Mitsui Fudosan Logistics Park (3471) Q4 2026 earnings summary

Executive summary

• FP19 DPU was ¥3,275, up 36.1% YoY on a six-month-equivalent basis; property disposals and rent growth supported distributions and recurring profitability.

• Average rent reversion was 6.8% across 267,000 m² of FP19 lease expiries; period-end occupancy was 96.4%.

• Target average annual DPU growth of at least 4% through FP23, supported by internal growth and acquisitions.

Financial highlights

• Six-month revenue was ¥19,737m, including ¥3,958m in property-sale gains; rental business revenue was ¥15,780m and net income was ¥8,993m.

• FP19 DPU of ¥3,275 exceeded the prior forecast of ¥3,220 by ¥55; NOI was ¥11,785m and FFO ¥9,159m, exceeding forecast by ¥39m and ¥167m, respectively.

• FP19 appraisal value was ¥614.880bn against book value of ¥512.291bn, producing unrealized gains of ¥102.588bn.

• Operating cash flow was ¥36,696m; investing and financing cash outflows were ¥202m and ¥23,687m, respectively.

Outlook and guidance

• FP20 forecast: revenue ¥16,703m, operating income ¥6,658m, net income ¥5,729m, FFO ¥10,044m and DPU ¥2,503.

• FP21 forecast: revenue ¥17,079m, operating income ¥6,786m, net income ¥5,742m, FFO ¥10,115m and DPU ¥2,518.

• Forecast DPU includes retained-earnings reversals of ¥724 for FP20 and ¥735 for FP21; no property sales are assumed.

• Target DPU of ¥2,620 or higher by FP23, with average annual growth of at least 4% through internal and external growth and retained-earnings use.