6-K
Logistic Properties of the Americas (LPA)
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 May 2026
Commission File Number: 001-41995
Logistic Properties of the Americas
(Exact name of registrant as specified in its charter)
601 Brickell Key Drive
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
On May 13, 2026, Logistic Properties of the Americas announced its financial results for the first quarter of 2026. A copy of this announcement and the accompanying supplemental information are furnished as Exhibit 99.1, 99.2, and 99.3 to this Report on Form 6-K.
The information in this Form 6-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release of Logistic Properties of the Americas dated May 13, 2026 |
| 99.2 | First Quarter 2026 Supplemental Information |
| 99.3 | First Quarter 2026 Corporate Information |
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: May 13, 2026
Document
Exhibit 99.1
Logistic Properties of the Americas Announces First Quarter 2026 Earnings Results
Growth Momentum Continues, as Revenues Grow 21.6% YoY and NOI increases 28.6%
SAN JOSÉ, Costa Rica, May 13, 2026 – Logistic Properties of the Americas (NYSE American: LPA) (together with its subsidiaries, “LPA” or “the Company”), announced today its unaudited consolidated financial results for the first quarter ended March 31, 2026 (“first quarter 2026” or “1Q26”). The financial results are expressed in U.S. dollars and are presented in accordance with International Accounting Standard (“IAS”) 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”), which differ in certain significant respects from the U.S. Generally Accepted Accounting Principles (“GAAP”). This information should be read in conjunction with, and is qualified in its entirety by reference to, the Company’s condensed consolidated interim financial statements, including the notes thereto. All comparisons within this announcement are year-over-year (“YoY”), unless otherwise noted. LPA’s financial results are stated in U.S. dollars unless otherwise noted. LPA is a leading developer, owner, acquirer and manager of logistics and industrial real estate of institutional quality in the Americas, and one of the few internally managed, vertically integrated, and institutional-quality platforms operating across the region.
1Q26 Financial and Operating Highlights
•Revenue growth momentum accelerated in the first quarter, increasing 21.6%. Growth was mainly driven by a 39.9% increase in rental revenues in Peru, primarily reflecting the stabilization of newly constructed buildings in LPA’s Callao Logistics Park. Rental rate growth and a positive foreign exchange effect drove a 24.8% revenue increase in Colombia, while Mexico contributed $0.5 million of rental revenue generated by the two investment properties acquired in Puebla in August 2025.
•1Q26 Net Operating Income (NOI) increased 28.6% to $12.1 million in the first quarter of 2026, driven by improved operating leverage across the Colombia and Peru segments of LPA’s logistics platform.
•Same-Property Cash NOI increased 10.9% to $9.82 million in 1Q26, primarily due to rental rate growth and the expiration of rent abatements.
•Operating GLA increased 9.7% to 5.8 million square feet across 34 operating properties, compared to 5.3 million square feet across 31 operating properties as of March 31, 2025. Average rent per square foot increased 9.8% to $8.74, primarily driven by contractual rent escalators, positive leasing spreads, and favorable currency movements. As of March 31, 2026, the occupancy rate in LPA’s operating portfolio was 100.0%, compared to 98.0% as of March 31, 2025.
•General and administrative expenses increased 13.3% to $4.0 million in 1Q26, primarily reflecting a one‑time tax charge in Colombia in connection with a government‑declared emergency during the quarter.
CEO Commentary
We are off to an exceptional start in 2026. Revenue surged 21.6% year-over-year and NOI expanded 28.6%, underscoring the powerful earnings trajectory of our regional logistics platform as recently stabilized and acquired assets begin to fully ramp. Peru delivered standout performance, driven by the successful stabilization of new buildings at our Callao logistics park, anchored by the LEED Gold-certified facility delivered to PepsiCo, which sharply accelerated rental revenue growth. The DHL-anchored properties we acquired last year in Mexico added further fuel to the quarter, validating both the strategic value of our initial entry into this much larger, high-growth market and the significant opportunity ahead.
Just as importantly, this growth was powered by the strength of our underlying portfolio - not portfolio expansion alone. Same-Property Cash NOI climbed 10.9%, average rent per square foot rose 9.8%, and stabilized occupancy held at a full 100.0% across our operating portfolio. These results showcase the exceptional quality of our Class A logistics assets, the depth and durability of demand from global and regional tenants, and the significant pricing power we command with modern, well-located facilities in markets that remain structurally underserved. They also underscore the operating leverage materializing in our platform: NOI outpaced revenue growth for yet another quarter.
Equally notable, we delivered this performance against a backdrop of continued macroeconomic and political volatility across our markets and globally, including an unforeseen one-time emergency tax in Colombia, a presidential transition in Peru, and escalating conflict in the Middle East. While these developments created near-term noise and incremental costs, they in no way detract from the strength of our underlying operations, our team’s ability to navigate complex environments, or our conviction in the fundamentals and secular trends of the markets and global customers we serve. If anything, they reinforce our conviction. Across Costa Rica, Peru, Colombia, and Mexico, the fundamental mid- and long-term demand drivers remain firmly intact and increasingly compelling: resilient domestic consumption, accelerating e-commerce adoption, supply chain regionalization, and pronounced structural undersupply of institutional-quality logistics infrastructure. Combined with the strength of our platform and the caliber of our team, we are exceptionally well positioned to continue capturing this opportunity.
Against this backdrop, we remain laser-focused on disciplined capital allocation, proactive asset management, and long-term value creation as a fully integrated, internally managed logistics and industrial real estate company. Our execution is deliberate, and our strategy is built to compound value through cycles. With roughly 92% of our development pipeline already pre-leased, meaningful embedded rent growth potential, and a fully occupied operating portfolio, LPA is exceptionally well positioned to accelerate its expansion, scale its regional footprint, and further compound its earnings power. We are not just growing - we are strengthening our position as the only truly cross-border, diversified logistics partner for leading companies expanding across the Americas.
Quarter after quarter, we are delivering on our vision: bridging local insight with global impact.
Esteban Saldarriaga
Chief Executive Officer
Real Estate Portfolio
| As of March 31, 2026 | As of December 31, 2025 | As of March 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Number of operating real estate properties | 34 | 34 | 31 | ||||||
| Operating GLA (sq. ft) | 5,804,261 | 5,804,261 | 5,292,588 | ||||||
| Leased area (sq. ft) | 6,208,639 | 5,992,995 | 5,810,181 | ||||||
| Number of tenants | 57 | 58 | 57 | ||||||
| Average rent per square foot | $ | 8.74 | $ | 8.65 | $ | 7.96 | |||
| Weighted average remaining lease term | 4.7 years | 4.9 years | 5.0 years | ||||||
| Stabilized occupancy rate (% of GLA) | 100.0 | % | 100.0 | % | 98.0 | % |
Financial Performance
Revenues
(Amounts expressed in thousands dollars unless otherwise noted)
| For the three months ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | % Chg. | ||||
| Rental Revenue | ||||||
| Costa Rica | $ | 6,198 | $ | 6,001 | 3.3 | % |
| Colombia | 2,996 | 2,400 | 24.8 | % | ||
| Peru | 4,706 | 3,364 | 39.9 | % | ||
| Mexico | 461 | — | NM | |||
| Unallocated revenue | 38 | 75 | (49.5) | % | ||
| Total revenue | $ | 14,398 | $ | 11,840 | 21.6 | % |
Investment Property Operating Expenses
(Amounts expressed in thousands dollars unless otherwise noted)
| Three months ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | % Chg. | ||||
| Investment property operating expense | ||||||
| Costa Rica | $ | (935) | $ | (849) | 10.1 | % |
| Colombia | (383) | (459) | (16.5 | %) | ||
| Peru | (905) | (1,030) | (12.2 | %) | ||
| Mexico | (19) | — | NM | |||
| Total investment property operating expense | $ | (2,242) | $ | (2,338) | (4.1 | %) |
Supplemental Information
Please refer to LPA’s quarterly Supplemental Information and Management Discussion and Analysis, both of which are available on the Company’s Investor Relations website at https://ir.lpamericas.com
1Q26 Earnings Conference Call
When: Thursday, May 14, 2026, 9:00 a.m. Eastern Time 8:00 a.m. Central Time
Who: Mr. Esteban Saldarriaga, Chief Executive Officer, Mr. Paul Smith, Chief Financial Officer, and Mr. Camilo Ulloa, Investor Relations
Dial-in: +1 800 715 9871 (North American Toll-Free), +1 646 307 1963 (USA/International)
Conference ID: 1974421
Pre-Register: You may pre-register at any time at: https://events.q4inc.com/attendee/975311127. Callers will need to press # to be connected to an operator to access LPA’s financial results conference call via telephone.
Webcast: https://events.q4inc.com/attendee/975311127
A call recording will also be available for replay on LPA’s website for a limited time.
About Logistic Properties of the Americas
Logistic Properties of the Americas is a leading developer, owner, and manager of institutional quality industrial and logistics real estate in high-growth and high-barrier-to-entry markets in Latin America. LPA’s customers are multinational and regional e-commerce retailers, third-party logistic operators, business-to-business distributors, and retail distribution companies among others. LPA expects to continue its future growth with strong client relationships, and insight into and through the acquisition and development of high-quality, strategically located facilities in its target markets. As of March 31, 2026, LPA’s operating and development portfolio was comprised of 34 logistics facilities in Costa Rica, Colombia, Peru, and Mexico totaling approximately 580,118 square meters (or approximately 6.2 million sq. ft.) of gross leasable area. For more information visit https://ir.lpamericas.com.
Forward-Looking Statements
This press release contains certain forward-looking information, which may not be included in future public filings or investor guidance. The inclusion of forward-looking information in this press release should not be construed as a commitment by LPA to provide guidance on such information in the future. Certain statements in this press release may be considered forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements about future events or LPA’s future financial or operating performance. These forward-looking statements regarding future events and the future results of LPA are based on current expectations, estimates, forecasts, and projections about the industry in which LPA operates, as well as the beliefs and assumptions of LPA’s management. These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other factors beyond LPA’s control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, LPA’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and LPA therefore caution against relying on any of these forward-looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by LPA and its management, are inherently uncertain and are inherently subject to risks variability and contingencies, many of which are beyond LPA’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the possibility of any economic slowdown or downturn in real estate asset values or leasing activity or in the geographic markets where LPA operates; (ii) LPA’s ability to manage growth; (iii) LPA’s ability to continue to comply with applicable listing standards of NYSE American; (iv) changes in applicable laws, regulations, political and economic developments; (v) the possibility that LPA may be adversely affected by other economic, business and/or competitive factors; (vi) LPA’s estimates of expenses and profitability; (vii) the outcome of any legal proceedings that may be instituted against LPA and (viii) other risks and uncertainties set forth in the filings by LPA with the U.S. Securities and Exchange Commission. There may be additional risks that LPA does not presently know or that LPA currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Any forward-looking statements made by or on behalf of LPA speak only as of the date they are made. Except as otherwise required by applicable law, LPA disclaims any obligation to publicly update or revise any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, you should not place undue reliance on forward-looking statements due to their inherent uncertainty.
Nothing within this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made.
