Logistic Properties of the Americas (LPA)
Market Price (7/22/2026): $3.11 | Market Cap: $98.3 MilSector: Real Estate | Industry: Real Estate Development
Logistic Properties of the Americas (LPA)
Market Price (7/22/2026): $3.11Market Cap: $98.3 MilSector: Real EstateIndustry: Real Estate Development
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33% Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Automation & Robotics, and E-commerce & Digital Retail. Themes include E-commerce Logistics REITs, Show more. | Weak multi-year price returns2Y Excs Rtn is -121%, 3Y Excs Rtn is -147% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 300% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -26% Key risksLPA key risks include [1] high leverage with weak debt and interest coverage, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33% |
| Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Automation & Robotics, and E-commerce & Digital Retail. Themes include E-commerce Logistics REITs, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -121%, 3Y Excs Rtn is -147% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 300% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -26% |
| Key risksLPA key risks include [1] high leverage with weak debt and interest coverage, Show more. |
Qualitative Assessment
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Logistic Properties of the Americas (LPA) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Fiscal Q1 2026 Net Loss and Valuation Adjustments outweighed strong operational performance. Despite Logistic Properties of the Americas (LPA) reporting robust operational growth in its fiscal Q1 2026 (ended March 31, 2026), including a 21.6% year-over-year revenue increase to $14.4 million and a 28.6% rise in Net Operating Income (NOI) to $12.1 million with 100% occupancy, the company simultaneously reported a net loss of $0.25 per share. This net loss was significantly impacted by a $9.2 million investment property valuation loss, which included a $7.2 million reduction in the value of its Colombian assets due to updated underwriting assumptions for market conditions. The market reacted negatively, with the stock falling 8.61% in premarket trading following the May 13, 2026 earnings announcement.
2. Increased Financing Costs and One-Time Operational Expenses impacted profitability. Further contributing to the negative trend observed since fiscal Q1 2026 were a reported 12% rise in financing costs and a 13.3% increase in general and administrative expenses to $4.0 million. This increase in operational expenses was partly attributed to a one-time emergency tax charge levied by the Colombian government during the fiscal first quarter. These financial pressures, detailed in the fiscal Q1 2026 earnings, eroded the company's net profitability despite its strong revenue growth.
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Logistic Properties of the Americas (LPA) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Fiscal Q1 2026 Net Loss and Valuation Adjustments outweighed strong operational performance. Despite Logistic Properties of the Americas (LPA) reporting robust operational growth in its fiscal Q1 2026 (ended March 31, 2026), including a 21.6% year-over-year revenue increase to $14.4 million and a 28.6% rise in Net Operating Income (NOI) to $12.1 million with 100% occupancy, the company simultaneously reported a net loss of $0.25 per share. This net loss was significantly impacted by a $9.2 million investment property valuation loss, which included a $7.2 million reduction in the value of its Colombian assets due to updated underwriting assumptions for market conditions. The market reacted negatively, with the stock falling 8.61% in premarket trading following the May 13, 2026 earnings announcement.
2. Increased Financing Costs and One-Time Operational Expenses impacted profitability. Further contributing to the negative trend observed since fiscal Q1 2026 were a reported 12% rise in financing costs and a 13.3% increase in general and administrative expenses to $4.0 million. This increase in operational expenses was partly attributed to a one-time emergency tax charge levied by the Colombian government during the fiscal first quarter. These financial pressures, detailed in the fiscal Q1 2026 earnings, eroded the company's net profitability despite its strong revenue growth.
3. Broader commercial real estate market headwinds contributed to cautious sentiment. The overall commercial real estate market, although showing resilience, faced new challenges in fiscal Q2 2026. These included inflationary pressures stemming from geopolitical conflicts, a surge in the benchmark 10-year Treasury yield in May, and a more cautious approach from investors and lenders. While LPA primarily operates in logistics, the company's own outlook acknowledged a mixed demand environment for logistics properties, noting that rising interest rates and persistent inflation could temper development activity and compress net operating income margins across the sector. Additionally, U.S. retail asking rent growth slowed to +1.6% year over year in fiscal Q2 2026, the slowest pace in over a decade, reflecting broader economic headwinds such as softer consumer spending and elevated interest rates.
