Mitsui Fudosan Accommodations Fund (3226) Q4 2025 earnings summary

Executive summary

• 38th Period (Sep. 2024–Feb. 2025) net income was ¥5,793 million and DPU was ¥11,506 per pre-split unit, ¥176 above forecast; average month-end occupancy was 97.5%.

• Portfolio comprised 138 properties at period-end, with an acquisition price of ¥343,774 million; two properties were acquired during the period for ¥1,636 million.

Financial highlights

• Revenue rose 1.0% YoY to ¥12,828 million; operating income increased 3.5% to ¥6,202 million and net income increased 4.0% to ¥5,793 million.

• Rental revenue rose ¥125 million and total rental expenses fell ¥107 million; property-leasing NOI increased to ¥9,557 million from ¥9,318 million.

• Distribution was ¥11,506 per pre-split unit, totaling ¥5,792 million; payout ratio was 100.0%.

• Operating cash flow was ¥7,509 million, investing cash flow -¥3,004 million, financing cash flow -¥4,570 million, and period-end cash ¥13,475 million.

Outlook and guidance

• 39th Period forecast: revenue ¥13,058 million, operating income ¥6,144 million, net income ¥5,625 million, split-adjusted distribution ¥2,234 per unit, and average occupancy 97.4%.

• 40th Period forecast: revenue ¥13,033 million, operating income ¥6,367 million, net income ¥5,800 million, split-adjusted distribution ¥2,304 per unit, and average occupancy 97.6%.

• 39th Period DPU declines on seasonality, higher interest expense and absence of insurance income; full-period operation of acquired properties supports subsequent-period growth.

• Forecasts assume no property transfers or new unit issuance through February 2026 and no distribution in excess of earnings; actual results may vary with rents, property transfers and interest rates.