ORIX JREIT (8954) will distribute ¥2,504 a unit for the six months to 31 August 2026, up from ¥2,414, on operating revenue of ¥31.81bn and net income of ¥14.92bn, with payments due to begin on 17 November 2026. It guides to ¥2,470 for the half to February 2027 and ¥2,300 for the half to August 2027. Occupancy was 99.2% at period-end.
Where the payout goes
Sale gains explain most of it. Gains on property sales were ¥3.51bn in the latest half, against ¥2.74bn in the prior one. The forecast for the half to February 2027 includes ¥867mn: ¥838mn from the remaining 60% of Hamamatsu ACT Tower, sold on 1 September 2026 for ¥10.29bn, and ¥29mn from Round Cross Kagoshima, a ¥1.242bn sale with delivery planned for 22 December 2026. No sale gains appear in the August 2027 half.
The manager's per-unit bridge shows the mechanics. Into the February 2027 half, lost sale gains cost ¥479 a unit, partly offset by ¥344 from retained earnings and ¥153 from higher rents. Into the August 2027 half, lost sale gains cost ¥157 and higher funding costs ¥98, against ¥121 from rents. Non-operating expenses, mostly interest, are forecast at ¥2.59bn and then ¥3.14bn, from ¥2.19bn. Both forecasts assume ¥800mn is drawn from the compressed retained-earnings reserve each half.
Portfolio moves
The half included the ¥11.3bn Kamata Prime purchase and two Osaka residential buildings at ¥3.54bn and ¥2.86bn, plus 40% stakes in Aoyama Suncrest Building and Hamamatsu ACT Tower sold for ¥6.796bn and ¥6.86bn. After period-end, the REIT acquired a 50% interest in Toyosu Prime Square for ¥29.4bn, dated 30 September 2026. Further staged purchases of Naha Shintoshin Center Building run to August 2028 and of Tenjin North Front Building to February 2027, under forward commitments. Loan-to-value on total assets was 47.5%.
The manager says it aims for 3% annual distribution growth without relying on sale gains. The results summary is unaudited, and ORIX JREIT says the forecast does not guarantee the payout.