Financial Results (REIT) for the Fiscal Period Ended February 29, 2024
April 15, 2024
S t o c k E x c h a n g e L i s t i n g : TSE
U R L :
https://lasalle-logiport.com/english/

R E I TI s s u e r : LaSalle LOGIPORT REITS e c u r i t i e s C o d e : 3466
R e p r e s e n t a t i v e : (Title) Executive Director(Name) Taira Jigami
Asset Management Company:
R e p r e s e n t a t i v e :
C

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t

a

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t

:

LaSalle REIT Advisors K.K.
(Title) President and CEO(Name) Taira Jigami(Title) Head of Fund Management(Name) Takeshi Yamaguchi
Telephone +81-3-6367-5800

Scheduled filing date of securities report:
May 30, 2024
Scheduled date of distribution payment commencement: May 21, 2024
Supplementary information for financial results: Yes
Briefing meeting for financial results: Yes (for institutional investors and analysts)(Amounts are rounded down to the nearest million yen)
1. Financial Results for the Fiscal Period Ended February 29, 2024(September 1, 2023 to February 29, 2024)(1) Management Status(% figures show period-over-period change)
Operating revenues
Operating income
Ordinary income
Net income
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal period ended
13,124
17.0
7,354
28.1
6,641
30.5
6,640
30.5
February 29, 2024
Fiscal period ended
11,215
2.1
5,741
0.8
5,090
(0.2)
5,089
(0.2)
August 31, 2023

Net income per unit
Yen

Ratio of net income onunitholders’ equity(ROE)%

Ratio of ordinary
income on total assets(ROA)%

Ratio of ordinary
income on operating
revenues
%

3,554

2.9

1.6

50.6

2,811

2.3

1.3

45.4

Distributions
Distributions
per unit
Total amount of
per unit
Total amount of(excluding
distributions Distributions in Total amount of (including those distributions
those in excess(excludingexcess of
distributions inin excess of (including thoseof retained
those in excess
retainedexcess ofretainedin excess ofearnings perof retained
earnings per
retainedearnings per
retainedunit)
earnings)
unit
earnings
unit)
earnings)
Yen
Million yen
Yen
Million yen
Yen
Million yen

Payout ratio%

Net assets
distribution
ratio%

Fiscal period ended
February 29, 2024
Fiscal period ended
August 31, 2023

(2)

Distributions

Fiscal period ended
February 29, 2024

3,555

6,640

247

461

3,802

7,102

100.0

2.9

Fiscal period ended
August 31, 2023

2,725

5,090

365

681

3,090

5,772

100.0

2.3

Note 1. Due to the issuance of new investment, the payout ratio in the fiscal period ended August 31, 2023 was calculated accordingto
the following formula, shown rounded to two decimal places.
Payout ratio = total amount of distributions (excluding those in excess of earnings per unit) ÷ net income × 100
Note 2. The net assets distribution ratio was calculated according to the following formula.
Distributions per unit (excluding those in excess of retained earnings per unit) / [(net assets per unit at the beginning of the
fiscal period + net assets per unit at the end of the fiscal period) ÷ 2] × 100
Note 3. The total amount of distributions in excess of retained earnings was considered to be a refund of investment, which, for tax
purposes, falls under a category of distribution as a reduction in unitholders’ capital.
Note 4. The rates of reduction in retained earnings due to distributions in excess of retained earnings (a refund of investment
categorized as a reduction in distribution from unitholders’ capital for tax purposes) in the fiscal period ended August 31, 2023
and February 29, 2024 were 0.004 and 0.003, respectively. Note that the calculation of the rates of reduction in retained
earnings are based on Article 23, Paragraph 1, No. 5 of the Order for Enforcement of the Corporation Tax Act.

(3)Financial Position
Total assets
Million yen

Net assets
Million yen

Unitholders’ equity ratio%

Net assets per unit
Yen

408,022

225,89955.4

120,931

406,070

225,03155.4

120,466

Cash flows fromoperating activities
Million yen

Cash flows frominvesting activities
Million yen

Cash flows fromfinancing activities
Million yen

13,064(5,096)(5,771)25,788

5,899(24,770)

16,874

23,592

Fiscal period ended
February 29, 2024
Fiscal period ended
August 31, 2023

(4)

Cash Flows

Fiscal period ended
February 29, 2024
Fiscal period ended
August 31, 2023

Cash and cash
equivalents at period end
Million yen

2. Forecasts for the Fiscal Periods Ending August 31, 2024 (March 1, 2024 to August 31, 2024) and February 28, 2025(September 1,
2024 to February 28, 2025)(% figures show period-over-period change)
Distributions
per unit(excluding thosein excess ofretained earnings
Operating revenues Operating income
Ordinary income
Net income
per unit)
Million yen% Million yen% Million yen% Million yen%
Yen

Distributions
Distributions
per unit
in excess of(including thoseretainedin excess ofearnings per
retained earnings
unit
per unit)
Yen
Yen

Fiscal period ended
August 31, 2024

12,742 (2.9)

6,925 (5.8)

6,231 (6.2)

6,229 (6.2)

3,335

246

3,581

Fiscal period ended
February 28, 2025

12,648 (0.7)

6,977

6,276

6,275

3,359

243

3602

0.7

0.7

0.7

Reference: Forecasted net income per unit for the period ending August 31, 2024: 3,335yen ; forecasted net income per unit for theperiod ending February 28, 2025: 3,359yen* Other(1) Changes in accounting policies, changes in accounting estimates and retrospective restatements(i)
Changes in accounting policies due to revisions to accounting standards and other regulations(ii) Changes in accounting policies other than (i) above(iii) Changes in accounting estimates(iv) Retrospective restatements(2): None: None: None: NoneTotal number of investment units issued and outstanding
Fiscal period ended
February 29, 2024(i)

Total number of investment units issued and outstanding(including treasury units) at the end of the fiscal period(ii)

Number of treasury units at the end of the fiscal period

Fiscal period ended
August 31, 2023

1,868,000 units

1,868,000 units- units- units

Note: Please see the “Notes on Per Unit Information” on page 31 for the number of investment units used as the basis forcalculating net income per unit.
* Presentation of the status of implementation of audit procedures
At the time of the release of these financial results for the fiscal period, auditing procedures for financial statements pursuant to the
Financial Instruments and Exchange Act have not been completed.
* Explanation of appropriate use of the forecast of financial results and other matters of special note
The forecasts and other forward-looking statements presented in this material are based on information currently available to LLR
and certain assumptions LLR deems to be reasonable. Actual results may differ materially from these forecasts due to a variety offactors. In addition, these forecasts do not guarantee the above distribution amounts.
For further details about the assumptions used in the forecasts above, please refer to the “Forecast Assumptions for the Fiscal
Periods Ending August 31, 2024 and February 28, 2025” stated on page 6 below.
END

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
【Table of Contents】
1.

Management Policy and Management Status(1)
Management Status …………………………………………………………………………………………………………

2(2)
Investment Risks …………………………………………………………………………………………………………… 10
2. Financial Statements(1)

Balance Sheet ……………………………………………………………………………………………………………… 11

(2)
(3)
(4)

Income Statement…………………………………………………………………………………………………………… 13
Statement of Unitholders' Equity…………………………………………………………………………………………… 14
Statements related to Distributions ………………………………………………………………………………………… 16

(5)
(6)
(7)
(8)

Statements of Cash Flows ………………………………………………………………………………………………… 18
Notes with respect to Going Concern Assumptions ……………………………………………………………………… 19
Notes on Matters concerning Significant Accounting Policies …………………………………………………………… 19
Notes on the Financial Statements ………………………………………………………………………………………… 21(9)Changes in Number of Investment Units Issued and Outstanding ………………………………………………………… 34
3. Reference Information(1)(2)

Information on Price of the Managed Assets ……………………………………………………………………………… 37
Capital Expenditures on Portfolio Assets ………………………………………………………………………………… 53-1-

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

1.

Management Policy and Management Status(1) Management Status(Overview of the Fiscal Period)(i) Significant developments of the investment corporation
With LaSalle REIT Advisors K.K. as the organizer, LaSalle LOGIPORT REIT (LLR) was established on October 9, 2015,
pursuant to the Investment Trusts Act, and was listed on the J-REIT section of the Tokyo Stock Exchange (Securities Code:3466) on February 17, 2016.
The financial statements for the fiscal period ended February 29, 2024 (16th fiscal period) were recently completed, and thetotal number of issued and outstanding investment units as of the end of this fiscal period is 1,868,000 units.
(ii) Investment Environment and Management Performance
In the current fiscal year, while consumer spending remained weak, the Nikkei Stock Average rose above the 40,000 yen
mark to a record high, and wage increases of over 5% were achieved in the spring labor offensive, raising expectations for the
future. In the financial markets, much attention is also being paid to the monetary policies of central banks in various countries.
In Japan, the decision was taken in March to raise interest rates in 17 years, and the negative interest rates that had been inplace since 2016 were also lifted. the FRB’s difficult task of steering the economy towards a soft landing while keeping aneye on inflation rates, employment and other factors is being closely watched, and the stock and interest rate markets arereacting to changes in the expected timing and extent of interest rate cuts, leading to increased volatility.
In the leasing market for prime logistics facilities, the trend of consolidation and integration of older facilities, newexpansion and diversification of uses, mainly by third-party logistics (3PL) operators, continues. In addition, the “2024problem” of restrictions on truck drivers’ working hours is also expected to support the expansion of structural demand forprime logistics facilities, as it will promote the construction of nationwide logistics networks and supply chains. In thisenvironment, although the logistics facilities market in the Tokyo metropolitan area has continued to see record levels of new
supply, the vacancy rate, which had been on an upward trend, has declined accordingly as supply shows signs of peaking.
Kinki region, although there are some vacancies in newly completed properties, overall supply and demand are strong andvacancy rates remain low. Chubu region, there were concerns about an increase in vacancy rates due to the large supply of
new facilities last year, but there has been confirmation of strong growth in demand, including for newly completed facilities.
Under these conditions, LLR steadily managed its 23 properties (total acquisition price 380,879 million yen, leasable floorarea 1,549,992 square-meters) and the portfolio occupancy rate at the end of the fiscal period was as high as at 99.2%. LLR’s
portfolio has 175 tenants that are well diversified as of the end of this fiscal period ended February 29, 2024.
(iii) Overview of Procurement of Funds
LLR repaid and partially prepaid a total of 12,060 million yen in debt and raised the same amount in new debt on February
29, 2024.
In the fiscal year, LLR did not procure or repay interest-bearing debt. At the end of the current fiscal period, the balance ofinterest-bearing debt of LLR was 171,020 million yen and LTV was 41.9%.
The status of LLR's credit ratings assigned as of February 29, 2024 was as follows.
Credit Rating Agency
Rating Type
RatingJCR(Japan Credit Rating Agency Ltd.)

Rating Outlook

Long-term issuer rating

AA

StableBond Rating (Note)

AA-

Note: This was the rating for the 2nd, 3rd, 5th, 6th, 7th and 8th Unsecured Investment Corporation Bonds.

(iv) Overview of Business Performance and Distributions
The operating period for the current fiscal period was 182 days from September 1, 2023 to February 29, 2024. During
current fiscal period, LLR generated operating revenues of 13,124 million yen, operating income of 7,354 million yen, ordinary
income of 6,641 million yen, and net income of 6,640 million yen.
Furthermore, through application of Article 67, Provision 15(1) of the Act on Special Measures Concerning Taxation (ActNo. 26 of 1957, including subsequent amendments), LLR intends to include distributions as deductible expenses and distributethe entire amount of unappropriated retained earnings (excluding fractional distribution amounts of less than one yen perinvestment unit). As a result, the distribution amount per investment unit is 3,555 yen.
In addition to this, in accordance with the distribution policy provided for in LLR's Articles of Incorporation, in principle
LLR makes ongoing distributions in excess of retained earnings each fiscal period (“Continuous Distributions in Excess of
Retained Earnings”) (Note 1). Furthermore, in addition to the Continuous Distributions in Excess of Retained Earnings, in the-2-

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024case where the amount of DPU is expected to temporarily decrease to a certain extent due to the issuance of new investment
units, issuance of investment corporation bonds, capital procurement such as debt financing, large scale repairs due to natural
disasters such as earthquakes or accidents such as fires, or payments of monies as litigation settlement, or capital losses on thesale of real estate assets, or other reasons, the Investment Corporation may make temporary Distribution for Capital Reduction
in an amount determined by it only for the purpose of smoothing out the amount of DPU (“Temporary Distributions in Excess
of Retained Earnings”).
In the current fiscal period, LLR distributed 390 million yen as an Continuous Distribution in Excess of Retained Earnings,
an amount equivalent to approximately 30% of the 1,302 million yen that was the amount resulting from deducting the total
amount of the accumulated depreciation recorded as of the last day of the previous fiscal period from the total amount ofaccumulated depreciation for the current fiscal period. In addition, LLR decided to distribute 70 million yen as a Temporary
Distributions in Excess of Retained Earnings, an amount equivalent to a one-time decrease in distribution per unit due todecrease in accumulated depreciation of properties sold. As a result, the distribution in excess of retained earnings per unit in
the current fiscal period was 247 yen (of which, Continuous Distributions in Excess of Retained Earnings per unit is 209 yen
and Temporary Distributions in Excess of Retained Earnings per unit is 38 yen) (Note 3).
Note 1. LLR's policy is to make distributions in excess of retained earnings each fiscal period after careful consideration is
given to alternative uses of cash, such as execution of repairs, capital expenditures, profit generated during the fiscal
period, the amount available for distribution, repayment of debts, along with factoring in the prevailing economic
environment, the real estate market, the competitiveness of its acquired assets as well as its overall financial condition.
Note 2. The amount of distributions which are the sum of the Continuous Distribution in Excess of Retained Earnings and the
Temporary Distributions in Excess of Retained Earnings when Temporary Distributions in Excess of Retained Earnings
are made are limited to 60% of the amount resulting from deducting the total amount of the accumulated depreciation
recorded as of the last day of the previous fiscal period from the total amount of accumulated depreciation calculated
as of the last day of the relevant calculation period.
Note 3. The engineering report for each property prepared by building condition surveyors’ estimates that the amount of
anticipated semi-annual average of emergency or short-term repair and maintenance expenses and medium- to longterm repair and maintenance expenses is 331 million yen. LLR determines to make distributions in excess of retained
earnings, considering that the amount of distributions in excess of retained earnings maintain the value of its portfolio
and its financial stability taking into account macroeconomic environment, trends in the real estate market and realestate leasing industry and its financial conditions. Please note that the amount of distributions in excess of retained
earnings will be deducted from the balance of LLR's unit holders’ equity upon payment.
(Outlook for the Future)(i) Future Management Policy and Issues to Address
In this environment, LLR will seek to enhance unitholder value through stable long-term growth in cash flows and asset
values by engaging in the following activities.
With respect to its external growth strategy, LLR will make the most of the property information provided by the LaSalle
Group (Note 1) as well as LaSalle REIT Advisors’ unique capabilities in obtaining property information. Under its sponsor
support agreement, LLR is able to receive information about the sale of properties owned by LaSalle Fund (Note 2), andbecause of this enjoys diverse sourcing routes that tap into both sourcing from the LaSalle Fund and sourcing from third
parties.
With respect to its internal growth strategy, LLR will aim to realize internal growth by leveraging its active asset
management (Note 3) expertise that is a hallmark of the LaSalle Group, thanks in part to the personnel that will be provided
to it and the information made available under the sponsor support agreement. LLR's portfolio is characterized by a highly
stable cash flow attributed to a diversified tenant base, in addition to its staggered lease renewal dates, due to the terms of its
lease agreements. When renewal dates are nearing, LLR will work to revise lease rates up after carefully reviewing market
lease rates and vacancy rates. In addition, given the current uncertain outlook, LLR will work to stabilize rent income byactively renewing contracts that will come due in the future ahead of schedule. LLR will also endeavor to maintain andstrengthen the competitiveness of its properties by making appropriate repairs and capital expenditures.
With respect to financial strategy, LLR will strive to build an optimized capital structure with a sound financial foundation
by taking advantage of its strong financial position in order to achieve a balance between stability in its finances and funding
costs, while diversifying how it procures its funding sources, along with staggering debt maturities, while also considering
the use of variable interest rates.
Note 1. “LaSalle Group” refers to the group of companies that provides real estate investment management services to mainly
institutional investors in the United States, Europe and the Asia-Pacific region, centered on LaSalle Investment
Management Inc., which is one of the world's leading real estate investment advisory firms.

