Investor Presentaiton
Overview of the Settlement for the FP Ended August 2023 (43rd FP)
Distribution per Unit for 43rd FP
1,700 yen (up 116 yen (up 7.3%) vs forecast as of April 2023)
Distribution per Unit (excluding temporary factors)
1,607 yen (up 240 yen (up 17.6%) vs forecast as of April 2023)
42nd FP
·
Operating revenues exceeded the forecast by 202 million yen due
to factors such as progress with leasing and recovery in hotel
performance.
Operating income was 876 million yen higher than the forecast
due to a decrease in depreciation resulting from a review of the
useful life of the asset, etc.
Distribution per unit excluding temporary factors exceeded the
forecast by 240 yen to become 1,607 yen.
Main factors in change
43rd FP
Items (million yen)
(Ended Feb.2023) (Ended Aug.2023)
Actual
Forecast
43rd FP
(Ended Aug.2023)
Actual
(for five months) (as of Apr. 2023)
(A)
(B)
(C)
Change from
Forecast
(C-B)
vs. forecast
Operating revenues
Rental revenues
Gain on sale of real estate
Operating expenses
Property-related expenses
7,258
11,609
11,812
(a)
5,828
10,180
10,374
202
194
<Property-related revenues>
1,430
1,428
1,437
8
Operating revenues
Increase in rent due to recovery in hotel performance
3,200
5,297
4,623
- 673
Increase in office rent due to factors such
2,710
4,057
3,382
- 674
Property and other taxes.
879
1,227
1,202
- 24
Overhead expenses
Depreciation
Selling, general and
Profits and losses from
real estate rental business
Earnings before depreciation
and amortization (NOI)
Operating income
Non-operating expenses
Ordinary income
Income taxes
916
1,288
1,184
- 104
914
1,541
996
- 544
490
1,240
1,240
0
administrative expenses
(d)=(a)-(b)
3,117
6,123
6,992
868
(d)+(c)
4,032
7,664
7,988
324
4,057
6,311
7,188
876
326
664
653
- 10
.
3,731
5,647
6,535
888
as pregress with leasing
• Increase in gain on sale of real estate
(Shinbashi Ekimae MTR Building)
Operating expenses
<Property-related expenses>
Property and other taxes not yet accrued for the
expected (Kamiyacho)(due to unsettled property taxes, etc.)
Decrease in utilities expenses
• Decrease in repair expenses
decrease in depreciation resulting from a review of the
useful life of the asset
163 mn yen
30 mn yen
8 mn yen
- 23 mn yen
- 59 mn yen
- 30 mn yen
- 544 mn yen
current
0
10
10
- 0
Income taxes deferred
116
- 0
- 632
- 631
Income taxes
-
deferred
Profit
3,614
5,637
7,157
1,520
Balance of internal reserves
2,008
2,005
2,482
476
Transfer of deferred tax liabilities due to unification to
the reserve for reduction entry
631 mn yen
Distribution per unit (yen)
2,545
1,584
1,700
116
Distribution per unit excluding
1,839
temporary factors (yen) (*)
1,367
1,607
240
(Deferred tax liabilities (debt) → Reserve for reduction entry (equity))
Profit
Total number of outstanding
investment units
.
1,320,000
3,560,000
3,560,000
Increase due to upward revision of ordinary income
• Increase due to change in income taxes deferred
888 mn yen
-
631 mn yen
* Temporary factors: appropriation from internal reserves, factors related to gain on sale of real estate properties,
merger related expenses, etc.
* The 42nd fiscal period (ended February 28, 2023) is an irregular length of five months due to the merger with
MORI TRUST Hotel Reit, Inc. (dated March 1, 2023).
⚫ (partly) for internal reserves of gain on sale of Shinbashi
Balance of internal reserves
476 mn yen
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