Logistic Properties of the Americas Fourth Quarter 2024 Supplemental Information LPA Parque Logístico Calle 80 – Bogota, Colombia
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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 LPA Parque Logístico Calle 80 – Bogota, Colombia 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 • 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) 98.3% Occupancy(2) 80.5% US dollars-denominated Leases(3) Example Properties 5.1 years Avg. remaining lease life(4) US$36.6 mm YTD 2024 NOI(5) 8.1% Cash NOI(5) Growth YTD 2024 – 2023 Current Operations Expansion Plans Logistic Park Coyol I, Alajuela, Costa Rica Logistic Park Lurin I, Lima, Peru Logistic Park Calle 80, Bogota, Colombia (1) Includes 5.5 million sq ft of GLA in our total portfolio and 1.8 million of potential new GLA to be built-out in our land portfolio. (2) Operating Portfolio period end occupancy. (3) Based on active leases as of December 31, 2024. (4) Remaining lease life weighted average by leased area (5) NOI and Cash NOI are non-IFRS measures. (6) Land reserve acres are adjusted for Floor Area Ratio (“FAR”). Highlights Company Profile As of December 31, 2024 LIMA, PERU Operating GLA (sqft) Development GLA (sqft) Land Reserves (acres)(6) 1,350,084 421,321 30.9
6 As of and for the three months ended US$ in millions, except for number of buildings, sq ft, and percentages December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Portfolio (sq ft) Same Property Portfolio No. of buildings 27 27 27 27 20 Gross leasable area (GLA) 4,570,653 4,570,653 4,570,653 4,570,653 3,047,734 Period end occupancy % 95.4% 93.8% 94.2% 96.6% 100.0% NOI 8.9 8.3 8.2 8.5 5.9 Growth over prior year(2) 1.3% 1.3% (2.6%) 6.8% 7.0% Cash NOI 8.9 9.6 8.5 8.8 6.2 Growth over prior year(2) 5.0% (0.1%) 8.5% 20.6% 14.2% Operating Portfolio No. of buildings 30 30 29 28 28(1) Gross leasable area (GLA) 5,121,625 5,121,625 4,964,181 4,741,488 4,619,616 Period end leased % 98.6% 98.5% 94.6% 96.7% 100.0% Period end occupancy % 98.3% 94.5% 94.6% 96.7% 100.0% Development Portfolio No. of buildings 2 1 2 3 4(1) Gross leasable area (GLA) 421,321 166,410 323,854 546,547 668,419 Period end leased % 100.0% 100.0% 92.3% 95.5% 78.5% Period end occupancy % 25.2% 84.8% 72.3% 72.4% 8.0% Total Portfolio No. of buildings 32 31 31 31 32(1) Gross leasable area (GLA) 5,542,946 5,288,035 5,288,035 5,288,035 5,288,035 Period end leased % 98.7% 98.6% 94.5% 96.6% 97.3% Period end occupancy % 92.8% 94.2% 93.3% 87.5% 88.4% Highlights Company Performance (1) As of December 31, 2023, a building located in Peru was in a mixed phase, with parts in operational stage and others under development. Consequently, the Company reported the building as being in both stages. By March 31, 2024, the entire building had transitioned to the operational phase, and thus, it is now considered as a single, fully operational building. (2) Year to date NOI and Cash NOI amounts are used to determine growth over the 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 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Rental revenues 11.0 11.2 10.9 10.4 11.5 Revenues 11.1 11.3 11.0 10.5 11.6 Cash net operating income (Cash NOI) 8.9 9.2 8.7 9.0 10.7 Net operating income (NOI) 8.9 9.6 9.2 8.9 10.4 NOI margin % 80.8% 84.8% 84.4% 85.3% 90.4% Net earnings (loss) 9.8 4.8 12.4 (46.4) (2.0) Adjusted EBITDA 6.0 5.8 5.9 7.6 6.8 Adjusted EBITDA margin 53.8 % 51.6 % 53.8 % 72.4 % 59.0 % FFO, as defined by LPA (3.6) (2.2) (0.5) (0.9) 1.0 AFFO (3.0) (2.2) (0.9) (1.2) 0.0 Debt Outstanding balance at carrying value 265.9 271.0 275.9 268.0 269.9 Cash and restricted cash (34.7) (37.3) (52.9) (43.4) (37.9) Net Debt 231.2 233.7 223.0 224.6 231.9 Investment properties 554.5 535.6 525.9 528.6 514.2 Leverage ratio(1) 41.7% 43.6% 42.4% 42.5% 45.1% Cash interest rate at period end 8.1% 8.4% 8.4% 8.8% 8.8%
