Mitsui Fudosan Logistics Park (3471) Q2 2026 earnings summary

Executive summary

• Merger with Advance Logistics Investment Corporation became effective Nov. 1, 2024, expanding assets above ¥500bn and establishing dual sponsorship with Mitsui Fudosan and ITOCHU.

• The nine-month period ended July 31, 2025; the portfolio held 48 properties with ¥569.4bn total acquisition price.

• Medium-term guidance targets DPU CAGR above 4% through FP23, ending Jan. 2028.

Financial highlights

• Nine-month operating revenue was ¥26.382bn, operating income ¥10.501bn, ordinary income ¥9.318bn and net income ¥35.250bn, including merger-related negative goodwill.

• Net income excluding the ¥25.933bn negative-goodwill gain was ¥9.317bn; NOI was ¥18.807bn and FFO ¥14.066bn.

• Declared distribution was ¥3,629 per unit; FFO payout ratio was 83.1%.

• Property-sale gains included ¥1.416bn from the 30% i Missions Park Inzai interest and ¥361m from T & B Maintenance Center Matsue.

• Cash from operating activities was ¥26.448bn; investing activities used ¥14.481bn and financing activities used ¥1.530bn, with period-end cash of ¥25.134bn.

Outlook and guidance

• Jan. 2026 forecast: operating revenue ¥19.697bn, operating income ¥9.632bn, net income ¥8.814bn and DPU ¥3,220, including ¥3.950bn expected sale gain.

• July 2026 forecast: operating revenue ¥15.831bn, operating income ¥6.315bn, net income ¥5.467bn and DPU ¥2,503.

• Forecasts assume sale of the 70% i Missions Park Inzai interest and LOGITRES Sano; no distributions in excess of retained earnings are planned.

• DPU growth is supported by rent increases, asset recycling and retained earnings; EPU growth is expected from internal growth.