16th Fiscal Period
Semi-Annual Report(Asset Management Report)
September 1, 2023 to February 29, 2024

LaSalle LOGIPORT REIT
1-11-1 Marunouchi, Chiyoda-ku, Tokyo, Japan

https://lasalle-logiport.com/english/

Basic Philosophy of
LaSalle LOGIPORT REIT
LaSalle LOGIPORT REIT (“LLR”) intends to build ahigh-quality portfolio through investments in logistics
facilities, particularly focused on investments in “prime
logistics” facilities located in the Tokyo and Osaka areas.
Sponsored by LaSalle Investment Management K.K. (“LaSalle
K.K.”) of the LaSalle Group, the corporate group of one of
the world’s leading real estate investment managers, LLR
seeks to enhance unitholder value through aiming to achieve
steady growth in cash flow and asset value over the longterm by leveraging the LaSalle Group’s global real estate
investment knowledge as well as the investment
management capabilities built on its extensive track record
in developing and investing in logistics facilities in Japan.

Table of Contents
Message to Unitholders1

Operational Highlights

2

LaSalle Group's Sponsor Support 4
Initiatives on ESG5

Portfolio Maps

6

Major Properties in the Portfolio

8

Risk Factors

9

Financial Section
Balance Sheet

14

Statement of Income

16

Statement of Changes
in Net Assets

17

Message to Unitholders
Taira Jigami
Executive Director
LaSalle LOGIPORT REIT
President and CEO
LaSalle REIT Advisors K.K.

On behalf of LLR, I would like to express sincere gratitude for your loyal patronage.
Thanks to the continued support of unitholders, LLR has successfully completed its 16th fiscal period (ended
February 2024).
The logistics real estate market continues to see strong tenant demand against the backdrop of the expansionof the e-commerce market and movements to improve the efficiency of supply chains by companies. On theother hand, uncertainties still persist in macroeconomic and capital market trends due to rising global inflationarypressures, so LLR is transforming its growth and capital strategies with a sense of urgency. Amid such circumstances, LLR steadily managed a portfolio worth 380.8 billion yen composed of 23 properties in the 16th fiscal
period. As a result, a high period-average occupancy rate of 99.2% was achieved. These endeavors allowed LLR
to post 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, with a distribution per unit (“DPU”) of 3,802 yen.
Furthermore, in terms of environmental (E), social (S), and governance (G) (collectively “ESG”) aspects, initiatives
for energy conservation and energy creation are also being carried out steadily toward the global challenge ofrealizing carbon neutrality. In addition to the arrangement for electricity generated from renewable energy
sources at properties owned by LLR to be consumed on site, initiatives for the electricity to be supplied to otherproperties as well are also underway.
Going forward, while fulfilling the social responsibility of leading logistics infrastructure, LLR is resolved to endeavor
to continuously enhance unitholder value. To do so, LLR will keep leveraging the LaSalle Group’s global real estate
investment knowledge as well as the investment management capabilities built on its extensive experience indeveloping and investing in logistics facilities in Japan.
Your continued support of LLR is deeply appreciated.

Statement of Cash Distributions 18
Statement of Cash Flows

19

Notes to Financial Statements

20

Supplementary Schedules

37

Independent Auditor’s Report

43

Investor Information

46



LOGIPORT Kawasaki Bay

LaSalle LOGIPORT REIT

1

Operational Highlights
16th Fiscal Period (Actual)

3,802

Development Projects by Both the Sponsor and 3rd Party Partners

Distribution Per Unit
17th Fiscal Period (Forecast)

18th Fiscal Period (Forecast)

3,581 yen

3,602 yen

yen

Operating Revenues

Operating Income

Net Income

Loan to Value (“LTV”)

13,124 mn yen

7,354 mn yen

6,640 mn yen

41.9 %

Long-term Issuer
RatingTotal Assets Under
Management (“AUM”)

Portfolio Size

Period-end
Occupancy Rate

(Japan Credit Rating Agency, Ltd.)

380.8 bn yen

AA (Stable)

Change in AUM Over Time

23 properties
4th PO

357.8
1st PO(May 2019)

161.4

8

properties

188.4

11

properties

3rd PO(Aug. 2020)

245.6

properties

Matsudo Project *LOGIPORT Nagoya

LOGIPORT Fukuoka Kasuya * Tokyo Shinonome Logistics Center *

New

357.8

357.8

357.8

380.9

New

Sendai Project *

New

380.8

317.8

Yatabe Logistics Center *(provisional name)

245.6

211.5

17

Matsudo Logistics Center(Jun. 2023)(Apr. 2021)

2nd POLOGIPORT Tama Mizuho *5th PO(billion yen)(Sep. 2019)

LOGIPORT Kobe Nishi

99.2 %Development Projects /Leasehold Land

Sponsor Development Projects (9 properties / c. 900,000m2)

Iwatsuka Logistics Center * Hyogo Amagasaki Logistics Center *(provisional name)(provisional name)

Higashi Ogishima(leasehold land)

Assets under Management by Both Sidecar Fund (LRF3) and Stabilized Asset SPV

16

properties

16

properties

18

properties

19

properties

19

properties

19

properties

19

properties

22

properties

LRF3

23

properties

IPO
6th FP
7th FP
8th FP
9th FP
10th FP
11th FP
12th FP
13th FP
14th FP
15th FP
16th FP(Feb. 2016) (Feb. 2019) (Aug. 2019) (Feb. 2020) (Aug. 2020) (Feb. 2021) (Aug. 2021) (Feb. 2022) (Aug. 2022) (Feb. 2023) (Aug. 2023) (Feb. 2024)

Note: The time of announcement is indicated for PO.

LOGIPORT Kazo

Konosu Project

Urawa Misono Project
New

Change in DPU (including distributions in excess of retained earnings)
3,670

3,581

3,200

3,077

3,193

3,602
Osaka Suminoe Logistics Center

3,137

3,079

3,097

Iwanuma Project

Amagasaki Project

3,090

2,892

Stabilized Asset SPV

2,717

New

2,453

1st FP
6th FP
7th FP
8th FP
9th FP
10th FP
11th FP
12th FP
13th FP
14th FP
15th FP
16th FP
17th FP
18th FP(Aug. 2016) (Feb. 2019) (Aug. 2019) (Feb. 2020) (Aug. 2020) (Feb. 2021) (Aug. 2021) (Feb. 2022) (Aug. 2022) (Feb. 2023) (Aug. 2023) (Feb. 2024) (Aug. 2024) (Feb. 2025)(Forecast)

LaSalle LOGIPORT REIT

New

3,802

(yen)

2

Iruma Project(Forecast)

Nanko Logistics Center

Yachiyo Logistics Center

Urayasu Logistics Center

New

Okinawa Itoman Logistics Center*The CGs are in the planning stage and are therefore subject to change. Unauthorized reproduction of the CGs is prohibited.
LaSalle LOGIPORT REIT

3

LaSalle Group's Sponsor Support

Initiatives on ESG

Leveraging Off of LaSalle Group’s Asset Management Capabilities

Environmental Initiatives

LaSalle Group is a leading real estate investment management firm providing investment management services
in the U.S., Europe, and the Asia Pacific region.

Global comprehensive real estateservices firmSponsorSupport
LaSalleLOGIPORT REIT

(parent company of LaSalle Investment Management)

Support in relation toacquisition ofproperties
Provision of LaSalle
Group’s expertise

JLL’s real estate investment
management business division anda leading real estate investment
management firm in the world

Achievements as Front Runner of Developing and Investingin Advanced Logistics Facilities in Japan
2003

Jul. 2003

Sep. 2004

Feb. 2005

Development

Mar. 2005

Investment

Mar. 2008

Targets (by 2030)• Grasp all properties’ electricity consumption• Reduce greenhouse gas emissions by 50% relative to a 2019 baseline in terms of CO2 emissions intensity on agross floor area (“GFA”) basis• Reduce water usage by 16% relative to a 2019 baseline in terms of water use intensity on a GFA basis• Reduce waste and increase recycling

Third-Party Evaluations/Certifications
GRESB Real Estate Assessment

Third-Party Environmental Certifications

Acquired “5 Stars”(highest rating in
relative evaluation)and "Green Star"(top-class rating in
absolute evaluation)

Acquisition rate
99.5 % (excluding leasehold land)

Certification /Evaluation(as of the end of February 2024)

CASBEE
Real Estate
Certification

Received a ZEB rating,the highest rating forZEB (Net Zero Energy
Building) at LOGIPORT
Kawasaki Bay

Examples of Initiatives

Number of
Properties

Ratio(GFA-based)

21

99.5%

BELS

Stable supply of electricity
between LLR properties

Logistics facilities
investment begins
in Japan
WakasuJul. 2009

Apr. 2011

LP Kashiwa

Jul. 2011

LP Osaka

Oct. 2012

LP Kawasaki

Jul. 2014

LP Island City
HakataFeb. 2015

Introducing LED lighting

Introducing solar energy panels

LP
SagamiharaLP
Shinmoriya

LP Kita
Kashiwa

LP Kashiwa
ShonanLP Higashi
Ogishima

Off-site PPA (renewable electricity supply
between LLR properties)

Social Initiatives
LP Nagareyama
A and B Bldg.

LP Kita Kashiwa

LP Sagamihara

LP Hashimoto

LP Higashi Ogishima
A, B, and C

LP Osaka TaishoMar. 2015

Feb. 2016

Jan. 2017

Feb. 2018

Sep. 2018

Mar. 2019

LP Kawasaki Bay

LP Shin Moriya

LP Amagasaki

LP KazoDec. 2019

Mar. 2021

Feb. 2022

Feb. 2023

Examples of Initiatives

LLR Listed on theTokyo Stock
Exchange
LP SakaiMar. 2019Nov. 201924-hour disaster center

Donation of reserves in
preparation for disasters

Disaster drills andfire-fighting drills

Participation in clean campaign

Governance Initiatives
LP Kobe Nishi

LP Nagoya

LP Osaka Bay

LP Tama Mizuho

LP Fukuoka Kasuya Yatabe Logistics Center(provisional name)Note 1 :	Each point of time in the above chart indicates the time when transaction agreements for acquiring the relevant land and buildings
were concluded.
Note 2:	As of the date of this document, the above chart includes properties LLR has not decided to acquire, and there is no guarantee that
LLR can acquire them in the future.
Note 3:	The building names are what the LaSalle Group uses to identify each property, and may not be identical with the current names.
4

LaSalle LOGIPORT REIT

Development and Supervision of
Risk Management System

Resolution at
Board of Directors

Process of Risk Management
Understanding
and analysis of
risks

Risk
assessment

Selection of monitoringtarget and considerationof additional measuresagainst risks

Compilationof riskassessment
sheetsFormulationof annual risk
management
plan

Report to Board of Directors

Monitoring

Implementationof additional
measuresagainst risks

LaSalle LOGIPORT REIT

5

Portfolio Maps Major Assets Owned by LLR

Population Density (people/km2)

Tokyo Area

Osaka AreaoWithin a 60km radius Are
a
fro
m
JR
To
ky
o

n
tio
a
St

Toky

Hyogo

��

�

Tokyo Gaikan
Expressway

Kanetsu
Expressway��

Meishin
Expressway

��

Chuo
Expressway��

Kobe Airport
Narita International
Airport

� � �
��
��

� �

�

Tokyo-6, 7, 8
LP Higashi
Ogishima A
LP Higashi
Ogishima B
LP Higashi
Ogishima C

Tokyo LP
1
Hashimoto

Tokyo LP
2
Sagamihara

Tokyo LP Kita
3
Kashiwa

Tokyo LP
5
Nagareyama B

Tokyo
LP Kawagoe
9Tokyo LP Kashiwa
11
ShonanTokyo LP Sayama
12
HidakaTokyo Higashi Ogishima
13 (leasehold land)Tokyo LP Kawasaki
14 BayTokyo LP
15 Shinmoriya

Osaka LP Sakai
1
Minamijimacho

Osaka LP Sakai Chikko
2Shinmachi

Osaka LP Osaka
3
TaishoOsaka LP
5
Amagasaki

Osaka
LP Sakai
6

Osaka LP Osaka
7
Bay

New

Other Kariya Logistics
2
CenterOther Inuyama
3
Logistics Center

JR NagoyaStation

�

Mie

Aichi
Tomei
Expressway

Port of
NagoyaPort of
Yokkaichi�

Chubu Centrair
International Airport

Source:	Population density is prepared by the LaSalle
REIT Advisors K.K. (the “Asset Manager”) basedon “1/2 (500m) Data by Local Grid” of the“Ranking Mesh Map - Grid Square Statistics of2015 Population Census” by the Statistics
Bureau, Ministry of Internal Affairs andCommunications, which is based on the resultsof the 2015 population census conducted on
October 1, 2015.