Investor Relations Contact:
Camilo Ulloa
Logistic Properties of the Americas
+506 6293 9083
Barbara Cano / Ivan Peill
InspIR Group
[email protected] / [email protected]
ex992supplementalpackage
This presentation (the “Presentation”) is provided for informational purposes only and has been prepared to provide interested parties with certain information about Logistic Properties of the Americas and its subsidiaries (collectively, “LPA”) and for no other purpose. This Presentation is not a prospectus, product disclosure statement or any other offering or disclosure document under any other law. The information contained herein is of a general background nature and does not purport to be exhaustive, all-inclusive or complete. This Presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase, any equity, debt or other financial instruments of LPA. No such offering of equity or debt securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom. No representations or warranties, express or implied are given in, or in respect of, the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. To the fullest extent permitted by law, LPA disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this Presentation and such liability is expressly disclaimed. The viewer of this Presentation agrees that it shall not seek to sue or otherwise hold LPA or any of its respective directors, officers, employees, affiliates, agents, advisors or representatives liable in any respect for the provision of this Presentation, the information contained in this Presentation, or the omission of any information from this Presentation. Viewers of this Presentation should each make their own evaluation of LPA and of the relevance and adequacy of the information provided in this Presentation and should make such other investigations as they deem necessary before making an investment decision. Nothing herein should be construed as legal, financial, tax or other advice. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning anything described herein, and, by accepting this Presentation, you confirm that you are not relying solely upon the information contained herein to make any investment decision. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. Forward-Looking Statements This Presentation contains certain forward-looking information which may not be included in future public filings or investor guidance. The inclusion of forward- looking financial information or metrics in this Presentation should not be construed as a commitment by LPA to provide guidance on such information in the future. Certain statements in this Presentation may be considered forward-looking statements. Forward-looking statements include, without limitation, statements about future events or LPA’s future financial or operating performance. For example, statements regarding anticipated growth in the industry in which LPA operates and anticipated growth in demand for LPA’s products and solutions, the anticipated size of LPA’s addressable market and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. These forward-looking statements regarding future events and the future results of LPA are based on current expectations, estimates, forecasts, and projections about the industry in which LPA operates, as well as the beliefs and assumptions of LPA’s management. These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other factors beyond LPA’s control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, LPA’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and LPA therefore cautions against relying on any of these forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by LPA and its management, are nherently uncertain and are inherently subject to risks variability and contingencies, many of which are beyond LPA’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the possibility of any economic slowdown or downturn in real estate asset values or leasing activity or in the geographic markets where LPA operates; (ii) LPA’s ability to manage growth; (iii) LPA’s ability to continue to comply with applicable listing standards of the New York Stock Exchange (“NYSE”); (iv) changes in applicable laws, regulations, political and economic developments; (v) the possibility that LPA may be adversely affected by other economic, business and/or competitive factors; (vi) LPA’s estimates of expenses and profitability; (vii) the outcome of any legal proceedings that may be instituted against LPA and (viii) other risks and uncertainties set forth in the filings by LPA with the U.S. Securities and Exchange Commission (the “SEC”). There may be additional risks that LPA does not presently know or that LPA currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Any forward-looking statements made by or on behalf of LPA speak only as of the date they are made. Except as otherwise required by applicable law, LPA disclaims any obligation to publicly update or revise any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, you should not place undue reliance on forward- looking statements due to their inherent uncertainty. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Industry and Market Data This Presentation also contains estimates and other statistical data made by independent parties which they believe to be reliable and by LPA relating to market size and growth and other data about LPA’s industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of the future performance of the markets in which LPA operates are necessarily subject to a high degree of uncertainty and risk. LPA has not independently verified the accuracy or completeness of the independent parties’ information. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of such independent information. Trademarks LPA owns or has rights to various trademarks, service marks and trade names used is connection with the operation of its business. This Presentation may also contain trademarks, service marks, trade names and copyrights of other companies or third parties, which are the property of their respective owners. LPA’s use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, service marks, trade names and copyrights. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM or symbols, but LPA will assert, to the fullest extent under applicable law, the rights of the applicable owners to these trademarks, service marks, trade names and copyrights. Financial Measures Certain financial information contained herein is unaudited and is based on internal records and/or estimates. The Presentation also contains unaudited alternative financial measures that are measures of financial performance not calculated in accordance with generally accepted accounting principles in the United States (or international financial reporting standards (“IFRS”)) and should not be considered as replacements or alternatives to net income or loss, cash flow from operations or other measures of operating performance or liquidity of LPA. These alternative financial measures should be viewed in addition to, and not as a substitute for, analysis of LPA’s results reported in accordance with IFRS or otherwise. Notwithstanding these limitations, and in conjunction with other accounting and financial information available, LPA’s management considers the alternative financial measures contained in this presentation (including EBITDA, EBITDA margin, Net Debt, Net Operating Income (NOI), NOI margin, Cash NOI, Same-Property NOI, Same-Property Cash NOI, Net debt to NOI and net debt to EBITDA ratio, Equity Value, FFO, and AFFO reasonable indicators for comparisons between LPA and LPA’s principal competitors on the market. These alternative financial measures are used by market participants for comparative analysis, albeit with certain limitations as analytical tools, of the results of businesses in the sector and as indicators of LPA’s capacity to generate cash flows. Nevertheless, alternative financial measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other companies. You should review LPA’s financial statements and additional information included in its filings with the SEC. Disclaimer First Quarter 2026 Supplemental Information Supplemental Package
This presentation (the “Presentation”) is provided for informational purposes only and has been prepared to provide interested parties with certain information about Logistic Properties of the Americas and its subsidiaries (collectively, “LPA”) and for no other purpose. This Presentation is not a prospectus, product disclosure statement or any other offering or disclosure document under any other law. The information contained herein is of a general background nature and does not purport to be exhaustive, all-inclusive or complete. This Presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase, any equity, debt or other financial instruments of LPA. No such offering of equity or debt securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom. No representations or warranties, express or implied are given in, or in respect of, the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. To the fullest extent permitted by law, LPA disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this Presentation and such liability is expressly disclaimed. The viewer of this Presentation agrees that it shall not seek to sue or otherwise hold LPA or any of its respective directors, officers, employees, affiliates, agents, advisors or representatives liable in any respect for the provision of this Presentation, the information contained in this Presentation, or the omission of any information from this Presentation. Viewers of this Presentation should each make their own evaluation of LPA and of the relevance and adequacy of the information provided in this Presentation and should make such other investigations as they deem necessary before making an investment decision. Nothing herein should be construed as legal, financial, tax or other advice. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning anything described herein, and, by accepting this Presentation, you confirm that you are not relying solely upon the information contained herein to make any investment decision. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. Forward-Looking Statements This Presentation contains certain forward-looking information which may not be included in future public filings or investor guidance. The inclusion of forward- looking financial information or metrics in this Presentation should not be construed as a commitment by LPA to provide guidance on such information in the future. Certain statements in this Presentation may be considered forward-looking statements. Forward-looking statements include, without limitation, statements about future events or LPA’s future financial or operating performance. For example, statements regarding anticipated growth in the industry in which LPA operates and anticipated growth in demand for LPA’s products and solutions, the anticipated size of LPA’s addressable market and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. These forward-looking statements regarding future events and the future results of LPA are based on current expectations, estimates, forecasts, and projections about the industry in which LPA operates, as well as the beliefs and assumptions of LPA’s management. These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other factors beyond LPA’s control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, LPA’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and LPA therefore cautions against relying on any of these forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by LPA and its management, are inherently uncertain and are inherently subject to risks variability and contingencies, many of which are beyond LPA’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the possibility of any economic slowdown or downturn in real estate asset values or leasing activity or in the geographic markets where LPA operates; (ii) LPA’s ability to manage growth; (iii) LPA’s ability to continue to comply with applicable listing standards of the New York Stock Exchange (“NYSE”); (iv) changes in applicable laws, regulations, political and economic developments; (v) the possibility that LPA may be adversely affected by other economic, business and/or competitive factors; (vi) LPA’s estimates of expenses and profitability; (vii) the outcome of any legal proceedings that may be instituted against LPA and (viii) other risks and uncertainties set forth in the filings by LPA with the U.S. Securities and Exchange Commission (the “SEC”). There may be additional risks that LPA does not presently know or that LPA currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Any forward-looking statements made by or on behalf of LPA speak only as of the date they are made. Except as otherwise required by applicable law, LPA disclaims any obligation to publicly update or revise any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, you should not place undue reliance on forward- looking statements due to their inherent uncertainty. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Industry and Market Data This Presentation also contains estimates and other statistical data made by independent parties which they believe to be reliable and by LPA relating to market size and growth and other data about LPA’s industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of the future performance of the markets in which LPA operates are necessarily subject to a high degree of uncertainty and risk. LPA has not independently verified the accuracy or completeness of the independent parties’ information. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of such independent information. Trademarks LPA owns or has rights to various trademarks, service marks and trade names used is connection with the operation of its business. This Presentation may also contain trademarks, service marks, trade names and copyrights of other companies or third parties, which are the property of their respective owners. LPA’s use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, service marks, trade names and copyrights. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM or symbols, but LPA will assert, to the fullest extent under applicable law, the rights of the applicable owners to these trademarks, service marks, trade names and copyrights. Financial Measures Certain financial information contained herein is unaudited and is based on internal records and/or estimates. The Presentation also contains unaudited alternative financial measures that are measures of financial performance not calculated in accordance with generally accepted accounting principles in the United States (or international financial reporting standards (“IFRS”)) and should not be considered as replacements or alternatives to net income or loss, cash flow from operations or other measures of operating performance or liquidity of LPA. These alternative financial measures should be viewed in addition to, and not as a substitute for, analysis of LPA’s results reported in accordance with IFRS or otherwise. Notwithstanding these limitations, and in conjunction with other accounting and financial information available, LPA’s management considers the alternative financial measures contained in this presentation (including EBITDA, EBITDA margin, Net Debt, Net Operating Income (NOI), NOI margin, Cash NOI, Same-Property NOI, Same-Property Cash NOI, Net debt to NOI and net debt to EBITDA ratio, Equity Value, FFO, and AFFO reasonable indicators for comparisons between LPA and LPA’s principal competitors on the market. These alternative financial measures are used by market participants for comparative analysis, albeit with certain limitations as analytical tools, of the results of businesses in the sector and as indicators of LPA’s capacity to generate cash flows. Nevertheless, alternative financial measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other companies. You should review LPA’s financial statements and additional information included in its filings with the SEC. Disclaimer
LPA delivers the world-class logistics and industrial spaces that power global supply chains. Our integrated platform combines global standards with on-the-ground execution, empowering companies to grow, connect, and compete across the Americas.
