Japan Metropolitan Fund Investment (8953) investor relations material

Executive summary

• 49th FP DPU reached ¥3,012, above ¥3,000, as underlying EPU grew ~3% and asset-sale gains supported distributions; total return was 10.7%.

• Six months ended Aug. 31, 2026: operating revenue was ¥51,508,086 thousand and net income was ¥22,675,281 thousand; operating income rose to ¥25,890,313 thousand.

• Portfolio occupancy improved to 99.4% from 99.2%; rent and other operating revenues were ¥45,831 million.

• NAV per unit reached a historical high of ¥132,900 in Aug. 2026.

Financial highlights

• 49th FP underlying EPU was ¥2,562, excluding goodwill amortization and asset-sale gains or losses; actual DPU was ¥3,012 versus a ¥2,981 forecast.

• Asset-sale gains contributed ¥447 to 49th FP DPU; gains-on-sale returns were ¥446 in the previous forecast and ¥448 in the 51st FP forecast.

• Operating revenue declined to ¥51,508,086 thousand from ¥52,075,921 thousand, while rent and other operating revenues rose to ¥45,832,807 thousand from ¥44,941,566 thousand.

• Gain on property sales fell to ¥5,118,341 thousand from ¥6,641,366 thousand; dividend income increased to ¥556,938 thousand from ¥492,987 thousand.

• Operating expenses increased to ¥25,617,773 thousand from ¥25,425,815 thousand; ordinary income and net income were ¥22,675,886 thousand and ¥22,675,281 thousand, respectively.

Outlook and guidance

• 50th FP forecast: DPU ¥3,000 and underlying EPU ¥2,553; interest-rate buffer assumes policy rates +25 bps.

• 51st FP forecast: DPU ¥3,050 and underlying EPU ¥2,602; interest-rate buffer assumes policy rates +50 bps.