Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

For purposes of this section, “we,” “our,” “us”, “LPA” and the “Company” refer to Logistic Properties of the Americas and all of its subsidiaries. The following discussion and analysis (“MD&A”) of the financial condition and results of operations should be read together with our unaudited condensed consolidated interim financial statements as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025, together with related notes thereto, (the “Unaudited Condensed Consolidated Interim Financial Statements”). The Unaudited Condensed Consolidated Interim Financial Statements have been prepared in accordance with International Accounting Standard ("IAS") 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). This MD&A should also be read together with our Annual Report on Form 20-F for the year ended December 31, 2025 (the "Annual Report"), as filed with the U.S. Securities and Exchange Commission. The following discussion contains forward-looking statements and should be read in conjunction with the section titled “Cautionary Note Regarding Forward-Looking Statements” included in this MD&A and the section titled “Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2025.

Overview

LPA was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on October 9, 2023. LPA is a fully integrated, internally managed real estate company that develops, owns and manages a diversified portfolio of warehouse logistics and industrial assets across Latin America. We focus on modern Class A logistics and industrial real estate in high growth and high barrier-to-entry markets that are undersupplied and have low penetration rates. We believe we are a leading institutional development, logistics and industrial platform operating in our four countries of operation today — Costa Rica, Colombia, Peru and Mexico – which correspond to our reportable segments. We have significant expertise in designing and developing logistics and industrial assets, which we own, manage and lease on a long-term basis. Our strategic footprint and operational expertise enable us to provide our tenants with “last mile” distribution capabilities that are critical to logistics and industrial infrastructure, and be well located to leverage strong e-Commerce and “nearshoring” trends.

Our business model is designed to generate recurring revenue from long-term leases with creditworthy tenants, which we believe drives attractive unit economics. We believe our corporate structure provides us with the following advantages:

•Investment focus: We have designed our business model to participate across the real estate value creation chain including (i) structuring and financing, (ii) development, (iii) lease-up and (iv) asset management, in comparison to Real Estate Investment Trust (REITs), which are generally required to focus on Stabilized Properties, or nearly Stabilized Properties;

•Management fee structure: We manage our properties internally and do not charge management fees, which we believe better aligns our interests with investors, as opposed to the externally managed REIT model; and

•Long term value creation: We develop and manage our assets with a focus on the quality of our real estate and maximizing its long-term value, in comparison to managing our development, operations and maintenance activities to achieve shorter term dividend targets.

As of March 31, 2026, our operating portfolio was composed of 34 properties with a GLA of around 5.8 million square feet. Our portfolio has a Stabilized occupancy rate of 100.0% and a weighted average remaining lease term of 4.7 years on our current leases.

Our portfolio is composed of Class A logistic and industrial warehouses that are well positioned to serve the key logistical functions of the growing e-Commerce market and nearshoring trade. All properties in Colombia, and certain properties in Costa Rica, Peru and Mexico are certified by EDGE, a green building certification system sponsored by the IFC (International Finance Corporation), a member of the World Bank Group, and administered by GBCI (Green Business Certification Inc.), which promotes the development of sustainable buildings, both internally, with expansive floor capacity, natural light and sufficient height clearance levels, as well as externally, with shared truck maneuvering yards, optimized platforms and container parking. These modern specifications enable our tenants to drive operational efficiencies for timely delivery of their goods and implement highly advanced operational and logistics processes that enhance their ability to compete. Our high quality and diversified tenant base is composed of leading multinational companies that

operate primarily in the consumer goods, third-party logistics and other retail sectors including Kuehne + Nagel, Pepsico, PriceSmart, Alicorp, Pequeño Mundo, Natura & Co, CEVA, Yichang, Samsung, and IKEA.

The following table sets forth a summary of our real estate portfolio as of March 31, 2026, December 31, 2025, and March 31, 2025:


	As of March 31, 2026			As of December 31, 2025			As of March 31, 2025
Number of operating real estate properties	34			34			31
Operating GLA (sq. ft) (1)	5,804,261			5,804,261			5,292,588
Leased GLA (sq. ft) (2)	6,208,639			5,992,995			5,810,181
Number of tenants	57			58			57
Average rent per square foot	$	8.74		$	8.65		$	7.96
Weighted average remaining lease term	4.7 years			4.9 years			5.0 years
Stabilized occupancy rate (% of GLA)	100.0		%	100.0		%	98.0		%

(1)“Operating GLA” refers to the GLA in operating properties. Operating properties are investment properties that have achieved Stabilization. We define 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.

(2)“Leased GLA” refers to the GLA in operating properties, properties under development, and land banks that is subject to a lease.

Our operating portfolio is geographically diversified, as shown below as of March 31, 2026, December 31, 2025, and March 31, 2025:


	As of March 31, 2026
	Total Operating GLA (sq ft)	% of Portfolio GLA		Number of Buildings
Costa Rica	2,516,471	43	%	19
Colombia	1,255,286	22	%	5
Peru	1,774,816	31	%	8
Mexico	257,688	4	%	2
Total	5,804,261	100	%	34


	As of December 31, 2025
	Total Operating GLA (sq ft)	% of Portfolio GLA		Number of Buildings
Costa Rica	2,516,471	43	%	19
Colombia	1,255,286	22	%	5
Peru	1,774,816	31	%	8
Mexico	257,688	4	%	2
Total	5,804,261	100	%	34


	As of March 31, 2025
	Total Operating GLA (sq ft)	% of Portfolio GLA		Number of Buildings
Costa Rica	2,516,137	47	%	19
Colombia	1,255,404	24	%	5
Peru	1,521,047	29	%	7
Total	5,292,588	100	%	31

The following table presents a summary of our total revenues and our profit (loss) for the three months ended March 31, 2026 and 2025:


	For the three months ended March 31,
	2026		2025
Total revenues	$	14,398,459	$	11,839,791
Profit (loss)	$	(7,572,992)	$	1,060,706

The following tables present a summary of our rental revenue for the three months ended March 31, 2026, 2025 and for twelve months ended March 31, 2026 and December 31, 2025:


	For the three months ended March 31, 2026				For the three months ended March 31, 2025
	Rental Revenue(1)		% of Rental Revenue		Rental Revenue(1)		% of Rental Revenue

Costa Rica	$	6,197,784	43	%	$	6,000,839	51	%
Colombia	$	2,995,646	21	%	$	2,400,284	20	%
Peru	$	4,706,106	33	%	$	3,363,652	29	%
Mexico	$	461,007	3	%	—		—	%
Total	$	14,360,543	100	%	$	11,764,775	100	%

(1)All leases in Costa Rica and Peru and a majority of the leases in Mexico are denominated in U.S. Dollars, while leases in Colombia are denominated in Colombian pesos


	For the twelve months ended March 31, 2026(1)				For the year ended December 31, 2025(1)
	Rental Revenue(2)		% of Rental Revenue		Rental Revenue(2)		% of Rental Revenue

Costa Rica	$	24,334,542	47	%	$	24,137,597	50	%
Colombia	$	10,585,457	20	%	$	9,990,095	20	%
Peru	$	15,659,919	30	%	$	14,317,465	29	%
Mexico	$	1,127,575	3	%	$	666,568	1	%
Total	$	51,707,493	100	%	$	49,111,725	100	%

(1)Rental revenue for the twelve months ended March 31, 2026 represents the Company's results of the four-quarter period ended March 31, 2026.

(2)All leases in Costa Rica and Peru and a majority of the leases in Mexico are denominated in U.S. Dollars, while leases in Colombia are denominated in Colombian pesos

Factors Affecting Our Results of Operations

Macroeconomic Conditions

Our business is significantly influenced by the general economic conditions in Costa Rica, Colombia, Peru, Mexico and other markets where we plan to operate, which in turn affect our financial performance, portfolio value, and strategy execution. Changes in national, regional and global economic conditions can significantly impact us. Real estate markets are cyclical and are driven by investor perceptions of the overall economic outlook. Rising interest rates, reduced real estate demand, economic slowdowns, or recessions influence the real estate markets and any occurrence of these conditions could lead to weakened demand for our properties, decreased revenues, increased costs and lower asset values for us.