Table of Contents 02Highlights Financial Information Company Profile Company Performance Financial Summary Condensed Consolidated Interim Balance Sheet Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income (Loss) Reconciliation for NOI and Cash NOI Reconciliation for Adjusted EBITDA, Adjusted EBITDA margin, FFO, AFFO Operations Portfolio Overview Operating Portfolio – Period end Occupancy Rental Revenues Average Rent per Square Foot Net Operating Income Same Property NOI Growth Capital Development Development Portfolio Land Portfolio Capitalization Debt Summary and Metrics Definitions Definitions 0301 04 05 06
Development and construction (2) of properties in the land bank Asset ownership on a long-term basis Acquisition of stabilized assets Developer Owner Acquirer Leasing and management (3) of assets Manager Notes: (1) The Company considers that most real estate companies and funds in México, Costa Rica, Perú and Colombia do not focus exclusively on the industrial segment; instead, they have investments across multiple sectors, including retail, hospitality, and others, and often lack a regional presence. (2) Construction is outsourced to construction companies; (3) Relationship with tenants and administration of logistics parks. The leading pioneer in logistics and industrial real estate in the Americas. — As one of the region’s only publicly traded, vertically integrated platforms, LPA develops, owns, and manages institutional-grade, built-to-suit facilities in the most dynamic, high-barrier-to-entry markets.(1)
This presentation (the “Presentation”) is provided for informational purposes only and has been prepared to provide interested parties with certain information about Logistic Properties of the Americas and its subsidiaries (collectively, “LPA”) and for no other purpose. This Presentation is not a prospectus, product disclosure statement or any other offering or disclosure document under any other law. The information contained herein is of a general background nature and does not purport to be exhaustive, all-inclusive or complete. This Presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase, any equity, debt or other financial instruments of LPA. No such offering of equity or debt securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom. 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Viewers of this Presentation should each make their own evaluation of LPA and of the relevance and adequacy of the information provided in this Presentation and should make such other investigations as they deem necessary before making an investment decision. Nothing herein should be construed as legal, financial, tax or other advice. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning anything described herein, and, by accepting this Presentation, you confirm that you are not relying solely upon the information contained herein to make any investment decision. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. Forward-Looking Statements This Presentation contains certain forward-looking information which may not be included in future public filings or investor guidance. The inclusion of forward- looking financial information or metrics in this Presentation should not be construed as a commitment by LPA to provide guidance on such information in the future. Certain statements in this Presentation may be considered forward-looking statements. Forward-looking statements include, without limitation, statements about future events or LPA’s future financial or operating performance. For example, statements regarding anticipated growth in the industry in which LPA operates and anticipated growth in demand for LPA’s products and solutions, the anticipated size of LPA’s addressable market and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. These forward-looking statements regarding future events and the future results of LPA are based on current expectations, estimates, forecasts, and projections about the industry in which LPA operates, as well as the beliefs and assumptions of LPA’s management. These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other factors beyond LPA’s control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, LPA’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and LPA therefore cautions against relying on any of these forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by LPA and its management, are nherently uncertain and are inherently subject to risks variability and contingencies, many of which are beyond LPA’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the possibility of any economic slowdown or downturn in real estate asset values or leasing activity or in the geographic markets where LPA operates; (ii) LPA’s ability to manage growth; (iii) LPA’s ability to continue to comply with applicable listing standards of the New York Stock Exchange (“NYSE”); (iv) changes in applicable laws, regulations, political and economic developments; (v) the possibility that LPA may be adversely affected by other economic, business and/or competitive factors; (vi) LPA’s estimates of expenses and profitability; (vii) the outcome of any legal proceedings that may be instituted against LPA and (viii) other risks and uncertainties set forth in the filings by LPA with the U.S. Securities and Exchange Commission (the “SEC”). There may be additional risks that LPA does not presently know or that LPA currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Any forward-looking statements made by or on behalf of LPA speak only as of the date they are made. Except as otherwise required by applicable law, LPA disclaims any obligation to publicly update or revise any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, you should not place undue reliance on forward- looking statements due to their inherent uncertainty. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Industry and Market Data This Presentation also contains estimates and other statistical data made by independent parties which they believe to be reliable and by LPA relating to market size and growth and other data about LPA’s industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of the future performance of the markets in which LPA operates are necessarily subject to a high degree of uncertainty and risk. LPA has not independently verified the accuracy or completeness of the independent parties’ information. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of such independent information. Trademarks LPA owns or has rights to various trademarks, service marks and trade names used is connection with the operation of its business. This Presentation may also contain trademarks, service marks, trade names and copyrights of other companies or third parties, which are the property of their respective owners. LPA’s use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, service marks, trade names and copyrights. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM or symbols, but LPA will assert, to the fullest extent under applicable law, the rights of the applicable owners to these trademarks, service marks, trade names and copyrights. Financial Measures Certain financial information contained herein is unaudited and is based on internal records and/or estimates. The Presentation also contains unaudited alternative financial measures that are measures of financial performance not calculated in accordance with generally accepted accounting principles in the United States (or international financial reporting standards (“IFRS”)) and should not be considered as replacements or alternatives to net income or loss, cash flow from operations or other measures of operating performance or liquidity of LPA. These alternative financial measures should be viewed in addition to, and not as a substitute for, analysis of LPA’s results reported in accordance with IFRS or otherwise. Notwithstanding these limitations, and in conjunction with other accounting and financial information available, LPA’s management considers the alternative financial measures contained in this presentation (including EBITDA, EBITDA margin, Net Debt, Net Operating Income (NOI), NOI margin, Cash NOI, Same-Property NOI, Same-Property Cash NOI, Net debt to NOI and net debt to EBITDA ratio, Equity Value, FFO, and AFFO reasonable indicators for comparisons between LPA and LPA’s principal competitors on the market. These alternative financial measures are used by market participants for comparative analysis, albeit with certain limitations as analytical tools, of the results of businesses in the sector and as indicators of LPA’s capacity to generate cash flows. Nevertheless, alternative financial measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other companies. You should review LPA’s financial statements and additional information included in its filings with the SEC. Disclaimer Puebla, México Operating GLA (sqft) Development GLA (sqft) Land Reserves (Acres)(1) 257,688 - - San José, Costa Rica Operating GLA (sqft) Development GLA (sqft) Land Reserves (Acres) (1) 2,516,471 - - Bogotá, Colombia Operating GLA (sqft) D velopm nt GLA (sqft) Land Res rve (Acres) (1) 1,255,286 - 50.6 Lima, Peru Operating GLA (sqft) Development GLA (sqft) Land Reserves (Acres) (1) 1,774,816 440,071 4.7 (1) Land reserve acres are adjusted for Floor Area Ratio (“FAR”).
Example Properties Logistic Park Callao Callao, Peru Logistic Park San José Verbena San José, Costa Rica Logistic Park Coyol I Alajuela, Costa Rica Logistic Park Puebla MX Puebla, Mexico Logistic Park Calle 80 Tenjo, Colombia Logistic Park Lima Sur Lurín,Peru Logistic Park San Joaquín Heredia, Costa Rica Logistic Park Coyol II Alajuela, Costa Rica
Company Overview – Q1 2026 Highlights Total GLA(1) 7.4 M sq ft Total portfolio Occupancy(2) 100.0% Operating portfolio 80.0% denominated leases 4.7 years Wtd. Avg. Remaining lease term Avg. Rent/Sq Ft/Yr $8.74 Δ +1.0% YoY Q1 2026 NOI(5) $12.1 mm Δ +28.6% YoY Cash NOI (5) 31.2% US Dollar(3) WALT(4) Net Operating Income(5) (NOI) and Cash NOI(5) (US$M) YoY Growth (1) Includes 6.2 million sq ft of GLA in our total portfolio and 1.2 million of potential new GLA to be built-out in our land portfolio. (2) Operating Portfolio period end occupancy. (3) Based on active leases as of March 31, 2026. (4) Remaining lease life weighted average by leased area. (5) NOI and Cash NOI are non-IFRS measures. Total portfolio GLA — operating vs development (m sq ft) 5.3 5.3 5.6 5.8 5.8 0.5 0.5 0.5 0.2 0.45.8 5.8 6.0 6.0 6.2 Operating Development Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 1.0 2.0 3.0 4.0 5.0 6.0 7.0 9.4 9.6 10.4 11.6 12.1 9.2 9.6 10.5 11.0 12.1 NOI Cash NOI Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 9.0 10.0 11.0 12.0 13.0
Company Overview – Q1 2026 (continued) Highlights Revenues (US$M) Net Operating Income (US$M) Adjusted EBITDA (US$M) FFO, as defined by LPA (US$M) 11.8 11.7 12.9 13.7 14.4 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0.0 4.0 8.0 12.0 16.0 9.4 9.6 10.4 11.6 12.1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0.0 4.0 8.0 12.0 16.0 6.7 6.3 7.3 8.4 8.9 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0.0 4.0 8.0 12.0 (0.6) (0.1) (1.0) (0.3) 2.5 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 (1.2) (0.6) — 0.6 1.2 1.8 2.4 3.0
Company Performance Highlights (1) Year to date NOI and Cash NOI amounts are used to determine growth over the prior period. As of and for the three months ended US$ in millions, except for number of buildings, sq ft, and percentages March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Portfolio (sq ft) Same Property Portfolio No. of buildings 30 28 28 28 28 Gross leasable area (GLA) 5,123,617 4,745,298 4,745,082 4,745,082 4,745,082 Period end occupancy % 100.0% 100.0% 97.6% 93.9% 97.8% NOI 9.7 9.5 9.1 8.6 8.4 YTD NOI Growth over prior year(1) 10.7% 5.0% 4.8% (0.4%) (3.0%) Cash NOI 9.8 9.6 9.2 8.7 8.6 YTD Cash NOI Growth over prior year(1) 11.0% 5.0% 3.2% (1.9%) (4.3%) Operating Portfolio No. of buildings 34 34 33 31 31 Gross leasable area (GLA) 5,804,261 5,804,261 5,550,277 5,292,588 5,292,588 Period end leased % 100.0% 100.0% 98.2% 98.2% 100.0% Period end occupancy % 100.0% 100.0% 97.9% 94.5% 98.0% Development Portfolio No. of buildings 2 1 2 2 2 Gross leasable area (GLA) 440,071 224,427 478,229 478,229 479,306 Period end leased % 91.9% 84.1% 85.8% 85.9% 73.8% Period end occupancy % 13.9% — % — % — % — % Total Portfolio No. of buildings 36 35 35 33 33 Gross leasable area (GLA) 6,244,332 6,028,688 6,028,506 5,770,817 5,771,894 Period end leased % 99.4% 99.4% 97.3% 97.1% 97.8% Period end occupancy % 93.9% 96.3% 90.1% 86.7% 89.9%
