Investor Presentaiton
Track Record of Distributions
Achieved stable DPU while controlling LTV
A
Nippon
Accommodations
Fund
Distribution per Unit
(JPY)
2015 Public Offering
12,000
2020 Public Offering
LTV
(%)
60
53.5 53.2
50.6 50.2 50.4 50.1 50.2 50.0 50.1 50.4
51.0 50.8
51.5
51.7 51.4 51.6 51.5
50.2
11,000
10,778
50
10,660
10,485
(Forecast)
10,449
10,080
10,299
10,042
10,330
(Forecast)
10,035
10,108
10,000
Actual distribution per unit (left axis)
Forecast distribution per unit (left axis)
LTV (right axis)
9,179 9,161
9,706
40
40
9,000
8,428 8,497
8,130
7,984
8,036
8,000
7,672
7,688
7,000
Average Annual
Growth DPU
3 years
2.4%
5 years
3.5%
10 years
4.5%
30
20
20
6,000
17th
Period
Aug.
18th
19th
Period Period
Feb.
Aug.
2014
2015
2015
2016
20th
21st
Period Period
Feb.
Aug.
2016
22nd
23rd
24th
25th
26th
27th
2017
Period Period
Feb. Aug.
2017
Period
Period
Period
Period
Feb.
2018
Aug.
2018
Feb.
2019
Aug.
2019
28th
Period
Feb.
2020
29th
Period Period Period
Aug.
Feb. Aug.
2020
2021
2021
30th
31st
Feb.
2022
32nd
33rd
34th
Period Period Period
Aug.
Feb.
2022
2023
35th
36th
Period
Aug.
Period
Feb.
2023
2024
*
NAF implemented a two-for-one split of investment units with an effective date of March 1, 2014. Distribution per unit for the 16th Period and earlier are adjusted for this split (actual distribution divided in half,
rounded down to the nearest yen).
10
10
0
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