Factors such as currency devaluation, price instability, inflation, interest rate fluctuations, regulatory changes, taxation shifts, social and political unrest, and other economic developments can influence our outcomes, which are forces beyond our control. Economic slowdowns, negative growth periods, increased inflation, or interest rates could reduce demand for our assets, lower their real value, or prompt a shift toward lower-quality assets.

Rental Income

Our primary revenue stream comes from investment property rental income. The rental income from our property portfolio depends on our ability to maintain high occupancy rates and grow by acquiring, developing, or expanding properties.

As of March 31, 2026, December 31, 2025, and March 31, 2025, the Stabilized occupancy rates for our operating properties were 100.0%, 100.0%, and 98.0%, respectively. The rental income generated from our leased properties is influenced by our ability to collect rent payments according to lease agreements and our ability to raise rental rates. The growth in rental income also relies on our ability to acquire suitable properties meeting our investment criteria, develop them, and expand the GLA of existing properties where feasible. Future rental income could be affected by positive or negative trends in our tenants’ businesses and the regions where we operate.

Lease Expirations

Our results of operations are influenced by our ability to re-lease space before leases expire or promptly upon the expiration of a lease. Results are also affected by economic and competitive conditions in the markets where we operate as well as the desirability of our individual properties. We utilize a proactive leasing strategy by maintaining regular communication with tenants to understand the needs of their respective operations and their plans for existing space and potential expansions. Our senior management team conducts frequent visits to the properties and apply their market insights to establish connections with potential local, regional, and national tenants that may complement our current tenant base. As of March 31, 2026, our existing asset lease contracts scheduled to expire in the remainder of 2026, 2027, 2028 and 2029 represented 2.6%, 17.7%, 11.7% and 20.7%, respectively, of our Leased GLA.

Competition

We face local competition from other buyers, developers, and operators of industrial properties in Costa Rica, Colombia, Peru, Mexico and other markets where we plan to operate. Some of these competitors strive to provide similar products and pursue properties in our target markets. Increased competition in the future could limit our ability to develop and acquire desired properties on favorable terms. Furthermore, increased competition might impact the occupancy rates of our properties, influencing our financial results. We could also face pressure to lower our rental rates or offer rent reductions, improvements, early termination privileges, or favorable lease renewal options to tenants in order to retain them upon lease expiration due to competitive pressures.

Property Operating Costs

Our property operating costs consist mainly of repairs and maintenance, property management, utilities, insurance, real estate taxes, expected credit loss adjustments, tenant-billable operating expenses, interest expenses on property related land lease liabilities and other property related expenses. Most property operating costs are recovered through rental recovery fees charged to tenants. All of our leases are classified as operating leases. Furthermore, a significant portion of our leases are modified gross leases, which is a type of rental agreement where the tenant pays the base rent and a proportional share of certain investment property operating expenses. Although we can recover most of the investment property operating expenses across all of our leases, it is ultimately our responsibility to pay for the operating expenses.

Inflation

Most of our leases contain provisions designed to mitigate the adverse impact of inflation. Rental income is typically adjusted annually and is contractually indexed for inflation based on the local or US consumer price index. In addition, some contracts contain a fixed increase amount, which may differ from inflation. Furthermore, our leases could expose us to potential rises in non-reimbursable property operating expenses, which includes potential costs linked to vacant premises. Additionally, we believe that certain current rental rates within our leases due for renewal are below the current market rates for similar spaces. Upon renewal or re-leasing, adjustments to these rates to align with or approach current market levels may counterbalance the impact of inflationary expense pressures associated with our leased properties. We also have exposure to inflation with respect to our development portfolio, as increases in materials and other costs related to our development activities might drive up the cost to develop properties. In addition, an increase in inflation may increase the replacement value of our real estate assets, and as such, the development of new assets may be adversely impacted if corresponding rental rates do not have a similar increase.

Nearshoring Trends

Global trade dynamics, including escalating tariffs and geopolitical tensions such as the conflicts in Ukraine and the Middle East, have introduced significant uncertainty into cross-border commerce. These pressures have led companies to rethink their supply chains and explore ways to expand or relocate production facilities that are closer to U.S. headquarters and end markets. While the countries in which we operate might be positioned to benefit from strengthening nearshoring dynamics, resulting in greater supply chain security, reduced long shipping routes, and minimized sensitivity to global disruptions in trade linkages, there are broader implications. Rising tariffs and growing geopolitical tensions may still lead to increased input costs, supply chain complexity, and reduced access to international markets, potentially offsetting some of the benefits of nearshoring.

Development

Our business relies in part on the successful, on-time, and on-budget development of new properties in order to increase GLA. We have a proven track record of executing our development strategy, however, our operations could be impacted by construction work delays, increased supply chain costs, shortage of qualified labor in our geographies or changes or difficulties in the permitting and regulatory environment.

Key Components of Operating Results

Revenue

We generate revenue through investment property rental income and development fees.

Investment property rental income primarily consists of rental payments from tenants through operating lease agreements. Our leases with tenants (customers) are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Rental income is recognized under the requirements of International Financial Reporting Standard ("IFRS") 16 - Leases (“IFRS 16”) and revenue on the non-lease components is recognized under the requirements of IFRS 15 - Revenue from Contracts with Customers (“IFRS 15”). This is included as rental revenue in our condensed consolidated interim statements of profit or loss and comprehensive income (loss).

Development fees are determined in accordance with the terms specified on each arrangement with customers. The fees are recognized as revenue when they are earned under the agreements with customers. They are included in other revenue in our condensed consolidated interim statements of profit or loss and comprehensive income (loss).

Investment property operating expense

Investment property operating expense includes the direct operating expenses of the property including repairs and maintenance, property management, utilities, insurance, real estate taxes, expected credit loss adjustments, tenant-billable operating expenses, interest expenses on property-related land lease liabilities and other property related expenses. The majority of the property operating expenses can be recovered through the rental recoveries charged to tenants.

General and administrative expense

General and administrative expense includes personnel costs, including salaries, bonuses, employee benefits, director fees, and share-based payments expenses, operating costs of the business support functions, such as finance and accounting, legal, human resources, administrative, as well as service and professional fees, office expenses, and bank service charges.

Investment property valuation gain (loss)

Investment property valuation gain (loss) is the investment properties’ change in fair value. The valuation analysis is performed by an independent external firm, which determines the fair market value of the investment properties. The fair market value of an investment property depends on the type of property. We hold operating properties, properties under development, and land.

Interest income from affiliates

Interest income from affiliates mainly consists of interest generated by issuing notes to related parties and key personnel. No interest income from affiliates was recognized during the three months ended March 31, 2026.

Financing costs

Financing costs consists of interest expense, costs of raising debt, and amortization expense of deferred financing costs. These costs include various fees and charges associated with the process of issuing debt, refinancing the debt, and other fees and commissions paid to third parties involved in the financing process. Interest expense represents the interest costs incurred through mortgage loans and bridge loans.

Net foreign currency gain (loss)

Net foreign currency gain (loss) consists of the net profit or loss generated through the settlement of monetary items or the translation of monetary items at rates different from those at which they were translated upon initial recognition.

Other income

Other income primarily consists of income recognized from the settlement of construction contracts, including the derecognition of retainage and other balances no longer payable following the settlement, and other miscellaneous income.

Other expenses

Other expenses consists of other miscellaneous expenses including capital raising costs, dead deal pursuit costs, and gain/loss on disposition of properties.

Income tax expense

Income tax expense refers to the amount of tax owed to the relevant tax authority. Income tax expense comprises of current and deferred tax. Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted as of the reporting date, and any adjustments to tax payable in respect of previous periods. Deferred tax is recognized using the balance sheet liability method in accordance with IAS 12 - Income taxes ("IAS 12") on taxable temporary differences between the tax base and the accounting base of items included in our condensed consolidated interim statements of financial position.

