Investor Presentaiton
Changes in Various Indicators
5th FP
6th FP
7th FP
Operating revenue
Gain on sales of real estate
Leasing NOI
million yen
34,218
34,731
35,428
8th FP
36,617
9th FP
10th FP
11th FP
12th FP
13th FP
14th FP
36,927
37,577
38,064
37,519
million yen
587
685
37,520
162
39,022
757
million yen
23,583
24,475
24,677
25,859
26,357
27,268
27,573
27,008
26,995
27,350
NOI yield (acquisition price basis)
%
5.1
5.1
5.1
5.1
5.2
5.2
5.2
5.1
5.0
5.0
NOI yield after depreciation (acquisition price basis)
%
4.1
4.1
4.1
4.1
4.2
4.2
4.2
4.0
4.0
4.0
Implied cap rate
%
4.4
4.3
4.4
3.9
4.2
4.8
4.4
4.2
4.5
4.2
Operating profit
million yen
13,212
13,285
14,056
14,265
14,673
15,212
15,370
14,741
14,593
15,584
Net income
million yen
10,714
10,709
11,560
11,690
12,188
12,799
13,016
12,434
12,377
13,499
Total distributions
million yen
12,745
13,328
13,518
14,592
15,461
15,640
15,701
15,503
15,296
15,560
Distributions per unit
yen/unit
3,047
3,084
3,128
3,209
3,279
3,317
3,330
3,288
3,244
3,300
Distributions of earnings
yen/unit
2,624
2,478
2,623
2,571
2,585
2,714
2,761
2,637
2,625
2,863
Allowance for adjustment of temporary differences
yen/unit
284
306
361
342
368
377
374
387
444
403
Other distributions in excess of net earnings
yen/unit
139
300
144
296
326
226
195
264
175
34
FFO
FFO per unit
FFO Dividend payout ratio
million yen
17,489
18,282
18,392
19,447
19,953
20,798
21,167
20,651
20,755
21,001
yen/unit
%
4,181
4,230
4,255
4,276
4,231
4,410
4,489
4,379
4,401
4,453
72.9
72.9
73.5
75.0
77.5
75.2
74.2
75.1
73.7
74.1
CAPEX
million yen
1,999
3,255
2,358
2,535
2,781
3,261
3,528
3,105
2,654
2,609
AFFO
million yen
15,490
15,027
16,034
16,912
17,171
17,536
17,639
17,546
18,100
18,391
AFFO per unit
yen/unit
3,703
3,477
3,710
3,719
3,641
3,719
3,740
3,721
3,838
3,900
AFFO Dividend payout ratio
%
EBITDA
million yen
82.3
20,138
88.7
Total assets
million yen
1,089,820
Interest-bearing debt
million yen
Net assets
million yen
486,198
555,090
LTV
%
Net assets per unit (after deducting distributions)
yen/unit
44.6
129,650
20,375
1,118,644
497,155
571,836
44.4
129,230
84.3
21,111
1,117,851
497,112
569,843
86.3
21,549
90.0
89.2
89.0
88.4
44.5
128,725
1,164,767
510,770
600,910
43.9
128,937
NAV per unit (after deducting distributions)
ROA
yen/unit
150,308
150,918
153,512
156,215
21,979
1,193,471
510,727
627,868
42.8
129,879
159,827
22,773
1,197,766
517,884
625,505
23,049
1,196,357
517,841
623,014
43.2
129,340
161,096
43.3
128,799
162,019
22,504
1,192,507
517,798
619,901
43.4
128,180
164,159
84.5
22,376
1,187,420
517,756
616,878
84.6
23,512
1,187,581
517,463
615,128
43.6
127,583
168,648
43.6
127,156
173,441
%
2.0
1.9
2.1
2.0
2.1
2.1
2.2
2.1
2.1
2.2
ROE
Number of properties
Total acquisition price
Book Value Total
%
3.9
3.8
4.1
4.0
4.0
4.1
4.2
4.0
4.0
4.3
properties
271
281
million yen
million yen
Appraisal Value Total
Unrealized gain/loss
million yen
million yen
922,568
914,834
1,001,250
86,415
955,984
947,449
1,041,183
93,733
278
960,345
949,867
1,056,994
107,126
289
294
298
299
299
298
300
1,011,279
999,049
1,123,089
124,039
1,031,039
1,017,019
1,158,232
1,051,686
1,035,946
1,066,269
1,048,917
1,185,682
141,212
149,735
1,205,558
156,640
1,068,409
1,048,702
1,218,347
169,644
1,081,389
1,059,049
1,252,678
1,091,759
1,067,176
193,628
1,285,418
218,241
NOI yield = Annualized leasing NOI of properties owned at the end of the fiscal period (excluding properties sold during the period) / Acquisition price at the end of the period
Implied cap rate= NOI (Market capitalization at the end of a given period + Interest-bearing debt - Cash and Bank deposits + Security deposits) *Annualized
To annualize leasing NOI, the leasing NOI recorded for a given period for the properties owned at the beginning of the fiscal period is doubled while that recorded for each property
acquired during that period is divided by the number of days said property has been owned and the result multiplied to approximate one year's NOI.
FFO = Net income + Depreciation and amortization + Amortization of investment corporation bond issuing expenses + Amortization of goodwill+Impairment loss ± Gain(Loss) on sales of real estate ± Extraordinary gain(loss) +Merger expenses
AFFO=FFO - Capital expenditures
FFO Dividend payout ratio = Total distributions/FFO
AFFO Dividend payout ratio = Total distributions /AFFO
+ Extraordinary gain(loss) + Impairment loss +Merger expenses
EBITDA = Income before income taxes + (Interest expense + Investment corporation bonds interest) + Depreciation and amortization + Amortization of investment corporation bond issuing expenses + Amortization of goodwill
Net assets per unit (after deducting distributions) = (Total net assets - Total distributions)/Total investment units issued
NAV per unit (after deducting distributions) = {Net assets (after deducting distributions) + (Total appraisal value - Total book value)} / Total investment units issued
ROA = Ordinary income / {(Total assets at beginning of period + Total assets at end of period)/2} x 100 *Annualized
ROE = Net income / {(Total assets at beginning of period + Total assets at end of period)/2} x 100 *Annualized
To annualize ROA and ROE, the values are divided by the number of days in the period and the results multiplied to approximate the values for one year.
44View entire presentation