Financial Summary Highlights (1) Net Debt/Investment properties US$ in millions, except for percentages As of and for the three months ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Rental revenues 14.4 13.6 12.2 11.6 11.8 Revenues 14.4 13.7 12.9 11.7 11.8 Cash net operating income (Cash NOI) 12.1 11.0 10.5 9.6 9.2 Net operating income (NOI) 12.1 11.6 10.4 9.6 9.4 NOI margin % 84.4% 85.2% 85.3% 82.8% 80.5% Net earnings (loss) -7.6 10.9 5.2 (1.1) 1.1 Adjusted EBITDA 8.9 8.4 7.3 6.3 6.7 Adjusted EBITDA margin 61.7 % 61.3 % 56.7 % 53.7 % 56.5 % FFO, as defined by LPA 2.5 (0.3) (1.0) (0.1) (0.6) AFFO 3.0 (0.5) (0.6) 0.3 (0.4) Debt Outstanding balance at carrying value 308.6 295.3 280.6 276.1 265.7 Cash and restricted cash (34.9) (34.0) (24.6) (32.0) (32.9) Net Debt 273.7 261.3 256.0 244.1 232.8 Investment properties 650.6 649.8 624.6 579.0 567.0 Leverage ratio (1) 42.1% 40.2% 41.0% 42.2% 41.1% Cash interest rate at period-end 7.4% 7.4% 7.5% 7.7% 7.6%
Condensed Consolidated Interim Statements of Financial Position Financial Information (1) Listing expense is a non-cash item that relates to the difference in the fair value of the shares deemed to have been issued by the accounting acquirer and the fair value of the accounting acquiree’s identifiable net assets represents a service received by the accounting acquirer, and thus should be recognized as an expense upon consummation of the Business Combination. For more information, please review note 3 of the Financial Statements. As of March 31, 2026 December 31, 2025 Assets Current Assets: Cash and cash equivalents $ 28,148,910 $ 27,323,468 Lease and other receivables, net 3,490,678 4,142,217 Prepaid construction costs 706,954 125,061 Restricted cash equivalent – short term 105,000 105,000 Prepaid income taxes 1,005,912 1,196,382 Other current assets 7,928,246 6,709,555 Total current assets 41,385,700 39,601,683 Non-Current Assets: Investment properties $ 650,551,717 $ 649,825,184 Tenant notes receivables – long term, net 1,291,934 1,370,812 Restricted cash equivalent – long term 6,681,645 6,598,299 Property and equipment, net 356,883 355,265 Deferred tax asset 215,002 179,509 Other non-current assets 3,138,416 2,842,514 Total non-current assets 662,235,597 661,171,583 Total Assets $ 703,621,297 $ 700,773,266
Condensed Consolidated Interim Statements of Financial Position (continued) Financial Information As of March 31, 2026 December 31, 2025 Liabilities and Shareholder's Equity Current Liablities: Accounts payable and accrued expenses $ 9,258,881 $ 11,694,817 Income tax payable 2,738,898 7,101,476 Retainage payable 2,064,513 2,598,043 Long term debt – current portion 11,270,965 10,270,261 Security deposits - current portion 112,624 112,624 Lease liability – current portion 383,693 131,641 Other current liabilities 504,130 90,785 Total current liabilities $ 26,333,704 $ 31,999,647 Non-Current liablities: Long term debt $ 297,355,661 $ 285,064,648 Deferred tax liability 43,559,084 42,804,138 Security deposits 3,166,723 3,004,501 Lease liability 13,280,420 13,153,846 Other non-current liabilities — 178,196 Total non-current liabilities $ 357,361,888 $ 344,205,329 Total Liabilities $ 383,695,592 $ 376,204,976 Equity: Ordinary Shares 3,177 3,186 Additional paid-in capital 218,769,963 219,191,477 Retained earnings 41,180,318 49,090,064 Treasury shares, at cost (1,196,282) (2,030,382) Foreign currency translation reserve (6,657,589) (9,590,791) Equity attributable to owners of the Company 252,099,587 256,663,554 Non-controlling interests 67,826,118 67,904,736 Total Equity $ 319,925,705 $ 324,568,290 Total Liabilities and Equity $ 703,621,297 $ 700,773,266
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss) Financial Information Three months ended March 31, 2026 2025 Revenues Rental revenue $ 14,360,543 $ 11,764,775 Other 37,916 75,016 Total revenues 14,398,459 11,839,791 Investment property operating expense (2,241,861) (2,337,702) General and administrative (4,069,955) (3,592,341) Investment property valuation (loss) gain (9,246,959) 1,915,481 Financing costs (5,881,479) (5,249,085) Net foreign currency gain (loss) (317,391) 199,987 Other income 630,378 271,802 Other expenses (22,406) (2,749) Profit (loss) before taxes (6,751,214) 3,045,184 Income tax expense (821,778) (1,984,478) Profit (Loss) for the period $ (7,572,992) $ 1,060,706 Other comprehensive income (loss): Items that may be reclassified subsequently to profit or loss: Translation (loss) gain from functional currency to reporting currency 2,933,202 4,944,589 TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD $ (4,639,790) $ 6,005,295 Profit (Loss) for the period attributable to: Owners of the Company $ (7,909,746) $ (732,447) Non-controlling interests 336,754 1,793,153 Total profit (loss) for the period $ (7,572,992) $ 1,060,706 Total comprehensive income (loss) attributable to: Owners of the Company $ (4,976,544) $ 4,212,142 Non-controlling interests 336,754 1,793,153 Total profit (loss) for the period $ (4,639,790) $ 6,005,295 Weighted average number of shares – basic and diluted 31,617,815 31,627,722 Earnings (loss) per share attributable to owners of the Company – basic and diluted $ (0.25) $ (0.02)
Reconciliation for Net Operating Income (NOI) and Cash Net Operating Income Financial Information Rental Revenues Top Line $14.4 M (-) Prop. Op. exp. $-2.3M NOI 84.4% margin $12.1 M (±) Straight Line Rent. $(0.03)M NOI 84.4% margin $12.1 M (-) Non-SP &CC Adj. $2.3M Same Property Cash NOI 30 buildings $9.8 M NOI Reconciliation Bridge – Q1 2026 (US$M) $14.4 2.3 $12.1 0.0 $12.1 2.3 $9.8 Rental Revenue (-) Prop. operating expense NOI (±) Straight-line rent Cash NOI (-) Non-Same Property Cash NOI Same- Property Cash NOI For the three months ended US$ in millions, except for percentages Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 From rental revenues → NOI →Cash NOI Rental revenues 14.4 13.6 12.2 11.6 11.8 (−) Prop. Operating expense (2.2) (2.0) (1.8) (2.0) (2.3) Net Operating income (NOI) 12.1 11.6 10.4 9.6 9.5 NOI margin % 84.4% 85.3% 85.3% 82.8% 80.5% (±) Straight-line rent — (0.6) 0.1 — (0.2) Cash Net operating income (Cash NOI) 12.1 11.0 10.5 9.6 9.2 From profit (loss) → NOI cross-check Profit(loss) for period (7.6) 10.9 5.2 (1.1) 1.1 (−)Other revenue — (0.1) (0.7) (0.1) (0.1) (+) G&A expense 4.1 4.1 4.5 4.6 3.6 (−) Investment Properties valuation gain 9.2 (11.8) (7.1) 0.3 (1.9) (+) Financing cost 5.9 5.7 4.9 4.9 5.2 (±) Net foreign currency gain (loss) 0.3 (0.2) — (0.1) (0.2) (−)Other Income (0.6) (0.4) (0.2) (0.2) (0.3) (+)Other expenses — 0.4 0.6 — — (+)Income tax expense 0.8 3.1 3.3 1.3 2.0 NOI(cross-check) 12.1 11.6 10.4 9.6 9.4 (±) Constant currency — — (0.3) (0.2) 0.3 (−)Non same-property cash NOI 2.5 2.1 1.3 1.0 1.0 Same-property NOI 9.7 9.5 8.8 8.4 8.7 (±) Straight-line rent — (0.6) 0.1 — (0.2) Cash NOI 12.1 11.0 10.5 9.6 9.2 (±) Constant currency — — (0.3) (0.2) 0.3 (−)Non same-property cash NOI 2.3 (1.4) 1.3 0.9 0.6 Same-property cash NOI 9.8 9.6 8.9 8.5 8.9
Reconciliation for Adjusted EBITDA, Adjusted EBITDA Margin, FFO and AFFO (1) Adjusted EBITDA (US$M) and EBITDA Margin Financial Information 6.7 6.3 7.3 8.4 8.9 56.5% 53.7% 56.7% 61.3% 61.7% Adj. EBITDA EBITDA Margin Q1 2025 Q2 2025 Q3 20205 Q4 2025 Q1 2026 48.0% 50.0% 52.0% 54.0% 56.0% 58.0% 60.0% 62.0% 0 4 8 12 For the three months ended US$ in millions, except for percentages March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Revenues 14.4 13.7 12.9 11.7 11.8 PROFIT (LOSS) FOR THE PERIOD (7.6) 10.9 5.2 (1.1) 1.1 Financing costs(2) 6.0 5.9 5.0 5.0 5.3 Income tax expense (benefit) 0.8 3.1 3.3 1.3 2.0 Depreciation and amortization 0.2 0.2 0.2 0.2 0.4 Investment property valuation gain 9.2 (11.8) (7.1) 0.3 (1.9) Share-based payment 0.4 0.4 0.4 0.9 0.4 Other income (0.6) (0.4) (0.2) (0.2) (0.3) Other expenses — 0.4 0.6 — — Net foreign currency (loss) gain 0.3 (0.2) — (0.1) (0.2) Adjusted EBITDA 8.9 8.4 7.3 6.3 6.7 Adjusted EBITDA margin 61.7 % 61.3 % 56.7 % 53.7 % 56.5 % For the three months ended US$ in millions March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Profit for the period (7.6) 10.9 5.2 (1.1) 1.1 Investment property valuation gain 9.2 (11.8) (7.1) 0.3 (1.9) FFO 1.7 (0.9) (1.9) (0.9) (0.9) Share-based payment 0.4 0.4 0.4 0.9 0.4 Other income(3) 0.4 (0.2) (0.1) (0.1) (0.1) Other expenses — 0.4 0.6 — — FFO (as defined by LPA) 2.5 (0.3) (1.0) (0.1) (0.6) Depreciation and amortization 0.2 0.2 0.2 0.2 0.4 Financing costs(4) 0.2 0.2 0.1 0.1 0.2 Unrealized foreign currency loss (gain) 0.1 — 0.1 — (0.1) Straight-line rental revenue — (0.6) 0.1 — (0.2) Adjusted FFO 3.0 (0.5) (0.6) 0.3 (0.4) (1) Refer to the “Non-IFRS Financial Measures and Other Measures and Reconciliations” in the MD&A for more details around the non-IFRS measures
Portfolio overview by market – March 31, 2026 Operations GLA by Market – Operating Portfolio (‘000 sq ft) FMV by Market – Operating Portfolio $592.1 m 5,293 5,293 5,550 5,804 5,804 2,516 2,516 2,516 2,516 2,516 1,521 1,521 1,521 1,775 1,775 1,255 1,255 1,255 1,255 1,255 0 258 258 258 CR PER COL MEX Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0 1,000 2,000 3,000 4,000 5,000 6,000 44.2% 28.3% 24.0% 3.5% Costa Rica Peru Colombia Mexico Square Feet Net Effective Rent Investment Properties US$ in millions, except for number of buildings, sq ft, and percentages No. of buildings Total % of Total Occupied % Leased % Year to Date NOI Annualized Sqft / Year Total Fair Market Value % of Total Fair Market Value Operating Portfolio Costa Rica 19 2,516,471 43.4% 100.0% 100.0% 5.3 $22.2 $8.82 $261.6 44.2% Colombia 5 1,255,286 21.6% 100.0% 100.0% 2.6 11.0 $8.76 142.1 24.0% Peru 8 1,774,816 30.6% 100.0% 100.0% 3.8 16.4 $8.92 167.7 28.3% Mexico 2 257,688 4.4% 100.0% 100.0% 0.4 1.7 $6.67 20.6 3.5%51.3 $8.74 Subtotal 34 5,804,261 100.0% 100.0% 100.0% 12.1 $51.3 $8.74 $592.1 100.0% Development Portfolio Peru 2 440,071 100.0% 13.9% 91.9% — — n.a 24.3 100.0% Total Portfolio 36 6,244,332 100.0% 93.9% 99.4% $12.1 $51.3 $8.74 $616.3
Operating Portfolio – period-end occupancy Operations Operating Portfolio 100.0% +200 bps YoY Costa Rica 100.0% + 130 bps YoY Peru 100.0% + 490 bps YoY Period-end Occupancy by Market Colombia 100.0% + 0 bps YoY Mexico 100.0% + n/a bps QoQ Total Operating Portfolio Period-end Occupancy 98.0 94.5 97.9 100.0 100.0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 — 20.0 40.0 60.0 80.0 100.0 98.7% 95.2% 100.0% 100.0% 100.0% 95.3% 95.3% 98.8% 100.0% 100.0% 100.0% 92.2% 92.2% CR PER COL MEX Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 80.0% 85.0% 90.0% 95.0% 100.0%
Rental Revenues Operations Rental Revenues by Market (US$M) Revenue Mix by Market 11.8 11.6 12.2 13.6 14.4 6.0 5.9 6.0 6.2 6.2 3.4 3.3 3.5 4.2 4.7 2.4 2.4 2.5 2.8 3.00.2 0.4 0.5 CR PER COL MEX Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 — 5.0 10.0 15.0 20.0 51.0 50.9 49.2 49.1 43.2 28.6 28.4 28.7 29.2 32.8 20.4 20.7 20.5 20.3 20.9 1.6 1.4 3.2 CR PER COL MEX Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 — 20.0 40.0 60.0 80.0 100.0 US $M Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 QoQ Change YoY Change Costa Rica $ 6.2 $ 6.2 $ 6.0 $ 5.9 $ 6.0 (74) % 3 % Peru $ 4.7 4.2 3.5 3.3 3.4 (67) % 40 % Colombia $ 3.0 2.8 2.5 2.4 2.4 (70) % 25 % Mexico $ 0.5 0.4 0.2 0.0 0.0 (31) % n/m Total rental revenues $ 14.4 13.6 12.2 11.6 11.8 (71) % 22 % Other revenues $ — 0.1 0.7 0.1 0.0 (96) % (49) % Total revenues $ 14.4 $ 13.7 $ 12.9 $ 11.7 $ 11.8 (71) % 22 %
Average Rent per Square Foot per Year Operations Total Portfolio $8.74 /sq ft/yr + 9.8% YoY Costa Rica $8.82 /sq ft/yr Peru $8.92 /sq ft/yr + 17.7% YoY Total Portfolio Avg. Rent (US$/sq ft/yr) Colombia $8.76 /sq ft/yr + 22.7% YoY Mexico $6.67 /sq ft/yr + (0.2)% QoQ Total Portfolio Avg. Rent (US$/sq ft/yr) $7.96 $8.07 $8.14 $8.65 $8.74 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $8.60 $8.68 $8.68 $8.70 8.82 $7.58 $7.66 $7.67 $9.06 8.92 $7.14 $7.34 $7.91 $8.38 8.76 $6.64 $6.68 6.67 CR PER COL MEX Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 + 2.6% YoY
