Mitsui Fudosan Retail Fund Investment (8964) Q4 2025 earnings summary

Executive summary

• 42nd-period DPU held at ¥2,200; EPU was ¥2,174, ¥34 above forecast, supported by stable rental operations and new-property income.

• Strategy targets steady EPU growth through acquisitions, rent revisions, tenant changes, selective asset replacement and LTV control; medium-term target is EPU-based distributions of ¥2,400 or more by the 50th period.

Financial highlights

• 42nd-period operating revenue was ¥11,728.9m, down 4.6% YoY; operating income was ¥6,295.6m, down 8.5%.

• Ordinary income was ¥5,882.6m and net income ¥5,881.7m, each down 9.5% YoY; prior-period revenue included a ¥732.6m real estate sale gain, while current-period revenue had no sale gain.

• NOI rose ¥179m to ¥9,044m, while property leasing operating income increased ¥126m to ¥7,057m.

• Total distributions were ¥5,951m; DPU was ¥2,200 and net income per unit was ¥2,174 on the five-for-one split basis.

• Total assets rose to ¥342,893m; net assets were ¥175,580m at period-end.

Outlook and guidance

• 43rd-period forecast: revenue ¥12,080m, operating income ¥6,309m, net income ¥5,808m, EPU ¥2,147 and DPU ¥2,200.

• 44th-period forecast: revenue ¥11,683m, operating income ¥6,251m, net income ¥5,712m, EPU ¥2,111 and DPU ¥2,200.

• Forecast distributions include reserve reversals of ¥142m and ¥238m, respectively; forecasts assume LTV of 46% at December 2025 and June 2026.

• 43rd-period revenue reflects full-period operation of LaLaport AICHI TOGO; 44th-period revenue incorporates VIORO renovation downtime and contract transition.