Investor Presentaiton
JPR
Financial Strategy
Continued conservative financial operations by promoting long-term, fixed interest rates and diversifying
repayment dates, so as to maintain high credit ratings
Changes in Unitholders' Capital and Ratio of Interest-Bearing Debts (LTV)
Ratio of Interest-Bearing Debts
(as of August 17, 2012)
Short term borrowings
(JPY bn)
250
Unitholders' capital
LTV as ratio of gains or losses from valuation to total assets at end of period
LTV based on unitholder's capital
(%)
54.9
60
53.2
Corporate bonds maturing
51.1
48.7
46.4
45.8
200
44.1
42.0
39.4 40. 48.0
48.7
37.144.4
48.9 49.0 48.5 48.9 48.7 48.8
in more than one year
48.5
44.1 45.2
50
7.7%
52.2
9.6%
23.2%
38.9
46.9 47.5 47.5 47.6
37.2
44.6
45.5
40
150
36.5
35.3
34.4
39.3 38.5 38.9 39.
37.2
34.5
30
100
29.4 29.9
50
Current portion of
long-term borrowings
59.6%
20
Long-term interest
bearing debts
Long-term borrowings maturing
In more than one year
82.7%
10
20th Period
Dec. 2011
Aug. 17, 2012
56 56
56
89
89
89 115 115 115 115 156 156 156 156 156 156 171 171 171 171 171 192
0
Ratio of long-term, fixed-ratio borrowings
76.1%
82.7%
0
1st Period 2nd Period 3rd Period 4th Period 5th Period 6th Period 7th Period 8th Period 9th Period
Jun. 2002 Dec. 2002 Jun. 2003 Dec. 2003 Jun. 2004 Dec. 2004 Jun. 2005 Dec. 2005 Jun. 2006
10th Period 11th Period 12th Period 13th Period 14th Period 15th Period 16th Period 17th Period 18th Period 19th Period 20th Period 21st Period
Dec. 2006 Jun. 2007 Dec. 2007 Jun. 2008 Dec. 2008 Jun. 2009 Dec. 2009 Jun. 2010 Dec. 2010 Jun. 2011 Dec. 2011 Jun. 2012
End of
Aug. 2012
Forecast
(Note 1) LTV based on unitholders' capital (%) = Interest-bearing debts / (interest-bearing debts + Unitholders' capital); LTV as ratio of gains or losses from valuation to total assets at end of
period = Interest-bearing debt / (Total assets at end of period + Gains or losses from real estate valuation)
(Note 2) Unitholders' capital has been rounded down to the nearest specified unit.
(Note 3) LTV based on unitholders' capital and LTV as ratio of gains or losses from valuation to total assets at end of period have been rounded to the first decimal place.
(Note 4) Forecast at end of August 2012 assumes that JPR will issue 8,580 new investment units through third-party allotment and repay JPY 2.5 billion in interest-bearing debts.
Diversification of Repayment Dates of Interest-Bearing Debts
Average maturity of long-term interest-bearing
debts
3.84 years
3.72 years
Average interest rate of long-term interest-
bearing debts
1.76%
1.54%
Average maturity of interest-bearing debts
3.05 years
3.19 years
(JPY bn)
35
30
30
(7.5)
25
12.1
20
Short-term borrowings
(as of August 17, 2012)
Long-term borrowings
Corporate bonds
Of the 12.1 billion yen, JPR intends to repay 2.5 billion yen
by using funds from issuing new investment units through
third-party allotment and other sources, and refinance 5
billion yen for the same amount in long-term borrowings
6.1
15
0.1
12.0
10
18.3
2.0 12.2
сл
5.4
4.1
19.5
11.0
13.0 13.5 13.1
7.0
5.0
0
22nd
7.0
0.1 7.1
3.3
4.5
4.5
2.0
28th
Period
29th
Period
23rd
24th
25th
26th
27th
Period Period Period Period Period Period
Dec. 2012 Jun. 2013 Dec. 2013 Jun. 2014 Dec. 2014 Jun. 2015 Dec. 2015 Jun. 2016 Dec. 2016 Jun. 2017 Dec. 2017 Jun. 2018 Dec. 2018 Jun. 2019 Dec. 2019
30th
Period
31st
32nd
33rd
34th
35th
36th
50th
Period
Period
Period
Period Period Period
Period
Dec. 2026
(Note) Figures have been rounded down to the nearest 100 million yen.
Japan Prime Realty Investment Corporation
(Note) Long-term interest-bearing debts: interest-bearing debts with repayment dates coming in
more than one year
Credit Ratings Assigned to JPR
Rating Agency
Rating and Investment Information, Inc. (R&I)
(as of August 17, 2012)
Corporate
Outlook
Credit Rating
AA-
Stable
Stable
Short-term: A-1
A3
Negative
Standard & Poor's Ratings Japan K.K. (S&P) (Note 1) Long-term: A
Moody's Japan K.K. (Moody's) (Note 2)
(Note 1) JPR had been placed on credit watch with negative implications since March 5,
2012, but the credit watch was removed on August 1, 2012 and the ratings
were kept unchanged at A/A-1, with the Outlook being stable.
(Note 2) The rating was downgraded from A2 to A3 on May 9, 2012.
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