Global One Real Estate Investment (8958) Q2 2026 earnings summary

Executive summary

• 45th Period NOI rose 7.1% to ¥4,053 million, while DPU declined 13.8% to ¥3,681 as gains on sale fell.

• Portfolio occupancy was 98.3% at March 2026 period-end; acquisitions expanded the portfolio to 16 properties with ¥235.0 billion in acquisition value after the initiative.

• September 2026 guidance forecasts net income of ¥3,527 million and DPU of ¥3,200.

Financial highlights

• Six months ended March 2026: operating revenue ¥7,544 million, down 6.7% YoY; operating profit ¥4,595 million, down 9.2%; ordinary profit ¥3,976 million and net income ¥3,975 million, each down 13.8%.

• NOI increased 7.1% YoY to ¥4,053 million, supported by rent growth and acquisitions; DPU declined 13.8% to ¥3,681 as gains on sale fell.

• Net income per unit was ¥4,088, versus ¥4,704 in the six months ended September 2025; dividends totaled ¥3,579 million, with a 90.0% payout ratio.

• Actual DPU exceeded the forecast by ¥96, or 2.7%; net income was ¥3,975 million versus ¥3,868 million forecast.

Outlook and guidance

• September 2026 forecast: revenue ¥8,014 million, operating profit ¥4,461 million, net income ¥3,527 million and DPU ¥3,200; March 2027 forecast: revenue ¥7,964 million, operating profit ¥4,499 million, net income ¥3,460 million and DPU ¥3,200.

• Forecast NOI is ¥4,817 million for September 2026 and ¥4,851 million for March 2027; stabilized EPU forecasts are ¥2,015 and ¥2,084, respectively.

• Forecasts include Yokohama Plaza Building disposal gains of ¥1,246 million in September 2026 and ¥1,254 million in March 2027; guidance assumes 1,094,537 units outstanding.

• Medium-term targets: average annual NOI growth of at least 3%, stabilized EPU recovery to ¥2,400 or more, and DPU of at least ¥3,200 through returns of sale gains.

• Forecasts exclude undecided occupancy, vacancies and rent renewals; higher interest expense and acquisition costs weigh on earnings, and actual results may differ from assumptions.