Mitsubishi Estate Logistics REIT Investment (TYO:3481) net income declined slightly to 4.79 billion yen for the six months ended Feb. 28, down from 4.83 billion yen the period prior, primarily due to lower gains from property sales and higher operating expenses.

The logistics-focused REIT's net income per unit fell to 3,173 yen from 3,200 yen a year ago, according to its financial results filing on Thursday.

Operating revenues edged down 0.7% to 9.11 billion yen, while operating income decreased 0.6% to 5.13 billion yen.

For the six months ending Aug. 31, the REIT forecasts net income to decline 21.6% to 3.76 billion yen while operating revenues are projected at 8.01 billion yen, down 12% from the previous period.

For the six months Feb 28, it projects net income to gain 0.4% to 3.77 billion yen while operating revenues to rise to 8.1 billion yen.

The company declared distributions of 9,521 yen per unit for the six-month period ended February, payable from May 23.

For period ending August, it expects total distributions of 2,764 yen per unit, including surplus cash distributions.

Price (JPY): $117600.00, Change: $+2500, Percent Change: +2.17%