Here are 1-3 brief analogies to describe Logistic Properties of the Americas (LPA) succinctly:

• Prologis for Mexico: LPA is like a regional version of Prologis, specializing in owning and developing logistics and industrial properties, primarily focused on Mexico and the Americas.

• Amazon's Warehouse Landlord: They are the company that owns and leases out the massive distribution centers and warehouses used by e-commerce giants like Amazon and logistics firms like FedEx.

• Simon Property Group for Warehouses: Imagine Simon Property Group, but instead of building and managing shopping malls, LPA develops and manages large industrial warehouses and logistics centers.

• Industrial Property Leasing: The company leases modern industrial properties, primarily warehouses and distribution centers, to a diverse base of tenants in Mexico.

Logistic Properties of the Americas (symbol: LPA) is a real estate investment trust (REIT) that owns, acquires, develops, and manages logistics and industrial properties primarily in Mexico. As such, it sells primarily to other companies by leasing its properties to them.

While LPA maintains a diversified tenant base, specific names of its major individual customer companies are typically not publicly disclosed in its general investor communications or SEC filings for competitive and confidentiality reasons. Instead, the company generally describes its tenant base by industry sector.

Based on their investor materials, LPA's properties are leased to a variety of companies operating across several key sectors that require logistics and industrial space. These categories of customer companies include:

• Manufacturing Companies: Businesses involved in the production of goods, utilizing LPA's facilities for factories, assembly plants, and storage of raw materials or finished products.
• Logistics and Distribution Companies: Third-party logistics (3PL) providers and companies that specialize in the warehousing, transportation, and distribution of goods, using LPA's properties as crucial hubs in their supply chains.
• E-commerce and Retail Companies: Online retailers and traditional retail businesses that require modern, well-located industrial properties for fulfillment centers, distribution hubs, and inventory storage to support their sales operations.

The company emphasizes having a high-quality tenant roster, often including multinational corporations and leading national companies within these industries.

Esteban Saldarriaga Gaviria Chief Executive Officer

Esteban Saldarriaga Gaviria has served as the Chief Executive Officer of Logistic Properties of the Americas (LPA) since November 2022, following his tenure on the board of directors of its predecessor, LLP, since 2016. Since 2019, Mr. Saldarriaga has been a member of the board of directors and the Investment Committee of Colombian Healthcare Properties, a Jaguar Growth Partners portfolio company. He previously worked as an Investments Principal, VP, and Associate at Jaguar Growth Partners, a global investment management firm specializing in real estate operating companies in emerging markets. His prior experience in the financial industry includes serving as an M&A Associate from 2013 to 2015 at Grupo Gloria, a Latin American conglomerate, where he focused on cross-border acquisitions and integrations. From 2010 to 2013, he was an Investment Banking Analyst at J.P. Morgan's Advisory Group, covering various sectors in Central and South America. Mr. Saldarriaga holds an MBA from Columbia Business School.

James Paul Smith Marquez Chief Financial Officer

James Paul Smith Marquez is the Chief Financial Officer of LPA, a position he assumed effective May 13, 2024. Mr. Smith brings over 15 years of experience as a CFO for both public and private companies. His extensive background includes expertise in financial structuring, successfully closing transactions in both asset-heavy and asset-light businesses, and leading and executing multiple M&A transactions in the region. He also has consulting experience from McKinsey & Co. Prior to joining LPA, Mr. Smith served as CFO for companies such as VTrips Holdings, Hoteles City Express, Envases Universales, SAPI, and Grupo Marti. He holds an MBA from Harvard Business School.

Annette Fernandez Chief Operating Officer

Annette Fernandez serves as the Chief Operating Officer of LPA, having been appointed to the role effective May 13, 2024. Before this, she was the Chief Financial Officer of LLP (LPA's predecessor) since 2017 and also served as Chief Operating Officer of LLP from 2023. Her career includes 13 years at Prologis, a real estate investment trust focused on logistics facilities, and 5 years at PwC. Ms. Fernandez earned a bachelor's degree in Accounting from the University of Puerto Rico, Mayaguez.

Guillermo B. Zarco Colombia Country Manager

Guillermo B. Zarco is the Country Manager for Colombia at LPA, a role he has held since 2016, also serving in the same capacity for LLP. Prior to his time with LPA and LLP, Mr. Zarco was a Logistic Portfolio Manager at Terranum for five years. He holds a bachelor's degree in industrial engineering from Universidad de los Andes in Bogota, Colombia, and a master's degree in supply chain management from the University of Aix-en-Provence, France.

Alvaro Chinchayan Peru Country Manager

Alvaro Chinchayan is the Country Manager for Peru at LPA, a position he has held since 2016, previously serving in the same role for LLP. Before joining LPA and LLP, Mr. Chinchayan served as general manager at BSF Almacenes del Perú and Papelera Alfa. He holds an MBA from Incae Business School and a degree in Civil Engineering from Ricardo Palma University of Peru.

