Mitsui Fudosan Retail Fund Investment (8964) Q2 2026 earnings summary

Executive summary

• 43rd-period DPU held at ¥2,200; EPU rose to ¥2,183, ¥36 above forecast, as revenue and NOI increased.

• Strategy targets EPU above ¥2,200 by the 47th period and above ¥2,400 by the 50th period through external and internal growth and asset replacement.

Financial highlights

• 43rd-period operating revenue rose 3.1% YoY to ¥12,094.6 million; operating income increased 1.5% to ¥6,390.5 million and net income rose 0.4% to ¥5,907.3 million.

• NOI increased ¥139 million to ¥9,183 million; net income per unit rose from ¥2,174 to ¥2,183, while DPU remained ¥2,200.

• Rent-business expenses increased ¥226 million to ¥2,910 million, and non-operating expenses rose ¥68 million, primarily due to higher interest expenses.

• Operating cash flow was ¥8,927.9 million; investing and financing activities used ¥795.8 million and ¥5,950.1 million, respectively.

Outlook and guidance

• 44th-period forecast: revenue ¥12,354 million, operating income ¥6,605 million, EPU ¥2,190 and DPU ¥2,200; 45th-period forecast: revenue ¥12,432 million, operating income ¥6,634 million, EPU ¥2,180 and DPU ¥2,200.

• Forecast distributions include reserve reversals of ¥26 million for the 44th period and ¥52 million for the 45th; no distribution in excess of earnings is anticipated.

• Forecasts include two Naha acquisitions; VIORO renovation downtime weighs on 44th-period revenue, while forecast interest expenses rise ¥184 million in that period.