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Stock Movement Drivers
Fundamental Drivers
The -6.1% change in LPA stock from 3/31/2026 to 7/21/2026 was primarily driven by a -69.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.30 | 3.10 | -6.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 50 | 53 | 5.1% |
| Net Income Margin (%) | 20.9% | 6.3% | -69.9% |
| P/E Multiple | 9.9 | 29.5 | 197.7% |
| Shares Outstanding (Mil) | 32 | 32 | -0.2% |
| Cumulative Contribution | -6.1% |
Market Drivers
3/31/2026 to 7/21/2026| Return | Correlation | |
|---|---|---|
| LPA | -6.1% | |
| Market (SPY) | 15.1% | 15.5% |
| Sector (XLRE) | 10.7% | 14.9% |
Fundamental Drivers
The 13.6% change in LPA stock from 12/31/2025 to 7/21/2026 was primarily driven by a 129.5% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.73 | 3.10 | 13.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48 | 53 | 10.8% |
| Net Income Margin (%) | 14.1% | 6.3% | -55.2% |
| P/E Multiple | 12.9 | 29.5 | 129.5% |
| Shares Outstanding (Mil) | 32 | 32 | -0.3% |
| Cumulative Contribution | 13.6% |
Market Drivers
12/31/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| LPA | 13.6% | |
| Market (SPY) | 10.0% | 15.7% |
| Sector (XLRE) | 12.8% | 13.5% |
Fundamental Drivers
The -54.6% change in LPA stock from 6/30/2025 to 7/21/2026 was primarily driven by a -84.2% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.83 | 3.10 | -54.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 45 | 53 | 16.5% |
| Net Income Margin (%) | 39.8% | 6.3% | -84.2% |
| P/E Multiple | 12.0 | 29.5 | 146.2% |
| Shares Outstanding (Mil) | 32 | 32 | 0.0% |
| Cumulative Contribution | -54.6% |
Market Drivers
6/30/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| LPA | -54.6% | |
| Market (SPY) | 22.1% | 20.7% |
| Sector (XLRE) | 11.9% | 21.6% |
Fundamental Drivers
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Market Drivers
6/30/2023 to 7/21/2026| Return | Correlation | |
|---|---|---|
| LPA | ||
| Market (SPY) | 74.8% | -1.2% |
| Sector (XLRE) | 31.7% | 6.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LPA Return | - | - | - | -33% | -74% | 11% | -81% |
| Peers Return | 66% | -30% | 19% | -14% | 15% | 16% | 58% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| LPA Win Rate | - | - | - | 40% | 17% | 57% | |
| Peers Win Rate | 77% | 33% | 55% | 43% | 68% | 66% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| LPA Max Drawdown | - | - | - | - | -76% | -25% | |
| Peers Max Drawdown | -10% | -39% | -24% | -21% | -23% | -12% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PLD, REXR, EGP, STAG, FR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/21/2026 (YTD)
About Logistic Properties of the Americas (LPA)
Logistic Properties of the Americas (LPA) currently operates effectively as Latam Logistic Properties, S.A., following a reverse merger transaction completed on March 27, 2024. As of this date, the company does not have significant operations and is based in Zephyr Cove, Nevada, having been incorporated in 2021.
The primary business intent of Latam Logistic Properties, S.A. is to identify and complete a business combination with one or more businesses. This combination could take various forms, including a merger, capital stock exchange, asset acquisition, stock purchase, or reorganization.
As such, the company does not currently offer any main products or services in the traditional sense, nor does it serve a direct customer base. Its strategic focus is exclusively on acquiring a suitable target company within the technology sector, positioning itself as a vehicle for a private technology business to become publicly traded.
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- It's like a publicly traded holding company that is currently "empty" of operating businesses, and is actively searching to acquire one private technology company to make it its new core operation.
- Think of it as a publicly traded private equity firm that has divested all its previous holdings and is now solely focused on acquiring a private technology company to become its new singular public business.
