LaSalle Logiport REIT lowered its forecast total distribution for the half ending February 2027 to ¥4,000 a unit from ¥4,282, a 6.6% cut against the forecast it published on 18 September. The revision, issued alongside its results for the half to August 2026, is attributed in the notice to the REIT's decision to level payouts across four periods.
The ordinary distribution barely moves: ¥4,000 against ¥4,019 previously. The change sits in the excess-of-profit payment, which falls from ¥263 a unit to zero.
| Measure | Previous forecast | Revised forecast |
|---|---|---|
| Total (incl. excess-of-profit) | 4,282 | 4,000 |
| From profit only | 4,019 | 4,000 |
| Excess-of-profit | 263 | 0 |
Why the payout is being levelled
The REIT says property sales will book gains of about ¥7.7bn across four periods, from the half to August 2026 through the half to February 2028. Because each period's gain differs, per-unit payouts would swing. Management concluded that steadier, more predictable payouts serve unitholders better, so it will use excess-of-profit distributions to level them. February 2027 is paid from profit alone.
The results release gives the shape. For the half to August 2026, the REIT set a distribution of ¥3,892 a unit from profit plus ¥148 in excess-of-profit, ¥4,040 in all, with payment scheduled to begin on 19 November 2026, against ¥3,725 a half earlier. It forecasts ¥3,510 plus ¥490 for the half to August 2027, again ¥4,000.
What the results show
Operating revenue for the half to August 2026 was ¥13.21bn, up 5.9%, and net income was ¥6.46bn, up 7.3%. Property sale gains were ¥2.14bn in the period, against ¥1.02bn in the prior half.
The release forecasts further sale gains of ¥2.29bn in the half to February 2027 and ¥1.82bn in the half to August 2027. It guides net income of ¥6.36bn for February 2027 and ¥5.58bn for August 2027, with the weaker second figure arriving as those gains shrink.
The notice says the forecast does not guarantee any distribution amount and may change with property transactions, rents, repairs and interest rates.