Latin America logistics real estate developer's Q2 revenue grew 26% yr/yr.
Net operating income for Q2 rose 27% yr/yr, driven by higher rental revenue.
The company during the quarter announced a pending $145 million asset sale, expected to generate $85 million in net proceeds.
Outlook and pipeline
The company said resilient domestic consumption and e-commerce adoption support mid- and long-term demand.
About 92% of the 440,383-sq-ft development pipeline is pre-leased, providing visibility into future revenue.
The pending $145 million asset sale is expected to increase flexibility to fund growth, mainly in Mexico.
Result drivers and key details
Peru lease-up - Revenue growth in Peru was led by PepsiCo's lease at Callao Logistics Park and rapid lease-up of vacated space.
Colombia leasing and FX - Colombia rental revenue rose due to new leasing, contractual inflation adjustments, and favorable foreign exchange movements.
Higher occupancy and rent - Same-property cash NOI rose on higher rental rates and increased occupancy, with average rent per square foot up 10% and occupancy at 100%.
Key details
Metric
Actual
Q2 Revenue
$14.74 million
Wall Street's median 12-month price target for Logistic Properties of The Americas is $7.00, about 133.3% above its August 11 closing price of $3.00.
LPA•
