LaSalle LOGIPORT REIT (3466) Q4 2025 earnings summary

Executive summary

• 18th FP ended Feb. 2025 with record total DPU of ¥4,005, operating revenue of ¥12,757m, net income of ¥6,337m and 99.2% occupancy.

• NAV per unit reached ¥165,294, with a four-year CAGR of 4.4%; unrealized capital gain was ¥90,008m, or 23.9%.

• Strategy prioritizes capital efficiency and shareholder returns through dispositions, conditional buybacks, indirect investments and growth in off-balance-sheet AUM.

Financial highlights

• Operating revenue was ¥12,757m, operating income ¥7,063m, ordinary income ¥6,338m and net income ¥6,337m in the 18th FP.

• Total DPU rose from ¥3,626 to ¥4,005; earnings distribution was ¥3,500 and excess-earnings distribution ¥505 per unit.

• Disposition gains were ¥1,143m and dividend income ¥81m; NOI increased ¥41m year over year as lower operating expenses partly offset lower leasing revenue.

• Operating cash flow was ¥11,026m, investing cash outflow ¥1,652m and financing cash outflow ¥14,739m.

Outlook and guidance

• Aug. 2025 forecast: operating income ¥7,321m, net income ¥6,486m and total DPU ¥3,829; Feb. 2026 forecast: ¥6,713m, ¥5,851m and ¥3,474, respectively.

• Forecast occupancy is 98.9% for Aug. 2025 and 98.5% for Feb. 2026; anticipated asset-sale gains are ¥1,551m and ¥965m, respectively.

• Feb. 2026 DPU reflects lower disposition gains; up to ¥4bn in additional buybacks, further dispositions and investment opportunities are potential upside.

• Matsudo development gain of ¥73m is expected in FY25/8; Sayama Hidaka disposition gain of ¥714m is expected in FY26/8.