Logistic Properties of the Americas (LPA) faces several key risks to its business operations and financial stability:

1. High Leverage and Weak Debt Coverage: LPA is characterized by high debt levels, with a net debt to equity ratio of 85.3%, which is considered substantial. The company's debt is not well covered by its operating cash flow (only 7%), and its interest payments are inadequately covered by its earnings before interest and tax (EBIT) at 1.1x coverage. This high leverage and weak debt coverage could limit the company's upside until earnings improve and poses a significant financial risk.
2. Foreign Exchange (FX) Headwinds and Rising Operating Costs: The company's financial performance is impacted by adverse foreign exchange rate fluctuations, which have offset revenue growth. In Q2 2025, foreign exchange rates negatively impacted sales by approximately $0.9 million. Additionally, LPA is experiencing rising operating costs, with property costs in some regions like Colombia increasing over 30%, which bites into profits despite growing revenue.
3. Economic Slowdown and Geographic Market Risks: As a real estate company operating across Latin America, LPA is susceptible to economic slowdowns or downturns in real estate asset values or leasing activity within its geographic markets. Although the company diversifies its asset base across Mexico, Costa Rica, Peru, and Colombia to mitigate some economic and political risks, a cooling market, particularly in newer ventures like Mexico, still presents a challenge.

null

Logistic Properties of the Americas (LPA) specializes in the development, ownership, and management of Class A warehouse logistics and industrial real estate assets across Central and South America, with core operations in Mexico, Costa Rica, Peru, and Colombia.

Addressable Markets:

• Latin America Logistics Real Estate Market: The overall logistics real estate market in Latin America was valued at approximately USD 4.2 billion in 2022. This market is projected to grow significantly, reaching an estimated USD 1135.06 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 6.00% between 2025 and 2034. The broader Latin American commercial real estate market, which includes industrial and logistics properties as key drivers, was valued at USD 55.3 billion in 2024 and is expected to reach USD 85.6 billion by 2031, with a CAGR of about 5.6% from 2024 to 2031.
• Mexico Industrial and Logistics Real Estate Market: The Mexican commercial real estate market, encompassing logistics facilities, was valued at USD 64.18 billion in 2025 and is projected to reach USD 68.52 billion by 2030. Logistics facilities constituted 32.1% of this market in 2024 and are forecast to expand at an 8.02% CAGR through 2030. Mexico is anticipated to achieve a historic record in industrial real estate, with 7.3 million square meters of new space by the end of 2024.
• Costa Rica: null
• Peru: null
• Colombia: null

Logistic Properties of the Americas (LPA) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and favorable market trends. The company's expected drivers of revenue growth include:

1. Development and Stabilization of New Properties: LPA is actively developing new, high-quality logistics real estate assets. A notable example is the second new building at Parque Logistico Callao in Lima, Peru, which is largely pre-leased and anticipated to contribute significantly to revenue growth in late 2025 and early 2026. The company also has an organic growth potential of up to 1.5 million additional square feet through land development in its core markets. Recent revenue increases in Q1 and Q2 2025 were already attributed to the stabilization of new facilities in Peru and Costa Rica.
2. Expansion into New Markets, Particularly Mexico: A key growth driver is LPA's strategic entry into the Mexican market, formalized through a joint venture with Falcon that commenced in early 2025. This expansion is designed to establish a strong presence in Mexico's growing manufacturing sector and to leverage Falcon's local expertise, thereby fueling long-term growth.
3. Strong Tenant Demand Driven by E-commerce and Demographic Trends: The increasing penetration of e-commerce in Latin America is a significant demand driver, necessitating more logistics space and supporting robust development. Furthermore, strong demographic trends, continued digital commerce adoption, and resilient domestic consumption are expected to sustain a high demand for quality logistics facilities across LPA's existing markets and Mexico.
4. Higher Rental Rates: LPA has observed revenue increases resulting from both contractual rent escalations and higher rental rates upon lease rollovers. The company reported an increase in the average net effective rent per square foot during the second quarter of 2025.
5. High Occupancy Rates and Robust Customer Relationships: The company consistently maintains high occupancy rates across its portfolio, reaching 94.5% in Q2 2025 and 98% in Q1 2025. LPA's strong relationships with its multinational clients enable it to design customized logistics solutions, which in turn drives high occupancy and leasing activity. As of the end of Q2 2025, 98% of its operating portfolio was leased.

Share Repurchases

• Logistic Properties of the Americas authorized a $10 million share repurchase program effective November 22, 2024, set to expire on November 20, 2025.
• Under this program, the company repurchased $1.3 million worth of ordinary shares during the fourth quarter of 2024.
• An additional $0.8 million and $1.1 million in ordinary shares were repurchased in the first and second quarters of 2025, respectively, bringing the total to $3.3 million under the program.

Share Issuance

• Logistic Properties of the Americas launched its initial public offering (IPO) in late 2020.
• The company's listing on the New York Stock Exchange in March 2021 enhanced its access to equity capital.
• As of November 3, 2025, the number of shares outstanding for LPA increased by 7.74% over one year.

Inbound Investments

• No specific large inbound investments in the company by third-parties, such as strategic partners or private equity firms, with dollar amounts were identified within the last 3-5 years.

Outbound Investments

• On August 15, 2025, LPA, in partnership with Inmobiliaria y Constructora Alas, S.A., completed the purchase of Puebla Logistics Facilities in Mexico, marking LPA's first investment in the country.
• LPA acquired a 10% ownership in the Puebla property, which consists of two operating logistics buildings totaling 257,700 square feet, expected to generate approximately $1.6 million in annual net operating income.
• The company's strategy includes expansion into Mexico, focusing on acquisitions and forward purchases, as well as developing new facilities in Lima, Peru, which are substantially pre-leased.

Capital Expenditures

• On April 30, 2025, LPA announced plans for the construction of Building 200, a new 227,172 sq. ft. facility at its Parque Logístico Callao property in Peru, which was over 70% pre-leased.
• Construction began on a second new building at Parque Logístico Callao in Lima, with both facilities largely pre-leased and anticipated to contribute to revenue growth starting in late 2025 and early 2026.
• Specific dollar values for capital expenditures over the last 3-5 years were not explicitly available in the provided information.