Mitsui Fudosan Accommodations Fund (3226) Q4 2026 earnings summary

Executive summary

• 40th Period revenue was ¥13,727m, operating income ¥6,893m and net income ¥6,353m; DPU reached a record ¥2,405.

• Average occupancy was 97.6%, while rent increases at tenant turnover reached a record 15.6%.

• Growth strategy combines rent increases, selective acquisitions, asset recycling and cost management, with an annual EPU growth target of 2–3%.

Financial highlights

• Revenue rose 4.0% YoY to ¥13,727m; operating income increased 8.7% to ¥6,893m and net income rose 4.2% to ¥6,353m.

• Net income per unit was ¥2,523; total distributions were ¥6,054m, or ¥2,405 per unit.

• Rental revenue was ¥13,314m and property-leasing NOI ¥9,952m; NOI yield was 5.7%.

• The period included a ¥412m property-sale gain; ¥299m was retained as internal reserves and ¥203m added to total distribution versus the prior period.

Outlook and guidance

• 41st Period forecast: revenue ¥14,593m, operating income ¥7,417m, net income ¥6,696m, DPU ¥2,397 and average occupancy 97.5%.

• 42nd Period forecast: revenue ¥13,787m, operating income ¥6,849m, net income ¥6,001m, DPU ¥2,384 and average occupancy 97.6%.

• Annual EPU growth target is 2–3%, supported by internal rent growth, selective acquisitions and strategic asset recycling.

• Forecasts exclude further property transfers and new unit issuance through February 2027; projected distributions may vary with rents, transfers, interest rates and other conditions.