Logistic Properties of Americas : First Quarter 2026 Earnings Supplemental Information

Published: 2026-05-13 17:14:39 ET LPA

Published on 05/13/2026 at 05:14 pm EDT

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.

First Quarter 2026 Supplemental Information

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.

01 Highlights

Company Profile Company Performance Financial Summary

02 Financial Information

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

03 Operations

Portfolio Overview

Operating Portfolio - Period end Occupancy Rental Revenues

Average Rent per Square Foot Net Operating Income

Same Property NOI Growth

04 Capital Development 05

Development Portfolio Land Portfolio

Capitalization

Debt Summary and Metrics

06 Definitions

Definitions

Table of Contents

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)

Developer Owner Acquirer Manager

Development and construction (2) of properties in the land bank

Asset ownership on a long-term basis

Acquisition of stabilized assets

Leasing and management (3) of assets

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.

This presentation (the "Presentation") is provided for informational purposes only and has been prepared to provide interested parties with certain information about 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 Logistic Properties of the Americas and its subsidiaries (collectively, "LPA") and for no other purpose. This Presentation is not a prospectus, product disclosure 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 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 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 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 reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is 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 based. Accordingly, you should not place undue reliance on forward- looking statements due to their inherent uncertainty. Nothing in this Presentation should be 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, 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 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 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. 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 Industry and Market Data

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 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 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 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 investigations as they deem necessary before making an investment decision. Nothing herein should be construed as legal, financial, tax or other advice. You to such estimates. In addition, projections, assumptions, and estimates of the future performance of the markets in which LPA operates are necessarily subject to should consult your own advisers concerning any legal, financial, tax or other considerations concerning anything described herein, and, by accepting this a high degree of uncertainty and risk. LPA has not independently verified the accuracy or completeness of the independent parties' information. No representation Presentation, you confirm that you are not relying solely upon the information contained herein to make any investment decision. The general explanations included is made as to the reasonableness of the assumptions made within or the accuracy or completeness of such independent information.

in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs.

Trademarks

Forward-Looking Statements

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

This Presentation contains certain forward-looking information which may not be included in future public filings or investor guidance. The inclusion of forward- 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 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. thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, service marks, trade names and copyrights. Solely for convenience, Certain statements in this Presentation may be considered forward-looking statements. Forward-looking statements include, without limitation, statements about 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 future events or LPA's future financial or operating performance. For example, statements regarding anticipated growth in the industry in which LPA operates and assert, to the fullest extent under applicable law, the rights of the applicable owners to these trademarks, service marks, trade names and copyrights.

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," Financial Measures

"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, Certain financial information contained herein is unaudited and is based on internal records and/or estimates. The Presentation also contains unaudited forecasts, and projections about the industry in which LPA operates, as well as the beliefs and assumptions of LPA's management. These forward-looking alternative financial measures that are measures of financial performance not calculated in accordance with generally accepted accounting principles in the 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 United States (or international financial reporting standards ("IFRS")) and should not be considered as replacements or alternatives to net income or loss, cash 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 flow from operations or other measures of operating performance or liquidity of LPA. These alternative financial measures should be viewed in addition to, and guarantees of future performance. Therefore, LPA's actual results may differ materially and adversely from those expressed or implied in any forward-looking 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 statements and LPA therefore cautions against relying on any of these forward-looking statements. These forward-looking statements are based upon estimates and accounting and financial information available, LPA's management considers the alternative financial measures contained in this presentation (including EBITDA, assumptions that, while considered reasonable by LPA and its management, are nherently uncertain and are inherently subject to risks variability and contingencies, 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 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 EBITDA ratio, Equity Value, FFO, and AFFO reasonable indicators for comparisons between LPA and LPA's principal competitors on the market. These 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 alternative financial measures are used by market participants for comparative analysis, albeit with certain limitations as analytical tools, of the results of 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, businesses in the sector and as indicators of LPA's capacity to generate cash flows. Nevertheless, alternative financial measures do not have any standardized regulations, political and economic developments; (v) the possibility that LPA may be adversely affected by other economic, business and/or competitive factors; (vi) meaning and therefore may not be comparable to similar measures presented by other companies. You should review LPA's financial statements and additional 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 information included in its filings with the SEC.

forth in the filings by LPA with the U.S. Securities and Exchange

Puebla, México

Operating Development Land Reserves

GLA (sqft)

(Acres)(1)

257,688 - -

Bogotá, Colombia

Operating GLA (sqft)

Development GLA (sqft)

Land Reserves (Acres) (1)

1,255,286 - 50.6

San José, Costa Rica

Operating GLA (sqft)

Development GLA (sqft)

Land Reserves (Acres) (1)

2,516,471 - -

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").

