendments as of January 1, 2026, and the adoption did not have a material impact on the Company’s condensed consolidated interim financial statements.

•Annual Improvements to IFRS Accounting Standards - Volume 11

On July 18, 2024, the IASB issued amendments to five standards as a result of the IASB’s annual improvements project. The IASB uses the annual improvements process to make necessary, but non-urgent, amendments to IFRS Accounting Standards that will not be included as part of another major project. The amended standards are: IFRS 1 - First-time Adoption of International Financial Reporting Standards, IFRS 7 and its accompanying Guidance on implementing IFRS 7, IFRS 9, IFRS 10 - Consolidated Financial Statements and IAS 7 - Statement of Cash Flows. The effective date for adoption of these amendments is annual reporting periods beginning on or after January 1, 2026, and early adoption is permitted. The Company adopted these amendments as of January 1, 2026, and the adoption did not have a material impact on the Company’s condensed consolidated interim financial statements.

•Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-Dependent Electricity

On December 18, 2024, the IASB issued amendments to IFRS 9 and IFRS 7, which clarifies the application of the ‘own-use’ requirements and permits the use of hedge accounting for contracts that reference electricity generated from nature dependent sources and for which cash flows vary based on the amount of electricity generated by a reference production facility, if they are used as hedging instruments. The amendments also add new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows. The effective date for adoption of this amendment is annual reporting periods beginning on or after January 1, 2026, and early adoption is permitted. These amendments are not expected to have a material impact on the Company's condensed consolidated financial statements.

e.New and amended IFRS Accounting Standards issued but not yet effective

At the date of authorization of these financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective:

•IFRS 18 - Presentation and Disclosure in Financial Statements ("IFRS 18")

On April 9, 2024, the IASB issued IFRS 18 to improve reporting of financial performance. IFRS 18 replaces IAS 1 - Presentation of Financial Statements ("IAS 1") while carrying forward many of the requirements in IAS 1. The new Accounting Standard introduces significant changes to the structure of the Company's income statement and new principles for aggregation and disaggregation of information. IFRS 18 applies for annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted. The Company is currently evaluating the impact of the adoption of IFRS 18 on its condensed consolidated interim financial statements.

•IFRS 19 - Subsidiaries without Public Accountability ("IFRS 19")

On May 9, 2024, the IASB issued IFRS 19 which permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures better suited to the needs of the users of their financial statements, as well as to keep only one set of accounting records to meet the needs of both their parent company and the users of their financial statements. The standard is effective on or after January 1, 2027 and earlier application is permitted. IFRS 19 is not expected to have a material impact on the Company's condensed consolidated interim financial statements.

•Amendments to IFRS 19 – Subsidiaries without Public Accountability: Disclosures

On August 21, 2025, the IASB issued amendments to IFRS 19 to update and simplify the disclosure requirements applicable to subsidiaries without public accountability. These amendments remove certain disclosure requirements related to IFRS Accounting Standards issued between February 2021 and May 2024, reflecting the

IASB’s objective of easing the financial reporting burden on eligible subsidiaries. The amendments are effective for annual reporting periods beginning on or after January 1, 2027, with early adoption permitted. The Company does not expect these amendments to have an impact on its condensed consolidated interim financial statements.

•Amendments to IAS 21 – Translation to a Hyperinflationary Presentation Currency

On November 13, 2025, the IASB issued amendments to IAS 21 to clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one. These narrow-scope amendments aim to improve the usefulness of the resulting information in a cost-effective manner. Developed in response to stakeholder feedback, these amendments are expected to reduce diversity in practice and provide a clearer basis for reporting in a hyperinflationary currency. The Company is currently evaluating the impact of the adoption of the amendment and does not expect it to have a material impact on the Company's condensed consolidated financial statements.

•IFRS 20 – Regulatory Assets and Regulatory Liabilities

On May 27, 2026, the IASB issued IFRS 20 which affects the financial statements of entities that are subject to rate regulation, which can significantly affect the amount and timing of an entity's revenue, profit and cash flows. IFRS 20 requires an entity to provide information that gives insights into the total amount of compensation to which the entity is entitled for regulatory goods or services supplied in each reporting period, such that the resulting information better matches revenue to the costs incurred supplying those goods and services. The standard is effective on or after January 1, 2029 and earlier application is permitted. IFRS 20 is not expected to have a material impact on the Company's condensed consolidated interim financial statements.

3. REVENUE

The Company’s revenue were as follows:

	Three months endedJune 30,		Six months endedJune 30,
	2026	2025	2026	2025
Rental income in accordance with IFRS 16 - Leases (“IFRS 16”)	12,905,159	10,189,252	25,678,136	20,568,296
Non-lease components of rental arrangements	1,810,563	1,400,733	3,398,129	2,786,464
Other	27,099	102,707	65,015	177,723
Revenue from contracts with customers in accordance with IFRS 15 - Revenue from Contracts with Customers ("IFRS 15")	1,837,662	1,503,440	3,463,144	2,964,187
Total revenues	14,742,821	11,692,692	29,141,280	23,532,483

All values are in US Dollars.

Note 6 contains further information of the Company’s revenue based on segment and geography.

The Company, through its subsidiaries, has entered into various operating leases agreements with customers for the rental of its investment properties. Most of the Company’s lease agreements associated with the investment properties contain an initial lease term from 5 to 10 years and generally include renewal options for one or more additional terms of varying lengths. The Company’s weighted average lease term remaining on current leases, based on square footage of leases in effect as of June 30, 2026 and 2025 was 4.5 years and 5.0 years, respectively.

These leases are based on a minimum rental payment in USD for properties located in Costa Rica, Peru and Mexico, and COP for properties in Colombia, plus maintenance fees and recoverable expenses, and security deposits associated with the agreements, which are commonly used for covering any repair, improvement tasks or as a final payment when the lease agreement ends.

4. INVESTMENT PROPERTY OPERATING EXPENSES

Rental property operating expenses were as follows:

	Three months endedJune 30,		Six months endedJune 30,
	2026	2025	2026	2025
Repair and maintenance	1,043,523	790,096	1,951,187	1,715,002
Utilities	152,721	181,864	288,884	359,319
Insurance	171,912	134,634	358,289	255,590
Property management	135,538	109,187	284,099	231,215
Real estate taxes	396,506	270,355	696,880	736,623
Expected credit loss adjustments	21,314	188,947	19,100	250,541
Tenant-billable operating expenses	424,282	301,855	804,045	603,278
Interest expenses on property related lease liabilities	147,982	71,828	291,262	142,801
Other property related expenses (1)	54,952	(41,631)	96,845	50,468
Total	2,548,730	2,007,135	4,790,591	4,344,837

All values are in US Dollars.

(1) Other property-related expenses for the three months ending June 30, 2025 include a reversal of property-related expenses that were recorded in the three months ending March 31, 2025.

The Company does not incur significant direct property operating costs from investment properties under development, as such properties do not generate rental income yet.

5. OTHER INCOME AND OTHER EXPENSES

Other income and expenses were as follows:

	Three months endedJune 30,		Six months endedJune 30,
	2026	2025	2026	2025
Interest income	227,204	95,533	473,780	367,335
Other (1)	97,110	117,034	587,589	117,034
Other income	324,314	212,567	1,061,369	484,369

All values are in US Dollars.

(1)Other income primarily relates to $0.4 million of income recognized during the three months ended March 31, 2026 from the settlement of construction contracts with a contractor, including the derecognition of retainage payable, as well as stamp tax refunds related to the sale of Warehouse 500A. Other income also includes $0.2 million related to the reversal of a previously accrued liability for legal-service invoices that are no longer expected to be paid.

Other expenses were $0.3 million for the three and six months ended June 30, 2026 and primarily relates to other capital raising costs and deal pursuit costs. Other expenses were $0.0 million for the three and six months ended June 30, 2025.

6. SEGMENT REPORTING

The Company has four operating segments, based on geographic regions consisting of Costa Rica, Colombia, Peru and Mexico. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), the Company’s Chief Executive Officer, in deciding how to allocate resources and assess the Company’s financial and operational performance. The CODM receives information and evaluates the business from a geographic perspective and reviews the Company’s internal reporting by geography in order to assess performance and allocate resources. As a result, the Company has determined the business operates in four distinct operating segments based on geography.

The four geographic segments, Costa Rica, Colombia, Peru and Mexico, primarily derive revenue from various operating lease agreements with customers for the rental of warehouses. Each of these locations and corresponding operations are presented and managed separately. The operating segments are each reportable segment, and aggregation of segments is not applied. Unallocated revenue consists of other revenue streams earned by operating subsidiaries that are not allocated to segments for CODM’s review. Unallocated expenses consist of certain corporate general and administrative expenses that are not allocated to segments for CODM’s review, as well as financing costs for the bridge loan held by the parent entity.

There was no inter-segment revenue for the three and six months ended June 30, 2026 and 2025.

The tables below present information by segment presented to the CODM and reconciliations to the Company’s consolidated amounts.

The Company evaluates the performance of its reportable segments based on net operating income. Segment net operating income consists of segment investment property rental revenue less segment investment property operating expense.

The tables below present information by segment presented to the CODM and reconciliations to the Company’s consolidated amounts for the three and six months ended June 30, 2026, and 2025.

	Three months ended June 30,		Six months endedJune 30,
	2026	2025	2026	2025
Revenue
Costa Rica	6,274,255	5,939,710	12,472,040	11,940,549
Colombia	3,106,699	2,402,263	6,102,344	4,802,547
Peru	4,884,640	3,248,012	9,590,746	6,611,664
Mexico	450,128	—	911,135	—
Unallocated revenue	27,099	102,707	65,015	177,723
Total	14,742,821	11,692,692	29,141,280	23,532,483
Investment property operating expense
Costa Rica	(1,080,473)	(959,226)	(2,015,382)	(1,808,013)
Colombia	(431,128)	(398,133)	(813,979)	(856,659)
Peru	(1,005,501)	(649,776)	(1,910,570)	(1,680,165)
Mexico	(31,628)	—	(50,660)	—
Total	(2,548,730)	(2,007,135)	(4,790,591)	(4,344,837)
Net operating income
Costa Rica	5,193,782	4,980,484	10,456,658	10,132,536
Colombia	2,675,571	2,004,130	5,288,365	3,945,888
Peru	3,879,139	2,598,236	7,680,176	4,931,499
Mexico	418,500	—	860,475	—
Total	12,166,992	9,582,850	24,285,674	19,009,923
General and administrative expense
Costa Rica	(950,746)	(1,117,233)	(1,754,413)	(1,837,097)
Colombia	(349,703)	(352,768)	(1,305,127)	(708,955)
Peru	(579,034)	(370,944)	(902,439)	(681,600)
Mexico	(272,262)	—	(433,698)	—
Corporate	(2,029,324)	(2,738,885)	(3,855,347)	(4,944,519)
Total	(4,181,069)	(4,579,830)	(8,251,024)	(8,172,171)
Financing costs
Costa Rica	(2,218,017)	(2,574,770)	(4,443,394)	(5,261,057)
Colombia	(1,307,939)	(1,166,770)	(3,299,904)	(2,534,440)
Peru	(498,021)	(1,192,020)	(2,172,592)	(2,387,148)
Mexico	—	—	—	—
Corporate	(914,259)	—	(1,010,502)	—
Total	(4,938,236)	(4,933,560)	(10,926,392)	(10,182,645)

All values are in US Dollars.

The following table reconciles segment net operating income to profit (loss) before taxes for the three and six months ended June 30, 2026 and 2025:

	Three months endedJune 30,		Six months endedJune 30,
	2026	2025	2026	2025
Net operating income	12,166,992	9,582,850	24,285,674	19,009,923
Unallocated revenue	27,099	102,707	65,015	177,723
General and administrative expense	(4,181,069)	(4,579,830)	(8,251,024)	(8,172,171)
Investment property valuation gain (loss)	19,981,310	(257,400)	10,734,351	1,658,081
Financing costs	(4,846,860)	(4,933,560)	(10,728,339)	(10,182,645)
Net foreign currency (loss) gain	(586,245)	64,530	(903,636)	264,517
Other income	232,938	212,567	863,316	484,369
Other expenses	(327,078)	—	(349,484)	(2,749)
Profit before taxes	22,467,087	191,864	15,715,873	3,237,048

All values are in US Dollars.

Segment Assets and Liabilities

For the purposes of monitoring segment performance and allocating resources between segments, the CODM monitors select assets and liabilities attributable to each segment. The following table summarizes the Company’s total assets and liabilities by reportable operating segment as of June 30, 2026 and December 31, 2025:

	June 30,2026	December 31,2025
Segment investment properties
Costa Rica	260,172,352	263,201,125
Colombia	186,734,210	175,021,487
Peru	219,333,880	191,033,572
Mexico	20,820,000	20,569,000
Total	687,060,442	649,825,184
Reconciling items:
Cash and cash equivalents	33,582,188	27,323,468
Lease and other receivables, net	3,742,796	4,142,217
Receivables from the sale of investment properties - short term	—	—
Prepaid construction costs	767,443	125,061
Prepaid income taxes	2,129,152	1,196,382
Other current assets	5,808,442	6,709,555
Tenant notes receivable - long term, net	1,210,639	1,370,812
Restricted cash equivalents	7,247,243	6,703,299
Property and equipment, net	363,677	355,265
Deferred tax asset	185,542	179,509
Other non-current assets	3,097,768	2,842,514
Total assets	745,195,332	700,773,266
Segment debt
Costa Rica	164,193,804	166,548,503
Colombia	51,023,679	51,743,684
Peru	91,947,721	77,042,722
Corporate	13,624,734	—
Total	320,789,938	295,334,909
Reconciling items:
Accounts payable and accrued expenses	10,554,399	11,694,817
Income tax payable	905,010	7,101,476
Retainage payable	2,135,677	2,598,043
Security deposits - current portion	81,506	112,624
Lease liability - current portion	746,125	131,641
Other current liabilities	543,696	90,785
Deferred tax liability	50,873,775	42,804,138
Security deposits	3,274,027	3,004,501
Lease liability	13,261,380	13,153,846
Other non-current liabilities	—	178,196
Total liabilities	403,165,533	376,204,976

All values are in US Dollars.

Geographic Area Information

	June 30,2026	December 31,2025
Long-lived assets
Costa Rica	260,457,183	263,571,970
Colombia	186,896,112	175,155,983
Peru	219,419,493	191,094,115
Mexico	20,820,000	20,569,000
Total	687,592,788	650,391,068

All values are in US Dollars.

7. LEASE AND OTHER RECEIVABLES, NET

As of June 30, 2026 and December 31, 2025, lease and other receivables, net were as follows:

	June 30,2026	December 31, 2025
Lease receivables, net	2,769,625	2,656,696
Tenant notes receivable - short term, net	367,724	394,167
Others	605,447	1,091,354
Sub-total	3,742,796	4,142,217
Tenant notes receivable - long term, net	1,210,639	1,370,812
Lease and other receivables, net	4,953,435	5,513,029

All values are in US Dollars.

The expected credit loss allowance provision for lease receivables and tenant notes receivable as of June 30, 2026 and June 30, 2025 reconciled to the opening loss allowance for that provision as follows:

	June 30, 2026			June 30, 2025
	LeaseReceivables	TenantNotesReceivable	Total	LeaseReceivables	TenantNotesReceivable	Total
Beginning balance	1,119,953	29,604	1,149,557	833,430	37,884	871,314
Adjustments in expected credit loss allowance recognized in profit or loss during the period	22,231	(3,131)	19,100	255,005	(4,464)	250,541
Ending balance	1,142,184	26,473	1,168,657	1,088,435	33,420	1,121,855

All values are in US Dollars.

8. OTHER CURRENT ASSETS AND LIABILITIES

The details of other current assets as of June 30, 2026 and December 31, 2025 were as follows:

	June 30,2026	December 31,2025
Value added tax receivable	3,591,210	5,445,064
Prepaid insurance	770,294	487,382
Other (1)	1,446,938	777,109
Total	5,808,442	6,709,555

All values are in US Dollars.

(1) Including deal pursuit costs, net rent incentives, and other prepaids and deposits.

Other current liabilities was $0.5 million as of June 30, 2026 and was primarily attributable to a one-time wealth tax payable in Colombia. Other current liabilities was $0.1 million as of December 31, 2025.

9. INVESTMENT PROPERTIES

As of June 30, 2026, the Company obtained a valuation from independent appraisers in order to determine the fair value of its investment properties. Gains and losses arising from changes in the fair values are included in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) in the period in which they arise.

In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

•Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

•Level 2 - Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

•Level 3 - Inputs are unobservable inputs for the asset or liability, among others, statistics information, and own Company’s information, in some instances based on the information provided by some independent experts.

As of June 30, 2026 and December 31, 2025, all owned investment properties except for the investment properties in Mexico are guaranteeing the Company’s debt.

As of June 30, 2026 and December 31, 2025, the fair market value (“FMV”) of investment properties were as follows:

	FMV as ofJune 30, 2026	FMV as ofDecember 31, 2025
Land bank:
Land bank under right-of-use
Peru	2,819,977	9,917,236
Sub-total	2,819,977	9,917,236
Owned land bank
Colombia	33,422,405	30,177,087
Sub-total	33,422,405	30,177,087
Total land bank	36,242,382	40,094,323
Properties under development:
Properties under right-of-use
Peru	30,094,898	12,948,826
Total properties under development	30,094,898	12,948,826
Operating properties:
Properties under right-of-use
Peru	15,275,895	14,482,139
Sub-total	15,275,895	14,482,139
Owned properties
Costa Rica	260,172,352	263,201,125
Colombia	153,311,805	144,844,400
Peru	171,143,110	153,685,370
Mexico	20,820,000	20,569,001
Total operating properties	620,723,162	596,782,035
Total operating properties and properties under development	650,818,060	609,730,861
Total	687,060,442	649,825,184

All values are in US Dollars.

There were no transfers between Levels 1, 2 or 3 during the six months ended June 30, 2026 and 2025.

