Industrial & Infrastructure Fund Investment (3249) Q4 2024 earnings summary

Executive summary

• Focused on stable profit and steady growth through investment in logistics, manufacturing, R&D, and infrastructure properties in Japan.

• Portfolio reached 81 properties with an acquisition price basis AUM of ¥397.9 billion as of January 31, 2024.

• Distribution per unit for the 33rd period was ¥3,434, up ¥152 from the previous period.

• Major acquisitions and strategic dispositions executed, including CRE carve-out deals and redevelopment projects.

Financial highlights

• Operating revenue for the six months ended January 31, 2024: ¥18,167 million (up ¥319 million from previous period).

• Net income: ¥7,242 million (down ¥176 million from previous period).

• Total assets: ¥441,839 million; net assets: ¥195,997 million.

• Net asset value per unit: ¥92,735; net income per unit: ¥3,426.

• Occupancy rate: 99.7%; average remaining lease term: 10.2 years.

• Cash and cash equivalents: ¥43,740 million.

Outlook and guidance

• Forecast for 34th period (ending July 31, 2024): operating revenue ¥20,889 million, net income ¥8,369 million, distribution per unit ¥3,390.

• Forecast for 35th period (ending January 31, 2025): operating revenue ¥20,948 million, net income ¥8,485 million, distribution per unit ¥3,390.

• Gains from property sales to be distributed over three fiscal periods to stabilize distributions.