Investor Presentaiton
July 2023 Forecast
Dividend JPY 1,380, -2.7% YOY
✓ YOY NOI increase; Conservative forecast of non-operating expenses
Jul 2022
Actual (A)
Jul 2023
Forecast (B)
(B) - (A)
(JPY million)
Major Factors for Variation
Operating Revenue
1,248
1,326
+78
Increase in variable rent +164 (Sapporo Ekimae, Sapporo Odori, Matsuyama,
Yokohama, Osaka Sakaisuji, Nagano)
Variable Rent
302
305
+3
Decrease in variable rent -161 (Valie Hiroshima, Kumamoto, Nagoya)
*Due to termination of contracts leasing all rooms
Fixed Rent
900
972
+72
Increase in fixed rent +76 (Utsunomiya, Kurashiki, Osaka Sakaisuji)
Decrease in fixed rent -4 (Nagano, Okayama)
Other (Gains on Sales, etc.)
45
48
+3
Operating Expenses
681
723
+42
Property tax +9, Management outsourcing fee +6
AM fee +2, SG&A expenses +4
Repair & Maintenance
38
44
+6
Depreciation
364
378
+14
Operating Profit
566
603
+37
Borrowing-related expenses/Interest expenses +45
Recurring Profit
362
352
-10
Fall-off of non-operating income -1
Net Income
361
351
-10
Dividend
JPY 1,418
JPY 1,380
-JPY 38 -2.7% YOY
ΝΟΙ
1,052
1,110
+58
Post-Depreciation NOI
687
732
+45
Guest room renovations (Kurashiki),
Capex
199
670
+471
Equipment upgrades (Sapporo Ekimae, Kumamoto, Matsuyama)
一期一会|
ICHIGO
O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
24
24View entire presentation