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Delivering Prime Logistics Investment to the Japanese REIT Market

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Delivering Prime Logistics Investment to the Japanese REIT Market 3rd Fiscal Period Semi-Annual Report March 1, 2017 to August 31, 2017 LaSalle LOGIPORT REIT 2-1-1 Otemachi, Chiyoda-ku, Tokyo, Japan Delivering Prime Logistics Investment to the Japanese REIT Market Table of Contents Executive Director’s Message 2 About LaSalle Inc. 26 Property and Corporate Level Income Statement, LaSalle Group’s Professional Support DPU Summary, and Yield Summary 4 Contributes to Greater Unitholder Value 28 Future Growth Strategies Operation and Governance Emphasizing Unitholders’ Interests and Transparency 30 External Growth Strategy 6 Decision Making Flowchart for Related Internal Growth Strategy 8 Party Transactions 31 Financial Strategy 10 Risk Factors 32 The LaSalle Group’s Commitment to Financial Section Sustainability 12 Balance Sheets 36 Recognizing the Importance of Sustainability 14 Statements of Income 37 Findings So Far 16 Statements of Changes in Net Assets 38 Portfolio Statements of Cash Flows 39 Portfolio Summary 18 Notes to Financial Statements 40 Details of Portfolio 20 Independent Auditor’s Report 52 Investor Information 53 Financial Highlights for 3rd Fiscal Period (March 1, 2017 - August 31, 2017) Total Assets Under Management Portfolio Size Occupancy Rate (“AUM”) 9 properties 173.4 bn yen 98.6% Tokyo Area Concentration Total Debt Loan to Value (“LTV”) Ratio 100.0% 71.03 bn yen 38.6% Operating Revenues Operating Income Net Income 5,234 mn yen 2,739 mn yen 2,429 mn yen Distribution Per Unit (“DPU”) Earnings Per Unit (“EPU”) DPU in Excess of Earnings 2,379 yen 2,209 yen 170 yen Note: All of the figures above are as of August 31, 2017, the end of the 3rd fiscal period. LaSalle LOGIPORT REIT 1 Executive Director's Message Toshimitsu Fujiwara Executive Director LaSalle LOGIPORT REIT Thank you for your continued support of LaSalle LOGI- LLR’s nine properties are currently 100% occupied and PORT REIT (“LLR”). As the Executive Director of LLR, I it is only the office component of some facilities which am proud to report strong results for the 3rd fiscal period. remain vacant. Over the past six months, the transactions market for fully As for LLR’s activities during this fiscal period, LOGIPORT stabilized prime logistics has continued on an upward Kawagoe was acquired and incorporated into the portfolio trend, where the market has witnessed several deals at the beginning of the 3rd fiscal period on March 1, 2017. that have traded at or near a 4% cap rate, culminating LLR capitalized the transaction utilizing only debt to finance with a large, prime, and well-located asset in the Yoko- the acquisition, thus, LLR’s loan to value (“LTV”) increased hama submarket trading at a 3.8% cap rate. Now that from 34.3% to 38.6%. AUM increased from 161.4 billion the market has crossed the sub-4% cap rate threshold, yen to 173.4 billion yen. LLR believes with even greater conviction that this pace During this 3rd fiscal period LLR delivered on its actual div- of cap rate compression is certain to slow down. These idend distributions to investors. The initial guidance, which all-time-low cap rates coupled with a negative interest rate LLR provided at the end of the 2nd fiscal period, projected environment are proving to be challenging for a J-REIT a distribution per unit (“DPU”) for the 3rd fiscal period of like LLR to acquire stabilized properties; however, with 2,345 yen per unit. In actuality, 2,379 yen per unit was some degree of ingenuity, LLR remains confident of being achieved, representing a 34 yen or 1.4% outperformance. able to continue to acquire assets that are in the current This 2,379 yen DPU is comprised of 2,209 yen of earnings mid-4% cap rate range. per unit (“EPU”) and 170 yen of distributions in excess of Amid this environment where the capital markets remain earnings (“Excess Distributions”). These results have remarkably liquid, there is a shortage of assets coming been achieved through proactive yet prudent asset man- to market, which is one of the primary reasons for the agement, resulting in better than expected occupancy at continued uptick in prices. Currently, despite this chal- LLR’s nine properties during the 3rd fiscal period, along lenging environment to acquire and externally grow assets with modest rent per tsubo increases from fixed term leases under management (“AUM”), LLR remains disciplined and that rolled at the Nagareyama and Kitakashiwa properties, patient as it looks to make selective acquisitions with an eye as well as from the remaining space that was leased up toward capitalizing on those owner-operators that begin at the Hashimoto asset. For the 4th fiscal period, initial to struggle on the leasing front as more and more excess guidance projects a DPU of 2,382 yen per unit. supply comes to market. LLR is convinced that