EX-99.2 3 ex992_q225supplementalpa.htm EX-99.2 ex992_q225supplementalpa
Logistic Properties of the Americas Second Quarter 2025 Supplemental Information LPA Parque Logístico Calle 80 – Bogota, Colombia LPA Parque Logístico Calle 80 – Bogota, Colombia


 
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You should review LPA’s financial statements and additional information included in its filings with the SEC.


 
3 Development and construction(2) of properties in the land bank DEVELOPER Asset ownership on a long-term basis OWNER Leasing and management(3) of assets MANAGER Logistic Properties of the Americas is a leading developer, owner, acquirer and manager of logistic and industrial real estate of international quality in Central and South America. LPA is one of the few, internally managed, vertically-integrated and institutional platforms operating across the region(1). Acquisition of stabilized assets ACQUIRER Notes: (1) The Company considers that most real estate companies and funds in Costa Rica, Colombia, and Peru 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.


 
4 Content Highlights • Company Profile 5 • Company Performance 6 • Financial Summary 7 Financial Information • Condensed Consolidated Interim Balance Sheet 8 • Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income (Loss) 10 • Reconciliation for Adjusted EBITDA, Adjusted EBITDA margin, FFO, AFFO, NOI and NOI margin 11 Operations Overview • Total Portfolio GLA 13 • Operating Portfolio – Period end Occupancy 14 • Rental Revenues 15 • Net Operating Income 16 • Average Rent per Square Foot 17 • Same Property NOI Growth 18 • Other Non-IFRS Metrics 19 Operations • Customer Concentration and Lease Expiration Analysis 20 • Investment Properties Portfolio 21 Capital Deployment • Stabilized Properties ## • Development Portfolio 22 • Land Portfolio 23 Capitalization • Debt Summary and Metrics 24 Definitions • Definitions 25


 
5 BOGOTA, COLOMBIA Operating GLA (sqft) Development GLA (sqft) Land Reserves (acres)(6) 1,255,404 - 50.6 SAN JOSE, COSTA RICA Operating GLA (sqft) Development GLA (sqft) Land Reserves (acres)(6) 2,516,137 - - 7.3 mm sqft Gross Leasable Area(1) 94.5% Occupancy(2) 81.9% US dollars-denominated Leases(3) Example Properties 5.0 years Avg. remaining lease life(4) US $37.5 mm Q2’25 LTM 2025 NOI(5) 6.6% Cash NOI Growth YTD 2Q 2025 – 2024 Current Operations Expansion Plans Logistic Park San Jose Verbena, Alajuelita, Costa Rica Logistic Park Lima Sur, Lima, Peru Logistic Park Calle 80, Bogota, Colombia (1) Includes 5.8 million sq ft of GLA in our total portfolio and 1.5 million of potential new GLA to be built-out in our land portfolio. (2) Operating Portfolio period end occupancy. (3) Based on active leases as of June 30, 2025. (4) Remaining lease life weighted average by leased area (5) Includes NOI for the four-quarter period ended June 30, 2025. (6) Land reserve acres are adjusted for Floor Area Ratio (“FAR”). Highlights Company Profile As of June 30, 2025 LIMA, PERU Operating GLA (sqft) Development GLA (sqft) Land Reserves (acres)(6) 1,521,047 478,229 19.0


 
6 As of and for the three months ended US$ in millions, except for number of buildings, sq ft, and percentages June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Portfolio (sq ft) Same Property Portfolio No. of buildings 28 28 27 27 27 Gross leasable area (GLA) 4,745,082 4,745,082 4,570,653 4,570,653 4,570,653 Period end occupancy % 93.9% 97.8% 95.4% 93.8% 94.2% NOI 8.6 8.4 9.0 8.7 8.4 YTD NOI Growth over prior year(1) (0.4%) (3.0%) 1.3% 8.8% 2.0% Cash NOI 8.7 8.6 8.6 8.8 8.6 YTD Cash NOI Growth over prior year(1) (1.9%) (4.3%) 5.0% 9.2% 14.4% Operating Portfolio No. of buildings 31 31 30 30 29 Gross leasable area (GLA) 5,292,588 5,292,588 5,121,625 5,121,625 4,964,181 Period end leased % 98.2% 100.0% 98.6% 98.5% 94.6% Period end occupancy % 94.5% 98.0% 98.3% 94.5% 94.6% Development Portfolio No. of buildings 2 2 2 1 2 Gross leasable area (GLA) 478,229 479,306 421,321 166,410 323,854 Period end leased % 85.9% 73.8% 100.0% 100.0% 92.3% Period end occupancy % —% —% 25.2% 84.8% 72.3% Total Portfolio No. of buildings 33 33 32 31 31 Gross leasable area (GLA) 5,770,817 5,771,894 5,542,946 5,288,035 5,288,035 Period end leased % 97.1% 97.8% 98.7% 98.6% 94.5% Period end occupancy % 86.7% 89.9% 92.8% 94.2% 93.3% Highlights Company Performance (1) Year to date NOI and Cash NOI amounts are used to determine growth over the year to date prior period.