8 As of December 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 28,827,347 $ 35,242,363 Due from affiliates — 9,463,164 Lease and other receivables, net 2,641,772 3,557,988 Receivables from the sale of investment properties - short term 3,589,137 4,072,391 Prepaid construction costs 165,836 1,123,590 Restricted cash equivalents - short term — 2,000,000 Prepaid income taxes 2,008,553 651,925 Other current assets 2,769,109 2,791,593 Total current assets 40,001,754 58,903,014 NON-CURRENT ASSETS: Investment properties 554,518,864 514,172,281 Tenant notes receivable - long term, net 1,748,616 6,002,315 Receivables from the sale of investment properties - long term — 4,147,507 Restricted cash equivalents - long term 5,835,117 681,110 Property and equipment, net 313,202 354,437 Deferred tax asset 241,967 1,345,859 Other non-current assets 4,360,058 5,218,787 Total non-current assets 567,017,824 531,922,296 TOTAL ASSETS $ 607,019,578 $ 590,825,310 Financial Information Consolidated Statements of Financial Position
9 As of December 31, 2024 December 31, 2023 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 8,356,915 $ 13,127,502 Income tax payable 2,764,352 2,024,865 Retainage payable 1,500,729 1,737,805 Long term debt - current portion 12,636,821 16,703,098 Security deposits – current portion 167,005 370,961 Lease liability – current portion 458,081 238,849 Other current liabilities 640,933 349,729 Total current liabilities 26,524,836 34,552,809 NON-CURRENT LIABILITIES: Long term debt 253,248,978 253,151,137 Deferred tax liability 40,141,510 37,451,338 Security deposits 2,440,371 1,790,554 Lease liability 12,972,016 2,936,555 Other non-current liabilities 890,449 — Total non-current liabilities 309,693,324 295,329,584 TOTAL LIABILITIES 336,218,160 329,882,393 EQUITY: Ordinary shares 3,180 168,142,740 Additional paid-in capital 218,291,347 — Retained earnings 38,593,217 67,878,645 Treasury shares, at cost (1,242,773) — Foreign currency translation reserve (26,680,095) (13,694,983) Equity attributable to owners of the Company 228,964,876 222,326,402 Non-controlling interests 41,836,542 38,616,515 Total equity $ 270,801,418 260,942,917 TOTAL LIABILITIES AND EQUITY $ 607,019,578 $ 590,825,310 Financial Information Consolidated Statements of Financial Position (continued)
10 Financial Information Consolidated Statements of Profit or Loss and Other Comprehensive Income (Loss) (1) Listing expense is a non-cash item that relates to the difference in the fair value of the shares deemed to have been issued by the accounting acquirer and the fair value of the accounting acquiree’s identifiable net assets represents a service received by the accounting acquirer, and thus should be recognized as an expense upon consummation of the Business Combination. For more information, please review note 4 of the Financial Statements For the Year Ended December 31, 2024 2023 2022 REVENUES Rental revenue $ 43,581,348 $ 39,327,779 $ 31,890,569 Other revenue 281,024 108,564 92,998 Total revenues 43,862,372 39,436,343 31,983,567 Investment property operating expense (6,974,534) (5,142,950) (5,407,439) General and administrative (15,626,057) (8,508,862) (4,609,195) Listing expense(1) (44,469,613) — — Investment property