KDX Realty Investment (8972) H2 2026 earnings summary

Executive summary

• Achieved steady annual DPU growth of 3% and NOI improvement through asset reshuffle and internal growth initiatives.

• Completed absorption-type merger in November 2023, expanding to 343 properties and 4,039,198 units outstanding.

• Maintained high occupancy rates: portfolio total at 98.6% as of April 30, 2026.

• Rent growth exceeded previous fiscal period, with monthly rent up ¥45.7mn and DPU at ¥4,166 (+1.5%).

• Established Digital Management Department to drive advanced data management in asset management.

Financial highlights

• Operating revenue for Apr. 2026 was ¥39,841mn, nearly flat year-over-year; rental revenue rose ¥836mn to ¥34,375mn.

• Net income increased ¥64mn to ¥17,040mn compared to Oct. 2025.

• NOI improved by ¥990mn to ¥28,201mn; NAV per unit rose ¥2,000 to ¥189,000.

• DPU reached ¥4,166, up ¥61 from the previous period.

• Cash and cash equivalents at period end: ¥69,080 million.

Outlook and guidance

• Forecast DPU for Oct. 2026 and Apr. 2027 is ¥4,227, maintaining growth trajectory.

• Rental revenue expected to continue rising, supported by full-period contributions from recent acquisitions.

• Forecast for Oct. 2026: operating revenues ¥40,098mn (+0.6%), net income ¥15,864mn (−6.9%), DPU ¥4,227.

• Guidance assumes stable property portfolio, planned disposition of Life Takadono (Land) in December 2026, and no distributions in excess of earnings.