Investor Presentaiton
Fiscal Period Ended August 2023 (43rd FP) Settlement Highlights
Distribution per Unit for 43rd FP
1,700 yen (up 116 yen (up 7.3%) vs forecast as of April 2023)
Distribution per Unit (excluding temporary factors)
1,607 yen (up 240 yen (up 17.6%) vs forecast as of April 2023)
* Temporary factors: appropriation from internal reserves, factors related to gain on sale of
real estate properties, merger related expenses, etc.
Asset
Number of property : 22 properties (up 5 properties)
Asset size : 470.1 billion yen (up 146.1 billion yen) (Note 1)
Occupancy rate : 98.9% (up 1.4pt)
* Sublease basis : 97.9% (up 4.8pt) (Note 2)
Appraisal values of portfolio properties at the fiscal
period end
Unrealized profit: 41.6 billion yen (down 2.2billion yen) (Note 3)
: 492.4 billion yen (up 143.5 billion yen)
Key Figures in Results for 43rd FP
Operating revenues
Real estate rental income
ΝΟΙ
Net income
11,812 mn yen (up 202 mn yen vs forecast)
6,992 mn yen (up 868 mn yen vs forecast)
7,988 mn yen (up 324 mn yen vs forecast)
7,157 mn yen (up 1,520 mn yen vs forecast)
As of August 31, 2023 (change from the previous fiscal period in parentheses)
Debt
Balance of interest-bearing debt : 224.5 billion yen
(up 72.0 billion yen)
LTV
: 47.4% (up 0.1pt)
Average interest for borrowings: 0.57% (up 0.05pt)
Average duration of
interest - bearing liabilities
Long-term rating of issuers
(Note 6)
: 3.1 year (down 0.4 year)
: AA (stable)
/ Japan Credit Rating Agency, Ltd.
NOI Yield
: 3.4% (up 0.9pt) (Note 4)
Yield after depreciation: 3.0% (up 1.0pt) (Note 5)
Equity
Number of units issued
Investment ratio :
[by area] Tokyo metropolitan area 78.9% (up 0.3pt)
[by use] Office
Hotel
56.5% (down 16.5pt)
30.2% (up 24.4pt)
NAV per unit
Investment unit price
: 3,560,000 units
(up 2,240,000 units)
: 75,240 yen
(down 0.3%) (Note 7)
: 73,600 yen
/ closing price on August 31, 2023
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