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- Business Combination Pursuit: The company's primary activity involves identifying and completing a merger or similar business combination with one or more businesses in the technology sector.
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Based on the provided information, Logistic Properties of the Americas (LPA) was acquired by Latam Logistic Properties, S.A. in a reverse merger. Latam Logistic Properties, S.A. does not have significant operations and intends to effect a business combination with one or more businesses in the technology sector.
Therefore, as of the current status described, Logistic Properties of the Americas (LPA) does not have major customers as it does not have significant operations or sales activities in the traditional sense.
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Esteban Saldarriaga, Chief Executive Officer
Esteban Saldarriaga has served as the Chief Executive Officer of LPA since the successful closing of the business combination in March 2024, and previously as CEO of LatAm Logistic Properties, S.A. (LLP) since November 2022, after serving on LLP's board of directors from 2016. He is also a member of the board of directors and the Investment Committee of Colombian Healthcare Properties, a portfolio company of Jaguar Growth Partners. Prior to this, Mr. Saldarriaga held roles as Investments Principal, VP, and Associate at Jaguar Growth Partners, a global investment management firm focused on real estate operating companies in emerging markets. From 2013 to 2015, he was an M&A Associate at Grupo Gloria, a Latin American conglomerate, where he worked on cross-border acquisitions and integrations.
Paul Smith, Chief Financial Officer
Paul Smith assumed the role of Chief Financial Officer for LPA on May 13, 2024. He brings over 15 years of experience as a CFO for both public and private companies, including VTrips Holdings, Hoteles City Express, Envases Universales, SAPI, and Grupo Marti. His expertise includes financial structuring, real estate transactions, financing negotiation, and cross-border acquisitions and integrations, particularly within Latin American markets. Mr. Smith also has consulting experience from McKinsey & Co.
Annette Fernandez, Chief Operations Officer
Annette Fernandez was appointed Chief Operations Officer of LPA on May 13, 2024. She previously served as CFO of LatAm Logistic Properties, S.A. (LLP) since 2017 and as COO of LLP since 2023. Before joining LPA and LLP, Ms. Fernandez spent 13 years at Prologis, a real estate investment trust specializing in logistics facilities, and 5 years at PwC.
Guillermo Zarco, Country Manager - Colombia
Guillermo Zarco has served as the Country Manager for Colombia at LPA since 2016, and previously held the same role for LLP. Prior to his tenure at LPA and LLP, Mr. Zarco spent five years as a Logistic Portfolio Manager at Terranum.
Luis C. Conejo, Country Manager - Costa Rica
Luis C. Conejo has been the Country Manager for Costa Rica at LPA since 2024. From 2020 to 2024, he served as Property Manager of Costa Rica at LLP.
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The public company Logistic Properties of the Americas (LPA) is a leading developer, owner, and manager of institutional quality, Class A industrial and logistics real estate in Central and South America. Over the next 2-3 years, several key drivers are expected to contribute to its revenue growth:
- Geographic Expansion, particularly into Mexico: LPA intends to expand its operations into Mexico, leveraging existing client relationships. This expansion is expected to complement robust development opportunities in its foundational markets.
- Development and Acquisition of New Logistics Facilities: The company plans to continue its growth by developing and acquiring high-quality, strategically located facilities within its target markets. For instance, LPA announced plans to construct a new 227,172 square foot facility as part of the expansion of its Parque Logístico Callao property in Peru, with new buildings expected to contribute to cash flow by late 2025 and early 2026.
- Increasing Demand for Class A Logistics Real Estate: Growth in the Latin American e-commerce market and the modernization of supply chains are driving significant demand for modern, high-quality logistics facilities. LPA is positioned to capitalize on this trend by providing strategically located warehouses to meet the evolving needs of businesses in the region.
- Deepening Relationships with Multinational and Regional Tenants: LPA serves a diverse customer base, including global and regional leaders in consumer goods, third-party logistics, and retail. The company anticipates continued growth by strengthening these relationships and expanding with its customers as they grow their operations in response to increasing domestic consumption in key markets like Costa Rica, Colombia, and Peru.
