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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.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.
- Net income up 2.9% from forecast to JPY 12,590M, with DPU up 2% and occupancy at 98.5%.3283
Q2 2024 - DPU and NOI exceeded forecasts, driven by high occupancy, rent growth, and ESG leadership.3283
Q4 2024 - DPU, NOI, and net income outperformed forecasts, supported by high occupancy and asset management.3283
Q2 2025 - High occupancy and rent growth drive DPU outperformance and robust financial results.3283
Q4 2025
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