Our Segments

Our four reportable segments are the geographic regions we operate in, Costa Rica, Colombia, Peru and Mexico. The four geographic segments primarily derive revenue from various operating leases with customers for the rental of warehouses. Our portfolio is strategically located within key trade and logistics corridors in the major cities of Costa Rica, Colombia, Peru and Mexico to conduct commercial operations.

Costa Rica: As of March 31, 2026, Costa Rica is our largest operating segment, with 19 buildings and an Operating GLA of 2.5 million square feet.

Colombia: As of March 31, 2026, Colombia had 5 buildings with an Operating GLA of 1.3 million square feet and a land reserve of 50.6 acres.

Peru: As of March 31, 2026, Peru had 8 buildings with an Operating GLA of 1.8 million square feet, 2 buildings under development with a GLA of 0.4 million, and a land reserve of 4.7 acres.

Mexico: As of March 31, 2026, Mexico had 2 buildings with an Operating GLA of 0.3 million square feet.

Revenue by segment

Management analyzes revenue by comparing actual monthly revenue to internal projections and prior periods across the operating segments in order to assess performance, identify potential areas for improvement, and determine whether the segments are meeting management’s expectations.

Segment Net Operating Income ("NOI")

Management defines NOI as revenue without other revenue (which primarily relates to development fee revenue) less investment property operating expense. Management uses NOI by segment to assess financial performance at the segment level.

Results of operations for the three months ended March 31, 2026, compared to the three months ended March 31, 2025

The results of operations presented below should be reviewed in conjunction with the Unaudited Condensed Consolidated Interim Financial Statements. The following table presents information from our condensed consolidated interim statements of profit or loss and comprehensive income (loss) for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31,
	2026		2025		$ Change		% Change
REVENUE
Costa Rica	$	6,197,784	$	6,000,839	$	196,945	3.3	%
Colombia	2,995,646		2,400,284		595,362		24.8	%
Peru	4,706,106		3,363,652		1,342,454		39.9	%
Mexico	461,007		—		461,007		100.0	%
Unallocated revenue	37,916		75,016		(37,100)		(49.5	%)
Total revenues	14,398,459		11,839,791		2,558,668		21.6	%

Investment property operating expense
Costa Rica	(934,909)		(848,787)		(86,122)		10.1	%
Colombia	(382,851)		(458,526)		75,675		(16.5)	%
Peru	(905,069)		(1,030,389)		125,320		(12.2)	%
Mexico	(19,032)		—		(19,032)		100.0	%
Total investment property operating expense	(2,241,861)		(2,337,702)		95,841		(4.1	%)
General and administrative	(4,069,955)		(3,592,341)		(477,614)		13.3	%

Investment property valuation (loss) gain	(9,246,959)		1,915,481		(11,162,440)		NM

Financing costs	(5,881,479)		(5,249,085)		(632,394)		12.0	%
Net foreign currency (loss) gain	(317,391)		199,987		(517,378)		NM

Other income	630,378		271,802		358,576		131.9	%
Other expenses	(22,406)		(2,749)		(19,657)		715.1	%
Profit (loss) before taxes	(6,751,214)		3,045,184		(9,796,398)		NM
Income tax expense	(821,778)		(1,984,478)		1,162,700		(58.6)	%
PROFIT(LOSS) FOR THE PERIOD	$	(7,572,992)	$	1,060,706	$	(8,633,698)	NM

NM - Not meaningful

Revenue: Revenue increased by $2.6 million, or 21.6%, to $14.4 million for the three months ended March 31, 2026 from $11.8 million for the three months ended March 31, 2025. The increase was attributable to positive rental rate growth, lease expansion, new tenants, and favorable foreign exchange rate fluctuations.

Costa Rica – Revenue in Costa Rica increased by $0.2 million, or 3.3%, to $6.2 million for the three months ended March 31, 2026 from $6.0 million for the three months ended March 31, 2025. The increase was primarily attributable to positive rental rate growth as well as lease expansions.

Colombia – Revenue in Colombia increased by $0.6 million, or 24.8% to $3.0 million for the three months ended March 31, 2026 from $2.4 million for the three months ended March 31, 2025. The increase was primarily attributable to favorable foreign exchange rate fluctuations on existing and new tenants.

Peru – Revenue in Peru increased by $1.3 million, or 39.9%, to $4.7 million for the three months ended March 31, 2026 from $3.4 million for the three months ended March 31, 2025. The increase was attributable to the Stabilization of Building 300B within Parque Logistico Callao during 2025, as well as rent escalations across the portfolio.

Mexico – Rental revenue of $0.5 million for the three months ended March 31, 2026 was generated from the operating investment properties in Puebla, Mexico that were acquired in August 2025.

Investment property operating expense: Investment property operating expense decreased by $0.1 million, or 4.1%, to $2.2 million for the three months ended March 31, 2026 from $2.3 million for the three months ended March 31, 2025. The decrease was primarily attributable to operational efficiencies in Peru and favorable foreign exchange fluctuations in Colombia, partially offset by a slight increase in additional operating costs in Costa Rica.

Costa Rica – Investment property operating expense in Costa Rica increased by $0.1 million, or 10.1%, to $0.9 million for the three months ended March 31, 2026, from $0.8 million for the three months ended three months ended March 31, 2025, which was primarily driven by a slight increase in additional operating costs.

Costa Rica's Segment NOI decreased by $0.1 million, to $5.3 million for the three months ended March 31, 2026 from $5.2 million for the three months ended March 31, 2025, which was primarily driven by a slightly greater increase in additional operating costs relative to the increase in revenue.

Costa Rica's Segment NOI as a percentage of revenue decreased by 1.0%, to 84.9% for the three months ended March 31, 2026 from 85.9% for the three months ended March 31, 2025, which was primarily attributable to driven by a slightly greater increase in additional operating costs relative to the increase in revenue.

Colombia – Investment property operating expense in Colombia decreased by $0.1 million, or (16.5%), to $0.4 million for the three months ended March 31, 2026, from $0.5 million for the three months ended March 31, 2025, which was primarily driven by foreign exchange fluctuations against the US Dollar.

Colombia's Segment NOI increased by $0.7 million, to $2.6 million for the three months ended March 31, 2026 from $1.9 million for the three months ended March 31, 2025, which was primarily driven by foreign exchange fluctuations.

Colombia's Segment NOI as a percentage of revenue increased by 6.3%, to 87.2% for the three months ended March 31, 2026 from 80.9% for the three months ended March 31, 2025, which was primarily driven by foreign exchange fluctuations.

Peru – Investment property operating expense in Peru decreased by $0.1 million, or 12.2%, to $0.9 million for the three months ended March 31, 2026, from $1.0 million for the three months ended March 31, 2025. The decrease was primarily attributable to operational efficiencies experienced in the Lima Sur portfolio.

Peru's Segment NOI increased by $1.5 million, to $3.8 million for the three months ended March 31, 2026 from $2.3 million for the three months ended March 31, 2025, which was primarily attributable to higher occupancy rates as well as higher rental rates upon lease rollovers and lease expansions.

Peru's Segment NOI as a percentage of revenue increased by 11.4%, to 80.8% for the three months ended March 31, 2026 from 69.4% for the three months ended March 31, 2025, which was primarily attributable to higher occupancy rates, higher rental rates upon lease rollovers and lease expansions, and operational efficiencies experienced in the Lima Sur portfolio.

Mexico – Since the investment properties in Puebla, Mexico were acquired in August 2025, investment property operating expense in Mexico was less than $0.1 million for the three months ended March 31, 2026.

Mexico's Segment NOI increased by $0.4 million, to $0.4 million for the three months ended March 31, 2026, from $— million for the three months ended March 31, 2025.

Mexico's Segment NOI as a percentage of revenue was 95.9% for the three months ended March 31, 2026 and —% for the three months ended March 31, 2025.

General and administrative: General and administrative increased by $0.5 million, or 13.3%, to $4.1 million for the three months ended March 31, 2026, from $3.6 million for the three months ended March 31, 2025. This increase was attributable to a one-time tax recognized in Colombia which was the result of a government-declared emergency during the current period, and is based on a company’s net asset value rather than income.