Logistic Park Callao Callao, Peru

Logistic Park San José Verbena

San José, Costa Rica

Logistic Park Coyol II Alajuela, Costa Rica

Logistic Park Coyol I Alajuela, Costa Rica

Logistic Park Calle 80 Tenjo, Colombia

Logistic Park Lima Sur Lurín,Peru

Logistic Park San Joaquín Heredia, Costa Rica

Logistic Park Puebla MX Puebla, Mexico

Example Properties

Total GLA(1)

7.4 M sq ft

Total portfolio

Occupancy(2)

100.0%

Operating portfolio

US Dollar(3)

80.0%

denominated leases

WALT(4)

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%

YoY Growth

Q2 2025

Q3 2025

6.0

5.8

6.0

6.2

5.0

4.0

3.0

2.0

1.0

Q1 2025

Total portfolio GLA - operating vs development (m sq ft)

Operating Development

7.0

Q4 2025

Q1 2026

5.3

5.6

5.8

0.5

0.2

0.5

0.4

Net Operating Income(5) (NOI) and Cash NOI(5) (US$M)

NOI

Cash NOI

13.0

12.1

12.0

11.6

12.1

11.0

10.4

11.0

10.5

10.0

9.4

9.6

9.0

9.2

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

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.

Operating Portfolio period end occupancy.

Based on active leases as of March 31, 2026.

Remaining lease life weighted average by leased area.

NOI and Cash NOI are non-IFRS measures.

Highlights

Company Overview - Q1 2026

Revenues (US$M)

16.0

12.0

8.0

4.0

0.0

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

11.8

12.9

13.7

14.4

11.7

9.4 9.6 10.4 11.6

12.1

Adjusted EBITDA (US$M)

12.0

8.0

4.0

0.0

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

6.3

6.7

7.3

8.4

8.9

FFO, as defined by LPA (US$M)

3.0

2.4

1.8

1.2

0.6

- (0.6)

(1.2)

2.5

(0.6)

Q1 2025

(0.3)

Q2 2025

Q3 2025

(1.0)

Q4 2025

Q1 2026

(0.1)

Highlights

Company Overview - Q1 2026 (continued)

Net Operating Income (US$M)

16.0

12.0

8.0

4.0

0.0

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

US$ in millions, except for number of buildings, sq ft, and percentages

As of and for the three months ended

March 31, 2026

December 31,

2025

September 30,

2025

June 30, 2025

March 31, 2025

Same Property Portfolio

No. of buildings

Gross leasable area (GLA)

5,123,617

4,745,298

4,745,082

Period end occupancy %

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

Gross leasable area (GLA)

5,804,261

5,550,277

5,292,588

Period end leased %

100.0%

98.2%

100.0%

Period end occupancy %

100.0%

97.9%

94.5%

98.0%

Development Portfolio

No. of buildings

Gross leasable area (GLA)

440,071

224,427

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

Gross leasable area (GLA)

6,244,332

6,028,688

6,028,506

5,770,817

5,771,894

Period end leased %

99.4%

97.3%

97.1%

97.8%

Period end occupancy %

93.9%

96.3%

90.1%

86.7%

89.9%

(1) Year to date NOI and Cash NOI amounts are used to determine growth over the prior period.

Highlights

Company Performance

As of an

d 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

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%

7.5%

7.7%

7.6%

(1) Net Debt/Investment properties

Highlights

Financial Summary

As of

March 31, 2026 December 31, 2025

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

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

Investment properties

$ 650,551,717 $

649,825,184

Tenant notes receivables - long term, net

Restricted cash equivalent - long term

1,291,934

1,370,812

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

Financial Information

Condensed Consolidated Interim Statements of Financial Position

As of

March 31, 2026 December 31, 2025

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

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

Financial Information

Condensed Consolidated Interim Statements of Financial Position (continued)

Three months en

2026

ded March 31,

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)

Financial Information

Condensed Consolidated Interim Statements of Profit or Loss and

Other Comprehensive Income (Loss)

$14.4 M

Rental Revenues

Top Line

(-)

Prop. Op. exp.

$-2.3M

$12.1 M

NOI

84.4% margin

(±)

Straight Line Rent.

$(0.03)M

$12.1 M

NOI

84.4% margin

(-)

Non-SP &CC Adj.

