Investor Presentaiton
Historical Financial Data
Daiwa House REIT Investment Corporation
Feb. 2017
Aug. 2017
Feb. 2018
Aug. 2018
(A)
Feb. 2019
(B)
Change
(B-A)
Operating days
181 days
184 days
181 days
184 days
181 days
-3 days
Operating Revenue
17,531 mil yen
21,015 mil yen
19,700 mil yen
22,211 milyen
23,127 mil yen
915 mil yen
Operating Income
5,567 mil yen
9,392 mil yen
8,012 mil yen
9,269 mil yen
9,960 mil yen
690 mil yen
Gain (loss) on sale of properties
-4 mil yen
1,536 mil yen
-99 mil yen
113 mil yen
212 mil yen
Ordinary Income
4,474 mil yen
7,974 mil yen
7,146 mil yen
7,770 mil yen
8,597 mil yen
827 mil yen
Net Income
4,393 mil yen
7,968 mil yen
7,142 mil yen
7,765 mil yen
8,597 mil yen
831 mil yen
DPU
4,800 yen
Number of investment units issued
1,519,280 units
4,964 yen
1,690,000 units
5,194 yen
1,690,000 units
5,046 yen
1,927,000 units
5,427 yen
1,927,000 units
381 yen
Payout ratio
166.0%
104.0%
122.9%
123.6%
121.7%
-1.9 p.p.
Total Assets
604,142 mil yen
682,359 mil yen
681,192 mil yen
771,281 mil yen
777,727 mil yen
6,445 mil yen
Net Assets
330,304 mil yen
377,321 mil yen
376,300 mil yen
430,596 mil yen
429,223 mil yen
-1,373 mil yen
Unitholders' Capital
61,703 mil yen
108,136 mil yen
108,136 mil yen
163,230 mil yen
163,230 mil yen
Capital Surplus
247,667 mil yen
247,667 mil yen
247,667 mil yen
247,667 mil yen
247,667 mil yen
Interest-bearing debt
253,163 mil yen
282,268 mil yen
282,268 mil yen
314,268 mil yen
321,268 mil yen
7,000 mil yen
LTV (Excluding goodwill)
48.1%
46.5%
46.4%
44.9%
45.4%
0.5 p.p.
LTV (Including goodwill)
41.9%
41.4%
41.4%
40.7%
41.3%
0.6 p.p.
Net Assets per unit
217,408 yen
223,267 yen
222,663 yen
223,454 yen
222,741 yen
-713 yen
NAV per
unit
(Note 1)
234,683 yen
245,689 yen
248,003 yen
254,168 yen
261,610 yen
7,442 yen
FFO per unit (Note 2)
6,469 yen
7,184 yen
7,625 yen
7,346 yen
7,747 yen
401 yen
(Note 1) NAV per unit: (Unitholders' capital + capital surplus + appraisal value of properties - book value of properties) / number of investment units issued
(Note 2) FFO per unit: (Net income + depreciation + amortization + amortization of investment corporation bond issuance costs + amortization of trademark rights + amortization of software +/- loss or gain on sale of properties
+/- extraordinary loss or gain) / number of investment units issued
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