 
7 Highlights Financial Summary (1) Net Debt/Investment properties US$ in millions, except for percentages As of and for the three months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Rental revenues 11.6 11.8 11.0 11.2 10.9 Revenues 11.7 11.8 11.1 11.3 11.0 Cash net operating income (Cash NOI) 9.6 9.2 8.9 9.2 8.7 Net operating income (NOI) 9.6 9.4 8.9 9.6 9.2 NOI margin % 82.8% 80.5% 80.8% 84.8% 84.4% Net earnings (loss) -1.1 1.1 9.8 4.8 12.4 Adjusted EBITDA 6.3 6.7 6.0 5.8 5.9 Adjusted EBITDA margin 53.7 % 56.5 % 53.8 % 51.6 % 53.8 % FFO, as defined by LPA (0.1) (0.6) (3.6) (2.2) (0.5) AFFO 0.3 (0.4) (3.0) (2.2) (0.9) Debt Outstanding balance at carrying value 276.1 265.7 265.9 271.0 275.9 Cash and restricted cash (32.0) (32.9) (34.7) (37.3) (52.9) Net Debt 244.1 232.8 231.2 233.7 223.0 Investment properties 579.0 567.0 554.5 535.6 525.9 Leverage ratio(1) 42.2% 41.1% 41.7% 43.6% 42.4% Cash interest rate at period end 7.7% 7.6% 8.1% 8.4% 8.4%


 
8 As of June 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 25,572,768 $ 28,827,347 Lease and other receivables, net 3,082,111 2,641,772 Receivables from the sale of investment properties - short term — 3,589,137 Prepaid construction costs 2,055,808 165,836 Prepaid income taxes 1,292,303 2,008,553 Other current assets 6,001,901 2,769,109 Total current assets 38,004,891 40,001,754 NON-CURRENT ASSETS: Investment properties 579,044,985 554,518,864 Tenant notes receivable - long term, net 1,553,335 1,748,616 Restricted cash equivalents - long term 6,474,858 5,835,117 Property and equipment, net 303,259 313,202 Deferred tax asset 105,919 241,967 Other non-current assets 3,124,082 4,360,058 Total non-current assets 590,606,438 567,017,824 TOTAL ASSETS $ 628,611,329 $ 607,019,578 Financial Information Condensed Consolidated Interim Statements of Financial Position


 
9 As of June 30, 2025 December 31, 2024 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 10,979,450 $ 8,356,915 Income tax payable 3,065,308 2,764,352 Retainage payable 1,657,114 1,500,729 Long term debt - current portion 9,480,626 12,636,821 Security deposits – current portion 190,594 167,005 Lease liability – current portion 594,497 458,081 Other current liabilities 164,350 640,933 Total current liabilities 26,131,939 26,524,836 NON-CURRENT LIABILITIES: Long term debt 266,650,524 253,248,978 Deferred tax liability 41,409,367 40,141,510 Security deposits 2,624,246 2,440,371 Lease liability 13,197,832 12,972,016 Other non-current liabilities 537,474 890,449 Total non-current liabilities 324,419,443 309,693,324 TOTAL LIABILITIES $ 350,551,382 $ 336,218,160 EQUITY: Ordinary shares 3,190 3,180 Additional paid-in capital 219,394,507 218,291,347 Retained earnings 36,652,383 38,593,217 Treasury shares, at cost (3,273,154) (1,242,773) Foreign currency translation reserve (18,646,049) (26,680,095) Equity attributable to owners of the Company 234,130,877 228,964,876 Non-controlling interests 43,929,070 41,836,542 Total equity $ 278,059,947 $ 270,801,418 TOTAL LIABILITIES AND EQUITY $ 628,611,329 $ 607,019,578 Financial Information Condensed Consolidated Interim Statements of Financial Position (continued)


