J-REIT: Our Industry View Remains Attractive; Limited Risk of Further Deterioration in Liquidity

Research evidence excerpt

J-REIT: Our Industry View Remains Attractive; Limited Risk of Further Deterioration in Liquidity

PS grow th pace, policy for returning sales gains, rent hikes upon contract renew al Higher-than-expected DPS w ith booking of sales gains, rising NOI grow th momentum / Reduced NOI grow th momentum due to rising costs

Logistics 8967 Japan Logistics Fund Raising of FFO PS grow th target to +2.2%/yr, timing of draw ing on reserves Upw ard revision to KPIs, grow th from use of financial capacity / Stagnating property replacements, FFOPS grow th below annualized rate of 2.2%

Improvement in logistics facilities market, further acceleration of rent increases, share

Logistics 3281 GLP J-REIT DPS grow th from sales gains, high portfolio yields from asset replacement / Property acquisitions at below the implied cap rate

buybacks

Improvement in the logistics facility market, property reshuffling and booking of gains on

Logistics 3283 Nippon Prologis REIT Logistics facility market improvement, more sales gains, share buybacks / Acquisition of properties at below implied cap rates

sales from FT11/27, share buybacks

Leasing or selling properties after tenant departures, booking of sales gains, acquisition of

Logistics 3466 LaSalle LOGIPORT REIT Increase in sales gains, expansion of high-margin indirect investments / Acquisition of properties below the implied cap rate

ow n shares

Logistics 3471 Mitsui Fudosan Logistics Park Near-term property acquisition and LTV utilization Logistics facility market improvement, use of financial headroom / Property acquisitions fall below expected grow th

Improved logistics facilities market, sales gains from asset reshuffles, higher DPS as gains returned to shareholders /