Investor Presentaiton
January 2023 Forecast
Dividend JPY 1,106, -17.8% YOY
✓ Decrease in Dividend YOY due to fall-off of previous period's
extraordinary gain, despite YOY NOI increase
Jan 2023
Previous
Jan 2022
Actual (A)
Forecast
(Mar 2022)
Jul 2023
Revised
Forecast (B)
(B) - (A)
Operating Revenue
1,125
1,093
1,205
+80
(JPY million)
Major Factors for Variation
Variable Rent
147
135
180
Increase in variable rent +117 (Kumamoto, Sapporo Ekimae, Yokohama, Nagoya,
Matsuyama, Sapporo Odori, Kurashiki, Asagaya)
+33 Decrease in variable rent -84 (Valie Hiroshima)*Due to termination of contract
leasing all rooms
Increase in fixed rent +73 (Utsunomiya, Nagano, Fukuoka, Osaka Sakaisuji)
Decrease in fixed rent -32 (Kurashiki, Nagoya)
Fixed Rent
933
912
974
+41
Other (Gains on Sales, etc.)
44
45
50
50
+6
Operating Expenses
653
642
690
+37
Increase in property tax +8, Management outsourcing fee +2
AM fee +9, Administration fees -6
Repair & Maintenance
34
35
42
+8
Depreciation
355
351
371
+16
Operating Profit
472
451
514
+42
Recurring Profit
274
219
283
+9
Net Income
342
218
282
Borrowing-related expenses/Interest expenses +26
Fall-off of non-operating income -7
-60 Fall-off of extraordinary gains -69
-17.8% YOY
Dividend
JPY 1,345
JPY 858
JPY 1,106
-JPY 239
+28.9% (+JPY 248) vs. previous forecast
ΝΟΙ
938
901
998
+60
Post-Depreciation NOI
583
550
627
+44
一期一会|
Capex
206
456
513
+307 Change in hotel operator (Nagano)
Equipment upgrades (Valie Hiroshima, Kurashiki, Osaka Sakaisuji)
ICHIGO
O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
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