Mori Hills REIT Investment Corporation
January 2026 Period Earnings Report (REIT)
For the January 2026 period, operating revenue was JPY 11,381 million (1.4% YoY increase), net income was JPY 6,124 million (0.5% YoY increase), and distribution per unit was JPY 3,100. Asset management remained steady focusing on premium properties in central Tokyo, and the resolution for treasury unit acquisition was approved.
Key Figures
- Operating Revenue: JPY 11,381 million (1.4% increase YoY)
- Net Income Attributable to Owners of Parent: JPY 6,124 million (0.5% increase YoY)
- Distribution per Unit: JPY 3,100 (JPY 10 increase YoY)
AI要約
Summary of Performance
For the January 2026 period (August 1, 2025 to January 31, 2026), operating revenue was JPY 11,381 million (1.4% increase YoY), operating income was JPY 6,882 million (1.3% increase YoY), ordinary income was JPY 6,125 million (0.5% increase YoY), and net income attributable to owners of parent was JPY 6,124 million (0.5% increase YoY). Distribution per unit was JPY 3,100, an increase of JPY 10 YoY. Asset management remained robust, centering on premium properties in central Tokyo, with an occupancy rate at the period-end of 98.9%, maintaining a high level.
Asset Portfolio and Financing
The portfolio comprises 11 properties with an acquisition price base of JPY 416,049 million and a total leasable area of 185,381.73 sqm, with a period-end occupancy rate of 98.9%. Outstanding borrowings amount to JPY 169,222 million, and investment corporation bonds total JPY 20,300 million, resulting in interest-bearing debt of JPY 189,522 million. The fixed interest rate ratio is 74.9%, and interest rate swaps are utilized to hedge against interest rate fluctuation risks. On March 17, 2026, the transfer of part of Laforet Harajuku (land leasehold) was resolved, with an expected gain on sale of approximately JPY 2.5 billion.
Treasury Unit Acquisition
At the board meeting on March 17, 2026, based on the investment unit price level and financial conditions, a resolution was passed to acquire treasury units (up to 6,800 units, total acquisition amount JPY 1,000 million). The acquisition period is from March 18, 2026 to July 10, 2026. The acquired treasury units are planned to be canceled during the July 2026 period, aiming to improve capital efficiency and enhance returns to investors.
Outlook
For the July 2026 and January 2027 periods, operating revenue is anticipated to be between JPY 11,184 million (1.7% decrease YoY) and JPY 11,247 million (0.6% increase YoY), and net income attributable to owners of parent is expected between JPY 5,814 million (5.1% decrease YoY) and JPY 5,790 million (0.4% decrease YoY). Distribution per unit is planned to be maintained at JPY 3,100, with a plan to partially draw down the compression reserve for distribution.
