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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Japan Excellent
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.H2 2026 earnings summary24 Aug, 2026
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.
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Latest events from Japan Excellent
- 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.8987H2 2025
- Revenue, net income, and distributions per unit all rose, with occupancy at 98.4%.8987H1 2024
- Revenue up, net income down; high occupancy and asset rotation drive 2025 outlook.8987H1 2025
- High occupancy, strong revenue, and portfolio optimization support stable growth.8987H2 2024
Next Japan Excellent earnings date
H1 202719 Feb, 2027
Japan Excellent
Next Japan Excellent earnings date
H1 202719 Feb, 2027
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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.