NTT UD REIT Investment (8956) H1 2026 earnings summary

Executive summary

• FP 46 portfolio occupancy averaged 97.8%; office rents rose at turnover and renewal, while residential rents rose 11.0% at tenant turnover.

• EPU was ¥2,586 amid large-scale renovations and property-sale losses; DPU rose to ¥3,140 with a ¥726 million reserve reversal. EPU is forecast to recover to ¥2,940 in FP 48.

Financial highlights

• FP 46 revenue was ¥13,217 million, down ¥95 million period-on-period; operating income was ¥4,562 million, down ¥640 million, and net income was ¥3,883 million, down ¥672 million.

• NOI was ¥6,911 million, down ¥201 million period-on-period; real estate rental income was ¥5,243 million, down ¥106 million.

• FP 46 EPU was ¥2,586, down ¥85; DPU was ¥3,140, up ¥36. Net income per unit was ¥2,645.

• Property-sale gains were ¥1,228 million and sale losses were ¥1,141 million in FP 46; excluding sale gains, EPU was ¥2,586.

• Period-end total assets were ¥307,478 million, net assets ¥146,492 million and cash and cash equivalents ¥26,902 million.

Outlook and guidance

• FP 47 forecast: revenue ¥12,884 million, operating income ¥5,757 million, net income ¥5,097 million, EPU ¥2,630 and DPU ¥3,140.

• FP 48 forecast: revenue ¥11,852 million, operating income ¥5,041 million, net income ¥4,316 million, EPU ¥2,940 and DPU ¥3,100.

• Forecast net income per unit is ¥3,471 for FP 47 and ¥2,940 for FP 48; EPU recovery in FP 48 reflects completion of concentrated large-scale renovations.

• Medium-term target is ¥3,100 EPU by FP 52, with some accumulated internal reserves to be returned by then.

• FP 47–48 average occupancy assumptions: offices 99.1% and 99.4%, residences 96.4% in both periods, and total portfolio 98.1% and 98.3%.