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LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Note 2. “LaSalle Fund” refers to a fund formed and operated by the LaSalle Group.
Note 3. “Active asset management” is a generic term for management techniques aimed at increasing cash flow byidentifying opportunities to create added value of properties held by carefully examining macro factors such as
market lease rates and vacancy rates as well as the micro factors of each property, such as tenant lease terms andbuilding management conditions.
(ii)

Significant Subsequent Eventsa. Acquisition of asset (preferred shares and specified corporate bonds)
LLR has acquired the following preferred shares on March 15, 2024 and the following specified corporate bonds on March 19,2024. In addition, the LLR plans to acquire the following preferred shares from late-June 2024 to early-July 2024 and thefollowing specified corporate bonds on July 9, 2024.

Asset name
NY Properties TMK
Preferred shares
NY Properties TMK
Specified corporate bonds

Acquisition price(million yen)
171.5
600

Acquiring entity

Subject real estate

NY Properties TMK

Nanko Logistics Center,
Yachiyo Logistics Center

Intended aquisition
Preferred shares: Late-June 2024 to Early-July 2024

171.5 million yen

Specified corporate bonds: July 9, 2024

600 million yen

b. Acquisition of asset (TK equity interest)
LLR has acquired the following TK equity interest on March 18, 2024.
Acquisition priceAsset name
TK Equity Interest B of LRF3
Properties GK(million yen)75

Acquiring entity
LRF3 Properties GK

Subject real estate
Amagasaki Projectc. Decision to acquire the asset (TK euity interest)
On April 15, 2024, LLR has decided to acquire the following newly TK equity interest, and plan to acquire it on March 19,2025. In addition, the TK equity agreement for the TK equity interest is scheduled to be concluded on March 18, 2025, and there
is a possibility that the content may be changed or the TK equity agreement itself may not be concluded in the future. Although
this acquisition does not fall under the category of forward commitments, etc., it will be treated as equivalent to forward
commitments, etc., in light of the period from the announcement of this acquisition to the scheduled acquisition date.
Acquisition priceAsset name
TK Equity Interest B of Urayasu
Properties GK(million yen)
320

Acquiring entity
Urayasu Properties GK

Subject real estate
Urayasu Logistics Centerd. Decision to acquire the asset (TK equity interest)
On April 15, 2024, LLR has decided to acquire the following newly TK equity interest, and plan to acquire it on May 14, 2024.
In addition, the TK equity agreement for the TK equity interest is scheduled to be concluded on May 13, 2024, and there is apossibility that the content may be changed or the TK equity agreement itself may not be concluded in the future.

Asset name
TK Equity Interest B of Okinawa
Itoman Properties GK

Acquisition price(million yen)
520

Acquiring entity
Okinawa Itoman
Properties GK

Subject real estate
Okinawa Itoman Logistics Centere. Disposition of asset (real estate trust beneficiary interests)
LLR has disposed the real estate trust beneficiary interests on March 21, 2024. In addition, the LLR plans to dispose thefollowing real estate trust beneficiary interests on September 10, 2024.

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LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

Area
Tokyo area

Property
numberTokyo-5

Asset name
LOGIPORT Nagareyama B(Joint Co-ownership interest of
12.5%)

Location
Nagareyama,
Chiba

Intended desposition
LOGIPORT Nagareyama B (Joint Co-ownership interest of 12.5%)

Disposition price(million yen)
4,375

: September 10, 2024

Buyer
Undisclosed

4,375 million yen

f. Execution of a purchase and sale agreement for the disposition of asset (real estate trust beneficiary interests)
On April 15, 2024, LLR has executed a purchase and sale agreement for the following disposition of asset, and plan to dispose
it on March 21, 2025. The purchase and sale agreement for the disposition of asset is forward commitmentagreements. In addition,
the intended disposition date is subject to change as agreed upon between LLR and the buyer in accordance with Trust BeneficiaryInterests Purchase & Sale Agreement.
Property
Area
Tokyo area

numberTokyo-5

Asset name
LOGIPORT Nagareyama B(Joint Co-ownership interest of
12.5%)

Location
Nagareyama,
Chiba

Disposition price(million yen)
4,375

Buyer
Undisclosed

g. Determination of repurchase of own investment units
On April 15, 2024, LLR has decidedthe following repurchase of own investment units based on the provisions of Article 80-2of the Act on the Investment Trusts Act, which is applied by replacing the terms and phrases pursuant to the provisions ofParagraph 2, Article 80-5 of the said Act.
Total number of investment units to be repurchased
Total amount of investment units to be repurchased: 43,000 units (maximum): 6,000 million yen (maximum)

Repurchase method: Open market repurchase on the Tokyo Stock Exchange based on adiscretionary transaction agreement with a securities company for the
repurchase of own investment units: From April 16, 2024 to July 31, 2024

Repurchase period(iii) Forecast of Financial Results
The outlook for LLR's financial results for the fiscal period ending August 31, 2024 and the period ending February 28,2025 are presented below.

Fiscal period ending
August 31, 2024
Fiscal period ending
February 28, 2025

Distributions
Distributions
per unit
per unit(excluding thoseDistributions(including thosein excess ofin excess ofin excess ofretained earnings retained earnings retained earnings
Net Income
per unit)
per unit
per unit)
Million yen
Yen
Yen
Yen

Operatingrevenues
Million yen

OperatingincomeMillion yen

Ordinary
incomeMillion yen

12,742

6,925

6,231

6,229

3,335

246

3,581

12,648

6,977

6,276

6,275

3,359

243

3,602

For the assumptions used in this outlook, please refer to the “Forecast Assumptions for the Fiscal Periods Ending August
31, 2024 and February 28, 2025” below.
Note. The figures above represent LLR's outlook at present and were calculated based on certain assumptions. The actual
operating revenues, operating income, ordinary income, net income, distributions per unit (excluding distributions inexcess of retained earnings per unit), and distributions in excess of retained earnings per unit may differ due to the
future acquisition or disposition of real estate, conditions in the real estate market, fluctuations in interest rates, orother circumstances surrounding LLR. In addition, this forecast does not guarantee the above distribution amounts.

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LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

Forecast Assumptions for the Fiscal Periods Ending August 31, 2024 and February 28, 2025
Item

Assumptions

Calculation period・・

Fiscal period ending August 31, 2024: March 1, 2024 to August 31, 2024 (184 days)
Fiscal period ending February 28, 2025: September 1, 2024 to February 28, 2025 (181 days)

Property portfolio

・The prevailing assumption is that aside from the real estate trust beneficiary interests ( 23assets intotal) and preferred shares (Three asset) and equity in investment in a silent partnership (One asset)
and specified corporate bonds (one asset) currently held by LLR (collectively, the “Currently Held
Assets”), the following real estate trust beneficiary interests are to be acquired and disposed
Acquisition of assets (preferred share)
NY Properties TMK
3rd Closing Late-June 2024 to Early-July 2024
Acquisition of assets (specified corporate bonds）
NY Properties TMK
3rd Closing July 9, 2024
Acquisition of assets (equity in investment in a silent partnership)
Okinawa Itoman Properties GK
Acquired on May 14, 2024.
Disposition of assets (real estate trust beneficiary interests)
LOGIPORT Nagareyama B
3rd Closing (Joint Co-ownership interest of 12.5%) September 10, 2024

Operating revenue

・The prevailing assumption is that asides from the aforementioned acquisition and disposition,no otherchanges (including acquisition of new property or disposition of properties held by LLR) would
occur by the end of the fiscal period ending February 28, 2025.

・

There is a possibility for further changes should LLR decide to acquire additional assets in addition
to the Anticipated Acquisition Asset or dispose of properties held by LLR.
Leasing rental revenue is calculated based on the lease contracts of the Currently Held Assets in effectas of today, and market trends, etc.
Interests and dividends of the acquiring assets (specified bonds) are calculated based on the details
stipulated in the Terms of the Bond (Shasai-Yoko).
Dividends for the acquiring assets (preferred securities) is calculated based on the estimated・・・

occupancy rate of the collateral assets and estimated expense for the TMK.
・

・

・
・
・

Dividends for the acquiring assets (equity in investment in a silent partnership) is calculated based on
the estimated occupancy rate of the collateral assets and estimated expense for the GK. The dividend
income of the acquiring assets ((equity in investment in a silent partnerships) is calculated with anassumption to start from February 2025.
For the assets to be sold, gain on disposal for the FY ending in August 2024 and February 2025 are
estimated to be 1,137 million yen and 1,144 million yen respectively, although the actual number issubject to change.
The average occupancy rate of all properties is expected to be 99.1% in the fiscal period ending,August 31, 2024 and 98.6% in the fiscal period ending February 28, 2025.
With respect to operating revenues, there is an underlying assumption that tenants will fully pay theircontractual rents without delinquency.
LLR expects that there will be no operating revenues to be generated in connection with the preferredshares.

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LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Item
Operating expenses

Assumptions
・・

Non-operating

Leasing-related expenses, other than depreciation expenses based on the actual historical figures of
the Currently Held Assets and relevant agreements in effect as of today.
Depreciation expense, including ancillary costs, was calculated using a straight-line depreciation
method, and LLR assumed depreciation expense to be 1,537 million yen and 1,519 million yen for
the fiscal periods ending August 31 2024 and , February 28, 2025 , respectively.

・

Property taxes, city planning tax and depreciable asset tax (collectively, the “property taxes”) are
expected to be 1,092 million yen and 1,084 million yen for the fiscal period ending August 31, 2024
and, February 28, 2025, respectively.

・Repair and maintenance expenses are calculated based on a repair and maintenance plan prepared by
the Asset Management Company, for items viewed as necessary for each property. Actual repair andmaintenance expenses may be significantly different from the expected amount due to various factors
around certain unexpected repairs, the tendency for significant variations in the amount depending oneach fiscal period, and the fact that repair expenses do not generally arise on a periodic basis.

・

LLR expects that there will be no operating expenses to be incurred in connection with the preferredshares and equity in investment in a silent partnership.

・Interest expenses and other debt-related costs (including interest expenses on investment corporation
bonds, amortization of investment corporation bonds and borrowing related expenses) are expected to
be 690 million yen and 699 million yen for the fiscal periods ending August 31, 2024, and February
28, 2025 respectively. Non-cash items, which are included in interest expenses and other debt-related
costs, are expected to be 113 million yen and 116 million yen for the fiscal periods ending August 31,

expenses

2024 and February 28, 2025, respectively.
Loans payable・・As of February 29, 2024, the balance of interest-bearing debts of LLR was 171,020 million yen.
It is assumed that all other borrowings or investment corporation bonds that are due by the end of the
fiscal period ending February 28, 2025 will be refinanced.

・The LTV ratio as of the end of each fiscal period ending August 31, 2024 and February 28, 2025 isassumed to be approximately 42.0%,42.1% respectively (rounded to one decimal place).

・・

The LTV ratio is calculated by the following formula:
LTV = total interest-bearing debt ÷ total assets × 100

Investment units

・

Current outstanding number of units is 1,868,000. It is assumed that LLR does not have any changes
to the number of outstanding units by the end of the fiscal period ending February 28, 2025.

Distributions per unit
(excluding those inexcess of retained・Distributions per unit (excluding distributions in excess of retained earnings per unit) are calculatedon the premise that all profits will be distributed in accordance with the distribution policy provided
in LLR's Articles of Incorporation.

earnings per unit)・Distributions per unit (excluding distributions in excess of retained earnings per unit) may change
due to factors such as additional acquisitions or dispositions of real estate properties, changes inrental revenues attributable to tenant replacements, changes in the operating environment including
unexpected repairs, changes in interest rates, the actual number of new investment units to be issued,
the issue price of such investment units and any additional issuance of new investment units in the
future.

-7-

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Distributions

・in excess of retained
earnings per unit

Distributions in excess of retained earnings per unit are calculated in accordance with the
distribution policy in LLR's Articles of Incorporation and internal policies of the asset manager. For
the fiscal periods ending February 29, 2024 and August 31, 2024, Temporary Distributions in Excess
of Retained Earnings will be distributed for the purpose of equalizing the dividend per unit, as theamount of Ongoing Distributions in Excess of Retained Earnings is expected to temporarily
decrease.For the fiscal period ending August 31, 2024 , we are assuming to distribute 381 million yen
as Ongoing Distributions in Excess of Retained Earnings (an amount equivalent to 30.0% ofdepreciation of the period) and 78 million yen as Temporary Distributions in Excess of Retained
Earnings (an amount equivalent to approximately 6.2% of depreciation of the period) for the purposeof equalizing the amount of distributions per unit.For the fiscal period ending February 28, 2025 ,it isassumed that 369 million yen as on going distributions in excess of retained earnings (an amountequivalent to 30.0% of depreciation of the period) and 84 million yen as distributions in excess ofretained earnings on a one-time basis (an amount equivalent to approximately 6.8% of depreciationof the period) will be distributed for the purpose of equalizing the amount of distributions per unit
(including distributions in excess of retained earnings).Therefore, it is assumed that Distributions inexcess of retained earnings for the fiscal periods ending August 31, 2024, and February 28, 2025, areassumed to be 459 million yen and 453 million yen, respectively

・Depreciation expenses may vary from the current assumed amount due to a change in portfolio
assets, the amount of incidental expenses incurred, the amount of capital expenditures, and the prorata allocation of acquisition costs attributed to each asset and their respective useful life adopted foreach asset. The total amount of distributions in excess of retained earnings, which will be based on
depreciation expenses, may also vary accordingly.

・

LLR expects for the time being to make distributions in excess of retained earnings on a regular basis
within an appropriate level for maintaining financial soundness and stability, after consideration is
given to alternative uses of cash such as execution of repair plans, capital expenditures, repayment ofdebts along with potential property acquisitions, and will make such distributions equal to 30% of theamount resulting from deducting the total amount of accumulated depreciation recorded as of the last
day of the previous fiscal period from the amount of accumulated depreciation calculated as of thelast day of the relevant fiscal period. This amount will be decided by LLR taking into consideration
the level of net income, gains or losses on sales of real estate, etc., the level of cancellation fees or
penalties, the level of temporary revenues, the level of distributions including distributions in excess
of retained earnings, and the financial condition of LLR (especially the Appraisal LTV set forth
below) in the relevant calculation period. Furthermore, to maintain the stability of LLR’s
distributions per unit in the event that an amount of distributions per unit temporarily decreases due
to a series of financing actions such as the issuance of new investment units (including investment
unit third-party allotment) or large scale repair and maintenance, which may result in a temporary
dilution of investment units or incurrence of large expenses, LLR may make distributions as

temporary distributions in excess of retained earnings in addition to continuous distributions inexcess of retained earnings. In addition, unexpected factors, such as increases in repair expenses, maycause distributions in excess of retained earnings per unit to materially differ from the forecasted
amount. If the Appraisal LTV (set forth below) exceeds 60%, LLR may decide to make reduced
distributions or not to make any distributions in excess of retained earnings after considering theabove-listed factors.
・ LLR does not plan to make distributions in excess of retained earnings to the extent doing so would
cause what LLR calls its “Appraisal LTV,” as calculated below, to exceed 60%:
Appraisal LTV (%) = A/B × 100
A = interest-bearing debt (inclusive of long-term corporate bonds and short-term corporate bonds but
excluding subordinated debt) + tenant leasehold deposits (excluding the amount reserved by thetrustees of LLR's properties as tenant leasehold deposits and the amount reserved as tenant leasehold
deposits in LLR's relevant reserve account (this account is for the refund obligation which LLR has
as the lessor to various tenants)).
B = total appraised real estate value of LLR's portfolio + the amount of cash deposits in LLR's bankaccounts (excluding reserve accounts for tenant leasehold deposits) + cash and deposits in trust(excluding the amount reserved by the trustees of our properties as tenant leasehold deposits) – the-8-

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Item

Assumptions
total amount of distributions for the immediately prior fiscal period – the total amount of
distributions in excess of retained earnings for the immediately prior fiscal period.
In addition, the total amount of distributions and distributions in excess of retained earnings (withrespect to the return of capital invested) depends upon the figures for the most recent fiscal period.