The independent appraiser holds a recognized and relevant professional qualification and has recent experience with the location and category of the investment properties being valued. The valuation models are in accordance with the guidance recommended by the International Valuation Standards Committee. These valuation models are consistent with the principles in IFRS 13 - Fair Value Measurement ("IFRS 13").

In evaluating the fair value of investment property held as a right-of-use asset under a lease agreement, the Company adds back the recognized lease liability as part of the fair value of the investment property, to prevent double counting of the lease liabilities that are separately recognized in accordance with IAS 40:50(d). As of June 30, 2026 and December 31, 2025, the Company added back lease liabilities of $13,856,344 and $13,232,613, respectively, into the carrying value of the investment properties held as right-of-use assets in Peru.

Disclosed below is the valuation technique used to measure the fair value of investment properties, along with the significant unobservable inputs used.

Valuation Techniques - This fair value measurement is considered Level 3 of the fair value hierarchy, except where otherwise noted below.

–Operating Properties - The valuation model considers a combination of the present value of net cash flows to be generated by the property, the direct capitalization of the net operating income, and the replacement cost to construct a similar property.

•The present value of net cash flows generated by the property takes into account the expected rental growth rate, vacancy periods, occupancy rate, lease incentive costs such as rent-free periods and other costs not paid by tenants. The expected net cash flows are discounted using risk adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location, tenant credit quality and lease terms.

•The direct capitalization method: this method involves capitalizing a fully leased net operating income estimate by an appropriate yield. This approach is best utilized with stabilized assets, where there is little volatility in the net income and the growth prospects are also stable. It is most commonly used with single tenant investments or stabilized investments. involves capitalizing the property net operating income at a market capitalization rate. The net operating income is determined by using the property Effective Gross Income (EGI) net of operating expenses. The EGI is determined by the property’s Potential Gross Income (PGI) through analysis of the property actual historic income and an analysis of competitive current market income rates and deducting the PGI with an estimate for vacancy and collection.

•The cost approach: the cost approach involves the estimation of the replacement cost of the building and site improvements that a prudent and rational person would pay no more for a property than the cost to construct a similar and competitive property - assuming no undue delay in the process.

–Properties Under Development - The valuation model considers the present value of net cash flows, direct capitalization, and the cost approaches adjusted by the net present value of the cost to complete and vacancy in the properties under construction.

–Land Bank - The valuation model used for the land portfolio is a combination of income approach, sales comparison approach (or market approach), cost approach, residual land value approach and the discounted cash flow method. For undeveloped land, the market approach is used. For land that is under development, the market approach is used in conjunction with the cost approach and residual land value approach, and the discounted cash flow approach, to determine the fair value of the finished lots.

i.Income approach: this approach estimates the present value of future income streams through a capitalization or discounting process. To value a leased fee estate, the analysis focuses on lease contracts that outline the lease term, rent levels, and expense responsibilities (with modified gross leases being the most common). Other important factors include rent escalation clauses and expense stop provisions. The start and end dates of the contract define the income over a set period, along with provisions for renewal options and associated rent terms. Some leases specify future rents in advance, while others adjust based on an index or a market rent estimate by a qualified appraiser.

ii.The sales comparison approach: this approach compares sales or listing of similar properties with the subject property using the price per square foot (Level 2 input). This approach is given supporting weight in this analysis because of the well-supported range of value within this approach and the likelihood that the subject could be purchased by an owner-user.

iii.The cost approach: this approach is based on the principle of substitution that a prudent and rational person would pay no more than the cost to construct a similar property. This approach generally considers estimated replacement cost of the land and the site improvements (e.g., infrastructure) and estimated depreciation accrued to the improvements (Level 2 input).

iv.The residual land value approach: this approach involves residual amounts after deducting all known or anticipated costs required to complete the development from the anticipated value of the project when completed after consideration of the risks associated with the completion of the project (Level 2 input).

Significant Inputs as of June 30, 2026 and December 31, 2025 —

Property	Fair value<br>hierarchy	Valuation<br>techniques	Significant<br>unobservable<br>inputs	Value	Relationship of<br>unobservable inputs to<br>fair value
Operating Properties	Level 3	Discounted cash flows	Risk adjusted residual capitalization rate	2026: 8.0%<br><br>2025: 8.1%	The higher the risk adjusted residual rate, the lower the fair value.
			Risk adjusted discount rate	2026: 10.5%<br><br>2025: 10.6%	The higher the risk adjusted discount rate, the lower the fair value.
			Occupancy rate	2026: 98.3%<br><br>2025: 98.0%	The higher the occupancy rate, the higher the fair value.
		Direct capitalization method	Occupancy rate	2026: 98.3%<br><br>2025: 98.0%	The higher the occupancy rate, the higher the fair value.
			Going in stabilized capitalization rate	2026: 7.0%<br><br>2025: 7.3%	The higher the stabilized capitalization rate, the lower the fair value
Properties Under Development	Level 3	Discounted cash flows	Risk adjusted residual capitalization rate	2026: 10.5%<br><br>2025: 10.5%	The higher the risk adjusted residual rate, the lower the fair value.
			Risk adjusted discount rate	2026: 10.7%<br><br>2025: 10.8%	The higher the risk adjusted discount rate, the lower the fair value.
			Occupancy rate	2026: 97.0%<br><br>2025: 96.0%	The higher the occupancy rate, the higher the fair value.
		Direct capitalization method	Occupancy rate	2026: 97.0%<br><br>2025: 96.0%	The higher the occupancy rate, the higher the fair value.
			Going in stabilized capitalization rate	2026: N/A<br><br>2025: N/A	The higher the stabilized capitalization rate, the lower the fair value
Land Bank	Level 3	Income approach	Risk adjusted residual capitalization rate	2026: 8.8%<br><br>2025: 6.9%	The higher the risk adjusted residual rate, the lower the fair value.
			Risk adjusted discount rate	2026: 16.5%<br><br>2025: 15.5%	The higher the risk adjusted discount rate, the lower the fair value.

The reconciliations of investment properties for the six months ended June 30, 2026 and 2025, were as follows:

	June 30, 2026	June 30, 2025
Beginning balance	649,825,184	554,518,864
Additions	11,007,972	11,748,568
Gain on valuation of investment properties	10,723,584	1,658,081
Foreign currency translation effect	15,503,702	11,119,472
Ending balance	687,060,442	579,044,985

All values are in US Dollars.

10. LEASES

The Company as a lessor

The Company generates rental income from acting as a lessor of operating properties through lease arrangements with tenants. Refer to Note 2 of the Company's most recent audited consolidated financial statements and notes.

The Company as a lessee

Investment property right-of-use ("ROU") asset and Lease liability – In December 2022, the Company, through Parque Logístico Callao (“Parque Logístico Callao”), a partnership entity controlled by the Company, entered into a land lease agreement with Lima Airport Partners S.R.L. (“LAP”). Under this agreement, Parque Logístico Callao is committed to leasing a plot of land for a period of 30 years, with the intention of developing warehouses on the leased land (“Land Lease”). This land has been subdivided to five parcels for the construction of five distinct buildings.

In connection with this commitment, LAP granted the Company the right to use a land parcel in December 2022, where the Company constructed a warehouse that became stabilized in February 2025, along with the common areas. Additionally,

on October 31, 2024, LAP granted the Company the right to use the remaining four of the five land parcels to begin preparatory activities for the construction of warehouses. The Company notes that performing the preparatory activities for the land parcels at the same time is financially favorable rather than performing them one at a time. After the preparatory activities are complete, the Company will pause construction efforts on some of the parcels until mutual agreement is achieved between the Company and LAP to resume construction of the warehouses. On July 1, 2025, LAP and the Company agreed to reduce the lease payment for three land parcels. As a result of the lease modification, the Company recognized a decrease in lease liability of $1,023,899 on the modification date. Additionally, on April 1, 2026, the Company and LAP agreed to modify the lease by revising the rent payment schedules for Buildings 300A and 400, which resulted in a decrease in the lease liability of $52,368 on the modification date.

Since the ROU asset is held by Parque Logístico Callao to construct and develop for future use as investment property and lease out the constructed assets under one or more operating leases, the ROU asset meets the definition of an investment property under IAS 40 - Investment property ("IAS 40") and therefore, it was recognized as part of investment properties.

Under IAS 40, the Company applies the fair value model to the investment property ROU assets, which need to be remeasured at fair value at each period end. As a result, there is no depreciation expense associated with the Land Lease. Refer to Note 9 for the fair value of investment properties held as ROU assets.

The associated land lease liability was recorded at the present value of the remaining lease payment using a weighted average discount rate of 9.0%. The Company recorded interest expense on lease liabilities of $147,982 and $291,262 for the three and six months ended June 30, 2026, and $71,828 and $142,801 for the three and six months ended June 30, 2025, respectively, as part of the investment property operating expense in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss). Additionally, the Company capitalized interest expense on lease liability of $144,534 and $281,453 for the three and six months ended June 30, 2026, respectively, and capitalized interest expense on lease liability of $212,457 and $418,324 for the three and six months ended June 30, 2025, as part of the investment property in the condensed consolidated interim statements of financial position. The Company had short-term and long-term lease liabilities, respectively, in relation to the land leases of $613,757 and $13,133,943 as of June 30, 2026, and $82,041 and $13,150,572 as of December 31, 2025. Short-term land lease liability and long-term land lease liability are included in lease liability – current portion, and lease liability, respectively. The Company had no cash outflows for the three and six months ended June 30, 2026, respectively, and cash outflows of $92,167 and $166,766 for the three and six months ended June 30, 2025. Additionally, the Company had non-cash reduction to land lease ROU assets amounting to $— and $1,023,899 as of June 30, 2026 and December 31, 2025, respectively.

Offices Right-of-Use Asset and Lease Liability - The Company leases its office spaces from third parties. The remaining weighted average lease term was 2.0 and 0.9 years as of June 30, 2026 and December 31, 2025, respectively.

The Company does not include renewal options in the lease term for calculating the lease liability unless the Company is reasonably certain that it will exercise the option, or the lessor has the sole ability to exercise the option.

The Company had short-term and long-term office lease liability, respectively, of $132,367 and $127,437 as of June 30, 2026 and $49,600 and $3,274 as of December 31, 2025.

The weighted average discount rate was 7.2% and 7.1%, as of June 30, 2026 and December 31, 2025, respectively. The Company recorded interest expense on lease liabilities of $5,116 and $7,603 for the three and six months ended June 30, 2026, respectively. For the three and six months ended June 30, 2025, the Company recorded interest expense on lease liabilities of $1,764 and $3,853, respectively.

The Company had total cash outflows for leases of $86,202 and $46,584 for the six months ended June 30, 2026 and 2025, respectively. The Company had no non-cash additions to right of use assets for the six months ended June 30, 2026 and 2025.

The Company did not have short-term lease expenses or leases of low value assets during the six months ended June 30, 2026 and 2025.

Office ROU assets are amortized using the straight-line method over the term of the operating lease. Original lease terms and remaining lease terms of the corporate offices operating leases were as follows:

Office Location	Original<br>Lease Term	Remaining Term as of June 30, 2026
	(in years)	(in years)
Costa Rica	3.0	2.8
Colombia	4.8	0.6
Peru	1.9	1.5
Weighted average	3.4	2.0

As of June 30, 2026 and 2025, the Company’s office right-of-use assets, included in other non-current assets, were as follows:

	Total
Gross assets:
Balance as of January 1, 2025	243,838
Additions	—
Retirements	—
Foreign currency translation effect	10,739
Balance as of June 30, 2025	254,577
Balance as of January 1, 2026	266,181
Additions	271,875
Retirements	(115,099)
Foreign currency translation effect	13,754
Balance as of June 30, 2026	436,711
Accumulated depreciation:
Balance as of January 1, 2025	141,329
Additions to accumulated depreciation	32,948
Retirements
Foreign currency translation effect	6,609
Balance as of June 30, 2025	180,886
Balance as of January 1, 2026	223,301
Additions to accumulated depreciation	64,855
Retirements	(115,099)
Foreign currency translation effect	11,685
Balance as of June 30, 2026	184,742
Net book value as of June 30, 2025	73,691
Net book value as of June 30, 2026	251,969

All values are in US Dollars.

During the three months ended June 30, 2026 and June 30, 2025, the Company recorded ROU depreciation expense related to office space of $36,243 and $16,468, respectively, and during the six months ended June 30, 2026 and June 30, 2025, the Company recorded ROU depreciation expense related to office space of $64,855 and $32,948, respectively in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) under general and administrative expenses.

Lease commitment for land and office leases - The following table summarizes the fixed, future minimum rental payments, excluding variable costs, for which the leases had commenced by June 30, 2026 with amounts discounted at lease commencement by our incremental borrowing rates to calculate the lease liabilities of the Company’s leases:

	As of June 30, 2026
Remainder of 2026	330,987
2027	1,210,915
2028	1,195,469
2029	1,356,209
2030	1,356,605
2031	1,370,171
Thereafter	29,235,693
Total undiscounted rental payments	36,056,049
Less: imputed interest	(22,048,544)
Total lease liability	14,007,505

All values are in US Dollars.

11. DEBT

As of June 30, 2026 and December 31, 2025, the debt of the Company were as follows (all loans are USD denominated, except loans in Colombia which are COP denominated):

Financial<br>Institution	Type	Expiration	Annual<br>Interest<br>Rate	RestrictedCash Equivalents atJune 30,2026	RestrictedCash Equivalents atDecember31, 2025	RemainingBorrowingCapacity atJune 30,2026	AmountOutstandingat June 30,2026	AmountOutstanding atDecember 31,2025
Costa Rica (USD denominated)
BAC Credomatic, S.A.	Mortgage Loan	April 2039	3Mo SOFR +200 bps, no min. rate	1,450,000	1,450,000	—	56,330,817	57,231,476
Banco Davivienda Costa Rica, S.A.	Mortgage Loan	December 2038	2.40%+3Mo SOFR	—	72,361	—	7,126,492	7,315,944
Banco Nacional de Costa Rica, S.A.	Mortgage Loan	April 2048	1.40%+3Mo SOFR	—	—	—	62,376,045	63,167,409
Banco Nacional de Costa Rica, S.A.	Mortgage Loan	April 2048	1.40%+3Mo SOFR	480,000	480,000	—	17,352,703	17,572,856
Banco Nacional de Costa Rica, S.A.	Mortgage Loan	April 2048	1.40%+3Mo SOFR	—	—	—	14,391,021	14,573,599
Banco Nacional de Costa Rica, S.A.	Mortgage Loan	April 2048	2.80%+3Mo SOFR	140,485	140,485	—	6,616,726	6,687,219
Total Costa Rica Loans				2,070,485	2,142,846	—	164,193,804	166,548,503
Colombia (COP denominated)
Bancolombia, S.A.	Mortgage Loan	January 2036	IBR<br><br>+327 bps<br><br>no min. rate	1,193,525	1,049,254	—	23,656,876	22,032,387
Bancolombia, S.A.	Mortgage Loan	April 2036	IBR<br><br>+365 bps<br><br>no min. rate	967,318	851,231	—	19,173,213	17,874,264
Banco BTG Pactual Colombia SA	Bridge Loan	October 2028	IBR<br><br>+525 bps<br><br>no min. rate	—	—	—	13,624,735	12,487,890
Davivienda, S.A.	Secured Debt	January 2041	IBR +300 bps<br><br>no min. rate	72,361	—	—	8,876,202	—
Total Colombia Loans				2,233,204	1,900,485	—	65,331,026	52,394,541
Peru (USD denominated)
BBVA, Banco Bilbao Vizcalla	Mortgage Loan	December 2033	Fixed, 8.5%	—	1,651,007	—	—	44,086,269
BBVA, Banco Bilbao Vizcalla	Mortgage Loan	December 2033	Fixed, 8.4%	—	364,775	—	—	9,740,473
BBVA, Banco Bilbao Vizcalla	Secured Debt	June 2035	Fixed, 7.9%	570,749	539,186	—	24,688,789	24,000,000
BBVA, Banco Bilbao Vizcalla	Secured Debt	February 2035	Fixed, 7.9%	231,177	—	4,000,000	10,000,000	—
BBVA, Banco Bilbao Vizcalla	Secured Debt	May 2036	Fixed, 8.1%	2,036,628	—	—	60,000,000	—
Total Peru Loans				2,838,554	2,554,968	4,000,000	94,688,789	77,826,742
Total				7,142,243	6,598,299	4,000,000	324,213,619	296,769,786
Accrued financing costs and debt issuance costs, net							(3,423,681)	(1,434,877)
Total Debt							320,789,938	295,334,909
Less: Current portion of long-term debt							(10,607,609)	(10,270,261)
Total Long-term debt							310,182,329	285,064,648

All values are in US Dollars.

Debt Agreements

BAC Credomatic

On April 30, 2024, the Company refinanced its secured loans of $46.6 million with BAC Credomatic with a new secured facility of $60.0 million. The new secured loan has a term of 15 years, scheduled to mature in April 2039. The interest rate for the new loan is structured to be 2% above SOFR, which, as of the issuance date of the loan, equates to an effective annual rate of 7.33%. This rate is subject to quarterly review and subsequent adjustment based on the prevailing SOFR and cannot fall below 5.50% per annum.

Banco Davivienda CR

On November 1, 2023, the Company refinanced a debt outstanding with Banco Nacional ($7,373,460) with a mortgage loan denominated in USD with Banco Davivienda for an aggregate amount of $8,000,000. The new mortgage loan matures in 15 years. The loan is subject to a fixed interest rate of 7.0% in the first year, and a rate of 6-month SOFR plus 2.4% adjustable monthly from the second year onwards.