 
10 Financial Information Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss) Three Months Ended June 30, 2025 2024 REVENUES Rental revenue $ 11,589,985 $ 10,947,094 Other revenue 102,707 39,842 Total revenues 11,692,692 10,986,936 Investment property operating expense (2,007,135) (1,708,096) General and administrative (4,579,830) (4,556,683) Investment property valuation (loss) gain (257,400) 4,550,714 Financing costs (4,933,560) (5,808,977) Net foreign currency gain (loss) 64,530 (158,361) Other income 212,567 10,837,729 Other expenses — (1,172,442) Profit (loss) before taxes 191,864 12,970,820 INCOME TAX EXPENSE (1,306,837) (539,160) PROFIT (LOSS) FOR THE PERIOD $ (1,114,973) $ 12,431,660 OTHER COMPREHENSIVE INCOME (LOSS): Items that may be reclassified subsequently to profit or loss: Translation gain (loss) from functional currency to reporting currency 3,089,457 (7,125,921) TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD $ 1,974,484 $ 5,305,739 PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE TO: Owners of the Company $ (1,208,387) $ 9,907,633 Non-controlling interests 93,414 2,524,027 Total profit (loss) for the period $ (1,114,973) $ 12,431,660 TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO: Owners of the Company $ 1,881,070 $ 2,781,712 Non-controlling interests 93,414 2,524,027 Total comprehensive income (loss) for the period: $ 1,974,484 $ 5,305,739 Weighted average number of shares – basic 31,584,816 31,709,747 Weighted average number of shares – diluted 31,584,816 31,863,168 Earnings (loss) per share attributable to owners of the Company - basic $ (0.04) $ 0.31 Earnings (loss) per share attributable to owners of the Company - diluted $ (0.04) $ 0.31


 
11 Financial Information Reconciliation for Adjusted EBITDA, Adjusted EBITDA margin, FFO, AFFO, NOI and NOI margin(1) (1) Refer to the “Non-IFRS Financial Measures and Other Measures and Reconciliations” in the Management’s Discussion and Analysis (“MD&A”) for more details around the non-IFRS measures. (2) The adjustment related to financing costs includes all financing costs per the statements of profit or loss, as well as interest expenses related to lease liabilities, which are included within investment property operating expenses and general and administrative expenses in the statements of profit or loss (3) Interest income settled in cash is excluded from other income for the calculation of FFO. (4) The adjustment related to financing costs includes the one-time debt extinguishment or modification gain or loss, amortization of debt issuance cost and accrued interest, and exclude the cash settled interest expense. For the three months ended US$ in millions, except for percentages June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Revenues 11.7 11.8 11.1 11.3 11.0 PROFIT (LOSS) FOR THE PERIOD (1.1) 1.1 9.8 4.8 12.4 Financing costs(2) 5.0 5.3 5.7 5.8 5.8 Income tax expense (benefit) 1.3 2.0 3.4 2.4 0.5 Depreciation and amortization 0.2 0.4 0.4 0.4 — Investment property valuation gain 0.3 (1.9) (14.4) (8.2) (4.6) Share-based payment 0.9 0.4 0.4 0.6 1.1 Other income (0.2) (0.3) (0.4) (1.1) (10.8) Other expenses — — 1.2 1.2 1.2 Net foreign currency gain (loss) (0.1) (0.2) — (0.1) 0.2 Adjusted EBITDA 6.3 6.7 6.0 5.8 5.9 Adjusted EBITDA margin 53.7 % 56.5 % 53.8 % 51.6 % 53.8 % For the three months ended US$ in millions June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 PROFIT (LOSS) FOR THE PERIOD (1.1) 1.1 9.8 4.8 12.4 Investment property valuation gain 0.3 (1.9) (14.4) (8.1) (4.6) FFO (0.9) (0.9) (4.7) (3.3) 7.9 Share-based payment 0.9 0.4 0.4 0.6 1.1 Other income(3) (0.1) (0.1) (0.1) (0.7) (10.7) Other expenses — — 0.8 1.2 1.2 FFO (as defined by LPA) (0.1) (0.6) (3.6) (2.2) (0.5) Depreciation and amortization 0.2 0.4 0.4 0.3 — Financing costs(4) 0.1 0.2 0.3 0.1 (0.1) Unrealized foreign currency loss (gain) — (0.1) (0.1) (0.1) 0.2 Straight-line rental revenue — (0.2) — (0.3) (0.6) Adjusted FFO 0.3 (0.4) (3.0) (2.2) (0.9)


