Logistic Properties of The Americas (LPA) 2026 Q1 法說會逐字稿

Good morning, and welcome to LPA's First Quarter 2026 Earnings Conference Call. My name is Ellie, and I will be your operator for today's call. At this time, all participants are in listen-only mode. And please note that this call is being recorded. There will be an opportunity for you to ask questions at the end of today's presentation. Now, I would like to turn the call over to Mr. Camilo Ulloa, Investor Relations. Please go ahead, sir.

早安，歡迎參加 LPA 2026 年第一季財報電話會議。我是 Ellie，將擔任今天會議的接線員。此刻所有與會者皆處於僅收聽模式。並請注意，本次電話會議將被錄音。今天簡報結束後將提供提問時間。現在，我想把電話交給投資人關係部的 Camilo Ulloa 先生。先生，請開始。

Welcome to LPA's First Quarter 2026 Earnings Conference Call. My name is Camilo Ulloa with LPA's Investor Relations Team. Joining me on today's call are Esteban Saldarriaga, our Chief Executive Officer, and Paul Smith, Chief Financial Officer.

歡迎參加 LPA 2026 年第一季財報電話會議。我是 LPA 投資人關係團隊的 Camilo Ulloa。今天與我一同出席的有我們的執行長 Esteban Saldarriaga，以及財務長 Paul Smith。

Before we proceed with the review of LPA's financial and operating results, please note that the information presented during this call is intended for informational purposes only and does not constitute an offer to buy or sell any securities. Forward-looking statements made during this call are subject to a number of risks and uncertainties which are discussed in LPA's filings with the SEC.

在我們開始檢視 LPA 的財務與營運成果之前，請注意，本次電話會議中所提供的資訊僅供參考之用，並不構成買賣任何證券之要約。本次會議中的前瞻性陳述可能受到多項風險與不確定性影響，相關內容已於 LPA 向美國證券交易委員會（SEC）提交的文件中討論。

Our actual results, performance, and prospective opportunities may differ materially from those expressed or implied in these statements. We undertake no obligation to update or revise any forward-looking statements after this call. We have prepared supplemental materials that we may reference during the call. We encourage you to visit our website, ir.lpamericas.com, to download these materials.

我們的實際結果、表現與潛在機會可能與這些陳述中明示或暗示者有重大差異。本公司在本次電話會議後不承擔更新或修訂任何前瞻性陳述之義務。我們已準備補充資料，並可能在會議中引用。建議您造訪我們的網站 ir.lpamericas.com 下載這些資料。

Please also note that all comparisons that we will discuss during today's call are year-over-year unless we note otherwise. Esteban will begin today's review. Esteban, please go ahead.

另請注意，除非我們另有說明，今天電話會議中所討論的所有比較皆為年對年（YoY）。接下來將由 Esteban 開始今天的回顧。Esteban，請開始。

Good morning, everyone, and thank you for joining us. We're off to a powerful start to 2026. We delivered a standout quarter with last year's momentum accelerating into 2026.

各位早安，感謝各位加入。我們在 2026 年有一個強勁的開局。我們交出一個表現突出的季度，去年累積的動能在 2026 年進一步加速。

Revenue jumped 21.6% and NOI grew even faster at 28.6%, reflecting the operating leverage that we've been building up as we scale our cross-border logistics platform, which remained 100% occupied in the first quarter. This growth wasn't just about portfolio expansion. Same-property NOI rose 10.9%.

營收躍升 21.6%，NOI（淨營運收入）以更快速度成長 28.6%，反映出我們在擴大跨境物流平台規模的同時所建立的營運槓桿；該平台在第一季維持 100% 出租率。這樣的成長不僅來自投資組合擴張。同店 NOI 成長 10.9%。

And average rent per square foot climbed 9.8%, a direct result of the pricing power that we command in the underserved markets where we invest and operate. These numbers underscore the strength of our business model, disciplined execution, advantaged market positioning, and the diverse high-quality customer base. They also reflect sustained demand for modern Class A facilities like ours, which remain scarce in our chosen markets.

每平方英尺平均租金上升 9.8%，直接反映我們在所投資與營運的供給不足市場中所具備的定價能力。這些數據凸顯我們商業模式的韌性、紀律執行、具優勢的市場定位，以及多元且高品質的客戶基礎。同時也反映市場對像我們這樣的現代化 A 級設施的持續需求，而在我們所選定的市場中，這類設施仍然稀缺。

Additionally, the local economies we serve continue to benefit from resilient domestic consumption, e-commerce growth and the ongoing regionalization of supply chains. Of course, we still face challenges, including the one-time emergency tax levied by the Colombian government at the beginning of the year. This quarter, Peru led the way with revenues surging nearly 40%.

此外，我們所服務的在地經濟持續受惠於具韌性的內需消費、電子商務成長，以及供應鏈持續區域化的趨勢。當然，我們仍面臨挑戰，包括哥倫比亞政府在年初徵收的一次性緊急稅。本季秘魯表現領先，營收大增近 40%。

As new buildings stabilized in our prime location, Callao Logistics Park in Lima, including the LEED Golds facility we delivered late last year to PepsiCo, one of many global brands we serve in the four countries where we operate. Colombia was another strong contributor, with revenue up nearly 25%, helped in part by favorable FX. Notably, some of that growth.

隨著我們位於利馬黃金地段的 Callao Logistics Park（卡亞俄物流園區）中新建建物逐步穩定營運，其中包括我們於去年底交付給 PepsiCo 的 LEED Gold 認證設施；PepsiCo 是我們在四個營運國家所服務的眾多全球品牌之一。哥倫比亞同樣貢獻亮眼，營收成長近 25%，部分受惠於有利的匯率因素。值得注意的是，其中部分成長。

Came from PriceMart, a major US-listed retailer that also leases one of our Costa Rica buildings, making it one of several cross-border customers on our roster. Other examples are Kunenago, which occupies LPA facilities in both Colombia and Peru, and Natura, which operates in our Peruvian and Costa Rican properties. It is worth emphasizing here that our unique ability. To offer multi-market solutions to international companies like these is the backbone of our business model and is integral to our growth strategy. In Costa Rica, revenue grew 3.3%, driven by re-leasing, renewals, and higher rental rates. Mexico also contributed this quarter with the two logistics facilities we acquired in Pueblo.