Investment property valuation gain: Investment property valuation gain decreased by $11.2 million to a loss of $9.2 million for the three months ended March 31, 2026, from a gain of $1.9 million for the three months ended March 31, 2025. The decrease was primarily attributed to valuation adjustments and project normalization effects across the portfolio, which includes:

•a $7.2 million reduction in Colombian assets, reflecting changes in the assumptions due to evolving market conditions, including adjustments to operating cost inputs that represent a market-driven recalibration;

•a $2.3 million decrease resulting from a gain that was recognized in the prior period in Peru that did not recur in the current period;

•a $1.1 million decrease due to lease expirations in Costa Rica; and

•a $0.6 million decrease due to capital expenditures in Colombia incurred during the current period.

The change in investment property valuation gain is subject to various factors, including the rental rates achieved on new or renewed leases, market capitalization rates, and valuation assumptions. The fair value change of our investment properties is further discussed in Note 9 of the Unaudited Condensed Consolidated Interim Financial Statements.

Financing costs: Financing costs increased by $0.6 million, or 12.0%, to $5.9 million for the three months ended March 31, 2026, from $5.2 million for the three months ended March 31, 2025. The increase was primarily attributable to a $0.6 million increase comprised of the following activity:

•a $0.9 million increase due to additional interest from loans entered into during 2025; and

•a $0.5 million increase due to the financing costs incurred related to the construction of Building 300B in Peru.

These increases were partially offset by:

•a $0.7 million decrease in financing costs due to lower interest rates; and

•a $0.1 million decrease due to prior period financing costs that did not recur in the current period.

Net foreign currency gain (loss): Net foreign currency gain decreased by $0.5 million to a $0.3 million loss for the three months ended March 31, 2026, from a $0.2 million gain for the three months ended March 31, 2025. This decrease was mainly attributable to foreign currency impacts on monetary assets, specifically:

•a $0.3 million loss related to in foreign currency the BTG loan which is denominated in Colombian Pesos which appreciated during the period; and

•a $0.4 million loss related to a revaluation of a VAT receivable denominated in the Peruvian Sol which depreciated during the period.

These losses were partially offset by:

•a $0.2 million foreign exchange gain due to the revaluation of a VAT receivable denominated in the Costa Rica Colon which appreciated during the period.

The following table summarizes the foreign currency exchange rates for the U.S. dollar as of March 31, 2026 and December 31, 2025:


	2026	2025
Costa Rican Colon ("CRC")	CRC 468	CRC 501
Peruvian Nuevo Sol ("PEN")	PEN 3.495	PEN 3.369
Mexican Peso (“MXN”)	MXN 18.07	MXN 17.97

Other income: Other income increased by $0.3 million, or 131.9%, to $0.6 million for the three months ended March 31, 2026, from $0.3 million for the three months ended March 31, 2025. This decrease was mainly attributable to a reduction in tax withholdings during the current period.

Other expense: Other expense remained relatively consistent (with a less than $0.1 million increase) for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Income tax expense: Income tax expense decreased by $1.2 million, or 58.6%, to $0.8 million for the three months ended March 31, 2026 from $2.0 million for the three months ended March 31, 2025. The change in tax expense was primarily driven by a $1.8 million decrease to tax expense due to decreased pretax income, a $0.3 million decrease due to the reversal of prior period tax provisions, a $0.3 million decrease due to the change in deferred tax recognition, a $0.3 million decrease due to the AMT tax provision that was recorded during the previous period only, and a $1.5 million increase due to the impact of currency fluctuations.

Non-IFRS Financial Measures and Other Measures and Reconciliations

In addition to our financial results reported in accordance with IFRS, we also report adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA"), NOI, Same-Property NOI, Cash NOI, Same-Property Cash NOI, funds from operation ("FFO"), FFO (as defined by LPA), Adjusted FFO, Net debt, Net debt to NOI, Net Debt to Adjusted EBITDA, and Net Debt to Investment Properties, all of which are non-IFRS measures. We believe these measures are useful to investors as they provide additional insight into how we assess our performance and financial position. These non-IFRS financial measures should not be considered as a substitute for, or superior to, similar financial measures calculated in accordance with IFRS. These non-IFRS financial measures may differ from the calculations of other companies and, as a result, may not be comparable to similarly titled measures presented by other companies.

For the 30 properties within the same-property population as of March 31, 2026, Same-Property NOI increased by 10.7% and Same-Property Cash NOI increased by 11.0%, respectively, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.

The following table presents a summary of our non-IFRS measures for the periods presented:


	For the three months ended March 31,
(USD in thousands)	2026		2025
Adjusted EBITDA	$	8,877	$	6,691
NOI	$	12,119	$	9,427
Same-Property NOI	$	9,661	$	8,726

Cash NOI	$	12,091	$	9,215
Same-Property Cash NOI	$	9,826	$	8,855

FFO	$	1,674	$	(854)
FFO (as defined by LPA)	$	2,493	$	(561)
Adjusted FFO	$	2,966	$	(361)

The following table presents a summary of LPA’s non-IFRS multiples for the periods presented:


	As of and for the three months ended March 31,		As of and for the year ended December 31,
	2026		2025
Net Debt to NOI (1)	5.6x		6.4x
Net Debt to Adjusted EBITDA (1)	7.7x		9.1x
Net Debt to Investment Properties	42.1	%	40.2	%

(1)Net Debt related multiples were calculated using the annualized year-to-date NOI and Adjusted EBITDA in their respective calculations.


(USD in thousands except for percentage and ratio data)	As of and for the twelve months ended March 31, 2026 (4)			As of and for the year ended December 31, 2025
Adjusted EBITDA	$	30,864		$	28,678
Adjusted EBITDA Margin (1)	61.7		%	58.4		%
NOI	$	43,656		$	40,965
Costa Rica (2)	$	20,718		$	20,607
Colombia (2)	$	9,229		$	8,558
Peru (2)	$	12,640		$	11,172
Mexico (2)	$	1,069		627
Net Debt to NOI (3)	6.3x			6.4x
Net Debt to Adjusted EBITDA (3)	8.9x			9.1x
Net Debt to Investment Properties	42.1		%	40.2		%

(1)Adjusted EBITDA Margin is calculated as Adjusted EBITDA for the relevant period over Rental Revenue for such period.

(2)For the twelve month period ended March 31, 2026 and the year ended December 31, 2025, the NOI of Costa Rica represented 47.5% and 50.3% of the total NOI, respectively, the NOI of Colombia represented 21.1% and 20.9% of the total NOI, respectively, the NOI of Peru represented 29.0% and 27.3% of the total NOI, respectively, and NOI of Mexico represented 2.4% and 1.5% of the total NOI, respectively.

(3)Net Debt related multiples were calculated using the annualized year-to-date NOI and Adjusted EBITDA in their respective calculations.

(4)Includes the Company's results for the four-quarter period ended March 31, 2026.

Use of Constant Currency

As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of certain financial metrics and results on a constant currency basis in addition to the IFRS reported results helps improve investors’ ability to understand our operating results and evaluate our performance in comparison to prior periods. 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 currently present Same Property NOI and Same Property Cash NOI on a constant currency basis. We calculate constant currency by calculating prior-period results using current-period average foreign currency exchange rates. We generally refer to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange. These results should be considered in addition to, not as a substitute for, results reported in accordance with IFRS. Results on a constant currency basis, as we present them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with IFRS.

Reconciliations of non-IFRS Measures

Adjusted EBITDA – We define Adjusted EBITDA as profit (loss) 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 or loss, (f) share-based payments, (g) one-time cash bonus related to the Business Combination, (h) listing expense, (i) other income, (j) other expenses and (k) net foreign currency gain or loss. Management uses Adjusted EBITDA to measure and evaluate the operating performance of our business. Adjusted EBITDA is a measure commonly used in our industry, and we present Adjusted EBITDA to supplement investor understanding of our operating performance. We believe 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 our assets.

