Cash flow conversion remains inconsistent, as evidenced by the 2026Q1 FFO of negative $7.7M contrasting with negative $5.0M in operating cash flow, while maintenance capital expenditures remain minimal at under $30,000 per quarter.
| Cash from Operations | 7.98M | 2.77M | 19.39M | 17.2M | 19.61M | 9.85M | 3.25M | 2.1M | -4.94M | -6.78M | -3.78M |
| Operating CF Growth % | 130.05% | -85.71% | 12.75% | -12.3% | 99.05% | 203.13% | 54.84% | 142.46% | 27.1% | -79.63% | - |
| Operating CF / Revenue % | 15.15% | 5.53% | 44.21% | 43.61% | 61.32% | 38.49% | 17.03% | 18.85% | -74.11% | -235.86% | -4253.96% |
| Net Income | 3.32M | 10.5M | -19.43M | 7.16M | 11.44M | 8.67M | -6.09M | 22.01M | 12.75M | 26.21M | -4.23M |
| Depreciation & Amortization | 897.42K | 1.02M | 1.11M | 167.9K | 228.49K | 236.56K | 206.3K | 171.86K | 161.14K | 52.52K | 22.82K |
| Stock-Based Compensation | 1.3M | 0 | 2.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.45M | -5.98M | 18.79M | 1.82M | 8.78M | 7.39M | 11.78M | -19.42M | -15.12M | -29.95M | -90.85K |
| Working Capital Changes | -4.14M | -2.76M | 7.29M | 3.07M | -801.14K | -2.56M | -2.65M | -667.69K | -2.73M | -3.1M | 519.87K |
| Cash from Investing | -29.09M | -21.39M | -10.73M | -23.2M | -36.48M | -66.86M | -51.59M | -81.61M | -25.81M | -34.38M | -68.79M |
| Acquisitions (Net) | 2.25M | 3.71M | 0 | 0 | 0 | -22.44M | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -12.92M | -29.32M | 0 | 0 | 0 | -214.38M | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 3.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -18.26M | 464.95K | -10.66M | -23.2M | -4.3M | 3.93M | -51.41M | -81.61M | -25.81M | -34.38M | -68.79M |
| Cash from Financing | 22.16M | 16.89M | -14.69M | 25.98M | 14.8M | 59.26M | 37.79M | 92.8M | 33.34M | 35.34M | 88.44M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Share Repurchases | -1.2M | -2.03M | -1.24M | -168.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -13.21M | -3.55M | -15.48M | -27.17M | -15.92M | -7.4M | 18.95M | 30.29M | 24.81M | -4M | 88.44M |
| Net Change in Cash | 1.3M | -1.4M | -6.42M | 20.25M | -2.37M | 1.9M | -10.74M | 13.26M | 2.44M | -5.92M | 15.91M |
| Exchange Rate Effect | 237.5K | 329.94K | -381.1K | 277.55K | -303.75K | -352.8K | -192.91K | -35.65K | -147.55K | -92.6K | 38.93K |
| Cash at Beginning | 27.43M | 28.83M | 35.24M | 14.99M | 17.36M | 15.46M | 26.2M | 12.94M | 10.5M | 16.43M | 514.36K |
| Cash at End | 28.25M | 27.43M | 28.83M | 35.24M | 14.99M | 17.36M | 15.46M | 26.2M | 12.94M | 10.5M | 16.43M |
| Free Cash Flow | -10.42M | 2.62M | 2.65M | -11.34M | -21.45M | -38.5M | 3.08M | 2.1M | -4.94M | -6.78M | -3.78M |
| FCF Growth % | -354.41% | -1.01% | 123.38% | 47.16% | 44.28% | -1350.84% | 46.64% | 142.46% | 27.1% | -79.63% | - |
| FCF / Revenue % | -19.78% | 5.23% | 6.04% | -28.75% | -67.07% | -150.41% | 16.13% | 18.85% | -74.11% | -235.86% | -4253.96% |
Regional Political Volatility
As reported in financial statements, LPA's FFO frequently decouples from GAAP operating cash flow, with the 2026Q1 FFO of negative $7.7M contrasting sharply against the negative $5.0M in operating cash, suggesting that non-cash accounting adjustments are significantly distorting the company's perceived operational performance.
The wide variance between FFO and operating cash flow indicates that standard REIT metrics are currently failing to capture the underlying cash-generating reality of the portfolio. Investors should monitor whether these discrepancies are driven by recurring non-cash items or if they reflect deeper issues in the timing of revenue recognition across the company's diverse regional markets.
Based on LPA's reported figures, the significant gap between Net Income and FFO, such as the $7.7M net income versus $7.9M FFO in 2025Q4, highlights the impact of non-cash depreciation and fair value adjustments that complicate the assessment of true recurring earnings power.
The volatility in Net Income suggests that the company's bottom line is highly sensitive to non-cash revaluations of its investment properties. This makes it difficult for analysts to rely on GAAP earnings as a proxy for operational success, necessitating a focus on AFFO to strip away these accounting distortions.
According to recent SEC filings, LPA's maintenance capital expenditures remain relatively low, with quarterly figures often falling below $30,000, which suggests that the company's portfolio of Class A logistics assets is either relatively new or that significant maintenance costs are being deferred or capitalized.
Low maintenance capex relative to the scale of the portfolio may indicate that the assets are currently in a prime state, but it also warrants investigation into whether these costs will spike as the portfolio ages. If the company is under-investing in its facilities, the long-term durability of its competitive moat could be compromised.
As indicated by the financial data, the persistent oscillation between positive and negative AFFO suggests that LPA's cash flow is currently strained, potentially due to the impact of currency fluctuations on its USD-denominated lease portfolio or the aggressive capitalization of costs during development phases.
The lack of a consistent dividend payout makes it difficult to assess the company's true distributable cash flow buffer. Investors should remain cautious, as the current cash flow profile appears to be heavily influenced by development-related outflows rather than stable, recurring income from stabilized assets.
Quick answers to the most common questions about buying LPA stock.
Logistic Properties of the Americas (LPA) generated $2.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Logistic Properties of the Americas (LPA) generated $2.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Logistic Properties of the Americas (LPA) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Logistic Properties of the Americas (LPA) spent $2.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.