Investor Presentaiton
Assumptions for Earning Forecasts for Feb. 2023 (15th) FP / Aug. 2023 (16th) FP
The impact of increases in electricity expenses, etc. is expected to be mitigated
through internal growth, with gains on sales expected to lead to increased earnings.
15th FP: ¥3,312 per unit (¥23 higher than forecast) / 16th FP: ¥3,261 per unit
Main factors in change of DPU (\/unit)
Feb. 2023 (15th)
Feb. 2023 FP
Acquisition PROUD FLAT Nezu Yanaka
Disposition NRE Higashi-nihonbashi Building (50%),
8 residential properties
Aug. 2023 FP
Acquisition: -
Disposition: NRE Higashi-nihonbashi Building (50%)
Aug. 2023 (16th)
Increased
Absence of extraordinary loss
distribution factors
Decreased
distribution factors
Contributions to internal
Distributions from gain
reserves
on sales
(natural disasters)
+10
Decrease in asset
management fees
+5
Decrease in interest
expenses
+3
Increase in rent and
Others
-4
common area charges
+37
Increase in utility
expenses received
+51
Absence of cancellation
October 18, 2022
Reported gain on sales
225
3,312 (Note 2) received
Increase in rent and
common area charges
Increase in utility expenses
+40
+10
(Forecast from 6
penalty fees, etc.
-26
3,300
of 8 residential
properties
months prior:
3,289 yen)
Increase in cancellation
penalty fees, etc.
+17
65
61
-81
103
103
Increase in interest
expenses
3,261
-6
67
-66
13
-19
69
-12
3,235
(Note 1)
Increase in utility expenses
paid
-90
Impact of property acquisitions +2
(PROUD FLAT Nezu
Increase in utility
expenses paid
-28
Impact of property
Decrease in property
management fees
+15
Yanaka plus 3 other properties)
Increase in taxes and
acquisition
+4
Decrease in repair
Impact of property
public dues
-18
(PROUD FLAT Nezu
expenses
+8
dispositions
-21
Increases in depreciation
Yanaka)
(Ichibancho stear)
Others
-14
(NRE Higashi-nihonbashi
Building)
3,209
and amortization
Others
-16
Impact of property
-4
dispositions
-16
3,192
(NRE Higashi-nihonbashi
(8 residential properties)
Building)
(8 residential properties)
Impact of deterioration in
electricity expenses, etc.
-38
Impact of deterioration in
electricity expenses, etc.
-21
Rental business
Aug. 2022 FP
DPU result
Rent revenues
(Portfolio
properties)
Others
expenses
(Portfolio
properties)
External
growth
(Note 3)
Gain on sales
Feb. 2023 FP
DPU forecasts
Rent revenues
(Portfolio
properties)
Rental business
expenses
(Portfolio
properties)
Others
External
growth
(Note 3)
Aug. 2023 FP
DPU forecasts
(Note 1) In the earnings forecasts on this page, the distributions per unit excluding gains on sales (virtual distributions) for each period show the amounts excluding the increase in asset management fees II, related to gains on sales.
Therefore, the virtual distributions for the fiscal period ending August 2022 on this page differ from the figures shown on page 4.
(Note 2) To avoid taxes in the fiscal period ending February 2023, an amount exceeding 3,300 yen will be distributed due to gains on sales. (Note 3) Includes the impact of property acquisitions and sales during the last fiscal period.
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