The table below includes reconciliations of Adjusted EBITDA to the most directly comparable IFRS measure, profit (loss) for the respective period:


	For the Three Months Ended March 31,
	2026		2025
(USD in thousands)
PROFIT (LOSS) FOR THE PERIOD	$	(7,573)	$	1,061

Financing costs (1)	6,027		5,322
Income tax expense	822		1,984
Depreciation and amortization (2)	232		351
Investment property valuation loss (gain)	9,247		(1,915)
Share-based payments (3)	413		357




Other income (4)	(630)		(272)
Other expenses (5)	22		3
Net foreign currency loss (gain)	317		(200)
Adjusted EBITDA	$	8,877	$	6,691

(1)Financing costs primarily included interest expense of $5.9 million and $5.1 million for the three months ended March 31, 2026 and 2025, respectively, and amortization of debt extinguishment cost of l $0.1 million for the three months ended March 31, 2026 and 2025, in connection with our long-term debt. Financing cost excluded other debt raising cost of $0.1 million for the three months ended March 31, 2026. Additionally, Financing costs included the interest expenses of $0.1 million and $0.1 million, respectively, related to our lease liabilities, which are included within investment property operating expenses and general and administrative expenses. See Note 5 of the Unaudited Condensed Consolidated Interim Financial Statements for details.

(2)Depreciation and amortization included amortization of prepaid D&O liability insurance, depreciation of non-real estate property and equipment, and amortization of right-of-use assets. The amounts were included within general and administrative expense within the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) included in the Unaudited Condensed Consolidated Interim Financial Statements.

(3)Certain executives and directors were granted various Restricted Stock Units ("RSUs") and the associated share-based payment expenses were included within general and administrative expense in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) included in the Unaudited Condensed Consolidated Interim Financial Statements.

(4)Other income primarily included interest income earned on certificates of deposit and bank accounts of $0.2 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. Other income also included certain miscellaneous income of $0.4 million for the three months ended March 31, 2026.

(5)Other expenses primarily included other miscellaneous capital raising costs, dead deal pursuit costs, and loss/gain on disposition of properties of less than 0.1 million for the three months ended March 31, 2026 and 2025.

Net Operating Income, or NOI – We define NOI as profit (loss) 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 or loss, (e) interest income from affiliates, (f) financing costs, (g) net foreign currency gain or loss,

(h) other income, (i) other expenses, and (j) income tax expense. NOI, Same-Property NOI, Cash NOI, and Same-Property Cash NOI are supplemental industry reporting measures used to evaluate the performance of our investments in real estate assets and our operating results. Same properties refer to properties that we have owned and that have been operating for the entirety of the applicable period and the comparable period. We believe that these metrics are useful for investors as performance measures and that they provide useful information regarding our results of operations because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unlevered basis, providing perspectives that may not be immediately apparent from a review of our Unaudited Condensed Consolidated Interim Financial Statements.

We define Same-Property NOI as NOI less non same-property NOI, adjusted for constant currency. We evaluate the performance of the properties we own using a Same-Property NOI, and we believe 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 our portfolio on performance. When used in conjunction with IFRS financial measures, Same-Property NOI is a supplemental measure of operating performance that we believe is a useful measure to evaluate the performance and profitability of our investment properties. Additionally, Same-Property NOI is a key metric used internally by us to develop internal budgets and forecasts, as well as to assess the performance of our investment properties relative to budget and against prior periods. We believe presentation of Same-Property NOI provides investors with a supplemental view of our operating performance that can provide meaningful insights to the underlying operating performance of our investment properties, as these measures depict the operating results that directly result from our investment properties, is consistent period-over-period, and excludes items that may not be indicative of, or are unrelated to, the ongoing operations of the properties.

We define Cash NOI as NOI adjusted for straight-line rental revenue during the relevant period. We define Same-Property Cash NOI as Cash NOI less non same-property Cash NOI, 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. As of March 31, 2026 and December 31, 2025, the same property population consisted of 30 buildings, aggregating approximately 69% and 63%, respectively of our total Net Rentable Area ("NRA").

The tables below reconcile these measures to the most directly comparable IFRS financial measure, profit (loss) for the respective periods:


	For the Three Months Ended March 31,
	2026		2025
(USD in thousands)
PROFIT (LOSS) FOR THE PERIOD	$	(7,573)	$	1,061
Other revenue	(38)		(75)
General and administrative expense	4,070		3,592

Investment property valuation Loss (gain)	9,247		(1,915)

Financing costs	5,881		5,249
Net foreign currency loss (gain)	317		(200)
Other income (1)	(630)		(272)

Other expenses (2)	22		3
Income tax expense	822		1,984
NOI	$	12,119	$	9,427
Constant currency impact (3)	—		260
Less: non same-property NOI (4)	2,458		961
Same-Property NOI (4)	$	9,661	$	8,726


NOI	$	12,119	$	9,427
Straight-line rental revenue	(28)		(212)
CASH NOI	$	12,091	$	9,215
Constant currency impact (3)	—		270
Less: non same-property cash NOI (4)	2,265		630
Same-Property Cash NOI (4)	$	9,826	$	8,855

(1)Other income primarily included interest income earned on certificates of deposit and bank accounts of $0.2 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. Other income also included certain miscellaneous income of $0.4 million for the three months ended March 31, 2026.

(2)Other expenses primarily included other miscellaneous capital raising costs, dead deal pursuit costs, and loss/gain on disposition of properties of less than $0.1 million for the three months ended March 31, 2026 and 2025, respectively

(3)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 March 31, 2026.

(4)The same-property pool includes all properties that were classified as operating properties as of March 31, 2026 and since January 1, 2025, and excludes properties that were either disposed of prior to March 31, 2026, or held for sale to a third party as of March 31, 2026. As of March 31, 2026, the same-property pool consisted of 30 buildings aggregating approximately 5.1 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.

Funds From Operations, or FFO – LPA defines FFO as profit (loss) for the period, excluding (a) investment property valuation gain or loss. 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 non-cash 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. 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. Therefore, 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.

Update to Non-IFRS Financial Measures

We changed to the new FFO Measures as defined above beginning in the second quarter of 2024 to be consistent with the National Association of Real Estate Investment Trusts (“NAREIT”) definition of FFO as we believe most guideline companies in our industry use the NAREIT definition of FFO, thus facilitating comparability between LPA’s operating performance with guideline companies. From FFO, we adjusted for one-time or non-recurring items to get to FFO (as defined by LPA) and FFO (as defined by LPA) was further adjusted for non-cash items to get to Adjusted FFO to better align with how management measures the operating performance of LPA between comparative periods. For comparative purposes, we have retrospectively calculated the FFO for the first quarter of 2024 using the revised methodology, ensuring consistency in our analysis across all periods.

The table below includes reconciliations of FFO, FFO (as defined by LPA) and Adjusted FFO to the most directly comparable IFRS financial measure, profit (loss) for the respective periods:


	For the Three Months Ended March 31,
	2026		2025
(USD in thousands)
PROFIT (LOSS) FOR THE PERIOD	$	(7,573)	$	1,061
Investment property valuation loss (gain)	9,247		(1,915)


FFO	$	1,674	$	(854)
Share-based payments (1)	413		357


Other income (2)	384		(67)
Other expenses (3)	22		3
FFO (as defined by LPA)	$	2,493	$	(561)
Depreciation and amortization (4)	232		351
Financing costs (5)	197		205

Unrealized foreign currency loss (gain) (6)	72		(144)
Straight-line rental revenue	(28)		(212)
Adjusted FFO	$	2,966	$	(361)

(1)Certain executives and directors were granted various RSUs and the associated share-based payment expenses were included within general and administrative expense in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) included in the Unaudited Condensed Consolidated Interim Financial Statements.

(2)Other income primarily included interest income earned on certificates of deposits and bank accounts of $0.2 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. Other income also included certain miscellaneous income of $0.4 million for the three months ended March 31, 2026. Interest income settled in cash of $0.2 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively was excluded from this reconciliation.