Kinki Expressway

Portfolio List

Chiba

Building A

LaSalle LOGIPORT REIT

�

Osaka

Haneda Airport

Building B

6

JR Osaka
Station

�

Port

�

Meishin
Expressway

Higashi-Meihan
Expressway

Higashi-Kanto
Expressway
Port of Tokyo

Tomei
Expressway

Port of Yokohama

Other Aisai Logistics
1
CenterPort of
Osaka

KansaiInternational
AirportJR Tokyo Station

Kanagawa

Osaka
LP Kyoto
8

Port of
Kobe

AirportGifu

�Itami Airport

Route 16

Tokyo

St
at
io

�

Shin-Meishin
Expressway

Joban
Expressway

TohokuExpressway

10,001-

Nagoya Area

Kyoto

Saitama

Metropolitan
Inter City Expressway��Os

5,001-10,000

n

in
ith
W

radius from JR Osak
5km a Area
4
a
a
ak

0-5,000

Building C

Property
No.
Tokyo-1
Tokyo-2
Tokyo-3
Tokyo-5
Tokyo-6
Tokyo-7
Tokyo-8
Tokyo-9
Tokyo-11
Tokyo-12
Tokyo-13
Tokyo-14
Tokyo-15
Osaka-1
Osaka-2
Osaka-3
Osaka-5
Osaka-6
Osaka-7
Osaka-8
Other-1
Other-2
Other-3
LLR-4
LLR-6
LLR-7
LLR-8
LLR-9

Property Name

Location

LOGIPORT Hashimoto (Note 3)
LOGIPORT Sagamihara (Note 3)
LOGIPORT Kita Kashiwa
LOGIPORT Nagareyama B (Note 3)
LOGIPORT Higashi Ogishima A
LOGIPORT Higashi Ogishima B
LOGIPORT Higashi Ogishima C
LOGIPORT Kawagoe
LOGIPORT Kashiwa Shonan
LOGIPORT Sayama Hidaka
Higashi Ogishima (leasehold land)
LOGIPORT Kawasaki Bay (Note 3)
LOGIPORT Shinmoriya
LOGIPORT Sakai Minamijimacho
LOGIPORT Sakai Chikko Shinmachi
LOGIPORT Osaka Taisho (Note 3)
LOGIPORT Amagasaki
LOGIPORT Sakai (Note 3)
LOGIPORT Osaka Bay
LOGIPORT Kyoto
Aisai Logistics Center
Kariya Logistics Center
Inuyama Logistics Center
Total/Average (23 properties)

Sagamihara, Kanagawa
Sagamihara, Kanagawa
Kashiwa, Chiba
Nagareyama, Chiba
Kawasaki, Kanagawa
Kawasaki, Kanagawa
Kawasaki, Kanagawa
Kawagoe, Saitama
Kashiwa, Chiba
Hidaka, Saitama
Kawasaki, Kanagawa
Kawasaki, Kanagawa
Tsukubamirai, Ibaraki
Sakai, Osaka
Sakai, Osaka
Osaka, Osaka
Amagasaki, Hyogo
Sakai, Osaka
Osaka, Osaka
Yawata, Kyoto
Aisai, Aichi
Kariya, Aichi
Inuyama, Aichi

Preferred Securities of Japan Logistics Development 1 TMK
Preferred Securities of Japan Logistic Development 2 TMKPreferred Securities of NY Properties TMK
Specified Corporate Bonds of NY Properties TMK
TK Equity Interest of LRF3 Properties GK

Acquisition PriceAppraisal Value NOI Yield (Note 2)(million yen)(million yen)(%)

21,20023,02025,30023,27519,00019,12023,70011,950
9,300
6,430
1,189
32,200
8,580
8,150
4,160
17,65548,20012,07540,00013,015
4,045
6,045
3,270
380,879

27,10029,80033,90029,57520,20023,00028,30012,90010,9006,870
1,890
37,00010,6009,860
5,120
21,60062,70013,60046,40013,100
4,430
6,830
3,480
459,155

4.4
4.6
4.9
5.0
4.8
5.2
4.9
4.5
4.9
4.4
3.4
4.2
4.9
4.8
5.5
4.6
5.3
4.8
4.2
3.9
4.2
4.3
4.2
4.7

185
475
563
1,400
1,230

–
–
–
–
–

–
–
–
–
–

Note 1 :	The above table indicates 23 properties and real estate backed securities owned by LLR as of March 31, 2024. The figures for theproperties are as of February 29, 2024.
Note 2:	NOI yield is the ratio of net operating income based on a direct capitalization method indicated in the appraisal report as of February
29, 2024, as a percentage of the acquisition price, rounded to one decimal place.
Note 3:	Acquisition price and appraisal value show the amounts equivalent to LLR’s co-ownership interest in the trust beneficiary interests.
LaSalle LOGIPORT REIT

7

Major Properties in the Portfolio

Risk Factors
An investment in LLR’s units includes significant risks. The principal risks include the following.

LOGIPORT Kawasaki Bay

Tokyo-14 (40% trust co-ownership interest)

Property and Business Risks

Kawasaki, Kanagawa

LOGIPORT Sagamihara

Tokyo-2 (51% trust co-ownership interest)
Tokyo-1

LOGIPORT Hashimoto(55% trust co-ownership interest)
Sagamihara, Kanagawa

LOGIPORT
Osaka-5 Amagasaki
Amagasaki, Hyogo

8

Sagamihara, Kanagawa

LaSalle LOGIPORT REIT

Osaka-7

LOGIPORT
Osaka Bay
Osaka, Osaka• Any adverse conditions in the Japanese economy, including those resulting from inflation, future changes inmonetary policy and interest rates, banking sector instability and exchange rate fluctuations, as well as liquidity
issues in some major economies, could adversely affect LLR.
• Russia's military offensive in Ukraine, the subsequent sanctions against Russia and the withdrawal of many
major corporations from Russia, and the resulting adverse impact on the global economy from a number offactors, including higher energy prices and inflation, increases to interest rates by central banking authorities,
supply chain disruptions, lower global trade volumes, and higher volatility in financial markets.
• Any adverse impact of the military conflict in Israel and potential escalation of tensions in the Middle East.
• Public health issues, such as any future impact from the spread of coronavirus ("COVID-19") or other communicable diseases, may have an adverse impact on LLR’s operations, business, and financial condition.
• LLR’s financial forecasts and other targets are necessarily speculative and subject to uncertainties.
• LLR’s strategy of investing in logistics facilities may entail risks uncommon to other J-REITs that invest in a
broader range of real estate or real estate-related assets.
• LLR may not be able to acquire properties to execute its growth and investment strategy in a manner that isaccretive to earnings, and the scope of the pipeline support provided by the Sponsor is limited to the provisionof information at the Sponsor’s discretion.
• Illiquidity in the real estate market may limit LLR’s ability to grow or adjust its portfolio.
• The past experience of the LaSalle Group in the Japanese real estate market is not an indicator or guaranteeof LLR’s future results.
• LLR’s reliance on the Sponsor and other LaSalle Group companies could have a material adverse effect on its
business.
• There are potential conflicts of interest between LLR and certain LaSalle Group companies, including LaSalle
REIT Advisors K.K. (the “Asset Manager”), Sponsor Funds, and other JLL group companies.
• LLR faces significant competition in seeking tenants, and it may be difficult to find replacement tenants.
• LLR’s properties may cater to a single tenant, making it difficult to find replacement tenants.
• The market price of the LLR's units is affected by changes in the financial environment, such as interest rate
trends and foreign exchange rates. In particular, increases in prevailing market interest rates, including as aresult of the Bank of Japan’s monetary easing, could increase LLR’s interest expenses and may result in a decline
in the market price of its units.
• LLR’s portfolio contains several large properties comprising a large portion of the portfolio by acquisition price,which could have an adverse effect on the business, financial condition, and results of operation.
• LLR may suffer large losses if any of its properties incur damage from a natural or man-made disaster or in theevent of an accident or disaster stemming from faulty installation or age-related deterioration.
- Damage to any one or more of the properties in LLR’s portfolio from a natural disaster, such as a flood, earthquake, or tsunami, or from a man-made disaster, such as a fire or accident, could adversely affect LLR’sbusiness, and financial conditions, and result in a decline in operating results. For example, Japan is earthquake-prone and has historically experienced numerous large earthquakes that have resulted in extensive
property damage, such as the Great East Japan Earthquake in 2011, which resulted in a tsunami and leakageof radioactive material at the Fukushima nuclear power plants. Furthermore, tenants or the infrastructure
and access to LLR properties may be adversely affected by any natural disaster, causing tenants to leaveproperties or seek lower rents. Climate change may increase the frequency or severity of natural disasters,
or increase the cost of reducing risks associated with natural disasters.
- In addition, LLR may be required to compensate its tenants or third parties in the event of an accident ordisaster at any of its properties stemming from any faulty installation or age-related deterioration, such as
an elevator accident or water leakage, that results in injury, death or other damage to tenants or third parties.
- To the extent reasonably available, LLR intends to carry casualty insurance covering all of its properties formany types of casualty losses with policy specifications and insured limits that LLR believes are adequate
and appropriate under the current circumstances. In particular, LLR will consider obtaining earthquake insurance coverage for those properties with a PML due to an earthquake exceeding 15%, which currently does
not apply to any of the properties within the existing portfolio of assets under management (“AUM”).
LaSalle LOGIPORT REIT

9

Risk Factors• Any property defect or non-conformity may adversely affect LLR’s financial condition and results ofoperation.
• LLR’s portfolio contains certain properties located on reclaimed land, which is subject to unique risks, including
land liquefaction.
• The properties in LLR’s portfolio are concentrated in the Tokyo and Osaka areas, and it may have additional
property concentration in other regional core cities in the future.
• LLR may decide to acquire its own units on the market, but there can be no assurance that LLR will successfullyacquire such units to the extent planned, or at all or be able to cancel or dispose of any such units in a manner
beneficial to LLR.
• Any inability to obtain financing for future acquisitions or to refinance LLR’s existing debt could adversely affect
the growth of LLR’s portfolio.
• Liquidity and other limitations on LLR’s activities under debt financing arrangements may adversely affect thebusiness, financial condition, and results of operation.
• LLR may not be able to make distributions in excess of retained earnings as contemplated by LLR’s distribution
policy.
• LLR may invest in properties that are under development or those with low occupancy, and such investments
may subject LLR to various risks.
• Acquisition of land in which third parties hold leasehold interests and own the buildings on the land may subject
LLR to various risks.
• A high loan-to-value (“LTV”) ratio may increase exposure to changes in interest rates and have a material
adverse effect on LLR’s results of operations.
• A downgrading of LLR’s credit rating may affect its ability to refinance or newly issue investment corporation
bonds.
• LLR may suffer impairment losses relating to its properties.
• Decreases in tenant leaseholder deposits and/or security deposits may increase LLR’s funding costs.
• LLR’s lack of control over operating costs may adversely affect its business.
• LLR may lose rental revenues in the event of lease terminations, decreased lease renewals, or the default of atenant as a result of financial difficulty or insolvency, and is exposed to the risk of careless or imprudent management of properties by tenants.
• Master lease agreements expose LLR to certain risks.
• The cost of complying with regulations applicable to LLR’s properties could adversely affect the results of its
operations.
• LLR relies on expert appraisals and engineering, environmental, and seismic reports, which are subject to significant uncertainties.
• LLR relies on industry and market data that are subject to significant uncertainties.
• LLR’s buildings may violate earthquake resistance or other building codes, and any such buildings may collapse
in even minor earthquakes or may be required to be strengthened or demolished by LLR at significant expense.
• The environmental assessments of properties made prior to ownership may not uncover all environmental
liabilities, and Japanese laws subject property owners to strict environmental liabilities.
• LLR may incur additional costs due to preferential purchase rights, rights of first refusal or other similar rights
held by lessees or tenants.
• Entering into forward commitment contracts or contracts to purchase properties under development or properties with low occupancy may expose LLR to contractual penalties and market risks.
• LLR may be exposed to regulatory and financial risks related to climate change.
• LLR’s success depends on the performance of service providers to which LLR is required to assign various key
functions.
• LLR’s performance depends on the efforts of key personnel of the Asset Manager.
• Unitholders have limited control over changes in LLR’s investment policies.
• J-REITs and their asset managers are subject to tight supervision by the regulatory authorities.