Banco Davivienda

On November 27, 2025, the Company entered into a senior secured loan agreement with Banco Davivienda for COP $31,000,000,000 (approximately $8,215,925 as of the transaction date). The loan bears interest at a rate equal to the one‑month Colombian IBR plus 300 basis points, payable monthly. The loan is subject to monthly principal amortization and matures on January 1, 2041. The loan is guaranteed by lease payments associated with certain properties of the Company. As of June 30, 2026, the full loan amount of COP $31,000,000,000 had been drawn, with the proceeds received on January 9, 2026.

Banco Nacional

On April 28, 2023, the Company refinanced outstanding loans with Banco Davivienda, Banco Promerica de Costa Rica, S.A. ("Banco Promerica") and BAC Credomatic (except for one loan), with Banco Nacional. An extinguishment loss of $6,555,113 was recognized as financing costs during the second quarter of 2023 as part of the extinguishment of these debt facilities. The Company entered into four U.S. dollar denominated mortgage loans with Banco Nacional for an aggregate amount of $107,353,410. The loans have a twenty-five-year term. The loans bear a fixed annual interest rate for the first two years and a variable rate of 3-month SOFR, plus either 1.4% or 2.8% adjustable monthly from the third year onwards. On November 1, 2023, the Company refinanced an outstanding debt of $7,373,460 with Banco Nacional using a mortgage loan denominated in USD with Banco Davivienda for an aggregate amount of $8,000,000.

Bancolombia

On January 22, 2021, the Company entered into a COP denominated financing agreement of COP $44,500 million ($12.8 million as of the transaction date) with Bancolombia for the financing of the construction of Building 300 in LPA Park Calle 80 in Bogota, Colombia. As of December 31, 2021, the financing was fully drawn down. This financing agreement was further increased by COP $30,000 million ($7.0 million as of the transaction date). The financing bears an interest rate of IBR plus 365 basis points, commitment fees of 0.1% per month of the undrawn amount of the loan and has a 15-year term with a balloon payment of 40% at expiration (COP $29,901 million, or $6.9 million as of the transaction date). The Company began to make principal payments in November 2021. On January 19, 2022, the Company increased by COP $34,000 million ($8.4 million per the transaction date exchange rate, same applies to hereafter) its existing financing facilities denominated in COP with Bancolombia from COP $57,810 million ($14.3 million) to COP $91,810 million ($22.7 million). The financing has a fourteen-year term with a balloon payment of COP $42,866 million ($11.4 million) at expiration. The interest accrues at Colombian IBR plus 327 basis points.

On September 22, 2023, the Company negotiated a deferral of principal with Bancolombia, deferring all principal payments for seven months, beginning on October 1, 2023. All the other terms and conditions of the loan with Bancolombia remain the same. A modification gain of $70,058 was recognized as part of the modification of this debt facility and is included in financing costs in the consolidated statements of profit or loss in the year ended December 31, 2023. Refer to the financial debt covenant compliance section below for details on the Bancolombia waiver.

BBVA Peru

On December 15, 2023, the Company entered into a mortgage loan with BBVA Peru for a total of $60,000,000. The mortgage loan consists of two components: Tranche A and Tranche B. The Tranche A totaling $48,670,000 was used to refinance the Company’s existing debt with a previous lender. The Tranche B totaling $11,330,000 is expected to finance the company’s other real estate projects. Tranches A and B will mature in 10 years (with a 35.0% balloon payment for Tranche A) and carry a fixed interest rate of 8.5% and 8.4%, respectively.

On March 6, 2025, the Company, through Parque Logístico Callao, S.R.L., a wholly owned subsidiary of the Company, as the borrower ("Borrower"), entered into a new mortgage loan with BBVA Peru, as the lender, allowing the Company to borrow up to principal amount of $25,000,000. This loan was designated for the construction of a building within Parque Logístico Callao. The loan is secured by the equity interests of the Borrower and the Borrower’s interests in its lease contract of the building constructed. The loan is set to mature in 10 years (with 36 quarterly scheduled repayment installments starting from May 6, 2026 and a 35.0% balloon payment at maturity) and carries a fixed interest rate of 7.9% per annum. Interest is payable quarterly in cash and in arrears starting in May 2025.

On December 4, 2025, the Company entered into a U.S. dollar‑denominated long‑term loan agreement with BBVA Peru, providing for a maximum borrowing capacity of $10,000,000, available in two disbursements of $5,000,000 each. The loan bears a fixed annual interest rate of 7.9%, with interest payable quarterly. Beginning March 30, 2027, the loan becomes subject to repayment through 36 quarterly installments, including a balloon payment of 35.0% at maturity. The loan is secured by the equity interests of the Borrower and the Borrower’s interests in its lease contract of the buildings constructed. As of June 30, 2026, a disbursement of $5,000,000 had been drawn, with the proceeds received on January 30, 2026.

On May 15, 2026, the Company, through Latam Logistic PER PropCo Lurin I, S.R.L., a wholly owned subsidiary of the Company, entered into a new long term loan agreement with BBVA Peru for an aggregate principal amount of $60,000,000. The proceeds from the new facility is expected to be disbursed in full on August 18, 2026, and will be used to refinance and repay in full the Company's existing mortgage loan with BBVA Peru dated December 15, 2023. The new loan bears a fixed annual interest rate of 8.1% per annum, with interest payable quarterly, and matures in 10 years (with 40 quarterly scheduled repayment installments starting from August 18, 2026, and a 35.0% balloon payment on maturity). The loan continues to be secured by the equity interests of the Borrower and the Borrower's interests in its lease contract of the buildings constructed. A modification gain of $1,485,051 was recognized as a reduction of financing costs during the second quarter of 2026 as part of the modification of this debt facility. The unamortized balance of the original debt issuance costs was combined with the new debt issuance costs incurred in connection with the refinancing and is being amortized prospectively over the remaining term of the modified loan using a revised effective interest rate.

BTG

On October 21, 2025, the Company entered into a senior secured loan agreement with BTG for COP $50,000,000,000 (approximately $12,813,416 as of the transaction date). The loan bears interest at a rate equal to the three‑month Colombian IBR plus 525 basis points, payable quarterly. On October 24, 2025, the Company received a disbursement of COP $46,918,000,000 (approximately $12,023,597 as of the transaction date). Principal is payable at maturity on October 24, 2028. The debt is currently secured by 100% of the outstanding shares of LPA COL PropCo Cota 1, S.A.S, and the collateral is expected to be modified to investment properties located in Colombia within 180 days. This loan is held at the corporate level but included in the total of Colombia loans because it is attributable to the Colombia reportable segment.

Long-Term Debt Maturities – Scheduled principal and interest payments due on the Company’s debt as of June 30, 2026, are as follows:

	Amount
Maturity:
Remainder of 2026	5,101,420
2027	11,131,570
2028	25,540,427
2029	12,817,783
2030	13,737,347
2031	14,728,883
Thereafter	241,156,189
Accrued and deferred financing cost, net	(3,423,681)
Total	320,789,938

All values are in US Dollars.

Financing Costs – The following table summarizes the components of financing costs including the deferred financial cost amortization for the three and six months ended June 30, 2026 and 2025:

	Three months endedJune 30,		Six months endedJune 30,
	2026	2025	2026	2025
Gross interest expense	6,302,683	5,163,155	12,239,203	10,306,597
Amortization of debt issuance cost	120,603	46,905	172,239	178,881
Debt modification gain	(1,485,050)	—	(1,485,050)	—
Other financing cost	—	—	—	—
Total financing cost before capitalization	4,938,236	5,210,060	10,926,392	10,485,478
Capitalized amounts into investment properties	—	(276,500)	—	(302,833)
Net financing cost	4,938,236	4,933,560	10,926,392	10,182,645
Total cash paid for interest and commitment fees	5,771,600	4,938,080	11,637,052	10,108,882

All values are in US Dollars.

Debt Reconciliation – The reconciliations of the Company’s debt as of June 30, 2026 and 2025 were as follows:

	Six months endedJune 30,
	2026	2025
Beginning balance	295,334,909	265,885,799
Secured bank debt borrowings	79,371,593	16,000,000
Secured bank debt repayments	(57,280,643)	(4,397,035)
Bridge loan repayments	—	(4,244,368)
Borrowing cost incurred	(618,372)	(397,679)
Deferred financing cost amortization	172,239	178,881
Debt modification gain	(1,485,050)	—
Foreign currency translation effect	5,295,262	3,105,552
Ending balance	320,789,938	276,131,150

All values are in US Dollars.

Financial Debt Covenants – The loans described above are subject to certain affirmative covenants, including, among others, (i) reporting of financial information; and (ii) maintenance of corporate existence, the security interest in the properties subject to the loan and appropriate insurance for such properties; and (iii) maintenance of certain financial ratios. In addition, the loans are subject to certain negative covenants that restrict Logistic Properties of the Americas ability to,

among other matters, incur in additional indebtedness under or create additional liens on the properties subject to the loans, change its corporate structure, make certain restricted payments, enter into certain transactions with affiliates, amend certain material contracts.

The loans contain, among others, the following events of default: (i) non-payment; (ii) false representations; (iii) failure to comply with covenants; (iv) inability to generally pay debts as they become due; (v) any bankruptcy or insolvency event; (vi) disposition of the subject properties; or (vii) change of control of the subject properties.

The Company received waivers for the requirement to comply with Bancolombia financial covenants on June 26, 2024. The Bancolombia waiver was effective through the testing period of June 30, 2024 and December 31, 2024, and ratio compliance testing was first applicable for these loans in June 2025. On December 19, 2024, the Company amended both loans with Bancolombia to include a reserved fund of $1.7 million as part of the numerator for the debt service coverage ratio calculation. This adjustment to the covenant calculation took effect from the compliance testing in June 2025. The outstanding Bancolombia loan balance as of June 30, 2026 was $42.8 million, on the condensed consolidated interim statement of financial position.

As of June 30, 2026 and December 31, 2025, the Company was compliant with all the debt covenants with its lenders.

12. EQUITY

The Company is authorized to issue 450,000,000 Ordinary Shares (“Ordinary Shares”) and 50,000,000 Preference Shares, each with a par value of $0.0001. The specific designations, voting rights, and other preferences of these shares can be established as needed by the Company’s board. There were no Preference Shares issued during the periods presented. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at shareholders’ meetings of Logistic Properties of the Americas. As of June 30, 2026 and December 31, 2025, a total of 31,698,635 and 31,867,009 Ordinary Shares had been issued, respectively.

On November 22, 2024, the Company's board of directors approved a share repurchase program (the "Program") with authorization to purchase up to $10.0 million of Ordinary Shares for a duration of 12 months. On November 29, 2024, the Company and an unrelated third-party broker (the “Broker”) entered into a share purchase agreement (the “Share Purchase Agreement”). Under the Share Purchase Agreement, the Broker is authorized to execute the Program on behalf of the Company to purchase the Ordinary Shares from the open market. Prior to their retirement or reissuance, the Ordinary Shares repurchased are recorded as treasury shares in equity at cost including the fees paid to the Broker. The Share Purchase Agreement was terminated as of June 5, 2025.

The Company did not repurchase any Ordinary Shares in the six months ended June 30, 2026. All 249,194 Ordinary Shares held in treasury at December 31, 2025 were retired, and no treasury shares were held as of June 30, 2026.

Retained earnings consist of legal reserves and accumulated earnings. According to the legislation in effect in several countries in which the Company operates, the Company’s subsidiaries must appropriate a portion of each year’s net earnings to its respective legal reserve. The legal reserve amount varies by jurisdiction and ranges from 5% to 10% of the net earnings generated by operating entities, up to a cap of 10% to 50% of that entity’s capital stock.

13. EARNINGS PER SHARE

The Company determines basic earnings (loss) per share by dividing the profit (loss) for the period attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the period. The Company computes diluted earnings (loss) per share by dividing the profit (loss) for the period attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding combined with the incremental weighted average number of ordinary shares outstanding that would be issued on conversion or settlement of all outstanding potentially dilutive instruments. There were 126,000, 564,667, 324,000 and 492,167 RSUs excluded from the diluted weighted average number of ordinary shares calculation for the three months ended June 30, 2026 and 2025, and the six months ended June 30, 2026 and 2025, respectively, as their inclusion would be antidilutive.

The calculated basic and diluted earnings (loss) per share for the three and six months ended June 30, 2026 and 2025, were as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Earnings (loss) per share – basic	0.40	(0.04)	0.15	(0.06)
Earnings (loss) per share – diluted	0.40	(0.04)	0.15	(0.06)
Earnings (loss) attributed to owner(s) of the Company	12,733,405	(1,208,387)	4,823,659	(1,940,834)
Weighted average number of Ordinary Shares – basic	31,698,635	31,584,816	31,658,448	31,606,150
Weighted average effect of dilutive securities:
RSUs	151,266	—	94,453	—
Weighted average number of Ordinary Shares – diluted	31,849,901	31,584,816	31,752,901	31,606,150

All values are in US Dollars.

The weighted average number of Ordinary Shares as of June 30, 2026 and 2025 was adjusted to exclude treasury shares.

There have been no other transactions involving Ordinary Shares or potential ordinary shares between the reporting date and the date of authorization of these financial statements.

14. INCOME TAX

LPA is a foreign corporation organized in accordance with the laws of Cayman Islands and is not subject to income tax in the United States. The Company operates in Costa Rica, Colombia, Peru, El Salvador, Mexico and the United States using local country operating corporations, generally owned by holding companies in Panama and Cayman Islands. The Panama and Cayman Islands holding companies are not subject to tax on income sourced outside of Panama, and the Company has no deferred tax liability recognized for its investment in subsidiaries. The income tax rates applicable to LPA in Costa Rica, Colombia, Peru and Mexico are 30.0%, 35.0%, 29.5% and 30.0%, respectively.

The Company’s effective tax rates for the three months ended June 30, 2026 and 2025 were 36.6% and 681.1%, respectively. The Company’s effective tax rates for the six months ended June 30, 2026 and 2025 were 57.5% and 101.7%, respectively. The effective income tax rates for the three and six months ended June 30, 2026 and 2025 were different than the local statutory income tax rates primarily due to the change in deferred tax assets or liabilities related to fluctuations in currency translation for investment properties and debt, movement in unrecognized deferred tax assets, foreign tax rate differential (including pre-tax losses in zero-rate jurisdictions such as Panama and the Cayman Islands), and alternative minimum tax in Colombia.

For the six months ended June 30, 2026, foreign tax rate differentials increased the effective tax rate by 15.2 percentage points, while tax effects associated with exchange gains and losses on investment properties, debt and other items increased the effective tax rate in aggregate by 4.1 percentage points. Intercompany dividends and changes in unrecognized deferred tax assets increased the effective tax rate by 3.6 and 3.2 percentage points, respectively. Other tax impacts increased the effective tax rate by 1.4 percentage points for the six months ended June 30, 2026.

For the six months ended June 30, 2025, foreign tax rate differentials increased the effective tax rate by 38.9 percentage points. Tax effects associated with exchange gains and losses on investment properties, debt and other items decreased the effective tax rate in aggregate by 19.2 percentage points. Alternative minimum taxes and capital gains taxes increased the

effective tax rate by 12.8 and 11.5 percentage points, respectively. Changes in unrecognized deferred tax assets increased the effective tax rate by 27.3 percentage points. Other tax impacts increased the effective tax rate by 0.4 percentage points for the six months ended June 30, 2025.

The effective income tax rate for the three and six months ended June 30, 2025 was high due to the impact of currency fluctuations and foreign rate differentials on income tax expense for that period, compared with the relatively low pretax income for that period.

15. EMPLOYEE BENEFITS

Employee benefits are recognized in general and administrative expense in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss), and for the three and six months ended June 30, 2026 and 2025, consisted of the following:

	Three months endedJune 30,		Six months ended June 30,
	2026	2025	2026	2025
Short-term employee benefits	1,576,890	1,265,017	2,979,407	2,494,094
Share-based payment expense	477,545	879,147	890,122	1,236,333
Total	2,054,435	2,144,164	3,869,529	3,730,427

All values are in US Dollars.

16. SHARE-BASED PAYMENTS

In March 2024, the Company established the Logistic Properties of the Americas 2024 Equity Incentive Plan (“2024 Plan”) for all employees of the Company whereby LPA may grant options, restricted stock, restricted stock units, stock appreciation rights and other equity-based awards to attract and maintain key company personnel including directors, officers, employees, consultants, and advisors.

Restricted Stock Units (“RSUs”)

Under the 2024 Plan, the Company granted RSUs to certain senior executives and board directors who were previously employed by LatAm Logistic Properties, S.A., a company incorporated under the laws of Panama (“LLP”) and continued employment with LPA after the Business Combination (“Business Combination”), certain departing board members of LLP and certain newly hired senior executives and board members of LPA.

Each RSU represents the right for the employee or director to receive one LPA ordinary share upon vesting and settlement. No amounts are paid or payable to LPA by the recipient on the receipt of the RSUs. The RSUs carry neither rights to dividends nor voting rights prior to vesting or delivery of the underlying LPA ordinary shares. The Company’s board has a discretion to settle the RSUs in cash or shares, but the Company has no intention of settling the RSUs in cash. The Company accounts for the RSUs as equity-settled awards.

In May 2024, April 2025 and April 2026, the Company granted RSUs under the 2024 Plan totaling 319,000, 121,000 and 126,000 shares, respectively, to former LLP senior executives and current LPA senior executives. The RSUs vest either in equal annual increments over a three-year service vesting period, with compensation costs recognized using the accelerated attribution method, or they cliff vest at the end of the three-year service vesting period, with compensation costs recognized ratably over the vesting period.

In May 2024, August 2024, April 2025 and April 2026, the Company granted RSUs under the 2024 Plan totaling 97,500, 15,000, 52,500 and 45,000 shares, respectively, to the former LLP and current LPA board of directors. These RSUs were fully vested upon grant. On the grant date, the delivery of the underlying ordinary shares was scheduled to occur at a future date, based solely on the passage of time. The grant date fair values of these awards take into account the impact of the delayed delivery schedules, and compensation costs were recognized immediately upon grant.