Other

・

As an underlying premise, LLR assumes that any revision that will have an impact on the forecast・

information above will be made in accordance with applicable laws and regulations (including taxlaws), accounting standards, listing rules of the TSE and the standards set by the Investment Trusts
Association, Japan.
As an underlying premise, LLR assumes that there are no unexpected material changes to general
economic trends and real estate market conditions.

-9-

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(2)

Investment Risks
Disclosure of this information is omitted because there are no material changes in the “Investment Risks” described in themost recent Securities Report (filed on May 30, 2023).

- 10 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

2.

Financial Statements(1)

Balance Sheet
Thousands of yen
As ofAugust 31, 2023

February 29, 2024

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust

17,951,390
7,939,192

20,258,502
7,847,532

Operating accounts receivable
Prepaid expenses
Income taxes refund receivable

499,547
260,319-526,727
279,470
101,177

Consumption taxes refund receivable
Other

675,014469

21,421

27,325,933

29,034,832

139,633,302

140,196,207

Accumulated depreciation(14,537,907)(15,829,488)

Buildings in trust, net

125,095,395

124,366,719

Accumulated depreciation

199,523(49,348)

194,213(54,611)

Structures in trust, net

Total current assets
Non-current assets
Property, plant and equipment
Buildings in trust

Structures in trust

150,175

139,601

Machinery and equipment in trust

214,383

214,383

Accumulated depreciation(27,604)(32,078)

Machinery and equipment in trust, net

186,778

182,304

Tools, furniture and fixtures in trust

33,802

33,108

Accumulated depreciation(7,427)(8,899)Tools, furniture and fixtures in trust, net

26,37424,208Construction in progress in trust

250,477,043
183,202250,211,979
189,318

Total property, plant and equipment

376,118,970

375,114,131

1,761,354
771,7643,049,985
747,503

Deferred tax assets
Lease and guarantee deposits
Lease and guarantee deposits in trust1
10,000
10,13711
10,000
10,137

Total investments and other assets

2,553,258

3,817,638

378,672,229

378,931,770

Investment unit issuance expenses

21,267

9,599

Investment corporation bond issuance costs

51,07846,306

Total deferred assets

72,34655,906

406,070,509

408,022,508

Land in trust

Investments and other assets
Investment securities
Long-term prepaid expenses

Total non-current assets
Deferred assets

Total assets- 11 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Balance Sheet, continued
Thousands of yen
As ofAugust 31, 2023

February 29, 2024

Liabilities
Current liabilities
Operating accounts payable

399,283

302,230

Short-term loans payable
Current portion of long-term loans payable

10,400,000
9,060,000

7,400,000
9,070,000

Accounts payable
Accrued expenses
Income taxes payable
Accrued consumption taxes

1,805,469
6,233
619
-

2,234,437
9,870
673
759,595

Advances received
Other

2,054,545
1,404,752

1,993,977
1,067,144

Total current liabilities

25,130,905

22,837,929

13,500,000
138,060,000

13,500,000
141,050,000

Non-current liabilities
Investment corporation bonds payable
Long-term loans payable
Tenant leasehold and security deposits in trust
Total non-current liabilities
Total liabilities

4,348,307

4,734,784

155,908,307

159,284,784

181,039,212

182,122,714

Net assets
Unitholders' equity
Unitholders' capital

223,876,689

223,876,689

Deduction from unitholders' capital(3,936,500)(4,618,320)

Unitholders' capital, net

219,940,189

219,258,369

5,091,107

6,641,425

Surplus
Unappropriated retained earnings (undisposed
loss)
Total surplus
Total unitholders' equity
Total net assets(*2)

Total liabilities and net assets

5,091,107

6,641,425

225,031,296

225,899,794

225,031,296
406,070,509- 12 -(*2)

225,899,794
408,022,508

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(2)

Income Statement
Thousands of yen
For the periods ended
August 31, 2023

February 29, 2024

Operating revenues
Rental revenues
Other rental revenues(*1) 10,259,910(*1) 955,831

(*1)
(*1)

10,616,238
810,539

Gain on sales of real estate properties
Dividend income

-

(*2)

1,147,366
474,126

Distributions of investments in silent partnerships
Interest income-

56,56919,923

11,215,742

13,124,763

Total operating revenue
Operating expenses
Property-related expenses(*1)

Asset management fee
Asset custody and administrative fee
Directors' compensations
Audit fee
Bad debt expenses

4,010,406(*1)

3,840,439

1,342,691

1,762,817

39,7735,400
14,00068

42,7195,400
14,000-

Other operating expenses

61,542

104,611

Total operating expenses

5,473,881

5,769,988

5,741,860

7,354,775

Interest income

129

134

Reversal of distributions payable

504

350

-

1,586

633

2,071

Interest expenses

435,584

460,396

Interest expenses on investment corporation bonds

39,90338,861

Amortization of investment unit issuance expenses

22,598

11,668

Amortization of investment corporation bond issuance
costs

4,772

4,772

27,652
121,504-

154,641
45,062

Operating profit
Non-operating income

Interest on tax refund
Total non-operating income
Non-operating expenses

Investment unit public offering expenses
Borrowing related expenses
Loss on redemption of investment securities
Total non-operating expenses

652,016

715,402

Ordinary income

5,090,478

6,641,444

Income before income taxes

5,090,478

6,641,444

639

835

Income taxes - current
Income taxes - deferred

21

(9)

Total income taxes

660

826

5,089,817

6,640,618

1,290

807

5,091,107

6,641,425

Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)- 13 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(3)

Statement of Unitholders' Equity
Previous period (For the period ended August 31, 2023)
Thousands of yen
Unitholders' equity
Unitholders' capital

Surplus
Unappropriatedretained

Deduction from
Unitholders' capital unitholders' capital Unitholders' capital
Balance at beginning ofcurrent period
Changes of items during
periodIssuance of new
investment units

211,863,933(3,506,315)

12,012,756

208,357,618(430,185)

Net income
Total changes of items
during period
Balance at end of current
period(5,097,960)(5,097,960)

5,089,817

5,089,817(430,185)

11,582,571(8,142)(8,142)(*1)
223,876,689(3,936,500)

219,940,189

5,091,107

5,091,107

Unitholders' equity

Dividends of retained
earnings

5,099,250

12,012,756

Thousands of yen

Balance at beginning ofcurrent period
Changes of items during
periodIssuance of new
investment units
Distributions in excess
of retained earnings

5,099,250(430,185)

Dividends of retained
earnings

Balance at end of current
periodTotal surplus

12,012,756

Distributions in excess
of retained earnings

Net income
Total changes of items
during period

earnings(undisposed
loss)

Total unitholders'equityTotal net assets

213,456,868

213,456,868

12,012,756

12,012,756(430,185)(430,185)(5,097,960)(5,097,960)

5,089,817

5,089,817

11,574,428

11,574,428

225,031,296

225,031,296- 14 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Current period (For the period ended February 29, 2024)
Thousands of yen
Unitholders' equity
Unitholders' capital

Surplus
Unappropriatedretainedearnings

Deduction from
Unitholders' capital unitholders' capital Unitholders' capital
Balance at beginning ofcurrent period
Changes of items during
period223,876,689(3,936,500)

219,940,189(681,820)(681,820)

Distributions in excess
of retained earnings
Dividends of retained
earnings
Net income
Total changes of items
during period
Balance at end of current
period

5,091,107(5,090,300)(5,090,300)

6,640,618

6,640,618(681,820)

1,550,318

1,550,318(*1)
223,876,689(4,618,320)

219,258,369

6,641,425

6,641,425

Total unitholders'equityTotal net assets

225,031,296

225,031,296(681,820)(681,820)

Dividends of retained
earnings(5,090,300)(5,090,300)

Net income

6,640,618

6,640,618

868,498

868,498

225,899,794

225,899,794

Balance at end of current
period

5,091,107(681,820)

Unitholders' equity

Total changes of items
during period

Total surplus-

Thousands of yen

Balance at beginning ofcurrent period
Changes of items during
periodDistributions in excess
of retained earnings(undisposedloss)- 15 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(4)Statements related to Distributions
Yen
For the periods ended
August 31, 2023

I Unappropriated retained earnings for the period

February 29, 2024

5,091,107,467

6,641,425,478

681,820,000

461,396,000

III Amount of distributions(amount of distributions per investment unit)
Of which, distributions of retained earnings(of which, distributions of retained earnings

5,772,120,000(3,090)5,090,300,000(2,725)

7,102,136,000(3,802)6,640,740,000(3,555)

per unit)
Of which, distributions in excess of retained
earnings

681,820,000

461,396,000

(365)

(247)

807,467

685,478

Based
on
the
policyfor
distributions of funds prescribed in
Article 36, Paragraph 1 of LLR's
Articles of Incorporation, the amountof distributions is to be an amount in

Based
on
the
policyfor
distributions of funds prescribed in
Article 36, Paragraph 1 of LLR's
Articles of Incorporation, the amountof distributions is to be an amount inexcess of an amount equivalent to
90% of the amount of LLR retained
earnings that can be allocated as
stipulated in Article 67, Provision 15of the Act on Special Measures
Concerning Taxation.
Based on this policy, 5,090,300,000

excess of an amount equivalent to
90% of the amount of LLR retained
earnings that can be allocated as
stipulated in Article 67, Provision 15of the Act on Special Measures
Concerning Taxation.
Based on this policy, 6,640,740,000

yen was allocated as distributions ofretained earnings. This is the
maximum value of the integral

yen was allocated as distributions ofretained earnings. This is the
maximum value of the integral

multiple of the total number of unitsof the investment units issued andoutstanding at end of the period in an
amount that is not in excess ofunappropriated retained earnings.
Based
on
the
policyfor
distributions of funds prescribed in
Article 36, Paragraph 1 of LLR's
Articles of Incorporation, LLR

multiple of the total number of unitsof the investment units issued andoutstanding at end of the period in an
amount that is not in excess ofunappropriated retained earnings.
Based
on
the
policyfor
distributions of funds prescribed in
Article 36, Paragraph 1 of LLR's
Articles of Incorporation, LLR

performs distributions of funds inexcess of retained earnings (refund ofinvestment categorized as a reduction

performs distributions of funds inexcess of retained earnings (refund ofinvestment categorized as a reduction

in distribution from unitholders’capital for tax purposes) on a regularin distribution from unitholders’capital for tax purposes) on a regularbasis.

basis.

II Additional amount of distributions in excess ofretained earnings
Deduction for unitholders' capital(of which, distributions in excess of retained
earnings per unit)
IV Retained earnings brought forward
Method of calculation of amount of distributions- 16 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Yen
For the periods ended
August 31, 2023

February 29, 2024

Based on this policy, the amount

Based on this policy, the amountroughly equivalent to 30% of the
1,468,730,876 yen that is the amountremaining after deducting the total
amount of accumulated depreciation

roughly equivalent to 30% of the
1,302,790,840 yen that is the amountremaining after deducting the total
amount of accumulated depreciation

recorded in the previous period fromthe total amount of accumulated

recorded in the previous period fromthe total amount of accumulated

depreciation calculated for this fiscal
period was calculated to be
438,980,000 yen. In addition, theamount equivalent to a one-timeincrease in property-related expenses

depreciation calculated for this fiscal
period was calculated to be
390,412,000 yen. In addition, theamount equivalent to a one-timedecrease in distribution per unit due to(mainly outsourcing costs) and a onetime decrease in distribution per unit
due to the issuance of new investment
units, etc, was calculated to be
242,840,000 yen. As a result, LLR
was allocated 681,820,000 yen as thetotal amount of distributions ofearnings in excess of retained earnings

decrease in accumulated depreciationof properties sold was calculated to be
70,984,000 yen. As a result, LLR was
allocated 461,396,000 yen as the total
amount of distributions of earnings inexcess of retained earnings (amount ofcontributions refunded that under tax
law is equivalent to a capital- refund(amount of contributions refunded that
under tax law is equivalent to acapital- refund distribution).

distribution).

Note: In the event that LLR determines that it is appropriate as a result of in light of trends in the economic environment, real estatemarket and leasing market, conditions of properties held and its financial position, LLR may distribute funds in excess of funds
available for distribution in an amount decided by LLR up to the amount stipulated under the regulations of the Investment Trust
Association. Furthermore, when the amount of the distribution does not fulfill the requirements in the special provisions for taxes
related to investment corporations stipulated in laws and ordinances, LLR may distribute funds in excess of the funds available for
distribution in an amount decided upon by LLR for the purpose of meeting said requirements.

- 17 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(5)

Statements of Cash Flows
Thousands of yen
For the periods ended
August 31, 2023

February 29, 2024

Cash flows from operating activities
Income before income taxes
Depreciation

5,090,478
1,468,730

6,641,444
1,539,304

Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuance costs

22,598
4,772

11,6684,772Interest income
Interest expenses
Loss (gain) on redemption of investment securities
Decrease (increase) in operating accounts receivable(129)
475,488(11,822)(134)
499,257
45,062(47,103)

Decrease (increase) in income taxes receivable
Decrease (increase) in consumption taxes refund receivable(797,431)(101,177)
797,431

7,423
49,398(4,461)(19,151)
24,260(97,050)

Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable - other

55,091

462,370

Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Decrease in property, plant and equipment in trust due to sale
Other, net(118,519)
138,702(1,008)637,178(60,568)
3,223,844(1,023)

Subtotal

6,379,312

13,560,387

129

134

Interest expenses paid
Income taxes paid

(478,978)(1,082)(495,621)(781)

Net cash provided by (used in) operating activities

5,899,380

13,064,118

Purchase of property, plant and equipment in trust(24,003,276)(3,807,379)

Purchase of investment securities(1,125,854)(2,609,030)

210,000
348,986(200,058)

1,291,000
124,178(95,314)(24,770,203)(5,096,545)

Proceeds from short-term loans payable
Repayments of short-term loans payable
Proceeds from long-term loans payable

10,400,000
7,500,000(3,000,000)
12,060,000

Repayments of long-term loans payable
Proceeds from issuance of investment units(7,500,000)
12,002,549(9,060,000)-

Payment of distributions of retained earnings(5,097,509)(5,089,678)

Interest income received

Cash flows from investing activities

Proceeds from redemption of investment securities
Proceeds from tenant leasehold and security deposits in trust
Repayments of tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities
Cash flows from financing activities

Payment of distributions in excess of retained earnings(430,136)(681,686)

Net cash provided by (used in) financing activities

16,874,903(5,771,364)

Net increase (decrease) in cash and cash equivalents(1,995,919)

2,196,208

Cash and cash equivalents at beginning of period

25,588,281

23,592,361

Cash and cash equivalents at end of period(*1)- 18 -

23,592,361(*1)

25,788,570

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(6)

Notes with respect to Going Concern Assumptions
None

(7)

Notes on Matters concerning Significant Accounting Policies

1.

Valuation standard and valuation method for investment securities
Available-for-sale securities
Shares without market price
The moving average cost method is adopted.
Equity in investment in a silent partnership
The method in which the amount equivalent to the equity in investment in a silent partnership is taken in as a net
amount is adopted.
Securities other than shares without market price and equity in investment in a silent partnershipMarket value method (unrealized gains or losses are reported as a separate component of net assets, and the cost of
securities sold is determined by the moving-average method).

2.

3.

Method of depreciation of non-current assets
Property, plant and equipment (including trust assets)
A straight-line method is used. The useful lives of principal property, plant and equipment are as follows:
Buildings

2-79 years

Structures
Machinery and equipment
Tools, furniture and fixtures

10-45 years
8-24 years
4-15 years

Accounting treatment for deferred assets(i) Issuance costs for corporate bonds
Amortized using the straight-line method over the period until redemption.
(ii) Investment unit issuance expenses
Amortized over a period of three years.

