• Improving visibility for growth – FP10/25 results were positive, but guidance forecasts more to come. MIRAI highlighted that its office portfolio average rent gap has increased to 11.1% PoP from 7.1% in FP4/25, reflecting sustained strength in office markets in Tokyo, Osaka, and Nagoya. The growing rent gap in MIRAI’s office portfolio provides a clear runway for continued rent and NOI growth, which will accelerate NAV growth. Beyond MIRAI’s offices, there is also clear visibility of further NOI growth in the hotel segment as MIRAI transitions 4 fixed rent hotel properties to variable rent contracts. Given the improved growth visibility on its two core businesses, we think MIRAI is well positioned to deliver on its FP4/26 and FP10/26 guidance. Although DPU growth outlook is mixed, the REIT’s NAV growth outlook remains positive.
