Logistic Properties of the Americas Signs 121,600 Square Foot Lease with Regional 3PL in Costa Rica
LPA believes that this new lease agreement demonstrates its ongoing success in attracting premium logistics and supply chain tenants across its portfolio. "We are pleased to see a reputable operator expanding into LPA Coyol 4 Logistic Park," said Esteban Saldarriaga, CEO of LPA. "The rental increase reflects strong market fundamentals and demonstrates our team's ability to generate value through strategic execution."
Located in the heart of the country's leading logistics corridor, LPA Coyol 4 Logistic Park provides exceptional connectivity to key transportation routes, state-of-the-art Class-A warehouse facilities designed to accommodate high-volume distribution requirements. "Coyol continues to attract top-tier logistics providers," said Luis Conejo, Country Manager for Costa Rica at LPA. "This agreement highlights the strategic importance of our assets' location and our role in strengthening regional supply chain capabilities."
This lease further extends LPA's expanding presence in Latin America and aligns with its mission to offer high-quality logistics spaces that adapt to the evolving requirements of both global and regional operators.
About Logistic Properties of the Americas
Logistic Properties of the Americas is a leading developer, owner, and manager of institutional quality industrial and logistics real estate in high-growth and high-barrier-to-entry markets in Central and South America. LPA's customers are multinational and regional e-commerce retailers, third-party logistic operators, business-to-business distributors, and retail distribution companies among others. LPA expects to continue its future growth with strong client relationships, and insight into and through the acquisition and development of high-quality, strategically located facilities in its target markets. As of March 31, 2025, LPA's operating and development portfolio comprises 33 logistics facilities in Costa Rica, Colombia and Peru, totaling approximately 536,000 square meters (or approximately 5.8 million sq. ft.) of gross leasable area. For more information visit https://ir.lpamericas.com
Forward-Looking Statements
This press release contains certain forward-looking information, which may not be included in future public filings or investor guidance. The inclusion of forward-looking information in this press release should not be construed as a commitment by LPA to provide guidance on such information in the future. Certain statements in this press release may be considered forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements about future events or LPA's future financial or operating performance. These forward-looking statements regarding future events and the future results of LPA are based on current expectations, estimates, forecasts, and projections about the industry in which LPA operates, as well as the beliefs and assumptions of LPA's management. These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other factors beyond LPA's control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, LPA's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and LPA therefore caution against relying on any of these forward-looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by LPA and its management, are inherently uncertain and are inherently subject to risks variability and contingencies, many of which are beyond LPA's control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the possibility of any economic slowdown or downturn in real estate asset values or leasing activity or in the geographic markets where LPA operates; (ii) LPA's ability to manage growth; (iii) LPA's ability to continue to comply with applicable listing standards of NYSE American; (iv) changes in applicable laws, regulations, political and economic developments; (v) the possibility that LPA may be adversely affected by other economic, business and/or competitive factors; (vi) LPA's estimates of expenses and profitability; (vii) the outcome of any legal proceedings that may be instituted against LPA and (viii) other risks and uncertainties set forth in the filings by LPA with the U.S. Securities and Exchange Commission. There may be additional risks that LPA does not presently know or that LPA currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Any forward-looking statements made by or on behalf of LPA speak only as of the date they are made. Except as otherwise required by applicable law, LPA disclaims any obligation to publicly update or revise any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, you should not place undue reliance on forward-looking statements due to their inherent uncertainty.
