LPA Q2 2026 Earnings Call: Revenue Up 26.1%, Mexico Expansion Ahead
Source Tradingkey
Key Takeaways
- Revenue increased 26.1% year over year, led by rental revenue growth of 50.4% in Peru, 29.3% in Colombia and 5.6% in Costa Rica.
- Net operating income rose 27% to $12.2 million, while same-property NOI increased approximately 15% to $9.6 million. Portfolio occupancy remained at 100%.
- Average rent per square foot increased 10% to $8.88, supported by renewals, expansions, re-leasing and positive mark-to-market spreads.
- LPA agreed to divest Lima Sur Park for $145 million at an approximately 7% in-place cap rate and about 18% above its independently appraised carrying value.
- The company expects roughly $65 million of net proceeds after repaying approximately $60 million of debt and paying capital gains taxes. Management plans to redeploy nearly all of the net proceeds into Mexico.
- Two developments at Parque Logistico Callao will add 440,000 square feet of GLA. They are 92% pre-leased and are expected to generate combined annual NOI of $2.9 million at development yields of roughly 13%.
Key Financial Data
| Metric | Q2 2026 | Year-over-year change | Commentary |
|---|---|---|---|
| Revenue | — | +26.1% | Growth was led by Peru and Colombia |
| Net operating income | $12.2 million | +27% | Excluding Colombia currency translation, NOI increased 23% to $11.8 million |
| Same-property NOI | $9.6 million | Approximately +15% | Supported by rental growth and positive leasing spreads |
| Average rent per square foot | $8.88 | +10% | Reflects renewals, expansions and re-leasing |
| Occupancy | 100% | Unchanged | Full occupancy across the regional logistics platform |
| Operating expenses | $2.6 million | +27% | Higher costs from new Peru operations, maintenance and Costa Rica property taxes |
| General and administrative expenses | $4.2 million | -8.7% | Lower reporting and legal expenses |
| Investment property gain | $20.0 million | Versus a $0.3 million loss | Included a $16.3 million gain related to Lima Sur and a $3.2 million Coyol valuation gain |
| Financing costs | $4.8 million | +1.8% | Reflected higher debt and rates tied to development activity |
| Operating GLA | 5.8 million sq. ft. | +9.7% | As of quarter-end |
| Leased GLA | 6.2 million sq. ft. | +10.8% | As of quarter-end |
| Management’s stated intrinsic value per share, net of capital gains tax | $8.62 | +16%; +8.2% sequentially | Management said this excludes the value of the operating platform |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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