Mitsubishi Estate Logistics REIT Investment Corporation published results for its 20th fiscal period and disclosed plans to sell MJ Logipark Inzai 1 for ¥5.22 billion. Profit for the 20th fiscal period is expected to increase 11% year on year, supported by growth in acquired properties and gains on property sales, while distributions are expected to rise 9.9% to ¥3,117 per unit.
Mitsubishi Estate Logistics REIT Investment Corporation announced results for its 20th fiscal period (fiscal year ending August 2026). While rental revenue is expected to decline due to the contribution from the property sold, profit is forecast to rise 11% year on year, supported by a ¥674 million gain on the property sale and increased distributions from silent partnership investments. A distribution in excess of profit, after deducting part of depreciation, will be made, with the distribution per unit expected to be ¥3,117.
The year-end portfolio comprises 36 properties, with total assets based on acquisition prices of ¥280.8 billion and an interest-bearing debt ratio of 42.7%. The REIT announced the sale of MJ Logipark Inzai 1 for ¥5.22 billion. The buyer has not been disclosed, and the sale is scheduled to be split over 3 fiscal periods.
For the 21st fiscal period (fiscal year ending February 2027), the REIT plans to sell 40% of MJ Logipark Inzai 1, with a gain on sale of approximately ¥398 million expected. Profit is forecast to decline 11.5% year on year due to lower occupancy at existing properties and a decline in gains on sales. A distribution in excess of profit equivalent to 40% of depreciation is planned, with the distribution expected to be ¥2,936 per unit.
For the 22nd fiscal period (fiscal year ending August 2027), a further 40% of Inzai 1 is scheduled to be sold, generating an expected gain on sale of approximately ¥401 million. Profit is expected to rise 0.2% year on year, supported by higher occupancy and rents at existing properties. A distribution in excess of profit equivalent to 40% of depreciation will be maintained, with the distribution expected to be ¥2,937 per unit, broadly in line with the previous period.
The remaining 20% of MJ Logipark Inzai 1 is scheduled to be sold in the 23rd fiscal period (fiscal year ending February 2028), with the REIT aiming to grow distributions over the longer term.