Fiscal Year Ending February 2026 (48th Term) Financial Results Presentation

Overview of the Fiscal Year Ending February 2026 Results

In the fiscal year ending February 2026, Mori Trust REIT, Inc. recorded operating revenues of JPY 11,584 million and net income attributable to owners of parent of JPY 6,537 million, surpassing forecasts. Distribution per unit was JPY 1,837, slightly lower than the previous fiscal year but higher than the forecast, maintaining a high level. The asset scale remained nearly unchanged at JPY 463.5 billion, with an LTV of 46.8%, indicating a stable financial position. Occupancy rate remained high at 99.6%, reflecting the success of internal growth strategies in both office and hotel segments.

Earnings Guidance and Growth Strategy

For the fiscal years ending August 2026 and February 2027, earnings guidance anticipates accelerated internal growth driven by rent revisions in office properties. Although the hotel segment faces headwinds from deteriorating Japan-China relations and the absence of special demand from the Osaka Expo, a steady performance is expected. Distributions are projected to remain in the JPY 1,800 range, with an upward revision from prior guidance. External growth strategies involve leveraging sponsor support to enhance portfolio quality and expand asset scale through property acquisitions and replacements. Progress in ESG initiatives has been made, with all properties having acquired environmental certifications.