Japan Real Estate Investment (8952) Q2 2026 earnings summary

Executive summary

• Sep. 2025 EPU was JPY 2,019, up JPY 64 from Mar. 2025 and JPY 33 above forecast, supported by existing-property rent growth and CO･MO･RE YOTSUYA.

• Strong office leasing demand, rent growth and The Link Sapporo acquisition support occupancy and rent-revenue forecasts through Sep. 2026; medium- to long-term targets are annual average EPU growth of 3% and DPU growth of 2%.

Financial highlights

• Sep. 2025 operating revenues were JPY 41,093 million and profit was JPY 17,805 million; revenue included a JPY 3,895 million gain on property sales, versus JPY 6,563 million in Mar. 2025.

• NOI excluding property-sale gains increased JPY 918 million to JPY 23,895 million; property-related revenues rose JPY 852 million to JPY 37,197 million.

• EPU was JPY 2,019; DPU was JPY 2,511, up JPY 24 from the prior period and in line with forecast.

• Operating profit was JPY 19,297 million and ordinary profit was JPY 17,785 million; both declined period over period.

Outlook and guidance

• Mar. 2026 forecasts: operating revenues JPY 40,680 million, profit JPY 17,650 million, EPU JPY 1,970 and DPU JPY 2,536; EPU is JPY 11 above the prior forecast.

• Sep. 2026 forecasts: operating revenues JPY 41,150 million, profit JPY 17,800 million, EPU JPY 1,980 and DPU JPY 2,561.

• Occupancy is forecast at 98.2% for Mar. 2026 and 98.3% for Sep. 2026; existing-property rent and service charges are forecast to rise 1.8% by Sep. 2026.

• Medium- to long-term targets are annual average EPU growth of 3% and DPU growth of 2%; the EPU target assumes annual rent growth of 3%–4%.