(3)Other expenses primarily included other miscellaneous capital raising costs, dead deal pursuit costs, and loss/gain on disposition of properties of less than $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

(4)Depreciation and amortization included amortization of prepaid D&O liability insurance, depreciation of non-real estate property and equipment and amortization of right-of-use assets. The amounts were included within general and administrative expense in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) included in the Unaudited Condensed Consolidated Interim Financial Statements.

(5)The adjustment related to financing costs included the interest expenses of $0.1 million and $0.1 million related to our lease liabilities for the three months ended March 31, 2026 and 2025, respectively, which are included within investment property operating expenses and general and administrative expenses. The adjustment also included $0.1 million and $0.1 million of amortization of debt issuance cost for the three months ended March 31, 2026 and 2025, respectively, included in financing costs in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) included in the Unaudited Condensed Consolidated Interim Financial Statements.

(6)Unrealized foreign currency loss (gain) was included within net foreign currency gain (loss) in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) included in the Unaudited Condensed Consolidated Interim Financial Statements.

Net Debt — Net Debt is defined as our total debt (defined as long term debt plus long-term debt—current portion) less cash and cash equivalents. Net Debt to NOI represents Net Debt divided by NOI. Net Debt to Adjusted EBITDA represents Net Debt divided by Adjusted EBITDA. We believe that these two ratios are useful because they provide investors with information on our ability to repay debt, compared to our performance as measured using NOI and Adjusted EBITDA. Net Debt to Investment Properties represents Net Debt divided by Investment Properties (end of period value). We believe that this ratio is useful because it shows the degree in which Net Debt has been used to finance our assets. The table below includes reconciliations of Net Debt to the most directly comparable IFRS financial measures:


	As of and for the three months ended March 31,			As of and for the year ended December 31,
(USD in thousands except for ratio and percentage data)	2026			2025
Long term debt	$	297,356		$	285,065
Long term debt – current portion	11,271			10,270
Cash and cash equivalents (1)	(34,936)			(34,027)
Net Debt	$	273,691		$	261,308
Net Debt to Profit (Loss) (2)	(9.0)x			16.2x
Net Debt to NOI (2)	5.6x			6.4x
Net Debt to Adjusted EBITDA (2)	7.7x			9.1x
Net Debt to Investment Properties	42.1		%	40.2		%

(1)Cash and cash equivalents included $6.8 million and $6.6 million of restricted cash and cash equivalents associated with the total debt as of March 31, 2026 and December 31, 2025, respectively.

(2)Net Debt related multiples were calculated using the annualized year-to-date Profit (Loss), NOI and Adjusted EBITDA in their respective calculations.

Liquidity and Capital Resources

For the three months ended March 31, 2026 and 2025, we had a profit (loss) of $(7.6) million and $1.1 million, respectively. As of March 31, 2026, we had cash and cash equivalents, restricted cash equivalent - short term, and restricted cash equivalents - long term of $28.1 million, $0.1 and $6.7 million, respectively. We require significant cash resources to, among other things, fund our working capital requirements, increase our headcount, make capital expenditures, and expand our business through acquisitions. Our future capital requirements will depend on many factors, including the cost of future acquisitions, the scale of increases in headcount, our revenue mix, incremental costs relating to the implementation of new contracts, and the timing and extent of spending to support warehouse development efforts.

We believe our existing cash and cash equivalents and the cash flow we generate from our operations will be sufficient to meet our working capital and capital expenditure needs and other liquidity requirements for at least the next 12 months. Furthermore, we have binding lease agreements for several properties under development, which are anticipated to produce additional cash flows upon completion. These future binding agreements, combined with our existing leases, will sufficiently address our working capital and capital expenditure needs. However, our future capital requirements may be materially different than those currently planned in our budgeting and forecasting activities and depend on many factors, including our financial performance and that of our tenants, the timing and scope of our projects, acquisition activities, competitive factors, and global economic conditions.

If we were to require additional funding, seek additional sources of financing or desire to refinance our debt, we believe that our historical ability to raise and deploy capital to fund the development of our logistic warehouse facilities and expansion of our operations would enable us to access financing on reasonable terms.

However, we believe that there can be no assurance that such financing would be available to us on favorable terms or at all. If financing is not available, or if the terms of such financing are not acceptable to us, we may be forced to decrease the level of investment in our logistic warehouse facilities, scale back our operations, defer investments to execute on our growth strategy or execute a combination of these cost management strategies, which could have an adverse impact on our business and financial prospects. We expect to continue to recognize profits as we execute on our operating plan and expand our warehouse offerings in the near term.

Debt

As of March 31, 2026, Company’s total outstanding debt was $308.6 million, of which $297.4 million, or 96.4%, consisted of long-term debt. As of December 31, 2025, Company’s total outstanding debt was $295.3 million, of which $285.1 million, or 96.5%, consisted of long-term debt.

As of March 31, 2026 and December 31, 2025, all of our outstanding debt was secured by its corresponding investment properties, interests in lease contracts related to the investment properties, and equity interests in our subsidiaries, and we are in compliance with all the debt covenants with our lenders. Refer to Note 11 of the Unaudited Condensed Consolidated Interim Financial Statements and Note 16 of the Audited Consolidated Financial Statements for the year ended December 31, 2025 for details.

The scheduled principal and interest payments due on the Company’s debt as of March 31, 2026, are as follows:


	Amount
Maturity:
Remainder of 2026	$	8,301,311
2027	12,020,511
2028	25,680,871
2029	13,885,215
2030	14,904,694
2031	16,006,029
Thereafter	219,226,565
Accrued and deferred financing cost, net	(1,398,570)
Total	$	308,626,626

As of March 31, 2026, 80.2% of the total outstanding debt was denominated in U.S. dollars, while 19.8% was in Colombian pesos. Additionally, 73.4% of the debt was subject to floating rates, whereas 26.6% was subject to fixed rates.

Capital Expenditures

For the three months ended March 31, 2026 and 2025, we incurred capital expenditures totaling $5.8 million and $3.4 million, respectively, in connection with construction projects to develop warehouses. Refer to Note 9 of the Unaudited Condensed Consolidated Interim Financial Statements for more details.

Share Repurchase Program

On November 22, 2024, the Company's board of directors approved a share repurchase program (the "Program") with authorization to purchase up to $10.0 million of Ordinary Shares for a duration of 12 months. On November 29, 2024, the Company and an unrelated third-party broker (the “Broker”) entered into a share purchase agreement (the “Share Purchase Agreement”). Under the Share Purchase Agreement, the Broker is authorized to execute the Program on behalf of the Company to purchase the Ordinary Shares from the open market. The repurchase program expired on November 20, 2025. Since the approval of the Program, the Company has repurchased 163,816 shares for $0.8 million. For the three months ended March 31, 2026, no shares were repurchased.

The timing and actual number of shares repurchased depends on factors such as the Company's share price, business conditions, and share volume, in addition to overall market conditions. The Program aims to address market dislocation in the pricing of the Company's Ordinary Shares, highlighted by our portfolio of warehouse logistics and industrial assets as well as our overall strategy. The purchase of Ordinary Shares uses cash generated by operating activities and is subject to termination by the Company before the expiration date of the Program. The Share Purchase Agreement was terminated as of June 5, 2025.

Cash Flows

The following table summarizes our condensed consolidated interim cash flows provided by (used in) operating, investing, and financing activities for the three months ended March 31, 2026 and 2025:


	For the three months ended March 31,
	2026		2025		$ Change		% Change
Net cash provided by (used in) operating activities	$	909,879	$	4,837,250	$	(3,927,371)	(81.2)	%
Net cash provided by (used in) investing activities	(5,729,331)		508,760		(6,238,091)		NM
Net cash provided by (used in) financing activities	5,582,423		(7,371,786)		12,954,209		NM
Effects of exchange rate fluctuations on cash held	62,469		154,907		(92,438)		(59.7)	%
Net (decrease) increase in cash and cash equivalents	825,440		(1,870,869)		2,696,309		NM
Cash and cash equivalents at the beginning of the period	27,323,468		28,827,347		(1,503,879)		(5.2	%)
Cash and cash equivalents at the end of the period	$	28,148,908	$	26,956,478	$	1,192,430	4.4	%

Cash flows from operating activities

Cash flows generated by operating activities for the three months ended March 31, 2026 amounted to $0.9 million, representing an decrease of $3.9 million, or 81.2%, compared to $4.8 million for the three months ended March 31, 2025. The decrease in cash generated by operating activities was primarily attributable to:

•a $4.9 million increase in cash paid for income taxes, which was mainly comprised of Colombia's 2024 income tax liability, as well as income tax payments in Costa Rica; and

•a $2.7 million increase in cash paid for investment properties due to additional investment properties becoming Stabilized in 2025.