10

LaSalle LOGIPORT REIT

• LLR’s failure to satisfy a complex series of requirements pursuant to Japanese tax regulations would disqualify
itself from certain taxation benefits and significantly reduce cash distributions to its unitholders.
• If the Japanese tax authorities disagree with the interpretations of the Japanese tax laws and regulations LLR
used for prior periods, LLR may be forced to pay additional taxes for those periods.
• LLR may not be able to benefit from reductions in certain real estate taxes enjoyed by qualified J-REITs.
• Changes in Japanese tax laws may significantly increase LLR’s tax burden.
• LLR expects to be treated as a “passive foreign investment company” for U.S. federal income tax purposes.
• Unitholders may be subject to U.S. Foreign Account Tax Compliance Act (“FATCA“) withholding tax.
• There are risks associated with overlapping investments with funds managed by the LaSalle Group. Since 2021,
the LaSalle Group has established LaSalle Asia Opportunity Fund VI (“LAO VI“), a comprehensive, closed-end
private fund that invests in office, retail, residential, warehousing and logistics, hotels, and other commercial
properties, and manages assets in the Asia-Pacific region, including Japan. LAO VI is an opportunistic fund(“Opportunistic Fund“) that seeks higher target returns than LLR. LAO VI is granted a priority to consider any
real estate investment opportunities, within its investment strategy, sourced by LaSalle Group. Although LAO
VI is an Opportunistic Fund, and therefore, its primary investment targets are different from those of LLR, there
may be overlaps in investment targets of logistics facility developments and low occupancy properties, etc.,
which are targeted as part of LLR 's Excess Returns Strategy. For this reason, regarding the potential acquisition
opportunities for development properties, low occupancy properties, etc., obtained by the Asset Manager fromthird parties, an order of priority will be established between the Asset Manager and the LaSalle Group, and
the Asset Manager will begin consideration of the potential acquisition opportunity only if the LaSalle Groupdecides not to pursue it for LAO VI. As such, LLR may not be able to secure all of the potential acquisition
opportunities that overlap with LAO VI, if LAO VI decides to pursue them.

Legal and Regulatory Risks• LLR’s ownership rights in some properties may be declared invalid or limited.
• LLR may lose its rights in a property LLR owns if the purchase of the property is characterized as secured
financing.
• LLR’s leasehold or subleasehold rights may be terminated or may not be asserted against a third party in somecases.
• LLR’s properties for which third parties hold leasehold interests in the land and own the buildings thereupon
may subject LLR to various risks.
• Some of LLR’s properties may be held in the form of a property or trust co-ownership interest, and LLR’s rights
relating to such properties may be affected by the intentions of other co-owners.
• LLR holds interests in some properties through preferred securities of Japanese special purpose companies(tokutei mokuteki kaisha), and illiquidity in the market for such shares may limit LLR’s ability to sell its interest,
and the rights relating to the properties held by such special purpose companies may be limited.
• LLR may acquire interests in some properties through Japanese anonymous association (tokumei kumiai)agreements and real estate-related loans. LLR may have difficulty selling such interests due to limited market
liquidity for such interests, and LLR’s rights relating to such properties may be limited.
• LLR owns most of its properties through trust beneficiary interests and may suffer losses as a trust
beneficiary.
• There are important differences regarding the rights of unitholders in a J-REIT compared to those of shareholders in a corporation.
• The Alternative Investment Fund Managers Directive (“AIFMD”) may negatively affect LLR’s ability to market its
units within the European Economic Area (“EEA”) and the United Kingdom, and increase compliance costs
associated with the marketing of LLR’s units in the EEA or the United Kingdom.
• LLR’s units may be deemed to constitute “plan assets” under the United States Employee Retirement Income
Security Act (“ERISA”) Plan Asset Regulation, which may lead to the rescission of certain transactions, tax or
fiduciary liability, and it being held in violation of certain ERISA and Internal Revenue Code requirements.

LaSalle LOGIPORT REIT

11

Financial Section

Balance Sheet
Thousands of yen
As ofFebruary 29, 2024
August 31, 2023
ASSETS
Current assets
Cash and deposits (Note 3)
Cash and deposits in trust (Note 3)
Operating accounts receivable
Prepaid expenses
Income taxes refund receivable
Consumption taxes refund receivable
Other
Total current assets
Non-current assets
Property and equipment (Note 6)
Buildings in trust
Structures in trust
Machinery and equipment in trust
Tools, furniture and fixtures in trust
Land in trust
Construction in progress in trust
Less: accumulated depreciation
Total property and equipment
Investments and other assets
Investment securities (Note 4)Long-term prepaid expenses
Deferred tax assets (Note 13)
Lease and guarantee deposits
Lease and guarantee deposits in trust
Total investments and other assets
Total non-current assets
Deferred assets
Investment unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total Assets¥ 20,258,502
7,847,532
526,727
279,470
101,177–
21,421
29,034,832¥ 17,951,390
7,939,192
499,547
260,319–
675,014469
27,325,933

140,196,207
194,213214,383
33,108250,211,979
189,318(15,925,078)
375,114,131

139,633,302
199,523
214,383
33,802
250,477,043
183,202(14,622,287)
376,118,970

3,049,985
747,503
11
10,000
10,137
3,817,638
378,931,770

1,761,354
771,7641
10,000
10,1372,553,258
378,672,229

9,599
46,30655,906¥408,022,508

21,26751,07872,346¥406,070,509

Thousands of yen
As ofFebruary 29, 2024
August 31, 2023
LIABILITIESCurrent liabilities
Operating accounts payable
Short-term loans payable (Note 11)
Current portion of long-term loans payable (Notes 4 and 11)
Accounts payable
Accrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds payable (Notes 4 and 12)Long-term loans payable (Notes 4, 5 and 11)
Tenant leasehold and security deposits in trust
Total non-current liabilities
Total Liabilities
NET ASSETS (Note 10)
Unitholders' equity
Unitholders' capital
Units authorized:
10,000,000 units as of February 29, 2024 and August 31,
2023
Units issued and outstanding:
1,868,000 units as of February 29, 2024 and August 31, 2023
SurplusRetained earnings
Total unitholders' equity
Total Net Assets
Total Liabilities and Net Assets¥

302,230
7,400,000
9,070,000
2,234,437
9,870
673
759,595
1,993,977
1,067,144
22,837,929¥

399,283
10,400,000
9,060,000
1,805,469
6,233
619
–
2,054,545
1,404,752
25,130,905

13,500,000
141,050,000
4,734,784
159,284,784
182,122,714

13,500,000
138,060,000
4,348,307
155,908,307
181,039,212

219,258,369

219,940,189

6,641,425
225,899,794
225,899,794¥408,022,508

5,091,107
225,031,296
225,031,296¥406,070,509

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

14

LaSalle LOGIPORT REIT

LaSalle LOGIPORT REIT

15

Statement of Income

Statement of Changes in Net Assets
Thousands of yen
For the periods ended
February 29, 2024
August 31, 2023

Operating revenues (Notes 8 and 17)
Rental revenues
Other rental revenues
Gain on sales of real estate properties
Dividend income
Distributions of investments in silent partnerships
Interest income
Total operating revenue
Operating expenses (Note 8)
Property-related expenses
Asset management fee
Asset custody and administrative fee
Directors' compensations
Audit fee
Bad debt expenses
Other operating expenses
Total operating expenses
Operating income
Non-operating revenues
Interest income
Reversal of distributions payable
Interest on tax refund
Total non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds
Amortization of investment unit issuance expense
Amortization of investment corporation bond issuance costs
Investment unit public offering expenses
Borrowing related expenses
Loss on redemption of investment securities
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income
Retained earnings brought forward
Retained earnings at end of period¥10,616,238
810,539
1,147,366
474,126
56,56919,923
13,124,763¥10,259,910
955,831––––
11,215,742

3,840,439
1,762,817
42,7195,400
14,000–104,6115,769,988
7,354,775

4,010,406
1,342,691
39,7735,400
14,00068
61,542
5,473,881
5,741,860

134
350
1,586
2,071

129
504
–
633

460,396
38,861
11,668
4,772

435,584
39,903
22,598
4,772
27,652
121,504–
652,016
5,090,478
5,090,478
639
21
660
5,089,817
1,290¥ 5,091,107

154,641
45,062
715,4026,641,444
6,641,444
835
(9)
826
6,640,618
807¥ 6,641,425

Balance as of February 28, 2023 (Note 10)
Issuance of new investment units
Distributions in excess of retained
earnings
Distributions of retained earnings
Net income
Balance as of August 31, 2023 (Note 10)
Distributions in excess of retained
earnings
Distributions of retained earnings
Net income
Balance as of February 29, 2024 (Note 10)

Number of units
1,785,000

Unitholders’ capital¥208,357,618
12,012,756

Thousands of yen
Retained earnings¥5,099,250(430,185)

1,868,000¥219,940,189(430,185)(5,097,960)
5,089,817¥5,091,107(681,820)

1,868,000¥219,258,369

Total net assets¥213,456,868
12,012,756(5,097,960)
5,089,817¥225,031,296(681,820)(5,090,300)
6,640,618¥6,641,425(5,090,300)
6,640,618¥225,899,794

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

16

LaSalle LOGIPORT REIT

LaSalle LOGIPORT REIT

17

Statement of Cash Distributions

I
II

Unappropriated retained earnings
Distributions in excess of retained earnings
Deduction from unitholders’ capital
III Distributions
Distributions of retained earnings
Distributions in excess of retained earnings
Total distributions
IV Retained earnings carried forward

Statement of Cash FlowsYen
For the periods ended
February 29, 2024
August 31, 2023
Total
Per unit
Total
Per unit¥6,641,425,478¥5,091,107,467
461,396,000
6,640,740,000
461,396,000
7,102,136,000¥
685,478

681,820,000
3,555
247
3,802

5,090,300,000
681,820,000
5,772,120,000¥
807,467

2,725
365
3,090

With regards to the distributions for this fiscal period, in an effort to include LLR’s profit distributions as tax deductible
expenses in accordance with Section 1 of Article 67-15 of the Special Taxation Measures Act, the distribution amountrepresents the entire unappropriated retained earnings for the fiscal period, excluding fractional amounts less than
one yen.
Pursuant to the “Distribution Policy” as defined in Article 36, Paragraph 1 of Article 2 of incorporation of LLR, theamount of distributions shall be the amount which does not exceed the amount of profits but exceeds 90% of the
distributable profit as defined in Article 67-15 of the Special Taxation Measures Act.
Based on the policy, LLR declared the distribution amount of 6,640,740,000 yen and 5,090,300,000 yen for the periods
ended February 29, 2024 and August 31, 2023, respectively. These amounts were equivalent to the maximum integral
multiples of number of investment units issued and outstanding as of the fiscal period.
Based on the distribution policy as defined in Article 36, Paragraph 2 of incorporation, LLR shall make distributions inexcess of retained earnings, as a return of unitholders’ capital, each fiscal period on a continuous basis.
Based on this policy, the amount roughly equivalent to 30% of the 1,302,790,840 yen that is the amount remaining
after deducting the total amount of accumulated depreciation recorded in the previous period from the total amountof accumulated depreciation calculated for this fiscal period was calculated to be 390,412,000 yen. In addition, theamount equivalent to a one-time decrease in distribution per unit due to decrease in accumulated depreciation ofproperties 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 in excess of retained earnings (amount of contributions refunded that under tax
law is equivalent to a capital-refund distribution) for periods ended February 29, 2024. And based on this policy, theamount roughly equivalent to 30% of the 1,468,730,876 yen that is the amount remaining after deducting the total
amount of accumulated depreciation recorded in the previous period from the total amount of accumulated depreciation
calculated for this fiscal period was calculated to be 438,980,000 yen. In addition, the amount equivalent to a onetime increase in property-related expenses (mainly outsourcing costs) and a one-time 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 declared
681,820,000 yen as the total amount of distributions of earnings in excess of retained earnings (amount of contributions refunded that under tax law is equivalent to a capital-refund distribution) for the periods ended August 31, 2023.