4.

Standards for revenue and expense recognition(i)Standards for recording revenue
The details of main performance obligations concerning revenue generated from contracts between LLR and its
customers and the ordinary time to satisfy performance obligations (ordinary time to recognize revenue) are as follows.
(a) Sale of real estate property
LLR recognizes revenue from the sale of real estate property when the purchaser, as the customer, obtains control of
the real estate property. Note that LLR discloses “Gain on sales of real estate properties” or “Loss on sales of realestate properties” based on “Sales proceed” excluding “Book value of properties sold” and “Other sales expenses” on
Income Statement.
(b)

Utilities charge reimbursement
LLR supplies utilities services such as the electricity, water, etc. to the lessee as the customer and recognize thoseincome based on contracts with the customers.

(ii) Treatment of fixed asset taxes
With respect to fixed asset taxes, city planning taxes, and depreciable asset taxes associated with the real estate or
beneficiary interests in trusts holding real estate as trust assets held by LLR, the amount of taxes levied corresponding to
the relevant accounting period are treated as lease expenses and expensed.
The amount equivalent to the first year’s fixed asset tax that is borne by LLR in association with the acquisition of realestate or beneficiary interests in trusts holding real estate, as trust assets are not recognized as an expense; rather, they areincluded in the acquisition cost of the relevant real estate. The amount of fixed asset taxes, etc. included in the acquisition
costs of real estate, etc. was 46,387 thousand yen in the previous fiscal period, and was 13,684 thousand yen in the current
fiscal period.

- 19 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
5.

Hedge accounting method(i) Method of hedge accounting
LLR uses deferral hedge accounting. However, special treatment was applied to those interest rate swaps that satisfy therequirements for special accounting treatment.
(ii) Hedging instruments and hedged items
Hedging instruments: interest rate swap transactions
Hedged items: interest on loans(iii) Hedging policy
Under its market risk management policy, LLR engages in derivative transactions for the purpose of hedging risk asprovided for in its bylaws.
(iv) Method of assessing hedge effectiveness
Assessment of hedge effectiveness was omitted since interest rate swaps satisfy the requirements for special treatment.

6.

Scope of funds in the statements of cash flows
The funds in the statements of cash flows (cash and cash equivalents) comprise cash on hand and cash in trusts, bankdeposits and trust deposits available for withdrawal on demand, and short-term investments due within three months of theacquisition date, which are readily convertible to cash and bear only an insignificant risk of price fluctuations.

7.

Other matters which constitute the basis for preparation of financial statements(i)

Accounting treatment for beneficiary interests in trusts that have real estate as assets in trust
With respect to trust beneficiary interests held by LLR, where the underlying assets are entrusted real estate, all asset
and liability accounts within the trust assets as well as all revenue and expense accounts arising from the trust assets arerecognized in the relevant accounts of the balance sheet and statements of income.
The following material items of the assets in trust recognized in the relevant account items are listed separately on thebalance sheet.
(a) Cash in trust and deposits in trust(b) Buildings in trust, structures in trust, machinery and equipment in trust, tools, furniture and fixtures in trust, land in(c)trust, construction in progress in trust
Lease and guarantee deposits in trust(d) Tenant leasehold and security deposits in trust(ii) Treatment of nondeductible portion of consumption taxes
The nondeductible portion of consumption taxes imposed in connection with assets was charged to expense in the
period incurred.

- 20 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

(8)

Notes on the Financial Statements[Notes on Balance Sheet]
1. Commitment line agreement
LLR is in the contract of commitment line agreement with two banks.
Thousands of yen
As ofAugust 31, 2023

Total amount of committed line of credit

February 29, 2024
4,000,000

Borrowings drawn down
Balance of unused committed line of credit

4,000,000--

4,000,000

4,000,000* 2. Minimum net assets as required by Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations
Thousands of yen
As ofAugust 31, 2023

February 29, 2024
50,00050,000[Notes on Income Statement]* 1. Breakdown of operating income (loss) from real estate leasing
Thousands of yen
For the periods ended
August 31, 2023(i)

February 29, 2024

Real estate leasing revenues
Rental revenues
Rental income

9,422,889

9,781,641

837,021834,596

10,259,910

10,616,238

Utilities charge reimbursement
Parking revenue

619,011
185,811537,666
185,147

Other lease revenues

151,008

87,726

955,831

810,539

11,215,742

11,426,778

449,442591,094

430,190
488,397

Taxes and public dues
Insurance premiums

1,015,203
22,6501,013,613
23,225

Repair and maintenance

172,757

145,130

Depreciation
Other leasing expenses

1,468,730
290,527

1,539,304
200,576

Total real estate leasing expenses

4,010,406

3,840,439(iii) Real estate leasing profit ((ⅰ) - (ⅱ))

7,205,335

7,586,339

Common service fee
Total
Other rental revenues

Total
Total real estate leasing revenues(ii) Real estate leasing expenses
Property-related expenses
Outsourcing costs
Utilities expenses- 21 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
* 2. Breakdown of gain on sales of real estate properties
Previous period (For the period ended August 31, 2023)
None
Current period (For the period ended February 29, 2024)
Thousands of yen
LOGIPORT Nagareyama B(12.5% joint co-ownershipinteres)
Sales proceed

4,375,000

Cost of properties sold
Other sales expenses

3,223,844
3,789

Gain on sales of real estate properties

1,147,366[Notes on Statement of Changes in Unitholders' Capital]* 1. Total number of investment units authorized and total number of investment units issued and outstanding
For the periods ended
August 31, 2023

February 29, 2024

Total number of investment units authorized

10,000,000 units

10,000,000 units

Total number of investment units issued andoutstanding

1,868,000 units

1,868,000 units[Notes on the Statements of Cash Flows]* 1. Reconciliation of balance sheet items to cash and cash equivalents at end of period in the statement of cash flows
Thousands of yen
For the periods ended
August 31, 2023
Cash and deposits

February 29, 2024

Cash and deposits in trust
Restricted deposits in trust (Note)

17,951,390
7,939,192(2,298,221)

20,258,502
7,847,532(2,317,464)

Cash and cash equivalents at period end

23,592,361

25,788,570

Note: Deposits held in trust reserved for the refund of lease and guarantee deposits received from tenants.
[Notes on Lease Transactions]Operating lease transactions (lessor)
Unearned leasing fees associated with non-cancelable operating leases
Thousands of yen
As ofAugust 31, 2023
Due within one year

February 29, 2024

Due after one year

16,100,019
35,369,988

16,775,999
58,171,181

Total

51,470,008

74,947,181- 22 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
[Notes on Financial Instruments]
1.
Matters concerning the status of financial instruments(i) Policy for handling financial instruments
At the time of acquisitions of new portfolio assets, LLR procures funds by issuing investment units, borrowing fromfinancial institutions or issuing corporate bonds.
In consideration of safety and liquidity, and careful consideration of the market environment and situation of cash
management, surplus funds are managed in deposits in principle.
Furthermore, derivatives transactions are used to hedge against interest rate volatility risks and other risks inconnection with short-term loans and other fund procurement, and not for speculative trading.
(ii) Details of financial instruments, their risks, and the risk management system
Deposits are used for managing the surplus funds of LLR, and are subject to credit risks of failure of the financial
institutions holding the deposits, but in consideration of safety and liquidity, and giving careful consideration to themarket environment and cash management conditions, care is taken to limit the deposit terms to a short period.
Loans payable and investment corporation bonds are taken for the purpose of the procurement of funds for theacquisition of real estate, the repayment of debt or the redemption of investment corporation bonds and while subject
to liquidity risks at the time of repayment, LLR is managing its liquidity risk through efforts to reduce liquidity risks
by means such as diversifying repayment dates and lenders and maintaining liquidity on hand, as well as by preparing
cash management plans. In addition, because part of the loans have variable interest rates, they are subject to the riskof increases in interest payments, but LLR makes efforts to limit the effect of increases in interest payments on LLR
management by maintaining a conservative share of interest-bearing debt and increasing the ratio of loans with longterm fixed interest rates.
(iii) Supplemental explanation about matters concerning the fair value of financial instruments
Certain assumptions, etc. are used in calculating the fair value of financial instruments, and there can be cases wherethe values may vary based on different assumptions, etc. In addition, concerning the contract amounts of derivativetransactions in “Derivative transactions” below the amount itself does not represent the value of the market risks
associated with the derivative transactions.
2.
Matters concerning the fair value of financial instruments
Previous period (As of August 31, 2023)
Amounts recognized on the balance sheet as of the fiscal period ended August 31, 2023, fair values, and differences
between these amounts are presented below. Shares without market price are not included in the following table (Note 2).
The notes for “Cash and deposits”, “Cash and deposits in trust” and “Short-term loans payable” are omitted due to theirshort-term settlement. Also, the note for “Tenant leasehold and security deposits in trust” is omitted because of immaterial.
Thousands of yen
As of August 31, 2023
Book value

Fair value

Difference(1) Current portion of long-term loans payable

9,060,000

9,067,831

7,831(2) Investment corporation bonds payable

13,500,000

13,152,250(347,750)(3) Long-term loans payable

138,060,000

139,227,563

1,167,563

Total liabilities

160,620,000

161,447,644

827,645---

Derivative transactions- 23 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Current period (As of February 29, 2024)
Amounts recognized on the balance sheet as of the fiscal period ended February 29, 2024, fair values, and differences
between these amounts are presented below. Shares without market price are not included in the following table (Note 2).
The notes for “Cash and deposits”, “Cash and deposits in trust” and “Short-term loans payable” are omitted due to theirshort-term settlement. Also, the note for “Tenant leasehold and security deposits in trust” is omitted because of immaterial.
Thousands of yen
As of February 29, 2024
Book value

Fair value

Difference(1) Current portion of long-term loans payable

9,070,000

9,091,423

21,423(2) Investment corporation bonds payable

13,500,000

13,138,550(361,450)(3) Long-term loans payable

141,050,000

142,680,164

1,630,164

Total liabilities

163,620,000

164,910,137

1,290,137---

Derivative transactions

Note 1. Methods used to calculate the fair value of financial instruments and matters concerning derivative transactions(1) Current portion of long-term loans payable, (3) Long-term loans payable
These are stated at present value, which is calculated by discounting the total interest and principal (for loans payable that are
subject to special treatment, the total interest and principal treated in combination with the relevant swap) by the putative interest
rate as if the same loan were newly executed.
(2) Investment corporation bonds payable
The reference statistical prices disclosed by the Japan Securities Dealers Association are used as the fair value.
Derivative transactions
Please refer to “Notes to Derivative Transactions” below.
Note 2. Shares without market pricePrevious period (As of August 31, 2023)
As for the preferred securities (1,134,001 thousand yen recognized on the balance sheet), the fair value is not disclosed based on
the treatment stipulated in paragraph 5 of “Implementation Guidance on Disclosures about Fair Value of Financial
Instruments” (ASBJ Guidance No. 19, revised on March 31, 2020).
Current period (As of February 29, 2024)
As for the preferred securities (1,069,994 thousand yen recognized on the balance sheet), the fair value is not disclosed based on
the treatment stipulated in paragraph 5 of “Implementation Guidance on Disclosures about Fair Value of Financial
Instruments” (ASBJ Guidance No. 19, revised on March 31, 2020).
Note 3. Specified corporate bondPrevious period (As of August 31, 2023)
None
Current period (As of February 29, 2024)
As for the specified corporate bond (809,021 thousand yen recognized on the balance sheet), notes as stipulated in Paragraph 4(1) of “Implementation Guidance on Disclosures about Fair Value of Financial Instruments” (ASBJ Guidance No. 19, revised on
March 31, 2020) are not disclosed by applying the Article 8-6-2, Paragraph 2 of the Regulations for Financial Statements.

- 24 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Note 4. Equity in investment in a silent partnership
Previous period (As of August 31, 2023)
As for the equity in investment in a silent partnership (627,353 thousand yen recognized on the balance sheet), notes as
stipulated in Paragraph 4 (1) of “Implementation Guidance on Disclosures about Fair Value of Financial Instruments” (ASBJ
Guidance No. 19, revised on March 31, 2020) are not disclosed by applying the treatment stipulated in paragraph 24-16 of“Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No. 31, revised on June 17,2021).
Current period (As of February 29, 2024)
As for the equity in investment in a silent partnership (1,170,969 thousand yen recognized on the balance sheet), notes as
stipulated in Paragraph 4 (1) of “Implementation Guidance on Disclosures about Fair Value of Financial Instruments” (ASBJ
Guidance No. 19, revised on March 31, 2020) are not disclosed by applying the treatment stipulated in paragraph 24-16 of“Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No. 31, revised on June 17,2021).
Note 5. Repayment schedule for investment corporation bonds, long-term loans payable and other interest-bearing debt after theclosing datePrevious period (As of August 31, 2023)
Thousands of yen
As of August 31, 2023
Due within
one year

Due after
one to twoyears

Due after
two to threeyears

Due after
three to fouryears

Due after
four to fiveyears

Due after
five years

Investment corporation bonds
payableLong-term loans payable

-

-

-

5,500,000

3,000,000

5,000,000

9,060,000

20,820,000

17,580,000

18,700,000

18,520,000

62,440,000

Total

9,060,000

20,820,000

17,580,000

24,200,000

21,520,000

67,440,000

Current period (As of February 29, 2024)
Thousands of yen
As of February 29, 2024
Due within
one yearInvestment corporation bonds
payableDue after
one to twoyears

Due after
two to threeyears

Due after
three to fouryears

Due after
four to fiveyears

Due after
five years--

2,000,000

6,500,000-

5,000,000

Long-term loans payable

9,070,000

21,450,000

18,680,000

16,920,000

29,500,000

54,500,000

Total

9,070,000

21,450,000

20,680,000

23,420,000

29,500,000

59,500,000[Notes on Securities]
Previous period (As of August 31, 2023)
As for the preferred securities (1,134,001 thousand yen recognized on the balance sheet), the fair value is not disclosed
based on the treatment stipulated in paragraph 5 of “Implementation Guidance on Disclosures about Fair Value of
Financial Instruments” (ASBJ Guidance No. 19, revised on March 31, 2020).
Also, as for the equity in investment in a silent partnership (627,353 thousand yen recognized on the balance sheet),notes as stipulated in Paragraph 4 (1) of “Implementation Guidance on Disclosures about Fair Value of Financial
Instruments” (ASBJ Guidance No. 19, revised on March 31, 2020) are not disclosed by applying the treatment stipulated
in paragraph 24-16 of “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance
No. 31, revised on June 17, 2021).

- 25 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Current period (As of February 29, 2024)
As for the preferred securities (1,069,994 thousand yen recognized on the balance sheet), the fair value is not disclosed
based on the treatment stipulated in paragraph 5 of “Implementation Guidance on Disclosures about Fair Value of
Financial Instruments” (ASBJ Guidance No. 19, revised on March 31, 2020).
Also, as for the specified corporate bonds (809,021 thousand yen recognized on the balance sheet), notes as stipulated in
Paragraph 4 (1) of “Implementation Guidance on Disclosures about Fair Value of Financial Instruments” (ASBJ GuidanceNo. 19, revised on March 31, 2020) are not disclosed by applying the Article 8-6-2, Paragraph 2 of the Regulations for
Financial Statements.
In addition, as for the equity in investment in a silent partnership (1,170,969 thousand yen recognized on the balance
sheet), notes as stipulated in Paragraph 4 (1) of “Implementation Guidance on Disclosures about Fair Value of Financial
Instruments” (ASBJ Guidance No. 19, revised on March 31, 2020) are not disclosed by applying the treatment stipulated
in paragraph 24-16 of “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance
No. 31, revised on June 17, 2021).

[Notes on Derivative Transactions]1.

Derivative transactions to which hedge accounting was not applied
Previous period (As of August 31, 2023)
None
Current period (As of February 29, 2024)
None

2.