Nothing within this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250609534571/en/
Contacts
Investor Relations ContactsCamilo UlloaLogistic Properties of the Americas+506 6293 9083camilo@lpamericas.com Barbara Cano / Ivan PeillInspIR Groupbarbara@inspirgroup.com / ivan@inspirgroup.com
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In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as 'may,' 'should,' 'expects,' 'intends,' 'plans,' 'anticipates,' 'believes,' 'estimates,' 'predicts,' 'potential,' "will," "approximately," or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. 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December 31, 2024 ASSETS Investment in real estate Land $ 38,412 $ 65,009 Buildings and improvements 197,086 239,978 Accumulated depreciation (35,215 ) (39,940 ) 200,283 265,047 Construction in progress 91,378 93,587 Net investment in real estate 291,661 358,634 Real estate held for sale 8,511 - Investment in unconsolidated entities 165,937 189,699 Cash and cash equivalents 71,802 85,206 Restricted cash 8,328 12,503 Tenant and other receivables, net 7,199 7,894 Lease intangible assets, net 924 1,047 Prepaid expenses, deferred expenses and other assets, net 21,345 22,791 Total assets (1) $ 575,707 $ 677,774 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Term loan facility $ 200,000 $ 240,000 Accounts payable, accrued expenses and other liabilities 22,970 31,971 Total liabilities (1) 222,970 271,971 Commitments and Contingencies (Note 9) Shareholders' Equity Class A common shares $0.01 par value; 100,000,000 shares authorized; 56,324,607 and 56,274,466 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 562 562 Series A preferred shares $0.01 par value; 10,000,000 shares authorized; 2,800,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024; liquidation preference of $70,000 28 28 Additional paid-in capital 1,362,718 1,362,644 Accumulated deficit (1,011,936 ) (958,778 ) Total shareholders' equity 351,372 404,456 Non-controlling interests 1,365 1,347 Total equity 352,737 405,803 Total liabilities and equity $ 575,707 $ 677,774 (1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets, as of June 30, 2025, include the following amounts related to our consolidated VIEs: $8.5 million included in real estate held for sale and $0.2 million of cash. The Company's consolidated balance sheets as of December 31, 2024, include the following amounts related to our consolidated VIEs: $3.3 million of land, $2.8 million of building and improvements, $(0.9) million of accumulated depreciation and $3.2 million of other assets included in other line items. Expand For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 REVENUE Rental income $ 4,526 $ 4,166 $ 8,983 $ 9,891 Management and other fee income 127 50 269 98 Total revenue 4,653 4,216 9,252 9,989 EXPENSES Property operating 3,237 4,160 6,145 7,833 Real estate taxes 692 1,238 1,645 2,631 Depreciation and amortization 2,040 1,212 4,115 6,483 General and administrative 6,172 6,874 21,865 16,066 Total expenses 12,141 13,484 33,770 33,013 Gain on sale of real estate, net 1,967 2,034 8,903 3,173 Loss on sale of interests in unconsolidated entities (1,417 ) — (1,417 ) — Impairment of real estate assets (18,000 ) (86,388 ) (18,000 ) (87,536 ) Equity in income (loss) of unconsolidated entities 756 (566 ) (7,172 ) (187 ) Interest and other income (expense), net 930 717 1,790 2,140 Interest expense (5,139 ) (6,282 ) (10,369 ) (13,293 ) Loss before income taxes (28,391 ) (99,753 ) (50,783 ) (118,727 ) Benefit (provision) for income taxes (115 ) (1,474 ) 75 (1,485 ) Net loss (28,506 ) (101,227 ) (50,708 ) (120,212 ) Preferred dividends (1,225 ) (1,225 ) (2,450 ) (2,450 ) Net loss attributable to Seritage common shareholders $ (29,731 ) $ (102,452 ) $ (53,158 ) $ (122,662 ) Net loss per share attributable to Seritage Class A common shareholders - Basic $ (0.53 ) $ (1.82 ) $ (0.94 ) $ (2.18 ) Net loss per share attributable to Seritage Class A common shareholders - Diluted $ (0.53 ) $ (1.82 ) $ (0.94 ) $ (2.18 ) Weighted-average Class A common shares outstanding - Basic 56,324 56,268 56,304 56,242 Weighted-average Class A common shares outstanding - Diluted 56,324 56,268 56,304 56,242 Expand Reconciliation of Net Loss to NOI-cash basis and NOI-cash basis at share (in thousands) Three Months Ended June 30, Six Months Ended June 30, NOI-cash basis and NOI-cash basis at share 2025 2024 2025 2024 Net loss $ (28,506 ) $ (101,227 ) $ (50,708 ) $ (120,212 ) Management and other fee income (127 ) (50 ) (269 ) (98 ) Depreciation and amortization 2,040 1,212 4,115 6,483 General and administrative expenses 6,172 6,874 21,865 16,066 Equity in (income) loss of unconsolidated entities (756 ) 566 7,172 187 Loss on sale of interests in unconsolidated entities 1,417 - 1,417 - Gain on sale of real estate, net (1,967 ) (2,034 ) (8,903 ) (3,173 ) Impairment of real estate assets 18,000 86,388 18,000 87,536 Interest and other income (expense), net (930 ) (717 ) (1,790 ) (2,140 ) Interest expense 5,139 6,282 10,369 13,293 (Benefit) provision for income taxes 115 1,474 (75 ) 1,485 Straight-line rent (34 ) 179 225 246 Above/below market rental expense 44 38 87 76 NOI-cash basis $ 607 $ (1,015 ) $ 1,505 $ (251 ) Unconsolidated entities (1) Net operating income of unconsolidated entities (2) 2,026 1,020 3,820 2,551 Straight-line rent (42 ) (133 ) (137 ) (321 ) Above/below market rental expense (9 ) (9 ) (18 ) (18 ) NOI-cash basis at share $ 2,582 $ (137 ) $ 5,170 $ 1,961 (1) Activity represents the Company's proportionate share of unconsolidated entity activity. (2) Net operating income of unconsolidated entities excludes depreciation and amortization, gains, losses and impairments and management and administrative costs. Expand