Thousands of yen
For the periods ended
February 29, 2024
August 31, 2023
Cash flows from operating activities:
Income before income taxes
Depreciation
Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuance costs
Interest income
Interest expenses
Loss (gain) on redemption of investment securities
Decrease (increase) in operating accounts receivable
Decrease (increase) in income taxes receivable
Decrease (increase) in consumption taxes refund receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Decrease in property, plant and equipment in trust due to sale
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchase of property and equipment in trust
Purchase of investment securities
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:
Proceeds from long-term loans payable
Repayments of short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of investment units
Payment of distributions of retained earnings
Payment of distributions in excess of retained earnings
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period (Note 3)¥ 6,641,444
1,539,304
11,6684,772(134)
499,257
45,062(47,103)(101,177)
797,431(19,151)
24,260(97,050)
462,370
637,178(60,568)
3,223,844(1,023)
13,560,387
134(495,621)(781)
13,064,118¥ 5,090,478
1,468,730
22,5984,772(129)475,488–(11,822)–(797,431)
7,423
49,398(4,461)55,091(118,519)
138,702–(1,008)6,379,312
129(478,978)(1,082)
5,899,380(3,807,379)(2,609,030)
1,291,000
124,178(95,314)(5,096,545)(24,003,276)(1,125,854)
210,000
348,986(200,058)(24,770,203)–(3,000,000)
12,060,000(9,060,000)–(5,089,678)(681,686)(5,771,364)
2,196,208
23,592,361¥25,788,570

10,400,000–
7,500,000(7,500,000)
12,002,549(5,097,509)(430,136)
16,874,903(1,995,919)
25,588,281¥23,592,361

The accompanying notes are an integral part of these financial statements.

18

LaSalle LOGIPORT REIT

LaSalle LOGIPORT REIT

19

Notes to Financial Statements
1. Organization and Basis of Presentation

2. Summary of Significant Accounting Policiesa) Organizationa) Cash and Cash Equivalents

With LaSalle REIT Advisors as the organizer, LaSalle LOGIPORT REIT (hereinafter referred to as “LLR”) wasestablished with capital of 150 million yen (1,500 units) on October 9, 2015 pursuant to the Act on Investment
Trusts and Investment Corporations (hereinafter referred to as “the Investment Trusts Act,” Act No. 198 of 1951,
including subsequent amendments), 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 the total number of issued and outstanding investment units as of the end of this fiscal period is 1,868,000
units.
On February 17, 2016, LLR acquired and began managing eight properties (combined acquisition price of 161,440
million yen). Since its listing, LLR has acquired 18 properties (combined acquisition price of 237,494 million yen)and disposed of 4 properties (combined acquisition price of 18,055 million yen) during the subsequent fiscal periods.
As a result, LLR owned 23 properties (combined acquisition price of 380,879 million yen) as of February 29, 2024.
These 23 properties (with total leasable floor area of 1,549,992 square-meters) comprise LLR's asset holdings asof February 29, 2024, and the occupancy rate for the entire portfolio as of February 29, 2024 was 99.2%.
b) Basis of Presentation
The accompanying financial statements have been prepared in accordance with the provisions set forth in theInvestment Trusts Act and the Japanese Financial Instruments and Exchange Act and their related accounting
regulations. They are also in conformity with accounting principles generally accepted in Japan (hereinafter referred
to as “Japanese GAAP”), which are different in certain aspects as to the application and disclosure requirementsfrom the International Financial Reporting Standards.
The accompanying financial statements have been reformatted and translated into English from the financial
statements of LLR prepared in accordance with Japanese GAAP, and filed with the appropriate Local Finance
Bureau of the Ministry of Finance as required by the Financial Instruments and Exchange Act. In preparing thesefinancial statements, certain reclassifications and modifications have been made to the financial statements issued
domestically in order to present them in a format which is more familiar to readers outside Japan.
As permitted by the regulations under the Financial Instruments and Exchange Act of Japan, amounts of less than
one thousand yen have been omitted. As a result, the totals shown in the accompanying financial statements do
not necessarily agree with the sums of the individual amounts.

Cash and cash equivalents consist of cash on hand and cash in trust, floating deposits, deposits in trust and shortterm investments that are very liquid and realizable with a maturity of three months or less when purchased, andthat are subject to insignificant risks of changes in value.
b) Investment Securities(i) Available-for-sale securities without fair market value
The moving average cost method is adopted.
(ii) 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.
(iii) 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 thecost of securities sold is determined by the moving-average method).
c) Property and Equipment
Depreciation of property and equipment, including property and equipment in trust, is calculated by the straight-line
method over the estimated useful lives as follows:
Buildings

2-79 years

Structures

10-45 years

Machinery and equipment

8-24 years

Tools, furniture and fixtures

4-15 yearsd) Revenue and Expense Recognition
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.
(i) 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 “Losson sales of real estate properties” based on “Sales proceed” excluding “Book value of properties sold” and“Other sales expenses” on Income Statement.
(ii) Utilities charge reimbursement
LLR supplies utilities services such as the electricity, water, etc. to the lessee as the customer and recognizes
those income based on contracts with the customers.
e) Tax on Property and Equipment
With respect to property taxes, city planning taxes and depreciable asset taxes, of the tax amount assessed anddetermined, the amount corresponding to the relevant fiscal period is accounted for as leasing expenses.
Of the amounts paid for the acquisition of real estate properties or beneficiary rights in trust of real estate, theamount estimated for property tax is capitalized as part of the acquisition cost of the relevant property instead ofbeing charged as expenses. The amount of fixed asset taxes, etc. included in the acquisition costs of real estate,etc. was 13,684 thousand yen in the period ended February 29, 2024, and was 46,387 thousand yen in the period
ended August 31, 2023.
f) Investment Unit Issuance Expenses
Investment unit issuance expenses are amortized using the straight-line method over three years.

20 LaSalle LOGIPORT REIT

LaSalle LOGIPORT REIT

21

Notes to Financial Statementsg) Investment Corporation Bond Issuance Costs
Investment corporation bond issuance costs are amortized using the straight-line method over the respective termsof the bonds.
h) Hedge Accounting
LLR enters into derivative transactions in order to hedge against risks defined in its Articles of Incorporation. In
compliance with the general risk management policy, LLR uses interest rate swaps for the purpose of hedging its
risk exposure associated with interest on variable rate loans payable. Where deferral accounting is generally
adopted for hedge transactions, LLR applies deferred hedge accounting. However, special accounting treatment
provided under Japanese GAAP is applied to those interest rate swaps that meet the criteria for special accounting
treatment. Under the special accounting treatment, interest rate swaps are not measured at fair value, but thedifferential paid or received amount under the swap agreements is recognized and included in interest expense
or income, respectively.
Assessment of the hedge effectiveness has been omitted since all interest rate swaps meet the specific matching
criteria under the special accounting treatment.
i) Beneficiary Rights in Trust
As to beneficiary rights in trust, all assets and liabilities for assets in trust, as well as the related income generated
and expenses incurred, are recorded in the relevant balance sheet and statement of income accounts.
The following material items of assets in trust recognized in the relevant account items are listed separately on thebalance sheet.
(i)Cash and deposits in trust(ii)	Buildings in trust, structures in trust, machinery and equipment in trust, tools, furniture and fixtures in trust,land in trust, construction in progress in trust(iii) Lease and guarantee deposits in trust(iv) Tenant leasehold and security deposits in trustj) Nondeductible Portion of Consumption Taxes
The nondeductible portion of consumption taxes imposed in connection with property and equipment are includedin the acquisition cost of the respective assets.

3. Cash and Cash Equivalents
The relationship between cash and cash equivalents in the statement of cash flows and the balance sheet is asfollows:

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

Thousands of yen
As ofFebruary 29, 2024
August 31, 2023
¥20,258,502¥17,951,390
7,847,532
7,939,192(2,317,464)(2,298,221)¥25,788,570¥23,592,361

4. Financial Instrumentsa) Detailed Information on Financial Instruments(i) Policy for Financial Instruments
At the time of acquisition of new portfolio assets, LLR procures funds through the issuance of investment units,
borrowings from financial institutions or issuing investment corporation bonds.
LLR manages surplus funds as deposits, taking security and liquidity into account with due consideration ofmarket conditions and its own cash flow situation.
In addition, LLR uses derivatives transactions to hedge against interest rate fluctuation risks and other risks
associated with loans and other funding sources, and does not engage in speculative transactions.
(ii) Financial Instruments, their Risks and Risk Management System
LLR manages surplus funds as deposits, and although they are exposed to credit risks such as the solvency of thefinancial institutions where they are deposited, LLR makes deposits carefully for short-term deposit maturities only,
taking security and liquidity into account with due consideration of market conditions and its own cash flow situation.
LLR uses borrowings and investment corporation bonds for purposes such as procuring funds for the acquisitionof real estate properties, repayment of borrowings and redemption of investment corporation bonds. Although
they are exposed to liquidity risks at the time of repayment, LLR mitigates liquidity risk by staggering repayment
dates, diversifying its financing sources and securing liquidity, and manages liquidity risk by methods such as
preparing cash flow plans. In addition, among borrowings, as some of the loans are in the form of floating rate
exposures, exposed to the risk of rising interest rates, LLR endeavors to keep the impact of higher interest
payments on operations to a minimum by maintaining a conservative ratio of interest-bearing debt and byincreasing the ratio of long-term loans payable in its borrowings.
(iii) Supplemental Explanation Regarding Fair Values of Financial Instruments
Certain assumptions, etc. are used in calculating the fair value of financial instruments, and there can be cases
where the values may vary based on different assumptions, etc. In addition, concerning the contract amountsof derivative transactions in “Derivative transactions” below, the amount itself does not represent the value ofthe market risks associated with the derivative transactions.
b) Estimated Fair Value of Financial Instruments
The book value, fair value and differences between the two values as of February 29, 2024 and August 31, 2023 are
as follows. Shares without market price are not included in the following table (see Note 2 below). The notes for“Cash and deposits,” “Cash and deposits in trust,” and “Short-term loans payable” are omitted due to their short-term
settlement. Also, the note for “Tenant leasehold and security deposits in trust” is omitted because of immaterial.

(1) Current portion of long-term loans payable(2) Investment corporation bonds payable(3) Long-term loans payable
Total liabilities(4) Derivative transactions

Thousands of yen
As of February 29, 2024
Book value
Fair value¥ 9,070,000¥ 9,091,423
13,500,000
13,138,550
141,050,000
142,680,164¥163,620,000¥164,910,137¥–¥–

Difference¥ 21,423(361,450)
1,630,164¥1,290,137¥–(1) Current portion of long-term loans payable(2) Investment corporation bonds payable(3) Long-term loans payable
Total liabilities(4) Derivative transactions

Thousands of yen
As of August 31, 2023
Fair value¥ 9,067,831
13,152,250
139,227,563¥161,447,644¥–

Difference¥
7,831(347,750)
1,167,563¥ 827,645¥–(Note) Restricted deposits in trust are reserved for the refund of leases and guarantee deposits received from tenants.

