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Japan Excellent (8987) investor relations material
Japan Excellent H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary18 Aug, 2025
Executive summary
Achieved net income of 4,451 million yen, up 18.9% year-over-year, and DPU rose to 3,106 yen, exceeding forecasts.
Maintained high occupancy rate at 98.9% with strong tenant retention and rent increases.
Continued portfolio optimization through sale of low-yield properties and acquisition of ARK Hills FRONT TOWER.
Buyback and cancellation of 31,127 investment units (2.36% of total) worth 4 billion yen improved EPU and NAV per unit.
Strong ESG initiatives, including a 4-Star GRESB Rating and 87.7% of properties with green building certification.
Financial highlights
Operating revenue for the 38th period was 11,447 million yen, down 10.2% year-over-year, but operating income and recurring income rose 18.9% to 5,231 million yen and 4,452 million yen, respectively.
NOI reached 6,670 million yen and EBITDA was 6,839 million yen.
DPU increased by 336 yen year-over-year to 3,106 yen.
NAV per unit rose to 170,722 yen (+2,616 yen from previous period); equity ratio at 49.3%.
LTV (total asset basis) increased to 45.1%.
Outlook and guidance
DPU forecasted at 3,000 yen for both the 39th and 40th periods, with adjusted EPU expected to remain stable.
Rental revenue expected to rise in the 39th period due to full-year contribution from ARK Hills FRONT TOWER, but to slow in the 40th period due to temporary occupancy decline.
Asset sales (JEI浜松町ビル) expected to contribute 560 million yen (Dec 2025) and 694 million yen (Jun 2026) in gains.
Ongoing focus on 2% average annual EPU growth and portfolio profitability.
No profit-exceeding distributions planned; payout ratio remains above 90%.
What's the target CO2 reduction by 2030?
Explain JEI's strategy for external growth.
What's the expected JEI Hamamatsucho Building transfer date?
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Next Japan Excellent earnings date
H1 202624 Feb, 2026
Next Japan Excellent earnings date
H1 202624 Feb, 2026
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Frequently asked questions
Japan Excellent Inc. is a real estate investment trust (REIT) based in Japan, focused on investing in high-quality office properties. The company acquires, manages, and leases office buildings primarily in central urban areas, with a focus on stable, long-term income generation. Japan Excellent Inc. emphasizes properties located in key business districts across major Japanese cities, providing attractive workspaces that cater to corporate tenants. The company is headquartered in Tokyo, Japan, and its shares are listed on the TSE.
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