Logistic Properties of the Americas announced its unaudited financial results for the third quarter ended September 30, 2024, reporting total revenues of $11.273 million. This represents a 10.4% increase year-over-year compared to $10.214 million in the third quarter of 2023. Net operating income (NOI) also grew by 10.3% to $9.6 million for the quarter.
The company reported a profit for the period of $4.833 million, a significant increase of 103.8% from $2.371 million in the same period last year. Operating Gross Leasable Area (GLA) expanded by 10.9% from the beginning of the year, reaching 5.121 million square feet. Stabilized leased area stood at 98.5%.
General and administrative expenses increased by 88.5% year-over-year to $4.751 million, primarily due to one-time costs associated with LPA's transition to a publicly traded company and recurring expenses for U.S. Securities and Exchange Commission compliance. The company also initiated its investment program in Mexico, deploying capital earlier than initially planned as part of its long-term value creation strategy.
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