來自 PriceMart——一家在美國上市的大型零售商，同時也承租我們在哥斯大黎加的一棟建物，使其成為我們名單上多位跨境客戶之一。其他例子包括 Kunenago，其在哥倫比亞與秘魯皆使用 LPA 的設施；以及 Natura，其在我們的秘魯與哥斯大黎加物業中營運。此處值得強調的是，我們獨特的能力。能為這類國際公司提供跨多市場的解決方案，是我們商業模式的核心，也是我們成長策略不可或缺的一環。在哥斯大黎加，營收成長 3.3%，主要由重新出租、續約以及更高租金水準所帶動。墨西哥本季亦有貢獻，來自我們在 Pueblo 收購的兩處物流設施。

This marked our first investment in the country, a key growth market, and essential to delivering a seamless cross-border solution for our customers. By extending our logistics platform to Mexico, we can further monetize our customer base by cross-selling to them, in addition to accessing new customers and the considerable growth potential of this large and dynamic market. Through our recent agreement with Fordham Capital, one of Mexico's leading institutional real estate investors. We will acquire, over time, approximately $200 million of stabilized dollar-denominated Class A assets within Central Park 57, beginning in the second and third quarters of this year. This is a modern, large-scale industrial and logistics park that Portland has been developing within a key logistics corridor and submarket of the Greater New Mexico City area.

這是我們在該國的首筆投資；墨西哥是關鍵成長市場，也是為客戶提供無縫跨境解決方案所不可或缺的一環。透過將我們的物流平台延伸至墨西哥，我們除了能向既有客戶進行交叉銷售以進一步變現客戶基礎外，也能接觸新客戶並把握這個龐大且充滿活力市場的可觀成長潛力。根據我們近期與 Fordham Capital（墨西哥領先的機構型不動產投資人之一）達成的協議，我們將在一段時間內於 Central Park 57 收購約 2 億美元、已穩定營運、以美元計價的 A 級資產，並自今年第二與第三季開始。這是一座現代化、大型的工業與物流園區，由 Portland 在大墨西哥城地區一條關鍵物流走廊及其子市場內開發。

And three economically dynamic states, an area that's home to 35% of Mexico's population, and that has an even higher proportion of spending power. Importantly, beyond accelerating LPA's expansion in Mexico, our strategic partnership with Fordham mitigates the risks normally associated with building and stabilizing a multi-phase project like this one.

以及三個經濟動能強勁的州；該區域居住著墨西哥 35% 的人口，且其消費能力占比更高。重要的是，除了加速 LPA 在墨西哥的擴張之外，我們與 Fordham 的策略合作也降低了通常與此類多期開發案之建造與穩定營運相關的風險。

Taken as a whole, Central Park 57 represents the equivalent of 36% of our current operating GLA. As we've previously communicated, we will fund the purchases of the Central Park 57 facilities through a combination of debt, local equity partners, as well as funds derived from recycling capital from the sale of certain assets within our existing property portfolio.

整體而言，Central Park 57 相當於我們目前營運中可出租建築面積（GLA）的 36%。如同我們先前所溝通，我們將透過債務、在地股權合作夥伴，以及出售現有物業組合中部分資產以回收資金（資本循環再利用）所取得的資金，來為 Central Park 57 各設施的收購提供資金。

Through an ever-expanding network of local relationships in Mexico, our team there continues locating and assessing similar assets to acquire in strategic locations within other resilient submarkets of the country, the local economies of which are also primarily consumer-driven, as opposed to being export-oriented.

透過在墨西哥持續擴大的在地關係網絡，我們當地團隊持續尋找並評估可在該國其他具韌性的子市場之策略性地點收購類似資產；這些地區的在地經濟同樣主要由消費驅動，而非以出口為導向。

The team is also looking at opportunities to selectively develop properties where there is strong demand for facilities that meet the exacting standards of global and regional companies operating in Mexico, particularly as we observe heightened interest, both direct and indirect, tied to products along the AI infrastructure supply chain, aerospace, defense, and broader electronics manufacturing.

團隊也在評估選擇性開發的機會，鎖定對符合在墨西哥營運之全球與區域企業嚴格標準的設施具有強勁需求的地點；尤其是在我們觀察到與 AI 基礎設施供應鏈相關的產品所帶動的興趣升溫（包含直接與間接需求），以及航太、國防與更廣泛的電子製造領域。

Although USMCA negotiations are expected to begin near the end of this month, and while the eventual outcome can't be predicted, Mexico's industrial and logistics market remains the linchpin of many U.S. supply chains that are critical, especially to curb inflationary pressures in the U.S. For now, we observe that Mexico's industrial and logistics real estate market remains resilient, albeit with corrections in certain northern markets.

儘管《美墨加協定》（USMCA）談判預計將於本月底左右開始，且最終結果無法預測，但墨西哥的工業與物流市場仍是許多美國供應鏈的關鍵樞紐，尤其對抑制美國通膨壓力至關重要。目前我們觀察到，墨西哥的工業與物流不動產市場仍具韌性，儘管北部部分市場出現修正。

Where we have yet to deploy any capital. Rents continue to trend upward, net absorption is stabilizing, and new supply remains limited. Occupancy has suffered modestly, but that's against the backdrop of exceptionally strong years of demand. We'll continue closely monitoring market data and benefiting from the intelligence that we gather through our local team and network within Mexico.