These decreases are partially offset by:

•a $3.5 million increase in cash received from contracts with tenants (customers) as a result of more investment properties becoming Stabilized in 2025; and

•a $0.2 million decrease in cash paid for general and administrative expense.

Cash flows from investing activities

Cash flows used in investing activities for the three months ended March 31, 2026 amounted to $5.7 million, representing an increase in cash used of $6.2 million, compared to $0.5 million provided by investing activities for the three months ended March 31, 2025. This change was primarily driven by:

•a one-time $3.9 million collection of a final installment on the sale of Building 500A in Calle 80 that occurred during the three months ended March 31, 2025 and did not recur in the current period; and

•a $2.3 million increase in cash paid for construction activities related to Building 300B and 200 in Parque Logistico Callao, Peru in the current period.

Cash flows from financing activities

Cash flows used in financing activities for the three months ended March 31, 2026 amounted to $5.6 million, representing an increase in cash use of $13.0 million compared to cash flows provided by financing activities of $7.4 million for the three months ended March 31, 2025. The increase was primarily attributable to:

•a $10.4 million increase in proceeds from long-term debt borrowings;

•a $3.5 million favorable variance resulting from the repayment of a loan during the three months ended March 31, 2025 that did not recur in the current period; and

•a decrease of $0.9 million resulting from cash paid for interest.

Critical Accounting Estimates

LPA's Unaudited Condensed Consolidated Interim Financial Statements have been prepared in accordance with IFRS as issued by the IASB which requires the use of estimates and assumptions that affect the value of assets and liabilities as well as contingent assets and liabilities, as reported on the statements of financial position and revenues and expenses arising during the periods presented. LPA evaluates its assumptions and estimates on an ongoing basis. LPA bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

For more information, see Note 2 of the Unaudited Condensed Consolidated Interim Financial Statements.

Valuation of Investment Properties

Investment properties are initially recognized at cost and are subsequently measured at fair value. We engage an external appraiser to obtain an independent opinion on the market value of each of our investment properties, including operating properties, properties under development and land bank. Management submits the details of the investment property portfolio for the current period to the appraiser and provides it access to the properties, leasing contracts and specific operating details of the portfolio.

The independent appraiser uses a combination of valuation techniques such as the discounted cash flow approach, sales comparison approach, and direct capitalization approach to value the investment properties. The valuation techniques used to estimate the fair value of our investment properties rely on assumptions, which are not directly observable in the market, including discount rates, occupancy rates, net operating income, and market rents. Our operating properties are primarily appraised using the discounted cash flows method and direct capitalization method. Our properties under development are primarily appraised using discounted cash flow and direct capitalization methods, adjusted by the net present value of the cost to complete and the vacancy percentage in the properties under construction. Our land bank is primarily appraised using the income approach.

To review the appraiser’s valuations, we leverage our familiarity with individual properties and regional portfolios, along with insights into factors such as interest rate fluctuations, turnover rates, and other judgment factors used in the valuation process, to evaluate the reasonableness of the results and compare the reported values to those from the previous period to monitor changes. As part of the review process, we offer feedback concerning inconsistencies in factual information and inaccurate statements, before the appraisal reports are finalized.

For more information, see Note 9 of the Unaudited Condensed Consolidated Interim Financial Statements and Note 13 of our audited consolidated financial statements as of and for the year ended December 31, 2025. LPA management believes that the chosen valuation methodologies are appropriate for determining the fair value of the types of our investment properties.


	Fair Value as of March 31, 2026		Number of Buildings	NRA (1) (sq ft)	Leased %		Occupied %
Land bank:
Owned properties
Colombia	$	31,023,711	N/A	1,090,211	—	%	N/A
Sub-total	31,023,711		N/A	1,090,211	—	%	N/A
Properties under right-of-use (3)
Peru	3,196,547		N/A	108,253	—	%	N/A
Sub-total	3,196,547		N/A	108,253	—	%	N/A
Total land bank	34,220,258		N/A	1,198,464	—	%	N/A
Properties under development:



Properties under right-of-use (3)
Peru	24,251,938		2	440,071	91.9	%	13.9	%
Sub-total	24,251,938		2	440,071	91.9	%	13.9	%
Total properties under development	24,251,938		2	440,071	91.9	%	13.9	%
Operating properties:
Owned properties
Costa Rica (4)	261,629,403		19	2,516,471	100.0	%	100.0	%
Colombia	142,116,808		5	1,255,286	100.0	%	100.0	%
Peru	153,157,373		7	1,605,629	100.0	%	100.0	%
Mexico	20,648,000		2	257,688	100.0	%	100.0	%
Sub-total	577,551,584		33	5,635,074	100.0	%	100.0	%
Properties under right-of-use (3)
Peru	14,527,937		1	169,187	100.0	%	100.0	%
Sub-total	14,527,937		1	169,187	100.0	%	100.0	%
Total operating properties	592,079,521		34	5,804,261	100.0	%	100.0	%
Total operating and properties under development	616,331,459		36	6,244,332	99.4	%	93.9	%
Total	$	650,551,717	36	7,442,796	N/A		N/A


	Fair Value as of December 31, 2025		Number of Buildings	NRA(1) (sq ft)	Leased %		Occupied %
Land bank:
Owned properties
Colombia	$	30,177,087	N/A	1,090,211	—	%	N/A
Sub-total	30,177,087		N/A	1,090,211	—	%	N/A
Properties under right-of-use(2)
Peru	9,917,236		N/A	441,115	—	%	N/A
Sub-total	9,917,236		N/A	441,115	—	%	N/A
Total land bank	40,094,323		N/A	1,531,326	—	%	N/A
Properties under development:
Properties under right-of-use(2)
Peru	12,948,826		1	224,427	84.1	%	—	%
Sub-total	12,948,826		1	224,427	84.1	%	—	%
Total properties under development	12,948,826		1	224,427	84.1	%	—	%
Operating properties:
Owned properties
Costa Rica(3)	263,201,125		19	2,516,471	100.0	%	100.0	%
Colombia	144,844,400		5	1,255,286	100.0	%	100.0	%
Peru	153,685,370		7	1,605,629	100.0	%	100.0	%
Mexico	20,569,001		2	257,688	100.0	%	100.0	%
Sub-total	582,299,896		33	5,635,074	100.0	%	100.0	%
Properties under right-of-use
Peru	14,482,139		1	169,187	100.0	%	100.0	%
Sub-total
Total operating properties	596,782,035		34	5,804,261	100.0	%	100.0	%
Total operating and properties under development	609,730,861		35	6,028,688	99.4	%	96.3	%
Total	$	649,825,184	35	7,560,014	N/A		N/A

(1)The NRA for land bank and properties under development reflect the estimated potential net rental area. The NRA excludes the net rentable area of the patios or the open-air rentable land.

(2)Properties under right-of-use are mainly related to the investment properties developed on leased land. More specifically, they were associated with a land lease agreement the Parque Logistic Callao S.R.L. (Parque Logistic), a partnership entity controlled by LPA, entered into with Lima Airport Partners S.R.L. (“LAP”) under which Parque Logistic committed to lease a land parcel for a period of 30 years, with the intention of developing investment properties.

(3)As of March 31, 2026 and December 31, 2025, the operating properties in Costa Rica included patios and open-air rentable land totaling 521,274 square feet for both periods for the use of trailer parking and open-air warehousing. As of March 31, 2026 and December 31, 2025, the patios and open-air rentable land had a fair value of $6.6 million, with a weighted average capitalization rate of 7.7%. The NRA included in the table above excludes areas related to the patios or the open-air rentable land.