 
12 Financial Information Reconciliation for Adjusted EBITDA, Adjusted EBITDA margin, FFO, AFFO, NOI and NOI margin (continued)(1) For the three months ended US$ in millions June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net Operating Income Rental revenues 11.6 11.8 11.0 11.2 10.9 Investment property operating expense (2.0) (2.3) (2.1) (1.6) (1.7) NOI 9.6 9.4 8.9 9.6 9.2 NOI margin 82.8% 80.5% 80.9% 84.8% 84.4% For the three months ended US$ in millions June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net Operating Income PROFIT (LOSS) FOR THE PERIOD (1.1) 1.1 9.8 4.8 12.4 Other revenue (0.1) (0.1) (0.1) (0.1) — General and administrative 4.6 3.6 4.6 4.8 4.6 Investment property valuation gain 0.3 (1.9) (14.4) (8.2) (4.6) Financing costs 4.9 5.2 5.5 5.8 5.8 Net foreign currency gain (loss) (0.1) (0.2) — — 0.2 Other income (0.2) (0.3) (0.4) (1.1) (10.8) Other expenses — — 0.6 1.2 1.2 Income tax expense 1.3 2.0 3.4 2.4 0.5 NOI 9.6 9.4 8.9 9.6 9.2 Constant currency impact(2) — — 0.1 — (0.1) Less: non same-property NOI(3) 1.0 1.0 — 0.9 0.7 Same-Property NOI(3) 8.6 8.4 9.0 8.7 8.4 NOI 9.6 9.4 8.9 9.6 9.2 Straight-line rental revenue — (0.2) — (0.3) (0.6) CASH NOI 9.6 9.2 8.9 9.2 8.6 Constant currency impact(2) — — 0.1 — 0.1 Less: non same-property cash NOI(3) 0.9 0.6 0.4 0.4 0.1 Same-Property Cash NOI(3) 8.7 8.6 8.6 8.8 8.6 (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. (2) Constant currency information is non-IFRS financial information that compares results between periods as if exchange rates had remained constant period-over-period. We use results on a constant currency basis as a measure to evaluate our performance. We calculate constant currency by calculating prior period results using the average foreign currency exchange rate for the three months ended June 30, 2025. (3) The same-property pool includes all properties that were classified as Operating Properties as of June 30, 2025 and since January 1, 2024, and excludes properties that were either disposed of prior to June 30, 2025, or held for sale to a third party as of June 30, 2025. As of June 30, 2025, the same-property pool consisted of 28 buildings aggregating approximately 4.7 million square feet. Non same-property NOI and cash NOI amounts exclude the NOI attributable to the same-property pool, while Same-Property NOI and Cash NOI amounts include the NOI attributable to the same-property pool.


 
13 1,255 1,255 1,255 1,255 1,255 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Operations Overview Costa Rica ColombiaPeru By Geography 5,771 5,772 5,543 5,288 5,289 5,293 5,293 5,122 5,122 4,965 478 479 421 166 324 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Development GLA Operating GLA 2,516 2,516 2,516 2,516 2,516 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 1,999 2,001 1,772 1,517 1,517 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Total Portfolio GLA (in thousands of sq ft) Total Portfolio


 
14 Total Operating Portfolio 92.2 100.0 100.0 90.0 90.0 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 95.3 95.3 94.8 89.9 89.9 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 95.2 98.7 99.4 99.2 99.8 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 94.5 98.0 98.3 94.5 94.6 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Operations Overview Operating Portfolio – Period End Occupancy (%) Costa Rica ColombiaPeru By Geography


 
15 2.4 2.4 2.3 2.1 2.0 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 3.3 3.4 2.6 3.0 2.9 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 5.9 6.0 6.2 6.1 6.0 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 11.6 11.8 11.0 11.2 10.9 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Operations Overview Rental Revenues (US$ million) Total Portfolio (for the three months ended) Costa Rica Peru Colombia By Geography (for the three months ended)


