Investor Presentaiton
July 2021 Forecast
Dividend JPY 678, +1.2% YOY
(JPY million)
July 2020
July 2021
Previous
Actual (A)
Forecast
July 2021
Revised
Forecast (B)
(B) - (A)
Major Factors for Variation
(Sep 2020)
Operating Revenue
953
1,041
1,037
+84
Variable Rent
-25
53
46
+71
Increase due to nonoccurrence of adjustments of variable rent +36
Increase in variable rent +45 (Hiroshima, Matsuyama, Kumamoto, Yokohama)
Decrease in variable rent -10 (Asagaya, Tenjin, Kurashiki)
Fixed Rent
935
944
947
+11
Full-year contribution of Shibuya and Shimonoseki +35
Increase in fixed rent +61 (Asagaya, Okayama, Nagoya)
Other (Gains on Sales, etc.)
42
43
44
+1
Decrease in fixed rent -85 (Yokohama, Hommachi, Tenjin)
Operating Expenses
581
618
660
Repair & Maintenance
21
21
26
6929
+78
Increase in fixed asset taxes +12 (Shibuya, Shimonoseki, Kumamoto)
Covid-related reserve +37.8
28
+7
Depreciation
336
343
346
Operating Profit
371
423
376
Recurring Profit
171
225
173
Increase +13 (Yokohama, Kurashiki, Asagaya, Shinsaibashi, Shimonoseki)
Decrease -5 (Tenjin, Valie Hiroshima, Central International Airport, Sapporo Odori)
+9 Increase: Okayama, Shimonoseki, Valie Hiroshima
+5 Engineering report costs +3, Environmental certification costs +2
Borrowing-related expenses +15, Interest expenses -8
+2 Completion of amortization of expenses related to REIT establishment -5,
Decrease in non-operating income -2
Net Income
170
224
172
+2
Dividend
JPY 670
JPY 881
JPY 678
+JPY 8
-23.0% (-JPY 203) vs. previous forecast
+1.2% (+JPY 8) YOY
ΝΟΙ
787
859
813
+26
Post-Depreciation NOI
450
516
467
+16
Capex
128
707
463
+335
一期一会|
ICHIGO
O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
25
25View entire presentation