Quantitative and Qualitative Disclosures about Market Risk

LPA is exposed to various market and other risks, including the effects of changes in interest rates and foreign currency risk.

Interest Rate Risk

LPA holds financial liabilities (e.g., long-term debt) subject to interest rate risk. LPA manages the interest rate risk by maintaining a mix of fixed and variable rate debt depending on market conditions and facility terms. Fluctuations in interest rates as of the reporting date may impact profit or loss and cash flows. As of March 31, 2026 and December 31, 2025, the debt balances that were subject to variable rates were $226.4 million and $218.9 million, respectively. Assuming no change in the principal amounts outstanding, the impact of a 1% increase or decrease in the assumed weighted average interest rate on interest expense would be approximately $1.1 million for the three months ended March 31, 2026.

Liquidity Risk

Liquidity risk refers to the possibility that LPA may face challenges in fulfilling its obligations related to financial liabilities payable in cash or other financial assets. To manage liquidity, LPA aims to ensure adequate liquidity to meet its liabilities as they become due, both in normal and stressed conditions, without incurring significant losses or harming LPA’s reputation. The Company seeks to maintain a balance between funding continuity and flexibility through the use of bank deposits and loans.

LPA maintains sufficient liquidity through a combination of cash deposits, short-term credit facilities, and committed borrowing facilities to meet expected operating expenses and financial obligations for a minimum period of 90 days, including the servicing of financial obligations. This excludes the potential impact of extreme circumstances, such as natural disasters, that cannot be reasonably predicted.

The Company is confident that LPA has access to a diverse range of funding sources to repay any debts maturing within 12 months as part of its normal business operations. As of March 31, 2026, the Company was compliant with all debt covenants with its lenders. See Note 11 of the Unaudited Condensed Consolidated Interim Financial Statements for more details.

Foreign Currency Risk

LPA is exposed to market risk from fluctuations in foreign currency exchange rates in connection with the Company's subsidiaries. LPA is subject to fluctuations in the exchange rates between the Costa Rican colon, Peruvian sol, Colombian peso, and Mexican peso against the U.S. dollar. LPA implements natural hedging strategies by aligning the denomination of its debt obligations with its revenue streams to minimize currency exposure. In addition, LPA keeps minimal funds in local currencies and holds the majority of funds (excluding restricted cash), approximately 90%, in its functional currency of the U.S. dollar.

Market Risk

LPA's primary market risk exposure derives from fluctuations in interest rates and foreign currency exchange rates. It does not engage in derivative trading or speculative activity to generate income.

Recent Accounting Pronouncements

For information about recent accounting pronouncements that have been adopted or will apply to LPA in the future, see Note 2 of the Unaudited Condensed Consolidated Interim Financial Statements.

JOBS Act

LPA is an “emerging growth company” under the JOBS Act. The JOBS Act provides that an emerging growth company can delay adopting new or revised accounting standards until such time as those standards apply to private companies. LPA has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided by the JOBS Act.

Additionally, subject to certain conditions set forth in the JOBS Act, if, as an emerging growth company, LPA chooses to rely on those exemptions, LPA may not be required to, among other things: (i) provide an auditor’s attestation report on the system of internal controls over financial reporting pursuant to Section 404; (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies; (iii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board ("PCAOB") regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis); and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our initial public offering or until LPA is no longer an emerging growth company, whichever is earlier.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This MD&A includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Forward-looking statements relate to our business plans, objectives, expectations, financial outlook, financial performance and other matters. Such statements are typically identified by terms such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would,” “will,” “seek,” and other similar words and expressions. However, the absence of these terms does not preclude a statement from being forward-looking. Forward-looking statements are based on management’s current beliefs, assumptions and available information as of the date of this MD&A. Although we believe that the expectations reflected in forward-looking statements are reasonable, such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements.

These forward-looking statements reflect management's current expectations, forecasts and assumptions and are subject to various risks, uncertainties and potential changes in circumstances. These statements speak only as of the date of this MD&A. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed, contemplated or implied by these forward-looking statements. The forward-looking statements contained in this MD&A address various subjects, which include, but are not limited to, statements regarding:

•expectations regarding, and LPA’s ability to meet expectations regarding, LPA’s strategies and future financial performance, including LPA’s future business plans or objectives, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash, capital expenditures;

•LPA’s ability to invest in growth initiatives;

•the outcome of any legal proceedings that may be instituted against LPA;

•the ability of LPA to raise financing in the future and comply with restrictive covenants related to indebtedness;

•the ability to fully realize the benefits of the Business Combination, which may be affected by, among other things, competition, LPA’s ability to grow and manage growth and profitability, maintain relationships with customers and suppliers and retain its management team and key employees;

•the projected financial information, anticipated growth rate, and market opportunity for LPA, and its estimates of expenses and profitability;

•LPA’s ability to maintain its listing on NYSE American;

•global economic disruptions and disruptions to commodity markets due to global conflicts and events, including the ongoing conflict between Russia and Ukraine, and conflicts in the Middle East, which may exacerbate market pressures and economic volatility;

•increases in raw material costs, fuel costs and insurance premiums, especially in light of the ongoing conflict between Russia and Ukraine, and conflicts in the Middle East;

•developments in or changes to the laws, regulations and governmental policies governing our business;

•anticipated economic, business, and/or competitive factors;

•potential impacts of public health crises, including pandemics, epidemics, or other widespread health crises that may disrupt LPA’s business operations, supply chain or market conditions;

•litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on LPA’s resources;

•exchange rate instability;

•the possibility that expansion of LPA’s customer offerings or certain operations may subject it to additional legal and regulatory requirements, including tort liability;

•LPA’s ability to retain and grow its customer base;

•LPA’s success in finding and maintaining future strategic partnerships and inorganic opportunities;

•the potential liquidity and trading of public securities of LPA;

•the ability of LPA to respond to general economic conditions;

•LPA's strategic expansion plans, including geographic expansion, new markets and other plans;

•any downturn in the real estate industry;

•the ability of LPA to manage its growth effectively;

•the ability of LPA to develop and protect its brand;

•the ability of LPA to compete with competitors in existing and new markets and offerings.

•economic, political and social developments in Costa Rica, Colombia, Peru and Mexico, including political instability, currency devaluation, inflation, and unemployment; and

•the economic performance of Costa Rica, Colombia, Peru and Mexico, including their competitiveness as exporters of manufactured and other products to the United States and other key markets, and the impact of global economic conditions on these markets.

Forward-looking statements are provided for illustrative purposes only and do not guarantee future performance. The factors discussed under “Risk Factors” and elsewhere within our Annual Report, may materially affect the Company's future results and could cause actual outcomes to differ from those expressed or implied by these forward-looking statements.

The risks described under “Risk Factors” within our Annual Report are not exhaustive, and other sections of the Annual Report identify additional factors that could adversely affect the Company's business, financial condition, and operations. As new risk factors emerge from time to time, the Company cannot predict nor fully assess their impact, either individually or in combination, on actual results, which may differ materially from any forward-looking statements. The Company assumes no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise, except as required by law.

The Annual Report contains statements reflecting the Company's beliefs, plans, objectives, expectations, opinions, and intentions based on information available as of the date of the Annual Report. While the Company believes such information provides a reasonable basis for these statements, investors should note that such information may be limited or incomplete and should not be relied on as comprehensive. These statements should not be construed to indicate that the Company has conducted an exhaustive review of all potentially relevant information. Although we believe the plans, objectives, expectations, opinions and intentions reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that those plans, objectives, expectations, opinions, intentions, or expectations will be achieved. In addition, you should not interpret statements regarding past trends or activities as assurances that those trends or activities will continue in the future. All written, oral and electronic forward-looking statements attributable to us or

persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. For these reasons, we caution you to avoid relying on the forward-looking statements described in the Annual Report.

Logistic Properties of the Americas 6-K/A