而我們尚未在那些市場投入任何資本。租金仍持續走升，淨吸納量趨於穩定，新供給依然有限。入住率略有下滑，但這是在過去幾年需求異常強勁的背景下發生的。我們將持續密切監測市場數據，並受益於我們在墨西哥的在地團隊與網絡所蒐集的情報。

Also, we are mindful of the potential economic fallout of the current situation in the Middle East, specifically its impact on interest rates. Therefore, we will remain disciplined with capital, only investing where we see clear opportunities to earn attractive risk-adjusted returns. We have the ability to look through economic cycles, recognizing that Mexico will remain strategically vital to the U.S. on the global economic stage.

此外，我們也留意中東當前局勢可能帶來的經濟外溢效應，特別是其對利率的影響。因此，我們將在資本運用上保持紀律，只在我們看見能取得具吸引力的風險調整後報酬之明確機會時才投資。我們具備穿越景氣循環的能力，並認知到墨西哥在全球經濟舞台上對美國仍將具有策略性關鍵地位。

Turning to the development front, we'll continue expanding the GLA of LPA's regional platform with the construction of two facilities in our Cajao Logistics Park in Peru. Importantly, 92% of their combined 440,000 square feet is already pre-leased, effectively de-risking development. Both buildings remain on schedule for completion in the second and third quarters. And together, they will generate roughly $3.2 million in annualized revenue, fueling additional growth this year. Looking ahead, within this park, we have just one remaining shovel-ready pad to develop a fifth building. It represents another 210,000 square feet of space, which we expect to pre-lease this year at yields of approximately 13%, thanks to ongoing supply constraints for facilities like ours.

轉向開發面，我們將在秘魯的 Cajao Logistics Park（卡哈奧物流園區）興建兩座設施，持續擴大 LPA 區域平台的可出租建築面積（GLA）。重要的是，兩棟合計 440,000 平方英尺的面積中已有 92% 完成預租，實質上降低了開發風險。兩棟建物皆按計畫於第二與第三季完工。合計將帶來約 320 萬美元的年化營收，推動今年進一步成長。展望未來，在該園區內我們僅剩一塊可立即動工的基地可用於開發第五棟建物，面積約 210,000 平方英尺；在像我們這類設施供給持續受限的情況下，我們預期今年可完成預租，收益率約為 13%。

Before Paul covers the financials, I'd like to take a brief moment to discuss LPA's share price performance. We share our fellow shareholders' frustration with the acute dislocation that remains between our market price and LPA's book value, which was roughly $8 per share at quarter end, particularly given our consistently strong financial performance.

在 Paul 談及財務數據之前，我想先花一點時間簡要談談 LPA 的股價表現。我們與各位股東同樣對於目前市場價格與 LPA 帳面價值之間仍存在的嚴重脫節感到挫折；截至本季末，帳面價值約為每股 8 美元，尤其是在我們一貫維持強勁財務表現的情況下。

Among other initiatives to address the valuation gap, we'll continue engaging equity research analysts to initiate coverage with the goal of reaching the investors they serve and broadening the market's understanding of our differentiated business and its strong growth potential. As part of this effort, we are already working with two specialized firms that provide equity research, one of which has already initiated coverage of LPA.

為了縮小估值落差的多項措施之一，我們將持續與股票研究分析師互動，促使其啟動研究覆蓋，目標是觸及其服務的投資人，並擴大市場對我們差異化業務及其強勁成長潛力的理解。作為此項努力的一部分，我們已與兩家提供股票研究的專業機構合作，其中一家已開始對 LPA 進行研究覆蓋。

To the reach with institutional investors, we expect this to raise LPA's market visibility and help drive demand for our shares. I'll now turn the call over to Paul, who will discuss our first-quarter results in more detail.

為了提升對機構投資人的觸及，我們預期這將提高 LPA 的市場能見度，並有助於帶動對我們股票的需求。接下來我把電話交給 Paul，他將更詳細說明我們第一季的業績。

Thank you, Esteban, and good morning, everyone. I'll begin my review by providing a closer look at the acceleration of revenue growth in Peru and Colombia in the first quarter.

謝謝你，Esteban，各位早安。我將先從更深入檢視第一季秘魯與哥倫比亞營收成長加速的情況開始。

The 39.9% increase in Peru's top-line was primarily driven by incremental leasing activity and a higher level of stabilized occupancy. As Estevan pointed out, this included PepsiCo's occupancy of the new building in Arcayao Logistics Park in India. The rapid absorption and largely spreads we are achieving continue to reflect deep tenant demand for Class A facilities.

秘魯營收年增 39.9% 主要由新增租賃活動與更高的穩定入住率所帶動。如 Estevan 所指出，這包括百事公司（PepsiCo）進駐印度 Arcayao Logistics Park 的新大樓。我們目前達成的快速去化以及大致上的租金價差（spreads），持續反映出市場對 A 級設施的強勁租戶需求。

That remain in short supply in strategic locations like ours. As a more recent example, our team in Peru released a soon-to-be vacuated space just ahead of its expiration, while securing a positive lead spread of 25% and without incurring any CapEx spend.

而這類設施在像我們這樣的策略性地點仍然供給短缺。以較近期的例子來說，我們秘魯團隊在租約到期前不久就將即將空出的空間重新出租，同時在未發生任何資本支出（CapEx）的情況下，取得 25% 的正向租金價差。

The 24.8% revenue increase in Colombia's rental revenue was mainly due to releasing at higher mark-to-market rents and to contractual CPI-linked rent escalations. It's important to note, however, that the appreciation of the Colombian peso accounted for a large part of the revenue increase in the first quarter. When excluding the positive FX impact.

哥倫比亞租金收入年增 24.8% 主要來自以更高的市價重置租金（mark-to-market）重新出租，以及合約中與 CPI 連動的租金調升。不過需要注意的是，第一季收入增加中有很大一部分來自哥倫比亞披索升值。若排除正向匯率（FX）影響。

Colombia's revenue increased 8.3% to $2.6 million. In Costa Rica, releasing and renewals primarily accounted for the 3.3% revenue increase there, both of which benefited from higher rental rates. In the aggregate.