RSUs are measured at grant date fair value by reference to the traded price of LPA’s ordinary shares. The Company does not expect to declare any dividends in the near future. Therefore, no expected dividends were incorporated into the measurement of the grant date fair value. For the three and six months ended June 30, 2026, the Company recognized share-based payment expense related to the RSUs of $477,545 and $890,122, respectively, in general and administrative expenses in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss).

Details of the RSUs outstanding during the period are as follows:

	Number of RSUs	Weighted Average Grant Date Fair Value per RSU
Non-vested at December 31, 2025	404,667	9.45
Granted	171,000	3.12
Vested	(125,667)	7.07
Forfeited	—	—
Non-vested at June 30, 2026	450,000	7.67

All values are in US Dollars.

During the six months ended June 30, 2026, 110,667 vested RSUs were settled, of which 29,847 shares were withheld to satisfy tax obligations and 80,820 ordinary shares were delivered. During the six months ended June 30, 2025, 97,910 shares of vested RSUs were delivered (net of tax withheld).

Equity-settled share-based payment transactions with parties other than employees

On August 14, 2024, the board of directors of the Company approved and granted the Company discretion to issue 90,000 ordinary shares to a non-employee service provider to share-settle a liability assumed as part of the Business Combination. Such arrangement was accounted for as an equity-settled share-based payment arrangement with non-employees. The fair value was determined to be $1,141,200, which represented the aggregate fair value of the ordinary shares granted on August 14, 2024, calculated based on 90,000 ordinary shares and a grant date fair value of $12.68 per share by reference to the traded price of the Company’s ordinary shares on such date. On August 30, 2024, the Company issued the 90,000 ordinary shares, which were considered fully vested upon issuance.

17. RELATED PARTY TRANSACTIONS

Transactions between the Company and its related parties are made on terms equivalent to those that prevail in arm’s length transactions.

Subsidiaries

Transactions between the Company and its subsidiaries are eliminated on consolidation and therefore are not disclosed. Listing of LPA's subsidiaries are disclosed in Note 2. The partnerships that the Company enters into and exercises control over are fully consolidated as detailed in LPA’s most recent audited consolidated financial statements and notes.

Key Management Personnel Compensation

The amounts disclosed in the table represent the amounts recognized as general and administrative expense in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss), related to key management personnel for the three and six months ended June 30, 2026 and 2025.

	Three Months Ended June 30,		Six Months EndedJune 30,
	2026	2025	2026	2025
Salaries	481,385	405,079	952,099	798,235
Cash performance bonus	288,290	252,557	558,976	480,303
Statutory bonus	17,940	15,287	35,549	29,778
Non-executive directors' fees	146,250	146,250	292,500	292,500
Non-cash benefits	10,753	8,739	25,258	13,027
Share-based payment expense	477,545	879,147	890,122	1,236,333
Total	1,422,163	1,707,059	2,754,504	2,850,176

All values are in US Dollars.

Additional transactions with key management personnel – The majority shareholder of the Company provided management and advisory services as well as administrative support to the Company of $40,723 and $3,425 for the three months ended June 30, 2026 and 2025, respectively, and $73,958 and $71,425 for the six months ended June 30, 2026 and 2025, respectively.

18. FINANCIAL RISK MANAGEMENT

Interest Rate Risk - Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to its long-term debt obligations with floating interest rates. Therefore, variations in interest rates at the reporting date would affect profit or loss.

Liquidity Risk – Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, to the extent possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation, and to maintain a balance between continuity of funding and flexibility through the use of bank deposits and loans.

Exposure to Liquidity Risk – The following tables detail the remaining contractual maturities of financial liabilities at the end of the reporting period. The amounts are gross and undiscounted cash flows.

June 30, 2026	Notes	On demand	Less than 3 months	3 to 12 months	1 to 5 years	Thereafter	Total
Accounts payable and accrued expenses		2,084,413	300,784	8,169,202	—	—	10,554,399
Lease liability	10	—	65,313	764,129	5,463,249	29,763,358	36,056,049
Income tax payable		217,789	299,537	387,684	—	—	905,010
Retainage payable		—	16,863	2,118,814	—	—	2,135,677
Security deposits		11,154	21,426	48,926	3,274,027	—	3,355,533
Long and short-term debt	11	—	2,522,744	8,084,865	64,985,365	248,620,645	324,213,619
Total		2,313,356	3,226,667	19,573,620	73,722,641	278,384,003	377,220,287

All values are in US Dollars.

December 31, 2025	Notes	On demand	Less than 3 months	3 to 12 months	1 to 5 years	Thereafter	Total
Accounts payable and accrued expenses		3,317,399	620,083	7,757,335	—	—	11,694,817
Lease liability	10	—	27,300	120,325	5,089,400	30,448,443	35,685,468
Income tax payable		—	6,013,235	1,088,241	—	—	7,101,476
Retainage payable		—	571,214	2,026,829	—	—	2,598,043
Security deposits		—	—	112,624	3,004,501	—	3,117,125
Long and short-term debt	11	—	2,307,488	7,962,773	63,388,813	223,110,712	296,769,786
Total		3,317,399	9,539,320	19,068,127	71,482,714	253,559,155	356,966,715

All values are in US Dollars.

Fair Values – The Company estimated the fair value of its debt to be $319,711,956 as of June 30, 2026, and $278,711,041 as of December 31, 2025. The fair value of debt is estimated based on the discounted cash flows using a discount rate between 6.3% and 14.2% depending on the terms and circumstances of specific debt instruments and are within Level 2 of the fair value hierarchy. The Company further concluded that the carrying value of financial assets and liabilities, other than debt, approximated their fair value as of June 30, 2026 and December 31, 2025.

19. COMMITMENTS AND CONTINGENCIES

Commitments

In the normal course of operation, the Company secures construction loans in order to fund capital expenditure commitments. Debt guarantees are disclosed in Note 11. The Company does not conduct its operations through entities that are not consolidated in these condensed consolidated interim financial statements and has not guaranteed or otherwise contractually committed to support any material financial obligations not reflected in these condensed consolidated interim financial statements.

As of June 30, 2026, the Company had agreed upon construction contracts with third parties and is consequently committed to future capital in respect to investment property under development of $6,510,502. In addition, the Company had commitments of $1,946,053 relating to operating investment properties, resulting in total capital commitments of $8,456,555 as of June 30, 2026.

The Company does not have lease contracts, where the Company is the lessee, that have not yet commenced as of June 30, 2026.

Legal Proceedings

On November 30, 2023, the Company became aware that a lawsuit was filed against it by a former employee of the Company who rendered services for the Company prior to the reporting date. The Company is currently vigorously defending this lawsuit and believes the claims are without merit. The Company is in the process of analyzing this matter but currently does not have a sufficient basis for concluding whether any loss is probable. As of the date of this report, the Company is not currently involved in any other litigation or arbitration proceedings for which the Company believes it is not adequately insured or indemnified, or which, if determined adversely, would have a material adverse effect on the Company’s condensed consolidated interim financial statements.

As of June 30, 2026, the Company is not involved in any other litigation or arbitration proceedings for which the Company believes it is not adequately insured or indemnified, or which, if determined adversely, would have a material adverse effect on the Company’s condensed consolidated interim financial statements.

20. SUBSEQUENT EVENTS

In preparing the condensed consolidated interim financial statements, the Company has evaluated subsequent events through August 12, 2026, which is the date the condensed consolidated interim financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the condensed consolidated interim financial statements.

On June 17, 2026, the Company announced a strategic alliance with FIBRA Prime, a preeminent diversified Real Estate Investment Trust in Peru, through the divestment of Parque Logístico Lima Sur (“PLS”), a premier logistics park located in the Lurín submarket of Lima. Subject to customary regulatory approvals and closing conditions, FIBRA Prime will acquire 100% of PLS for a total consideration of US$145.0 million. The Company has the right to repurchase the properties during the 30-day period following the fourth anniversary of closing at the greater of (i) the customer’s purchase price adjusted for inflation or (ii) the property's value based on a 7.5% capitalization rate applied to the preceding 12 months’ annualized NOI. This repurchase right expires automatically if not exercised during that period. The sale will generate US$85.0 million in net proceeds for LPA after debt repayment and before taxes.

21. APPROVAL OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

The condensed consolidated interim financial statements were authorized for issue by the Company’s board of directors on August 12, 2026.

* * * * *

34

Document

Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

For purposes of this section, “we,” “our,” “us”, “LPA” and the “Company” refer to Logistic Properties of the Americas and all of its subsidiaries. The following discussion and analysis (“MD&A”) of the financial condition and results of operations should be read together with our unaudited condensed consolidated interim financial statements as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025, together with related notes thereto, (the “Unaudited Condensed Consolidated Interim Financial Statements”). The Unaudited Condensed Consolidated Interim Financial Statements have been prepared in accordance with International Accounting Standard ("IAS") 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). This MD&A should also be read together with our Annual Report on Form 20-F for the year ended December 31, 2025 (the "Annual Report"), as filed with the U.S. Securities and Exchange Commission. The following discussion contains forward-looking statements and should be read in conjunction with the section titled “Cautionary Note Regarding Forward-Looking Statements” included in this MD&A and the section titled “Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2025.

Overview

LPA was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on October 9, 2023. LPA is a fully integrated, internally managed real estate company that develops, owns and manages a diversified portfolio of warehouse logistics and industrial assets across Latin America. We focus on modern Class A logistics and industrial real estate in high growth and high barrier-to-entry markets that are undersupplied and have low penetration rates. We believe we are a leading institutional development, logistics and industrial platform operating in our four countries of operation today — Costa Rica, Colombia, Peru and Mexico – which correspond to our reportable segments. We have significant expertise in designing and developing logistics and industrial assets, which we own, manage and lease on a long-term basis. Our strategic footprint and operational expertise enable us to provide our tenants with “last mile” distribution capabilities that are critical to logistics and industrial infrastructure, and be well located to leverage strong e-Commerce and “nearshoring” trends.

Our business model is designed to generate recurring revenue from long-term leases with creditworthy tenants, which we believe drives attractive unit economics. We believe our corporate structure provides us with the following advantages:

•Investment focus: We have designed our business model to participate across the real estate value creation chain including (i) structuring and financing, (ii) development, (iii) lease-up and (iv) asset management, in comparison to Real Estate Investment Trust (REITs), which are generally required to focus on Stabilized Properties, or nearly Stabilized Properties;

•Management fee structure: We manage our properties internally and do not generally charge management fees, which we believe better aligns our interests with investors, as opposed to the externally managed REIT model; and

•Long term value creation: We develop and manage our assets with a focus on the quality of our real estate and maximizing its long-term value, in comparison to managing our development, operations and maintenance activities to achieve shorter term dividend targets.

As of June 30, 2026, our operating portfolio was composed of 34 properties with a GLA of around 5.8 million square feet. Our portfolio has a Stabilized occupancy rate of 100.0% and a weighted average remaining lease term of 4.5 years on our current leases.

Our portfolio is composed of Class A logistic and industrial warehouses that are well positioned to serve the key logistical functions of the growing e-Commerce market and nearshoring trade. All of our properties in Colombia and select properties in Costa Rica and Peru are EDGE certified, a green building certification system sponsored by the IFC (International Finance Corporation), a member of the World Bank Group, and administered by GBCI (Green Business Certification Inc.), which promotes the development of sustainable buildings, both internally, with expansive floor capacity, natural light and sufficient height clearance levels, as well as externally, with shared truck maneuvering yards, optimized platforms and container parking. These modern specifications enable our tenants to drive operational efficiencies for timely delivery of their goods and implement highly advanced operational and logistics processes that enhance their ability to compete. Our high quality and diversified tenant base is composed of leading multinational companies that

operate primarily in the consumer goods, third-party logistics and other retail sectors including Kuehne & Nagel, Alicorp, Pequeño Mundo, Pricesmart, Natura & Co., Indurama, Farmanova, Rex Cargo, CEVA, and Samsung.

The following table sets forth a summary of our real estate portfolio as of June 30, 2026, December 31, 2025, and June 30, 2025:

	As of June 30, 2026		As of December 31, 2025		As of June 30, 2025
Number of operating real estate properties	34		34		31
Operating GLA (sq. ft) (1)	5,804,146		5,804,261		5,292,588
Leased GLA (sq. ft) (2)	6,208,826		5,992,995		5,606,033
Number of tenants	57		58		55
Average rent per square foot	8.88		8.65		8.07
Weighted average remaining lease term	4.5 years		4.9 years		5.0 years
Stabilized occupancy rate (% of GLA)	100.0	%	100.0	%	94.5	%

All values are in US Dollars.

(1)“Operating GLA” refers to the GLA in operating properties. Operating properties are investment properties that have achieved Stabilization. We define Stabilization as the earlier of the point at which a developed property has been completed for one year, or when it reaches a 90% occupancy rate.

(2)“Leased GLA” refers to the GLA in operating properties, properties under development, and land banks that is subject to a lease.

Our operating portfolio is geographically diversified, as shown below as of June 30, 2026, December 31, 2025, and June 30, 2025:

	As of June 30, 2026
	Total<br>Operating<br>GLA (sq ft)	% of<br>Portfolio<br>GLA		Number of Buildings
Costa Rica	2,516,471	43	%	19
Colombia	1,255,178	22	%	5
Peru	1,774,816	31	%	8
Mexico	257,681	4	%	2
Total	5,804,146	100	%	34
	As of December 31, 2025
---	---	---	---	---
	Total<br>Operating<br>GLA (sq ft)	% of<br>Portfolio<br>GLA		Number of Buildings
Costa Rica	2,516,471	43	%	19
Colombia	1,255,286	22	%	5
Peru	1,774,816	31	%	8
Mexico	257,688	4	%	2
Total	5,804,261	100	%	34
	As of June 30, 2025
---	---	---	---	---
	Total<br>Operating<br>GLA (sq ft)	% of<br>Portfolio<br>GLA		Number of Buildings
Costa Rica	2,516,137	47	%	19
Colombia	1,255,404	24	%	5
Peru	1,521,047	29	%	7
Total	5,292,588	100	%	31

The following table presents a summary of our total revenues and our profit (loss) for the three and six months ended June 30, 2026 and 2025:

	For the three months ended June 30,		For the six months ended June 30,
	2026	2025	2026	2025
Total revenues	14,742,821	11,692,692	29,141,280	23,532,483
Profit (loss)	14,255,348	(1,114,973)	6,682,356	(54,267)

All values are in US Dollars.

The following tables present a summary of our rental revenue for the three and six months ended June 30, 2026, 2025 and for twelve months ended June 30, 2026 and December 31, 2025:

	For the three months ended June 30, 2026			For the three months ended June 30, 2025
	Rental Revenue(1)	% of Rental Revenue		Rental Revenue(1)	% of Rental Revenue
Costa Rica	6,274,255	43	%	5,939,710	51	%
Colombia	3,106,699	21	%	2,402,263	21	%
Peru	4,884,640	33	%	3,248,012	28	%
Mexico	450,128	3	%	—	—	%
Total	14,715,722	100	%	11,589,985	100	%

All values are in US Dollars.

(1)All leases in Costa Rica and Peru and a majority of the leases in Mexico are denominated in U.S. Dollars, while leases in Colombia are denominated in Colombian pesos.

	For the six months ended June 30, 2026			For the six months ended June 30, 2025
	Rental Revenue(1)	% of Rental Revenue		Rental Revenue(1)	% of Rental Revenue
Costa Rica	12,472,040	43	%	11,940,549	51	%
Colombia	6,102,344	21	%	4,802,547	21	%
Peru	9,590,746	33	%	6,611,664	28	%
Mexico	911,135	3	%	—	—	%
Total	29,076,265	100	%	23,354,760	100	%

All values are in US Dollars.

(1)All leases in Costa Rica and Peru and a majority of the leases in Mexico are denominated in U.S. Dollars, while leases in Colombia are denominated in Colombian pesos.

	For the twelve months ended June 30, 2026(1)			For the year ended December 31, 2025
	Rental Revenue(2)	% of Rental Revenue		Rental Revenue(2)	% of Rental Revenue
Costa Rica	24,669,088	45	%	24,137,597	50	%
Colombia	11,289,892	20	%	9,990,095	20	%
Peru	17,296,547	32	%	14,317,465	29	%
Mexico	1,577,703	3	%	666,568	1	%
Total	54,833,230	100	%	49,111,725	100	%

All values are in US Dollars.

(1)Rental revenue for the twelve-month ended June 30, 2026 represents the Company's results of the four-quarter period ended June 30, 2026.

(2)All leases in Costa Rica and Peru and a majority of the leases in Mexico are denominated in U.S. Dollars, while leases in Colombia are denominated in Colombian pesos.

Factors Affecting Our Results of Operations

Macroeconomic Conditions

Our business is significantly influenced by the general economic conditions in Costa Rica, Colombia, Peru, Mexico and other markets where we plan to operate, which in turn affect our financial performance, portfolio value, and strategy execution. Changes in national, regional and global economic conditions can significantly impact us. Real estate markets are cyclical and are driven by investor perceptions of the overall economic outlook. Rising interest rates, reduced real estate demand, economic slowdowns, or recessions influence the real estate markets and any occurrence of these conditions could lead to weakened demand for our properties, decreased revenues, increased costs and lower asset values for us.

Factors such as currency devaluation, price instability, inflation, interest rate fluctuations, regulatory changes, taxation shifts, social and political unrest, and other economic developments can influence our outcomes, which are forces beyond our control. Economic slowdowns, negative growth periods, increased inflation, or interest rates could reduce demand for our assets, lower their real value, or prompt a shift toward lower-quality assets.

Rental Income

Our primary revenue stream comes from investment property rental income. The rental income from our property portfolio depends on our ability to maintain high occupancy rates and grow by acquiring, developing, or expanding properties.

As of June 30, 2026, December 31, 2025, and June 30, 2025, the Stabilized occupancy rates for our operating properties were 100.0%, 100.0%, and 94.5%, respectively. The rental income generated from our leased properties is influenced by our ability to collect rent payments according to lease agreements and our ability to raise rental rates. The growth in rental income also relies on our ability to acquire suitable properties meeting our investment criteria, develop them, and expand the GLA of existing properties where feasible. Future rental income could be affected by positive or negative trends in our tenants’ businesses and the regions where we operate.

