Hulic Reit (3295) Q4 2025 earnings summary

Executive summary

• 22nd FP DPU was ¥4,000, 14.3% above the previous forecast and up from ¥3,654; adjusted EPU was ¥3,462, 3.3% above forecast.

• H2 FY2025 revenue rose 8.3% YoY to ¥12,456m and profit rose 12.8% to ¥5,929m, including a ¥1,273m property-sale gain.

• Asset rotation, office rent growth and hotel variable rents support the plan to sustain DPU of at least ¥4,000.

Financial highlights

• Operating revenue was ¥12,456m, operating profit ¥6,787m, ordinary profit ¥5,930m and profit ¥5,929m.

• Real estate lease revenue was ¥11,183m; the ¥1,273m gain on sale included Dining Square Akihabara Building.

• Operating cash flow was ¥9,798m, investing cash outflow ¥26,853m and financing cash inflow ¥12,538m; period-end cash was ¥20,210m.

• NAV per unit was ¥189,736 at 22nd FP end, versus ¥185,850 at 21st FP end.

Outlook and guidance

• 23rd FP forecast: revenue ¥12,721m, profit ¥5,969m and DPU ¥4,000; 24th FP forecast: revenue ¥12,200m, profit ¥5,631m and DPU ¥4,000.

• Adjusted EPU is forecast at ¥3,461 for 23rd FP and ¥3,439 for 24th FP; the 26th FP target is ¥3,550, implying 3.0% annualized growth from 22nd FP.

• Two-year plan targets more than ¥4,000 in unitholder returns over 22nd–25th FPs and DPU of at least ¥4,000 through three growth measures.

• Forecast occupancy assumptions are 98.9% for Aug. 2025 and 99.2% for Feb. 2026; forecasts include the Chiba Network Center sale and assume two further network-center transfers.