Logistic Properties of the Americas announced its audited consolidated financial results for the year ended December 31, 2024, reporting total revenues of $43.862 million. This represents an 11.2% increase year-over-year from $39.436 million in 2023. Net operating income (NOI) for the year increased by 7.1%.
Despite the revenue growth, the company recorded a net loss of $29.29 million in 2024, a significant shift from net incomes in previous years. This loss was primarily driven by a substantial increase in operating expenses and selling, general, and administrative (SGA) expenses, which surged to $60.10 million in 2024. Total investment property operating expense increased by 35.6% to $6.975 million.
As of the end of 2024, the company's leased Gross Leasable Area (GLA) expanded by 6.2% to 5.637 million square feet, with a stabilized occupancy rate of 98.3%. The company also repurchased $1.3 million worth of its ordinary shares during the fourth quarter of 2024, and welcomed two new independent directors to its board.
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