哥倫比亞收入增加 8.3% 至 260 萬美元。在哥斯大黎加，重新出租與續約是當地收入增加 3.3% 的主要原因，兩者皆受惠於較高的租金水準。整體而言。

The rental increases across our cross-border platform resulted in 9.8% increase in average rent per square foot, which was $8.74 for the quarter. Turning to Mexico, it should be noted that with the acquisitions of the Central Park 57 facility that we expect to make this year, Mexico will become an increasingly stronger contributor.

我們跨境平台的租金上調使每平方英尺平均租金增加 9.8%，本季為 8.74 美元。談到墨西哥，需要指出的是，隨著我們預期今年完成 Central Park 57 設施的收購，墨西哥將成為對營收與 NOI 成長愈發重要的貢獻來源。

To both revenue and NOI growth, along with the two new facilities that we will bring online this year in Peru. Our first quarter operating expenses decreased 4.1% to $2.2 million, mainly reflecting collection recoveries and a reduction in property taxes after a one-time adjustment in Peru last year.

此外，秘魯今年將有兩座新設施投入營運，也將帶動營收與 NOI 成長。我們第一季營運費用下降 4.1% 至 220 萬美元，主要反映收款回收，以及在去年秘魯一次性調整後，房產稅下降。

Driving the 28.6% increase in our net operating income in the quarter were higher levels of operating leverage in both Peru and Colombia. When excluding the positive FX impact on Colombia's revenue, NOI would have increased 24.4% to $11.7 million.

本季淨營運收入（NOI）增加 28.6% 的驅動因素，是秘魯與哥倫比亞兩地更高程度的營運槓桿。若排除匯率對哥倫比亞收入的正向影響，NOI 將增加 24.4% 至 1,170 萬美元。

Same property cash NOI increased 10.9% to $9.8 million, primarily due to the growth in rental rates that I explained earlier, and also to the expiration of rent abatements at certain properties. The addition of three properties since first quarter 2025 increased operating GLA of our platform. By 9.7% to a total of 5.8 million square feet, 100% of which remained occupied during the first quarter. Leased GLA increased 6.9% to 6.2 million square feet, while our development GLA was slightly lower at 440,000 square feet. As Stephen noted.

同店現金 NOI 增加 10.9% 至 980 萬美元，主要來自我先前說明的租金成長，以及部分物件租金減免到期。自 2025 年第一季以來新增的三處物件，使我們平台的營運可出租面積（GLA）增加 9.7% 至總計 580 萬平方英尺，且第一季期間維持 100% 入住。已出租 GLA 增加 6.9% 至 620 萬平方英尺，而我們的開發 GLA 略降至 44 萬平方英尺。如 Stephen 所提到。

92% of the development portfolio is pre-leaked. Our general and administrative expenses increased 13.3% to $4 million, primarily due to the one-time emergency tax levied by the Colombian government in the first quarter.

開發組合中有 92% 已預先出租（pre-leased）。我們的一般及行政費用增加 13.3% 至 400 萬美元，主要因哥倫比亞政府於第一季徵收的一次性緊急稅。

LPA's investment property valuation gain decreased from a positive $1.9 million in the first quarter of 2025 to a $9.2 million loss in the first quarter of 2026. The change was primarily due to the assumption-driven valuation adjustment and the effect of product formalization across our platform. This included the following four elements. Number one.

LPA 的投資性不動產估值收益由 2025 年第一季的正 190 萬美元，下降至 2026 年第一季的 920 萬美元損失。此變動主要來自以假設為基礎的估值調整，以及我們平台各項資產的產品正式化（product formalization）所帶來的影響。包括以下四個要素。第一。

A $7.2 million reduction in our Colombian assets, reflecting changes in underwriting assumptions used in the first quarter 2026 due to evolving market conditions. Two, a $2.3 million decrease in our Cayao Park in Peru, as the majority of development-related appreciation was recognized last year, given that asset was largely stabilized in the first quarter 2026. Number three. A $1.1 million reduction at our Coyotu Park in Costa Rica due to an updated leasing assessment and number four, a $0.6 million negative impact related to capital expenditures during the first quarter. Our financing costs increased 12% to $5.9 million in the quarter. The increase was mainly due. To higher interest expenses related to new financing activities, which included a bridge loan received in the fourth quarter of 2025, additional financing for a new building within Arcayao Park in Peru, and to incremental interest related to a new loan that finances the development of a new facility at Arcayao Chenta Park in Colombia. The higher financing costs were partially offset in the quarter, mainly by lower interest rates. And scheduled loan amortization. Lastly, at the end of the quarter, LPA maintained its healthy debt profile, with largely dollar-denominated debt, no significant debt maturing in the near-term, and net debt to investment properties standing at 42.1%. That concludes the review of the quarter. Operator, please open the call for any questions.

哥倫比亞資產減少 720 萬美元，反映 2026 年第一季因市場狀況演變而調整承銷假設。第二，秘魯 Cayao Park 減少 230 萬美元，因該資產於 2026 年第一季大致已達穩定，且多數與開發相關的增值已於去年認列。第三，哥斯大黎加 Coyotu Park 減少 110 萬美元，因更新租賃評估；第四，第一季資本支出帶來 60 萬美元的負面影響。本季融資成本增加 12% 至 590 萬美元。增加主要是由於新的融資活動帶來較高的利息費用，其中包括 2025 年第四季取得的過橋貸款、為秘魯 Arcayao Park 內新大樓取得的額外融資，以及為哥倫比亞 Arcayao Chenta Park 新設施開發提供資金的新貸款所產生的新增利息。本季較高的融資成本部分被抵銷，主要來自較低的利率以及既定的貸款攤還。最後，截至季末，LPA 維持健康的負債結構：債務多以美元計價、短期內無重大到期債務，且淨負債對投資性不動產比率為 42.1%。以上為本季回顧。接線員，請開放提問。

At this time, we will open the floor for your questions.(Operator Instructions)

此時我們將開放現場提問。（接線員指示）

Eric Goldstein of Watertower Research

Watertower Research 的 Eric Goldstein

Good morning, guys. Very nice job in a quarter. I just had a few questions. I guess the first one is just around how do we think about Mexico?