 
16 2.0 1.9 2.0 1.8 1.7 2.1 2.0 1.9 1.9 2.0 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 2.6 2.3 1.5 2.4 2.42.7 2.0 1.7 2.1 1.9 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 5.0 5.2 5.4 5.4 5.14.8 5.2 5.3 5.2 4.8 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 9.6 9.4 8.9 9.6 9.29.6 9.2 8.9 9.2 8.7 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Operations Overview Total Portfolio (for the three months ended) Costa Rica Peru Colombia NOI and Cash NOI by Geography (for the three months ended) NOI Cash NOI Net Operating Income (US$ million)


 
17 7.34 7.14 6.55 6.76 6.81 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 7.66 7.58 7.49 7.41 7.38 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 8.68 8.60 8.57 8.72 8.60 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 8.07 7.96 7.79 7.92 7.87 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Operations Overview Total Portfolio Costa Rica Peru Colombia By Geography Average Net Effective Rent per Square Foot (US$/SqFt/Yr)


 
18 23.9% 0.7% 12.0% 0.3% 15.0%16.6% 2.6% 1.5% (0.4)% 40.5% Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 4.4% (13.2)% (17.9)% (5.4)% (6.0)% 3.1% (19.7)% (26.5)% (7.7)% (1.5)% Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 (5.9)% (0.3)% 0.4% 4.0% (1.2)% (6.5)% (0.4)% (1.2)% 2.8% 9.3% Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 (0.4)% (3.0)% 1.3% 8.8% 2.0% (1.9)% (4.3)% 5.0% 9.2% 14.4% Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Operations Overview Same-Property NOI Growth (% YTD YoY) Total Same-Property Portfolio Costa Rica Peru Colombia By Geography NOI Cash NOI Same-Property NOI Growth (% QTD YoY)


 
19 6.3 6.7 6.0 5.8 5.9 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Financial Overview Other Non-IFRS Metrics (US$ million) Adjusted EBITDA (for the three months ended) FFO, as defined by LPA (for the three months ended) (0.1) (0.6) (3.6) (2.2) (0.5) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024


 
20 28.9% 33.4% 24.9% 12.8% Operations Customer Concentration and Lease Expiration Analysis Lease Breakdown as Measured by Total Portfolio NER Customer Type Contractual Rent Increases Leases by Currency As of June 30, 2025 Logistic Services Consumer Goods Distribution Retailer Manufacturing and Other 21.0% 24.0% 51.1% 3.9%COL-CPI US-CPI Constant Escalator Other 79.0% 21.0%USD COP Top 10 Customers as % of Net Effective Rent % of Net Effective Rent Total Square Feet 1 Kuehne + Nagel 7.3% 384,777 2 Pequeño Mundo 6.1% 270,572 3 Alicorp 5.8% 335,812 4 Natura & Co 4.5% 206,785 5 PriceSmart 4.5% 167,831 6 Yichang 4.0% 220,875 7 CEVA 3.6% 219,734 8 Samsung 3.3% 200,209 9 Indurama 3.3% 191,684 10 Ikea 3.3% 185,548 Total 45.7% 2,383,827 Lease Expirations Net Effective Rent % of Currency Year Occupied Sq Ft Annualized (US$ in millions) % of Total $/Sq Ft/Yr COP USD Remainder of 2025 151,448 1.0 2.5% $ 6.58 — % 100.0% 2026 279,377 2.2 5.5% $ 7.91 23.6% 76.4% 2027 985,286 7.3 18.1% $ 7.41 37.7% 62.3% 2028 707,748 5.2 12.9% $ 7.32 15.4% 84.6% 2029 1,171,026 9.8 24.3% $ 8.41 26.6% 73.4% 2030 331,743 2.8 6.9% $ 8.50 — % 100.0% Thereafter 1,375,389 12.0 29.8% $ 8.75 12.2% 87.8% Total 5,002,017 40.3 100.0% $ 8.07 21.0% 79.0%


 
21 US$ in millions US$ in millions US$ in millions Square Feet Net Effective Rent Investment Properties US$ in millions, except for number of buildings, sq ft, and percentages No. of buildings Total % of Total Occupied % Leased % Year to Date NOI Annualized Sqft / Year Total fair market value % of Total Operating Portfolio Costa Rica 19 2,516,137 47.5% 95.2% 100.0% $10.1 $20.8 $8.68 $260.4 50.4% Colombia 5 1,255,404 23.8% 92.2% 92.2% 3.9 8.5 7.34 119.5 23.1% Peru 7 1,521,047 28.7% 95.3% 100.0% 4.9 11.1 7.66 136.7 26.5% Subtotal 31 5,292,588 100.0% 94.5% 98.2% $19.0 $40.4 $8.07 $516.6 100.0% Development Portfolio Peru 2 478,229 100.0% —% 85.9% — — n.a 24.5 100.0% Total Portfolio 33 5,770,817 94.5% 97.1% $19.0 $40.4 $8.07 $541.1 Operations Investment Properties Portfolio As of June 30, 2025