Net Operating Income (NOI) Operations Q1 2026 NOI + 28.6% YoY Q1 2026 Cash NOI + 31.2% YoY NOI Margin 84.4% + 532 bps YoY NOI and Cash NOI (US$M) NOI by Geography (US$M) NOI Margin Costa Rica % of NOI 43.4% largest contributor Annualized NOI $48.5 M Q1 2026 x 4 9.4 9.6 10.4 11.6 12.1 5.2 5.0 5.2 5.3 5.3 2.3 2.6 2.8 3.4 3.8 1.9 2.0 2.1 2.5 2.60.2 0.4 0.4 CR PER COL MEX Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0.0 5.0 10.0 15.0 80.5% 82.8% 85.3% 85.2% 84.4% NOI Margin Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 70.0% 80.0% 90.0% 100.0% Geography Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 NOI Cash NOI Cash NOI Cash NOI Cash NOI Cash YoY Change % Q1 NOI Costa Rica 5.3 5.2 5.3 5.3 5.2 5.1 5.0 4.8 5.2 5.2 1.9 % 43.8 % Peru 3.8 3.8 3.4 2.8 2.8 2.9 2.6 2.7 2.3 2.0 65.2 % 31.4 % Colombia 2.6 2.7 2.5 2.4 2.1 2.2 2.0 2.1 1.9 2.0 36.8 % 21.5 % Mexico 0.4 0.4 0.4 0.4 0.2 0.2 0.0 0.0 0.0 0.0 n/m 3.3 % Total portfolio 12.1 12.1 11.6 10.9 10.3 10.4 9.6 9.6 9.4 9.2 28.7 % 100.0 % NOI margin 84.4% 85.2% 85.3% 82.8% 80.5% $12.1 M $12.1 M 9.4 9.6 10.4 11.6 12.1 9.2 9.6 10.5 11.0 12.1 NOI Cash NOI Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 9.0 10.0 11.0 12.0 13.0
Same Property Net Operating Income (NOI) Operations Period End Occupancy Same Property (%) Same Property YoY Change (%) 97.8% 93.9% 97.6% 100.0% 100.0% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 —% 20.0% 40.0% 60.0% 80.0% 100.0% (3.0)% (0.4)% 4.8% 5.0% 10.7% (4.3)% (1.9)% 3.2% 5.0% 11.0% NOI Cash NOI Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 (10.0)% (5.0)% —% 5.0% 10.0% 15.0% Same Property Pool YoY Change Building # GLA Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Geography 2026 2025 2026 2025 NOI Cash NOI Cash NOI Cash NOI Cash NOI Cash Costa Rica 19 18 2,516,471 2,359,027 2.8 % (2.5) % (3.0) % 0.8 % (3.9) % (5.6) % (5.9) % (6.5) % (0.3) % (0.4) % Peru 6 5 1,351,860 1,130,985 23.7 % 31.7 % 27.5 % 32.9 % 13.6 % 15.0 % 4.4 % 3.1 % (13.2) % (19.7) % Colombia 5 5 1,255,286 1,255,286 20.2 % (6.3) % 22.7 % 24.1 % 20.2 % 14.1 % 23.9 % 16.6 % 0.7 % 2.6 % Total same property 30 28 5,123,617 4,745,298 10.7 % 11.0 % 5.0 % 5.0 % 4.8 % 3.2 % (0.4) % (1.9) % (3.0) % (4.3) % Excluded 6 7 1,120,716 1,283,390 Total portfolio 36 35 6,244,332 6,028,688
Customer Concentration and Lease Expiration Analysis Operations Customer Type Mix - % of NER Top 10 Customers - % of NER Lease Expiration Schedule Contractual Rental Increases - % of NER Leases by Currency 32.1% 35.6% 21.8% 10.5% Logistic Services Consumer Goods Distribution Retailer Manufacturing and Other 0.8% 20.6% 15.0% 40.3% 23.3% MX-CPI COL-CPI US-CPI Constant Escalator Other 79.1% 20.1% 0.8% USD COP MXN # Customer % of Net Effective Rent Total Square Feet 1 Pepsico 7.5% 253,770 2 Kuehne + Nagel 7.4% 474,688 3 Alicorp 6.4% 463,472 4 PriceSmart 5.0% 265,083 5 Pequeño Mundo 4.5% 270,572 6 Natura & Co 3.5% 206,785 7 CEVA 3.2% 219,734 8 Yichang 3.0% 220,875 9 Samsung 2.9% 200,209 10 Ikea 2.9% 185,548 Total 46.3% 2,760,737 Net Effective Rent % of Currency Year Occupied Sq Ft Annualized (US$ in millions) % of Total $/Sq Ft/Yr COP USD MXN 2026 162,287 1.3 2.5% $ 8.07 0.0% 100.0% — % 2027 1,097,078 8.8 17.2% $ 8.04 31.3% 68.8% — % 2028 729,095 5.5 10.7% $ 7.55 13.3% 86.7% — % 2029 1,287,593 11.1 21.6% $ 8.61 17.7% 70.6% 11.8 % 2030 793,504 6.6 12.9% $ 8.26 — % 100.0% — % 2031 271,476 2.5 4.9% $ 9.11 — % 100.0% — % Thereafter 1,524,297 15.5 30.2% $ 10.20 27.3% 72.7% — % Total 5,865,330 51.3 100.0% $ 8.74 12.8% 85.5% 1.7 %
Development Pipeline Capital Deployment Active Projects 2 Under development Total GLA under development 440,071 pipeline TEI Total Est. Investment $21.3 M Pre Leased 91.9% Wtd. Avg. Development Yield 13.9% Invested vs Remaining to Invest (US$ M) Sq Ft % of pipeline GLA est. stabilization (1) Reflects the total development expenses of the entire industrial park, including costs associated with infrastructure, utilities, and landscaping, not just the individual warehouse 10.1 21.5 10.1 21.5 11.9 21.1 12.2 10.2 11.1 2.4 7.6 2.8 14.3 4.2 19.0 6.7 9.8 2.6 7.7 13.9 7.3 7.2 7.7 2.1 5.5 0.4 8.5 Invested Remaining to invest Callao B. 200 Callao B. 300 Callao B. 200 Callao B. 300 Callao B. 200 Callao B. 300 Callao B. 200 Callao B. 200 Callao B. 400 0.0 10.0 20.0 30.0 Q1 2025 Q2 2025 Q1 2026Q3 2025 Q4 2025 US$ in millions, except for sq ft, percentages and dates TEI Invested to Date Project Sq Ft Occupied % Leased % FMV Land + Infra Shell Total Land + Infra Shell Total Est. Stabilization Date Annualized estimated Rent Revenues Annualized estimated NOI Est. Return on Cost(1) Est. Develop. Yield(1) Type Peru Callao Logistic Park B. 200 224,427 — 84.1% $15.8 $7.6 $2.6 $10.2 $8.1 $1.7 $9.8 Jan-27 $1.6 $1.6 16.1% 15.4% Pre Leased Callao Logistic Park B. 400 215,644 — 100.0% 8.4 9.8 1.3 11.1 2.6 — 2.6 Aug-26 2.0 1.7 17.9% 15.6% Pre Leased Total 440,071 — 91.9% $24.2 $17.4 $3.9 $21.3 $10.7 $1.7 $12.4 $3.6 $3.3 17.0% 23.3%
Land Portfolio Capital Deployment Land FMV by Market (US$M) Buildable GLA (Sq Ft in millions) (1) Buildable GLA of the Land Bank (2) Peru has a land lease contract with a third-party whereas LPA, through a 40% LPA -60% Capia ownership structure, acts as a lessee. Gross Land Area (Acres) Buildable Area (Sq Ft)(1) FMV FMV/Sq Ft of Gross Land Area US$ in millions, except for sq ft and percentages Q1 2026 Q4 2025 % Change Q1 2026 Q4 2025 % Change Q1 2026 Q4 2025 % Change Q1 2026 Q4 2025 % Change Colombia 50.6 50.6 —% 1,090,211 1,090,211 0.0% 31.0 30.2 2.8% $ 14.1 $ 13.7 2.8% Peru(2) 4.7 19.0 (75.5%) 108,253 441,115 (75.5%) 3.2 9.9 (67.9%) $ 15.7 $ 12.0 31.1% Total 55.3 69.6 (20.5%) 1,198,464 1,531,326 (21.7%) 34.2 40.1 (14.7%) $ 14.2 $ 13.2 7.5% 37.0 37.9 39.8 40.1 34.2 25.3 26.2 29.0 30.2 31.0 11.7 11.7 10.8 9.9 3.2 Colombia Peru Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 1.5 1.5 1.5 1.5 1.2 1.1 1.1 1.1 1.1 1.1 0.5 0.4 0.4 0.4 0.1 Colombia Peru Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8
Debt Summary and Metrics Capitalization Total Debt $308.6 M carrying value Net Debt $273.7 M less cash $34.9 million Net Debt(1) / Inv. Props 42.1% vs. 40.2% Q4 2025 Net Debt(1)/ Adj. EBITDA 7.7x vs. 9.1x Q4 2025 Net Debt(1)/ NOI 5.6x vs. 6.4x Q4 2025 Net Debt(1)/ Profit and Loss -9.0x vs. 16.2x Q4 2025 Secured vs. Unsecured Debt Debt by Currency Debt Maturity Schedule Weighted Average Interest Rates Fixed vs Floating Rate (1) Net Debt related multiples are calculated using the annualized Adjusted EBITDA and NOI in their respective calculations. 7.6% 7.7% 7.5% 7.4% 7.4% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 —% 2.0% 4.0% 6.0% 8.0% 73.4% 26.6% Floating Fixed 80.2% 19.8% USD COP 100.0% Secured US$ in millions Maturity Loans Weighted Average Cash Interest Rate Remainder of 2026 8,301,311 8.3 % 2027 12,020,511 8.1 % 2028 25,680,871 7.3 % 2029 13,885,215 7.0 % 2030 14,904,694 6.7 % 2031 16,006,029 6.8 % Thereafter 219,226,565 5.4 % Sub-total debt at par $ 310,025,196 5.9% Accrued and deferred financing cost, net $ (1,398,570) Total Debt 308,626,626
Definitions Definitions Please refer to LPA financial statements as prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and filed with the Securities and Exchange Commission (“SEC”) and other public reports for further information about LPA and LPA business. “YTD” (Year to Date) period starting from the beginning of the current year up to the current date, used to measure the performance over this period. Adjusted EBITDA LPA defines Adjusted EBITDA as profit (loss) for the period excluding (a) interest income from affiliates, (b) financing costs, (c) income tax expense, (d) depreciation and amortization, (e) investment property valuation gain (loss) on disposal of asset held for sale, (g) share-based payment, (h) one-time cash bonus related to the Business Combination, (i) listing expense, (j) other income, (k) other expenses, and (l) net foreign currency gain or loss. Management believes Adjusted EBITDA measures and evaluates the operating performance of LPA’s business, which consists of developing, leasing and managing industrial properties, before LPA’s cost of capital and income tax expense. Adjusted EBITDA is a measure commonly used in LPA’s industry and is presented to supplement investor understanding of operating performance. LPA’s management believes that Adjusted EBITDA provides investors and analysts with a measure of operating results not affected by differences in capital structures, capital investment cycles and fair value adjustments of LPA’s assets. Cash Net Operating Income (Cash NOI) LPA defines Cash NOI as NOI adjusted for straight-line rental revenue during the relevant period. Debt Metrics We evaluate the following debt metrics to monitor the strength and flexibility of our capital structure and evaluate the performance of our management. Investors can utilize these metrics to make a determination about our ability to service or refinance our debt. Net Debt LPA defines Net Debt as LPA’s total debt (defined as long-term debt plus long-term debt — current portion) less cash, cash equivalents and restricted cash. Net Debt to Profit (Loss) represents Net Debt divided by Profit (Loss) for the period. Net Debt to Adjusted EBITDA This metric represents Net Debt divided by Adjusted EBITDA. LPA’s management believes that this ratio is useful because it provides investors with information on LPA’s ability to repay debt, compared to LPA’s performance as measured using Adjusted EBITDA. Net Debt to Net Operating Income (NOI) This metric represents Net Debt divided by NOI. LPA’s management believes that this ratio is useful because it provides investors with information on LPA’s ability to repay debt, compared to LPA’s performance as measured using NOI. Net Debt to Investment Properties This metric represents Net Debt divided by Investment Properties (end of period value). LPA believes that this ratio is useful because it shows the degree in which Net Debt has been used to finance LPA’s assets. Development Portfolio Represents industrial properties that are under development and properties that are developed but have not met Stabilization. Development Yield This metric is calculated for development properties as Stabilized NOI divided by TEI. Estimated Build Out (TEI and sq ft) This metric represents the estimated TEI and finished square feet available for lease upon completion of an industrial building on existing parcels of land. Estimated Value Creation This metric represents the value that we expect to create through our development and leasing activities. We calculate Estimated Value Creation by estimating the Stabilized NOI that the property will generate and applying a stabilized capitalization rate applicable to that property. Estimated Value Creation is calculated as the amount by which the value exceeds our TEI, including closing costs and taxes. Funds From Operations, or FFO (as calculated by LPA) FFO is profit for the period, excluding (a) investment property valuation gain (loss) on disposal of asset held for sale. LPA calculates FFO (as defined by LPA) excluding (b) share-based payment, (c) one-time cash bonus related to the Business Combination, (d) listing expense, (e) other income and (f) other expenses. LPA defines Adjusted FFO as FFO (as defined by LPA) excluding (a) depreciation and amortization, (b) non-cash financing costs, (c) interest income from affiliates, (d) unrealized foreign currency gain or loss and (e) straight-line non-cash rent. FFO (as defined by LPA) and Adjusted FFO (collectively, “FFO Measures”) These non-IFRS measures 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 which do not directly relate to LPA’s ongoing business operations or cash flow generation. LPA’s management believes FFO Measures facilitate comparisons of operating performance between periods. The usefulness of FFO Measures may be limited, and LPA’s computation may not be comparable to measures reported by other real estate companies.