各位早安。本季表現非常出色。我有幾個問題。第一個是關於我們該如何看待墨西哥？

In the near to medium term in terms of growth between asset acquisitions and development? And are there some particular parts of the country that you find more attractive?

就近到中期而言，在資產收購與開發之間的成長動能如何？以及是否有墨西哥境內某些地區你們覺得更具吸引力？

Good morning, Eric. Thank you for your questions. Look, fascinating. Look, Mexico, we see. The enormous growth potential and it has been a recurring theme of ours more recently how we have pushed into the market. It's in its early stages, but it is. Showing already, it's bearing great fruit. So we're seeing that as a major market for us. So what we're expecting as we go forward is to make relevant deployments in acquisitions before year-end. So we're working on that front. Much of that can be seen through the lens of the Fortham. Forward purchase agreement that we have signed, but we're also selectively looking for new operating asset acquisitions that can enhance and accelerate that deployment into Mexico, as we've seen a relatively.

早安，Eric。謝謝你的提問。你看，很有意思。墨西哥方面，我們看到巨大的成長潛力；而且近來我們更頻繁地提到我們如何推進該市場。雖然仍在早期階段，但已經開始顯現成果，成效非常好。因此我們把它視為我們的重要市場。展望未來，我們預期在年底前進行具規模的收購部署，我們正朝這個方向努力。這其中很大一部分可從我們已簽署的 Fortham 遠期購買協議（forward purchase agreement）的角度來看；同時我們也在選擇性尋找新的營運中資產收購，以強化並加速我們在墨西哥的部署，因為我們看到一個相對。

Interesting entry point, given the, I would say, the noise around the market, but the long-term, the mid and long-term potential for Mexico. So that's how we're framing Mexico, and that's why we also see that the capital reallocation that we are thinking about in our portfolio is going to be a catalyst. So that's on your first point.

有趣的進場時點；我會說，儘管市場周邊有一些雜音，但墨西哥的中長期潛力仍然很大。因此我們就是以這樣的方式來定位墨西哥，也因此我們認為在投資組合中所思考的資本重新配置將成為催化劑。以上回應你的第一點。

The second aspect, what markets are we seeing more with higher interest? Opportunities are coming our way, I would say, along the 57th corridor. We're looking at Mexico City outskirts. We like that. We're sticking to our knitting on dollar-denominated assets. We're sticking to our knitting in prioritizing global blue-chip customers who we want to continually serve across the platform.

第二個面向是，在利率較高的情況下，我們在市場上看到更多的是什麼？我會說，機會正朝我們而來，主要沿著第 57 號走廊。我們正在關注墨西哥城外圍。我們喜歡那裡。我們會堅守本業，專注於以美元計價的資產。我們也會堅守本業，優先服務我們希望在整個平台上持續服務的全球藍籌客戶。

And for that reason, we're right now mostly focused towards, I would say, the center of the market. The central region of the country, but selectively looking at other northern markets where there might be, I would say, a dislocation and for us, we could come in and deploy capital there.

也因此，我們目前大多聚焦在，我會說，市場的中段。也就是該國的中部地區，但也會選擇性地看一些北部市場，因為那裡可能出現，我會說，錯位，而我們可以進場並在那裡部署資本。

We still want to be, I would say, more cautious because a lot of things need to still be defined through the USMCA renegotiations. But we see that, especially after the recent market moves with the tender occurring for free room, McQuarrie, and all of the movement in the market, that will bode well for our acquisition activity going forward.

我們仍希望保持，我會說，更加謹慎，因為仍有許多事情需要透過《美墨加協定》（USMCA）重新談判來界定。但我們看到，特別是在近期市場變動之後，隨著 free room、McQuarrie 的招標發生，以及市場上的各種動態，這將有利於我們未來的收購活動。

Okay, great. Just a follow-up to that, I know we've talked some about the idea of recycling assets, maybe divesting assets, and. And reinvesting the capital into some higher return areas. So, I'm just curious, how do you go about choosing which assets to divest, and is there any thoughts or guidance you might have on the spread that you're looking to achieve in terms of the returns?

好的，很好。就此再追問一下，我知道我們談過一些資產循環的概念，可能出售資產，並且把資本再投到一些回報更高的領域。所以我想了解的是，你們如何選擇要出售哪些資產？另外，對於你們希望達成的回報利差，有沒有任何想法或指引？

Wonderful question. When we look at. How to process which passage to invest, we think, which are already stabilized, mature, and have benefited from our development activity. 90% of our portfolio in what we call our foundational markets has been developed by LPA from the ground up.

很好的問題。當我們在看如何判斷哪些資產要投資／處置時，我們會思考：哪些資產已經穩定、成熟，並且已經受益於我們的開發活動。我們所謂的基礎市場中，投資組合有 90% 是由 LPA 從零開始開發建成的。

And therefore, we have already accreted value within them and think it could be a great moment to reallocate that capital towards Mexico.

因此，我們已經在這些資產中累積了價值，並認為現在可能是把這些資本重新配置到墨西哥的一個很好的時點。

We think. Colombia, Peru might be up next for that recycling process, and eventually, the spread that we can be seeing is a full-on compression because we developed those assets at 11% yields, 12% yields, and now, once they have...

我們認為，哥倫比亞、秘魯可能會是下一個進行資產循環的市場；而最終我們可能看到的利差，是全面的壓縮，因為我們當初以 11% 的收益率、12% 的收益率開發這些資產，而現在，一旦它們已經……

They have grown, we can monetize them in the 7% to 8% range. It's hard to still see how those processes will come about. We are aware of the fact that we have election cycles in Colombia and Peru, but we feel highly confident in, one, the fact that we have. Great track record in terms of occupancy, rental growth, and that these assets have been highly optimized during our holding period.

