UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of May 2024
Commission
File Number: 333-275972
Logistic
Properties of the Americas
(Exact
name of registrant as specified in its charter)
601
Brickell Key Drive
Suite
700
Miami,
FL 33131
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form
20-F ☒ Form 40-F ☐
EXPLANATORY
NOTE
On
May 16, 2024, Logistic Properties of the Americas (the “Company”) published a press release announcing the refinancing of
the mortgage loans related to two of its logistics parks. A copy of this press release is furnished as Exhibit 99.1 to this Form 6-K.
The
information in this Form 6-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934
(the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference
in any filing under the Securities Act of 1933 or the Exchange Act.
EXHIBIT
INDEX
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
Logistic
Properties of the Americas |
|
|
|
|
By: |
/s/
Esteban Saldarriaga |
|
Name: |
Esteban
Saldarriaga |
|
Title: |
Chief
Executive Officer |
|
Date:
May 16, 2024
[Signature
Page to 6-K]
Exhibit
99.1
Logistic
Properties of the Americas Announces $120 million Refinancing of Two Logistics Parks in Costa Rica and Peru
SAN
JOSE, Costa Rica. May 16, 2024 –Logistic Properties of the Americas (NYSE American: LPA) (together with its subsidiaries, “LPA”
or the “Company”), a leading developer, owner, and manager of institutional quality,
Class A industrial and logistics real estate in Central and South America, today announced the refinancing of $120 million of
its mortgage loans related to the Company’s La Verbena Logistics Park in Costa Rica and Lima Sur Logistics Park in Peru.
Paul
Smith, LPA’s Chief Financial Officer, said: “As part of our financial strategy we refinanced LPA’s La Verbena and Lima
Sur logistics parks, in order to decrease our financing costs and extend our debt maturity profile. Through proactive liability management,
we endeavor to maintain our financial flexibility and strengthen our balance sheet to further invest in meeting growing demand from top-tier
companies for premium real estate properties in LPA’s current and target markets.”
LPA
entered into a new $60 million 15-year mortgage loan for the La Verbena Logistics Park with Banco
BAC San José, S.A. (“BAC”). The new loan bears interest at a rate of three-month SOFR plus 2.00% (with a floor
of 5.5%) and has a 20-year amortization profile. The proceeds from this loan were used to repay the previous $48.05 million 10-year mortgage
loan with BAC, which had an interest rate of three-month SOFR plus 3.78% and a 15-year amortization profile. The Company intends to use
the remainder of the proceeds from this loan to reinvest in other properties within its platform as well as to develop new properties.
Additionally,
LPA entered into a new $60 million, 10-year mortgage loan for the Lima Sur Logistics Park with Banco BBVA Peru. The new sustainability-linked
loan has two tranches and a 35% balloon payment due at maturity. The Tranche A loan is for an amount of $48.7 million and bears a fixed
interest rate of 8.40%. The Tranche B loan is for an amount of $11.3 million and bears a fixed interest rate of 8.50%. The interest rates
of both tranches are set at a 20-basis point discount, assuming the Company meets certain sustainability benchmarks on a timely basis.
The proceeds of Tranche A were used to repay the balance of a $44 million loan provided by the International Finance Corporation (“IFC”).
LPA intends to use the proceeds of Tranche B for reinvestment in and expansion of its property platform.
About
Logistic Properties of the Americas
Logistic
Properties of the Americas is a leading developer, owner, and manager of institutional quality,
Class A industrial and logistics real estate in Central and South America. LPA’s customers are multinational and regional
e-commerce retailers, third-party logistic operators, business-to-business distributors, and retail distribution companies. LPA’s
strong customer relationships and insight is expected to enable future growth through the development and acquisition of high-quality,
strategically located facilities in its target markets. As of December 31, 2023, LPA consisted of an operating and development portfolio
of thirty-four logistic facilities in Colombia, Peru and Costa Rica totaling more than 491,000 square meters (or approximately 5.3 million
square feet) of gross leasable area.
Forward-Looking
Statements
This
press release contains certain forward-looking information, which may not be included in future public filings or investor guidance.
The inclusion of forward-looking information in this press release should not be construed as a commitment by LPA to provide guidance
on such information in the future. Certain statements in this press release may be considered forward-looking statements within the meaning
of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements about future events or LPA’s
future financial or operating performance. These forward-looking statements regarding future events and the future results of LPA are
based on current expectations, estimates, forecasts, and projections about the industry in which LPA operates, as well as the beliefs
and assumptions of LPA’s management. These forward-looking statements are only predictions and are subject to known and unknown
risks, uncertainties, assumptions and other factors beyond LPA’s control that are difficult to predict because they relate to events
and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees
of future performance. Therefore, LPA’s actual results may differ materially and adversely from those expressed or implied in any
forward-looking statements and LPA therefore caution against relying on any of these forward-looking statements.
These
forward-looking statements are based upon estimates and assumptions that, while considered reasonable by LPA and its management, are
inherently uncertain and are inherently subject to risks variability and contingencies, many of which are beyond LPA’s control.
Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the possibility
of any economic slowdown or downturn in real estate asset values or leasing activity or in the geographic markets where LPA operates;
(ii) LPA’s ability to manage growth; (iii) LPA’s ability to continue to comply with applicable listing standards of NYSE
American; (iv) changes in applicable laws, regulations, political and economic developments; (v) the possibility that LPA may be adversely
affected by other economic, business and/or competitive factors; (vi) LPA’s estimates of expenses and profitability; (vii) the
outcome of any legal proceedings that may be instituted against LPA and (viii) other risks and uncertainties set forth in the filings
by LPA with the U.S. Securities and Exchange Commission. There may be additional risks that LPA does not presently know or that LPA currently
believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Any forward-looking
statements made by or on behalf of LPA speak only as of the date they are made. Except as otherwise required by applicable law, LPA disclaims
any obligation to publicly update or revise any forward-looking statements to reflect any changes in their respective expectations with
regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, you should not
place undue reliance on forward-looking statements due to their inherent uncertainty.
Nothing
in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will
be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance
on forward-looking statements, which speak only as of the date they are made.
Media
Relations Contact:
Zach
Kouwe / Kendal Till
Dukas
Linden Public Relations
+1
646-722-6533
LLP@dlpr.com
Investor
Relations Contact:
Jennifer
Carranza
Logistic
Properties of the Americas
+506
2204-7020
ir@lpamericas.com
Barbara
Cano
InspIR
Group
+1
917 861-2530
barbara@inspirgroup.com
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