AEON REIT Investment Corporation (3292) Q4 2025 earnings summary

Executive summary

• 24th FP DPU was ¥3,360, ¥10 above forecast; own-unit purchases and cancellation contributed ¥10 per unit, while the AEON MALL Ota expansion building supported growth.

• Portfolio comprised 49 properties with ¥473.8bn in assets, 100.0% occupancy and ¥95.2bn in unrealized gains at Jan. 31, 2025.

Financial highlights

• 24th FP revenue was ¥21,190mn, operating income ¥8,053mn, ordinary income ¥6,971mn and net income ¥6,860mn; revenue rose 0.1% and operating income 5.0% YoY.

• NOI was ¥14,433mn, up ¥479mn YoY; repair and maintenance expenses fell ¥463mn to ¥1,011mn, while capital expenditure was ¥1,904mn.

• Real estate rent revenue increased to ¥21,008mn from ¥20,978mn; overseas subsidiary dividends were ¥183mn in both periods.

• Extraordinary items included ¥172mn insurance income and ¥283mn in disaster-related losses, including restoration costs and provisions.

• Distributions were ¥3,360 per unit, including ¥98 per unit in excess of retained earnings; distributions excluding excess were ¥3,262 per unit.

Outlook and guidance

• 25th FP forecast: revenue ¥21,524mn, operating income ¥8,101mn, net income ¥7,032mn and DPU ¥3,400, including ¥56 excess distributions per unit.

• 26th FP forecast: revenue ¥21,252mn, operating income ¥7,880mn, net income ¥6,703mn and DPU ¥3,400, including ¥212 excess distributions per unit.

• DPU excluding excess is forecast at ¥3,344 for 25th FP and ¥3,188 for 26th FP; forecasts include property-tax benefits from acquisitions.

• 25th FP revenue includes a ¥266mn forecast gain on sale of AEON Mall Yamagata-Minami; guidance assumes no further portfolio changes through Jan. 2026.

• Medium-term targets are ¥600bn in asset size and ¥3,600 stabilized DPU, versus ¥473.8bn and ¥3,360 at Jan. 2025.