它們成長之後，我們可以在 7% 到 8% 的區間將其變現。這些流程將如何發生，目前仍難以判斷。我們也注意到哥倫比亞與秘魯都有選舉週期，但我們非常有信心：第一，我們在入住率、租金成長方面有很好的往績；第二，這些資產在我們持有期間已被高度優化。

And that capital can now be reallocated towards Mexico, where we are seeing better opportunities to be employed at higher returns and, again, to enhance the profile and diversification of our platform as a whole.

而這些資本現在可以重新配置到墨西哥；在那裡我們看到更好的機會，可以以更高回報加以運用，並再次提升我們整體平台的體質與多元化程度。

Okay, great. Thank you. And just the last question. So you recorded a valuation loss in the first quarter, which. I think it's a little bit unusual for you guys, and it just seems like there were a few unusual, one-time items. Is there any way -- how are we thinking about that going forward through the balance of the year?

好的，很好，謝謝。最後一個問題：你們在第一季認列了估值損失，我想這對你們來說有點不尋常，而且看起來有幾個不尋常的一次性項目。那麼——我們該如何看待今年剩餘期間的走勢？

Thank you. Let me take that one, Stephen. And this is Paul Smith. Good morning. The largest impact we faced this quarter was in Colombia, and it's basically reflecting the evolution of the fiscal and economic landscape in that country. The changes they've made recently had an impact on the valuation of our assets within Colombia, and we're simply reflecting those impacts as well.

謝謝。Stephen，這題我來回答。我是 Paul Smith。各位早安。本季我們面臨的最大影響來自哥倫比亞，基本上反映了該國財政與經濟環境的演變。他們近期所做的變更影響了我們在哥倫比亞資產的估值，而我們只是如實反映這些影響。

That's basically explaining the, I would say, the largest components. The other items in the variance essentially result from the process of stabilizing assets in Peru. As we have been very active, particularly within our Kayao development. And essentially, what it's reflecting is we have very powerful quarters. Last year when the park started to stabilize and we simply don't have the same dynamic this quarter. So that essentially captures it. But if you look at the balance sheet from an, I would say, aggregated perspective, you will see that net-net, the effect was muted. So essentially, we basically maintain the same asset valuation as last year.

這基本上解釋了，我會說，最大的幾個組成部分。其他差異項目主要來自我們在秘魯資產的穩定化過程。由於我們一直非常活躍，特別是在 Kayao 開發案上。實際上反映的是：去年當園區開始穩定化時，我們有非常強勁的季度表現，而本季沒有同樣的動能。所以大致就是這樣。不過如果你從，我會說，彙總的角度看資產負債表，你會看到整體而言影響被淡化了。因此基本上，我們維持與去年相同的資產估值。

Okay, great.

好的，很好。

Thank you, guys.

謝謝各位。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Brendan McCarthy of Sidochi

Sidochi 的 Brendan McCarthy

Great. Good morning, everyone. Thanks for taking my questions here.

很好。各位早安。謝謝讓我在這裡提問。

I just wanted to start off on the emergency wealth tax. I think that you highlighted impacting Colombia.

我想先從緊急財富稅談起。我記得你們提到它對哥倫比亞造成影響。

I guess is there a way for you to structure new leases or anything along those lines to protect the bottom line? Or how can investors really think about that tax impact in the quarter?

我想問的是，你們是否有辦法透過新租約的設計或類似方式來保護獲利？或者投資人應該如何看待本季這項稅負的影響？

Thank you very much for that awful question. That tax, as it's not necessarily a wealth tax. It was an emergency tax.

非常感謝你這個糟糕的問題。那項稅其實不一定算是財富稅；它是一項緊急稅。

That was justified given certain meteorological conditions that happened within the country.

它的正當性是基於該國發生的某些氣象條件。

Needless to say, we were not, and the rest of the country was not prepared for something of that nature. So it did have a sizable impact. It was about 400K on our results for the quarter.

不用說，我們以及全國其他人都沒有為這種事情做好準備。因此它確實造成了相當大的影響。本季對我們的結果影響約為 40 萬美元。

And it's predicated on the value of the asset. So essentially, what it's doing, it's based on your IFRS reporting.

而它是以資產價值為基礎計算的。也就是說，它是基於你們的 IFRS 申報／報導。

And, there's really few things that you can that you can do in terms of structuring leases to prevent it, because it's not it's not necessarily the right or anything other than the value you created within the country.

而且，就透過租約結構來避免它這件事，你能做的其實很有限，因為它並不是基於租金或其他因素，而是基於你在該國所創造的價值，也就是資產價值。

We remain constructive on the landscape, as or I don't know if you know that, but this tax was actually a challenge, and it's currently being reviewed by the Colombian Supreme Court. And we remain constructive that the Supreme Court will review and see that perhaps this is not the best way to proceed fiscally moving forward and that things will normalize ahead.

我們對整體環境仍持建設性看法；另外我不知道你是否知道，這項稅其實已受到挑戰，目前正在由哥倫比亞最高法院審查。我們仍抱持建設性期待，最高法院會審視並認為，或許這不是未來財政推進的最佳方式，並且情況將會回歸正常。

Understood. I really appreciate the detail there, Paul. And turning to.

了解。我非常感謝你提供的細節，Paul。接著談到……

Yeah, the Costa Rican portfolio, I think I saw your revenue growth was right around 3% year over year.

是的，哥斯大黎加投資組合，我想我看到你們的營收年增大約在 3% 左右。

I believe that portfolio is at 100% occupancy as well. Can you kind of touch on the growth prospects for Costa Rica? Is there any substantial or notable lease renewal activity coming up? And how do you kind of weigh that growth versus the rest of the portfolio?