Lease Expirations

Our results of operations are influenced by our ability to re-lease space before leases expire or promptly upon the expiration of a lease. Results are also affected by economic and competitive conditions in the markets where we operate as well as the desirability of our individual properties. We utilize a proactive leasing strategy by maintaining regular communication with tenants to understand the needs of their respective operations and their plans for existing space and potential expansions. Our senior management team conducts frequent visits to the properties and apply their market insights to establish connections with potential local, regional, and national tenants that may complement our current tenant base. As of June 30, 2026, our existing asset lease contracts scheduled to expire in the remainder of 2026, 2027, 2028 and 2029 represented 2.6%, 17.7%, 11.7% and 20.7%, respectively, of our Leased GLA.

Competition

We face local competition from other buyers, developers, and operators of industrial properties in Costa Rica, Colombia, Peru, Mexico and other markets where we plan to operate. Some of these competitors strive to provide similar products and pursue properties in our target markets. Increased competition in the future could limit our ability to develop and acquire desired properties on favorable terms. Furthermore, increased competition might impact the occupancy rates of our properties, influencing our financial results. We could also face pressure to lower our rental rates or offer rent reductions, improvements, early termination privileges, or favorable lease renewal options to tenants in order to retain them upon lease expiration due to competitive pressures.

Property Operating Costs

Our property operating costs consist mainly of repairs and maintenance, property management, utilities, insurance, real estate taxes, expected credit loss adjustments, tenant-billable operating expenses, interest expenses on property related land lease liabilities and other property related expenses. Most property operating costs are recovered through rental recovery fees charged to tenants. All of our leases are classified as operating leases. Furthermore, a significant portion of our leases are modified gross leases, which is a type of rental agreement where the tenant pays the base rent and a proportional share of certain investment property operating expenses. Although we can recover most of the investment property operating expenses across all of our leases, it is ultimately our responsibility to pay for the operating expenses.

Inflation

Most of our leases contain provisions designed to mitigate the adverse impact of inflation. Rental income is typically adjusted annually and is contractually indexed for inflation based on the local or US consumer price index. In addition, some contracts contain a fixed increase amount, which may differ from inflation. Furthermore, our leases could expose us to potential rises in non-reimbursable property operating expenses, which includes potential costs linked to vacant premises. Additionally, we believe that certain current rental rates within our leases due for renewal are below the current market rates for similar spaces. Upon renewal or re-leasing, adjustments to these rates to align with or approach current market levels may counterbalance the impact of inflationary expense pressures associated with our leased properties. We also have exposure to inflation with respect to our development portfolio, as increases in materials and other costs related to our development activities might drive up the cost to develop properties. In addition, an increase in inflation may increase the replacement value of our real estate assets, and as such, the development of new assets may be adversely impacted if corresponding rental rates do not have a similar increase.

Nearshoring Trends

Global trade dynamics, including escalating tariffs and geopolitical tensions such as the conflicts in Ukraine and the Middle East, have introduced significant uncertainty into cross-border commerce. These pressures have led companies to rethink their supply chains and explore ways to expand or relocate production facilities that are closer to U.S. headquarters and end markets. While the countries in which we operate might be positioned to benefit from strengthening nearshoring dynamics, resulting in greater supply chain security, reduced long shipping routes, and minimized sensitivity to global disruptions in trade linkages, there are broader implications. Rising tariffs and growing geopolitical tensions may still lead to increased input costs, supply chain complexity, and reduced access to international markets, potentially offsetting some of the benefits of nearshoring.

Development

Our business relies in part on the successful, on-time, and on-budget development of new properties in order to increase GLA. We have a proven track record of executing our development strategy, however, our operations could be impacted by construction work delays, increased supply chain costs, shortage of qualified labor in our geographies or changes or difficulties in the permitting and regulatory environment.

Key Components of Operating Results

Revenue

We generate revenue through investment property rental income and development fees.

Investment property rental income primarily consists of rental payments from tenants through operating lease agreements. Our leases with tenants (customers) are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Rental income is recognized under the requirements of International Financial Reporting Standard ("IFRS") 16 - Leases (“IFRS 16”) and revenue on the non-lease components is recognized under the requirements of IFRS 15 - Revenue from Contracts with Customers (“IFRS 15”). This is included as rental revenue in our condensed consolidated interim statements of profit or loss and comprehensive income (loss).

Development fees are determined in accordance with the terms specified on each arrangement with customers. The fees are recognized as revenue when they are earned under the agreements with customers. They are included in other revenue in our condensed consolidated interim statements of profit or loss and comprehensive income (loss).

Investment property operating expense

Investment property operating expense includes the direct operating expenses of the property including repairs and maintenance, property management, utilities, insurance, real estate taxes, expected credit loss adjustments, tenant-billable operating expenses, interest expenses on property-related land lease liabilities and other property related expenses. The majority of the property operating expenses can be recovered through the rental recoveries charged to tenants.

General and administrative expense

General and administrative expense includes personnel costs, including salaries, bonuses, employee benefits, director fees, and share-based payments expenses, operating costs of the business support functions, such as finance and accounting, legal, human resources, administrative, as well as service and professional fees, office expenses, and bank service charges.

Investment property valuation gain (loss)

Investment property valuation gain (loss) is the investment properties’ change in fair value. The valuation analysis is performed by an independent external firm, which determines the fair market value of the investment properties. The fair market value of an investment property depends on the type of property. We hold operating properties, properties under development, and land.

Financing costs

Financing costs consists of interest expense, costs of raising debt, and amortization expense of deferred financing costs. These costs include various fees and charges associated with the process of issuing debt, refinancing the debt, and other fees and commissions paid to third parties involved in the financing process. Interest expense represents the interest costs incurred through our long-term debt.

Net foreign currency gain (loss)

Net foreign currency (loss) gain consists of the net profit or loss generated through the settlement of monetary items or the translation of monetary items at rates different from those at which they were translated upon initial recognition.

Other income

Other income primarily consists of interest income, income recognized from the settlement of construction contracts, including the derecognition of retainage payable, the reversal of previously accrued liabilities for legal-service invoices no longer expected to be paid, as well as stamp tax refunds related to the sale of Warehouse 500A.

Other expenses

Other expenses consists of other miscellaneous expenses including capital raising costs and deal pursuit costs.

Income tax expense

Income tax expense refers to the amount of tax owed to the relevant tax authority. Income tax expense comprises of current and deferred tax. Annual current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted as of the reporting date, and any adjustments to tax payable in respect of previous periods. Annual deferred tax is recognized using the balance sheet liability method in accordance with IAS 12 - Income taxes ("IAS 12") on taxable temporary differences between the tax base and the accounting base of items included in our condensed consolidated interim statements of financial position.

Income tax expense for interim periods is recognized based on management’s estimate of the effective tax rate expected to apply to annual earnings, adjusted for discrete items recognized in the period in which they occur, in accordance with IAS 34 - Interim Financial Reporting ("IAS 34").

Our Segments

Our four reportable segments are the geographic regions we operate in, Costa Rica, Colombia, Peru and Mexico. The four geographic segments primarily derive revenue from various operating leases with customers for the rental of warehouses. Our portfolio is strategically located within key trade and logistics corridors in the major cities of Costa Rica, Colombia, Peru and Mexico to conduct commercial operations.

Costa Rica: As of June 30, 2026, Costa Rica is our largest operating segment, with 19 buildings and an Operating GLA of 2.5 million square feet.

Colombia: As of June 30, 2026, Colombia had 5 buildings with an Operating GLA of 1.3 million square feet and a land reserve of 50.6 acres.

Peru: As of June 30, 2026, Peru had 8 buildings with an Operating GLA of 1.8 million square feet, 2 buildings under development with a GLA of 0.4 million, and a land reserve of 5.0 acres.

Mexico: As of June 30, 2026, Mexico had 2 buildings with an Operating GLA of 0.3 million square feet.

Revenue by segment

Management analyzes revenue by comparing actual monthly revenue to internal projections and prior periods across the operating segments in order to assess performance, identify potential areas for improvement, and determine whether the segments are meeting management’s expectations.

Segment Net Operating Income ("NOI")

Management defines NOI as revenue without other revenue (which primarily relates to development fee revenue) less investment property operating expense. Management uses NOI by segment to assess financial performance at the segment level.

Results of operations for the three months ended June 30, 2026, compared to the three months ended June 30, 2025

The results of operations presented below should be reviewed in conjunction with the Unaudited Condensed Consolidated Interim Financial Statements. The following table presents information from our condensed consolidated interim statements of profit or loss and comprehensive income (loss) for the three months ended June 30, 2026 and 2025:

	For the Three Months Ended June 30,
	2026	2025	Change	% Change
REVENUE
Costa Rica	6,274,255	5,939,710	334,545	5.6	%
Colombia	3,106,699	2,402,263	704,436	29.3	%
Peru	4,884,640	3,248,012	1,636,628	50.4	%
Mexico	450,128	—	450,128	NM
Unallocated revenue	27,099	102,707	(75,608)	(73.6	%)
Total revenues	14,742,821	11,692,692	3,050,129	26.1	%
Investment property operating expense
Costa Rica	(1,080,473)	(959,226)	(121,247)	12.6	%
Colombia	(431,128)	(398,133)	(32,995)	8.3	%
Peru	(1,005,501)	(649,776)	(355,725)	54.7	%
Mexico	(31,628)	—	(31,628)	NM
Total investment property operating expense	(2,548,730)	(2,007,135)	(541,595)	27.0	%
General and administrative	(4,181,069)	(4,579,830)	398,761	(8.7)	%
Investment property valuation gain (loss)	19,981,310	(257,400)	20,238,710	NM
Financing costs	(4,938,236)	(4,933,560)	(4,676)	0.1	%
Net foreign currency (loss) gain	(586,245)	64,530	(650,775)	NM
Other income	324,314	212,567	111,747	52.6	%
Other expenses	(327,078)	—	(327,078)	NM
Profit (loss) before taxes	22,467,087	191,864	22,275,223	NM
Income tax expense	(8,211,739)	(1,306,837)	(6,904,902)	NM
PROFIT(LOSS) FOR THE PERIOD	14,255,348	(1,114,973)	15,370,321	NM

All values are in US Dollars.

NM - not meaningful

Revenue: Revenue increased by $3.1 million, or 26.1%, to $14.7 million for the three months ended June 30, 2026 from $11.7 million for the three months ended June 30, 2025. The increase was attributable to positive rental rate growth, lease expansions and the leasing of previously vacant areas, new tenants, the commencement of operations in Mexico, and favorable foreign exchange rate fluctuations.

Costa Rica – Revenue in Costa Rica increased by $0.3 million, or 5.6%, to $6.3 million for the three months ended June 30, 2026 from $5.9 million for the three months ended June 30, 2025. The increase was primarily attributable to positive rental rate growth upon lease renewals as well as the leasing of previously vacant areas.

Colombia – Revenue in Colombia increased by $0.7 million, or 29.3% to $3.1 million for the three months ended June 30, 2026 from $2.4 million for the three months ended June 30, 2025. The increase was primarily attributable to favorable foreign exchange rate fluctuations on existing and new tenants, as well as positive rental rate growth.

Peru – Revenue in Peru increased by $1.6 million, or 50.4%, to $4.9 million for the three months ended June 30, 2026 from $3.2 million for the three months ended June 30, 2025. The increase was attributable to the Stabilization of Building 300B within Parque Logistico Callao during 2025, as well as rent escalations across the portfolio.

Mexico – Rental revenue of $0.5 million for the three months ended June 30, 2026 was generated from the operating investment properties in Puebla, Mexico that were acquired in August 2025.

Investment property operating expense: Investment property operating expense increased by $0.5 million, or 27.0%, to $2.5 million for the three months ended June 30, 2026 from $2.0 million for the three months ended June 30, 2025. The increase was primarily attributable to the commencement of lease operations at newly leased facilities in Peru, which resulted in a $0.2 million increase in ground lease payments and direct billable expenses, a $0.1 million increase due to a favorable arbitration cost adjustment that was recognized in the prior-year period that was not applicable in the current period, a $0.1 million increase in maintenance activities in Peru's Parque Lima Sur, and a $0.1 million increase in real estate taxes at Costa Rica's Parque La Verbena.

Costa Rica – Investment property operating expense in Costa Rica increased by $0.1 million, or 12.6%, to $1.1 million for the three months ended June 30, 2026, from $1.0 million for the three months ended three months ended June 30, 2025, which was primarily driven by higher real estate taxes at Parque Verbena Sur.

Costa Rica's Segment NOI increased by $0.2 million, to $5.2 million for the three months ended June 30, 2026 from $5.0 million for the three months ended June 30, 2025, which was primarily driven by slightly greater increase in revenue due to positive rental rate growth as well as lease renewals relative to the increase in real estate taxes.

Costa Rica's Segment NOI as a percentage of revenue decreased by 1.1%, to 82.8% for the three months ended June 30, 2026 from 83.9% for the three months ended June 30, 2025, which was primarily attributable to a slightly greater increase in additional operating costs relative to the increase in revenue.

Colombia – Investment property operating expense in Colombia remained relatively consistent at $0.4 million for the three months ended June 30, 2026, and $0.4 million for the three months ended June 30, 2025.

Colombia's Segment NOI increased by $0.7 million, to $2.7 million for the three months ended June 30, 2026 from $2.0 million for the three months ended June 30, 2025, which was primarily driven by $0.4 million due to the favorable impact of foreign exchange rate fluctuation, a $0.2 million contractual rent increase, and $0.1 million from the leasing of Building 300 at Calle 80 that was previously vacant.

Colombia's Segment NOI as a percentage of revenue increased by 2.7%, to 86.1% for the three months ended June 30, 2026 from 83.4% for the three months ended June 30, 2025, which was primarily driven by a slightly greater increase in revenue due to the favorable impact of foreign exchange rate fluctuation as well as contractual rent increases and positive rental rate growth relative to investment property operating expenses which remained consistent for the periods compared.

Peru – Investment property operating expense in Peru increased by $0.4 million, or 54.7%, to $1.0 million for the three months ended June 30, 2026, from $0.6 million for the three months ended June 30, 2025. The increase was primarily driven by the building operating expenses incurred at Buildings 200 and 300B in Callao which caused a $0.1 million increase in ground lease payments, a $0.1 million increase in direct billable expenses related to operating the property, $0.1 million of maintenance activities in Parque Lima Sur, and was partially offset by the absence of a $0.1 million arbitration cost reversal that occurred in the prior period and did not recur in the current period.

Peru's Segment NOI increased by $1.3 million, to $3.9 million for the three months ended June 30, 2026 from $2.6 million for the three months ended June 30, 2025, which was primarily attributable to positive rental rate growth at Buildings 200 and 300B in Callao and Building 400 in Lurin compared to a relatively smaller increase in investment property operating expense as described above.

Peru's Segment NOI as a percentage of revenue decreased by 0.6%, to 79.4% for the three months ended June 30, 2026 from 80.0% for the three months ended June 30, 2025, which was primarily driven by proportionally higher operating expenses incurred, including higher real estate taxes, increased property management fees, and elevated utility expenses during the three months ended June 30, 2026.

Mexico – Since the investment properties in Puebla, Mexico were acquired in August 2025, investment property operating expense in Mexico was less than $0.1 million for the three months ended June 30, 2026.

Mexico's Segment NOI increased by $0.4 million, to $0.4 million for the three months ended June 30, 2026, from $— million for the three months ended June 30, 2025 as a result of the operations which commenced in August 2025.

Mexico's Segment NOI as a percentage of revenue was 93.0% for the three months ended June 30, 2026 and —% for the three months ended June 30, 2025 as a result of the operations which commenced in August 2025.

General and administrative: General and administrative decreased by $0.4 million, or 8.7%, to $4.2 million for the three months ended June 30, 2026, from $4.6 million for the three months ended June 30, 2025. This decrease was attributable to $0.5 million of equity awards granted during the three months ended June 30, 2025 that did not recur in the current period, as well as a $0.2 million decrease due to lower professional service fees. This was partially offset by $0.3 million increase in higher wages.

Investment property valuation gain: Investment property valuation gain increased by $20.2 million to a gain of $20.0 million for the three months ended June 30, 2026, from a loss of $0.3 million for the three months ended June 30, 2025. The increase was primarily attributed to a $16.3 million fair value adjustment on the Lima Sur park to reflect the value indicated by the recently announced transaction, as well as a $3.2 million valuation gain on the Callao park due to its continued development as well as increasing construction costs as the project progressed. The remaining $0.7 million increase was attributable to smaller valuation movements across the portfolio, primarily reflecting an increase in Colombia that was largely offset by a decrease in Costa Rica.

The change in investment property valuation gain is subject to various factors, including the rental rates achieved on new or renewed leases, market capitalization rates, and valuation assumptions. The fair value change of our investment properties is further discussed in Note 9 of the Unaudited Condensed Consolidated Interim Financial Statements.

Financing costs: Financing costs remained relatively consistent (with a less than $0.1 million increase) at $4.9 million for both the three months ended June 30, 2026 and the three months ended June 30, 2025.

Net foreign currency (loss) gain: Net foreign currency gain decreased by $0.7 million to a $0.6 million loss for the three months ended June 30, 2026, from a $0.1 million gain for the three months ended June 30, 2025. This decrease was mainly attributable to a $0.8 million unrealized foreign exchange loss arising from the revaluation of COP-denominated loans. This loss was partially offset by a $0.1 million foreign exchange gain related to the revaluation of VAT receivables in Costa Rica which was driven by the appreciation of the Costa Rican colón.