it will continue to deliver in the Within LLR’s existing portfolio of assets, the average oc- 4th fiscal period, through modest internal growth, and in cupancy rate achieved throughout the fiscal period was terms of external growth—LLR has secured preferential 98.5%. The initial budget assumed an average occupancy negotiation rights for an additional four properties worth of 97.8%. Thus, from an internal growth perspective, LLR in excess of 25 billion yen. Some of these properties had outperformed the budget by 0.7%. When doing a deeper an occupancy rate of 40% at the time when preferential dive on the portfolio, the warehouse spaces throughout negotiation rights were obtained. It has been a strategy 2 LaSalle LOGIPORT REIT of LLR to control assets that have partial leasing risk re- LLR continues to adhere to its investment policy and busi- maining, thereby enabling it to control these properties at a ness plan of investing in prime logistics facilities in areas discounted price, while warehousing these assets in bridge well suited for logistics with global and local support from vehicles during the re-lease up phases. Once a property LaSalle Investment Management Inc. (“LaSalle Inc.”) along has achieved stabilization, LLR completes the acquisition. with its various subsidiaries including LaSalle K.K. and With this kind of ingenuity, even as property prices continue LLR’s asset management arm, LaSalle REIT Advisors K.K. to surge, LLR is planning to acquire properties that maintain (“LRA” or the “Asset Manager”) which collectively make net operating income (“NOI”) yields that are in line with its up LLR’s extensive network (the “LaSalle Group”). LLR existing portfolio. As an update to the current status of is proud to operate with transparent and clear governance these properties with preferential negotiation rights, lease at a level that exceeds requirements. It is essential that up at the bridge fund level has steadily progressed, and LLR continue with this strategy while continuing to commit all four properties have now achieved 100% stabilization. skilled professionals to deliver on promises. Therefore, the groundwork towards acquisition by LLR is Thank you for your continued support of LLR’s mandate. nearly complete. I look forward to reporting again in six months’ time. In addition, in terms of external growth, preferential nego- tiation rights have been obtained through a new LaSalle fund (the “New LaSalle Fund”) vehicle that is a LaSalle Investment Management Japan K.K. (“LaSalle K.K.” or the “Sponsor”) affiliated private real estate fund called Japan Logistics Fund IV, which will effectively perform as a feeder fund to LLR. Please refer to LLR’s press release posted on October 31, 2017 for further details. Actual and Forecasted DPU Comparison and Analysis of Actual DPU and Forecasted DPU (yen) Initially forecasted DPU (yen) 2,800 2,500 Reduction in Occupancy finance costs 2,600 increases, Reduction in increase in other Reduction in rent/tsubo expenses operating expenses 2,400 2,400 -28 +48 -23 +39 +18 2,200 -68 2,650 +51 Increase in other 2,453 expenses, 2,000 2,379 2,382 2,300 Increase in operating 2,379 G&A 2,382 expenses 2,345 expenses Assumed 1,800 occupancy decrease 0 0 1st FP 2nd FP 3rd FP 4th FP 3rd FP 3rd FP 4th FP Actual Actual Actual Forecast Forecast Actual Forecast (Note 1) (Note 1) (Note 2) Note 1: Announced on April 14, 2017. Note 2: Announced on October 13, 2017. LaSalle LOGIPORT REIT 3 Property and Corporate Level Income Statement, DPU Summary, and Yield Summary (in millions of yen unless otherwise specified) 2nd FP 3rd FP Property Level actuals actuals Additional revenue from LOGIPORT Kawagoe acquired Revenues at the start of 3rd FP. RENT + CAM + PARKING + Other income 4,594 4,939 Outperformance of occupancy relative to guidance Utilities reimbursables 258 295 (98.5% vs. 97.8%). OPERATING REVENUES 4,853 5,234 Operating expenses Expansion of existing tenants’ material handling equipment. Outsourced contract costs -266 -342 Increased air conditioning use. Utilities expense -232 -280 Repair and maintenance -58 -127 Increase in leasing fees due to contract renewal that was Property taxes 0 -402 pushed up in timing. Other expenses -33 -34 Additional property management and building management Total operating expenses -589 -1,185 fees due to acquisition of LOGIPORT Kawagoe. NOI 4,263 4,049 Contingent repair items were not implemented. Depreciation expense -583 -625 Allocations between repair and maintenance, and capital NOI AFTER DEPRECIATION EXPENSE 3,680 3,424 expenditures. Corporate Level Property taxes began getting expensed through the profits Operating expenses and losses for the 8 IPO properties beginning in the 3rd FP. Asset management fee -633 -591 Asset custody/administrative fee -24 -27 Straight line depreciation method. However, 2nd FP is for 8 Directors compensation -4 -4 properties while 3rd FP is factoring for 9 properties.
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