Derivative transactions to which hedge accounting was applied
Previous period (As of August 31, 2023)
For each hedge accounting method, the contract amount as of the closing date and the notional principal amountspecified in the contract are presented below.
Thousands of yen
As of August 31, 2023
Contract amount
Hedge accounting
methodType of derivativetransaction

Special treatment
for interest rate
swaps

Interest rate swaps
Receive floating /Pay fixed

Primary
hedged item
Long-termloans payable

Total

Due after
one year

Fair
value

Fair value
measurement

117,320,000

111,130,000(Note)(Note)

Current period (As of February 29, 2024)
For each hedge accounting method, the contract amount as of the closing date and the notional principal amountspecified in the contract are presented below.
Thousands of yen
As of February 29, 2024
Contract amount
Hedge accounting
methodType of derivativetransaction

Primary
hedged item

Special treatment
for interest rate
swaps

Interest rate swaps
Receive floating /Pay fixed

Long-termloans payable

Total

Due after
one year

Fair
value

Fair value
measurement

123,190,000

118,280,000(Note)(Note)

Note: Because the derivative transactions subject to special treatment for interest rate swaps are treated integrally with longterm loans that are being hedged, the stated fair value incorporates the fair value of the relevant long-term loans. (Pleaserefer to Item (1) Current portion of long-term loans payable and (3) Long-term loans payable under (Notes to Financial
Instruments) “Matters concerning the fair value of financial instruments” and “Note 1. Methods used to calculate the fairvalue of financial instruments and matters concerning derivative transactions” above.)- 26 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

[Notes on Transactions with Related Parties]
1.

Transactions and Account Balances with the Parent Company and Major Unitholders
Previous period (For the period ended August 31, 2023)
None
Current period (For the period ended February 29, 2024)
None

2.

Transactions and Account Balances with Affiliates
Previous period (For the period ended August 31, 2023)
None
Current period (For the period ended February 29, 2024)
None

3.

Transactions and Account Balances with Companies under Common Control
Previous period (For the period ended August 31, 2023)
Relation

Name oftheClassification company

Subsidiary of
an affiliate

LaSalleREIT
Advisors
K.K.

Address

Chiyodaku,
Tokyo

Statedcapital(thousandsof yen)164,500

Type ofbusiness

Investment
managementbusiness

Percentage
of votingrightsowned-Type ofCommonboard
Businesstransaction
memberrelationship(Note 2)
Executive
Director of
Payment of
LLR andasset
Asset
President &management
manager
CEO of the
fee
Asset
(Note 3)
Manager

Transaction
amount(thousandsof yen)(Note 1)

1,584,791

Account

Accounts
payableEndingbalance(thousandsof yen)(Note 1)

1,476,960

Note 1. The transaction amounts do not include the consumption tax whereas the tax is included in the ending balance.
Note 2. The terms and conditions of these transactions were executed based on market practices.
Note 3. The asset management fee, attributable to property and investment securities acquisitions, were 231,050 thousand yen
and 11,050 thousand yen, respectively.
Current period (For the period ended February 29, 2024)
Relation
Name oftheClassification company

Subsidiary of
an affiliate

LaSalleREIT
Advisors
K.K.

Address

Chiyodaku,
Tokyo

Statedcapital(thousandsof yen)164,500

Type ofbusiness

Investment
managementbusiness

Percentage
of votingrightsowned-Type ofCommonboard
Businesstransaction
memberrelationship(Note 2)
Executive
Director of
Payment of
LLR andasset
Asset
President &management
manager
CEO of the
fee
Asset
(Note 3)
Manager

Transaction
amount(thousandsof yen)(Note 1)

1,821,387

Account

Accounts
payableEndingbalance(thousandsof yen)(Note 1)

1,987,774

Note 1. The transaction amounts do not include the consumption tax whereas the tax is included in the ending balance.
Note 2. The terms and conditions of these transactions were executed based on market practices.
Note 3. The asset management fee, attributable to property and investment securities acquisitions, were 32,700 thousand yen and25,870 thousand yen, respectively.
4.

Transactions and Account Balances with Officers and Key individual investors
Previous period (For the period ended August 31, 2023)
None
Current period (For the period ended February 29, 2024)
None- 27 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

[Notes on Tax Effect Accounting]1.

Breakdown of main reasons for generation of deferred tax assets and deferred tax liabilities
Thousands of yen
As ofAugust 31, 2023

February 29, 2024

(Deferred tax assets)
Enterprise tax payable

1

11

Total deferred tax assets

1

11

1

11

Net deferred tax assets
2.

Breakdown of main items that were the cause of a material difference between the statutory effective tax rate and theburden of corporate taxes after application of tax-effect accounting
As of

Statutory tax rate

August 31, 2023
31.46 %

February 29, 2024
31.46 %

(31.46 %)(31.46 %)0.01 %

0.01 %

0.01 %

0.01 %(Adjustments)
Deductible distributions
Other
Actual effective income tax rate
[Notes on Retirement Benefits]
Previous period (As of August 31, 2023)
None
Current period (As of February 29, 2024)
None[Notes on Equity Method Earnings]
Previous period (As of August 31, 2023)
None
Current period (As of February 29, 2024)
None[Notes on Asset Retirement Obligations]
Previous period (As of August 31, 2023)
None
Current period (As of February 29, 2024)
None- 28 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
[Notes on Segment Information](Segment Information)
Segment information has been omitted as LLR has only one segment, which is real estate leasing business.
(Related information)
Previous period (For the period ended August 31, 2023)(1) Information by Products and Services
Information about products and services has been omitted because operating revenues from sales to external customers
for one product and service category are in excess of 90% of the operating revenues on the statements of income.
(2)

Information by Geographic Region(i) Operating Revenues
Information about operating revenues has been omitted because operating revenues from sales to external customers
in Japan are in excess of 90% of the operating revenues on the statements of income.
(ii) Property and Equipment
Information about property and equipment has been omitted because the amount of property and equipment located inJapan is in excess of 90% of the amount of property and equipment on the balance sheets.

(3)

Information by Major Customers
Information about major customers has been omitted because each net sale to a single external customer accounts for lessthan 10% of the operating revenues on the statements of income.

Current period (For the period ended February 29, 2024)(1) Information by Products and Services
Information about products and services has been omitted because operating revenues from sales to external customers
for one product and service category are in excess of 90% of the operating revenues on the statements of income.
(2)

Information by Geographic Region(i) Operating Revenues
Information about operating revenues has been omitted because operating revenues from sales to external customers
in Japan are in excess of 90% of the operating revenues on the statements of income.
(ii) Property and Equipment
Information about property and equipment has been omitted because the amount of property and equipment located inJapan is in excess of 90% of the amount of property and equipment on the balance sheets.

(3)

Information by Major Customers
Information about major customers has been omitted because each net sale to a single external customer accounts for lessthan 10% of the operating revenues on the statements of income.

- 29 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
[Notes on Rental Properties]
LLR owns leased logistics facilities mainly in the Tokyo and Osaka areas for the purpose of obtaining rental income. The
fair values of these rental properties on the balance sheet and the changes during the period are presented below.
Thousands of yen
For the periods ended
August 31, 2023

February 29, 2024

Book value (Note 1)
Balance at the beginning of the period

353,559,721

376,118,970

Changes during the period (Note 2)

22,559,249(1,004,839)

Balance at the end of the period

376,118,970

375,114,131

457,840,000

459,155,000

Fair value at the end of the period (Note 3)

Note 1. Book value was calculated by deducting accumulated depreciation from the acquisition cost.
Note 2. The increase for period ended August 31, 2023, was a result of the acquisition of three properties during the period witha total value of 23,401,367 thousand yen. The decrease for period ended August 31, 2023, was a result of the recognitionof depreciation expenses of 1,468,730 thousand yen. In addition, the increase for period ended February 29, 2024, was a
result of the acquisition of one property during the period with a total value of 3,323,680 thousand yen. The decrease for
period ended February 29, 2024, was a result of the sales of one property (12.5% joint co-ownership interes) during theperiod with a total value of 3,223,844 thousand yen and the recognition of depreciation expenses of 1,539,304 thousand
yen, respectively.
Note 3. The fair value at the end of the period was stated at the appraisal value obtained from an independent real estateappraiser.
Operating income (loss) associated with the rental properties is presented in “Notes to Income Statement”.
[Note on Revenue Recognition]
1.

Breakdown information on revenue from contracts with customers
Previous period (For the period ended August 31, 2023)
Thousands of yen
Revenue from contracts withcustomers (Note)

Sales to external customers

Sales of real estate properties--

Utilities charge reimbursement

619,011

619,011Other-

10,596,730

Total

619,011

11,215,742

Note. Rental revenue, etc. subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) are excluded
from the above amount as such revenue is not subject to the Revenue Recognition Accounting Standard. Revenue fromcontracts with customers mainly represents proceeds from sales of real estate properties and utilities charge
reimbursement.
Current period (For the period ended February 29, 2024)
Thousands of yen
Revenue from contracts withcustomers (Note)

Sales to external customers

Sales of real estate properties

4,375,000

1,147,366

Utilities charge reimbursement

537,666

537,666

Other-

11,439,731

Total

4,912,666

13,124,763

Note. Rental revenue, etc. subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) are excluded
from the above amount as such revenue is not subject to the Revenue Recognition Accounting Standard. Revenue fromcontracts with customers mainly represents proceeds from sales of real estate properties and utilities charge
reimbursement.

- 30 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

2. Information about the relationship between the satisfaction of performance obligations under contracts with customers andcash flows from those contracts, and the amount and timing of revenue expected to be recognized in subsequent periods fromcontracts with customers that exist at the end of the current period
Previous period (For the period ended August 31, 2023)
Transaction price allocated to remaining performance obligations
None.
Regarding utilities charge reimbursement, LLR recognizes revenues at the amount it has the right to charge inaccordance with paragraph 19 of the Guidance on Accounting Standard for Revenue Recognition, because LLR has theright to receive from the customer the amount of consideration that directly corresponds to the value to the lessee, thecustomer, for the portion of performance completed by the end of the period. LLR therefore recognizes revenue at theamount it is entitled to claim in accordance with Paragraph 19 of the Guidance on Accounting Standard for Revenue
Recognition. Accordingly, the provisions of paragraph 80-22(2) of the Accounting Standard for Revenue Recognition havebeen applied and the transaction price allocated to the remaining performance obligations has not been included in thenotes.
Current period (For the period ended February 29, 2024)
Transaction price allocated to remaining performance obligations
As of February 29, 2024, the total transaction price allocated to the remaining performance obligations related to the saleof real estate properties was 8,750,000 thousand yen for real estate properties for which a contract of sale was executed on
October 16, 2023. The Fund expects to complete the delivery of the real estate properties on March 21, 2024 for 4,375,000
thousand yen of such residual performance obligation and recognize revenue accordingly. In addition, the Investment
Corporation expects to recognize revenue of 4,375,000 thousand yen in connection with the delivery of the relevant realestate properties scheduled on September 10, 2024.
Regarding utilities charge reimbursement, LLR recognizes revenues at the amount it has the right to charge inaccordance with paragraph 19 of the Guidance on Accounting Standard for Revenue Recognition, because LLR has theright to receive from the customer the amount of consideration that directly corresponds to the value to the lessee, thecustomer, for the portion of performance completed by the end of the period. LLR therefore recognizes revenue at theamount it is entitled to claim in accordance with Paragraph 19 of the Guidance on Accounting Standard for Revenue
Recognition. Accordingly, the provisions of paragraph 80-22(2) of the Accounting Standard for Revenue Recognition havebeen applied and the transaction price allocated to the remaining performance obligations has not been included in thenotes.
[Notes on Per Unit Information]
Yen
For the periods ended
August 31, 2023

February 29, 2024

Net assets per unit

120,466

120,931

Net income per unit

2,811

3,554

Note 1. Net income per unit was calculated by dividing net income by the daily weighted average number of investment units forthe period. In addition, the diluted net income per unit was not stated here as there are no diluted investment units.
Note 2. The basis for calculating net income per unit is as follows.
Thousands of yen
For the periods ended
August 31, 2023
Net income
Amount not attributable to ordinary unitholders
Net income attributable to ordinary investment units
Weighted average number of units outstanding- 31 -

February 29, 2024

5,089,817

6,640,618--

5,089,817

6,640,618

1,810,554 units

1,868,000 units

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

[Notes on Significant Subsequent Events]a. Acquisition of asset (preferred shares and specified corporate bonds)
LLR has acquired the following preferred shares on March 15, 2024 and the following specified corporate bonds on March 19,2024. In addition, the LLR plans to acquire the following preferred shares from late-June 2024 to early-July 2024 and thefollowing specified corporate bonds on July 9, 2024.

Asset name
NY Properties TMK
Preferred shares
NY Properties TMK
Specified corporate bonds

Acquisition price(million yen)
171.5
600

Intended aquisition
Preferred shares
Specified corporate bonds

Acquiring entity

Subject real estate

NY Properties TMK

Nanko Logistics Center,
Yachiyo Logistics Center: Late-June 2024 to Early-July 2024

171.5 million yen: July 9, 2024

600 million yen

b. Acquisition of asset (TK equity interest)
LLR has acquired the following TK equity interest on March 18, 2024.
Acquisition priceAsset name
TK Equity Interest B of LRF3
Properties GK(million yen)75

Acquiring entity
LRF3 Properties GK

Subject real estate
Amagasaki Projectc. Decision to acquire the asset (TK euity interest)
On April 15, 2024, LLR has decided to acquire the following newly TK equity interest, and plan to acquire it on March 19,2025. In addition, the TK equity agreement for the TK equity interest is scheduled to be concluded on March 18, 2025, and there
is a possibility that the content may be changed or the TK equity agreement itself may not be concluded in the future. Although
this acquisition does not fall under the category of forward commitments, etc., it will be treated as equivalent to forward
commitments, etc., in light of the period from the announcement of this acquisition to the scheduled acquisition date.
Acquisition priceAsset name
TK Equity Interest B of Urayasu
Properties GK(million yen)
320

Acquiring entity
Urayasu Properties GK

Subject real estate
Urayasu Logistics Centerd. Decision to acquire the asset (TK equity interest)
On April 15, 2024, LLR has decided to acquire the following newly TK equity interest, and plan to acquire it on May 14, 2024.
In addition, the TK equity agreement for the TK equity interest is scheduled to be concluded on May 13, 2024, and there is apossibility that the content may be changed or the TK equity agreement itself may not be concluded in the future.

Asset name
TK Equity Interest B of Okinawa
Itoman Properties GK

Acquisition price(million yen)
520

Acquiring entity
Okinawa Itoman
Properties GK- 32 -

Subject real estate
Okinawa Itoman Logistics Center

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
e. Disposition of asset (real estate trust beneficiary interests)
LLR has disposed the real estate trust beneficiary interests on March 21, 2024. In addition, the LLR plans to dispose thefollowing real estate trust beneficiary interests on September 10, 2024.
Property
Area
Tokyo area

numberTokyo-5

Asset name
LOGIPORT Nagareyama B(Joint Co-ownership interest of
12.5%)

Location
Nagareyama,
Chiba

Intended desposition
LOGIPORT Nagareyama B (Joint Co-ownership interest of 12.5%)

Disposition price(million yen)
4,375

: September 10, 2024

Buyer
Undisclosed

4,375 million yen

f. Execution of a purchase and sale agreement for the disposition of asset (real estate trust beneficiary interests)
On April 15, 2024, LLR has executed a purchase and sale agreement for the following disposition of asset, and plan to dispose
it on March 21, 2025. The purchase and sale agreement for the disposition of asset is forward commitmentagreements. In addition,
the intended disposition date is subject to change as agreed upon between LLR and the buyer in accordance with Trust BeneficiaryInterests Purchase & Sale Agreement.