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Share Repurchases
- An equity buyback program announced on November 25, 2024, by Logistic Properties of the Americas has since expired.
Share Issuance
- The company has capital arrangements, including a Share Purchase Agreement and Registration Rights Agreement with New Circle Principal Investments LLC, that outline the terms for the potential issuance of ordinary shares and associated registration requirements.
Outbound Investments
- In March 2026, Logistic Properties of the Americas entered into a Master Forward Purchase Agreement for strategically located Class A industrial real estate assets in Mexico.
Capital Expenditures
- The company has engaged in the development and stabilization of logistics properties, including a building in Peru during the first quarter of 2025, and three buildings in 2024 (two in Peru and one in Costa Rica).
- In January 2026, LPA commenced construction on Building 400 at Parque Logístico Callao in Peru, a fully pre-leased facility, after securing an anchor tenant.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Is Logistic Properties of the Americas Stock Built to Withstand More Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 55.11 |
| Mkt Cap | 8.8 |
| Rev LTM | 804 |
| Op Inc LTM | 318 |
| FCF LTM | 436 |
| FCF 3Y Avg | 385 |
| CFO LTM | 483 |
| CFO 3Y Avg | 438 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.4% |
| Rev Chg 3Y Avg | 11.6% |
| Rev Chg Q | 9.1% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 11.3% |
| Op Inc Chg 3Y Avg | 14.8% |
| Op Mgn LTM | 39.8% |
| Op Mgn 3Y Avg | 39.3% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 56.3% |
| CFO/Rev 3Y Avg | 55.9% |
| FCF/Rev LTM | 52.5% |
| FCF/Rev 3Y Avg | 52.3% |
Price Behavior
| Market Price | $3.10 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 03/28/2024 | |
| Distance from 52W High | -53.9% | |
| 50 Days | 200 Days | |
| DMA Price | $3.35 | $3.19 |
| DMA Trend | down | down |
| Distance from DMA | -7.5% | -2.7% |
| 3M | 1YR | |
| Volatility | 71.2% | 70.8% |
| Downside Capture | 84.65 | 159.96 |
| Upside Capture | -10.36 | 36.95 |
| Correlation (SPY) | 7.1% | 19.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.73 | 0.48 | 0.71 | 0.76 | 1.18 | 0.29 |
| Up Beta | -0.23 | 0.67 | 1.39 | 1.20 | 2.30 | 0.10 |
| Down Beta | 1.78 | 0.26 | 0.32 | -0.36 | 0.48 | 1.87 |
| Up Capture | 147% | 22% | 32% | 117% | 34% | -2% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 20 | 30 | 63 | 112 | 238 |
| Down Capture | -4% | 81% | 61% | 95% | 139% | 82% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 9 | 19 | 28 | 55 | 127 | 310 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LPA | |
|---|---|---|---|---|
| LPA | -54.4% | 70.7% | -0.81 | - |
| Sector ETF (XLRE) | 10.8% | 14.3% | 0.49 | 20.8% |
| Equity (SPY) | 20.3% | 12.6% | 1.19 | 20.2% |
| Gold (GLD) | 21.6% | 28.1% | 0.69 | 0.7% |
| Commodities (DBC) | 31.4% | 19.1% | 1.30 | 2.0% |
| Real Estate (VNQ) | 15.0% | 14.0% | 0.76 | 23.9% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | 14.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LPA | |
|---|---|---|---|---|
| LPA | -27.7% | 481.6% | 0.58 | - |
| Sector ETF (XLRE) | 3.0% | 19.1% | 0.06 | 6.5% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | -1.2% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 1.7% |
| Commodities (DBC) | 8.9% | 19.5% | 0.35 | -3.1% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 7.0% |
| Bitcoin (BTCUSD) | 14.9% | 53.4% | 0.46 | 2.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LPA | |
|---|---|---|---|---|
| LPA | -15.0% | 481.6% | 0.58 | - |
| Sector ETF (XLRE) | 6.3% | 20.4% | 0.26 | 6.5% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | -1.2% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 1.7% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | -3.1% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 7.0% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 2.9% |
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Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
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