The following table summarizes the foreign currency exchange rates for the U.S. dollar as of June 30, 2026 and December 31, 2025:

	2026	2025
Costa Rican Colon ("CRC")	CRC 457	CRC 501
Peruvian Nuevo Sol ("PEN")	PEN 3.415	PEN 3.369
Mexican Peso (“MXN”)	MXN 17.47	MXN 17.97
Colombian Pesos (“COP”)	COP 3,444	COP 3,757

Other income: Other income remained relatively consistent at $0.3 million for the three months ended June 30, 2026, and $0.2 million for the three months ended June 30, 2025.

Other expense: Other expense increased by $0.3 million, to $0.3 million for the three months ended June 30, 2026, from less than $0.1 million for the three months ended June 30, 2025. This increase was mainly attributable to a transaction cost paid on due diligence costs associated with the evaluation of a potential convertible financing transaction.

Income tax expense: Income tax expense increased by $6.9 million, to $8.2 million for the three months ended June 30, 2026 from $1.3 million for the three months ended June 30, 2025. The increase in income tax expense was primarily driven by a $22.3 million increase in pre-tax book income, which, at the applicable Costa Rica statutory tax rate, resulting in an additional $6.7 million of income tax expense. The tax effects of alternative minimum taxes, intercompany dividends, capital gains taxes, changes in unrecognized deferred tax assets, and other tax adjustments resulted in an additional $0.8 million of income tax expense. The tax effects of foreign rate differentials and non-controlling interests decreased income tax expense by $0.4 million. The tax impact of foreign exchange gains and losses on debt, the fair value of investment properties, and other items decreased income tax expense by $0.2 million.

Results of operations for the six months ended June 30, 2026, compared to the six months ended June 30, 2025

The results of operations presented below should be reviewed in conjunction with our Unaudited Condensed Consolidated Interim Financial Statements. The following table presents information from our condensed consolidated interim statements of profit or loss and comprehensive income (loss) for the six months ended June 30, 2026 and 2025:

	For the six months ended June 30,
	2026	2025	Change	% Change
REVENUE
Costa Rica	12,472,040	11,940,549	531,491	4.5	%
Colombia	6,102,344	4,802,547	1,299,797	27.1	%
Peru	9,590,746	6,611,664	2,979,082	45.1	%
Mexico	911,135	—	911,135	NM
Unallocated revenue	65,015	177,723	(112,708)	(63.4	%)
Total revenues	29,141,280	23,532,483	5,608,797	23.8	%
Investment property operating expense
Costa Rica	(2,015,382)	(1,808,013)	(207,369)	11.5	%
Colombia	(813,979)	(856,659)	42,680	(5.0	%)
Peru	(1,910,570)	(1,680,165)	(230,405)	13.7	%
Mexico	(50,660)	—	(50,660)	NM
Total investment property operating expense	(4,790,591)	(4,344,837)	(445,754)	10.3	%
General and administrative	(8,251,024)	(8,172,171)	(78,853)	1.0	%
Investment property valuation gain (loss)	10,734,351	1,658,081	9,076,270	NM
Financing costs	(10,926,392)	(10,182,645)	(743,747)	7.3	%
Net foreign currency (loss) gain	(903,636)	264,517	(1,168,153)	NM
Other income	1,061,369	484,369	577,000	119.1	%
Other expenses	(349,484)	(2,749)	(346,735)	NM
Profit (loss) before taxes	15,715,873	3,237,048	12,478,825	385.5	%
Income tax expense	(9,033,517)	(3,291,315)	(5,742,202)	174.5	%
PROFIT (LOSS) FOR THE PERIOD	6,682,356	(54,267)	6,736,623	NM

All values are in US Dollars.

NM - not meaningful

Revenue: Revenue increased by $5.6 million, or 23.8%, to $29.1 million for the six months ended June 30, 2026 from $23.5 million for the six months ended June 30, 2025. The increase was attributable to new tenant commencements and positive rental rate growth across the portfolio, the commencement of operations in Mexico, favorable foreign exchange rate fluctuations, and lease expansions.

Costa Rica – Revenue in Costa Rica increased by $0.5 million, or 4.5%, to $12.5 million for the six months ended June 30, 2026 from $11.9 million for the six months ended June 30, 2025. The increase was primarily attributable to positive rental rate growth as well as lease expansions.

Colombia – Revenue in Colombia increased by $1.3 million, or 27.1%, to $6.1 million for the six months ended June 30, 2026 from $4.8 million for the six months ended June 30, 2025. The increase was primarily attributable to favorable foreign exchange rate fluctuations on existing and new tenants.

Peru – Revenue in Peru increased by $3.0 million, or 45.1%, to $9.6 million for the six months ended June 30, 2026 from $6.6 million for the six months ended June 30, 2025. The increase was attributable to the Stabilization of Building 300B within Parque Logistico Callao during 2025, as well as rent escalations across the portfolio.

Mexico – Rental revenue of $0.9 million for the six months ended June 30, 2026 was generated from the operating investment properties in Puebla, Mexico that were acquired in August 2025.

Investment property operating expense: Investment property operating expense increased by $0.4 million, or 10.3%, to $4.8 million for the six months ended June 30, 2026, from $4.3 million for the six months ended June 30, 2025.

The increase was primarily attributable to higher real estate taxes, security costs, and direct billable expenses in Costa Rica, which resulted in a $0.2 million increase, and the commencement of lease operations at newly leased facilities in Peru, which resulted in a $0.2 million increase.

Costa Rica – Investment property operating expense in Costa Rica increased by $0.2 million, or 11.5% to $2.0 million for the six months ended June 30, 2026, from $1.8 million for the six months ended June 30, 2025. The increase was primarily attributable to higher real estate taxes at Parque Verbena Sur, as well as higher operating costs at Coyol 1 and La Verbena and higher direct billable expenses.

Costa Rica's Segment NOI increased by $0.4 million, to $10.5 million for the six months ended June 30, 2026 from $10.1 million for the six months ended June 30, 2025, which was primarily driven by slightly greater increase in revenue due to positive rental rate growth, lease expansions, and lease renewals relative to the increase in real estate taxes.

Costa Rica's Segment NOI as a percentage of revenue decreased by 1.1% to 83.8% for the six months ended June 30, 2026 from 84.9% for the six months ended June 30, 2025, which was primarily attributable to a slightly greater increase in additional operating costs relative to the increase in revenue.

Colombia – Investment property operating expense in Colombia decreased slightly by less than $0.1 million to $0.8 million for the six months ended June 30, 2026, from $0.9 million for the six months ended June 30, 2025.

Colombia's Segment NOI increased by $1.4 million, to $5.3 million for the six months ended June 30, 2026 from $3.9 million for the six months ended June 30, 2025, which was primarily driven by a $0.7 million increase due to the favorable impact of foreign exchange rate fluctuation, a $0.3 million increase due to contractual rent increases, and $0.3 million from the leasing of Building 300 at Calle 80 that was previously vacant.

Colombia's Segment NOI as a percentage of revenue increased by 4.5%, to 86.7% for the six months ended June 30, 2026 from 82.2% for the six months ended June 30, 2025, which was primarily driven by a slightly greater increase in revenue due to the favorable impact of foreign exchange rate fluctuation as well as contractual rent increases and positive rental rate growth, relative to investment property operating expenses which remained relatively consistent for the periods compared.

Peru – Investment property operating expense in Peru increased by $0.2 million, or 13.7%, to $1.9 million for the six months ended June 30, 2026, from $1.7 million for the six months ended June 30, 2025. The increase was primarily driven by the building operating expenses incurred at Buildings 200 and 300B in Callao, which caused a $0.2 million increase in ground lease payments, a $0.2 million increase in direct billable expenses related to operating the property. These increases were partially offset by the absence of a $0.2 million arbitration cost reversal that occurred in the prior period and did not recur in the current period.

Peru's Segment NOI increased by $2.7 million, to $7.7 million for the six months ended June 30, 2026 from $4.9 million for the six months ended June 30, 2025, which was primarily attributable to positive rental rate growth at Buildings 200 and 300B in Callao and Building 400 in Lurin.

Peru's Segment NOI as a percentage of revenue increased by 5.5%, to 80.1% for the six months ended June 30, 2026 from 74.6% for the six months ended June 30, 2025, which was primarily attributable to the greater increase in revenue due to positive rental rate growth relative to the increase in investment property operating expense.

Mexico – Since the investment properties in Puebla, Mexico were acquired in August 2025, the investment property operating expense in Mexico was $0.1 million for the six months ended June 30, 2026.

Mexico's Segment NOI increased by $0.9 million, to $0.9 million for the six months ended June 30, 2026, from $— million for the six months ended June 30, 2025 as a result of operations which commenced in August 2025.

Mexico's Segment NOI as a percentage of revenue increased by 94.4% to 94.4% for the six months ended June 30, 2026 from —% for the six months ended June 30, 2025 as a result of operations which commenced in August 2025.

General and administrative: General and administrative increased by $0.1 million, or 1.0%, to $8.3 million for the six months ended June 30, 2026 from $8.2 million for the six months ended June 30, 2025. This was primarily driven by a one-time $0.5 million tax charge recognized in Colombia during the prior quarter resulting from a government-declared emergency, as well as $0.5 million due to increased headcount. This was partially offset by $0.4 million less in legal fees during the current period, as well as $0.5 million of equity awards granted during the three months ended June 30, 2025 that did not recur in the current period.

Investment property valuation gain: Investment property valuation gain increased by $9.1 million, to $10.7 million for the six months ended June 30, 2026, from $1.7 million for the six months ended June 30, 2025. The increase was primarily attributable to:

•a $16.8 million fair value adjustment on the Lima Sur park to reflect the value indicated by the recently announced transaction;

•a $1.6 million valuation gain at the Callao development park in Peru, reflecting the increase in construction costs incurred as the project progressed; and

•a $0.2 million increase from the commencement of operations in Mexico.

These gains were partially offset by:

•a $5.5 million decrease in Colombia, primarily driven by higher operating expenses affecting the portfolio's valuation; and

•a $4.0 million decline in the valuation of Parque La Verbena in Costa Rica primarily due to higher real estate tax assessments at Parque La Verbena.

The change in investment property valuation gain is subject to various factors, including the rental rates achieved on new or renewed leases, market capitalization rates, and valuation assumptions. The fair value change of our investment properties is further discussed in Note 9 of the Unaudited Condensed Consolidated Interim Financial Statements.

Financing costs: Financing costs increased by $0.7 million, or 7.3%, to $10.9 million for the six months ended June 30, 2026 from $10.2 million for the six months ended June 30, 2025. The increase was primarily attributable to a $2.2 million increase in interest expense resulting from higher debt balances, including financing obtained for the Callao developments and the BTG bridge loan introduced during the fourth quarter of 2025. The increase was partially offset by a $1.5 million gain recognized on the refinancing of the Parque Logístico Lima Sur loan and a $0.2 million adjustment of debt closing costs.

Net foreign currency gain (loss): Net foreign currency gain decreased by $1.2 million to a $0.9 million loss for the six months ended June 30, 2026, from a gain of $0.3 million for the six months ended June 30, 2025. This decrease was primarily attributable to a $1.0 million unrealized foreign exchange loss arising from the revaluation of COP-denominated loans. The remaining $0.2 million decrease was attributable to lower foreign exchange gains across the remainder of the portfolio, primarily in Costa Rica, compared to the larger gains recognized in the prior-year period.

The following table summarizes the foreign currency exchange rates for the U.S. dollar as of June 30, 2026 and December 31, 2025:

	2026	2025
Costa Rican Colon ("CRC")	CRC 457	CRC 501
Peruvian Nuevo Sol ("PEN")	PEN 3.415	PEN 3.369
Mexican Peso (“MXN”)	MXN 17.47	MXN 17.97
Colombian Pesos (“COP”)	COP 3,444	COP 3,757

Other income: Other income increased by $0.6 million or 119.1%, to $1.1 million for the six months ended June 30, 2026 from $0.5 million for the six months ended June 30, 2025. This increase was primarily driven by the release of retention and provision balances previously recognized in Colombia, as well as the reversal of a previously accrued liability for legal-service invoices that are no longer expected to be paid, and a slight increase resulting from the commencement of operations in Mexico.

Other expense: Other expense increased by $0.3 million, to $0.3 million for the six months ended June 30, 2026, from less than $0.1 million for the six months ended June 30, 2025.This increase was mainly attributable to a transaction cost paid on due diligence costs associated with the evaluation of a potential convertible financing transaction.

Income tax expense: Income tax expense increased by $5.7 million, to $9.0 million for the six months ended June 30, 2026 from $3.3 million for the six months ended June 30, 2025. The increase in income tax expense was primarily driven by a $12.5 million increase in pre-tax book income, which, at the applicable Costa Rica statutory tax rate, resulting

in an additional $3.7 million of income tax expense. The tax impact of foreign exchange gains and losses on debt, the fair value of investment properties, and other items increased income tax expense by $1.3 million. The tax effects of foreign rate differentials and non-controlling interests increased income tax expense by $0.8 million. The tax effects of alternative minimum taxes, intercompany dividends, capital gains taxes, changes in unrecognized deferred tax assets, and other tax adjustments decreased income tax expense by $0.1 million.

Non-IFRS Financial Measures and Other Measures and Reconciliations

In addition to our financial results reported in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”), we also report adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA"), NOI, Same-Property NOI, Cash NOI, Same-Property Cash NOI, funds from operation ("FFO"), FFO (as defined by LPA), Adjusted FFO, Net debt, Net debt to NOI, Net Debt to Adjusted EBITDA, and Net Debt to Investment Properties, all of which are non-IFRS measures. We believe these measures are useful to investors as they provide additional insight into how we assess our performance and financial position. These non-IFRS financial measures should not be considered as a substitute for, or superior to, similar financial measures calculated in accordance with IFRS. These non-IFRS financial measures may differ from the calculations of other companies and, as a result, may not be comparable to similarly titled measures presented by other companies.

For the 30 properties within the same-property population as of June 30, 2026, Same-Property NOI increased by 14.6% and Same-Property Cash NOI increased by 15.6%, respectively, during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. Same-Property NOI and Same-Property Cash NOI increased by 15.6% and 16.3%, during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.

The following table presents a summary of our non-IFRS measures for the periods presented:

	For the three months ended June 30,		For the six months ended June 30,
(USD in thousands)	2026	2025	2026	2025
Adjusted EBITDA	9,365	6,278	18,243	12,969
NOI	12,167	9,582	24,286	19,009
Same-Property NOI	9,645	8,423	19,304	16,702
Cash NOI	12,248	9,623	24,339	18,838
Same-Property Cash NOI	9,860	8,530	19,684	16,923
FFO	(5,726)	(858)	(4,052)	(1,712)
FFO (as defined by LPA)	(5,019)	(96)	(3,401)	(657)
Adjusted FFO	(4,952)	325	(2,861)	(36)

All values are in US Dollars.

The following table presents a summary of LPA’s non-IFRS multiples for the periods presented:

	As of and for the six months ended June 30,		As of and for the year ended December 31,
	2026		2025
Net Debt to NOI (1)	6.1x		6.4x
Net Debt to Adjusted EBITDA (1)	7.7x		9.1x
Net Debt to Investment Properties	40.7	%	40.2	%

(1)Net debt related multiples were calculated using the last twelve months ended June 30, 2026 for Profit (Loss), NOI and Adjusted EBITDA in their respective calculations.

(USD in thousands except for percentage and ratio data)	As of and for the twelve months ended June 30, 2026 (4)		As of and for the year ended December 31, 2025
Adjusted EBITDA	33,952		28,678
Adjusted EBITDA Margin (1)	61.9	%	58.4	%
NOI	46,242		40,965
Costa Rica (2)	20,933		20,608
Colombia (2)	9,900		8,558
Peru (2)	13,921		11,172
Mexico (2)	1,487		627
Net Debt to NOI (3)	6.1x		6.4x
Net Debt to Adjusted EBITDA (3)	8.2x		9.1x
Net Debt to Investment Properties	40.7	%	40.2	%

All values are in US Dollars.

(1)Adjusted EBITDA Margin is calculated as Adjusted EBITDA for the relevant period over Rental Revenue for such period.

(2)For the twelve month period ended June 30, 2026 and the year ended December 31, 2025, the NOI of Costa Rica represented 45.3% and 50.3% of the total NOI, respectively, the NOI of Colombia represented 21.4% and 20.9% of the total NOI, respectively, the NOI of Peru represented 30.1% and 27.3% of the total NOI, respectively, and NOI of Mexico represented 3.2% and 1.5% of the total NOI, respectively.

(3)Net debt related multiples were calculated using the last twelve months ended June 30, 2026 for Profit (Loss), NOI and Adjusted EBITDA in their respective calculations.

(4)Includes the Company's results for the four-quarter period ended June 30, 2026.

Use of Constant Currency

As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of certain financial metrics and results on a constant currency basis in addition to the IFRS reported results helps improve investors’ ability to understand our operating results and evaluate our performance in comparison to prior periods. Constant currency information is non-IFRS financial information that compares results between periods as if exchange rates had remained constant period-over-period. We use results on a constant currency basis as a measure to evaluate our performance. We currently present Same Property NOI and Same Property Cash NOI on a constant currency basis. We calculate constant currency by calculating prior-period results using current-period average foreign currency exchange rates. We generally refer to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange. These results should be considered in addition to, not as a substitute for, results reported in accordance with IFRS. Results on a constant currency basis, as we present them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with IFRS.

Reconciliations of non-IFRS Measures

Adjusted EBITDA – We define Adjusted EBITDA as profit (loss) for the period adjusted by (a) financing costs, (b) income tax expense, (c) depreciation and amortization, (d) investment property valuation gain or loss, (e) share-based payments, (f) other income, (g) other expenses and (h) net foreign currency gain or loss. Management uses Adjusted EBITDA to measure and evaluate the operating performance of our business. Adjusted EBITDA is a measure commonly used in our industry, and we present Adjusted EBITDA to supplement investor understanding of our operating performance. We believe that Adjusted EBITDA provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and fair value adjustments of our assets.

