Financial Presentation Materials for the Fiscal Year Ending February 2026 (28th Period)

Business Overview

For the fiscal year ending February 2026, accelerated rent growth and promotion of asset sales contributed to achieving a cruising DPU of 2,741 yen (initial forecast +3.3%) and a DPU of 3,399 yen (initial forecast +9.6%). NOI reached 20.67 billion yen, exceeding the initial forecast, and the occupancy rate was maintained at a high level of 97.9%. Although there was some decline due to asset sales and occupancy rate decreases, strong internal growth boosted earnings.

Growth Strategy and Market Environment

The logistics real estate markets in the Tokyo metropolitan area and Kansai region are showing improving vacancy rates, and a significant supply reduction is expected toward 2027. The potential for rent increases is expanding, and rent growth maintained a high level of 9.0% (fiscal year ending February 2026). More than 90% of contracts are inflation-indexed, and the effective WALE is 2.7 years, securing long-term stable rental income. In capital allocation, a maximum treasury unit acquisition framework of 13 billion yen has been set, along with plans to raise distributions exceeding profits.