valuation gain 32,347,462 20,151,026 3,525,692 Interest income from affiliates 302,808 664,219 561,372 Financing costs (22,642,028) (31,111,064) (11,766,726) Net foreign currency (loss) gain (104,129) 284,706 299,762 Gain (loss) on sale of investment properties — 1,165,170 (398,247) Gain on disposition of asset held for sale — 1,022,853 — Other income 12,616,888 307,822 100,127 Other expenses (9,177,160) (6,132,636) (611,173) Profit (loss) before taxes (9,863,991) 12,136,627 13,677,740 INCOME TAX EXPENSE (9,562,060) (4,980,622) (2,236,507) PROFIT (LOSS) FOR THE YEAR $ (19,426,051) $ 7,156,005 $ 11,441,233 OTHER COMPREHENSIVE INCOME (LOSS): Items that may be reclassified subsequently to profit or loss: Translation (loss) gain from functional currency to reporting currency (12,985,112) 18,373,064 (13,533,732) TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR $ (32,411,163) $ 25,529,069 $ (2,092,499) PROFIT (LOSS) FOR THE YEAR ATTRIBUTABLE TO: Owners of the Company $ (29,285,428) $ 3,139,333 $ 8,028,610 Non-controlling interests 9,859,377 4,016,672 3,412,623 Total profit (loss) for the year $ (19,426,051) $ 7,156,005 $ 11,441,233 TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO: Owners of the Company $ (42,270,540) $ 21,512,397 $ (5,505,122) Non-controlling interests 9,859,377 4,016,672 3,412,623 Total comprehensive income (loss) for the year: $ (32,411,163) $ 25,529,069 $ (2,092,499) Weighted average number of shares – basic and diluted 30,995,079 28,600,000 28,600,000 Earnings (Loss) per share attributable to owners of the Company - basic and diluted $ (0.94) $ 0.11 $ 0.28
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) Interest income settled in cash is excluded from other income for the calculation of FFO. (3) 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 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Revenues 11.1 11.3 11.0 10.5 10.2 Profit for the period 9.8 4.8 12.4 (46.5) (2.0) Interest income from affiliates — — — (0.3) (0.2) Financing costs 5.7 5.8 5.8 5.6 7.8 Income tax expense (benefit) 3.4 2.4 0.5 3.3 (1.6) Depreciation and amortization 0.4 0.4 — — — Investment property valuation gain (14.4) (8.2) (4.6) (5.2) 1.5 Gain on sale of asset held for sale — — — — — Share-based payment 0.4 0.6 1.1 — — One-time cash bonus related to the Business Combination — — — 0.3 — Gain (loss) on sale of investment properties — — — — (1.1) Listing expense — — — 44.5 — Other income (0.4) (1.1) (10.8) (0.3) (0.2) Other expenses 1.2 1.2 1.2 6.2 2.6 Net foreign currency (loss) gain — (0.1) 0.2 — — Adjusted EBITDA 6.0 5.8 5.9 7.6 6.8 Adjusted EBITDA margin 53.8 % 51.6 % 53.8 % 72.4 % 59.0 % For the three months ended US$ in millions December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Profit for the period 9.8 4.8 12.4 (46.5) (2.0) Investment property valuation gain (14.4) (8.1) (4.6) (5.2) 1.5 Gain on sale of investment property — — — — — Gain on disposition of asset held for sale — — — — (1.1) FFO (4.7) (3.3) 7.9 (51.7) (1.6) Share-based payment 0.4 0.6 1.1 — — One-time cash bonus related to the Business Combination — — — 0.3 — Listing expense — — — 44.5 — Other income(2) (0.1) (0.7) (10.7) (0.2) — Other expenses 0.8 1.2 1.2 6.2 2.6 FFO (as defined by LPA) (3.6) (2.2) (0.5) (0.9) 1.0 Depreciation and amortization 0.4 0.3 — — — Financing costs(3) 0.3 0.1 (0.1) — (0.9) Interest income from affiliates — — — (0.3) (0.2) Unrealized foreign currency loss (gain) (0.1) (0.1) 0.2 (0.2) (0.2) Straight-line rental revenue — (0.3) (0.6) 0.1 0.3 Adjusted FFO (3.0) (2.2) (0.9) (1.2) —