The table below includes reconciliations of Adjusted EBITDA to the most directly comparable IFRS measure, profit (loss) for the respective period:

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2026	2025	2026	2025
(USD in thousands)
PROFIT (LOSS) FOR THE PERIOD	14,255	(1,115)	6,682	(54)
Financing costs (1)	5,594	5,007	11,728	10,329
Income tax expense	8,212	1,307	9,034	3,291
Depreciation and amortization (2)	219	221	451	572
Investment property valuation loss (gain)	(19,981)	257	(10,734)	(1,658)
Share-based payments (3)	477	879	890	1,236
Other income (4)	(324)	(213)	(1,061)	(485)
Other expenses (5)	327	—	349	3
Net foreign currency loss (gain)	586	(65)	904	(265)
Adjusted EBITDA	9,365	6,278	18,243	12,969

All values are in US Dollars.

(1)Financing costs primarily included interest expense of $6.3 million and $12.2 million for the three and six months ended June 30, 2026, respectively, and $4.9 and $10.0 million for the three and six months ended June 30, 2025, respectively. The adjustment also included $0.1 million and $0.2 million for the three and six months ended June 30, 2026 and less than $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively, of amortization of debt issuance cost, in connection with our long-term debt. Financing costs was also adjusted for debt modification gain of $1.0 million during both the three and six months ended June 30, 2026. Additionally, financing costs included the interest expenses of $0.2 million and $0.3 million for the three and six months ended June 30, 2026, respectively, and $0.1 million and $0.1 million for the three and six months ended June 30, 2025, respectively related to our lease liabilities, which are included within investment property operating expenses and general and administrative expenses. See Note 4 of the Unaudited Condensed Consolidated Interim Financial Statements for details.

(2)Depreciation and amortization included amortization of prepaid D&O liability insurance, depreciation of non-real estate property and equipment, and amortization of right-of-use assets. The amounts were included within general and administrative expense within the condensed consolidated interim statements of profit or loss and other comprehensive income (loss).

(3)Certain executives and directors were granted various Restricted Stock Units ("RSUs") and the associated share-based payment expenses were included within general and administrative expense in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss).

(4)Other income primarily included interest income earned on certificates of deposit and bank accounts of $0.2 million and $0.5 million for the three and six months ended June 30, 2026, respectively, and $0.1 million and $0.4 million for the three and six months ended June 30, 2025, respectively. Other income also included certain miscellaneous income of less than $0.1 million and $0.6 million for the three and six months ended June 30, 2026, respectively, and $0.1 million and $0.1 million for the three and six months ended June 30, 2025, respectively.

(5)Other expenses were $0.3 million for the three and six months ended June 30, 2026 and primarily relates to other capital raising costs and deal pursuit costs. Other expenses were less than $0.1 million for the six months ended June 30, 2025.

Net Operating Income, or NOI – We define NOI as profit (loss) for the period adjusted by (a) other revenue (which primarily relates to development fee revenue), (b) general and administrative expenses, (c) investment property valuation gain or loss, (d) financing costs, (e) net foreign currency gain or loss, (f) other income, (g) other expenses, and (h) income tax expense. NOI, Same-Property NOI, Cash NOI, and Same-Property Cash NOI are supplemental industry reporting measures used to evaluate the performance of our investments in real estate assets and our operating results. Same properties refer to properties that we have owned and that have been operating for the entirety of the applicable period and the comparable period. We believe that these metrics are useful for investors as performance measures and that they provide useful information regarding our results of operations because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unlevered basis, providing perspectives that may not be immediately apparent from a review of our Unaudited Condensed Consolidated Interim Financial Statements.

We define Same-Property NOI as NOI less non same-property NOI, adjusted for constant currency. We evaluate the performance of the properties we own using a Same-Property NOI, and we believe that Same-Property NOI is helpful to investors and management as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period-to-period, thereby eliminating the effects of changes in the composition of our portfolio on performance. When used in conjunction with IFRS financial measures, Same-Property NOI is a supplemental measure of operating performance that we believe is a useful measure to evaluate the performance and profitability of our investment properties. Additionally, Same-Property NOI is a key metric used internally by us to develop internal budgets and forecasts, as well as to assess the performance of our investment properties relative to budget and against prior periods. We believe presentation of Same-Property NOI provides investors with a supplemental view of our operating performance that can provide meaningful insights to the underlying operating performance of our investment properties, as these measures depict the operating results that directly result from our investment properties, is consistent period-over-period, and excludes items that may not be indicative of, or are unrelated to, the ongoing operations of the properties.

We define Cash NOI as NOI adjusted for straight-line rental revenue during the relevant period. We define Same-Property Cash NOI as Cash NOI less non same-property Cash NOI, adjusted for constant currency. The same-property population for a given period includes the operating properties that were owned during the entirety of that period and the corresponding prior year period. Properties developed or acquired are excluded from the same-property population until they are held in the operating portfolio for the entirety of both such periods, and properties that sold during such periods are also excluded from the same-property population. As of June 30, 2026 and December 31, 2025, the same property population consisted of 30 buildings, aggregating approximately 69% and 63%, respectively of our total Net Rentable Area ("NRA").

The tables below reconcile these measures to the most directly comparable IFRS financial measure, profit (loss) for the respective periods:

	For the Three Months Ended June 30,		For the six months ended June 30,
	2026	2025	2026	2025
(USD in thousands)
PROFIT (LOSS) FOR THE PERIOD	14,255	(1,115)	6,682	(54)
Other revenue	(27)	(103)	(65)	(178)
General and administrative expense	4,181	4,580	8,251	8,172
Investment property valuation loss (gain)	(19,981)	257	(10,734)	(1,658)
Financing costs	4,938	4,934	10,926	10,183
Net foreign currency loss (gain)	586	(65)	904	(265)
Other income (1)	(324)	(213)	(1,061)	(485)
Other expenses (2)	327	—	349	3
Income tax expense	8,212	1,307	9,034	3,291
NOI	12,167	9,582	24,286	19,009
Constant currency impact (3)	—	(191)	—	(377)
Less: non same-property NOI (4)	2,522	968	4,982	1,930
Same-Property NOI (4)	9,645	8,423	19,304	16,702
NOI	12,167	9,582	24,286	19,009
Straight-line rental revenue	81	41	53	(171)
CASH NOI	12,248	9,623	24,339	18,838
Constant currency impact (3)	—	(189)	—	(372)
Less: non same-property cash NOI (4)	2,388	904	4,655	1,543
Same-Property Cash NOI (4)	9,860	8,530	19,684	16,923

All values are in US Dollars.

(1)Other income primarily included interest income earned on certificates of deposit and bank accounts of $0.2 million and $0.5 million for the three and six months ended June 30, 2026, respectively, and $0.1 million and $0.4 million for the three and six months ended June 30, 2025, respectively. Other income also included certain miscellaneous income of less than $0.1 million and $0.6 million for the three and six months ended June 30, 2026, respectively, and $0.1 million and $0.1 million for the three and six months ended June 30, 2025, respectively.

(2)Other expenses were $0.3 million for the three and six months ended June 30, 2026 and primarily relates to other capital raising costs and deal pursuit costs. Other expenses were less than $0.1 million for the six months ended June 30, 2025.

(3)Constant currency information is non-IFRS financial information that compares results between periods as if exchange rates had remained constant period-over-period. We use results on a constant currency basis as a measure to evaluate our performance. We calculate constant currency by calculating prior period results using the average foreign currency exchange rate for the three and six months ended June 30, 2026.

(4)The same-property pool includes all properties that were classified as operating properties as of June 30, 2026 and since January 1, 2025, and excludes properties that were either disposed of prior to June 30, 2026, or held for sale to a third party as of June 30, 2026. As of June 30, 2026, the same-property pool consisted of 30 buildings aggregating approximately 5.1 million square feet. Non same-property NOI and Cash NOI amounts exclude the NOI attributable to the same-property pool, while Same-Property NOI and Cash NOI amounts include the NOI attributable to the same-property pool.

Funds From Operations, or FFO – LPA defines FFO as profit (loss) for the period, excluding (a) investment property valuation gain or loss. LPA calculates FFO (as defined by LPA) as FFO, excluding (a) share-based payments, (b) one-time cash bonus related to the Business Combination, (c) other income and (d) other expenses. LPA defines Adjusted FFO as

FFO (as defined by LPA), excluding (a) depreciation and amortization, (b) non-cash financing costs, and (c) unrealized foreign currency gain or loss and (d) straight-line rental revenue.

LPA uses FFO, FFO (as defined by LPA) and Adjusted FFO (collectively, “FFO Measures”) to help analyze the operating results of LPA’s assets and operations. LPA’s management believes that FFO Measures are useful to investors as supplemental performance measures because they exclude the effects of certain items which can create significant earnings volatility, as well as certain non-cash items, but which do not directly relate to LPA’s ongoing business operations or cash flow generation. LPA’s management believes FFO Measures can facilitate comparisons of operating performance between periods, while also providing an indication of future earnings potential. FFO Measures do not capture the level of capital expenditures or maintenance and improvements required to sustain the operating performance of properties, which has a material economic impact on operating results. Therefore, LPA’s management believes the usefulness of FFO Measures as measures of performance may be limited. LPA’s computation of FFO Measures may not be comparable to FFO measures reported by other real estate companies that define or interpret the FFO definition differently.

The table below includes reconciliations of FFO, FFO (as defined by LPA) and Adjusted FFO to the most directly comparable IFRS financial measure, profit (loss) for the respective periods:

	For the Three Months Ended June 30,		For the six months ended June 30,
	2026	2025	2026	2025
(USD in thousands)
PROFIT (LOSS) FOR THE PERIOD	14,255	(1,115)	6,682	(54)
Investment property valuation loss (gain)	(19,981)	257	(10,734)	(1,658)
FFO	(5,726)	(858)	(4,052)	(1,712)
Share-based payments (1)	477	879	890	1,236
Other income (2)	(97)	(117)	(588)	(184)
Other expenses (3)	327	—	349	3
FFO (as defined by LPA)	(5,019)	(96)	(3,401)	(657)
Depreciation and amortization (4)	219	221	451	572
Financing costs (5)	(1,211)	120	(1,014)	325
Unrealized foreign currency loss (gain) (6)	978	39	1,050	(105)
Straight-line rental revenue	81	41	53	(171)
Adjusted FFO	(4,952)	325	(2,861)	(36)

All values are in US Dollars.

(1)Certain executives and directors were granted various RSUs and the associated share-based payment expenses were included within general and administrative expense in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss).

(2)Other income primarily included interest income earned on certificates of deposit and bank accounts of $0.2 million and $0.5 million for the three and six months ended June 30, 2026, respectively, and $0.1 and $0.4 million for the three and six months ended June 30, 2025, respectively. Other income also included certain miscellaneous income of less than $0.1 million and $0.6 million for the three and six months ended June 30, 2026, respectively, and $0.1 million and $0.1 million for the three and six months ended June 30, 2025, respectively. Interest income settled in cash of $0.2 million and $0.5 million for the three and six months ended June 30, 2026, respectively and $0.1 million and $0.3 million for the three and six months ended June 30, 2025, respectively was excluded from this reconciliation.

(3)Other expenses were $0.3 million for the three and six months ended June 30, 2026 and primarily relates to other capital raising costs and deal pursuit costs. Other expenses were less than $0.1 million for the six months ended June 30, 2025.

(4)Depreciation and amortization included amortization of prepaid D&O liability insurance, depreciation of non-real estate property and equipment and amortization of right-of-use assets. The amounts were included within general and administrative expense in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) included in the Unaudited Condensed Consolidated Interim Financial Statements.

(5)The adjustment related to financing costs included the interest expenses of $0.2 million and $0.3 million for the three and six months ended June 30, 2026 and $0.1 million and $0.1 million for the three and six months ended June 30, 2025, respectively related to our lease liabilities which are included within investment property operating expenses and general and administrative expenses. Financing costs also adjusted for debt modification gain of $1.5 million during both the three and six months ended June 30, 2026, respectively. The adjustment also included $0.1 million and $0.2 million for the three and six months ended June 30, 2026 and less than $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively, of amortization of debt issuance cost, included in financing costs in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) included in the Unaudited Condensed Consolidated Interim Financial Statements.

(6)Unrealized foreign currency loss (gain) was included within net foreign currency gain (loss) in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) included in the Unaudited Condensed Consolidated Interim Financial Statements.

Net Debt — Net Debt is defined as our total debt (defined as long term debt plus long-term debt—current portion) less cash and cash equivalents. Net Debt to NOI represents Net Debt divided by NOI. Net Debt to Adjusted EBITDA represents Net Debt divided by Adjusted EBITDA. We believe that these two ratios are useful because they provide investors with information on our ability to repay debt, compared to our performance as measured using NOI and Adjusted EBITDA. Net Debt to Investment Properties represents Net Debt divided by Investment Properties (end of period value). We believe that this ratio is useful because it shows the degree in which Net Debt has been used to finance our assets. The table below includes reconciliations of Net Debt to the most directly comparable IFRS financial measures:

	As of and for the six months ended June 30,		As of and for the year ended December 31,
(USD in thousands except for ratio and percentage data)	2026		2025
Long term debt	310,182		285,065
Long term debt – current portion	10,608		10,270
Cash and cash equivalents (1)	(40,829)		(34,027)
Net Debt	279,961		261,308
Net Debt to Profit (Loss) (2)	9.8x		16.2x
Net Debt to NOI (2)	6.1x		6.4x
Net Debt to Adjusted EBITDA (2)	7.7x		9.1x
Net Debt to Investment Properties	40.7	%	40.2	%

All values are in US Dollars.

(1)Cash and cash equivalents included $7.2 million and $6.6 million of restricted cash and cash equivalents associated with the total debt as of June 30, 2026 and December 31, 2025, respectively.

(2)Net debt related multiples were calculated using the last twelve months ended June 30, 2026 for Profit (loss), NOI and Adjusted EBITDA in their respective calculations.

Liquidity and Capital Resources

For the three months ended June 30, 2026 and 2025, we had a profit (loss) of $14.3 million and $(1.1) million, respectively, and for the six months ended June 30, 2026 and 2025, we had a profit (loss) of $6.7 million and $(0.1) million, respectively. As of June 30, 2026, we had cash and cash equivalents, restricted cash equivalent - short term, and restricted cash equivalents - long term of $33.6 million, $0.01 and $7.2 million, respectively. We require significant cash resources to, among other things, fund our working capital requirements, increase our headcount, make capital expenditures, and expand our business through acquisitions. Our future capital requirements will depend on many factors, including the cost of future acquisitions, the scale of increases in headcount, our revenue mix, incremental costs relating to the implementation of new contracts, and the timing and extent of spending to support warehouse development efforts.

We believe our existing cash and cash equivalents and the cash flow we generate from our operations will be sufficient to meet our working capital and capital expenditure needs and other liquidity requirements for at least the next 12 months. Furthermore, we have binding lease agreements for several properties under development, which are anticipated to produce additional cash flows upon completion. These future binding agreements, combined with our existing leases, will sufficiently address our working capital and capital expenditure needs. However, our future capital requirements may be materially different than those currently planned in our budgeting and forecasting activities and depend on many factors, including our financial performance and that of our tenants, the timing and scope of our projects, acquisition activities, competitive factors, and global economic conditions.

If we were to require additional funding, seek additional sources of financing or desire to refinance our debt, we believe that our historical ability to raise and deploy capital to fund the development of our logistic warehouse facilities and expansion of our operations would enable us to access financing on reasonable terms.

However, we believe that there can be no assurance that such financing would be available to us on favorable terms or at all. If financing is not available, or if the terms of such financing are not acceptable to us, we may be forced to decrease the level of investment in our logistic warehouse facilities, scale back our operations, defer investments to execute on our growth strategy or execute a combination of these cost management strategies, which could have an adverse impact on our business and financial prospects. We expect to continue to recognize profits as we execute on our operating plan and expand our warehouse offerings in the near term.

Debt

As of June 30, 2026, Company’s total outstanding debt was $320.8 million, of which $310.2 million, or 96.7%, consisted of long-term debt. As of December 31, 2025, Company’s total outstanding debt was $295.3 million, of which $285.1 million, or 96.5%, consisted of long-term debt.

As of June 30, 2026 and December 31, 2025, all of our outstanding debt was secured by its corresponding investment properties, interests in lease contracts related to the investment properties, and equity interests in our subsidiaries, and we are in compliance with all the debt covenants with our lenders. Refer to Note 11 of the Unaudited Condensed Consolidated Interim Financial Statements and Note 16 of the Audited Consolidated Financial Statements for the year ended December 31, 2025 for details.

The scheduled principal and interest payments due on the Company’s debt as of June 30, 2026, are as follows:

	Amount
Maturity:
Remainder of 2026	5,101,420
2027	11,131,570
2028	25,540,427
2029	12,817,783
2030	13,737,347
2031	14,728,883
Thereafter	241,156,189
Accrued and deferred financing cost, net	(3,423,681)
Total	320,789,938

All values are in US Dollars.

As of June 30, 2026, 79.8% of the total outstanding debt was denominated in U.S. dollars, while 20.2% was in Colombian pesos. Additionally, 70.9% of the debt was subject to floating rates, whereas 29.1% was subject to fixed rates.

Capital Expenditures

For the six months ended June 30, 2026 and 2025, we incurred capital expenditures totaling $9.6 million and $10.3 million, respectively, in connection with construction projects to develop warehouses. Refer to Note 9 of the Unaudited Condensed Consolidated Interim Financial Statements for more details.

Share Repurchase Program

On November 22, 2024, the Company's board of directors approved a share repurchase program (the "Program") with authorization to purchase up to $10.0 million of Ordinary Shares for a duration of 12 months. On November 29, 2024, the Company and an unrelated third-party broker (the “Broker”) entered into a share purchase agreement (the “Share Purchase Agreement”). Under the Share Purchase Agreement, the Broker is authorized to execute the Program on behalf of the Company to purchase the Ordinary Shares from the open market. The repurchase program expired on November 20, 2025. Since the approval of the Program, the Company has repurchased 163,816 of the shares for $0.8 million. For the six months ended June 30, 2026, no shares were repurchased.