 
22 US$ in millions, except for sq ft, percentages and dates TEI Invested to Date Project Sq Ft Occupied % Leased % FMV Land + Infra Shell Total Land + Infra Shell Total Est. Stabilization Date Annualized estimated Rent Revenues Annualized estimated NOI Est. Return on Cost(1) Est. Develop. Yield(1) Type Peru Callao Logistic Park B. 200 226,095 — 70.2% $6.6 $7.4 $2.7 $10.1 $2.8 $— $2.8 Jun-26 $1.2 $0.9 12.0% 8.5% Pre Leased Callao Logistic Park B. 300B 252,134 — 100.0% 17.9 14.2 7.3 21.5 12.5 1.8 14.3 Nov-25 3.7 2.9 17.2% 13.5% Pre Leased Total 478,229 — 85.9% $24.5 $21.6 $10.0 $31.6 $15.3 $1.8 $17.1 $4.9 $3.8 16.0% 20.9% Capital Deployment Development Portfolio (1) Reflects the total development expenses of the entire industrial park, including costs associated with infrastructure, utilities, and landscaping, not just the individual warehouse. As of June 30, 2025


 
23 Gross Land Area (Acres) Buildable Area (Sq Ft)(1) FMV FMV/Sq Ft of Gross Land Area US$ in millions, except for sq ft and percentages Q2 2025 Q4 2024 % Change Q2 2025 Q4 2024 % Change Q2 2025 Q4 2024 % Change Q2 2025 Q4 2024 % Change Colombia 50.6 50.6 —% 1,090,211 1,090,211 0.0% 26.2 23.9 9.9% $ 11.9 $ 10.8 9.9% Peru(2) 19.0 30.9 (38.5%) 441,115 670,322 (34.2%) 11.7 16.7 (29.8%) $ 14.2 $ 12.4 14.2% Total 69.6 81.5 (14.6%) 1,531,326 1,760,533 (13.0%) 37.9 40.5 (6.4%) $ 12.5 $ 11.4 9.6% Capital Deployment Land Portfolio (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. As of June 30, 2025 and December 31, 2024


 
24 Q2 2025 Q1 2025 Net debt (US$ in millions) 244.1 232.8 Net debt over investment properties (end of period) 42.2 % 41.1% Net debt / Adjusted EBITDA ratio(1) 9.4x 8.7x Net debt / NOI(1) 6.4x 6.2x US$ in millions Maturity Loans Wtd Avg.Cash Interest Rate Remainder of 2025 $ 4,507,486 6.1% 2026 $ 10,302,940 5.9% 2027 $ 11,331,629 6.0% 2028 $ 12,154,637 6.0% 2029 $ 13,079,339 6.1% 2030 $ 16,032,189 6.2% Thereafter $ 210,332,589 5.7% Sub-total debt at par $ 277,740,809 5.8% Accrued and deferred financing cost, net $ (1,609,659) Total Debt $ 276,131,150 25.5% 74.5% Fixed vs Floating Rate Debt 100.0% Secured vs Unsecured Debt 86.7% 13.3% Capitalization Debt Summary and Metrics Debt Summary Debt Metrics As of June 30, 2025 (1) Net Debt related multiples are calculated using the annualized Adjusted EBITDA and NOI in their respective calculations. Debt by Currency SecuredFixed FloatingUSD COP


