Fiscal Year Ending February 2026 Financial Summary (REIT)

Performance Overview

Operating revenue for the fiscal year ending February 2026 was 2,882 million yen (up 10.3% YoY). However, due to impairment losses of 4,933 million yen related to the Fukuoka Green Building, operating loss was 3,323 million yen, ordinary loss was 3,564 million yen, and net loss attributable to owners of parent was 4,009 million yen. Dividends were zero due to the loss, and corporate taxes of 445 million yen were recorded. The number of issued investment units remained unchanged at 467,099 units.

Assets, Financial Position, and Operational Status

At the end of the current period, total assets stood at 99,348 million yen, net assets at 45,426 million yen, and equity ratio at 45.7%. Outstanding borrowings were 49,500 million yen with an LTV of 49.8%. The portfolio consists of 16 properties with a total acquisition price of 93,938 million yen, unchanged from the previous period. Occupancy rate was 81.7%. Investments continue in the hotel and logistics sectors, with active promotion of ESG-conscious management.

Future Outlook and Capital Reduction without Compensation

Operating revenue for the fiscal periods ending August 2026 and February 2027 are projected at 3,757 million yen and 2,351 million yen respectively. Refurbishment work on the Fukuoka Green Building will progress while focusing on rent revisions and enhancing tenant satisfaction. On April 28, 2026, a capital reduction without compensation will be executed to deduct the unprocessed loss of 4,009 million yen from total capital, restoring a distributable profit status.