Definitions Discounted Cash Flow Method Using this valuation method, future cash flows forecasted over an investment horizon, together with the proceeds of a deemed disposition at the end of the holding period. This method allows for modeling any uneven revenues or costs associated with lease-up, rental growth, vacancies, leasing commissions, tenant inducements and vacant space costs. These future financial benefits are discounted to present value at an appropriate discount rate based on market transactions. A discount rate applicable to future cash flows and determined primarily by the risks associated with income, and a capitalization rate used to obtain the future value of the property based on estimated future market conditions. These rates are determined based on the constant interviews we have with developers, brokers, clients and active players in the market to know their expectation of IRR (before debt or without leverage). Mainly the real transactions in the market are analyzed. Since we are a leading company in the real estate sector, we have extensive experience in most purchase transactions and have the details of these before and during the purchase, which allows us to have a solid base when selecting our rates. 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. Direct Comparison Approach The Direct Comparison Approach utilizes sales of comparable properties, adjusting for differences to estimate a value for the subject property. This approach is developed in a simplified method to establish a range of unit prices from market comparable sales. This method is typically developed to support the Income Approach rather than to conclude on a value. Cost Approach The Cost Approach is based on the principle of substitution – 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. The Cost Approach tends to set the upper limit of value before depreciation is considered. Gross Leasable Area (GLA) The total floor area designed for tenant occupancy and exclusive use, including basements, mezzanines and upper floors. Net Effective Rent (“NER”) This amount is calculated at the beginning of the lease using estimated total cash base rent to be received over the term and annualized. The NER per square foot is calculated by dividing the annualized net rent by the occupied square feet of the lease. Net Operating Income (“NOI”) LPA defines NOI as profit for the period excluding (a) other income (which primarily relates to development fee revenue), (b) general and administrative expenses, (c) listing expense, (d) investment property valuation gain, (e) interest income from affiliates, (f) financing costs, (g) net foreign currency gain or loss, (h) other income, (i) gain on disposition of asset held for sale, (j) other expenses, and (k) income tax expense. Operating Portfolio This includes stabilized industrial properties. Assets held for sale are excluded from the portfolio. Return on Cost This is calculated on development properties as Stabilized rental revenue divided by TEI. Same-Property Same-Property metrics are non-IFRS financial measures, which are commonly used in the real estate industry and expected from the financial community, on both a net-effective and cash basis. We evaluate the performance of the operating properties we own and manage using a Same-Property analysis because the population of properties in this analysis is consistent from period to period, which allows us to analyze our ongoing business operations. We have defined Same-Property as properties that were owned by LPA as of January 1, 2024 and have been in operations throughout the same nine-month periods in both 2024 and 2025. We believe that the factors that affect lease rental income, recoveries, property operating expenses and NOI in the Same-Property portfolio generally remain the same as for our total operating portfolio. Same-Property NOI LPA defines Same-Property NOI as NOI less non same-property NOI and adjusted for constant currency. Same-Property Cash NOI LPA defines Same-Property Cash NOI as Cash NOI less non same-property Cash NOI and adjusted for constant currency. Stabilization LPA defines 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. Stabilized NOI This metric is the estimated twelve months of potential gross rental revenue (base rent, including above or below market rents plus operating expense reimbursements) multiplied by 95% to adjust income to a stabilized vacancy factor of 5%, minus estimated operating expenses. Total Expected Investment (“TEI”) This represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change. Total Portfolio Is comprised of the Operating Portfolio and Development Portfolio
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1 Investor Presentation Q1 2026 Logistic Properties of the Americas
This presentation (the “Presentation”) is provided for informational purposes only and has been prepared to provide interested parties with certain information about Logistic Properties of the Americas and its subsidiaries (collectively, “LPA”) and for no other purpose. This Presentation is not a prospectus, product disclosure statement or any other offering or disclosure document under any other law. The information contained herein is of a general background nature and does not purport to be exhaustive, all-inclusive or complete. This Presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase, any equity, debt or other financial instruments of LPA. No such offering of equity or debt securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom. No representations or warranties, express or implied are given in, or in respect of, the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. To the fullest extent permitted by law, LPA disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this Presentation and such liability is expressly disclaimed. The viewer of this Presentation agrees that it shall not seek to sue or otherwise hold LPA or any of its respective directors, officers, employees, affiliates, agents, advisors or representatives liable in any respect for the provision of this Presentation, the information contained in this Presentation, or the omission of any information from this Presentation. Viewers of this Presentation should each make their own evaluation of LPA and of the relevance and adequacy of the information provided in this Presentation and should make such other investigations as they deem necessary before making an investment decision. Nothing herein should be construed as legal, financial, tax or other advice. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning anything described herein, and, by accepting this Presentation, you confirm that you are not relying solely upon the information contained herein to make any investment decision. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. Forward-Looking Statements This Presentation contains certain forward-looking information which may not be included in future public filings or investor guidance. The inclusion of forward-looking financial information or metrics in this Presentation should not be construed as a commitment by LPA to provide guidance on such information in the future. Certain statements in this Presentation may be considered forward-looking statements. Forward-looking statements include, without limitation, statements about future events or LPA’s future financial or operating performance. For example, statements regarding anticipated growth in the industry in which LPA operates and anticipated growth in demand for LPA’s products and solutions, the anticipated size of LPA’s addressable market and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. These forward-looking statements regarding future events and the future results of LPA are based on current expectations, estimates, forecasts, and projections about the industry in which LPA operates, as well as the beliefs and assumptions of LPA’s management. These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other factors beyond LPA’s control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, LPA’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and LPA therefore cautions against relying on any of these forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by LPA and its management, are inherently uncertain and are inherently subject to risks variability and contingencies, many of which are beyond LPA’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the possibility of any economic slowdown or downturn in real estate asset values or leasing activity or in the geographic markets where LPA operates; (ii) LPA’s ability to manage growth; (iii) LPA’s ability to continue to comply with applicable listing standards of the New York Stock Exchange (“NYSE”); (iv) changes in applicable laws, regulations, political and economic developments; (v) the possibility that LPA may be adversely affected by other economic, business and/or competitive factors; (vi) LPA’s estimates of expenses and profitability; (vii) the outcome of any legal proceedings that may be instituted against LPA and (viii) other risks and uncertainties set forth in the filings by LPA with the U.S. Securities and Exchange Commission (the “SEC”). There may be additional risks that LPA does not presently know or that LPA currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Any forward-looking statements made by or on behalf of LPA speak only as of the date they are made. Except as otherwise required by applicable law, LPA disclaims any obligation to publicly update or revise any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, you should not place undue reliance on forward-looking statements due to their inherent uncertainty. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Industry and Market Data This Presentation also contains estimates and other statistical data made by independent parties which they believe to be reliable and by LPA relating to market size and growth and other data about LPA’s industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of the future performance of the markets in which LPA operates are necessarily subject to a high degree of uncertainty and risk. LPA has not independently verified the accuracy or completeness of the independent parties’ information. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of such independent information. Trademarks LPA owns or has rights to various trademarks, service marks and trade names used is connection with the operation of its business. This Presentation may also contain trademarks, service marks, trade names and copyrights of other companies or third parties, which are the property of their respective owners. LPA’s use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, service marks, trade names and copyrights. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM or symbols, but LPA will assert, to the fullest extent under applicable law, the rights of the applicable owners to these trademarks, service marks, trade names and copyrights. Financial Measures Certain financial information contained herein is unaudited and is based on internal records and/or estimates. The Presentation also contains unaudited alternative financial measures that are measures of financial performance not calculated in accordance with generally accepted accounting principles in the United States (or international financial reporting standards (“IFRS”)) and should not be considered as replacements or alternatives to net income or loss, cash flow from operations or other measures of operating performance or liquidity of LPA. These alternative financial measures should be viewed in addition to, and not as a substitute for, analysis of LPA’s results reported in accordance with IFRS or otherwise. Notwithstanding these limitations, and in conjunction with other accounting and financial information available, LPA’s management considers the alternative financial measures contained in this presentation (including EBITDA, EBITDA margin, Net Debt, Net Operating Income (NOI), Cash NOI, Same-Property NOI, Same-Property Cash NOI, Enterprise Value, Equity Value, FFO, AFFO, Yield-to-cost, and Return on Equity (ROE)) reasonable indicators for comparisons between LPA and LPA’s principal competitors on the market. These alternative financial measures are used by market participants for comparative analysis, albeit with certain limitations as analytical tools, of the results of businesses in the sector and as indicators of LPA’s capacity to generate cash flows. Nevertheless, alternative financial measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other companies. You should review LPA’s financial statements and additional information included in its filings with the SEC. Disclaimer
The leading pioneer in logistics and industrial real estate in the Americas. — As one of the region’s only publicly traded, vertically integrated platforms, LPA develops, owns, and manages institutional-grade, built-to-suit facilities in the most dynamic, high-barrier-to-entry markets.(1) Development and construction (2) of properties in the land bank Asset ownership on a long-term basis Acquisition of stabilized assets Developer Owner Acquirer Leasing and management (3) of assets Manager Notes: (1) The Company considers that most real estate companies and funds in México, Costa Rica, Perú and Colombia do not focus exclusively on the industrial segment; instead, they have investments across multiple sectors, including retail, hospitality, and others, and often lack a regional presence. (2) Construction is outsourced to construction companies; (3) Relationship with tenants and administration of logistics parks.