22 LaSalle LOGIPORT REIT

Book value¥ 9,060,000
13,500,000
138,060,000¥160,620,000¥–

LaSalle LOGIPORT REIT 23

Notes to Financial Statements
		Repayment schedule for short-term loans payable, investment corporation bonds and long-term loans payable after
August 31, 2023

(Note 1) Methods to estimate fair values of financial instruments		 (1) Current portion of long-term loans payable and (3) Long-term loans payable			The fair value of long-term loans payable is determined based on the present value of contractual cash flows
which would be applicable to new loans payable under the same conditions and terms.

Due within
one year

Due after
one to two
years

Thousands of yen
As of August 31, 2023
Due after
Due after
two to three
three to four
years
years

¥

¥

¥

		 (2) Investment corporation bonds payable			The reference statistical prices disclosed by the Japan Securities Dealers Association are used as the fair value.
		 (4) Derivative transactions
			

Please refer to Note 5, “Derivative Transactions.”(Note 2) Shares without market price		The description and balance sheet amounts of shares without market price are as follows:
Thousands of yen
As ofFebruary 29, 2024
August 31, 2023
¥1,069,994¥1,134,001

Preferred securities		The description and balance sheet amounts of specified corporate bond are as follows:
Thousands of yen
As ofFebruary 29, 2024
August 31, 2023
¥809,021¥–(Note 4) Equity in investment in a silent partnership		The description and balance sheet amounts of equity in investment in a silent partnership are as follows:
Thousands of yen
As ofFebruary 29, 2024
August 31, 2023
¥1,170,969¥627,353

Equity in investment in a silent partnership––

24 LaSalle LOGIPORT REIT

Due within
one year

Due after
one to two
years

Thousands of yen
As of February 29, 2024
Due after
Due after
two to three
three to four
years
years

¥

¥

–

¥ 2,000,000¥ 6,500,000¥–¥ 5,000,000

9,070,000

21,450,000

18,680,000

16,920,000

29,500,000

54,500,000¥9,070,000¥21,450,000¥20,680,000¥23,420,000¥29,500,000¥59,500,000––¥ 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¥9,060,000¥20,820,000¥17,580,000¥24,200,000¥21,520,000¥67,440,000

5. Derivative Transactions

Hedge accounting
methodSpecial treatment forinterest rate swaps

Type of derivativetransaction
Interest rate swaps
Receive floating /Pay fixed

Primary
hedged item

Thousands of yen
As of February 29, 2024
Contract amountDue after
Total
one year
Fair value

Long-term¥123,190,000 ¥118,280,000
loans payable(Note)

Fair value
measurement(Note)(Note) Interest rate swaps, designated as hedged items, under the special accounting treatment are accounted for as theintegral part of long-term loans payable. Therefore, the fair value is included in long-term loans payable disclosed in
the aforementioned Note 4, “Financial Instruments, b) Estimated Fair Value of Financial Instruments, (1) Current portionof long-term loans payable and (3) Long-term loans payable.”(Note 5)	Repayment schedule for short-term loans payable, investment corporation bonds and long-term loans payable after
February 29, 2024

Investment
corporation bonds
payableLong-term loans
payableTotal

Due after
five years

For the periods ended February 29, 2024and August 31, 2023, LLR only utilized interest rate swaps, which qualified
for hedge accounting and met the special matching criteria, as described below.

(Note 3) Specified corporate bondSpecified corporate bondInvestment
corporation bonds
payableLong-term loans
payableTotal

Due after
four to fiveyears

Hedge accounting
methodType of derivativetransaction
Interest rate swaps
Receive floating /Pay fixed

Primary
hedged item

Thousands of yen
As of August 31, 2023
Contract amountDue after
Total
one year
Fair value

Fair value
measurement

Due after
four to fiveyears

Due after
five years

Special treatment forinterest rate swaps(Note) Interest rate swaps, designated as hedged items, under the special accounting treatment are accounted for as theintegral part of long-term loans payable. Therefore, the fair value is included in long-term loans payable disclosed in
the aforementioned Note 4, “Financial Instruments, b) Estimated Fair Value of Financial Instruments, (1) Current portionof long-term loans payable and (3) Long-term loans payable.”Long-term¥117,320,000 ¥111,130,000
loans payable(Note)(Note)

LaSalle LOGIPORT REIT 25

Notes to Financial Statements
6. Property and Equipment(Note 1) Book value is calculated by deducting accumulated depreciation from the acquisition cost.

The following table summarizes the property and equipment as of February 29, 2024 and August 31, 2023.
Thousands of yen
As of February 29, 2024
At costBuildings in trust
Structures in trust
Machinery andequipment in trust
Tools, furniture andfixtures in trust
Land in trust
Construction inprogress in trust
Total

Beginningbalance¥139,633,302
199,523

Increase¥1,817,397
4,188

Decrease¥1,254,492
9,498

Endingbalance¥140,196,207
194,213

Accumulated
depreciation¥15,829,488
54,611

Book value¥124,366,719
139,601

214,383––

214,383

32,078

182,304

33,802930

1,624

33,108

8,899

24,208250,477,043

1,929,678

2,194,743

250,211,979–

250,211,979

183,202

6,116–

189,318–

189,318¥390,741,258¥3,758,310¥3,460,358¥391,039,210¥15,925,078¥375,114,131

Thousands of yen
As of August 31, 2023
At costBuildings in trust
Structures in trust
Machinery andequipment in trust
Tools, furniture andfixtures in trust
Land in trust
Construction inprogress in trust
Total

Beginningbalance¥130,154,362
185,038

Increase¥ 9,478,940
14,484

Decrease¥––

Endingbalance¥139,633,302
199,523

Accumulated
depreciation¥14,537,907
49,348Book value¥125,095,395
150,175

214,383––

214,383

27,604

186,778

32,5201,281–

33,802

7,427

26,374

236,108,725

14,368,318–

250,477,043–

250,477,043

18,247

164,955–

183,202–183,202¥366,713,278¥24,027,980¥–¥390,741,258¥14,622,287¥376,118,970

7. Investment and Rental Properties
LLR owns leased logistics properties mainly in the Tokyo and Osaka areas for the purpose of earning rent income.
The opening book value, changes during the fiscal period and the fiscal period end fair value of the properties are
as follows:
Thousands of yen
For the periods ended
February 29, 2024
August 31, 2023
Book value (Note 1)
Balance at the beginning of the period
Changes during the period (Note 2)
Balance at the end of the period
Fair value at the end of the period (Note 3)

26 LaSalle LOGIPORT REIT

¥376,118,970(1,004,839)¥375,114,131¥459,155,000¥353,559,721
22,559,249¥376,118,970¥457,840,000(Note 2)	The increase for period ended February 29, 2024, was a result of the acquisition of one property during the periodwith a total value of 3,323,680 thousand yen. The decrease for period ended February 29, 2024, was a result of thesales of one property (12.5% joint co-ownership interest) during the period with a total value of 3,223,844 thousand
yen and the recognition of depreciation expenses of 1,539,304 thousand yen, respectively.
		In addition, the increase for period ended August 31, 2023, was a result of the acquisition of three properties during
the period with a total value of 23,401,367 thousand yen. The decrease for period ended August 31, 2023, was a
result of the recognition of depreciation expenses of 1,468,730 thousand yen, respectively.
(Note 3)	The fair value at the end of the period is stated at the appraisal value obtained from an independent real estateappraiser.

8. Property-related Revenues and Expenses
The following table summarizes the revenues and expenses generated from property leasing activities for theperiods ended February 29, 2024and August 31, 2023.
Thousands of yen
For the periods ended
February 29, 2024
August 31, 2023
(1) Real estate leasing revenues
Rental revenues
Rental income
Common service fee
Total
Other rental revenues
Utilities charge reimbursement
Parking revenue
Other lease revenues
Total
Total real estate leasing revenues(2) Real estate leasing expenses
Property-related expenses
Outsourcing costs
Utilities expenses
Taxes and public dues
Insurance premiums
Repair and maintenance
Depreciation
Other leasing expenses
Total real estate leasing expenses(3) Real estate leasing profit ((1) - (2))

¥ 9,781,641
834,596¥10,616,238¥ 9,422,889
837,021¥10,259,910¥

537,666
185,147
87,726¥ 810,539¥11,426,778¥

619,011
185,811
151,008¥ 955,831¥11,215,742¥¥

430,190
488,397
1,013,613
23,225
145,130
1,539,304
200,576¥ 3,840,439¥ 7,586,339

449,442591,094
1,015,203
22,650172,757
1,468,730
290,527¥ 4,010,406¥ 7,205,335

The following table summarizes the gain on sales of real estate properties for the periods ended February 29,
2024.

Sales proceed
Cost of properties sold
Other sales expenses
Gain on sales of real estate properties

Thousands of yen
LOGIPORT Nagareyama B(12.5% joint co-ownershipinterest)¥4,375,000
3,223,844
3,789¥1,147,366

LaSalle LOGIPORT REIT

27

Notes to Financial Statements
9. Leases

11. Short-term and Long-term Loans Payable

The future minimum rent revenue from tenants, subsequent to fiscal period end, under non-cancelable operatingleases of properties are as follows:

Due within one year
Due after one year
Total

Thousands of yen
As ofFebruary 29, 2024
August 31, 2023
¥16,775,999¥16,100,019
58,171,181
35,369,988¥74,947,181¥51,470,008

10. Net Assetsa) Stated Capital
LLR issues only non-par value units in accordance with the Investment Trusts Act, and all issue amounts of newunits are designated as stated capital. LLR maintains at least 50,000 thousand yen as minimum net assets as
required by Article 67, Paragraph 4 of the Investment Trusts Act.
b) Unitholders’ Capital
Unitholders’ capital as of February 29, 2024 and August 31, 2023 consists of the following items:

Unitholders’ capital, grossDeduction from unitholders’ capital;
Accumulated distribution in excess of retained earnings
Unitholders’ capitalThousands of yen
As ofAugust 31, 2023
August 31, 2023
¥223,876,689¥223,876,689(4,618,320)(3,936,500)¥219,258,369¥219,940,189

Short-term and long-term loans payable consisted of bank borrowings under loan agreements. The following tablesummarizes the long-term loans payable as of February 29, 2024 and August 31, 2023.