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 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Net Operating Income Rental revenues 11.0 11.2 10.9 10.4 11.5 Investment property operating expense (2.1) (1.6) (1.7) (1.5) (1.1) NOI 8.9 9.6 9.2 8.9 10.4 NOI margin 80.9% 84.8% 84.4% 85.3% 90.4% For the three months ended US$ in millions December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Net Operating Income Profit for the period 9.8 4.8 12.4 (46.5) (2.0) Other revenue (0.1) (0.1) — (0.1) — General and administrative 4.6 4.8 4.6 1.7 3.6 Listing expense — — — 44.5 — Investment property valuation gain (14.4) (8.2) (4.6) (5.2) 1.5 Interest income from affiliates — — — (0.3) (0.2) Financing costs 5.5 5.8 5.8 5.6 7.8 Net foreign currency gain (loss) — — 0.2 — — Other income (0.4) (1.1) (10.8) (0.3) (0.2) Gain (loss) on sale of investment properties — — — — (1.2) Gain on disposition of asset held for sale — — — — — Other expenses 0.6 1.2 1.2 6.2 2.7 Income tax expense 3.4 2.4 0.5 3.3 (1.6) NOI 8.9 9.6 9.2 8.9 10.4 Constant currency impact(2) — (0.1) (0.2) (0.2) (0.1) Less: non same-property NOI(3) 0.5 1.3 1.1 0.4 1.3 Same-Property NOI(3) 8.4 8.2 7.9 8.3 9.0 NOI 8.9 9.6 9.2 8.9 10.4 Straight-line rental revenue — (0.3) (0.6) 0.1 0.3 CASH NOI 8.9 9.2 8.7 9.0 10.7 Constant currency impact(2) — (0.1) (0.2) (0.2) (0.1) Less: non same-property cash NOI(3) 0.8 0.8 0.2 0.2 0.7 Same-Property Cash NOI(3) 8.2 8.3 8.3 8.6 9.9 (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 year ended December 31, 2024. (3) The same-property pool includes all properties that were classified as Operating Properties as of December 31, 2024 and since January 1, 2023, and excludes properties that were either disposed of prior to December 31, 2024, or held for sale to a third party as of December 31, 2024. As of December 31, 2024, the same-property pool consisted of 27 buildings aggregating approximately 4.6 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 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Operations Overview Costa Rica ColombiaPeru By Geography 5,543 5,288 5,288 5,288 5,288 5,122 5,122 4,964 4,741 4,620 421 166 324 547 668 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Development GLA Operating GLA 2,516 2,516 2,516 2,516 2,516 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 1,772 1,517 1,517 1,517 1,517 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Total Portfolio GLA (in thousands of sq ft) Total Portfolio
14 Total Operating Portfolio 100.0 90.0 90.0 100.0 100.0 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 94.8 89.9 89.9 87.9 100.0 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 99.4 99.2 99.8 99.1 100.0 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 98.3 94.5 94.6 96.7 100.0 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Operations Overview Operating Portfolio – Period End Occupancy (%) Costa Rica ColombiaPeru By Geography
15 2.3 2.1 2.0 2.3 2.0 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 2.6 3.0 2.9 2.4 2.2 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 6.2 6.1 6.0 5.7 7.3 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 11.0 11.2 10.9 10.4 11.5 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 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 1.8 1.7 2.1 1.81.9 1.9 2.0 2.1 1.9 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 1.5 2.4 2.4 2.0 2.0 1.7 2.1 1.9 2.0 2.2 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 5.4 5.4 5.1 4.8 6.6 5.3 5.2 4.8 4.9 6.6 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 8.9 