東海道リート投資法人 announced results for its 10th fiscal period, the fiscal year ending July 2026. The actual distribution per investment unit was ¥3,230, down 2.9% from the previous period. The portfolio at period-end comprised 34 properties, with total assets of ¥74.7 billion and an interest-bearing debt ratio of 47.9%.
東海道リート投資法人 announced results for its 10th fiscal period and acquired 5 properties through an additional issuance. While the new properties contributed to earnings, the occupancy rate at Centrair Logistics Center declined, and depreciation and interest expenses increased. Overall, earnings increased 6.5% from the previous period.
The number of investment units increased 21.8% from the previous period, and the REIT made distributions in excess of earnings to address a temporary decline in income. The distribution per investment unit was ¥3,230, down 2.9% from the previous period. The portfolio at period-end comprised 34 properties, with total assets of ¥74.7 billion and an interest-bearing debt ratio of 47.9%.
For the 11th fiscal period, the fiscal year ending January 2027, the forecast assumes the sale of 1 property, although no contract has been signed as of the present time. Despite an expected increase in interest expenses, earnings are projected to increase 4.1% from the previous period, supported by full-period operations at properties acquired in the previous period and the recognition of ¥98 million in gains on sale. No distribution in excess of earnings is planned, and the distribution per investment unit is expected to be ¥3,027, down 6.3% from the previous period. For the 12th fiscal period, the fiscal year ending July 2027, the forecast assumes the sale of an additional property, with ¥102 million in gains on sale expected to be recognized. Earnings are projected to decline 4.7% from the previous period's forecast due to increases in fixed asset and city planning taxes and interest expenses, and the distribution is expected to be ¥2,885.
The REIT is prioritizing expansion of its asset base and, given that interest rates are rising faster than rents, aims to reach an asset base of ¥100 billion at an early stage by realizing unrealized gains and utilizing distributions in excess of earnings.