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Japan Logistics Fund plans ¥2.5B buyback program

Japan Logistics Fund Inc. is planning to buy back up to 11,000 of its investment units for up to ¥2.50 billion.

The units to be bought back represent 1.2% of the industrial-focused real estate investment trust's total issued investment units.

The repurchase program will run from March 14 to June 29, according to a release. Upon completion, the company plans to cancel all owned investment units for the fiscal period ending July 31.

With the buyback, the Japanese trust raised its distribution-per-unit forecast to ¥4,500 from ¥4,450 for the fiscal period ending July 31. The company also boosted its distribution for fiscal period ending Jan. 31, 2019, to ¥4,560 from ¥4,500 per unit. Respective net income forecasts of about ¥4.12 billion and ¥4.16 billion were also provided for the two fiscal periods.

As of March 13, US$1 was equivalent to ¥106.57.