Area
Tokyo area

Property
numberTokyo-5

Asset name
LOGIPORT Nagareyama B(Joint Co-ownership interest of
12.5%)

Location
Nagareyama,
Chiba

Disposition price(million yen)
4,375

Buyer
Undisclosed

g. Determination of repurchase of own investment units
On April 15, 2024, LLR has decidedthe following repurchase of own investment units based on the provisions of Article 80-2of the Act on the Investment Trusts Act, which is applied by replacing the terms and phrases pursuant to the provisions ofParagraph 2, Article 80-5 of the said Act.
Total number of investment units to be repurchased
Total amount of investment units to be repurchased: 43,000 units (maximum): 6,000 million yen (maximum)

Repurchase method: Open market repurchase on the Tokyo Stock Exchange based on adiscretionary transaction agreement with a securities company for the
repurchase of own investment units: From April 16, 2024 to July 31, 2024

Repurchase period- 33 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(9)

Changes in Number of Investment Units Issued and Outstanding
Unitholders' capital and changes in the number of investment units issued and outstanding for the last five years are shown
below.
Total number of outstanding
Unitholders' capital (Note 1)
investment units (units)(thousand yen)
Increase
Increase
Date
Description(decrease)
Balance(decrease)
Balance
Comment

May 20, 2019

Distributions in excess
of retained earnings(refund of investment)-

1,100,000(205,700)

105,201,265(Note 2)June 5, 2019

Public offering

104,761

1,204,761

12,271,808

117,473,073(Note 3)June 28, 2019

Third-party allotment

5,239

1,210,000

613,701

118,086,775(Note 4)September 18, 2019

Public offering

145,714

1,355,714

20,836,373

138,923,148(Note 5)October 10, 2019

Third-party allotment

7,286

1,363,000

1,041,861

139,965,010(Note 6)

November 21, 2019

Distributions in excess
of retained earnings(refund of investment)-

1,363,000(183,920)

139,781,090(Note 7)

May 22, 2020

Distributions in excess
of retained earnings(refund of investment)-

1,363,000(242,614)

139,538,476(Note 8)September 1, 2020

Public offering

261,904

1,624,904

44,710,941

184,249,417(Note 9)September 29, 2020

Third-party allotment

13,096

1,638,000

2,235,683

186,485,101(Note 10)

November 18, 2020

Distributions in excess
of retained earnings(refund of investment)-

1,638,000(278,052)

186,207,049(Note 11)

April 27, 2021

Public offering

140,000

1,778,000

22,656,760

208,863,809(Note 12)

May 21, 2021

Distributions in excess
of retained earnings(refund of investment)-

1,778,000(373,464)

208,490,345(Note 13)

May 25, 2021

Third-party allotment

7,000

1,785,000

1,132,838

209,623,183(Note 14)

November 18, 2021

Distributions in excess
of retained earnings(refund of investment)-

1,785,000(412,335)

209,210,848(Note 15)

May 23, 2022

Distributions in excess
of retained earnings(refund of investment)-

1,785,000(424,830)

208,786,018(Note 16)

November 17, 2022

Distributions in excess
of retained earnings(refund of investment)-

1,785,000(428,400)

208,357,618(Note 17)

May 22, 2023

Distributions in excess
of retained earnings(refund of investment)-

1,785,000(430,185)

207,927,433(Note 18)

July 5, 2023

Public offering

78,8501,863,850

11,412,118

219,339,551(Note 19)

August 1, 2023

Third-party allotment

4,150

1,868,000

600,637

219,940,189(Note 20)

November 17, 2023

Distributions in excess
of retained earnings(refund of investment)-

1,868,000(681,820)

219,258,369(Note 21)Note 1. The amount remaining after subtracting the amount of the deduction for unitholders' capital from unitholders' capital is stated.
Note 2. At the Board of Directors Meeting of LLR on April 15, 2019, LLR decided to make distributions in excess of retained
earnings (refund of contributions that under tax law is equivalent to a refund of investment) at an amount of 187 yen per unit

- 34 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
as distributions of funds for the sixth fiscal period (ended February 28, 2019) and payment of these commenced on May 20,
2019.
Note 3. LLR issued new investment units for the purpose of raising funds to acquire new properties at an offer price of 121,387 yen
per unit (underwriting price of 117,141 yen).
Note 4. LLR issued new investment units through a third-party allotment associated with the public offering at an underwriting priceof 117,141 yen for the purpose of obtaining funds for future acquisition of property and the repayment of loans.
Note 5. LLR issued new investment units for the purpose of raising funds to acquire new properties at an offer price of 148,005 yen
per unit (underwriting price of 142,995 yen).
Note 6. LLR issued new investment units through a third-party allotment associated with the public offering at an underwriting priceof 142,995 yen for the purpose of obtaining funds for future acquisition of property and the repayment of loans.
Note 7. At the Board of Directors Meeting of LLR on October 17, 2019, LLR decided to make distributions in excess of retained
earnings (refund of contributions that under tax law is equivalent to a refund of investment) at an amount of 152 yen per unit
as distributions of funds for the seventh fiscal period (ended August 31, 2019) and payment of these commenced on
November 21, 2019.
Note 8. At the Board of Directors Meeting of LLR on April 17, 2020, LLR decided to make distributions in excess of retained
earnings (refund of contributions that under tax law is equivalent to a refund of investment) at an amount of 178 yen per unit
as distributions of funds for the eighth fiscal period (ended February 29, 2020) and payment of these commenced on May 22,
2020.
Note 9. LLR issued new investment units for the purpose of raising funds to acquire new properties at an offer price of 176,677 yen
per unit (underwriting price of 170,715 yen).
Note 10. LLR issued new investment units through a third-party allotment associated with the public offering at an underwriting priceof 170,715 yen for the purpose of obtaining funds for future acquisition of property and the repayment of loans.
Note 11. At the Board of Directors Meeting of LLR on October 15, 2020, LLR decided to make distributions in excess of retained
earnings (refund of contributions that under tax law is equivalent to a refund of investment) at an amount of 204 yen per unit
as distributions of funds for the ninth fiscal period (ended August 31, 2020) and payment of these commenced on November
18, 2020.
Note 12. LLR issued new investment units for the purpose of raising funds to acquire new properties at an offer price of 167,700 yen
per unit (underwriting price of 161,834 yen).
Note 13. At the Board of Directors Meeting of LLR on April 14, 2021, LLR decided to make distributions in excess of retained
earnings (refund of contributions that under tax law is equivalent to a refund of investment) at an amount of 228 yen per unit
as distributions of funds for the tenth fiscal period (ended February 28, 2021) and payment of these commenced on May 21,
2021.
Note 14. LLR issued new investment units through a third-party allotment associated with the public offering at an underwriting priceof 161,834 yen for the purpose of obtaining funds for future acquisition of property and the repayment of loans.
Note 15. At the Board of Directors Meeting of LLR on October 15, 2021, LLR decided to make distributions in excess of retained
earnings (refund of contributions that under tax law is equivalent to a refund of investment) at an amount of 231 yen per unit
as distributions of funds for the eleventh fiscal period (ended August 31, 2021) and payment of these commenced on
November 18, 2021.
Note 16. At the Board of Directors Meeting of LLR on April 15, 2022, LLR decided to make distributions in excess of retained
earnings (refund of contributions that under tax law is equivalent to a refund of investment) at an amount of 238 yen per unit
as distributions of funds for the twelfth fiscal period (ended February 28, 2022) and payment of these commenced on May 23,
2022.
Note 17. At the Board of Directors Meeting of LLR on October 14, 2022, LLR decided to make distributions in excess of retained
earnings (refund of contributions that under tax law is equivalent to a refund of investment) at an amount of 240 yen per unit
as distributions of funds for the thirteenth fiscal period (ended August 31, 2022) and payment of these commenced on
November 17, 2022.
Note 18. At the Board of Directors Meeting of LLR on April 17, 2023, LLR decided to make distributions in excess of retained
earnings (refund of contributions that under tax law is equivalent to a refund of investment) at an amount of 241 yen per unit
as distributions of funds for the fourteenth fiscal period (ended February 28, 2023) and payment of these commenced on
November 17, 2022.
Note 19. LLR issued new investment units for the purpose of raising funds to acquire new properties at an offer price of 149,565 yen
per unit (underwriting price of 144,732 yen).
Note 20. LLR issued new investment units through a third-party allotment associated with the public offering at an underwriting priceof 144,732 yen for the purpose of obtaining funds for future acquisition of property and the repayment of loans.

- 35 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Note 21. At the Board of Directors Meeting of LLR on October 16, 2023, LLR decided to make distributions in excess of retained
earnings (refund of contributions that under tax law is equivalent to a refund of investment) at an amount of 365 yen per unit
as distributions of funds for the thirteenth fiscal period (ended August 31, 2023) and payment of these commenced on
November 17, 2023.

- 36 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
3.

Reference Information(1)

Information on Price of the Managed Assets

A)

Composition of LLR's Assets
Previous period(August 31, 2023)

Type of assets

Use

Real estate in trust

Logistics facilities

Current period(February 29, 2024)

Area

Total amountheld(million yen)

Percentage tototal assets(%)

Total amountheld(million yen)

Percentage tototal assets(%)(Note 1)

(Note 2)

(Note 3)(Note 2)

(Note 3）

Tokyo area

223,57355.1

219,81453.9

Osaka area
Other

142,333
10,21135.1
2.5

141,817
13,48234.8
3.3

Subtotal

376,118

92.6

375,114

91.9

Investment securities (Note 4)

1,761

0.4

3,049

0.7

Deposits / other assets

28,1906.9

29,858

7.3

Total assets

406,070100.0

408,022100.0

Previous period(August 31, 2023)
Amount(million yen)
Total liabilities

Current period(February 29, 2024)

Percentage to total assets(%) (Note 3)

Amount(million yen)

Percentage to total assets(%) (Note 3)

Total net assets

181,039
225,03144.6
55.4

182,122
225,899

44.6
55.4

Total assets

406,070100.0

408,022100.0

Note 1. “Area” refers to the Tokyo area, the Osaka area, as well as other prefectural areas, and the “Tokyo area” is defined as
the area within 60km of Tokyo (specifically within a 60km radius of JR Tokyo Station), and “Osaka area” is defined as
the area within 45km of Osaka (specifically within a 45km radius of JR Osaka Station).
Note 2. “Total amount held” reflects the amount recognized on the balance sheet (for real estate in trust, the carrying value after
depreciation) as of the closing date of the respective fiscal period, and was rounded down to the nearest million yen.
Note 3. “Percentage to total assets” was rounded to the second decimal place.
Note 4. “Investment Securities” were preferred shares of Kansai 1 Property TMK, preferred shares of Japan Logistics
Development 1 TMK, equity in investment in a silent partnership of JRF2 Properties GK and preferred shares of Japan
Logistics Development 2 TMK for the previous period, and, were preferred shares of preferred shares of Japan
Logistics Development 1 TMK, preferred shares of Japan Logistics Development 2 TMK, preferred shares andspecified corporate bonds of NY properties TMK, and equity in investment in a silent partnership of JRF3 Properties
GK for the current period, respectively.

- 37 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

B)(i)

Investment Assets

Main Issues of the Investment Securities
As of February 29, 2024, the investment securities held by LLR are as follows.

Type

Name of securities

Preferred securities

Japan Logistics Development

Quantity(units)Appraisal value
Carrying amount (thousand yen)
(Note 5)(thousand yen)

Share of total
assets (%)(Note 6)3,700

191,030

191,030

0.0

9,500

482,945482,945

0.1

7,840

396,018

396,0180.1-

809,021809,0210.2-

1,170,969

1,170,969

0.3-

3,049,985

3,049,985

0.7

1 TMK
preferred securities (Note 1)
Preferred securities

Japan Logistics Development
2 TMK
preferred securities (Note 2)

Preferred securities

NY Properties TMK
preferred securities (Note 3)

Specified corporate NY Properties TMK
bonds
specified corporate bonds(Note 3)Equity ininvestment in a

LRF3 Properties GK
equity in investment in a silent

silent partnershippartnership (Note 4)

Total- 38 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

Note 1. The underlying asset related to the preferred securities is as shown below.
Name of Securities
Japan Logistics Development 1

Property Portfolio

Property Name

Trust beneficiary interest

Matsudo Project

TMK preferred securities

Property Location
Matsuhidai, Matsudo-city, Chiba
prefecture

Note 2. The underlying asset related to the preferred securities is as shown below.
Name of Securities
Japan Logistics Development 2

Property Portfolio

Property Name

Trust beneficiary interest

Sendai Project

Property Location
Sendai-city, Miyagi prefecture

TMK preferred securities

Note 3. The underlying assets related to the preferred securities and specified corporate bonds are as shown below.
Name of Securities
NY Properties TMK preferred

Property Portfolio

Property Name

Trust beneficiary interest

Nanko Logistics Centersecurities and specified corporate

Property Location
1-1-125, Nankominami Suminoeku, Osaka-city, Osaka prefecturebonds
Trust beneficiary interest

Yachiyo Logistics Center

597-8, Owadashinden, Yachiyocity, Chiba prefecture

Note 4. The underlying asset related to the equity in investment in a silent partnership is as shown below.
Name of Securities
LRF3 Properties GK

Property Portfolio

Property Name

Trust beneficiary interest

LOGIPORT Kazo

equity in investment in a silent

Property Location
1-317-6 Toyonodai, Kazo-city,
Saitama prefecture

partnership
Trust beneficiary interest

Osaka Suminoe Logistics Center

1-2-25 Shibatani, Suminoe-ku,
Oasaka-city, Osaka prefecture

Trust beneficiary interest

Konosu Project375-1 Hachimanden, Konosu-city,
Saitama prefecture

Trust beneficiary interest

Iruma Project4085 Miyanodai, Miyadera,
Iruma-city, Saitama prefecture

Trust beneficiary interest

Urawa Misono Project

1-6-3 Misono, Midori-ku,
Saitama-city, Saitama prefecture

Trust beneficiary interest

Iwanuma Projec

120-1 Shinsekimukai, Shimonogo,
Iwanuma-city, Miyagi prefecture

Note 5. The carrying amount is shown for the appraisal value.
Note 6. The share of total assets is rounded to the second decimal place.

- 39 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024(ii) Overview of Real Estate, etc.
(a) Portfolio Overview
The assets (real estate or beneficiary interests in trusts holding real estate as trust assets; collectively referred to as “asset
holdings” hereinafter) held by LLR as of February 29, 2024 are presented below.

