Mitsubishi Estate Logistics REIT Investment (3481) Q4 2026 earnings summary

Executive summary

• 20th FP DPU was ¥3,117, ¥5 above forecast, and net income was ¥4,285mn; NAV per unit rose 0.5% to ¥142,914.

• A phased sale of 40% co-ownership interests in MJ Logipark Inzai 1 is expected to support DPU near ¥2,936 in the 21st–23rd FPs.

• Portfolio growth combines rent increases, asset recycling and acquisitions through the HYBRID model, while financing policy allows more flexibility as rates rise.

Financial highlights

• 20th FP operating revenue was ¥8,772mn, operating income ¥4,796mn, ordinary income ¥4,286mn and net income ¥4,285mn.

• Revenue included a ¥675mn disposition gain from MJ Logipark Kazo 1 and Kazo 2; revenue excluding the gain was ¥8,097mn.

• NOI was ¥6,628mn versus ¥6,732mn in the 19th FP; operating income rose ¥477mn and net income rose ¥424mn period over period.

• DPU totaled ¥3,117, comprising ¥2,885 from earnings and ¥232 of surplus cash distribution (SCD); payout ratio was 100.0%.

Outlook and guidance

• Forecast DPU is ¥2,936 for the 21st FP and ¥2,937 for the 22nd FP, including SCD; Inzai 1 sale gains are expected to offset vacancies and higher interest costs.

• 21st FP forecast revenue is ¥8,354mn, operating income ¥4,374mn and net income ¥3,792mn; 22nd FP forecast revenue is ¥8,586mn and net income ¥3,799mn.

• Forecasts assume sales of 40% co-beneficiary interests in MJ Logipark Inzai 1 in February and March 2027, for estimated gains of ¥398mn and ¥401mn.

• Logicross Fukuoka Hisayama occupancy was 96.7%, with ~17,600m² available; leasing of ~8,400m² in the 20th FP achieved rent increases above 10%.