Logistic Properties of America operates an institutional-quality logistics real estate platform, benefitting from scarcity across Latin American end markets. Developing projects in Peru and expanding in Mexico through disciplined acquisitions are key near-term growth catalysts. On June 17, LPA announced the disposition of its largest stabilized logistics asset, Parque Logístico Lima Sur in Peru, for $145 million, demonstrating its value creation capability and kickstarting its recycling thesis. Our growth outlook assumes LPA will execute on its capital recycling strategy and acquire stabilized assets in Mexico, while continuing to develop projects in Peru. The balance sheet shows manageable leverage and healthy asset coverage. Our $7 price target is derived from our net asset value (NAV) forecast, reflecting LPA's growth stance.