The timing and actual number of shares repurchased depends on factors such as the Company's share price, business conditions, and share volume, in addition to overall market conditions. The Program aims to address market dislocation in the pricing of the Company's Ordinary Shares, highlighted by our portfolio of warehouse logistics and industrial assets as well as our overall strategy. The purchase of Ordinary Shares uses cash generated by operating activities and is subject to termination by the Company before the expiration date of the Program. The Share Purchase Agreement was terminated as of June 5, 2025.

Cash Flows

The following table summarizes our condensed consolidated interim cash flows provided by (used in) operating, investing, and financing activities for the six months ended June 30, 2026 and 2025:

	For the six months ended June 30,
	2026	2025	Change	% Change
Net cash provided by operating activities	8,257,072	8,908,665	(651,593)	(7.3)	%
Net cash used in investing activities	(9,947,592)	(6,723,993)	(3,223,599)	47.9	%
Net cash provided by (used in) financing activities	7,706,139	(5,699,847)	13,405,986	NM
Effects of exchange rate fluctuations on cash held	243,101	260,596	(17,495)	(6.7)	%
Net (decrease) increase in cash and cash equivalents	6,258,720	(3,254,579)	9,513,299	NM
Cash and cash equivalents at the beginning of the period	27,323,468	28,827,347	(1,503,879)	(5.2	%)
Cash and cash equivalents at the end of the period	33,582,188	25,572,768	8,009,420	31.3	%

All values are in US Dollars.

NM - not meaningful

Cash flows from operating activities

Cash flows generated by operating activities for the six months ended June 30, 2026 amounted to $8.3 million, representing an decrease of $0.7 million, or 7.3%, compared to $8.9 million for the six months ended June 30, 2025. The decrease in cash generated by operating activities was primarily attributable to:

•a $5.9 million increase in cash paid for income taxes, which was mainly comprised of Colombia's 2024 income tax liability, as well as income tax payments in Costa Rica; and

•a $0.7 million increase in cash paid for general and administrative expense.

These decreases are partially offset by:

•a $5.9 million increase in cash received from contracts with tenants (customers) as a result of more investment properties becoming Stabilized in 2026.

Cash flows from investing activities

Cash flows used in investing activities for the six months ended June 30, 2026 amounted to $9.9 million, representing an increase in cash used of $3.2 million, compared to $6.7 million used in investing activities for the six months ended June 30, 2025. This change was primarily driven by:

•a one-time $3.9 million collection of a final installment on the sale of Building 500A in Calle 80 that occurred during the six months ended June 30, 2025 and did not recur in the current period.

The increase was partially offset by:

•a $0.5 million decrease in cash paid for construction activities for warehouses in Peru. During the six months ended June 30, 2025, Building 300B in Callao was under construction, which was a more costly warehouse in the park. During the six months ended June 30, 2026, Buildings 200 and 400 in Parque Logistico Callao were under construction, which were relatively lower cost warehouses to construct.

Cash flows from financing activities

Cash flows provided by financing activities for the six months ended June 30, 2026 amounted to $7.7 million, representing an increase in cash provided of $13.4 million compared to cash flows used in financing activities of $5.7 million for the six months ended June 30, 2025. The increase was primarily attributable to:

•an increase in proceeds from long-term debt borrowings of $63.4 million;

•the repurchase of treasury shares of $2.0 million during the six months ended June 30, 2025, which did not recur in the current period; and

•a decrease in repayment of lease liabilities of $0.1 million.

The increase was partially offset by:

•an increase in long-term debt repayments of $48.6 million;

•an increase in interest and commitment fees paid of $1.1 million;

•cash paid for equity issuance of $0.7 million during the six months ended June 30, 2026, with no comparable activity in the prior-year period;

•a decrease in contributions from non-controlling partners of $0.6 million;

•an increase in distributions to non-controlling partners of $0.4 million; and

•an increase in cash paid for raising debt of $0.3 million.

Critical Accounting Estimates

LPA's Unaudited Condensed Consolidated Interim Financial Statements have been prepared in accordance with IAS 34 which requires the use of estimates and assumptions that affect the value of assets and liabilities as well as contingent assets and liabilities, as reported on the statements of financial position and revenues and expenses arising during the periods presented. LPA evaluates its assumptions and estimates on an ongoing basis. LPA bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

For more information, see Note 2 of the Unaudited Condensed Consolidated Interim Financial Statements.

Valuation of Investment Properties

Investment properties are initially recognized at cost and are subsequently measured at fair value. We engage an external appraiser to obtain an independent opinion on the market value of each of our investment properties, including operating properties, properties under development and land bank. Management submits the details of the investment property portfolio for the current period to the appraiser and provides it access to the properties, leasing contracts and specific operating details of the portfolio.

The independent appraiser uses a combination of valuation techniques such as the discounted cash flow approach, sales comparison approach, and direct capitalization approach to value the investment properties. The valuation techniques used to estimate the fair value of our investment properties rely on assumptions, which are not directly observable in the market, including discount rates, occupancy rates, net operating income, and market rents. Our operating properties are

primarily appraised using the discounted cash flows method and direct capitalization method. Our properties under development are primarily appraised using discounted cash flow and direct capitalization methods, adjusted by the net present value of the cost to complete and the vacancy percentage in the properties under construction. Our land bank is primarily appraised using the income approach.

To review the appraiser’s valuations, we leverage our familiarity with individual properties and regional portfolios, along with insights into factors such as interest rate fluctuations, turnover rates, and other judgment factors used in the valuation process, to evaluate the reasonableness of the results and compare the reported values to those from the previous period to monitor changes. As part of the review process, we offer feedback concerning inconsistencies in factual information and inaccurate statements, before the appraisal reports are finalized.

For more information, see Note 9 of the Unaudited Condensed Consolidated Interim Financial Statements and Note 13 of our audited consolidated financial statements as of and for the year ended December 31, 2025. LPA management believes that the chosen valuation methodologies are appropriate for determining the fair value of the types of our investment properties.

	Fair Value as of June 30, 2026	Number of Buildings	NRA (1)<br><br>(sq ft)	Leased %		Occupied %
Land bank:
Owned properties
Colombia	33,422,405	n/a	1,090,211	—	%	n/a
Sub-total	33,422,405	n/a	1,090,211	—	%	n/a
Properties under right-of-use (3)
Peru	2,819,977	n/a	115,873	—	%	n/a
Sub-total	2,819,977	n/a	115,873	—	%	n/a
Total land bank	36,242,382	n/a	1,206,084	—	%	n/a
Properties under development:
Properties under right-of-use (3)
Peru	30,094,898	2	440,383	91.9	%	13.9	%
Sub-total	30,094,898	2	440,383	91.9	%	13.9	%
Total properties under development	30,094,898	2	440,383	91.9	%	13.9	%
Operating properties:
Owned properties
Costa Rica (4)	260,172,352	19	2,516,471	100.0	%	100.0	%
Colombia	153,311,805	5	1,255,178	100.0	%	100.0	%
Peru	171,143,110	7	1,605,629	100.0	%	100.0	%
Mexico	20,820,000	2	257,681	100.0	%	100.0	%
Sub-total	605,447,267	33	5,634,959	100.0	%	100.0	%
Properties under right-of-use (3)
Peru	15,275,895	1	169,187	100.0	%	100.0	%
Sub-total	15,275,895	1	169,187	100.0	%	100.0	%
Total operating properties	620,723,162	34	5,804,146	100.0	%	100.0	%
Total operating and properties under development	650,818,060	36	6,244,529	99.4	%	93.9	%
Total	687,060,442	36	7,450,613	n/a		n/a

All values are in US Dollars.

	Fair Value as of December 31, 2025	Number of Buildings	NRA(1)<br><br>(sq ft)	Leased %		Occupied %
Land bank:
Owned properties
Colombia	30,177,087	N/A	1,090,211	—	%	N/A
Sub-total	30,177,087	N/A	1,090,211	—	%	N/A
Properties under right-of-use(2)
Peru	9,917,236	N/A	441,115	—	%	N/A
Sub-total	9,917,236	N/A	441,115	—	%	N/A
Total land bank	40,094,323	N/A	1,531,326	—	%	N/A
Properties under development:
Properties under right-of-use(2)
Peru	12,948,826	1	224,427	84.1	%	—	%
Sub-total	12,948,826	1	224,427	84.1	%	—	%
Total properties under development	12,948,826	1	224,427	84.1	%	—	%
Operating properties:
Owned properties
Costa Rica(3)	263,201,125	19	2,516,471	100.0	%	100.0	%
Colombia	144,844,400	5	1,255,286	100.0	%	100.0	%
Peru	153,685,370	7	1,605,629	100.0	%	100.0	%
Mexico	20,569,001	2	257,688	100.0	%	100.0	%
Sub-total	582,299,896	33	5,635,074	100.0	%	100.0	%
Properties under right-of-use
Peru	14,482,139	1	169,187	100.0	%	100.0	%
Sub-total
Total operating properties	596,782,035	34	5,804,261	100.0	%	100.0	%
Total operating and properties under development	609,730,861	35	6,028,688	99.4	%	96.3	%
Total	649,825,184	35	7,560,014	N/A		N/A

All values are in US Dollars.

(1)The NRA for land bank and properties under development reflect the estimated potential net rental area. The NRA excludes the net rentable area of the patios or the open-air rentable land.

(2)Properties under right-of-use are mainly related to the investment properties developed on leased land. More specifically, they were associated with a land lease agreement the Parque Logistic Callao S.R.L. (Parque Logistic), a partnership entity controlled by LPA, entered into with Lima Airport Partners S.R.L. (“LAP”) under which Parque Logistic committed to lease a land parcel for a period of 30 years, with the intention of developing investment properties.

(3)As of June 30, 2026 and December 31, 2025, the operating properties in Costa Rica included patios and open-air rentable land totaling 521,274 square feet for both periods for the use of trailer parking and open-air warehousing. As of June 30, 2026 and December 31, 2025, the patios and open-air rentable land had a fair value of $6.3 million and $6.1 million, with a weighted average capitalization rate of 8.1% and 8.3%, respectively . The NRA included in the table above excludes areas related to the patios or the open-air rentable land.

Quantitative and Qualitative Disclosures about Market Risk

LPA is exposed to various market and other risks, including the effects of changes in interest rates and foreign currency risk.

Interest Rate Risk

LPA holds financial liabilities (e.g., long-term debt) subject to interest rate risk. LPA manages the interest rate risk by maintaining a mix of fixed and variable rate debt depending on market conditions and facility terms. Fluctuations in interest rates as of the reporting date may impact profit or loss and cash flows. As of June 30, 2026 and December 31, 2025, the debt balances that were subject to variable rates were $227.4 million and $218.9 million, respectively. Assuming no change in the principal amounts outstanding, the impact of a 1% increase or decrease in the assumed weighted average interest rate on interest expense would be approximately $1.1 million for the six months ended June 30, 2026.

Liquidity Risk

Liquidity risk refers to the possibility that LPA may face challenges in fulfilling its obligations related to financial liabilities payable in cash or other financial assets. To manage liquidity, LPA aims to ensure adequate liquidity to meet its liabilities as they become due, both in normal and stressed conditions, without incurring significant losses or harming LPA’s reputation. The Company seeks to maintain a balance between funding continuity and flexibility through the use of bank deposits and loans.

LPA maintains sufficient liquidity through a combination of cash deposits, short-term credit facilities, and committed borrowing facilities to meet expected operating expenses and financial obligations for a minimum period of 90 days, including the servicing of financial obligations. This excludes the potential impact of extreme circumstances, such as natural disasters, that cannot be reasonably predicted.

The Company is confident that LPA has access to a diverse range of funding sources to repay any debts maturing within 12 months as part of its normal business operations. As of June 30, 2026, the Company was compliant with all debt covenants with its lenders. See Note 11 of the Unaudited Condensed Consolidated Interim Financial Statements for more details.

Foreign Currency Risk

LPA is exposed to market risk from fluctuations in foreign currency exchange rates in connection with the Company's subsidiaries. LPA is subject to fluctuations in the exchange rates between the Costa Rican colon, Peruvian sol, Colombian peso, and Mexican peso against the U.S. dollar. LPA implements natural hedging strategies by aligning the denomination of its debt obligations with its revenue streams to minimize currency exposure. In addition, LPA keeps minimal funds in local currencies and holds the majority of funds (excluding restricted cash), approximately 80%, in its functional currency of the U.S. dollar.

Market Risk

LPA's primary market risk exposure derives from fluctuations in interest rates and foreign currency exchange rates. It does not engage in derivative trading or speculative activity to generate income.

Recent Accounting Pronouncements

For information about recent accounting pronouncements that have been adopted or will apply to LPA in the future, see Note 2 of the Unaudited Condensed Consolidated Interim Financial Statements.

JOBS Act

LPA is an “emerging growth company” under the JOBS Act. The JOBS Act provides that an emerging growth company can delay adopting new or revised accounting standards until such time as those standards apply to private companies. LPA has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided by the JOBS Act.

Additionally, subject to certain conditions set forth in the JOBS Act, if, as an emerging growth company, LPA chooses to rely on those exemptions, LPA may not be required to, among other things: (i) provide an auditor’s attestation report on the system of internal controls over financial reporting pursuant to Section 404; (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies; (iii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board ("PCAOB") regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis); and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our initial public offering or until LPA is no longer an emerging growth company, whichever is earlier.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This MD&A includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Forward-looking statements relate to our business plans, objectives, expectations, financial outlook, financial performance and other matters. Such statements are typically identified by terms such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would,” “will,” “seek,” and other similar words and expressions. However, the absence of these terms does not preclude a statement from being forward-looking. Forward-looking statements are based on management’s current beliefs, assumptions and available information as of the date of this MD&A. Although we believe that the expectations reflected in forward-looking statements are reasonable, such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements.

These forward-looking statements reflect management's current expectations, forecasts and assumptions and are subject to various risks, uncertainties and potential changes in circumstances. These statements speak only as of the date of this MD&A. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed, contemplated or implied by these forward-looking statements. The forward-looking statements contained in this MD&A address various subjects, which include, but are not limited to, statements regarding:

•expectations regarding, and LPA’s ability to meet expectations regarding, LPA’s strategies and future financial performance, including LPA’s future business plans or objectives, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash, capital expenditures;

•LPA’s ability to invest in growth initiatives;

•the outcome of any legal proceedings that may be instituted against LPA;

•the ability of LPA to raise financing in the future and comply with restrictive covenants related to indebtedness;

•the ability to fully realize the benefits of the Business Combination, which may be affected by, among other things, competition, LPA’s ability to grow and manage growth and profitability, maintain relationships with customers and suppliers and retain its management team and key employees;

•the projected financial information, anticipated growth rate, and market opportunity for LPA, and its estimates of expenses and profitability;

•LPA’s ability to maintain its listing on NYSE American;

•global economic disruptions and disruptions to commodity markets due to global conflicts and events, including the ongoing conflict between Russia and Ukraine, and conflicts in the Middle East, which may exacerbate market pressures and economic volatility;

•increases in raw material costs, fuel costs and insurance premiums, especially in light of the ongoing conflict between Russia and Ukraine, and conflicts in the Middle East;

•developments in or changes to the laws, regulations and governmental policies governing our business;

•anticipated economic, business, and/or competitive factors;

•potential impacts of public health crises, including pandemics, epidemics, or other widespread health crises that may disrupt LPA’s business operations, supply chain or market conditions;

•litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on LPA’s resources;

•exchange rate instability;

•the possibility that expansion of LPA’s customer offerings or certain operations may subject it to additional legal and regulatory requirements, including tort liability;

•LPA’s ability to retain and grow its customer base;

•LPA’s success in finding and maintaining future strategic partnerships and inorganic opportunities;

•the potential liquidity and trading of public securities of LPA;

•the ability of LPA to respond to general economic conditions;

•LPA's strategic expansion plans, including geographic expansion, new markets and other plans;

•any downturn in the real estate industry;

•the ability of LPA to manage its growth effectively;

•the ability of LPA to develop and protect its brand;

•the ability of LPA to compete with competitors in existing and new markets and offerings.

•economic, political and social developments in Costa Rica, Colombia, Peru and Mexico, including political instability, currency devaluation, inflation, and unemployment; and

•the economic performance of Costa Rica, Colombia, Peru and Mexico, including their competitiveness as exporters of manufactured and other products to the United States and other key markets, and the impact of global economic conditions on these markets.

Forward-looking statements are provided for illustrative purposes only and do not guarantee future performance. The factors discussed under “Risk Factors” and elsewhere within our Annual Report, may materially affect the Company's future results and could cause actual outcomes to differ from those expressed or implied by these forward-looking statements.

The risks described under “Risk Factors” within our Annual Report are not exhaustive, and other sections of the Annual Report identify additional factors that could adversely affect the Company's business, financial condition, and operations. As new risk factors emerge from time to time, the Company cannot predict nor fully assess their impact, either individually or in combination, on actual results, which may differ materially from any forward-looking statements. The Company assumes no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise, except as required by law.

The Annual Report contains statements reflecting the Company's beliefs, plans, objectives, expectations, opinions, and intentions based on information available as of the date of the Annual Report. While the Company believes such information provides a reasonable basis for these statements, investors should note that such information may be limited or incomplete and should not be relied on as comprehensive. These statements should not be construed to indicate that the Company has conducted an exhaustive review of all potentially relevant information. Although we believe the plans, objectives, expectations, opinions and intentions reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that those plans, objectives, expectations, opinions, intentions, or expectations will be achieved. In addition, you should not interpret statements regarding past trends or activities as assurances that those trends or activities will continue in the future. All written, oral and electronic forward-looking statements attributable to us or

persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. For these reasons, we caution you to avoid relying on the forward-looking statements described in the Annual Report.