 
25 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 Security and Exchange Commission (“SEC”) and other public reports for further information about LPA and LPA business. “YTD (Year to Date)” period starting from the beginning of the current year up to the current date, used to measure the performance over this period. Adjusted EBITDA. LPA defines Adjusted EBITDA as profit (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, (f) gain or loss on disposition 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 uses Adjusted EBITDA to measure and evaluate the operating performance of LPA’s business, which consists of developing, leasing and managing industrial properties, before LPA’s cost of capital and income tax expense. Adjusted EBITDA is a measure commonly used in LPA’s industry, and it presents Adjusted EBITDA to supplement investor understanding of its operating performance. LPA’s management believes that Adjusted EBITDA provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and fair value adjustments of LPA’s assets. Cash Net Operating Income (Cash NOI) LPA defines Cash NOI as NOI adjusted for straight-line rental revenue during the relevant period. Debt Metrics. We evaluate the following debt metrics to monitor the strength and flexibility of our capital structure and evaluate the performance of our management. Investors can utilize these metrics to make a determination about our ability to service or refinance our debt. Net Debt LPA defines Net Debt as LPA’s total debt (defined as long term debt plus long-term debt—current portion) less cash, cash equivalents and restricted cash. Net Debt to Profit (Loss) represents Net Debt divided by Profit (Loss) for the period. Net Debt to Adjusted EBITDA This metric represents Net Debt divided by Adjusted EBITDA. LPA’s management believes that this ratio is useful because it provides investors with information on LPA’s ability to repay debt, compared to LPA’s performance as measured using Adjusted EBITDA. Net Debt to Net Operating Income (NOI) This metric represents Net Debt divided by NOI. LPA’s management believes that this ratio is useful because it provides investors with information on LPA’s ability to repay debt, compared to LPA’s performance as measured using NOI. Net Debt to Investment Properties This metric represents Net Debt divided by Investment Properties (end of period value). LPA believes that this ratio is useful because it shows the degree in which Net Debt has been used to finance LPA’s assets. Development Portfolio Represents industrial properties that are under development and properties that are developed but have not met Stabilization. Development Yield This metric is calculated for development properties as Stabilized NOI divided by TEI. Estimated Build Out (TEI and sq ft) This metric represents the estimated TEI and finished square feet available for lease upon completion of an industrial building on existing parcels of land. Estimated Value Creation This metric represents the value that we expect to create through our development and leasing activities. We calculate Estimated Value Creation by estimating the Stabilized NOI that the property will generate and applying a stabilized capitalization rate applicable to that property. Estimated Value Creation is calculated as the amount by which the value exceeds our TEI, including closing costs and taxes. Funds From Operations, or FFO LPA calculates FFO as profit for the period, excluding (a) investment property valuation gain and (b) gain on disposition of asset held for sale. LPA calculates FFO (as defined by LPA) as FFO, excluding (a) share- based payment, (b) one-time cash bonus related to the Business Combination, (c) listing expense, (d) other income and (e) other expenses. LPA defines Adjusted FFO as FFO (as defined by LPA), excluding (a) depreciation and amortization, (b) non-cash financing costs, (c) interest income from affiliates, (d) unrealized foreign currency gain or loss and (e) straight-line rental revenue. 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 noncash items, but which do not directly relate to LPA’s ongoing business operations or cash flow generation. LPA’s management believes FFO Measures can facilitate comparisons of operating performance between periods, while also providing an indication of future earnings potential. However, since FFO Measures do not capture the level of capital expenditures or maintenance and improvements required to sustain the operating performance of properties, which has a material economic impact on operating results, LPA’s management believes the usefulness of FFO Measures as measures of performance may be limited. LPA’s computation of FFO Measures may not be comparable to FFO measures reported by other real estate companies that define or interpret the FFO definition differently. Fair Market Value (FMV) Represents the value of a property based on current market conditions and appraised by a certified third party. Valuation methodology used by the third-party appraiser for the valuation of the assets and the factors which are part of the approaches, at the end we will present the ranges of the rates such as the market rents used for the entire portfolio. There are three basic approaches to value: • Income Approach • Discounted Cash Flow Method • Direct Comparison Approach • Cost Approach In practice, an approach to value is included or omitted based on its applicability to the property type being valued and the quality and quantity of information available. Income Approach The Income Approach reflects the subject’s income-producing capabilities. This approach assumes that value is created by expected income. Since the investment is expected to be acquired by an investor who would be willing to pay to receive an income stream plus reversion value from a property over a period, the Income Approach is used as the primary approach to value. The two common valuation techniques are the Discounted Cash Flow (DCF) Method and the Direct Capitalization Method.


