LaSalle LOGIPORT REIT (3466) Q4 2024 earnings summary

Executive summary

• FP16 DPU rose 23.0% to ¥3,802, supported by asset-sale gains, investment income and rental growth.

• Revenue increased 17.0% to ¥13,124 million, operating income rose 28.1% to ¥7,354 million and net income grew 30.5% to ¥6,640 million.

• Portfolio occupancy was 99.2%; strategy emphasized phased dispositions, selective investment, off-balance-sheet AUM and unitholder returns.

Financial highlights

• FP16 NOI was ¥9,124 million, up from ¥8,674 million in FP15.

• DPU of ¥3,802 comprised ¥3,555 from earnings and ¥247 in excess distributions; FFO per unit was ¥4,378.

• FP16 included a ¥1,147 million Nagareyama B disposition gain and ¥532 million of dividend income from the Suminoe project and LRF2.

• Operating cash flow was ¥13,064 million; period-end cash and equivalents were ¥25,789 million.

Outlook and guidance

• Forecast DPU is ¥3,581 for the period ending Aug. 2024 and ¥3,602 for the period ending Feb. 2025.

• Forecast occupancy is 99.1% for Aug. 2024 and 98.6% for Feb. 2025; estimated disposal gains are ¥1,137 million and ¥1,144 million, respectively.

• Phased Nagareyama B gains and internal growth were expected to keep stabilized DPU near ¥3,600 through Feb. 2025.