Strong operational momentum with 100% occupancy and double-digit same-property NOI growth supports continued earnings acceleration. Key catalysts: (1) Callao B.400 stabilization in Aug 2026 adding $2.0M annual rent, (2) Mexico expansion potential. Watch for leverage creep (42.1% vs 40.2% QoQ) and FX exposure (80% USD leases mitigates some risk). Earnings call May 14 at 9am ET.
Price Chart
Executive Summary
LPA reported strong Q1 2026 results with revenue up 21.6% YoY to $14.4M and NOI up 28.6% to $12.1M, driven by Peru (+39.9% rental revenue) and Colombia (+24.8%), plus new Mexico acquisitions. Operating portfolio occupancy reached 100.0% and same-property cash NOI grew 10.9%. However, the company recorded a net loss of -$7.6M (vs. +$1.1M profit in Q1 2025) due to a $9.2M investment property valuation loss, and net debt increased to $273.7M (42.1% leverage ratio). The earnings call is scheduled for May 14, 2026.
Key Facts
- Revenue grew 21.6% YoY to $14.4M in Q1 2026 (vs. $11.8M in Q1 2025)
- NOI increased 28.6% YoY to $12.1M; Cash NOI up 31.2% to $12.1M
- Same-property cash NOI grew 10.9% to $9.82M
- Operating portfolio occupancy 100.0% (vs. 98.0% a year ago)
- Average rent per sq ft rose 9.8% YoY to $8.74
- Net loss of -$7.6M vs. profit of $1.1M in Q1 2025, driven by $9.2M investment property valuation loss
- Adjusted EBITDA grew 32.8% to $8.9M; margin expanded to 61.7% from 56.5%
- FFO turned positive to $2.5M (vs. -$0.6M in Q1 2025)
- Net debt increased to $273.7M (leverage ratio 42.1% vs. 40.2% in Q4 2025)
- Development pipeline 91.9% pre-leased with $21.3M total estimated investment
- G&A expenses rose 13.3% to $4.0M due to one-time Colombia emergency tax
Financial Impact
Revenue +$2.6M YoY, NOI +$2.7M YoY, net loss -$7.6M vs. +$1.1M profit, FFO +$3.1M improvement
Risk Factors
- Net loss of -$7.6M driven by $9.2M investment property valuation loss — recurring volatility risk
- Net debt increased to $273.7M; leverage ratio rose to 42.1% from 40.2%
- One-time Colombia emergency tax charge in G&A; political/regulatory risk in operating markets
- FX translation loss of -$0.3M; 20% of debt in COP creates currency mismatch
- Development pipeline concentrated in Peru (2 projects); execution risk on Callao B.200 (84.1% occupied, stabilization Jan 2027)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001997711-26-000103 |
| Exhibit: ex991q126earningspressrele.htm | 0001997711-26-000103 |
| Exhibit: ex993financialquarterlyp.htm | 0001997711-26-000103 |
| Document: coverpage6-k_q12026.htm | 0001997711-26-000103 |
| Document: 0001997711-26-000103-index-headers.html | 0001997711-26-000103 |
| Document: 0001997711-26-000103-index.html | 0001997711-26-000103 |
| Document: 0001997711-26-000103.txt | 0001997711-26-000103 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 3d ago | 6-K | $2.65 | awaiting T+1 | — | $2.64 (−0.38%) |
Oct 5, 2026 21d ago | 6-K | $3.12 $3.05 | ▼ −2.24% | ▼ −2.79% | $2.64 (−15.38%) |
Sep 14, 2026 5w ago | 6-K | $3.10 $3.06 | ▼ −1.29% | ▼ −0.85% | $2.64 (−14.84%) |
Aug 24, 2026 8w ago | 144 | $3.23 $3.07 | ▲ +4.95% | ▲ +4.98% | $2.64 (+18.27%) |
May 26, 2026 21w ago | 6-K | $2.83 $2.89 | ▲ +2.12% | ▲ +1.57% | $2.64 (−6.71%) |
May 21, 2026 22w ago | 6-K | $3.28 $3.10 | ▼ −5.49% | ▼ −5.93% | $2.64 (−19.51%) |
May 13, 2026 23w ago | 6-K | $3.36 $3.40 | ▲ +1.19% | ▲ +2.42% | $2.64 (−21.43%) |
US Market Status
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