Mori Trust Reit announced results for its 49th fiscal period, with actual distribution per unit at ¥1,850. The period-end portfolio comprised 20 properties, with assets of approximately ¥463.5 billion and an interest-bearing debt ratio of 46.7%.
Mori Trust Reit announced results for its 49th fiscal period (fiscal year ending August 2026). There were no property acquisitions. Although variable rent from Courtyard Shin-Osaka declined due to deteriorating Japan-China relations and the end of the World Expo, and repair expenses and interest expense increased, higher variable hotel rent and office rents contributed to a 0.7% increase in profit from the previous period. Distribution per unit was ¥1,850, up 0.7% from the previous period.
The period-end portfolio comprised 20 properties, with total acquisition costs of ¥463.5 billion and an interest-bearing debt ratio of 46.7%. For the 50th fiscal period, profit is expected to decline 2.7% from the previous period due to seasonal factors, lower variable hotel rent and higher interest expense. The planned drawdown of retained funds is ¥3 million, and distribution per unit is forecast at ¥1,800.
Profit for the 51st fiscal period (fiscal year ending August 2027) is expected to decline due to seasonal factors and changes in office rents. Although Kobe Steel's lease termination at the ON Building will have an impact, partial recovery in rental revenue is expected from the occupancy of contracted tenants and expansion of fixed-term lease agreements. Distribution per unit is forecast at ¥1,810, above the previous forecast.