LaSalle LOGIPORT REIT (3466) Q2 2024 earnings summary

Executive summary

• 15th FP DPU was ¥3,090; forecasts are ¥3,750 for 16th FP and ¥3,566 for 17th FP, supported by staged disposition gains and operating growth.

• Occupancy remained high and rent revisions continued; growth strategy shifted toward asset trades, bridge funds and property sales rather than relying on public offerings.

Financial highlights

• 15th FP revenue was ¥11,215 million, NOI ¥8,674 million, operating income ¥5,741 million and net income ¥5,089 million; revenue rose 2.1% versus the prior period.

• Actual DPU of ¥3,090 exceeded forecast by ¥5; distributions included ¥365 per unit in excess of retained earnings, partly offsetting public-offering dilution and one-time costs.

• NAV per unit was ¥161,124; unrealized capital gain was ¥81,721 million, or 21.7% of appraisal value.

• Cash flow from operations was ¥5,899 million; investing cash outflow was ¥24,770 million and financing cash inflow was ¥16,874 million.

Outlook and guidance

• 16th FP DPU forecast is ¥3,750, including ¥590 per unit from the first Nagareyama B sale settlement and ¥245 from the Suminoe redemption.

• 17th FP DPU forecast is ¥3,566; the second Nagareyama B settlement and internal growth partly offset the loss of the one-time Suminoe gain and property taxes on July acquisitions.

• Forecast revenue, operating income and net income are ¥13,126 million, ¥7,281 million and ¥6,547 million for February 2024, and ¥12,677 million, ¥6,952 million and ¥6,204 million for August 2024.

• Forecast average occupancy is 99.2% for 16th FP and 98.7% for 17th FP; assumptions include contractual rent paid without delinquency.

• Forecasts include disposal gains of ¥1,138 million and ¥1,135 million for the respective periods, plus a ¥469 million asset-redemption dividend in February 2024.