Investor Presentaiton
JPR
Comparison of Actual Results and Forecasts for the 21st Fiscal Period (Ended Jun. 2012)
Revenue and profits related to rent business surpassed forecast at beginning of period, and DPU settled at a level matching
the forecast at beginning of period after absorbing the burden of fees for early repayment
(JPY mn)
21st Fiscal Period Forecasts
21st Fiscal Period Actual
Change
Jan. 1, 2012 - Jun. 30, 2012
Amount
Rental Revenues
Other rental revenues
Rent revenue - real estate (1)
Operating revenue
Property and other taxes
Other expenses related to rent business
Outsourcing expenses
Utilities expenses
%
11,520 94.6%
653 5.4%
12,174 100.0%
12,174 100.0%
Jan. 1, 2012 Jun. 30, 2012
Amount
11,626
719
12,345
12,345
%
94.2%
5.8%
Amount
%
106
0.9%
65
10.1%
100.0%
171
1.4%
Increase/decrease by contract revision:
(Note) The increase/decrease includes variations in 21st period due to factors changed in 20th period)
1. Rent revenues
⚫ Properties owned at end of 19th period:
Increase by new move-ins:
Decrease by cancellation:
+81 mn yen
+41 mn yen
- 18 mn yen
+53 mn yen
100.0%
171
1.4%
• Properties acquired in 20th period
+0 mn yen
1,070
8.8%
1,031
8.4%
-39
-3.6%
• Properties acquired in 21st period:
+24 mn yen
2,403 19.7%
2,432
19.7%
28
1.2%
493
4.1%
496
4.0%
3
0.7%
2. Other rental revenues
675
5.5%
682
5.5%
7
1.0%
Casualty insurance
27
0.2%
27
0.2%
0
-1.3%
Repairs and maintenance
316
2.6%
347
2.8%
31
9.9%
Property management fees
212
1.7%
214
1.7%
2
1.1%
Management association accounts
555
4.6%
555
4.5%
0
0.1%
Others
122
1.0%
107
0.9%
-15
-12.9%
Depreciation
1,750 14.4%
1,754
14.2%
4
0.2%
Expenses related to rent business (2)
5,224
42.9%
5,217
42.3%
-6
-0.1%
Asset management fees
439
3.6%
443
3.6%
3
0.8%
⚫ Properties owned at end of 19th period:
[Incidental income:
•Properties acquired in 20th period:
3. Expenses related to rent business
• Properties owned at end of 19th period:
Property and other taxes:
Repairs and maintenance:
• Properties acquired in 20th period:
+66 mn yen
+55 mn yen]
+0 mn yen
- 8 mn yen
Adm. service/custody fees
76
0.6%
74
0.6%
-2
-2.6%
• Properties acquired in 21st period:
-39 mn yen
+29 mn yen
+1 mn yen
+0 mn yen
Directors' compensation
6
0.1%
6
0.1%
Trust fees
41
0.3%
42
0.3%
1
3.2%
4. Non-operating income
Other operating expenses
160
1.3%
167
1.4%
7
4.4%
⚫ Settlement of management association accounts
+12 mn yen
Operating expenses
Operating income
5,949 48.9%
5,952
48.2%
3
0.1%
6,224 51.1%
6,393
51.8%
168
2.7%
5. Interest expenses
Profits ((1) - (2))
Net operating income (NOI)
6,949 57.1%
7,127
57.7%
178
2.6%
• Interest expenses for loans:
-78 mn yen
8,699
71.5%
8,882
71.9%
182
2.1%
Non-operating income
44
0.4%
62
0.5%
18 41.7%
6. Borrowing expenses
Interest expenses (incl. investment corporation bonds)
1,539
12.6%
1,459
11.8%
Borrowing expenses
125
1.0%
373
3.0%
-79 -5.2%
247 196.7%
• Fees for early repayment:
+220 mn yen
Net income
Amortization of investment corporation bond issuance costs
Other non-operating expenses
Non-operating expenses
Ordinary income
Income before income taxes
Unappropriated retained earnings
23
0.2%
23
0.2%
0
-1.0%
2
0.0%
2
0.0%
0
-2.9%
1,691
13.9%
1,858
15.1%
167
4,577
37.6%
4,597
37.2%
19
9.9%
0.4%
4,577 37.6%
4,597
37.2%
19
0.4%
4,576 37.6%
4,596
37.2%
19
0.4%
4,602
37.8%
4,622
37.4%
19
0.4%
(Note 1) The forecasts for the 21st fiscal period were those released at the results announcement for
the 20th fiscal period (ended December 31, 2011). They were calculated on the basis of 58
properties, comprising 57 properties JPR owned as of the end of the 20th fiscal period and one
property to be acquired in the 21st fiscal period.
(Note 2) Amounts have been rounded down to the nearest specified unit; the percentages and the
changes have been rounded to the first decimal place.
Distributions per unit (Note 1)
Total number of units outstanding at end of period
6,400 yen
6,430 yen
30 yen
(715,000)
(715,000)
(-)
Japan Prime Realty Investment Corporation
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