Global One Real Estate Investment (8958) Q4 2025 earnings summary

Executive summary

• 44th-period revenue was ¥8,088m and net income ¥4,613m, both higher than the prior six-month period.

• DPU reached ¥4,271, up 11.4% from the prior period and 3.5% above the initial forecast, supported by property-sale gains and other rental revenue.

• Rent increases continued for a sixth consecutive period; occupancy was 98.3%, and Fukuoka K Square was acquired to rebuild portfolio scale.

Financial highlights

• Revenue was ¥8,088m, operating profit ¥5,059m, ordinary profit ¥4,614m and net income ¥4,613m; year-on-year increases were 8.2%, 20.4% and 21.0% for revenue, operating profit and net income, respectively.

• Net income rose ¥800m, or 21.0%, mainly due to ¥2,753m of real-estate sale gains, including ¥717m from Arca Central and ¥2,036m from Yokohama Plaza Building.

• NOI was ¥3,785m, up ¥49m on a comparable basis; stabilized EPU excluding extraordinary factors was ¥1,913, up ¥5 on the comparable prior-period basis.

• Distribution excluding dividends in excess of profit was ¥4,152m, or ¥4,271 per unit, with a 90.0% payout ratio.

• DPU of ¥4,271 exceeded the revised ¥4,187 forecast by ¥84; the initial forecast was ¥4,126.

Outlook and guidance

• 45th-period forecast: revenue ¥7,388m, operating profit ¥4,455m, ordinary profit ¥3,832m, net income ¥3,831m and DPU ¥3,550.

• 46th-period forecast: revenue ¥6,894m, operating profit ¥3,867m, ordinary profit ¥3,159m, net income ¥3,158m and DPU ¥3,200.

• Medium-term targets through March 2028 include DPU of at least ¥3,200, average annual NOI growth of at least 3% and stabilized EPU of at least ¥2,400.

• Timing for the ¥250bn asset-size target was postponed; growth plans prioritize selective acquisitions, rent growth and balance-sheet discipline.