LaSalle LOGIPORT REIT (3466) Q2 2027 earnings summary

Executive summary

• Six-month revenue rose 5.9% YoY to ¥13,210M; operating income rose 6.1% to ¥7,335M and net income rose 7.3% to ¥6,458M.

• Total distribution was ¥4,040 per unit; portfolio occupancy was 99.2% across 19 properties and 170 tenants at Aug. 31, 2026.

Financial highlights

• FP26/8 operating revenue was ¥13,210M, NOI ¥8,471M and operating income ¥7,335M; ordinary income and net income were ¥6,458M.

• Property-sale gains were ¥2,144M; real estate leasing revenue was ¥10,773M and leasing profit ¥7,024M.

• Distribution was ¥3,892 per unit from earnings plus ¥148 in excess of retained earnings, totaling ¥4,040 versus ¥3,725 in the prior period.

• Normalized same-store rent revenue was ¥9.5Bn vs. ¥9.2Bn, CAGR +1.3%; same-store NOI was ¥7.9Bn vs. ¥7.5Bn, CAGR +1.6%.

Outlook and guidance

• Forecast distributions are ¥4,000 per unit in both Feb. and Aug. 2027; Aug. 2027 comprises ¥3,510 from earnings and ¥490 in excess of retained earnings.

• Feb. 2027 forecast net income is ¥6,360M; Aug. 2027 forecast net income is ¥5,581M and EPU is ¥3,510.

• Forecast occupancy averages 98.9% in Feb. 2027 and 98.3% in Aug. 2027, with downtime at LP Osaka Bay contributing to the latter.

• FP28/8 terminal adjusted DPU guidance is ~¥3,360, implying +2.5% CAGR from FP23/8; potential dispositions of ~¥25Bn support the outlook.