Nippon Prologis
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Nippon Prologis (3283) investor relations material

Nippon Prologis Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary16 Jul, 2026

Executive summary

  • Achieved historically high rent change and maintained strong occupancy, positioning for further upside in FY2026.

  • Portfolio of 60 Class-A logistics facilities with stable income and high occupancy, supported by strong sponsor backing and strategic asset reshuffling transactions.

  • Achieved 98.0% occupancy and 7.0% average rent growth during the period, benefiting from improved supply-demand balance in logistics real estate.

  • Financial position remains resilient, with capacity to absorb rising interest rates.

  • Continued progress toward a 3% annual DPU growth target.

Financial highlights

  • NOI for May 2026 fiscal period: JPY 24,351 million (+0.4% vs. forecast, +0.4% vs. previous period).

  • DPU: JPY 1,928 (+0.1% vs. forecast, +1.0% vs. previous period).

  • Operating revenues for the period ended May 31, 2026: ¥33,710 million, down 3.9% from previous period.

  • Net income: ¥14,395 million, down 6.2% from previous period; net income per unit: ¥1,715.

  • AFFO for May 2026: JPY 18,762 million; payout ratio: 86.2%.

Outlook and guidance

  • Forecast DPU for Nov. 2026: JPY 1,938 (+0.5% vs. previous period).

  • NOI expected to grow to JPY 24,690 million by May 2027.

  • Forecast for Nov. 30, 2026: operating revenues ¥35,086 million (+4.1%), net income ¥14,503 million (+0.7%), distributions per unit (excluding SCD) ¥1,729.

  • Average occupancy rates expected at 98.4% and 98.6% for the next two periods.

  • Roadmap in place to achieve stabilized 3% annual DPU growth.

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Q3 202616 Oct, 2026
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Q3 202616 Oct, 2026

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