Logistic Properties of the Americas Q4 FY2025 earnings call

• 2025 was a transformational year with significant inroads into Mexico, acceleration of real estate platform reach. Fundamentals were strong with operating GLA increase, revenue growth, and enhanced earnings power. NOI grew strongly in the quarter and full year.
• In Mexico, forged a strategic partnership with Fortin Capital for a $200 million investment to acquire Class A assets in Central Park 57. The park has strategic location and potential for growth.
• In Peru, PepsiCo occupied a building in Parque Logístico Callao, and construction of a fourth building was on - time and on - budget, with pre - leasing done. Parque Logístico Callao will have four state - of - the - art Class A buildings totaling 863,000 square feet of gross leaseable area.
• In Colombia, leasing of remaining 97,000 square feet in operating portfolio with a U.S. listed warehouse club operator as a cross - border customer.
• Marked 10th year in business with renewed brand identity and website launch to reflect company's evolution and value proposition.

In 2025, consolidated revenue increased 14.3% to 50.1 million. Operating GLA increased by over 13%. Fourth quarter revenue grew 23.3% and full - year revenue grew 14.3%. Net operating income (NOI) grew 29.8% in the fourth quarter and 11.9% for the full year. Peru saw PepsiCo occupy building 300 in Parque Logístico Callao, a significant driver of fourth quarter growth. Colombia had the leasing of remaining 97,000 square feet in its operating portfolio. Costa Rica's revenue increased just under 1%. Mexico's new facilities contributed incremental revenue. Average rent per square foot increased 11% to 8.65 across the aggregate regional portfolio last year. Operating GLA across 34 properties increased 13.3% to 5.8 million square feet, leased GLA increased 6.3% to nearly 6 million square feet, and 84.1% of development GLA was pre - leased.

• LPA's NOI momentum is anticipated to be carried over into 2026, and they intend to continue building on it.
• 2026 is expected to see significant rental growth as leases roll over to market rates and new, largely pre - leased buildings become occupied in the first half of the year.

• Shifting tariff policies, USMCA negotiations in Mexico.
• Tariff and policy uncertainties in Mexico's real estate market.
• Fragmented land ownership in many markets where LPA operates, which can make large - scale logistics development difficult.

Q: Speak a little bit about the Mexico markets, M&A activity and its impact on strategy.

A: Andre Mazzini asked about Mexico markets, M&A activity and strategy. Esteban responded that the M&A activity bolsters confidence, starts to segment the market allowing LPA to play in a mid - market tier, and there might be portfolio pruning after consolidation moves, with LPA looking to grasp additional opportunities as the market evolves.