Japan Metropolitan Fund Investment Corporation published its results for the 49th fiscal period and announced plans to sell three residential properties in Osaka, including JMF Residence Sakuranomiya.
In its results overview for the 49th fiscal period, rental revenue increased, driven mainly by urban retail properties, but profit declined 4.3% year on year due to a decrease in gains on property sales. Gains on sales totaled ¥5,118 million, while retained funds amounted to ¥1,011 million, and the distribution per unit was ¥3,012.
The period-end portfolio comprised 157 properties, with an asset size of ¥1.319 trillion and an LTV ratio of 46.2%. Japan Metropolitan Fund Investment Corporation also announced plans to sell three residential properties, including the Osaka Sakuranomiya property, in March 2027. The sale price is expected to be ¥5.9 billion, with a gain on sale of approximately ¥700 million. The buyer was not disclosed.
For the 50th fiscal period, the company plans to acquire four properties, including JMF Building Shin-Yokohama 01, and expects to record a gain on the sale of the land underlying Edion Kyobashi store of ¥1,196 million. While rental revenue is expected to increase, gains on property sales are projected to decline, resulting in an anticipated 17.1% year-on-year decrease in profit.
For the 51st fiscal period, profit is expected to increase beyond the previous forecast. In addition to the three properties mentioned above, the company expects to sell a 50% interest in the land underlying Life Shitadera store and record a gain on sale of ¥2,963 million. As a medium-term target, it aims first to achieve a distribution per unit of ¥3,000, then to pursue average annual NOI growth of at least 6% and return ¥400–¥500 per unit of gains on sales each period, with the aim of achieving distributions of ¥3,200–¥3,300 per unit.