03 04 02 LPA reports strong performance in Q1 2026. Key highlights include: 05 Quarterly Highlights: Q1 2026 As of March 31, 2026 01 4.7 years weighted average remaining lease life (3) 100.0% stabilized occupancy across the operating portfolio (1) 7.6M sq ft gross leasable area across the portfolio (2) US$12.1mn YTD 2026 NOI (4) 10.97% cash NOI (4) growth YTD 2026–2025 . (1) Operating Portfolio period end occupancy. (2) Includes 6.0 million sq ft of GLA in our total portfolio and 1.5 million of potential new GLA to be built-out in our land portfolio. (3) Remaining lease life weighted average by leased area (4) NOI and Cash NOI are non-IFRS measures.
A B C D LPA has built a portfolio across major commercial hubs and emerging logistics corridors. Puebla, México 257,688 Lima, Peru Operating GLA (sqft) Development GLA (sqft) Land Reserves (Acres) — — 1,774,816Operating GLA (sqft) Development GLA (sqft) Land Reserves (Acres) Bogotá, Colombia 50.6 Operating GLA (sqft) Development GLA (sqft) Land Reserves (Acres) 1,255,286 — San José, Costa Rica 2,516,471Operating GLA (sqft) Development GLA (sqft) Land Reserves (Acres) — — 4.7 440,071 Current Operations Expansion Plans B A C D
Operating Portfolio GLA Growth sq ft in thousands Costa Rica Perú Colombia Mexico Adjusted EBITDA US$ in thousands CAGR (1) : 5.95% Net Operating Income Growth US$ in thousands CAGR (1) :8.5% Growth guided by innovation and integrity. As of March 31, 2026 (1) 2023 – 2026 (Annualized) CAGR (1) : 7.9% $34,185 $36,607 $40,964 $43,657 $19,352 $20,756 $20,607 $20,716 $7,784 $8,263 $11,172 $12,643 $7,049 $7,588 $8,558 $9,228$— $— $627 $1,069 2023 2024 2025 LTM Q1 2026 4,620 5,122 5,804 5,804 2023 2024 2025 2026 $25,953 $25,604 $28,678 $30,864 2023 2024 2025 LTM Q1 2026
LPA’s differentiated Class A product and geographic diversification position it as an ideal partner for large multinationals and respected regional and local players. Trusted by leading global brands. Logistic Services Consumer Goods and Distribution Retailer (including E-Commerce) Manufacturing And Other
Operations Customer Concentration and Lease Expiration Analysis Lease Expirations Net Effective Rent % of Currency Year Occupied Sq Ft Annualized (US$ in millions) % of Total $/Sq Ft/Yr COP USD MXN 2026 162,287 1.3 2.5% $ 8.07 0.0% 100.0% — % 2027 1,097,078 8.8 17.2% $ 8.04 31.3% 68.8% — % 2028 729,095 5.5 10.7% $ 7.55 13.3% 86.7% — % 2029 1,287,593 11.1 21.6% $ 8.61 17.7% 70.6% 11.8 % 2030 793,504 6.6 12.9% $ 8.26 — % 100.0% — % 2031 271,476 2.5 4.9% $ 9.11 — % 100.0% — % Thereafter 1,524,297 15.5 30.2% $ 10.20 27.3% 72.7% — % Total 5,865,330 51.3 100.0% $ 8.74 12.8% 85.5% 1.7 % # Customer % of Net Effective Rent Total Square Feet 1 Pepsico 7.50 % 253,770 2 Kuehne + Nagel 7.40 % 474,688 3 Alicorp 6.40 % 463,472 4 PriceSmart 5.00 % 265,083 5 Pequeño Mundo 4.50 % 270,572 6 Natura & Co 3.50 % 206,785 7 CEVA 3.20 % 219,734 8 Yichang 3.00 % 220,875 9 Samsung 2.90 % 200,209 10 Ikea 2.90 % 185,548 Total 46.3% 2,760,737
Operations Customer Type Contractual Rent Increases Amount of Leases by Currency Lease Breakdown as Measured by Total Portfolio NER 32.1% 35.6% 21.8% 10.5% Logistic Services Consumer Goods Distribution Retailer Manufacturing and Other 0.8% 20.6% 15.0% 40.3% 23.3% MX-CPI COL-CPI US-CPI Constant Escalator Other 79.1% 20.1% 0.8% USD COP MXN
As of March 31, 2026 Solid Operating Performance Period-End Operating Portfolio Occupancy and Period-End Leased Development Portfolio Operating Portfolio Development Portfolio 98.0% 94.5% 97.9% 100.0% 100.0% 73.8% 85.9% 85.8% 84.1% 91.9% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Rental revenues and Net Operating Income continue to increase, reflecting positive annual lease growth and expansion in GLA Same Properties Cash NOI Growth Driven by Rent Growth, Occupancy and Free Rent Period Burning Out US$ in millionsRental Revenues NOI Same-Property NOI Same-Property Cash NOI Solid Operating Performance 11.8 11.6 12.2 13.6 14.4 9.4 9.6 10.4 11.6 12.1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 -3.0% -0.4% 4.8% 10.0% 10.7% (4.3)% (1.9)% 3.2% 13.9% 11.0% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
As of March 31, 2026Total 7,443 sq ft From 5.8M to 7.6M sq ft Peru Colombia 108 1,090 Growth driven by our Land Bank and Development Portfolio (square feet in thousands) 440 sq ft Operating Portfolio Land bank and Expansion Land Dev. Portfolio 1,198 sq ft 5,804 sq ft (square feet in thousands)
Our Investment Properties Portfolio Operating Portfolio by Country (based on sq ft) Development Portfolio by Country (based on sq ft) Operating Portfolio Acquired vs Developed Development Portfolio Metrics Net Rentable Area (sq ft) 440 Number of Logistic Properties 2 Leased % 91.9% Development Pipeline per Country: Bldg # GLA (sq ft) % Leased Costa Rica - - - Peru 2 440,071 91.9% Colombia - - - Mexico - - - Total 2 440,071 91.9% Operating Portfolio Metrics Net Rentable Area (sq ft) 5,804 Average Portfolio Aging 4.9 years Number of Logistic Properties 34 Period End Occupancy % 100.0 % Average Building Size per Country: sq ft in 000’s Costa Rica 110 sq ft – 215 sq ft Peru 160 sq ft – 270 sq ft Colombia 215 sq ft– 325 sq ft Mexico 70 sq ft– 184 sq ft Average Tenant Size per Country: sq ft in 000’s Costa Rica 54 sq ft – 160 sq ft Peru 85 sq ft – 215 sq ft Colombia 160 sq ft– 270 sq ft Mexico 23 sq ft– 184 sq ft 5% 40% 35% 20% Mexico Costa Rica Peru Colombia 88.1% 11.9% Developed Acquired
Debt by Currency Fixed vs Floating Rate Debt Capitalization Debt Summary and Metrics Secured vs Unsecured Debt Maturity Loans Wtd. Avg. Cash Interest Rate 2026 $8,301,311 8.3% 2027 $12,020,511 8.1% 2028 $25,680,871 7.3% 2029 $13,885,215 7.0% 2030 $14,904,694 6.7% 2031 $16,006,029 6.8% Thereafter $219,226,565 5.4% Sub-total debt at par $310,025,196 5.9% Accrued and deferred financing cost, net $(1,398,570) Total Debt $308,626,626 Debt Metrics Q1 2026 Q4 2025 Net debt (US$ in millions) 273.7 261.3 Net debt over investment properties (end of period) 42.1% 40.2% Net debt / Profit (loss) (1) (9.0x) 16.2x Net debt/ Adjusted EBITDA ratio(1) 7.7x 9.1x Net debt / NOI(1) 5.6x 6.4x (1) Net Debt related multiples are calculated using the annualized Adjusted EBITDA and NOI in their respective calculations. 80.2% 19.8% USD COP 73.4% 26.6% Floating Fixed
Appendix Logistic Park Lurin I, Lurin, Peru
Luis Conejo Country Manager, Costa Rica 5 years with LPA Previously Client Relationship Manager at Vivicon Guillermo Zarco Country Manager, Colombia 8 years with LPA Previously Logistics Portfolio Manager at Terranum Alvaro Chinchayan Country Manager, Peru 8 years with LPA Previously Project Manager at PECSA and General Manager at Papelera Alfa Established LPA’s Mexico operations in 2025 Previously Director of acquisitions at MIRA and Investments Vice President at TC Latin America Partners Eduardo Nakash Country Manager, Mexico A shared vision with a global perspective. The CEO, CFO and COO have a combined track record of 30+ years and are complemented by in-country managers with deep knowledge of their respective markets. 15+ years of experience, 7 years with LPA Principal in the Investment Team at Jaguar Growth Partners, a global private equity firm Significant experience in real estate operating companies Led and executed multiple M&A transactions in the region International investment banking experience (J.P. Morgan) MBA from Columbia Business School and B.S. and M.Sc. in Economics from Universidad Javeriana Esteban Saldarriaga Chief Executive Officer 15+ years of experience as a CFO of public and private companies Experienced in financial structuring Closed transactions in asset-heavy and asset-light businesses Led and executed multiple M&A transactions in the region, consulting experience from McKinsey & Co. MBA from Harvard Business School and B.S. in Accounting and Finance from Universidad Panamericana Chief Financial Officer Paul Smith Chief Operating Officer Annette Fernández 15+ years of industry experience, 7 years with LPA Previously VP of Financial Operations and Investor Relations for FIBRA Prologis 5 years at PwC B.S. in Accounting from University of Puerto Rico
As a Corporate Entity, LPA Offers a Differentiated Value Proposition. Notes: (1) Assets Under Management Category LPA· Corporate Entity REIT Investment Focus Industrial Real Estate Assets • Full value chain: Development + Valuation + Asset Mgmt. Rules on How Assets are Invested • ≥ 75% of total assets must be real estate Assets acquired/developed for leasing only • ≤ 20% in other listed REITs Fee Structure Shareholder-Friendly Structure • No fees charged to investors • In-house mgmt aligned with Company objectives Fee Structures Can Create Conflicts of • Fixed fee based on % of AUM(1) + incentive fee. • Risk of prioritizing AUM growth over Distributions Real Estate Quality & Long-Term Value • Focused on total return • No regulatory requirement to distribute dividends • Taxes at the corporate level distributions are post income tax on P&L Focused on Initial Returns • Focused on dividend yield • Must distribute ≥ 90% of taxable net income annually • No taxes at the corporate level Pass- through vehicle subject to investor's fiscal regime Compensation Structure Internally Managed • Employed manager • Full platform in-house: investment team + back-office Externally Managed • Third-party manager. • Dependent on external administrator's infrastructure.