$2.3M

$9.8 M

Same Property Cash NOI

30 buildings

US$ in millions, except for percentages

For the three months ended

Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,

2026 2025 2025 2025 2025

From rental revenues → NOI →Cash NOI

NOI Reconciliation Bridge - Q1 2026 (US$M)

Rental Revenue

$14.4

(-) Prop. operating

expense

2.3

NOI

$12.1

(±) Straight-line rent 0.0

Cash NOI

$12.1

(-) Non-Same Property

Cash NOI

2.3

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%

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)

(+) G&A expense

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

5.2

(±) Net foreign currency gain (loss)

0.3

(0.2)

(0.1)

(0.2)

(−)Other Income

(0.6)

(0.4)

(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

Same-property NOI

9.7

9.5

8.8

8.4

8.7

(±) Straight-line rent

(0.6)

0.1

(0.2)

Same- Property Cash NOI

$9.8

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

Financial Information

Reconciliation for Net Operating Income (NOI) and Cash Net Operating Income

US$ in millions, except for percentages

For the three months ended

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)

Other income

(0.6)

(0.4)

(0.2)

(0.3)

Other expenses

0.4

0.6

Net foreign currency (loss) gain

0.3

(0.2)

(0.1)

(0.2)

Share-based payment 0.4 0.4 0.4 0.9 0.4

Profit for the period (7.6) 10.9 5.2 (1.1) 1.1

FFO 1.7 (0.9) (1.9) (0.9) (0.9)

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(3) 0.4 (0.2) (0.1) (0.1) (0.1)

FFO (as defined by LPA) 2.5 (0.3) (1.0) (0.1) (0.6)

Other expenses - 0.4 0.6 - -

Depreciation and amortization 0.2 0.2 0.2 0.2 0.4

Adjusted EBITDA

8.9

8.4

7.3

6.3

6.7

Financing costs(4)

0.2

0.1

0.2

Adjusted EBITDA margin

61.7 %

61.3 %

56.7 %

53.7 %

56.5 %

Unrealized foreign currency loss (gain)

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)

Q1 2025

7.3

53.7%

6.3

8.4

8.9

6.7

Q1 2026

Q4 2025

Q3 20205

Q2 2025

56.7%

56.5%

61.3%

62.0%

60.0%

58.0%

56.0%

54.0%

52.0%

50.0%

48.0%

61.7%

EBITDA Margin

Adj. EBITDA

Adjusted EBITDA (US$M) and EBITDA Margin

(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

US$ in millions

For the three months ended March December September June 30, March 31, 2026 31, 2025 30, 2025 2025 31, 2025

Financial Information

Reconciliation for Adjusted EBITDA, Adjusted EBITDA Margin, FFO and AFFO (1)

Square Feet Net Effective Rent Investment Properties Year to

US$ in millions, except for number of No. of Occupied Leased Date Total Fair % of Total Fair

buildings, sq ft, and percentages

buildings

Total

% of Total

NOI

Annualized

Sqft / Year

Market Value

Operating Portfolio

Costa Rica

2,516,471

43.4%

100.0%

5.3

$22.2

$8.82

$261.6

44.2%

Colombia

1,255,286

21.6%

100.0%

2.6

11.0

$8.76

142.1

24.0%

Peru

1,774,816

30.6%

100.0%

3.8

16.4

$8.92

167.7

28.3%

Mexico

257,688

4.4%

100.0%

0.4

1.7

$6.67

20.6

3.5%

Subtotal

5,804,261

100.0%

12.1

$51.3

$8.74

$592.1

100.0%

Development Portfolio

Peru

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

FMV by Market - Operating Portfolio

3.5%

24.0%

$592.1 m

44.2%

Costa Rica

Peru Colombia Mexico

28.3%

GLA by Market - Operating Portfolio ('000 sq ft)

6,000

5,804 5,804

5,550

5,000

5,293 5,293

258

4,000

3,000

1,255

1,521

1,255

1,521

1,255

1,521

1,255

1,775

1,255

1,775

2,000

1,000

2,516

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Operations

Portfolio overview by market - March 31, 2026

Operating Portfolio

100.0%

+200 bps YoY

Costa Rica

100.0%

+ 130 bps YoY

Peru

100.0%

+ 490 bps YoY

Colombia

100.0%

+ 0 bps YoY

Mexico

100.0%

+ n/a bps QoQ

100.0

98.0

97.9

100.0

80.0

60.0

40.0

20.0

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

94.5

PER

COL

MEX

100.0%

98.7%

95.2%

98.8%

95.0%

95.3%

90.0%

92.2%

85.0%

80.0%

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Operations

Operating Portfolio - period-end occupancy

US $M

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

QoQ Change

YoY Change

Costa Rica

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

(70)%

25 %

Mexico

0.5

0.4

0.2

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 %

Rental Revenues by Market (US$M)

