Logistic Properties Of The Americas · AMEX:LPA
Logistic Properties Of The Americas — Q2 2024 Earnings Presentation
28 slides from Logistic Properties Of The Americas's earnings presentation, Aug 15, 2024
Slide 1: Logistic Properties of the Americas Second Quarter 2024 Supplemental Information
Logistic Properties of the Americas Second Quarter 2024 Supplemental Information LPA Parque Logístico Calle 80 – Bogota, Colombia
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) is provided for informational purposes only and has been prepared to provide interested parties with certain Commission (the “SEC”). There may be additional risks that LPA does not presently know or that LPA currently believes are immaterial that cou
Slide 3: Leading developer, owner, acquirer and manager of logistic real estate in the Americas
Logistic Properties of the Americas is a leading developer, owner, acquirer and manager of logistic and industrial real estate of international quality in Central and South America. LPA is one of the few, internally managed, vertically-integrated and institutional platforms operating across the regi
Slide 4: Content
Content Highlights • Company Profile 5 • Company Performance 6 • Financial Summary 7 Financial Information • Condensed Consolidated Interim Balance Sheet 8 • Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income (Loss) 10 • Reconciliation for Adjusted EBITDA, Adju
Slide 5: Highlights: Company Profile
Highlights Company Profile As of June 30, 2024 7.3 mm sqft 94.6% 80.3% Gross Leasable Area(1) US$-denominated Leases(3) Example Properties Occupancy(2) SAN JOSE, COSTA RICA Current Operations Logistic Park Operating Development Land Reserves Coyol I, GLA (sqft) GLA (sqft) (acres) Alajuela, Expansion
Slide 6: Highlights: Company Performance
Highlights Company Performance US$ in millions June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Portfolio (sq ft) Same Property Portfolio No. of buildings 27 27 20 20 20 Gross leasable area (GLA) 4,569,825 4,569,825 3,047,734 3,047,734 3,047,734 Period end occupancy %
Slide 7: Highlights: Financial Summary
Highlights Financial Summary As of US$ in millions June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Rental revenues 10.9 10.4 9.9 10.2 10.0 Revenues 11.0 10.5 10.0 10.2 10.0 Cash net operating income (Cash NOI) 8.7 9.0 9.1 8.8 7.9 Net operating income (NOI) 9.2 8.9 8.9
Slide 8: Condensed Consolidated Interim Balance Sheet
Financial Information Condensed Consolidated Interim Balance Sheet June 30, 2024 December 31, 2023 Assets Current Assets: Cash and cash equivalents $ 48,173,742 $ 35,242,363 Due from affiliates - 9,463,164 Lease and other receivables, net 3,384,827 3,557,988 Receivable from the sale of investment pr
Slide 9: Condensed Consolidated Interim Balance Sheet (continued)
Financial Information Condensed Consolidated Interim Balance Sheet (continued) June 30, 2024 December 31, 2023 Liabilities and Shareholder's Equity Current Liablities: Accounts payable and accrued expenses $ 10,544,627 $ 13,127,502 Income tax payable 1,760,485 2,024,865 Retainage payable 1,558,684 1
Slide 10: Condensed Consolidated Interim Statement of Profit or Loss
Financial Information Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income (Loss) For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues Rental revenue $ 10,947,094 $ 9,981,395 $ 21,373,343 $ 19,203,738 Other 39,842 8,3
Slide 11: Reconciliation for Adjusted EBITDA, FFO, AFFO, NOI
Financial Information Reconciliation for Adjusted EBITDA, Adjusted EBITDA margin, FFO, AFFO, NOI and NOI margin As of US$ in millions June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Revenues 11.0 10.5 10.0 10.2 10.0 As of US$ in millions June 30, 2024 March 31, 2024 D
Slide 12: Reconciliation for Adjusted EBITDA, FFO, AFFO, NOI (continued)
Financial Information Reconciliation for Adjusted EBITDA, Adjusted EBITDA margin, FFO, AFFO, NOI and NOI margin (continued) As of US$ in millions June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Net Operating Income Rental revenues 10.9 10.4 9.9 10.2 10.0 Investment pr
Slide 13: Total Portfolio GLA
Operations Overview Total Portfolio GLA (in thousands SqFt) Total Portfolio Development GLA Operating GLA 5,063 5,063 5,289 5,289 5,289 670 547 323 447 447 4,616 4,616 4,619 4,742 4,965 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 By Geography Costa Rica Peru Colombia 2,513 2,474 2,516 2,516 2,516 1,517
Slide 14: Operating Portfolio – Period End Occupancy