Area
Tokyo
area

Osaka
area

Property
number(Note 1)
Tokyo-1

Form ofpossession
Trustbeneficiaryinterest

Propertyage(years)(Note 2)9

As of end ofcurrent period
carrying
amount(million yen)
(Note 3)
20,422Acquisition
price(million yen)
(Note 4)
21,200Investment
ratio
(%)
(Note 5)
5.6

Appraisalvalue(million yen)
(Note 6)27,100Gross floor
area(㎡)(Note 7)
145,801.69

Property name
LOGIPORT
Hashimoto(Note 8)Location
Kanagawa
Prefecture
Sagamihara
City

Tokyo-2

LOGIPORT
Sagamihara(Note 9)Kanagawa
Prefecture
Sagamihara
City

Trust
beneficiaryinterest

11

22,462

23,0206.0

29,800200,045.57

Tokyo-3

LOGIPORT
Kitakashiwa

Chiba
Prefecture
KashiwaCity

Trust
beneficiaryinterest

11

24,56425,300

6.6

33,900104,302.62

Tokyo-5

LOGIPORT
Nagareyama B(Note 10)Chiba
Prefecture
Nagareyama
City

Trust
beneficiaryinterest

16

22,671

23,275

6.1

29,575

133,414.76

Tokyo-6

LOGIPORT
HigashiOgishima A

Kanagawa
Prefecture
Kawasaki
City

Trust
beneficiaryinterest

37

18,87419,0005.0

20,200100,235.67

Tokyo-7

LOGIPORT
HigashiOgishima B

Kanagawa
Prefecture
Kawasaki
City

Trust
beneficiaryinterest

33

19,043

19,1205.0

23,000117,546.26

Tokyo-8

LOGIPORT
HigashiOgishima C

Kanagawa
Prefecture
Kawasaki
City

Trust
beneficiaryinterest

22

23,121

23,7006.2

28,300116,997.14

Tokyo-9

LOGIPORT
Kawagoe

SaitamaPrefecture
KawagoeCity

Trust
beneficiaryinterest

13

11,675

11,9503.1

12,90050,742.47

Tokyo-11

LOGIPORT
Kashiwa
ShonanChiba
Prefecture
KashiwaCity

Trust
beneficiaryinterest

6

9,088

9,300

2.4

10,90040,878.58

Tokyo-12

LOGIPORT
Sayama Hidaka

SaitamaPrefecture
HidakaCity

Trustbeneficiaryinterest

8

6,321

6,430

1.7

6,870

23,570.37

Tokyo-13

HigashiOgishima(leasehold land)

Kanagawa
Prefecture
Kawasaki
City

Trust
beneficiaryinterest

-

1,264

1,189

0.3

1,890

-

Tokyo-14

LOGIPORT
Kawasaki Bay(Note 11)

Kanagawa
Prefecture
Kawasaki
City

Trust
beneficiaryinterest

5

31,66932,2008.5

37,000289,164.66

Tokyo-15

LOGIPORT
Shinmoriya

IbarakiPrefecture
Tsukubamirai CityTrustbeneficiaryinterest

5

8,446

8,580

2.3

10,60037,089.81

Osaka-1

LOGIPORT
Sakai
Minamijimacho

Osaka
Prefecture
Sakai City

Trust
beneficiaryinterest

7

7,914

8,150

2.1

9,860

30,696.61

Osaka-2

LOGIPORT
Sakai Chikko
Shinmachi(Note 12)Osaka
Prefecture
Sakai City

Trust
beneficiaryinterest

6

4,226

4,160

1.1

5,120

20,428.39

Osaka-3

LOGIPORT
Osaka Taisho(Note 13)

Osaka
Prefecture
Osaka City

Trust
beneficiaryinterest

6

17,25817,655

4.6

21,600117,037.14

Osaka-5

LOGIPORT
Amagasaki

Hyogo
Prefecture
Amagasaki
City

Trust
beneficiaryinterest

6

47,70948,20012.7

62,700261,007.41- 40 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

Area

Other
area

Property
number(Note 1)
Osaka-6

Propertyage(years)(Note 2)7

As of end ofcurrent period
carrying
amount(million yen)
(Note 3)
11,884

Acquisition
price(million yen)
(Note 4)
12,075Investment
ratio
(%)
(Note 5)
3.2

Appraisalvalue(million yen)
(Note 6)
13,600Gross floor
area(㎡)(Note 7)
115,552.35

Property name
LOGIPORT
Sakai(Note 14)

Location
Osaka
Prefecture
Sakai City

Form ofpossession
Trustbeneficiaryinterest

Osaka-7

LOGIPORT
Osaka Bay

Osaka
Prefecture
Osaka City

Trust
beneficiaryinterest

6

39,71540,00010.5

46,400139,551.94

Osaka-8

LOGIPORT
Kyoto

Trust
beneficiaryinterest

3

13,10713,015

3.4

13,10037,399.42

Other-1

Aisai Logistics
CenterKyoto
Prefecture
YawataCity
Aichi
Prefecture
Aisai City

Trust
beneficiaryinterest

3

4,077

4,045

1.1

4,430

13,700.50

Other-2

Kariya Logistics
CenterAichi
Prefecture
Kariya City

Trust
beneficiaryinterest

1

6,083

6,045

1.6

6,830

20,981.08

Other-3

Inuyama
Logistics Center

Aichi
Prefecture
InuyamaCity

Trust
beneficiaryinterest

1

3,321

3,270

0.9

3,480

10,363.34

11374,924

380,879100.0

459,155

2,126,507.78

Portfolio total / average

Note 1. “Property number” refers to the number assigned by classifying LLR's asset holdings into three areas, with those located in
the Tokyo area designated as “Tokyo,” those in the Osaka area as "Osaka," and those located in other prefectural areas as“Other areas.”
Note 2. ‟Property Age” with respect to “LOGIPORT Amagasaki” was calculated by taking the period from October 13, 2017, whenrenovation work and conversion from a factory to logistics facility was completed, to February 29, 2024, and this result was
rounded to the nearest decimal place. The number presented as the portfolio age average is the weighted average weighted byacquisition price, rounded to the nearest whole number.
Note 3. “As of end of current period carrying amount” is based on book value after depreciation as of February 29, 2024, rounded
down to the nearest million yen. Construction in progress in trust is not included.
Note 4. “Acquisition Price” is the purchase price for each of the trust beneficiary interests as shown in the trust beneficiary interest
purchase agreement of the relevant property (excluding consumption taxes, local consumption taxes, and various acquisition
costs, and is rounded down to the nearest million yen).
Note 5. The investment ratio is the percentage of the Acquisition Price of the relevant property to the total acquisition price, rounded
to two decimal places. Therefore, the sum of the individual investment ratio figures may not necessarily match the portfolio
total.
Note 6. “Appraisal value” represents the appraisal value as of February 29, 2024, shown in the real estate appraisal documents
prepared by Tanizawa Sogo Appraisal Co, Ltd., CBRE K.K. or Japan Real Estate Institute, which have been contracted toappraise the asset holdings.
Note 7. “Gross floor area” reflects the figure shown in the registrations for all buildings associated with the real estate in trust(excluding ancillary buildings that are not subject to leasing) held by LLR.
Note 8. The as of end of current period carrying amount, Acquisition Price and appraisal value for LOGIPORT Hashimoto are statedas amounts proportional to LLR's ownership interest of the joint co-ownership interests within the trust beneficiary interest(equating to 55%), while the gross floor area is the figure for the entire property.
Note 9. The as of end of current period carrying amount, Acquisition Price and appraisal value for LOGIPORT Sagamihara are statedas amounts proportional to LLR's ownership interest of the joint co-ownership interests within the trust beneficiary interest(equating to 51%), while the gross floor area is the figure for the entire property.
Note 10. The as of end of current period carrying amount, Acquisition Price and appraisal value for LOGIPORT Nagareyama B are
stated as amounts proportional to LLR's ownership interest of the joint co-ownership interests within the trust beneficiaryinterest (equating to 87.5%), while the gross floor area is the figure for the entire property. In addition, on March 21, 2024,
LLR completed the dispose of its joint co-ownership interest in LOGIPORT Nagareyama B (equating to 12.5%), and as of thedate of this document, the joint co-ownership interests within the trust beneficiary interest are 75%. The same applies
hereafter.
Note 11. The as of end of current period carrying amount, Acquisition Price and appraisal value for LOGIPORT Kawasaki Bay arestated as amounts proportional to LLR's ownership interest of the joint co-ownership interests within the trust beneficiaryinterest (equating to 40%), while the gross floor area is the figure for the entire property.

- 41 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Note 12. The appraised value of LOGIPORT Sakai Chikko Shinmachi includes the value related to the solar power generationequipment completed on August 31, 2020.
Note 13. The as of end of current period carrying amount, Acquisition Price and appraisal value for LOGIPORT Osaka Taisho arestated as amounts proportional to LLR’s ownership interest of the joint co-ownership interests within the trust beneficiaryinterest (equating to 62.5%), while the gross floor area is the figure for the entire property.
Note 14. The as of end of current period carrying amount, Acquisition Price and appraisal value for LOGIPORT Sakai are stated as
amounts proportional to LLR's ownership interest of the joint co-ownership interests within the trust beneficiary interest(equating to 50%), while the gross floor area is the figure for the entire property.

- 42 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024(b)

Tenant Agreements
Information about the status of agreements with tenants for the asset holdings (leasable floor area, leased floor area,
occupancy rate, total number of tenants, total annual lease revenue, total amount of lease and guarantee deposits) ispresented below.

Area
Tokyo
area

Property
numberTokyo-1

Other
Area

Annual lease
revenue(million yen)
(Note 2)
1,211

Lease & guarantee
deposits(million yen)
(Note 3)304

Leasable floor area(㎡)
(Note 4)130,052

Leased floor area(㎡)
(Note 5)130,052

Occupancy rate(%)
(Note 6)
100.0

Tokyo-2

LOGIPORT
Sagamihara(Note 8)

19

1,389

326

180,971

180,049

99.5

Tokyo-3

LOGIPORT
Kitakashiwa

6

1,474

405

100,234

100,234

100.0

Tokyo-5

LOGIPORT
Nagareyama B(Note 9)

8

1,336

291

112,645

112,493

99.9

Tokyo-6

LOGIPORT
HigashiOgishima A

18

1,123

351

85,281

82,07096.2

Tokyo-7

LOGIPORT
HigashiOgishima B

20

1,290

368

103,744

99,26995.7

Tokyo-8

LOGIPORT
HigashiOgishima C

21

1,439

208

114,925

113,708

98.9

Tokyo-9

LOGIPORT
Kawagoe

4

665

162

53,08753,053

99.9

Tokyo-11

LOGIPORT
Kashiwa
ShonanLOGIPORT
Sayama Hidaka

1

Not disclosed(Note 13)

Not disclosed(Note 13)

40,773

40,773100.0

1Not disclosed(Note 13)

Not disclosed(Note 13)

23,56523,565

100.0

Tokyo-13

HigashiOgishima(leasehold land)1

Not disclosed(Note 13)

Not disclosed(Note 13)

11,472

11,472

100.0

Tokyo-14

LOGIPORT
Kawasaki Bay(Note 10)

11

1,537

353

261,801

261,211

99.8

Tokyo-15

LOGIPORT
Shinmoriya

1

Not disclosed(Note 13)

Not disclosed(Note 13)

37,09237,092100.0

Osaka-1

LOGIPORT
Sakai
Minamijimacho

1

Not disclosed(Note 13)

Not disclosed(Note 13)30,69030,690100.0

Osaka-2

LOGIPORT
Sakai Chikko
Shinmachi1

Not disclosed(Note 13)

Not disclosed(Note 13)

20,427

20,427100.0

Osaka-3

LOGIPORT
Osaka Taisho(Note 11)

12

973

233

106,929

106,717

99.8

Osaka-5

LOGIPORT
Amagasaki

13

3,190

909

218,760

216,791

99.1

Osaka-6

LOGIPORT
Sakai(Note 12)

5

725

160

112,654

111,526

99.0

Osaka-7

LOGIPORT
Osaka Bay

11

1,981

780

136,516

136,516100.0

Osaka-8

LOGIPORT
Kyoto

1

Not disclosed(Note 13)

Not disclosed(Note 13)

38,134

38,134

100.0

Other-1

Aisai Logistics
Center1

Not disclosed(Note 13)

Not disclosed(Note 13)

13,70013,700100.0

Other-2

Kariya Logistics
Center1

Not disclosed(Note 13)

Not disclosed(Note 13)

20,953

20,953

100.0

Other-3

Inuyama
Logistics Center1

Not disclosed(Note 13)

Not disclosed(Note 13)

10,363

10,363100.0

175

21,472

5,680

1,964,779
1,549,992

1,950,869
1,537,550

99.3
99.2

Tokyo-12

Osaka
Area

Property name
LOGIPORT
Hashimoto(Note 7)

Number oftenants(Note 1)
17

Portfolio total / average

Note 1. “Number of tenants” is stated as the total number of lease agreements associated with the buildings shown for each of the- 43 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
trust properties as of February 29, 2024. If a master lease agreement has been executed for the trust property, it is stated as thetotal number of end tenants. However, if the same lessee has executed multiple lease agreements at the trust property, thatlessee is counted as one tenant when arriving at calculating the total.
Note 2. “Annual lease revenue” is stated as the total annualized monthly rent calculated by multiplying the monthly lease amount(including common service fees) shown in each lease agreement associated with each trust property as of February 29, 2024
(excluding consumption taxes) by 12, rounded down to the nearest million yen. Therefore, the sum of the “annual lease
revenue” for the individual trust properties may not necessarily match the portfolio total.
Note 3. “Lease & guarantee deposits” is stated as the aggregate amount of the lease and guarantee deposit balances shown in eachlease agreement associated with each trust property for each trust property as of February 29, 2024, rounded down to thenearest million yen. Therefore, the sum of the individual “lease & guarantee deposits” for the properties may not necessarily
match the portfolio total.
Note 4. “Leasable floor area” is the area that can be leased at the buildings associated with each trust property as of February 29,
2024, stated as the aggregate of the area considered leasable under the lease agreements or building drawings, rounded down
to the nearest whole number. Additionally, in the “Portfolio total" row, the upper figure represents the aggregate leasable floorarea for the buildings of each trust property. The lower figure represents the aggregate leasable floor area for the buildings ofeach trust property after factoring in LLR's share in the joint co-ownership interests in a trust beneficiary interest andcalculating leasable floor area proportional to LLR's share, in cases of trust properties in which LLR has share of the joint coownership interests.
Note 5. “Leased floor area” is stated as the aggregate leased floor area associated with the buildings shown in the lease agreements foreach of the trust properties as of February 29, 2024. If a master lease agreement has been executed for the trust property, it isstated as the aggregate of the area which has actually been leased through the execution of lease agreements with end tenants,
rounded down to the nearest whole number. Additionally, in the “Portfolio total/average” row, the upper figure represents theaggregate leased floor area for the buildings of each trust property. The lower figure represents the ratio of the aggregate
leased floor area for the buildings of each trust property after factoring in LLR's share in the joint co-ownership interests in atrust beneficiary interest and calculating leased floor area proportional to LLR's share, in cases of trust properties in which
LLR has share of the joint co-ownership interests.
Note 6. “Occupancy rate” is stated as the ratio of leased floor area to leasable floor area with the buildings shown in the leaseagreements for each of the trust properties as of February 29, 2024, rounded to the second decimal place. Additionally, in the“Portfolio total/average” row, the upper figure represents the ratio of the aggregate Leased Floor Area for a given building
divided by the Leasable Floor Area for a given building, rounded to the second decimal place. The lower figure represents theratio of the aggregate Leased Floor Area for a given building divided by the Leasable Floor Area for a given building, rounded
to the second decimal place, after factoring in LLR's share in the joint co-ownership interests in a trust beneficial interest andcalculating leasable and leased floor area proportional to LLR's share, in cases of trust properties in which LLR has share of
the joint co-ownership interests.
Note 7. The total number of tenants, leasable floor area, and leased floor area, and occupancy rate for “LOGIPORT Hashimoto” arestated as figures for the entire building, while the annual lease revenue and lease & guarantee deposits are stated as amounts
proportional to LLR's ownership interest of the joint co-ownership interests within the trust beneficiary interest (55%).
Note 8. The total number of tenants, leasable floor area, and leased floor area, and occupancy rate for “LOGIPORT Sagamihara” arestated as the figure for the entire building, while the annual lease revenue and lease & guarantee deposits are stated as amounts
proportional to LLR's ownership interest of the joint co-ownership interests within the trust beneficiary interest (51%).
Note 9. The total number of tenants, leasable floor area, and leased floor area, and occupancy rate for LOGIPORT Nagareyama B are
stated as figures for the entire building, while the annual lease revenue and lease & guarantee deposits are stated as amounts
proportional to LLR’s ownership interest of the joint co-ownership interests within the trust beneficiary interest (87.5%).
Note 10. The total number of tenants, leasable floor area, and leased floor area, and occupancy rate for LOGIPORT Kawasaki Bay arestated as figures for the entire building, while the annual lease revenue and lease & guarantee deposits are stated as amounts
proportional to LLR’s ownership interest of the joint co-ownership interests within the trust beneficiary interest (40%).
Note 11. The total number of tenants, leasable floor area, and leased floor area, and occupancy rate for LOGIPORT Osaka Taisho arestated as figures for the entire building, while the annual lease revenue and lease & guarantee deposits are stated as amounts
proportional to LLR’s ownership interest of the joint co-ownership interests within the trust beneficiary interest (62.5%).
Note 12. The total number of tenants, leasable floor area, and leased floor area, and occupancy rate for “LOGIPORT Sakai” are statedas the figure for the entire building, while the annual lease revenue and lease & guarantee deposits are stated as amounts
proportional to LLR's ownership interest of the joint co-ownership interests within the trust beneficiary interest (50%).
Note 13. Not disclosed because approval for disclosure has not been obtained from the tenant.

