Investor Presentaiton
Factors of Change in Distributions per Unit
(Revised Forecast for FP Ending February 2024 vs. Revised Forecast for FP Ending August 2024)
Despite assuming rise in interest rates and some vacancies, expecting further internal growth in line with the recovery of the
office and hotel markets and improved profitability from the replacement of properties in Shinbashi and Sendai. The forecast
distribution (excluding temporary factors) will be at the same level as the actual results for the period ended Aug. 2023 and
the forecast for the period ending Feb. 2024.
Temporary factors
-
Gain on sale due to second sale
of Shinbashi (one-third co-
ownership interest)
: +390
-
Expenses for the Merger - 164
Temporary factors
- Gain on sale due to third sale
of Shinbashi (one-third co-
ownership interest) : +371
: - 191
- Internal reserves
Internal reserves
(yen)
1,800
1,750
1,700
1,700
: - 133
1,757
Expected recovery in hotel rents
vs. YoY +13 (Vs. Aug. 2023 FP)
Actual rents for Four Hotels with
Variable Rents are expected to be 92%
of those for the same period in 2019
Full-year contribution
of rent increase
Other
- Interest rates are
expected to rise
Partial vacation etc.
- Shiodome
: +4
180
- Shin-Yokohama
: +3
1,650
93
+16
- 38
+40
1,600
+7
1,550
1,607
Improve profitability attributable to
third asset replacement
1,577
1,500
Decrease in expenses due to sale of Shinbashi : +7
- Increase due to acquisition of Sendai
: +33
1,602
Distribution excluding temporary factors
0
Actual for
43rd FP
Forecast for
44th FP
Revised
forecast
Forecast for
45th FP
Revised
forecast
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