Operations Overview Operating Portfolio – Period End Occupancy (%) Total Operating Portfolio 99.4 99.4 100.0 96.7 94.6 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 By Geography Costa Rica Peru Colombia 100.0 100.0 100.0 100.0 90.0 98.8 98.8 100.0 99.1 99.8 100.0 100.0 100.0 87.9 89.9 Q2 Q3 Q4 Q1 Q2 Q2 Q3
Slide 15: Rental Revenues
Operations Overview Rental Revenues (US$ million) Total Portfolio (for the three months ended) 10.2 10.4 10.9 10.0 9.9 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 By Geography (for the three months ended) Costa Rica Peru Colombia 5.6 5.7 5.7 6.0 2.9 5.5 2.3 2.4 2.4 2.2 2.4 2.1 2.2 2.0 2.0 Q2 Q3 Q4 Q1 Q2
Slide 16: Net Operating Income
Operations Overview Net Operating Income (US$ million) Total Portfolio (for the three months ended) NOI Cash NOI 8.7 8.7 8.8 8.9 9.1 8.9 9.0 9.2 8.7 7.9 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 NOI and Cash NOI by Geography (for the three months ended) Costa Rica Peru Colombia 5.1 5.0 5.1 2.12.1 4.9
Slide 17: Weighted Average Net Effective Rental Rate
Operations Overview Weighted Average Net Effective Rental Rate (US$/SqFt/Yr) Total Portfolio 7.52 7.80 7.93 7.87 7.07 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 By Geography Costa Rica Peru Colombia 8.51 8.57 8.54 8.58 8.60 6.62 6.81 7.28 7.29 8.07 7.38 6.29 5.77 7.26 5.70 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2
Slide 18: Same-Property NOI Growth
Operations Overview Same-Property NOI Growth (% YoY) Total Same-Property Portfolio NOI Cash NOI 22.1% 20.6% 18.2% 13.6% 14.2% 9.3% 7.0% 8.5% 6.8% -2.6% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 By Geography Costa Rica Peru Colombia 24.5% 22.7% 18.3% 27.0% 55.2% 14.8% 15.2% 21.1% 11.4% 36.4% 7.4% 9.3%
Slide 19: Other Non-IFRS Metrics
Financial Overview Other Non-IFRS Metrics (US$ million) Adjusted EBITDA (for the three months ended) 7.7 7.6 6.2 5.9 5.2 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 FFO, as defined by LPA (for the three months ended) 0.4 (0.9) (0.5) (4.1) (6.0) 19
Slide 20: Customer Concentration and Lease Expiration Analysis
Operations Customer Concentration and Lease Expiration Analysis As of June 30, 2024 Top 10 Customers as % of Net Effective Rent % of Net Total Square Effective Rent Feet Lease Expirations Net Effective Rent 1 Alicorp 7.7% 437,370 % of Currency 2 Kuehne & Nagel 7.3% 384,777 Annualized 3 PriceSmart 5.
Slide 21: Investment Properties Portfolio
Operations Investment Properties Portfolio As of June 30, 2024 Square Feet Net Effective Rent Investment Properties Second Year to No. of % of Occupied Leased Quarter Date % of US$ in millions buildings Total Total % % NOI NOI Annualized Sqft / Year Total Total Operating Portfolio Costa Rica 18 2,35
Slide 22: Stabilized Properties
Capital Deployment Stabilized Properties As of June 30, 2024 As of 3/31/2024 Annulized As of 6/30/2024 Annulized Estimated Annualized Est. Estimated Annualized Est. Est. Square Occupied Rent Estimated Return on Square Occupied Rent Estimated Return Develop. US$ in millions Feet TEI FMV % Revenues NO
Slide 23: Development Portfolio
Capital Deployment Development Portfolio As of June 30, 2024 US in millions TEI Invested to Date Annulized Annualize Land Est. estimated d Est. Est. Occupied Leased Land + + Stabilizatio Rent estimated Return on Develop. Project Sq Ft % % FMV Infra Shell Total Infra Shell Total n Date Revenues NOI C
Slide 24: Land Portfolio
Capital Deployment Land Portfolio As of June 30, 2024 (1) Gross Land Area (Acres) Buildable Area (Sq Ft) FMV FMV/Sq Ft of Land Area US$ in millions Q2 2024 Q4 2023 % Change Q2 2024 Q4 2023 % Change Q2 2024 Q4 2023 % Change Q2 2024 Q1 2024 % Change Costa Rica - - - - - - - - - - - - Peru (2) 39.2 39.
Slide 25: Debt Summary and Metrics
Capitalization Debt Summary and Metrics As of June 30, 2024 Debt Summary Debt Metrics US$ in millions 2024 Wtd Avg.Cash Second First Loans Maturity Interest Rate Quarter Quarter 2024 7.0 8.1% 2025 13.4 7.4% Net debt 223.0 224.6 2026 9.0 6.6% 2027 9.7 6.4% Net debt over investment properties (end of
Slide 26: Definitions
Definitions Please refer to our financial statements as prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued Estimated Build Out (TEI and sq ft) This metric represents the estimated TEI and finished square feet available for lease upon by the International Accou
Slide 27: Definitions
Definitions Discounted Cash Flow Method Return on Cost This is calculated on development properties as Stabilized rental revenue divided by TEI. Using this valuation method, future cash flows forecasted over an investment horizon, together with the proceeds of a deemed Same-Property Our Same-Propert
Slide 28: www.lpamericas.com
ir www.|pamericas.com
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