我相信該投資組合的出租率也是 100%。你能談談哥斯大黎加的成長前景嗎？是否有任何重大或值得注意的租約續約活動即將到期？以及你們如何權衡那裡的成長與整體投資組合其他部分的成長？

Thank you.

謝謝。

Thank you. That's actually a wonderful question as well.

謝謝。這也是個很好的問題。

Give me second. Yeah, thank you. We were getting some echo here. What we're seeing in terms of, you're absolutely right, that portfolio is 100% occupied.

給我一秒。好的，謝謝。我們這裡有些回音。就你提到的情況而言，你說得完全正確，那個投資組合目前是 100% 出租。

And in terms of the releases, we are seeing some increases on the mark-to-market releases. I would say that the spreads are being closer to double-digits in terms of the re-spreads. And we will announce, obviously, as they come due and as they happen. So, yeah, that's the status of our portfolio. And if Seven maybe would like to complement it as well.

至於續租，我們看到按市價續租（mark-to-market）的租金有一些上調。我會說，續租利差（re-spreads）接近雙位數。我們也會在到期並完成時，當然會對外公告。所以，是的，這就是我們投資組合的狀況。若 Seven 也想補充的話。

Thank you for that, Paul.

謝謝你，Paul。

As we look forward to Costa Rica, it is already a significant portion of our portfolio. So we are guiding the majority of new capital investment towards Mexico. We are seeing growth opportunities in Costa Rica. What I would say is we're being much more selective. It's a market we have come to appreciate and we have a very relevant and dominant position in. And for that reason.

展望哥斯大黎加，它已經是我們投資組合中相當重要的一部分。因此，我們將大部分新增資本投資引導至墨西哥。我們確實在哥斯大黎加看到成長機會；但我要說的是，我們會更為挑選。這是一個我們逐漸欣賞、且我們在其中擁有非常重要且具主導地位的市場。也因此。

We see that the majority of the growth potential will likely be with third-party joint ventures, and we're trying to arrange for that as we go forward, so we preserve capital mostly to be deployed into Mexico. So in a way we think about it is already relevant, it's around 45% of our company. We want to rather balance that out over time and shift our center of gravity, if you will, towards Mexico. And that's why we want to prioritize allocation into Mexico, where we're seeing a better risk-adjusted opportunity set, by the way.

我們看到，大部分的成長潛力很可能會來自第三方合資企業，而我們也正嘗試在未來推進過程中安排這些合作，以便主要保留資本用於部署到墨西哥。因此，從某種角度來看，我們認為這已經相當相關——它約占我們公司約45%。我們希望隨時間推移更好地平衡這一點，並將我們的重心（如果你願意這麼說）轉向墨西哥。這也是為什麼我們希望優先將資本配置到墨西哥，因為順帶一提，我們在那裡看到更佳的風險調整後機會集合。

And that's the way we're thinking about it. So there are interesting opportunities. I think we're just being more selective in guiding ourselves into Mexico with a more important tilt.

這就是我們的思考方式。所以確實有一些有趣的機會。我認為我們只是更有選擇性，並以更重要的傾斜度引導自己走向墨西哥。

Understood. That makes a lot of sense. Thanks, everybody. That's all for me.

了解。這非常合理。謝謝各位。我這邊就到這裡。

Thank you.

謝謝。

Lisa Gomez of BTG Pascal

BTG Pascal 的 Lisa Gomez

Hi, good morning. Thanks for taking my question. And regarding your expansion in Mexico, are you looking on any of the assets of the Facina that are in sale? And if any of the Firamicu assets came into the market, will you be interested in those ones?

嗨，早安。謝謝讓我提問。關於你們在墨西哥的擴張，你們是否在關注 Facina 正在出售的任何資產？如果 Firamicu 的資產進入市場，你們會對那些資產感興趣嗎？

Thank you for that.

謝謝你的提問。

We're completely canvassing the market, and yeah, there are acquisition opportunities that are very interesting for us. We have dialogue with relevant parties in multiple circumstances. That's one of the things that Mexico has, it is a deep opportunity set. So to answer your question, yes, we would definitely look at them. We have looked at them in other contexts in the past. We want to just continue canvassing because we see that there could be.

我們正在全面掃描市場，是的，確實有一些對我們非常有吸引力的收購機會。我們在多種情境下與相關方保持對話。這也是墨西哥的一個特點——它有很深的機會集合。所以回答你的問題：是的，我們一定會看。我們過去在其他情境下也看過。我們希望持續掃描，因為我們看到可能會有。

Even richer opportunities for us as these moves come along.

隨著這些動作推進，對我們而言甚至可能出現更豐富的機會。

But yes, there's a lot still to be done. We're trying to look for off-market proprietary deals that we're working through our local relationship network. And we want to stay away from competing or very tightly managed processes. We'd rather be in off-market transactions where we can get a more interesting opportunity for us. As we like partnering.

但沒錯，還有很多工作要做。我們正透過在地關係網絡，尋找場外（off-market）的專屬交易。我們希望避免競標或流程管理非常嚴密的交易。我們更願意參與場外交易，這樣我們能獲得對我們更有意思的機會。因為我們喜歡與人合作。

And that's, I think, where we can get -- we can offer more value and eventually get more value for our platform. That's the way we think about acquisition. But for sure, after these consolidation efforts take place, we do expect more assets to be available for us to consider.

我認為那是我們可以取得——我們能提供更多價值，最終也能為我們的平台取得更多價值的地方。這就是我們對收購的看法。不過可以肯定的是，在這些整併努力發生之後，我們確實預期會有更多資產可供我們評估。

Perfect. Very clear.

很好，非常清楚。

Thank you.

謝謝。

Ladies and gentlemen, there are no more questions from the phone lines, so we will now proceed with questions from the webcast platform.

各位女士先生，電話線上已沒有更多問題，因此我們現在將改由網路直播平台的提問。

We will pause for a brief moment to wait for the question to come in.

