AEON REIT Investment Corporation (3292) Q2 2026 earnings summary

Executive summary

• 25th FP ended July 2025 with DPU of ¥3,414, ¥14 above forecast; earnings distribution of ¥3,366 plus ¥48 from temporary-difference adjustments.

• Portfolio held 53 properties with ¥480.7 billion acquisition value and 100.0% occupancy at July 31, 2025.

Financial highlights

• Operating revenue was ¥21,572 million, up 1.8%; operating income was ¥8,192 million, up 1.7%; net income was ¥7,075 million, up 3.1% from the prior period.

• Ordinary income was ¥7,141 million, up 2.4%; NOI was ¥14,425 million.

• DPU of ¥3,414 exceeded the ¥3,400 forecast and prior-period ¥3,360; total cash distributions were ¥7,178 million.

• Repair and maintenance expense rose to ¥1,422 million from ¥1,011 million in the prior period; gain on sale of AEON MALL Yamagata-Minami was ¥297 million.

Outlook and guidance

• January 2026 forecast: revenue ¥21,264 million, net income ¥6,516 million and DPU ¥3,400, including ¥301 excess distribution.

• July 2026 forecast: revenue ¥21,277 million, net income ¥5,684 million and DPU ¥3,390, including ¥687 excess distribution.

• Forecasts assume ¥1 RM = ¥32.00, 2,102,569 units, no acquisitions or dispositions through July 2026, and no rent delinquencies; repair costs may vary materially.

• Planned revitalization includes ¥669 million at AEON Sagamihara Shopping Center, with 7.7% annualized rent growth, and ¥61 million at AEON MALL Kagoshima, with 14.4%.