Mori Hills REIT Investment Corporation
The 40th Term (Ending July 2026) Financial Results Briefing Materials
Summary of the 40th term (ending July 2026) results: operating revenue of 11,126 million yen, operating income of 6,688 million yen, net income attributable to owners of the parent of 5,807 million yen. Per-share dividend of 3,100 yen. Sold 5% of the ownership interest in Laforet Harajuku land and recognized a transfer gain of 1,257 million yen to be fully distributed. Approximately 6,800 investment units acquired and canceled (0.36% of total units), NAV 166,139 yen per unit, LTV 36.5% etc., indicating high financial soundness. Going forward, by combining internal and external growth, we aim to sustainably maintain DPU of 3,100 yen and recover NAV to 1.0x.
Key Figures
- Operating revenue: 11,126 million yen
- Net income: 5,807 million yen
- Per-unit dividend: 3,100 yen
AI要約
Operations and Financial Soundness
In this fiscal period, gains from the transfer of Laforet Harajuku land ownership contributed to overall gains, and the DPU was achieved as planned. We conducted acquisitions and cancellations of internal investment units to stabilize the total number of issued investment units. High occupancy rates for both office and residential properties and increases driven by rent revisions and tenant replacement continued. On the financial side, LTV 36.5% (appraised value basis) remained at a low level, and supported by a rating of AA (stable), we secured leeway for mid- to long-term capital policy.
Policy and Outlook Going Forward
From the 41st term onward, we plan to maintain a DPU of 3,100 yen. By combining internal retention using gains from Laforet Harajuku land, and excluding transfer gains, we aim to maintain and improve DPU. As external growth, we plan to continue acquiring premium properties in central Tokyo utilizing the sponsor pipeline. In the mid to long term, we expect property appraisal values to rise while maintaining LTV in the mid-40% range, aiming to strengthen stable cash flows.
Mori Hills REIT Investment Corporation
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