LaSalle Logiport REIT (3466) told the Tokyo Stock Exchange on September 18 that it will sell four warehouses in staggered deals running from this month through September 2027, and it used the same day to raise its distribution forecast for the six months to next February by a third.
The REIT is selling a warehouse in Kashiwa, Chiba on its own, at a planned price of ¥11.02bn against a book value of ¥8.89bn, generating an expected gain of ¥2.12bn. The company said the sale addresses future income risk after a single tenant vacated the building. A separate three-property package, comprising a logistics center in Inuyama, Aichi and two warehouses in Sakai, Osaka, is being sold as one bundle to a single undisclosed domestic buyer for a combined ¥18.57bn, against combined book value of ¥15.04bn and an estimated combined gain of ¥3.52bn. Individual prices for the three bundled properties are not disclosed because the buyer withheld consent.
| Asset | Planned price | Book value | Estimated gain | Transfer date |
|---|---|---|---|---|
| Kashiwa, Chiba warehouse | ¥11.02bn | ¥8.89bn | ¥2.12bn | Dec 18, 2026 |
| Three-property package: Inuyama, Aichi logistics center and two Sakai, Osaka warehouses | ¥18.57bn (combined) | ¥15.04bn (combined) | ¥3.52bn (combined) | Sep 30, 2026 / May 31, 2027 / Sep 30, 2027 |
Settlement is spread across four dates: the Inuyama property closes September 30, 2026, the Kashiwa property on December 18, 2026, and the two Sakai properties close on May 31, 2027 and September 30, 2027. The buyer of the Kashiwa property counts as an interested party under the asset manager's conflict rules because it has a separate asset-management contract with the parent company of LaSalle Logiport's asset manager; the REIT says it cleared that sale through its internal related-party review. Proceeds from all four sales are earmarked for unitholder distributions, buybacks of the REIT's own investment units, and indirect investments, with roughly ¥12.1bn of proceeds due within the period to next February funding part of that buyback.
The forecast revision, filed the same day, shows why the disposals matter to unitholders now rather than just eventually. Operating revenue guidance for the six months to February 2027 rises 19.2% to ¥13.20bn, ordinary income climbs 31.0% to ¥6.42bn, and the per-unit distribution including excess payments jumps 33.4% to ¥4,282.
| Metric | Previous forecast | Revised forecast | Change |
|---|---|---|---|
| Operating revenue | ¥11.08bn | ¥13.20bn | +19.2% |
| Operating income | ¥5.85bn | ¥7.42bn | +26.9% |
| Ordinary income | ¥4.90bn | ¥6.42bn | +31.0% |
| Net income | ¥4.90bn | ¥6.42bn | +31.0% |
| Distribution per unit (incl. excess) | ¥3,210 | ¥4,282 | +33.4% |
| Distribution per unit (excl. excess) | ¥2,952 | ¥4,019 | +36.1% |
| Excess distribution per unit | ¥258 | ¥263 | +1.9% |
Management attributes the increase to two mechanics: a ¥2.30bn gain on sale it expects to book within the period from the properties settling before February 2027 (Inuyama and Kashiwa), and a lower assumed unit count of 1,598,112 following the buyback and cancellation announced the same day. The REIT's assumptions also include 98.8% average portfolio occupancy and a loan-to-value ratio near 47.2%, against interest-bearing debt of ¥171.02bn. The company left its forecast for the separate period ending August 2026 unchanged.
The numbers carry the REIT's own caveats: gain figures are calculated as of the announcement date and can move before each closing, and the forecast depends on refinancing maturing debt in full and on no further disruption to tenancy or interest rates. The identity of the buyer for three of the four properties remains undisclosed at the company's counterparty's request.