0.08635% unsecured short-term loans due 2024
Total short-term loans payable
0.79000% unsecured long-term loans due 2024
0.76155% unsecured long-term loans due 2024 (*)
0.89000% unsecured long-term loans due 2025
0.88680% unsecured long-term loans due 2025 (*)
0.98000% unsecured long-term loans due 2026
0.93127% unsecured long-term loans due 2026 (*)
0.51435% unsecured long-term loans due 2025 (*)
0.59950% unsecured long-term loans due 2026 (*)
0.34020% unsecured long-term loans due 2026 (*)
0.42105% unsecured long-term loans due 2027 (*)
0.30050% unsecured long-term loans due 2026 (*)
0.36250% unsecured long-term loans due 2027 (*)
0.40350% unsecured long-term loans due 2027 (*)
0.44000% unsecured long-term loans due 2025
0.44400% unsecured long-term loans due 2027 (*)
0.50950% unsecured long-term loans due 2028 (*)
0.36376% unsecured long-term loans due 2026
0.41000% unsecured long-term loans due 2028 (*)
0.51700% unsecured long-term loans due 2029 (*)
0.37000% unsecured long-term loans due 2026
0.40440% unsecured long-term loans due 2028 (*)
0.52360% unsecured long-term loans due 2029 (*)
0.32352% unsecured long-term loans due 2028
0.71150% unsecured long-term loans due 2030 (*)
0.37407% unsecured long-term loans due 2028
1.22285% unsecured long-term loans due 2030 (*)
0.43473% unsecured long-term loans due 2031
0.37407% unsecured long-term loans due 2028
1.10563% unsecured long-term loans due 2031
1.19500% unsecured long-term loans due 2031 (*)
1.31795% unsecured long-term loans due 2032 (*)
Total long-term loans payable
Total short-term and long-term loans payable

Thousands of yen
As ofFebruary 29, 2024
August 31, 2023
¥ 7,400,000¥ 10,400,000¥ 7,400,000¥ 10,400,000¥–¥ 2,870,000–
6,190,000
4,160,000
4,160,000
4,910,000
4,910,000
1,510,000
1,510,000
2,250,000
2,250,000
6,750,000
6,750,000
5,880,000
5,880,000
3,100,000
3,100,000
5,100,000
5,100,000
1,300,000
1,300,000
5,700,000
5,700,000
7,900,000
7,900,000
5,000,000
5,000,000
6,300,000
6,300,000
20,000,000
20,000,000
1,540,000
1,540,000
4,300,000
4,300,000
7,000,000
7,000,000
2,000,000
2,000,000
2,800,000
2,800,000
13,100,000
13,100,000
1,000,000
1,000,000
3,850,000
3,850,000
2,720,000
2,720,000
10,890,000
10,890,000
1,500,000
1,500,000
1,400,000
1,400,000
6,100,000
6,100,000
9,060,000–
3,000,000–¥150,120,000¥147,120,000¥157,520,000¥157,520,000

The stated interest rate is the weighted average interest rate during the period ended February 29, 2024. For
certain loans (*) for which LLR uses interest rate swaps to hedge their interest rate risk exposure, the effective
interest rate which includes the effect of the interest rate swap is stated.
The redemption schedule for long-term loans subsequent to February 29, 2024 is disclosed in Note 4, “Financial
Instruments.”
Current portion of long-term loans payable is included in long-term loans payable.

28 LaSalle LOGIPORT REIT

LaSalle LOGIPORT REIT 29

Notes to Financial Statements
14. Per Unit Information

LLR is in the contract of commitment line agreement with two banks.

Total amount of committed line of credit
Borrowings drawn down
Balance of unused committed line of credit

The following table summarizes per unit information for the fiscal period ended February 29, 2024 and August 31,
2023.

Thousands of yen
As ofFebruary 29, 2024
August 31, 2023
¥4,000,000¥4,000,000––¥4,000,000¥4,000,000

Yen
For the periods ended
February 29, 2024
August 31, 2023
Net income per unit
Basic net income per unit
Weighted average number of units outstanding

12. Investment Corporation Bonds Payable¥3,554
1,868,000

The investment corporation bonds payable will be redeemed on a lump-sum basis at their contractual maturity
dates. The following table summarizes the investment corporation bonds payable as of February 29, 2024 andAugust 31, 2023.

Issued date
2nd unsecured bond February 15, 2017
3rd unsecured bond July 13, 2017
5th unsecured bond December 21, 2017
6th unsecured bondFebruary 20, 2020
(Green bond)
7th unsecured bondFebruary 16, 2021
(Green bond)
8th unsecured bondFebruary 10, 2022
(Green bond)
Total

Thousands of yen
As ofFebruary 29, 2024
August 31, 2023
¥ 2,000,000¥ 2,000,000
3,500,000
3,500,000
1,000,000
1,000,000

Maturity dateFebruary 15, 2027
July 13, 2027
December 21, 2027

Interest rate
0.580%
0.650%
0.630%

February 20, 2030

0.590%

3,000,000

3,000,000

February 15, 2036

0.760%

2,000,000

2,000,000

February 10, 2028

0.250%

2,000,000

2,000,000¥13,500,000¥13,500,000¥2,811
1,810,554

Yen
As of
February 29, 2024
¥120,931

Net assets per unit

August 31, 2023
¥120,466(Note) Net income per unit is calculated by dividing net income by the average number of investment units for the period. Net
income for the basis for calculating net income per unit are 6,640,618 thousand yen and 5,089,817 thousand yen forthe period ended February 29, 2024 and August 31, 2023, respectively. The diluted net income per unit is not statedhere as there are no diluted investment units.

15. Transactions with Related Partiesa) Transactions and Account Balances with the Parent Company and Major Unitholders(For the period ended August 31, 2023)
None(For the period ended August 31, 2023)
None

13. Income Taxesb) Transactions and Account Balances with Affiliates

LLR is subject to Japanese corporate income taxes on its taxable income. The tax effect of temporary differencesthat give rise to a significant portion of the deferred tax assets and liabilities as of February 29, 2024 and August
31, 2023 are as follows:Enterprise tax payable
Total deferred tax assets
Net deferred tax assets

Thousands of yen
As ofFebruary 29, 2024
August 31, 2023
¥11
¥1
11
1
¥11
¥1

Reconciliation of major items that caused differences between the statutory tax rate and effective tax rate withrespect to pre-tax income reflected in the accompanying statement of income for the periods ended February 29,
2024 and August 31, 2023 are as follows:

Statutory tax rate
Adjustments:
Deductible distributions
Other
Actual effective income tax rate

30 LaSalle LOGIPORT REIT

For the periods ended
February 29, 2024
August 31, 2023
31.46%
31.46%(For the period ended February 29, 2024)
None(For the period ended August 31, 2023)
Nonec) Transactions and Account Balances with Companies under Common Control(For the period ended February 29, 2024)

Classification
Subsidiary of
an affiliate

Name ofthecompany
LaSalleREIT
Advisors
K.K

Address
Chiyoda-ku,
TokyoStatedcapital(thousandsof yen)¥164,500

Type ofbusiness
Investment
managementbusiness

Percentage
of votingrightsowned–

Relation
Common board
memberExecutive
Director of LLR
and President &CEO of the AssetManagerBusinessrelationship
Asset
Manager

Type oftransaction(Note 2)
Payment of
asset
management
fee(Note 3)

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.

(31.46%)
0.01%
0.01%

(31.46%)
0.01%
0.01%

(Note 3)	The asset management fee, attributable to property and investment securities acquisitions, were 32,700 thousand
yen and 25,870 thousand yen, respectively.

LaSalle LOGIPORT REIT

31

Notes to Financial Statementsc) Information by Major Customers(For the period ended August 31, 2023)

Classification
Subsidiary of
an affiliate

Name ofthecompany
LaSalleREIT
Advisors
K.K

Address
Chiyoda-ku,
TokyoStatedcapital(thousandsof yen)¥164,500

Type ofbusiness
Investment
managementbusiness

Percentage
of votingrightsowned–

Relation
Common board
memberExecutive
Director of LLR
and President &CEO of the AssetManagerBusinessrelationship
Asset
Manager

Type oftransaction(Note 2)
Payment of
asset
management
fee(Note 3)

Transaction
amount(thousandsof yen)(Note 1)

¥1,584,791

Account
Accounts
payableEndingBalance(thousandsof yen)(Note 1)

¥1,476,960

Information about major customers has been omitted because each net sale to a single external customer
accounts for less than 10% of the operating revenues on the statement of income.

17. Revenue Recognitiona)	The breakdown information on revenue from contracts with customers for the periods ended February 29,
2024 and August 31, 2023 are as follows:

Sales of real estate properties
Utilities charge reimbursement
Other
Total

Thousands of yen
For the periods ended February 29, 2024
Revenue from contracts
Sales to externalwith customers (Note)customers¥4,375,000¥ 1,147,366
537,666
537,666–
11,439,731¥4,912,666¥13,124,763

Sales of real estate properties
Utilities charge reimbursement
Other
Total

Thousands of yen
For the periods ended August 31, 2023
Revenue from contracts
Sales to externalwith customers (Note)customers¥–¥–
619,011
619,011–
10,596,730¥619,011¥11,215,742(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.

16. Segment Information
Segment Information
Segment information has been omitted as LLR has only one segment, which is real estate leasing business.
Related Information(For the period ended February 29, 2024)a) 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 statement of income.
b) Information by Geographic Region(i) Operating Revenues
Information about operating revenues has been omitted because operating revenues from sales to externalcustomers in Japan are in excess of 90% of the operating revenues on the statement of income.
(ii) Property and Equipment
Information about property and equipment has been omitted because the amount of property and equipment
located in Japan is in excess of 90% of the amount of property and equipment on the balance sheet.
c) Information by Major Customers
Information about major customers has been omitted because each net sale to a single external customer
accounts for less than 10% of the operating revenues on the statement of income.
(For the period ended August 31, 2023)
a) 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 statement of income.
b) Information by Geographic Region(i) Operating Revenues
Information about operating revenues has been omitted because operating revenues from sales to externalcustomers in Japan are in excess of 90% of the operating revenues on the statement of income.
(ii) Property and Equipment
Information about property and equipment has been omitted because the amount of property and equipment
located in Japan is in excess of 90% of the amount of property and equipment on the balance sheet.
32 LaSalle LOGIPORT REIT

(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
from contracts with customers mainly represents proceeds from sales of real estate properties and utilities charge
reimbursement.

b)	Information about the relationship between the satisfaction of performance obligations under contracts
with customers and cash flows from those contracts, and the amount and timing of revenue expected tobe recognized in subsequent periods from contracts with customers that exist at the end of the 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 sale of real estate properties was 8,750,000 thousand yen for real estate properties for which a contractof 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 real estate properties scheduled on September
10, 2024.
Regarding utilities charge reimbursement, LLR recognizes revenues at the amount it has the right to chargein accordance with paragraph 19 of the Guidance on Accounting Standard for Revenue Recognition, because
LLR has the right to receive from the customer the amount of consideration that directly corresponds to thevalue to the lessee, the customer, for the portion of performance completed by the end of the period. LLR
therefore recognizes revenue at the amount 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 have been applied and the transaction price allocated to
the remaining performance obligations has not been included in the notes.

LaSalle LOGIPORT REIT 33

Notes to Financial Statementsd) Acquisition of the asset (equity in investment in a silent partnership)(For the period ended August 31, 2023)

LLR has acquired the following equity in investment in a silent partnership on May 14, 2024.

Transaction price allocated to remaining performance obligations
None.
Regarding utilities charge reimbursement, LLR recognizes revenues at the amount it has the right to chargein accordance with paragraph 19 of the Guidance on Accounting Standard for Revenue Recognition, because
LLR has the right to receive from the customer the amount of consideration that directly corresponds to thevalue to the lessee, the customer, for the portion of performance completed by the end of the period. LLR
therefore recognizes revenue at the amount 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 have been applied and the transaction price allocated to
the remaining performance obligations has not been included in the notes.

