Water Tower Research Publishes Initiation of Coverage Report on Logistic Properties of the Americas, “High-Growth Latin American Logistics Platform”

May 12, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Logistic Properties of the Americas (NYSE AM: LPA) titled, “High-Growth Latin American Logistics Platform”. The report can be accessed here.

LPA is a Premier Class A logistics real estate platform in high-growth Latin American markets. The company owns and operates institutional-quality warehouse and logistics properties across Costa Rica, Peru, Colombia, and Mexico—four markets with a structural deficit of modern industrial real estate and expanding demand fueled by e-commerce, supply chain nearshoring, and consumer goods distribution. LPA controls the full value chain—sourcing land, developing from the ground up, and opportunistically acquiring assets when compelling return opportunities arise—managing the full platform internally to maintain superior control over asset quality and tenant relationships. Tenants including PepsiCo, Kuehne + Nagel, PriceSmart, Samsung, and IKEA reflect the institutional caliber of its properties and markets.

Mexico represents a very large growth opportunity for LPA. Management believes that Mexico could exceed 50% of the portfolio within two to three years due to an unprecedented wave of demand from companies relocating production from Asia and Mexico’s growing middle class. LPA could monetize mature assets in Peru and Colombia to effectively recycle capital into higher-growth Mexico.

Operating fundamentals improved materially in 2025. LPA grew its gross leasable area (GLA) from 5.1 to 5.8 million square feet, raised average rents 11%, achieved 100% stabilized occupancy, increased revenue 14.3% to $50.1 million, and increased NOI 12.4% to $41.0 million. LPA is trading at 40% its appraised book value.

We estimate revenue of $58 million in 2026 and $71 million in 2027, driven by rent escalations, the Peru development pipeline, and incremental Mexico contributions. Adjusted EBITDA grew at ~9% CAGR from 2022 to 2025, and we expect that trajectory to accelerate. LPA trades at 11.5x 2026 EV/EBITDA compared with a peer average of 19.7x and at just 40% of independently appraised book value compared with a peer average of 1.8x, and not pricing in an earnings trajectory.

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