 
26 Definitions Return on Cost This is calculated on development properties as Stabilized rental revenue divided by TEI. Same-Property Our Same-Property metrics are non-IFRS financial measures, which are commonly used in the real estate industry and expected from the financial community, on both a net-effective and cash basis. We evaluate the performance of the operating properties we own and manage using a “Same-Property” analysis because the population of properties in this analysis is consistent from period to period, which allows us to analyze our ongoing business operations. The Same-Property population for a given period includes the operating properties that were owned during the entirety of that period and the corresponding prior year period. Properties developed or acquired are excluded from the Same- Property population until they are held in the operating portfolio for the entirety of both such periods, and properties that sold during such periods are also excluded from the Same-Property population. We have defined the Same-Property portfolio, for the three months ended September 30, 2024, as those properties that were owned by LPA as of January 1, 2023 and have been in operations throughout the same three-month periods in both 2023 and 2024. We believe the factors that affect lease rental income, rental recoveries, property operating expenses and NOI in the Same-Property portfolio are generally the same as for our total operating portfolio. We use the following Same- Property metrics to valuate the performance of our operating properties: Same-Property NOI LPA defines Same Property NOI as NOI less non same-property NOI and adjusted for constant currency. LPA evaluates the performance of the properties it owns using a Same Property NOI, and LPA’s management believes that Same Property NOI is helpful to investors and management as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period-to-period, thereby eliminating the effects of changes in the composition of LPA’s portfolio on performance. When used in conjunction with IFRS financial measures, Same Property NOI is a supplemental measure of operating performance that LPA’s management believes is a useful measure to evaluate the performance and profitability of LPA investment properties Same-Property Cash NOI LPA defines Same Property Cash NOI as Cash NOI less non same-property cash NOI and adjusted for constant currency. The same property population for a given period includes the operating properties that were owned during the entirety of that period and the corresponding prior year period. Properties developed or acquired are excluded from the same property population until they are held in the operating portfolio for the entirety of both such periods, and properties that sold during such periods are also excluded from the same property population. Stabilization LPA defines stabilization as the earlier of the point at which a developed property has been completed for one year, or when it reaches a 90% occupancy rate. Stabilized NOI This metric is the estimated twelve months of potential gross rental revenue (base rent, including above or below market rents plus operating expense reimbursements) multiplied by 95% to adjust income to a stabilized vacancy factor of 5%, minus estimated operating expenses. Total Expected Investment (“TEI”) This represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change. Total Portfolio is comprised of the Operating Portfolio and Development Portfolio. Discounted Cash Flow Method Using this valuation method, future cash flows forecasted over an investment horizon, together with the proceeds of a deemed disposition at the end of the holding period. This method allows for modeling any uneven revenues or costs associated with lease up, rental growth, vacancies, leasing commissions, tenant inducements and vacant space costs. These future financial benefits are discounted to a present value at an appropriate discount rate based on market transactions. • A discount rate applicable to future cash flows and determined primarily by the risk associated with income, and • A capitalization rate used to obtain the future value of the property based on estimated future market conditions. These rates are determined based on: • The constant interviews we have with the developers, brokers, clients and active players in the market to know their expectation of IRR (before debt or without leverage). • Mainly the real transactions in the market are analyzed. Since we are a leading company in the real estate sector, we have extensive experience in most purchase transactions and we have the details of these before and during the purchase, which allows us to have a solid base when selecting our rates. Direct Capitalization Method This method involves capitalizing a fully leased net operating income estimate by an appropriate yield. This approach is best utilized with stabilized assets, where there is little volatility in the net income and the growth prospects are also stable. It is most commonly used with single tenant investments or stabilized investments. Direct Comparison Approach The Direct Comparison Approach utilizes sales of comparable properties, adjusting for differences to estimate a value for the subject property. This approach is developed in a simplified method to establish a range of unit prices for market comparable sales. This method is typically developed to support the Income Approach rather than to conclude on a value. Cost Approach The Cost Approach is based on the principle of substitution - that a prudent and rational person would pay no more for a property than the cost to construct a similar and competitive property - assuming no undue delay in the process. The Cost Approach tends to set the upper limit of value before depreciation is considered. Gross Leasable Area (GLA). The total floor area designed for tenant occupancy and exclusive use, including basements, mezzanines, and upper floors. Net Effective Rent (“NER”) This amount is calculated at the beginning of the lease using estimated total cash base rent to be received over the term and annualized. The NER per square foot number is calculated by dividing the annualized net effective rent by the occupied square feet of the lease. Net Operating Income (“NOI”) LPA defines NOI as profit for the period excluding (a) other revenue (which primarily relates to development fee revenue), (b) general and administrative expenses, (c) listing expense, (d) investment property valuation gain, (e) interest income from affiliates, (f) financing costs, (g) net foreign currency gain or loss, (h) other income, (i) gain 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.


 
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