CR PER

COL

MEX

20.0

15.0

14.4

0.5

11.8

11.6

12.2

13.6

0.4

2.8

3.0

10.0

5.0

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

6.2

6.0

5.9

6.0

6.2

3.4

3.5

3.3

4.2

4.7

2.4

0.2

2.5

60.0

Revenue Mix by Market

PER

COL

MEX

100.0

1.6

1.4

3.2

80.0

20.4

20.7

20.5

20.3

20.9

28.6

28.4

28.7

29.2

32.8

40.0

20.0

51.0

Q1 2025

50.9

Q2 2025

49.2

Q3 2025

49.1

Q4 2025

43.2

Q1 2026

Operations

Rental Revenues

Total Portfolio

$8.74 /sq ft/yr

+ 9.8% YoY

Costa Rica

$8.82 /sq ft/yr

+ 2.6% YoY

Peru

$8.92 /sq ft/yr

+ 17.7% YoY

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)

$10.00

$8.65

$8.74

$8.07

$8.14

$8.00

$7.96

$6.00

$4.00

$2.00

$0.00

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Total Portfolio Avg. Rent (US$/sq ft/yr)

PER

COL

MEX

$10.00

$9.00

$8.60

$8.68

$9.06

$8.70

8.92

8.82

8.76

$8.00

$7.58

$7.66

$7.91

$8.38

$7.67

$7.00

$7.14

$7.34

$6.64

$6.68

6.67

$6.00

$5.00

$4.00

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Operations

Average Rent per Square Foot per Year

Q1 2026 NOI

$12.1 M

+ 28.6% YoY

Q1 2026 Cash NOI

$12.1 M

+ 31.2% YoY

NOI Margin

84.4%

+ 532 bps YoY

Annualized NOI

$48.5 M

Q1 2026 x 4

Costa Rica % of NOI

43.4%

largest contributor

NOI and Cash NOI (US$M)

NOI

13.0

Cash NOI

12.1

12.0

11.6

12.1

11.0

10.4

11.0

10.0

9.4

9.6

10.5

9.0

9.6

Q192.2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

11.6

0.4

2.5

NOI by Geography (US$M)

CR PER

MEX

15.0

10.0

9.4 9.6 10.4

0.2

1.9

2.3

5.0

2.0

2.6

2.1

2.8

COL

12.1

0.4

2.6

3.4

3.8

5.2

0.0

Q1 2025

5.0

Q2 2025

5.2

5.3

Q3 2025 Q4 2025

5.3

Q1 2026

NOI Margin

100.0%

90.0%

80.5%

82.8%

85.3% 85.2%

84.4%

80.0%

70.0%

2025

2026

Geography

Q1 2026

Q4 2025

Q3 2025

Q2 2025

2025

NOI

Cash

NOI

Cash

NOI

Cash

NOI

Cash

NOI

Cash

YoY Change

% Q1 NOI

Costa Rica

5.3

5.2

5.3

5.2

5.1

5.0

4.8

5.2

1.9 %

43.8 %

Peru

3.8

3.4

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

0.2

0.0

n/m

3.3 %

Total portfolio

12.1

11.6

10.9

10.3

10.4

9.6

9.4

9.2

28.7 %

100.0 %

NOI margin

84.4%

85.2%

85.3%

82.8%

80.5%

Operations

Net Operating Income (NOI)

Geography

Same Property Pool

YoY Change

Building # GLA

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

2026 2025 2026

2025

NOI

Cash

NOI

Cash

NOI Cash

NOI

Cash

NOI

Cash

Costa Rica

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

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

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

5,123,617

4,745,298

10.7 %

11.0 %

5.0 %

4.8 %

3.2 %

(0.4)%

(1.9)%

(3.0)%

(4.3)%

Excluded

1,120,716

1,283,390

Total portfolio

6,244,332

6,028,688

Cash NOI

(1.9)%

15.0%

10.7% 11.0%

10.0%

5.0%

4.8%

5.0% 5.0%

3.2%

(0.4)%

Same Property YoY Change (%)

(5.0)%

(3.0)%

(4.3)%

(10.0)%

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

NOI

97.8% 93.9% 97.6%

100.0%

Operations

Same Property Net Operating Income (NOI)

Period End Occupancy Same Property (%)