- 44 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024(c)

Appraisal report summary
Income approach value (million yen)

Area
Tokyo
area

Property
numberTokyo-1

Other
Area

Incomeapproachvalue
27,200Capitalization
rate
(%)
3.4

Discounted cash flow (DCF) method
Terminal
Income- Discount capitalization
approach
rate
rate
value
(%)
(%)
27,1003.5
3.6

Property name
LOGIPORT
Hashimoto(Note 1)

Appraiser
Tanizawa Sogo
Appraisal Co.,Ltd.

Tokyo-2

LOGIPORT
Sagamihara(Note 2)

Tanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

29,80027,40029,9003.5

29,800

3.6

3.7

Tokyo-3

LOGIPORT
Kitakashiwa

CBRE K.K.

February29, 2024

33,90026,50034,2003.6

33,900

3.4

3.7

Tokyo-5

LOGIPORT
Nagareyama B(Note 3)
LOGIPORT
HigashiOgishima A

CBRE K.K.

February29, 2024

29,57523,712

29,225

3.9

29,575

3.6

3.9

Tanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

20,20020,10020,300

4.1

20,200

4.2

4.3

Tokyo-7

LOGIPORT
HigashiOgishima B

Tanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

23,00022,70022,5004.0

23,200

4.1

4.2

Tokyo-8

LOGIPORT
HigashiOgishima C

Tanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

28,30028,20028,4003.9

28,300

4.0

4.1

Tokyo-9

LOGIPORT
KawagoeTanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

12,90013,30013,0004.0

12,800

4.1

4.2

Tokyo-11

LOGIPORT
Kashiwa
ShonanTanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

10,90010,600

11,2004.0

10,8004.0(Note 8)

4.2

Tokyo-12

LOGIPORT
Sayama Hidaka

Tanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

6,870

7,080

6,920

4.0

6,850

3.9
(Note 9)

4.2

Tokyo-13

HigashiOgishima(leasehold land)

Tanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

1,890

-

-

-

1,890

3.4

-

Tokyo-14

LOGIPORT
Kawasaki Bay(Note 4)

Japan Real
Estate InstituteFebruary29, 2024

37,00034,60037,2003.6

36,760

3.3

3.7

Tokyo-15

LOGIPORT
Shinmoriya

Japan Real
Estate InstituteFebruary29, 2024

10,6008,450

10,7003.9

10,400

3.4

4.0

Osaka-1

LOGIPORT
Sakai
Minamijimacho

Japan Real
Estate InstituteFebruary29, 2024

9,860

6,370

9,940

3.9

9,780

3.5

4.0

Osaka-2

LOGIPORT
Sakai Chikko
Shinmachi(Note 5)

Tanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

5,120

5,070

5,200

4.3

5,080

4.2
(Note 10)

4.5

Osaka-3

LOGIPORT
Osaka Taisho(Note 6)

Tanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

21,60019,30022,3003.6

21,300

3.7

3.8

Osaka-5

LOGIPORT
Amagasaki

Tanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

62,70060,50062,5004.062,800

4.1

4.2

Osaka-6

LOGIPORT
Sakai(Note 7)

Tanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

13,60011,90013,7004.2

13,500

4.3

4.4

Osaka-7

LOGIPORT
Osaka Bay

Tanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

46,40046,90047,6003.5

45,900

3.6

3.7

Osaka-8

LOGIPORT
Kyoto

Tanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

13,10012,50013,5003.7

12,9003.5(Note 11)

3.8

Other-1

Aisai Logistics
CenterTanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

4,430

4,360

4,510

3.7

4,390

3.6
(Note 12)

3.9

Other-2

KariyaLogistics
CenterTanizawa Sogo
Appraisal Co.,Ltd.

February29, 2024

6,830

6,150

6,930

3.7

6,780

3.6
(Note 13)

3.9

Tokyo-6

Osaka
Area

Appraisaldate
February29, 2024

CostAppraisal approach
value
value
(million (million
yen)
yen)
27,10024,300

Direct capitalization
method- 45 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
Income approach value (million yen)

Area

Property
numberOther-3

Property nameInuyama
Logistics
CenterAppraiser
Tanizawa Sogo
Appraisal Co.,Ltd.

Appraisaldate
February29, 2024

Portfolio total

Direct capitalization
methodCostAppraisal approach
value
value
(million (million
yen)
yen)
3,480
3,090

Incomeapproach
value
3,540

459,155

460,465

423,082

Capitalization
rate
(%)
3.8

Discounted cash flow (DCF) method
Terminal
Income- Discount capitalization
approach
rate
rate
value
(%)
(%)
3,450
3.7
4.0
(Note 14)457,455

Note 1. The appraisal value, cost-approach value, and income-approach values based on the direct capitalization method, and DCF
method for LOGIPORT Hashimoto are stated as amounts proportional to the joint co-ownership interests in trust beneficiaryinterests that LLR holds (55%).
Note 2. The appraisal value, cost-approach value, and income-approach values based on the direct capitalization method, and DCF
method for LOGIPORT Sagamihara are stated as amounts proportional to the joint co-ownership interests in trust beneficiaryinterests that LLR holds (51%).
Note 3. The appraisal value, cost-approach value, and income-approach values based on the direct capitalization method, and DCF
method for LOGIPORT Nagareyama B are stated as amounts proportional to the joint co-ownership interests in trust
beneficiary interests that LLR holds (87.5%).
Note 4. The appraisal value, cost-approach value, and income-approach values based on the direct capitalization method, and DCF
method for LOGIPORT Kawasaki Bay are stated as amounts proportional to the joint co-ownership interests in trust
beneficiary interests that LLR holds (40%).
Note 5. LOGIPORT Sakai Chikko Shinmachis appraised value, cost approach valuation, direct capitalization and DCF method
income approach valuation, each include a value attributed to the solar power generation equipment completed on August 31,
2020.
Note 6. The appraisal value, cost-approach value, and income-approach values based on the direct capitalization method, and DCF
method for LOGIPORT Osaka Taisho are stated as amounts proportional to the joint co-ownership interests in trust
beneficiary interests that LLR holds (62.5%).
Note 7. The appraisal value, cost-approach value, and income-approach values based on the direct capitalization method, and DCF
method for LOGIPORT Sakai are stated as amounts proportional to the joint co-ownership interests in trust beneficiaryinterests that LLR holds (50%).
Note 8. The discount rate for LOGIPORT Kashiwa Shonan is stated as the figure from the first fiscal year.
Note 9. The discount rate for LOGIPORT Sayama Hidaka is stated as the figure from the first fiscal year until the seventh fiscal year.
Note 10. The discount rate for LOGIPORT Sakai Chikko Shinmachi is stated as the figure from the first fiscal year until the fourthfiscal year.
Note 11. The discount rate for LOGIPORT Kyoto is stated as the figure from the first fiscal year until the eighth fiscal year.
Note 12. The discount rate for Aisai Logistics Center is stated as the figure from the first fiscal year until the fourth fiscal year.
Note 13. The discount rate for Kariya Logistics Center is stated as the figure from the first fiscal year until the fourth fiscal year.
Note 14. The discount rate for Inuyama Logistics Center is stated as the figure from the first fiscal year until the fourth fiscal year.
(d)

Information about major real estate properties
Of the assets held by LLR, those properties where “total annual lease revenue” represents 10% or more of the “total
annual lease revenue for the entire portfolio” as of February 29, 2024 are presented below.

Property name

Total annual lease revenue(million yen)
(Note 1)

LOGIPORT Amagasaki
Total

Share of lease revenue(%)(Note 2)

3,190

14.9

3,190

14.9

Note 1. “Total annual lease revenue” is stated as the total annualized monthly rent (including common service fees) shownin each lease agreement associated with each trust property as of February 29, 2024 (excluding consumption taxes),
calculated by multiplying by 12, rounded down to the nearest million yen.
Note 2. “Share of lease revenue” is the ratio of that property’s total annual lease revenue to the total annual lease revenue
for the entire portfolio, rounded to the second decimal place.

- 46 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(e)Information about Major TenantsWithin the assets held by LLR, as of February 29, 2024 there are no tenants for which the leased floor area represents
10% or more of the total leased floor area for the entire portfolio (for those assets for which a pass-through type master
lease agreement has been executed, this includes the end tenants and excludes the master lessee that has executed the master
lease agreement).

- 47 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(f)

Property Income/Expenses(Unit: thousand yen)

Property number

Tokyo-1

Tokyo-2

Tokyo-3

Name of property

LOGIPORT
Hashimoto

LOGIPORT
Sagamihara

LOGIPORT
Kitakashiwa

Number of operating days in 16th periodTokyo-5
LOGIPORT
Nagareyama B

Tokyo-6
LOGIPORT
HigashiOgishima A

182

182

182

182

182

664,525

748,893810,288766,897

627,681

Rental revenues

602,986

681,369

731,900

705,925564,825

Other rental revenues

61,53867,52478,38860,97262,855(ii) Total real estate leasing expenses

205,073249,614

310,284

273,403

184,529

Outsourcing costs

23,23632,75032,71329,74948,589

Utilities expenses

39,64845,133

66,38944,98220,001

Taxes and public dues

52,91259,811

74,12853,34942,957

Insurance premiums

906

1,063

1,469

1,616

1,453

Repair and maintenance

10,135

11,443

9,850

9,125

2,447

Depreciation

76,30072,064

100,349

131,203

66,790

Other leasing expenses

1,931

27,34625,384

3,375

2,287

(iii) Real estate leasing profit(= (i) - (ii))

459,451499,279

500,003493,494

443,151(iv) Rent NOI(= (iii) + Depreciation)

535,752

571,344

600,353624,698

509,942(i) Total real estate leasing revenues- 48 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(Unit: thousand yen)
Property number

Name of property
Number of operating days in 16th periodTokyo-7
LOGIPORT
HigashiOgishima B

Tokyo-8
LOGIPORT
HigashiOgishima C

Tokyo-9
LOGIPORT
Kawagoe

182

182

182

736,311798,226

347,144

Rental revenues

640,436

719,448

326,942

Other rental revenues

95,87478,77820,201(ii) Total real estate leasing expenses

231,330

254,303130,880

Outsourcing costs

40,614

50,116

17,773

Utilities expenses

30,58728,331

14,367

Taxes and public dues

64,77164,352

26,464

Insurance premiums

1,841

1,786

746

Repair and maintenance

6,460

7,168

26,565

Depreciation

85,404

100,873

43,342Other leasing expenses

1,650

1,673

1,621

(iii) Real estate leasing profit(= (i) - (ii))

504,981543,922(iv) Rent NOI(= (iii) + Depreciation)

590,385644,796(i) Total real estate leasing revenues

Tokyo-12

LOGIPORTLOGIPORT
Kashiwa Shonan Sayama Hidaka
182

182

Not disclosed(Note)

Not disclosed(Note)

216,264

191,763

121,669

259,606

227,819

142,652

Note: Not disclosed because approval for disclosure has not been obtained from the tenant.

- 49 -

Tokyo-11

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(Unit: thousand yen)
Property number

Name of property
Number of operating days in 16th periodTokyo-13
Tokyo-14
HigashiOgishima
LOGIPORT(leasehold land) Kawasaki Bay
182

LOGIPORT
Shinmoriya

182(i) Total real estate leasing revenues

Osaka-1
Osaka-2
LOGIPORTLOGIPORT
Sakai
Sakai Chikko
Minamijimacho Shinmachi

182

182

182

Not disclosed(Note)

Not disclosed(Note)

Not disclosed(Note)

834,604

Rental revenues

776,626

Other rental revenues

57,978(ii) Total real estate leasing expenses

258,682

Outsourcing costs
Utilities expenses

Tokyo-15

24,168Not disclosed(Note)

32,079Taxes and public dues

88,675

Insurance premiums

1,270

Repair and maintenance

1,241

Depreciation

107,634

Other leasing expenses

3,612(iii) Real estate leasing profit(= (i) - (ii))

21,169575,922

156,468

143,618

89,851(iv) Rent NOI(= (iii) + Depreciation)

21,169683,557

191,237

174,747

114,247

Note: Not disclosed because approval for disclosure has not been obtained from the tenant.

- 50 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(Unit: thousand yen)
Property number

Osaka-3

Osaka-5

Osaka-6

Osaka-7

Osaka-8

Name of property

LOGIPORT
Osaka Taisho

LOGIPORT
Amagasaki

LOGIPORT
Sakai

LOGIPORT
Osaka Bay

LOGIPORT
Kyoto

Number of operating days in 16th period

182

182

182

182

498,725

1,675,280

380,688

1,031,960

Rental revenues

470,049

1,568,540

358,736

986,091

Other rental revenues

28,675

106,740

21,95145,868(ii) Total real estate leasing expenses

184,717617,795

152,671398,997

Outsourcing costs

19,04954,50317,001

23,281

Utilities expenses

23,38882,941

17,766

37,619Taxes and public dues

54,892

179,616

41,677104,127

Insurance premiums

775

3,585

1,304

2,152

Repair and maintenance

3,817

35,975

14,742

5,078

Depreciation

72,142

228,372

54,238151,363

Other leasing expenses

10,65032,802

5,940

75,374(iii) Real estate leasing profit(= (i) - (ii))

314,007

1,057,485

228,017

632,962

197,521(iv) Rent NOI(= (iii) + Depreciation)

386,150

1,285,857

282,255784,326

246,301(i) Total real estate leasing revenues- 51 -

182

Not disclosed(Note)

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024

(Unit: thousand yen)
Property number

Other-1

Name of property

Aisai Logistics
CenterNumber of operating days in 16th period

Other-2

Other-3

Kariya Logistics Inuyama
Center
Logistics Center

182

182

14

Not disclosed(Note)

Not disclosed(Note)

Not disclosed(Note)(iii) Real estate leasing profit(= (i) - (ii))

70,493

119,8223,556(iv) Rent NOI(= (iii) + Depreciation)

89,208

151,707

6,065(i) Total real estate leasing revenues
Rental revenues
Other rental revenues(ii) Total real estate leasing expenses
Outsourcing costs
Utilities expenses
Taxes and public dues
Insurance premiums
Repair and maintenance
Depreciation
Other leasing expenses

Note: Not disclosed because consent for disclosure has not been obtained from the tenant.

- 52 -

LaSalle LOGIPORT REIT
Fiscal Period Ended February 29, 2024
(2) Capital Expenditures on Portfolio Assets
A) Planned capital expenditures
The major planned capital expenditures associated with improvements to properties held by LLR as of the reporting date arepresented below. Estimated work costs may include amounts that will ultimately be classified as an expense for accounting
purposes.

Property
numberTokyo-3

Property name
LOGIPORT
Kitakashiwa

Location
Chiba
Prefecture
Kashiwa
City

PurposeCold storage facility
expansion project

Expected timing
From August, 2022
To April, 2024

Estimated work costs(million yen) (Note)
Current
Total
Total
payment
amountamountamount
paid
714
4
163

Note: All amounts are rounded down to the nearest million yen.
B)

Capital expenditures during the period

A summary of the main projects, treated as capital expenditures, associated with real estate held by LLR that were undertaken
during the period is presented below. Capital expenditures were 428 million yen for the period, and there were also 145 million
yen in maintenance expenses classified as other operating expenses.
Property
numberTokyo-5

Amount paid
(million yen)
(Note)
53

Property name
LOGIPORT
Nagareyama B

Location
Nagareyama City
Chiba Prefecture

PurposeHeavyweight shutters renewal
work

Implementation
periodFrom October, 2023
To December, 2023

Tokyo-5

LOGIPORT
Nagareyama B

Nagareyama City
Chiba Prefecture

Emergency lighting fixture
replacement work

From Nobember, 2023
To December, 2023

26

Osaka-5

LOGIPORT
Amagasaki

Amagasaki City
Hyogo Prefecture

Electricity meter renewal work

September, 2023

23

Other capital expenditures

325
Total

428

Note: All amounts are rounded down to the nearest million yen.
C)

Funds accumulated for purposes of the long-term repair plans (reserve fund for building repairs)
None- 53 -