Mitsui Fudosan Retail Fund Investment (8964) investor relations material

Executive summary

• 44th-period operating revenue was ¥12,353.995 million, up 2.1% YoY; operating income rose 4.4% to ¥6,673.003 million and net income rose 1.4% to ¥5,989.570 million. DPU was ¥2,214.

• Portfolio comprised 44 properties at June 30, 2026, with acquisition-price asset size of ¥397.1 billion and 100.0% occupancy.

• Ordinary-basis EPU target was raised to ¥2,240 for the 47th period; the 50th-period target is over ¥2,400.

Financial highlights

• 44th-period real-estate rent revenue was ¥12,309 million and other rent revenue ¥45 million; total operating revenue was ¥12,353.995 million.

• 44th-period ordinary income was ¥5,991.078 million and net income ¥5,989.570 million; net income per unit was ¥2,214 versus ¥2,183 in the prior period.

• Total assets were ¥360,391 million and net assets ¥175,575 million at period-end.

• 44th-period total distributions were ¥5,988 million and DPU was ¥2,214, up ¥14 from the prior period.

Outlook and guidance

• 45th-period forecasts: revenue ¥12,462 million, operating income ¥6,718 million, ordinary income ¥5,955 million and net income ¥5,954 million.

• 46th-period forecasts: revenue ¥13,603 million, operating income ¥7,678 million, ordinary income ¥6,732 million and net income ¥6,731 million; revenue growth includes full-period operation of new properties and a planned sale gain.

• Forecast DPU is ¥2,220 for the 45th period and ¥2,240 for the 46th; the 46th-period forecast includes a ¥1,059 million asset-sale gain.

• Ordinary-basis EPU target is ¥2,240 for the 47th period, revised upward by ¥40; the 50th-period target is over ¥2,400.