Mitsui Fudosan Accommodations Fund (3226) Q2 2025 earnings summary

Executive summary

• 37th Period covered Mar.–Aug. 2024; portfolio comprised 136 properties and 13,477 rentable units, with total acquisition price of ¥342.1bn.

• Distribution per unit was ¥11,064, ¥204 above forecast; average occupancy was 96.8%, 0.2 points below forecast.

Financial highlights

• Revenue was ¥12,703m, up 0.9% from the prior period; operating income was ¥5,991m, down 2.9%, and net income was ¥5,570m, down 3.5%.

• Net income per unit was ¥11,063 versus ¥11,459 in the prior period; total distributions were ¥5,570m, with a 100.0% payout ratio.

• Property leasing NOI was ¥9,318m, with a 5.4% NOI yield; depreciation and amortization was ¥1,897m.

Outlook and guidance

• 38th Period forecast: revenue ¥12,722m, operating income ¥6,143m, net income ¥5,704m and DPU ¥11,330; expected average occupancy 97.1%.

• 39th Period forecast: revenue ¥12,825m, operating income ¥5,972m, net income ¥5,488m and DPU ¥10,900; expected average occupancy 96.8%.

• DPU is forecast to decline ¥430 in the 39th Period, reflecting seasonal factors, higher expenses and interest costs, partly offset by increased income.

• Forecast assumptions include 503,472 units outstanding, no further property transfers through Aug. 31, 2025, and debt of ¥167bn; forecasts are not guaranteed.