18. 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 toearly-July 2024 and the following 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 acquisition
Preferred shares: Late-June 2024 to Early-July 2024

171.5 million yen

Specified corporate bonds : July 9, 2024

600 million yenb) Acquisition of asset (equity in investment in a silent partnership)

Asset name
Equity in investment in a silent
partnership B of Okinawa Itoman
Properties GK

Acquisition price (million yen)¥75

Acquiring entity
LRF3 Properties GK

Subject real estate
Amagasaki Projectc) Decision to acquire the asset (equity in investment in a silent partnership)
On April 15, 2024, LLR has decided to acquire the following newly equity in investment in a silent partnership, andplans to acquire it on March 19, 2025. In addition, the equity in investment in a silent partnership 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 equity in investment in a silent partnership 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 treatedas equivalent to forward commitments, etc., in light of the period from the announcement of this acquisition to thescheduled acquisition date.
Asset name
Equity in investment in a silent
partnership B of Urayasu PropertiesGK

34 LaSalle LOGIPORT REIT

Acquisition price (million yen)

Acquiring entity

Subject real estate¥320

Urayasu Properties
GK

Urayasu Logistics Center¥520

Acquiring entity
Okinawa Itoman
Properties GK

Subject real estate
Okinawa Itoman Logistics
Centere) Disposition of assets (real estate trust beneficiary interests)
LLR has disposed the real estate trust beneficiary interests on March 21, 2024. In addition, the LLR plans todispose the following real estate trust beneficiary interests on September 10, 2024.
Area

Property
numberAsset nameLocation

Tokyo area

Tokyo-5

LOGIPORT Nagareyama B(joint co-ownership interestof 12.5%)

Nagareyama, Chiba

Disposition price(million yen)Buyer

¥4,375

Undisclosed

Intended disposition
LOGIPORT Nagareyama B (Joint Co-ownership interest of 12.5%): September 10, 2024

4,375 million yenf)	Execution of a purchase and sale agreement for the disposition of asset (real estate trust beneficiaryinterests)
On April 15, 2024, LLR has executed a purchase and sale agreement for the following disposition of asset, andplans to dispose it on March 21, 2025. The purchase and sale agreement for the disposition of asset is forward
commitment agreements. In addition, the intended disposition date is subject to change as agreed upon between
LLR and the buyer in accordance with Trust Beneficiary Interests Purchase & Sale Agreement.
Area

Property
numberAsset nameLocation

Tokyo area

Tokyo-5

LOGIPORT Nagareyama B(joint co-ownership interestof 12.5%)

Nagareyama, Chiba

LLR has acquired the following equity in investment in a silent partnership on March 18, 2024.
Asset name
Equity in investment in a silent
partnership B of LRF3 Properties GK

Acquisition price (million yen)

Disposition price(million yen)Buyer

¥4,375

Undisclosedg) Decision to repurchase of own investment units
On April 15, 2024, LLR has decided the following repurchase of own investment units based on the provisions ofArticle 80-2 of the Act on the Investment Trusts Act, which is applied by replacing the terms and phrases pursuant
to the provisions of Paragraph 2, Article 80-5 of the said Act.
Total number of investment units to be repurchased : 43,000 units (maximum)
Total amount of investment units to be repurchased : 6,000 million yen (maximum)
Repurchase method: Open market repurchase on the Tokyo Stock Exchange
based on a discretionary transaction agreement with a securities company for the repurchase of own investment units

Repurchase period: From April 16, 2024 to July 31, 2024h) Acquisition of asset
LLR has acquired the property on April 17, 2024.
Area

Property
numberTokyo area

Tokyo-3

Asset name
LOGIPORT Kitakashiwa
cold storage facility

Location

Acquisition price(million yen)Kashiwa, Chiba¥714

LaSalle LOGIPORT REIT 35

Notes to Financial Statements

Supplementary Schedulesi) Acquisition of asset (preferred shares)

1. Schedule of Securities

LLR has acquired the following preferred shares on April 26, 2024.
Asset name
Japan Logistics Development 1 TMK
Preferred shares

Acquisition price (million yen)¥90

Acquiring entity
Japan Logistics
Development 1 TMKa) Stocks
Subject real estateMatsudo ProjectNoneb) Securities other than stocks

Type
Preferred
securities
Preferred
securities
Preferred
securities
Specifiedcorporate
bonds
Equity ininvestment ina silent
partnership
Total

Issue
Japan Logistics
Development 1 TMK
Preferred Securities
Japan Logistics
Development 2 TMKPreferred Securities
NY Properties TMK
Preferred Securities
NY Properties TMK
Specified corporate
bonds

Face value

LRF3 Properties GK
Equity in investment ina silent partnership

Thousands of yen
As of February 29, 2024
Fair value
Book value(Note 1)

Valuation gainor loss

Remarks¥–¥ 191,030¥ 191,030¥–(Note 2)–482,945482,945–(Note 3)–396,018

396,018–(Note 4)–809,021809,021–(Note 4)–

1,170,969

1,170,969–(Note 5)¥–

¥3,049,985¥3,049,985¥–(Note 1) The book value is shown for the appraisal value.
(Note 2) The underlying asset is trust beneficiary interest for Matsudo Project.
(Note 3) The underlying asset is trust beneficiary interest for Sendai Project.
(Note 4) The underlying asset is trust beneficiary interest for Nanko Logistics Center and Yachiyo Logistics Center.
(Note 5)	The underlying asset is trust beneficiary interest for Logiport Kazo, Osaka Suminoe Logistics Center, Konosu Project,
Iruma Project, Urawa Misono Project and Iwanuma Project.

2. Schedule of Contract Amounts and Fair Value of Derivative Transactions andForward Exchange Transactions

Hedge accounting
methodSpecial treatment forinterest rate swaps

Type of derivativetransaction
Interest rate swaps
Receive floating / Pay fixed

Primary
hedged item
Long-termloans payable

Thousands of yen
As of February 29, 2024
Contract amounts (Note 1)
Due after
Fair value
Total
one year(Note 2)
¥123,190,000¥118,280,000¥1,253,878(Note 1) Contract amounts of interest-rate swaps are presented based on notional amounts.
(Note 2) Fair value is calculated based on the price quoted by lending financial institutions, etc.
(Note 3)	The transactions are not valued at fair value because of adoption of the special accounting treatment for interest rate
swap under Japanese GAAP.

3. Schedule of Property and Equipment
The schedule is described in the aforementioned “Note 6 Property and Equipment, the table for as of February 29,
2024.”

36 LaSalle LOGIPORT REIT

LaSalle LOGIPORT REIT

37

Supplementary Schedules
4. Schedule of Other Specified Assets

Thousands of yen
As of February 29, 2024

The beneficial interests in real estate trusts are included in the aforementioned “Note 6 Property and Equipment,
the table for as of February 29, 2024.”
LenderLong-term loans payable

5. Schedule of Investment Corporation Bonds Payable

Issueddate
2nd unsecured Februarybond
15, 2017
3rd unsecured July 13,
bond
2017
5th unsecured Decemberbond21, 2017
6th unsecured
Februarybond
20, 2020(Green bond)
7th unsecured
Februarybond
16, 2021(Green bond)
8th unsecured
Februarybond
10, 2022(Green bond)
Total

Thousands of yen
As of February 29, 2024
Beginning
Endingbalance
DecreasebalanceMaturity Interest
date
rate
February
0.580% ¥ 2,000,000
15, 2027
July 13,0.650%
3,500,000
2027
December
0.630%
1,000,000
21, 2027

MUFG Bank, Ltd.

Use

Collateral

1,130,000–

1,130,000–

2,080,000

2,080,000––

2,080,000

750,000––

750,000

MUFG Bank, Ltd.

1,510,000––

1,510,000

Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Trust
Bank, Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Trust
Bank, Limited
Development Bank ofJapan Inc.
Resona Bank, Limited
The Bank of Fukuoka
SBI Shinsei Bank, Limited
The 77 Bank, Ltd.
The Nomura Trust andBanking Co., Ltd.
The Chugoku Bank,
Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Trust
Bank, Limited

900,000––

900,000

900,000––

900,000

450,000––

450,000

310,000
410,000––––

310,000
410,000

410,000––

410,000

370,000––

370,000

800,000––

800,000

1,250,000
1,150,000
850,000
300,000

–
–
–
–

–
–
–
–

1,250,000
1,150,000
850,000
300,000

500,000––

500,000

400,000––

400,000

1,850,000
1,450,000

–
–

–
–

1,850,000
1,450,000

1,450,000––

1,450,000

1,130,000––

1,130,000¥13,500,000¥–¥13,500,000

Repayment
Unsecured/of existing
unguaranteedborrowings(Note) The yearly schedule of redemption for investment corporation bonds payable within five years after February 29, 2024
is as follows:
Thousands of yen
As of February 29, 2024
Due after
Due after
Due after
one to two
two to three
three to four
years
years
years
¥–
¥2,000,000¥6,500,000

Due after
four to five
years
¥–

6. Schedule of Short-term and Long-term Loans Payable
Thousands of yen
As of February 29, 2024

38 LaSalle LOGIPORT REIT––

2,000,000¥ 7,400,000

2,530,000––¥ 3,000,000–

2,080,000

2,000,000–

2,530,000

Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Trust
Bank, Limited

0.250%¥–

1,000,000

February
10, 2028¥ 3,800,000
3,600,000

2,530,000–

2,000,000¥ 1,500,000
1,500,000–

4,160,000–––

2,530,000–

2,000,000¥

Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Trust
Bank, Limited–

0.760%

Decrease–

4,160,000

February15, 2036

Increase¥

MUFG Bank, Ltd.

3,000,000

LenderShort-term loans payable
MUFG Bank, Ltd.
¥ 5,300,000
Mizuho Bank, Ltd.
5,100,000
Total short-term loans¥ 10,400,000
payable¥ 2,870,000

3,500,000–

Endingbalance––3,000,000

Beginningbalance¥

Decrease¥ 2,000,000

0.590%

Investment corporation bonds payable¥ 2,870,000

Increase

Averageinterest rate
(Note 1)Endingbalance¥–February
20, 2030

Due within
one year¥–

Beginningbalance

Averageinterest rate
(Note 1)

Repayment
date

Use

Remarks

0.08635%

Jun 28, 2024

(Note 2)

Unsecured/
unguaranteed

Repayment
date

Use

Remarks

0.79000%

February 19,
2024(Note 2)

Unsecured/
unguaranteed

0.76155%

February 19,
2024(Note 2)

Unsecured/
unguaranteed

0.89000%

February 17,2025 (Note 8)(Note 2)

Unsecured/
unguaranteed

0.88680%

February 17,2025 (Note 8)(Note 2)

Unsecured/
unguaranteed

0.98000%

February 17,
2026(Note 2)

Unsecured/
unguaranteed

0.93127%

February 17,
2026(Note 2)

Unsecured/
unguaranteed

0.51435%

March 5,2025

(Note 2)

Unsecured/
unguaranteed

0.59950%

March 5, 2026

(Note 2)

Unsecured/
unguaranteed

LaSalle LOGIPORT REIT 39

Supplementary Schedules
Thousands of yen
As of February 29, 2024
LenderResona Bank, Limited
The Bank of Fukuoka
SBI Shinsei Bank, Limited
The 77 Bank, Ltd.
The Nomura Trust andBanking Co., Ltd.
The Chugoku Bank,
Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Trust
Bank, Limited
Development Bank ofJapan Inc.
The Bank of Fukuoka
SBI Shinsei Bank, Limited
The 77 Bank, Ltd.
The Nomura Trust andBanking Co., Ltd.
SBI Shinsei Bank, Limited
Resona Bank, Limited
THE NISHI-NIPPONCITY BANK, LTD.
The Nomura Trust andBanking Co., Ltd.
The Chugoku Bank,
LimitedThe Bank of Fukuoka
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Development Bank ofJapan Inc.
Sumitomo Mitsui Trust
Bank, Limited
Development Bank ofJapan Inc.
Resona Bank, Limited
The Bank of Fukuoka
SBI Shinsei Bank, Limited
The Chugoku Bank,
Limited
THE NISHI-NIPPONCITY BANK, LTD.
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
40 LaSalle LOGIPORT REIT

Beginningbalance
550,000
550,000
700,000
400,000

Thousands of yen
As of February 29, 2024

–
–
–
–

–
–
–
–

Endingbalance
550,000
550,000
700,000
400,000

450,000––

450,000

450,000––

450,000

1,600,000
1,200,000

–
–

–
–

1,600,000
1,200,000

800,000––

800,000

800,000––

800,000

700,000––

700,000

93,000743,000
232,000

–
–
–

–
–
–

93,000743,000
232,000

232,000––

232,000

1,500,000
1,300,000

–
–

–
–

1,500,000
1,300,000

1,000,000––

1,000,000

900,000––

900,000

500,000––

500,000

500,000
2,300,000
2,200,000

–
–
–

–
–
–

500,000
2,300,000
2,200,000

1,800,000––

1,800,000

1,600,000––

1,600,000

5,000,000

Increase

Decrease––

5,000,000

1,500,000––

1,500,000

1,300,000
1,000,000
1,000,000

–
–
–

–
–
–

1,300,000
1,000,000
1,000,000

500,000––

500,000

1,000,000––

1,000,000

7,900,000
6,300,000

–
–

–
–

7,900,000
6,300,000

5,800,000––

5,800,000

Averageinterest rate
(Note 1)0.34020%0.42105%0.30050%

0.36250%

Repayment
date

February 17,
2026

February 15,
2027

February 17,
2026

February 15,
2027

Use

(Note 2)

(Note 2)

Remarks

Unsecured/
unguaranteed

Unsecured/
unguaranteed

Unsecured/(Note 2)
unguaranteed(Note 2)

Unsecured/
unguaranteed

Unsecured/
unguaranteed

0.40350%

July 13,2027(Note 2)0.44000%

August 29,
2025

Unsecured/(Note 2)
unguaranteed

0.44400%

0.50950%

December 21,
2027

December 20,
2028(Note 2)

(Note 2)

Unsecured/
unguaranteed

Unsecured/
unguaranteed

LenderSumitomo Mitsui Trust
Bank, Limited
Resona Bank, Limited
The Bank of Fukuoka
SBI Shinsei Bank, Limited
The Chugoku Bank,
Limited
THE NISHI-NIPPONCITY BANK, LTD.
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Development Bank ofJapan Inc.
Sumitomo Mitsui Trust
Bank, Limited
SBI Shinsei Bank, LimitedAozora Bank, Ltd.
Resona Bank, Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Development Bank ofJapan Inc.

