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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.
NTT UD REIT Investment
NTT UD REIT Investment (8956) investor relations material
NTT UD REIT Investment H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary17 Jun, 2026
Executive summary
FP 47 EPU was ¥2,640, up ¥54 QoQ, while DPU remained ¥3,140, including ¥500 supported by retained property-sale gains.
Average portfolio occupancy was 98.2%; NAV per unit increased ¥2,457 to ¥150,663.
Medium-term target remains EPU of ¥3,100 by FP 52 (October 2028), supported by rent increases, selective acquisitions and financial discipline.
Financial highlights
FP 47 operating revenue was ¥12,975mn, down 1.8% QoQ; operating income rose 26.3% to ¥5,762mn, ordinary income to ¥5,117mn and net income to ¥5,115mn.
NOI increased ¥61mn to ¥6,973mn; real estate rental income rose ¥76mn to ¥5,320mn, while rental expenses fell ¥328mn.
FP 47 property-sale gains were ¥1,239mn; net income per unit was ¥3,484, distinct from EPU of ¥2,640.
Operating cash flow was ¥8,644mn, investing cash flow was negative ¥2,833mn and financing cash flow was negative ¥4,609mn; period-end cash was ¥28,105mn.
Outlook and guidance
FP 48 forecast: revenue ¥12,080mn, NOI ¥7,613mn, net income ¥4,448mn, EPU ¥3,029 and DPU ¥3,100; average occupancy forecast at 98.2%.
FP 49 forecast: revenue ¥11,938mn, NOI ¥7,557mn, net income ¥4,286mn, EPU ¥2,919 and DPU ¥3,100; average occupancy forecast at 98.0%.
FP 48 EPU benefits from rent increases and completion of a major repair cycle; FP 49 is affected by Akihabara UDX renovation costs shifted from FP 48.
DPU forecasts use reserve reversals of ¥102mn in FP 48 and ¥264mn in FP 49.
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Latest events from NTT UD REIT Investment
- FP 42 distributions rose as leasing strengthened and sale gains supported results.8956
H1 2024 - Acquisitions lifted FP 43 DPU, while transfers and LTV control shape the next phase.8956H2 2024
- DPU rose as portfolio reshaping and renovations pressure near-term EPU.8956H1 2025
- FP 45 DPU rose to ¥3,104 as portfolio rotation and renovations shaped earnings.8956H2 2025
- FP 46 rents grew as renovations weighed on EPU; recovery is forecast by FP 48.8956H1 2026
Next NTT UD REIT Investment earnings date
H1 202716 Dec, 2026
NTT UD REIT Investment
Next NTT UD REIT Investment earnings date
H1 202716 Dec, 2026
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