Mitsui Fudosan Accommodations Fund (3226) Q2 2026 earnings summary

Executive summary

• 39th-period DPU reached a record ¥2,324/unit, up 5.1% YoY and ¥90 above forecast; rent growth and acquisitions more than offset higher costs.

• Portfolio comprised 140 properties, ¥347,686 million in acquisition value and 13,713 rentable units; 88.7% of rental-apartment value was in Tokyo’s 23 wards.

Financial highlights

• Revenue was ¥13,195 million, operating income ¥6,341 million and net income ¥5,850 million; revenue rose 2.9% and operating income 2.2% versus the prior period.

• Rental revenue rose ¥366 million QoQ; property-leasing NOI was ¥9,766 million and NOI yield was 5.6%.

• Existing-property internal growth added ¥116/unit to DPU versus the 37th period, external growth added ¥48/unit, and interest hikes and other factors reduced DPU by ¥52/unit.

• Gain on sale of investment properties was ¥1,002 million, compared with ¥980 million in the 38th period.

Outlook and guidance

• DPU forecasts are ¥2,346/unit for the 40th period and ¥2,335/unit for the 41st; the annual DPU and EPU growth target remains 2%–3%.

• Forecast average month-end occupancy is 97.5% for the 40th period and 97.3% for the 41st; rent increases at turnover and renewal are included in assumptions.

• Forecast internal growth adds ¥68/unit to 40th-period DPU and ¥35/unit to 41st-period DPU; forecasts include full-period contributions from 39th-period acquisitions.

• Additional acquisitions are excluded from forecasts; selective acquisitions, positive rent reversions, cost management and potential returns from strategic asset recycling remain priorities.