9.6 9.2 8.9 10.4 8.9 9.2 8.7 9.0 10.7 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 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 6.55 6.76 6.81 6.62 5.70 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 7.49 7.41 7.38 8.07 7.26 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 8.57 8.72 8.60 8.58 8.54 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 7.79 7.92 7.87 7.93 7.80 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Operations Overview Total Portfolio Costa Rica Peru Colombia By Geography Average Rent per Square Foot (US$/SqFt/Yr)
18 12.0% 0.3% 15.0% 67.2% 36.0% 1.5% (0.4)% 40.5% 90.2% 30.9% Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 (17.9)% (5.4)% (6.0)% 6.0% 3.0% (26.5)% (7.7)% (1.5)% 7.8% 21.1% Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 0.4% 4.0% (1.2)% (2.8)% 7.4% (1.2)% 2.8% 9.3% 15.2% 11.4% Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 1.3% 1.3% (2.6)% 6.8% 7.0%5.0% (0.1)% 8.5% 20.6% 14.2% Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Operations Overview Same-Property NOI Growth (% YoY) Total Same-Property Portfolio Costa Rica Peru Colombia By Geography NOI Cash NOI
19 6.0 5.8 5.9 7.6 6.8 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Financial Overview Other Non-IFRS Metrics (US$ million) Adjusted EBITDA (for the three months ended) FFO, as defined by LPA (for the three months ended) (3.6) (2.2) (0.5) (0.9) 1.0 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
20 25.6% 35.6% 30.5% 8.3% Operations Customer Concentration and Lease Expiration Analysis Lease Breakdown as Measured by Total Portfolio NER Customer Type Contractual Rent Increases Amount of Leases by Currency As of December 31, 2024 Logistic Services Consumer Goods Distribution Retailer Manufacturing and Other 19.5% 20.8%57.3% 2.4%COL-CPI US-CPI Constant Escalator Other 80.5% 19.5%USD COP Top 10 Customers as % of Net Effective Rent % of Net Effective Rent Total Square Feet 1 Kuehne + Nagel 7.5% 384,777 2 Alicorp 6.5% 335,812 3 Pequeño Mundo 5.3% 270,572 4 Yichang 4.3% 220,875 5 CEVA 4.3% 219,734 6 Natura & Co 4.0% 206,785 7 Samsung 3.9% 200,209 8 Indurama 3.7% 191,684 9 Ikea 3.6% 185,548 10 PriceSmart 3.3% 167,831 Total 46.4% 2,383,827 Lease Expirations Net Effective Rent % of Currency Year Occupied Sq Ft Annualized (US$ in millions) % of Total $/Sq Ft COP USD 2025 407,855 2.7 6.7% $ 6.62 15.9 % 84.1% 2026 321,905 2.4 6.0% $ 7.46 22.5% 77.5% 2027 992,907 7.1 17.7% $ 7.15 35.5% 64.5% 2028 707,748 5.1 12.7% $ 7.21 14.3% 85.7% 2029 1,107,917 9.0 22.5% $ 8.12 26.6% 73.4% Thereafter 1,604,328 13.8 34.4% $ 8.60 11.8% 88.2% Total 5,142,660 40.1 100.0% $ 7.79 20.5% 79.5%
21 US$ in millions US$ in millions US$ in millions Square Feet Net Effective Rent Investment Properties No. of buildings Total % of Total Occupied % Leased % Q4 quarter to date NOI Year to Date NOI Annualized Sqft / Year Total fair market value % of Total Operating Portfolio Costa Rica 19 2,516,137 49.1% 99.4% 100.0% 5.4 20.8 21.5 $ 8.62 260.1 52.8% Peru 6 1,350,084 26.4% 94.8% 94.8% 2.0 8.4 9.4 $ 7.32 123.0 25.0% Colombia 5 1,255,404 24.5% 100.0% 100.0% 2.0 7.6 8.2 $ 6.55 109.1 22.2% Subtotal 30 5,121,625 100.0% 98.3% 98.6% 9.4 36.7 39.1 $ 7.77 492.2 100.0% Development Portfolio Peru 2 421,321 100.0% 25.2% 100.0% (0.5) (0.1) 5.9 na 21.8 100.0% Total Portfolio 32 5,542,946 92.8% 98.7% 8.9 36.6 45.0 $ 7.77 514.0 Operations Investment Properties Portfolio As of December 31, 2024