100.0%

80.0%

60.0%

40.0%

20.0%

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

% of Net Total Square

Customer

Effective Rent

Feet

Pepsico

7.5%

253,770

Kuehne + Nagel

7.4%

474,688

Alicorp

6.4%

463,472

PriceSmart

5.0%

265,083

Pequeño Mundo

4.5%

270,572

Natura & Co

3.5%

206,785

CEVA

3.2%

219,734

Yichang

3.0%

220,875

Samsung

2.9%

200,209

Ikea

2.9%

185,548

Total

46.3%

2,760,737

Net Effective Rent

% of Currency

Annualized

Occupied (US$ in % of

Year

Sq Ft

millions)

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%

10.5%

32.1%

21.8%

Logistic Services

Consumer Goods Distribution Retailer

Manufacturing and Other

35.6%

0.8%

23.3% 20.6%

15.0%

MX-CPI

COL-CPI US-CPI

Constant Escalator Other

40.3%

0.8%

20.1%

USD

COP MXN

79.1%

Operations

Customer Concentration and Lease Expiration Analysis

Active Projects

Under development

Total GLA under development

440,071

Sq Ft

Total Est. Investment

$21.3 M

pipeline TEI

Pre Leased

91.9%

% of pipeline GLA

Wtd. Avg. Development Yield

13.9%

est. stabilization

Project

Peru

Sq Ft

Occupied

Leased

FMV

Land + Infra

Shell

Total

Land + Infra

Shell

Total

Stabilization

Date

Rent Revenues

estimated

NOI

Return on

Cost(1)

Develop.

Yield(1)

Type

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

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

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%

13.9

10.1

Invested vs Remaining to Invest (US$ M)

Invested

Remaining to invest

30.0

21.5

20.0

21.1

2.1

7.2

7.7

5.5

10.1

11.9

12.2

10.0

10.2

0.4

11.1

0.0

7.7

2.4

Callao B. 200

Callao B. 300

8.5

7.6

7.3

2.8

14.3

4.2

19.0

6.7

9.8

2.6

Q1 2025

Q1 2026

Callao B. 200

Callao B. 300

Callao B. 200

Callao B. 300

Q2 2025 Q3 2025

Callao B. 200

Q4 2025

Callao B. 200

Callao B. 400

US$ in millions, except for sq ft, percentages and dates

TEI

Invested to Date

Est.

Annualized estimated

Annualized

Est.

(1) Reflects the total development expenses of the entire industrial park, including costs associated with infrastructure, utilities, and landscaping, not just the individual warehouse

Capital Deployment

Development Pipeline

Colombia

50.6

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%

1.5

1.2

0.5

0.4

0.1

1.1

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Colombia

26.2

Peru

45.0

40.0

37.0

37.9

39.8

40.1

35.0 34.2

30.0

25.0

20.0

15.0

10.0

5.0

0.0

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

25.3

Land FMV by Market (US$M)

29.0

30.2

31.0

3.2

11.7

9.9

10.8

Buildable GLA (Sq Ft in millions)

Colombia

Peru

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

Gross Land Area (Acres)

Buildable Area (Sq Ft)(1)

FMV

FMV/Sq Ft of Gross Land Area

US$ in millions, except for

Q1 2026 Q4 2025 % Change

Q1 2026

Q4 2025

% Change

Q1 2026 Q4 2025 % Change

sq ft and percentages

(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.

Capital Deployment

Land Portfolio

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)/ NOI

5.6x

vs. 6.4x Q4 2025

Net Debt(1)/

Adj. EBITDA

7.7x

vs. 9.1x Q4 2025

Net Debt(1)/

Profit and Loss

-9.0x

vs. 16.2x Q4 2025

Debt Maturity Schedule

Fixed vs Floating Rate

26.6%

Remainder of 2026

8,301,311

8.3 %

Floating

Fixed

2027

12,020,511

8.1 %

73.4%

2028

25,680,871

7.3 %

2029

13,885,215

7.0 %

2030

14,904,694

6.7 %

2031

16,006,029

6.8 %

Debt by Currency

Thereafter

219,226,565

5.4 %

19.8%

Sub-total debt at par

$ 310,025,196

5.9%

USD

COP

80.2%

Secured vs. Unsecured Debt

Secured

100.0%

US$ in millions

Loans Weighted Average

Cash Interest Rate

Maturity

Accrued and deferred financing cost,

net $ (1,398,570)

Total Debt

308,626,626

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

7.4%

7.5%

7.7%

7.6%

Weighted Average Interest Rates

8.0%

6.0%

4.0%

2.0%

(1) Net Debt related multiples are calculated using the annualized Adjusted EBITDA and NOI in their respective calculations.

Capitalization

Debt Summary and Metrics

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

Definitions

Disclaimer

Logistic Properties of The Americas published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 21:13 UTC.