Investor Presentaiton
Summary of Forecasts for the FP Ending February 2024 (44th FP)
and August 2024 (45th FP)
Forecast Distribution per Unit
for the Fiscal Period Ending February 2024 (44th FP)
1,757 yen (+57 yen (+3.4%) from actual for 43rd FP)
Forecast distribution per unit excluding temporary factors
1,577 yen (- 30 yen (-1.9%) from actual for 43rd FP)
44th FP
Forecast Distribution per Unit
for the Fiscal Period Ending August 2024 (45th FP)
1,602 yen (-155 (-8.8%) from 44th FP forecast)
(+25 yen (+1.6%) from the 44th FP forecast excluding temporary factors)
Main factors in change (million yen)
Forecast for 44th FP Ending Feb. 2024
(Change from 43rd FP Actual: B-A)
Operating revenues
43rd FP
(Ended Aug. 2023)
(Ending Feb. 2024) Change from
Item (million yen)
Actual
Revised
Forecast
43rd FP
45th FP
(Ending Aug. 2024)
Forecast
Change from
44th FP
Revised
Actual
(as of Oct. 2023)
Forecast
(as of Oct. 2023)
Increase in rent of office etc. (Increase in rent of
Shiodome and Shin-Yokohama, acquisition of Sendai etc.)
+426
A
Decrease in rent due to vacation of kohnan
B
B-A
C
Operating revenues
11,812
11,952
140
10,823
C-B
- 1,129
Rental revenues
(a)
Decrease in operating revenues due to seasonal
fluctuations in hotel rents
210
10,374
10,580
205
10,823
243
- 9
Gain on sale of real estate
1,437
1,372
-
- 64
- 1,372
•
Operating expenses
Operating expenses
4,623
4,304
- 318
4,317
12
Property-related expenses (b)
3,382
3,661
278
3,729
68
Increase in expenses due to acquisition of Sendai
Increase in repairs
+96
+89
Property and other taxes
1,202
1,253
51
1,271
18
Overhead expenses
1,184
1,394
210
1,440
45
fixed property tax, city planning tax for past years
(temporary factor)
+49
- 25
Depreciation
Selling, general and
996
1,013
16
1,017
4
Decrease in expenses due to sale of Sendai
- 587
administrative expenses
1,240
643
- 597
587
- 55
Absence of merger-related expenses
.
Profits and losses from
Non-operating expenses (Increase in interest expenses)
+47
(d)=(a)-(b)
6,992
6,918
- 73
7,094
175
real estate rental business
.
Balance of internal reserves
Earnings before depreciation
and amortization (NOI)
Operating income
Non-operating expenses
Ordinary income
(d)+(c)
7,988
7,931
- 56
8,111
179
Partial internal reserves of gain on sale of Shinbashi
+681
7,188
7,648
459
6,506
- 1,141
653
701
47
6,535
6,946
410
794
5,712
92
Forecast for 45th FP Ending Aug. 2024
(Change from 44th FP forecast: C-B)
•
- 1,234
Operating revenues
Income taxes - current
10
10
Income taxes - deferred
- 632
0
632
10
Profit
7,157
6,935
- 221
5,701
- 1,234
Increase in rent of office etc. (Increase in rent of
Shiodome and Shin-Yokohama, acquisition of Sendai etc.)
Increase in rent of hotel
+233
+57
Decrease in rent due to vacation of kohnan
Balance of internal reserves
47
2,482
3,163
681
3,160
3
Distribution per unit (yen)
1,700
1,757
57
1,602
- 155
•
Distribution per unit excluding
Operating expenses
temporary factors (yen)
1,607
1,577
- 30
1,602
25
Total number of outstanding
3,560,000
3,560,000
3,560,000
investment units
* Temporary factors: appropriation from internal reserves, factors related to gain on sale of real estate properties,
merger related expenses, etc.
Absence of gain on sales (Shinbashi)
Increase in expenses due to acquisition of Sendai
Absence of fixed property tax, city planning tax for
past years
Decrease in expenses due to sale of Sendai
Non-operating expenses (Increase in interest expenses)
- 1,372
+97
- 49
- 27
+9211View entire presentation