Beginningbalance

Increase

Decrease

Endingbalance

Averageinterest rate
(Note 1)0.36376%

1,540,000––

1,540,000

950,000
1,350,000
900,000

–
–
–

–
–
–

950,000
1,350,000
900,000

100,000––

100,000

1,000,000––

1,000,000

1,640,000
1,640,000

–
–

–
–

1,640,000
1,640,000

1,640,000––

1,640,000

2,080,000––

2,080,000

2,000,000––

2,000,000

1,000,000
1,000,000
800,000
4,200,000
3,800,000

–
–
–
–
–

–
–
–
–
–

1,000,000
1,000,000
800,000
4,200,000
3,800,000

3,600,000––

3,600,000

1,500,000––

1,500,000

Aozora Bank, Ltd.

1,000,000––

1,000,000

MUFG Bank, Ltd.
Development Bank ofJapan Inc.
Resona Bank, Limited
The Bank of Fukuoka
Sumitomo Mitsui Trust
Bank, Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Development Bank ofJapan Inc.
Mitsubishi UFJ Trust andBanking Corporation(Trust account)
Sumitomo Mitsui Trust
Bank, Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation

2,550,000––

2,550,000

500,000––

500,000

400,000
400,000––––

400,000
400,000

2,720,000––

2,720,000

2,850,000
2,800,000

–
–

–
–

2,850,000
2,800,000

2,800,000––

2,800,000

2,440,000––

2,440,000

1,500,000––

1,400,000–

2,300,000
1,900,000
1,900,000

Repayment
date
February 17,
2026

Use

Remarks
Unsecured/(Note 4)
unguaranteed

0.41000%

June 30,2028(Note 4)

Unsecured/
unguaranteed

0.51700%

June 29,2029(Note 4)

Unsecured/
unguaranteed

0.35364%

April 30,2026

(Note 2)

Unsecured/
unguaranteed

0.40440%

June 30,2028(Note 2)

Unsecured/
unguaranteed

0.52360%

June 29,2029(Note 2)

Unsecured/
unguaranteed

0.32352%

June 30,2028(Note 5)

Unsecured/
unguaranteed

0.71150%

June 28,2030(Note 6)

Unsecured/
unguaranteed

0.37407%

February 29,
2028(Note 7)

Unsecured/
unguaranteed

1.22285%

June 28,2030(Note 7)

Unsecured/
unguaranteed

1,500,000

0.43473%

June 30,2031(Note 7)

Unsecured/
unguaranteed–

1,400,000

0.37407%

August 31,
2028(Note 7)

Unsecured/
unguaranteed

–
–

–
–

2,300,000
1,900,000

1.10563%(Note 7)––1,900,000

February 28,
2031

Unsecured/
unguaranteed

LaSalle LOGIPORT REIT

41

Supplementary Schedules

Independent Auditor’s ReportThousands of yen
As of February 29, 2024
Beginningbalance

Lender
MUFG Bank, Ltd.
–
Mizuho Bank, Ltd.
–
Sumitomo Mitsui Banking–
Corporation
Sumitomo Mitsui Trust–
Bank, Limited
Mitsubishi UFJ Trust and–Banking Corporation
Total long-term loans¥147,120,000
payableTotal short-term and¥157,520,000
long-term loans payable––

Endingbalance
2,870,000
2,530,000

2,530,000–

2,530,000

1,130,000–

1,130,000

Increase
2,870,000
2,530,000

Decrease

3,000,000–

3,000,000¥12,060,000¥ 9,060,000¥150,120,000¥12,060,000¥12,060,000¥157,520,000

Averageinterest rate
(Note 1)

Repayment
date

Use

Remarks

Unsecured/
unguaranteed

1.19500%

August 29,
2031(Note 4)

1.31795%

August 31,
2032

Unsecured/(Note 4)
unguaranteed

To the Board of Directors of LaSalle LOGIPORT REIT

(Note 2) The funds were used for acquisition of trust beneficiary interest in properties and payment of related costs.
(Note 3)	The funds were used for acquisition of trust beneficiary interest in properties, payment of related costs and repaymentof short-term loans payable.
(Note 4) The funds were used for repayment of short-term and long-term loans payable.
(Note 6) The funds were used for repayment of long-term loans payable and redemption of investment corporation bonds.
(Note 7) The funds were used for repayment of long-term loans payable.
(Note 8) Current portion of long-term loans payable is included in long-term loans payable.
(Note 9) The yearly schedule of repayment for long-term loans payable within five years after February 29, 2024 is as follows:

Long-term loans payable

We have audited the financial statements of LaSalle LOGIPORT REIT (the Company), which comprisethe balance sheet as at February 29, 2024, and the statement of income, statement of changes in net
assets, statement of cash distributions and statement of cash flows for the six months period thenended, and notes to the financial statements and supplementary schedules.
In our opinion, the accompanying financial statements present fairly, in all material respects, thefinancial position of the Company as at February 29, 2024, and its financial performance and its cash
flows for the six months period then ended in accordance with accounting principles generally
accepted in Japan.
Basis for Opinion(Note 5) The funds were used for redemption of investment corporation bonds.

Thousands of yen
As of February 29, 2024
Due after
Due after
Due after
one to two
two to three
three to four
years
years
years
¥21,450,000¥18,680,000¥16,920,000

THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion(Note 1)	Average interest rate represents the weighted average interest rate during the fiscal period and is rounded to the 6th
decimal place. Also, average interest rates on borrowings with interest-rate swaps used to hedge interest rate risk
are stated taking into account the effects of interest-rate swaps.

Due within
one year¥9,070,000

Independent Auditor’s Report

Due after
four to fiveyears
¥29,500,000

We conducted our audit in accordance with auditing standards generally accepted in Japan. Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company inaccordance with the ethical requirements that are relevant to our audit of the financial statements inJapan, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion.
Emphasis of matter
We draw attention to 18.Subsequent Events to the financial statements, which states a) Acquisition ofasset (preferred shares and specified corporate bonds), b) Acquisition of asset (equity in investment ina silent partnership), c) Decision to acquire the asset (equity in investment in a silent partnership), d)
Acquisition of asset (equity in investment in a silent partnership), e) Disposition of assets (real estate
trust beneficiary interests), f) Execution of a purchase and sale agreement for the disposition of asset(real estate trust beneficiary interests), g) Decision to repurchase of own investment units, h)Acquisition of asset and i) Acquisition of asset (preferred shares).
Other Information
The other information comprises the information included in the semi-annual report, but does notinclude the financial statements and our auditor’s report thereon. Management is responsible for theother information. In addition, those charged with governance are responsible for overseeing theCompany’s reporting process of the other information.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.

PricewaterhouseCoopers Japan LLC
Otemachi Park Building, 1-1-1 Otemachi, Chiyoda-ku, Tokyo 100-0004, Japan
T: +81 (3) 6212 6800, F: +81 (3) 6212 6801, www.pwc.com/jp/assurance

42 LaSalle LOGIPORT REIT

LaSalle LOGIPORT REIT 43

Independent Auditor’s Report

In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent withthe financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of thisother information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
Management is responsible for the preparation and fair presentation of the financial statements inaccordance with accounting principles generally accepted in Japan, and for such internal control as
management determines is necessary to enable the preparation of financial statements that are freefrom material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability
to continue as a going concern and disclosing, as applicable, matters related to going concern.
Those charged with governance are responsible for overseeing the Company’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s reportthat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteethat an audit conducted in accordance with auditing standards generally accepted in Japan will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with auditing standards generally accepted in Japan, we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:






Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the overrideof internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, while the purpose of the financial statement
audit is not to express an opinion on the effectiveness of the Company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company’s ability to continue as a going

2 of 344 LaSalle LOGIPORT REITconcern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the Company
to cease to continue as a going concern.
Evaluate whether the presentation and disclosures of the financial statements are in accordancewith accounting principles generally accepted in Japan, the overall presentation, structure andcontent of the financial statements, including the disclosures, and whether the financial
statements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with management regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
We also provide management with a statement that we have complied with relevant ethicalrequirements regarding independence, and to communicate with them all relationships and othermatters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
FEE-RELATED INFORMATION
In connection with our audit of the financial statements for the six months period ended February 29,
2024, the amounts of fees for the audit and the other services charged to the Company by
PricewaterhouseCoopers Japan LLC and other PwC Network firms are ¥14.00 million and ¥5.40
million, respectively.
Interest required to be disclosed by the Certified Public Accountants Act of Japan
Our firm and its designated engagement partners do not have any interest in the Company which is
required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

自動署名EL

自動署名Co1

Mitsuo Tsuruta

Takashi Sato

Designated Engagement Partner
Certified Public Accountant

Designated Engagement Partner
Certified Public Accountant

May 30, 2024

3 of 3

LaSalle LOGIPORT REIT 45

Investor Information
Unitholders Summary
Breakdown of Units Held by Unitholder Type

Unitholder Breakdown by Unitholder Type■ Domestic Retail Investors■ Domestic Retail Investors■ Domestic Financial Institutions■ Domestic Financial Institutions■ Domestic Corporates■ Domestic Corporates

5.7%

93.6%

61.5%

■ Foreign Institutions■ Securities Firms

1.4%

1.4%

■ Foreign Institutions

26.8%■ Securities Firms

4.6%

Schedule of Annual IR-Related Events

2.4%
2.5%
0.2%

LLR’s Website
LLR has prepared various contents for prompt andaccurate information disclosure through its website.
LLR will continue to further improve the contents andprovide information in a timely manner.

Feb.

Closing of the fiscal period ending February

Apr.

Results announcement of the fiscal period ending
February

May

Start of distribution payment for the period ending February
Delivery of asset management report for the fiscal period
ending February

Aug.

Closing of the fiscal period ending August

Oct.

Results announcement of the fiscal period ending August

Nov.

Start of distribution payment for the period ending August
Delivery of asset management report for the fiscal period
ending August

https://lasalle-logiport.com/english/

Overview of the Asset Manager
Name

LaSalle REIT Advisors K.K.

Established Date

March 18, 2002

Capital164.5 million yen (as of February 29, 2024)

Shareholder

LaSalle Investment Management K.K. (100% ownership)

Financial Instrument Trader under Article 29 of
the Financial Instruments and Exchange Act

Registration No.: The Director of Kanto Finance Bureau(Kinsho) No. 2863

Building Lots and Buildings Transaction
Business License

License No.: Tokyo Governor’s Office license (2) No. 97862

Discretionary Transaction Agent License

License No.: Minister of Land, Infrastructure, Transport andTourism No. 92

46 LaSalle LOGIPORT REIT