Global One Real Estate Investment (8958) Q2 2025 earnings summary

Executive summary

• 43rd Period DPU was ¥3,835, with ¥1,701 million in property-sale gains driving profit growth despite lower rental revenue.

• Portfolio occupancy reached 98.9% across 13 office buildings; three-year targets include annual NOI growth of at least 3% and DPU of at least ¥3,200 by March 2028.

• Guidance projects higher revenue and profit for the six months ending September 2025, followed by lower results for the six months ending March 2026.

Financial highlights

• Six months ended March 2025: revenue ¥7,477 million (+15.3%), operating profit ¥4,202 million (+29.6%), ordinary profit ¥3,813 million (+35.4%) and net income ¥3,812 million (+35.4%).

• Revenue increased ¥991 million and operating profit ¥959 million from the previous period; ¥1,701 million of sale gains offset lower rental revenue.

• Net income per unit was ¥3,802 versus ¥2,774 in the prior six-month period; DPU of ¥3,835 exceeded forecast by ¥63.

• Operating, investing and financing cash flows were ¥24,084 million, -¥558 million and -¥5,249 million; period-end cash was ¥23,623 million.

• Period-end total assets were ¥204,347 million and net assets ¥102,685 million.

Outlook and guidance

• September 2025 forecast: revenue ¥8,027 million, operating profit ¥5,014 million, ordinary profit and net income ¥4,527 million each, and DPU ¥4,126.

• March 2026 forecast: revenue ¥7,130 million, operating profit ¥4,308 million, ordinary profit and net income ¥3,759 million each, and DPU ¥3,389.

• By March 2028, targets are DPU of at least ¥3,200, average annual NOI growth of at least 3%, and stabilized EPU of at least ¥2,400.

• Forecasts assume scheduled property transfers and staged acquisitions; under the maximum buyback assumption, DPU is ¥4,233 for September 2025 and ¥3,520 for March 2026.