18 — Our commitment to responsible operations is directly integrated into our business model and aligned with the highest international frameworks. All of LPA’s projects are managed through the Ecological Blue Flag Program (Bandera Azul), an award that acknowledges effort and volunteer work seeking to improve social and environmental conditions Social Human Capital: professional development policies, training programs, annual bonus, feedback and annual review Value Chain: strict supplier selection criteria, suppliers code of conduct and databases, sustainable procurement practices, sustainable use of facilities manual for tenants, open communications channels Deep understanding of client needs – strategic partners in growth Community: sustainable business and community strategy, “Bandera Azul Ecológica” environmental program, corporate volunteering & environmental education Governance Internally managed - alignment of interests Board of Directors with extensive experience and adequate representation of shareholders Committees led by independent members Transparency through defined policies and regulations Protection mechanisms for minority shareholders Defined investment criteria Long-term incentive program prepared for managers Environmental Warehouses comply with highest standards of efficiency and environmental sustainability by means of EDGE certification Sustainable growth for clients, communities, and the planet.
— Every facility meets global benchmarks for safety, sustainability, and performance. Public market rigor and institutional governance. Portfolio highlights Bogota, Colombia Logistic Park Calle 80 Lima, Peru Logistic Park Lurin I Alajuela, Costa Rica Logistic Park Coyol I Puebla, Mexico Logistic Park Puebla MX
Please refer to LPA financial statements as prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and filed with the Security and Exchange Commission (“SEC”) and other public reports for further information about LPA and LPA business. “YTD (Year to Date)” period starting from the beginning of the current year up to the current date, used to measure the performance over this period. Adjusted EBITDA. LPA defines Adjusted EBITDA as profit for the period adjusted by (a) interest income from affiliates, (b) financing costs, (c) income tax expense, (d) depreciation and amortization, (e) investment property valuation gain, (f) share- based payments, (g) one-time cash bonus related to the Business Combination, (h) gain on sale of asset held for sale (i) gain or loss on sale of investment properties, (j) listing expense, (k) other income, (l) other expenses and (m) net foreign currency gain or loss. Management uses Adjusted EBITDA to measure and evaluate the operating performance of LPA’s business, which consists of developing, leasing and managing industrial properties, before LPA’s cost of capital and income tax expense. Adjusted EBITDA is a measure commonly used in LPA’s industry, and it presents Adjusted EBITDA to supplement investor understanding of its operating performance. LPA’s management believes 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 LPA’s assets. Cash Net Operating Income (Cash NOI) LPA defines Cash NOI as NOI adjusted for straight-line rental revenue during the relevant period. Debt Metrics We evaluate the following debt metrics to monitor the strength and flexibility of our capital structure and evaluate the performance of our management. Investors can utilize these metrics to make a determination about our ability to service or refinance our debt. Net Debt LPA defines Net Debt as LPA’s total debt (defined as long term debt plus long-term debt—current portion) less cash, cash equivalents and restricted cash. Net Debt to Profit (Loss) represents Net Debt divided by Profit (Loss) for the period. Net Debt to Adjusted EBITDA This metric represents Net Debt divided by Adjusted EBITDA. LPA’s management believes that this ratio is useful because it provides investors with information on LPA’s ability to repay debt, compared to LPA’s performance as measured using Adjusted EBITDA. Net Debt to Net Operating Income (NOI) This metric represents Net Debt divided by NOI. LPA’s management believes that this ratio is useful because it provides investors with information on LPA’s ability to repay debt, compared to LPA’s performance as measured using NOI. Net Debt to Investment Properties This metric represents Net Debt divided by Investment Properties (end of period value). LPA believes that this ratio is useful because it shows the degree in which Net Debt has been used to finance LPA’s assets. Development Portfolio Represents industrial properties that are under development and properties that are developed but have not met Stabilization. Development Yield This metric is calculated for development properties as Stabilized NOI divided by TEI. Estimated Build Out (TEI and sq ft) This metric represents the estimated TEI and finished square feet available for lease upon completion of an industrial building on existing parcels of land. Definitions Estimated Value Creation This metric represents the value that we expect to create through our development and leasing activities. We calculate Estimated Value Creation by estimating the Stabilized NOI that the property will generate and applying a stabilized capitalization rate applicable to that property. Estimated Value Creation is calculated as the amount by which the value exceeds our TEI, including closing costs and taxes. Funds From Operations, or FFO LPA defines FFO as profit (loss) for the period, excluding (a) investment property valuation gain, (b) gain or loss on sale of investment properties, and c) gain on sale of asset held for sale. 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) listing expense, (d) other income and (e) other expenses. LPA defines Adjusted FFO as FFO (as defined by LPA), excluding (a) depreciation and amortization, (b) non-cash financing costs, (c) interest income from affiliates, (d) unrealized foreign currency gain or loss and (e) 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 noncash 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. However, since 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, 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. Fair Market Value (FMV) Represents the value of a property based on current market conditions and appraised by a certified third party. Valuation methodology used by the third-party appraiser for the valuation of the assets and the factors which are part of the approaches, at the end we will present the ranges of the rates such as the market rents used for the entire portfolio. There are three basic approaches to value: • Income Approach • Discounted Cash Flow Method • Direct Comparison Approach • Cost Approach In practice, an approach to value is included or omitted based on its applicability to the property type being valued and the quality and quantity of information available. Income Approach The Income Approach reflects the subject’s income-producing capabilities. This approach assumes that value is created by expected income. Since the investment is expected to be acquired by an investor who would be willing to pay to receive an income stream plus reversion value from a property over a period, the Income Approach is used as the primary approach to value. The two common valuation techniques are the Discounted Cash Flow (DCF) Method and the Direct Capitalization Method.
Definitions Discounted Cash Flow Method Using this valuation method, future cash flows forecasted over an investment horizon, together with the proceeds of a deemed disposition at the end of the holding period. This method allows for modeling any uneven revenues or costs associated with lease up, rental growth, vacancies, leasing commissions, tenant inducements and vacant space costs. These future financial benefits are discounted to a present value at an appropriate discount rate based on market transactions. • A discount rate applicable to future cash flows and determined primarily by the risk associated with income, and • A capitalization rate used to obtain the future value of the property based on estimated future market conditions. These rates are determined based on: • The constant interviews we have with the developers, brokers, clients and active players in the market to know their expectation of IRR (before debt or without leverage). • Mainly the real transactions in the market are analyzed. Since we are a leading company in the real estate sector, we have extensive experience in most purchase transactions and we have the details of these before and during the purchase, which allows us to have a solid base when selecting our rates. 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. Direct Comparison Approach The Direct Comparison Approach utilizes sales of comparable properties, adjusting for differences to estimate a value for the subject property. This approach is developed in a simplified method to establish a range of unit prices for market comparable sales. This method is typically developed to support the Income Approach rather than to conclude on a value. Cost Approach The Cost Approach is based on the principle of substitution - 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. The Cost Approach tends to set the upper limit of value before depreciation is considered. Gross Leasable Area (GLA) The total floor area designed for tenant occupancy and exclusive use, including basements, mezzanines, and upper floors. Net Effective Rent (“NER”) This amount is calculated at the beginning of the lease using estimated total cash base rent to be received over the term and annualized. The NER per square foot number is calculated by dividing the annualized net effective rent by the occupied square feet of the lease. Net Operating Income (“NOI”) LPA defines NOI as profit for the period adjusted by (a) other revenue (which primarily relates to development fee revenue), (b) general and administrative expenses, (c) listing expense (d) investment property valuation gain, (e) interest income from affiliates, (f) financing costs, (g) net foreign currency gain or loss, (h) other income, (i) gain or loss on sale of investment properties, (j) gain on disposition of asset held for sale, (k) other expenses, and (l) income tax expense. Operating Portfolio This includes stabilized industrial properties. Assets held for sale are excluded from the portfolio. Return on Cost This is calculated on development properties as Stabilized rental revenue divided by TEI. Same-Property Our Same-Property metrics are non-IFRS financial measures, which are commonly used in the real estate industry and expected from the financial community, on both a net-effective and cash basis. We evaluate the performance of the operating properties we own and manage using a “Same-Property” analysis because the population of properties in this analysis is consistent from period to period, which allows us to analyze our ongoing business operations. 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. We have defined the Same-Property portfolio, for the three months ended March 31, 2024, as those properties that were owned by LPA as of January 1, 2024 and have been in operations throughout the same three-month periods in both 2024 and 2025. We believe the factors that affect lease rental income, rental recoveries, property operating expenses and NOI in the Same-Property portfolio are generally the same as for our total operating portfolio. We use the following Same-Property metrics to valuate the performance of our operating properties: Same-Property NOI LPA defines Same Property NOI as NOI less non same-property NOI and adjusted for constant currency. LPA evaluates the performance of the properties it owns using a Same Property NOI, and LPA’s management believes 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 LPA’s portfolio on performance. When used in conjunction with IFRS financial measures, Same Property NOI is a supplemental measure of operating performance that LPA’s management believes is a useful measure to evaluate the performance and profitability of LPA investment properties Same-Property Cash NOI LPA defines Same Property Cash NOI as Cash NOI less non same-property cash NOI and 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. Stabilization LPA defines 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. Stabilized NOI This metric is the estimated twelve months of potential gross rental revenue (base rent, including above or below market rents plus operating expense reimbursements) multiplied by 95% to adjust income to a stabilized vacancy factor of 5%, minus estimated operating expenses. Total Expected Investment (“TEI”) This represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change. Total Portfolio is comprised of the Operating Portfolio and Development Portfolio.
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