我們將稍作停頓，等待問題進來。

Thank you.

謝謝。

The question comes from Bruce Wolfson. Isn't LPA one of many companies whose share price is impacted by the liquidity and lack of equity?

問題來自 Bruce Wolfson。LPA 不也是眾多股價受到流動性與缺乏股權（equity）影響的公司之一嗎？

Thank you for that question, Bruce. Yes, that surely is something we're trying to enhance. Liquidity and tradability of our shares is something we want to enhance. That's why we're having what we would call an awareness push. It comes not only with the way we revamped our website, our communications, but also our engagement to the investor community. And that's something we're working towards. That's why we're working with equity research analyst firms.

謝謝你的問題，Bruce。是的，這確實是我們正努力改善的事情。我們希望提升我們股票的流動性與可交易性。這也是為什麼我們正在推動我們所稱的「提升認知」行動。這不僅體現在我們如何改版網站與溝通方式，也體現在我們與投資人社群的互動。這是我們正在努力的方向。也因此我們正與股票研究分析機構合作。

We welcomed out with.

我們也歡迎外界。

Benefit from that. And it is part of the reason why we're seeing our share price performance, suffer the way it has. But that's precisely why there's so much room to improvement, because it doesn't speak, excuse me, doesn't speak necessarily to value, but rather on technicals that we expect to correct as time progresses.

從中受益。而這也是我們股價表現如目前所見而承壓的部分原因之一。但這也正是為什麼改善空間很大，因為這並不一定反映價值——抱歉——並不一定反映價值，而是更多反映技術面因素；我們預期隨著時間推移這些因素會得到修正。

And yeah, that might be one of the reasons that why we. Might be affected at the moment, and we're trying to address that head-on with these communication efforts to make sure that we try to bring and restore balance, if you will, to how we are understood in our markets.

是的，這可能是我們目前受到影響的原因之一，而我們正透過這些溝通努力正面處理，確保我們能夠——如果你願意這麼說——讓市場對我們的理解方式恢復平衡。

Thank you. At this time, there are no further webcast questions. With that, we will be concluding today's question-and-answer session. I would like to turn the call over to Esteban for closing remarks.

謝謝。目前沒有更多網路直播提問。接下來我們將結束今天的問答環節。我想把電話交給 Esteban 作結語。

Thank you, operator.

謝謝，接線員。

I would like to end today's review with a few takeaways from the quarter.

我想以本季的幾點重點作為今天回顧的結尾。

First, we continue to deliver quarter after quarter with revenue growth and profitability accelerating as our portfolio captures rising market rates and our development investments come online.

第一，我們持續一季接著一季交出成果，營收成長與獲利能力加速提升，因為我們的投資組合掌握了上升的市場租金水準，而我們的開發投資也陸續投入營運。

Second, the fundamentals of our cross-border platform are very strong. They're backed by contracted, predominantly dollar-denominated revenues, superior occupancy, observable pricing power, and a high-quality tenant base. And we expect to build on this momentum throughout the rest of the year as rental growth materializes, additional development properties come online.

第二，我們跨境平台的基本面非常強勁。其背後有已簽約、且以美元計價為主的收入支撐，具備優異的出租率、可觀察到的定價能力，以及高品質的租戶基礎。我們預期在今年剩餘時間延續這股動能，因為租金成長將逐步體現，更多開發物件也將投入營運。

The third point is that while the macro backdrop across both developed and emerging economies continues to evolve, navigating shifting political and economic conditions is one of our core competencies, and our track record demonstrates that.

第三點是，儘管已開發與新興經濟體的總體環境仍在演變，因應變動的政治與經濟情勢是我們的核心能力之一，而我們的過往紀錄也證明了這一點。

Behind LPA is a talented, deeply experienced team that bridges local impact with global impact, making us a partner of choice for multinationals, for strategic partners, and real estate investors alike.

LPA 背後是一支才華洋溢且經驗深厚的團隊，能將在地影響力與全球影響力連結起來，使我們成為跨國企業、策略夥伴以及不動產投資人共同的首選合作夥伴。

Finally, while we continue to monitor developments in the Middle East and the upcoming electoral cycle in Peru and Colombia, our conviction in Mexico and our foundational markets is stronger than ever, given the clear structural scarcity of institutional quality logistics facilities across the region.

最後，雖然我們持續關注中東局勢的發展，以及秘魯與哥倫比亞即將到來的選舉週期，但鑑於該區域機構級物流設施在結構上明顯稀缺，我們對墨西哥與我們的核心市場的信心比以往任何時候都更強。

As an internally managed real estate company, you can't count on us to invest thoughtfully and selectively. With capital efficiency top of mind, we are well-positioned to further scale and diversify LPA's vertically integrated platform, capture rising demand for institutional quality, well-located facilities, and continue driving earning power over time.

作為一家內部管理的不動產公司，你可以期待我們以審慎且有選擇性的方式投資。在資本效率為首要考量之下，我們具備良好條件進一步擴大並多元化 LPA 的垂直整合平台，掌握對機構級、位置優越設施日益上升的需求，並在時間推移中持續提升獲利能力。

As we continue to execute consistently, we are confident the public markets will increasingly recognize LPA's robust financial performance and long runway for growth. And reward our shareholders by closing the gap to fundamental value.

隨著我們持續穩健執行，我們有信心公開市場將愈來愈能認可 LPA 強勁的財務表現與長期成長跑道，並透過縮小與基本價值的差距來回饋股東。

We're energized by the start we've had to 2026 and are confident in the path ahead.

我們對 2026 年的良好開局感到振奮，並對未來的道路充滿信心。

Thank you for joining us today. We look forward to speaking with you on our next call.

感謝各位今天加入我們。我們期待在下一次電話會議再與各位交流。

This concludes today's conference call. You may now disconnect. Goodbye.

今天的電話會議到此結束。您現在可以掛線。再見。