Investor Presentaiton
Forecasts for the 22nd Fiscal Period
JPR
21st Fiscal Period
22nd Fiscal Period Forecast
Acquire excellent properties and repay borrowings using proceeds obtained from add-on offering to reinforce business
foundations toward stable management in the 23rd fiscal period and after while securing the DPU level under normal operations
without extraordinary events
1. Rent revenues
(JPY mn)
Change
Jan. 1, 2012 Jun. 30, 2012
Amount
%
Jul. 1, 2012 - Dec. 31, 2012
Amount
%
Amount
%
Rental Revenues
Other rental revenues
Rent revenue - real estate (1)
11,626
719
12,345
94.2%
5.8%
100.0%
12,132
727
12,859
94.3%
5.7%
505
4.3%
7
1.1%
100.0%
513
4.2%
Operating revenue
12,345
100.0%
12,859
100.0%
513
4.2%
Increase/decrease by contract revision:
(Note) The increase/decrease includes variations in 22nd period due to factors changed in 21st period)
⚫ Properties acquired in 21st period:
• Properties owned at end of 20th period:
Increase by new move-ins:
Decrease by cancellation:
-368 mn yen
+176 mn yen
-369 mn yen
- 176 mn yen
+564 mn yen
Property and other taxes
1,031
8.4%
1,025
8.0%
-6
-0.6%
■ Properties acquired in 22nd period:
+309 mn yen
Other expenses related to rent business
2,432
19.7%
2,652
20.6%
220
9.1%
Outsourcing expenses
496
4.0%
510
4.0%
13
2.8%
Utilities expenses
682
5.5%
817
6.4%
135
19.8%
Casualty insurance
27
0.2%
30
0.2%
2
9.4%
Repairs and maintenance
347
2.8%
379
2.9%
31
9.1%
Property management fees
214
1.7%
214
1.7%
0 -0.4%
2. Other rental revenues
■ Properties owned at end of 20th period:
Incidental income:
Cancellation penalty, etc.:
⚫ Properties acquired in 22nd period:
-49 mn yen
+23 mn yen
-65 mn yen
+57 mn yen
Management association accounts
555
4.5%
565
4.4%
9
1.7%
Others
107
0.9%
136
1.1%
28
27.1%
3. Expenses related to rent business
Depreciation
1,754
14.2%
1,830
14.2%
76
4.4%
Expenses related to rent business (2)
5,217
42.3%
5,508
42.8%
291
5.6%
⚫ Properties owned at end of 20th period:
Utilities expenses:
+134 mn yen
+90 mn yen
Asset management fees
443
3.6%
461
3.6%
17
4.0%
Adm. service/custody fees
74
0.6%
81
0.6%
6
8.7%
Directors' compensation
6
0.1%
6
0.1%
Trust fees
42
0.3%
42
0.3%
0
0.6%
Other operating expenses
167
1.4%
133
1.0%
-33
-20.0%
Operating expenses
Operating income
5,952 48.2%
6,234
48.5%
282
4.7%
6,393 51.8%
6,624
51.5%
231
3.6%
Profits ((1) (2))
Net operating income (NOI)
7,127 57.7%
7,350
57.2%
222
3.1%
8,882
71.9%
9,181
71.4%
298
3.4%
Non-operating income
Interest expenses (incl. investment corporation bonds)
Borrowing expenses
62
0.5%
2
0.0%
-60
-96.8%
1,459
11.8%
1,394
10.8%
-64
-4.4%
373
3.0%
148
1.2%
-224
-60.2%
Amortization of investment corporation bond issuance costs
New unit issuance costs
Other non-operating expenses
Non-operating expenses
Ordinary income
23
0.2%
19
0.2%
-4
-17.4%
Repairs and maintenance:
⚫ Properties acquired in 22nd period:
4. Other operating expenses
. Undeductible consumption taxes:
5. Non-operating income
⚫ Settlement of management association accounts:
6. Interest expenses
Interest expenses for loans:
(Decrease in interest expenses due to early repayment:
• Interest expenses for investment corporation bonds:
+156 mn yen
54 mn yen
-71 mn yen
+30 mn yen
57 mn yen
+6 mn yen
-60 mn yen )
110
0.9%
110
2
0.0%
2
0.0%
0
12.9%
1,858
15.1%
1,675
13.0%
-183
-9.9%
7. Borrowing expenses
■Fees for early repayment:
4,597
37.2%
4,951
38.5%
354
7.7%
4,597 37.2%
4,951
38.5%
4,596
4,622 37.4%
37.2%
4,950
38.5%
4,975
38.7%
6,430 yen
(715,000)
6,000 yen
(825,000)
Income before income taxes
Net income
Unappropriated retained earnings
Distributions per unit (Note 1)
Total number of units outstanding at end of period
Assumptions for the 22nd Fiscal Period Forecast
Assets owned: Total of 59 properties (58 properties owned as of the end of the 21st
fiscal period + 1 property acquired in the 22nd fiscal period)
■Average Monthly Occupancy during Period: 93.9% (based on confirmed contract status
only, reflecting newly concluded contracts and already notified cancellations, etc.)
■Total units outstanding: 825,000 units
■Ratio of interest-bearing debts (on a unitholders' capital
basis): 48.5% (at end of 22nd fiscal period)
Japan Prime Realty Investment Corporation
The forecasts for the 22nd fiscal period were calculated based on the left "Assumptions for the
22nd Fiscal Period Forecast." Actual operating revenue, ordinary income, net income and cash
distributions per unit may change as a result of the acquisition of new properties or the sale of
owned properties, etc. Furthermore, the forecasts are in no way a guarantee of cash distribution
amounts.
354
7.7%
8. New unit issuance costs:
-219 mn yen
+110 mn yen
353
7.7%
353
7.6%
-430 yen
(110,000)
(Note) Amounts have been rounded down to the nearest specified unit and percentages have been
rounded to the first decimal place.
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