Financial Statements
Selected Financial Data
Selected Financial Data（Chart）
Total revenues
（Yen in millions）
Income before income taxes
（Yen in millions）
Net income
（Yen in millions）
Total assets
（Yen in millions）
| 36th | 37th | 38th | 39th | 40th | ||
|---|---|---|---|---|---|---|
| February 2024 |
August 2024 |
February 2025 |
August 2025 |
February 2026 |
||
| Total revenues | （Yen in millions） |
12,586 | 12,703 | 12,828 | 13,195 | 13,727 |
| Revenues from property leasing | （Yen in millions） |
(12,586) | (12,703) | (12,828) | (13,195) | (13,314) |
| Operating expenses | （Yen in millions） |
6,415 | 6,712 | 6,626 | 6,854 | 6,833 |
| Rental expenses | （Yen in millions） |
(5,001) | (5,282) | (5,174) | (5,359) | (5,237) |
| Operating income | （Yen in millions） |
6,170 | 5,991 | 6,202 | 6,341 | 6,893 |
| Income before income taxes | （Yen in millions） |
5,770 | 5,571 | 5,794 | 5,852 | 6,353 |
| Net income | （Yen in millions） |
5,769 | 5,570 | 5,793 | 5,850 | 6,353 |
| Total assets | （Yen in millions） |
327,134 | 325,693 | 326,912 | 328,688 | 330,623 |
| Total net assets | （Yen in millions） |
152,283 | 152,084 | 152,307 | 152,365 | 152,868 |
| Unitholders' capital | （Yen in millions） |
145,449 | 145,449 | 145,449 | 145,449 | 145,449 |
| Total number of units outstanding | (units) | 503,472 | 503,472 | 503,472 | 2,517,360 | 2,517,360 |
| Net assets per unit | (Yen) | 302,467 | 302,072 | 302,514 | 60,525 | 60,725 |
| Total amount of cash distribution | （Yen in millions） |
5,769 | 5,570 | 5,792 | 5,850 | 6,054 |
| Net income per unit | (Yen) | 11,459 | 11,063 | 11,506 | 2,324 | 2,523 |
| Distribution per unit | (Yen) | 11,459 | 11,064 | 11,506 | 2,324 | 2,405 |
| Distribution per unit (not including distributions in excess of earnings) |
(Yen) | (11,459) | (11,064) | (11,506) | (2,324) | (2,405) |
| Distribution in excess of earnings per unit |
(Yen) | (－) | (－) | (－) | (－) | (－) |
| ROE | (%) | 3.8 | 3.7 | 3.8 | 3.8 | 4.2 |
| Capital ratio | (%) | 46.6 | 46.7 | 46.6 | 46.4 | 46.2 |
| Number of investment properties | (properties) | 136 | 136 | 138 | 140 | 141 |
| Total rentable area | (㎡) | 542,534.49 | 542,534.49 | 547,528.74 | 552,464.46 | 552,309.97 |
| Occupancy rate at the end of period | (%) | 97.2 | 96.8 | 98.0 | 97.1 | 98.0 |
| (Note1) | As of February 28, 2025 as the record date and March 1, 2025 as the effective date, MAF conducted an investment unit split that divided each investment unit on a five-for-one basis. Net assets per unit and Net income per unit are calculated as if the investment unit split had been conducted at the beginning of the 38th fiscal period. |
|---|---|
| (Note2) | Net income per unit: Net income / Weighted average number of units outstanding |
| (Note3) | ROE: Net income / (Initial net assets + Net assets at the end of the period) / 2 x 100 |
| (Note4) | Capital ratio: Total net assets / Total assets x 100 |