Investor Presentaiton
Balance Sheet for February 2019 Period
Daiwa House REIT Investment Corporation
Increase in appraisal value from the compression of the cap rate (+14.3 Bn yen vs Aug. 2018)
LTV (excluding goodwill) 45.4% (+0.5 p.p. vs Aug. 2018)
Period ended
Aug. 2018
Period ended
Feb. 2019
(mil yen)
Period-on-period
change
Major Variation Factors (period-on-period)
Increase in total assets
6,445 mil yen
Total Assets
771,281
777,727
6,445
⚫Acquisition of 4 properties in Sep. and Dec. 2018
Disposition of 1 property in Dec. 2018
Current assets
41,805
42,135
329
Increase in interest-bearing debt
7,000 mil yen
Non-current assets
729,377
735,501
6,124
■New loans
Investment properties
646,194
654,523
8,328
Decrease in net assets
-1,373 mil yen
Intangible assets
77,398
75,368
-2,030
⚫Decrease in reserve for temporary difference adjustments
Goodwill
71,360
69,377
-1,982
Total Liabilities
340,685
348,504
7,818
Unrealized Gain by Asset Class
(mil yen)
Current liabilities
17,948
47,108
29,159
Asset class
Book value
Interest-bearing debt
11,600
40,510
28,910
Logistics
335,395
Appraisal value
361,602
Unrealized gain
26,206
Non-current liabilities
322,737
301,396
-21,340
Residential
228,762
287,859
59,096
Interest-bearing debt
302,668
280,758
-21,910
Retail
78,921
85,330
6,408
Net Assets
430,596
429,223
-1,373
Hotel
6,279
6,430
150
Reserve for temporary
10,785
8,804
-1,980
difference adjustments (Note 1)
Other
11,136
12,500
1,363
Reserve for distribution (Note 2)
1,964
1,986
22
Total
660,496
753,721
93,224
LTV (excluding goodwill)
44.9 %
45.4 %
0.5 p.p.
Trend of Unrealized Gain
LTV (including goodwill)
40.7 %
41.3 %
0.6 p.p.
(mil yen)
Logistics
93,224
100,000
Number of investment units issued
1,927,000 units
Net Assets per unit
NAV per unit (Note 3)
223,454 yen
254,168 yen
1,927,000 units
222,741 yen
261,610 yen
78,885
Residential
80,000
59,410 63,322
-713 yen
60,000
Retail
47,179
35,048
7,442 yen
40,000
Hotel
20,000
(Note 1) Reserve for temporary difference adjustments for the period ended Feb. 2019 represents the amount before reversal
and the amount after reversal is 6,823 mil yen.
(Note 2) Reserve for distribution for the period ended Feb. 2019 represents the amount before accumulation and the amount
after accumulation is 2,106 mil yen.
(Note 3) NAV per unit: (Unitholders' capital + capital surplus + unrealized gain or loss) / number of investment units issued
Other
0
Sep. 1,
Feb. 2017 Aug. 2017 Feb. 2018 Aug. 2018 Feb. 2019
2016
(Merger)
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