22 US in millions 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. 100 169,187 62.7 100.0 13.6 7.9 8.4 16.3 7.9 8.4 16.3 Jan-25 1.5 0.9 9.2% 5.7% Pre Leased Callao Logistic Park B. 300B 252,134 0.0 100.0 8.2 14.2 7.3 21.5 3.9 1.8 5.7 Nov-25 4.2 3.5 19.5% 16.3% Pre Leased Total 421,321 25.2 100.0 21.8 22.1 15.7 37.8 11.8 10.2 22.0 5.7 4.4 17.4% 17.7% 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 December 31, 2024
23 Gross Land Area (Acres) Buildable Area (Sq Ft)(1) FMV FMV/Sq Ft of Gross Land Area US$ in millions Q4 2024 Q4 2023 % Change Q4 2024 Q4 2023 % Change Q4 2024 Q4 2023 % Change Q4 2024 Q4 2023 % Change Peru(2) 30.9 40.5 (23.7%) 670,322 878,022 (23.7%) 16.7 0.6 2592.2% $ 12.40 $ 0.35 3429.4% Colombia 50.6 50.6 0.1% 1,090,211 1,090,211 0.0% 23.9 24.1 (1.0%) $ 10.81 $ 10.93 (1.1%) Total 81.5 91.1 (10.5%) 1,760,533 1,968,233 (10.6%) 40.5 24.7 64.0% $ 11.42 $ 6.23 83.3% 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 December 31, 2024 and 2023
24 2024 Fourth Quarter Third Quarter Net debt (US$ in millions) 231.2 233.7 Net debt over investment properties (end of period) 41.7 % 43.6% Net debt / Profit (loss)(1) (11.9)x (6.0)x Net debt/ Adjusted EBITDA ratio(1) 9.0x 8.9x Net debt / NOI(1) 6.3x 6.3x US$ in millions Maturity Loans Wtd Avg.Cash Interest Rate 2025 $ 12,636,821 7.2% 2026 $ 9,410,670 6.7% 2027 $ 10,163,420 6.6% 2028 $ 10,900,304 6.6% 2029 $ 11,727,707 6.6% Thereafter $ 212,377,770 6.1% Sub-total debt at par $ 267,216,692 6.2% Accrued and deferred financing cost, net $ (1,330,893) Total Debt $ 265,885,799 63.3% 36.7% Fixed vs Floating Rate Debt 100.0% Secured vs Unsecured Debt 85.5% 14.5% Capitalization Debt Summary and Metrics Debt Summary Debt Metrics As of December 31, 2024 (1) Net Debt related multiples are calculated using the annualized Profit (Loss), Adjusted EBITDA and NOI in their respective calculations. (2) Loans with Banco Nacional de Costa Rica (“Banco Nacional”) and Banco Davivienda have fixed rates for the first two years and are subject to variable rates after the two years. Additionally, the loans with Banco Bilbao Vizcalla (“BBVA”) are also subject to fixed rates. Debt by Currency SecuredFixed(1) 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 for the period adjusted by (a) interest income from affiliates, (b) financing costs, (c) income tax expense, (d) depreciation and amortization, (e) investment property valuation gain, (f) share-based payments, (g) one-time cash bonus related to the Business Combination, (h) gain on sale of asset held for sale (i) gain or loss on sale of investment properties, (j) listing expense, (k) other income, (l) other expenses and (m) 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 defines FFO as profit (loss) for the period, excluding (a) investment property valuation gain, (b) gain or loss on sale of investment properties, and c) gain on sale of asset held for sale. LPA calculates FFO (as defined by LPA) as FFO, excluding (a) share-based payments, (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. LPA uses FFO, FFO (as defined by LPA) and Adjusted FFO (collectively, “FFO Measures”) to 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 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 adjusted by (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 or loss on sale of investment properties, (j) gain on disposition of asset held for sale, (k) other expenses, and (l) income tax expense. Definitions 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 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 December 31, 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.
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