LaSalle LOGIPORT REIT (3466) Q4 2026 earnings summary

Executive summary

• FP26/2 distributions were ¥3,725 per unit, including ¥258 in excess of retained earnings; adjusted DPU was ¥3,180, 0.5% above forecast.

• Revenue and net income declined YoY as property-sale gains eased; portfolio occupancy remained 98.6% across 22 properties.

• ¥48.9bn of dispositions and expanded buybacks support capital efficiency and adjusted per-unit earnings growth.

• Adjusted DPU guidance targets ¥3,370 for FP28/8, a 2.7% CAGR from FP23/8; with another ¥15bn of dispositions, guidance rises to ¥3,460 and a 3.3% CAGR.

Financial highlights

• FP26/2 revenue was ¥12,471m, down 5.8% YoY; operating income was ¥6,914m, ordinary income ¥6,021m and net income ¥6,020m, each lower YoY.

• Rental revenue was ¥10,384m versus ¥10,564m; gain on real estate sales was ¥1,020m versus ¥1,566m in the prior period.

• Distributions totaled ¥3,725 per unit: ¥3,467 from earnings and ¥258 in excess of retained earnings; adjusted EPU was ¥2,922 and adjusted DPU ¥3,180.

• FFO was ¥7,515m, or ¥4,327 per unit; AFFO was ¥6,710m, or ¥3,863 per unit, with payout ratios of 86.1% and 96.4%.

Outlook and guidance

• FP26/8 forecast distributions total ¥4,040 per unit, comprising ¥3,782 from earnings and ¥258 in excess; FP27/2 totals ¥3,210, comprising ¥2,952 and ¥258.

• Adjusted DPU forecasts are ¥3,146 for FP26/8 and ¥3,185 for FP27/2; terminal-period guidance is ~¥3,370, or ~¥3,460 assuming ¥15bn of additional dispositions.

• Guidance incorporates average rent revisions of 7%, dispositions of 10–15% of AUM, ¥10–15bn of high-return reinvestments and an assumed 80bps rise in average debt cost.

• Forecast occupancy is 98.2% for FP26/8, reflecting Higashi-Ogishima downtime, and 98.8% for FP27/2; estimated disposal gain is ¥2,055m.

• Forecast LTV is 45.9% in FP26/8 and 46.2% in FP27/2; forecasts assume refinancing of borrowings and bonds due through February 2027.