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Japan Excellent (8987) investor relations material
Japan Excellent H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Focused on sustained EPU growth (2%+ annually) and DPU increases through strategic property replacements and acquisitions, leveraging gains on transfers and internal reserves.
Proactive rent revisions and high occupancy (98.1%) support stable internal growth.
ESG initiatives and external certifications remain a priority, with strong GRESB ratings and ambitious CO2 reduction targets.
Total revenues for the 40th period (Jan 1–Jun 30, 2026) were ¥11,604 million, slightly down from ¥11,672 million in the previous period.
Net income for the 40th period was ¥4,399 million, up from ¥4,350 million in the 39th period.
Financial highlights
40th period (June 2026) operating revenue: ¥11,604 million, net income: ¥4,399 million, DPU: ¥3,070, NAV per unit: ¥178,272.
Unrealized gain: ¥83.3 billion (29.9% of book value), asset size: ¥297.4 billion.
LTV (total asset basis): 45.5%, fixed interest rate ratio: 74.7%.
NOI: ¥7,043 million, EBITDA: ¥6,999 million, FFO: ¥5,519 million.
Operating income for the 40th period was ¥5,265 million, up from ¥5,157 million in the 39th period.
Outlook and guidance
41st period (Dec 2026) forecast: operating revenue ¥13,123 million, net income ¥5,529 million, DPU ¥3,100.
42nd period (June 2027) forecast: operating revenue ¥11,080 million, net income ¥3,751 million, DPU ¥3,130.
EPU expected to temporarily decline due to property transfers, but DPU to rise via gains on sale and reserve utilization.
- DPU growth, stable earnings, and strong rent performance drive robust outlook.8987
H1 2026 - Net income up 18.9%, DPU at 3,106 yen, and high occupancy with strong ESG focus.8987
H2 2025 - Revenue, net income, and distributions per unit all rose, with occupancy at 98.4%.8987
H1 2024 - Revenue up, net income down; high occupancy and asset rotation drive 2025 outlook.8987
H1 2025 - High occupancy, strong revenue, and portfolio optimization support stable growth.8987
H2 2024
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