Investor Presentaiton
JPR
Statement of Income and Retained Earnings for the 21st Fiscal Period
Achieved significant period-on-period increase in revenue and profits due to new property acquisition and other factors, and
conducted partial repayment of borrowings before maturity to bolster earnings for the 22nd fiscal period and after
(JPY mn)
20th Fiscal Period
21st Fiscal Period
Change
Jul. 1, 2011 Dec. 31, 2011
Amount
Rental Revenues
Other rental revenues
Rent revenue - real estate (1)
Operating revenue
Property and other taxes
Other expenses related to rent business
Outsourcing expenses
Utilities expenses
10,996
776
11,772
%
93.4%
Jan. 1, 2012 - Jun. 30, 2012
Amount
%
Amount
%
6.6%
100.0%
11,626
719
12,345
94.2%
5.8%
629
5.7%
-56
-7.3%
100.0%
573
4.9%
Increase/decrease by contract revision:
(Note) The increase/decrease includes variations in 21st period due to factors changed in 20th period)
11,772 100.0%
12,345
100.0%
573
4.9%
1,061
9.0%
1,031
8.4%
-29
-2.8%
• Properties acquired in 20th period:
⚫ Properties acquired in 21st period:
1. Rent revenues
• Properties owned at end of 19th period:
Increase by new move-ins:
-246 mn yen
+267 mn yen
Decrease by cancellation:
-336 mn yen
-183 mn yen
+31 mn yen
+844 mn yen
2,471
21.0%
2,432
19.7%
-39
-1.6%
510
4.3%
496
4.0%
-13
-2.7%
711
6.0%
682
5.5%
-28
-4.0%
Casualty insurance
28
0.2%
27
0.2%
-1
-3.6%
Repairs and maintenance
335
2.9%
347
2.8%
11
3.4%
2. Other rental revenues
⚫ Properties owned at end of 19th period:
Incidental income:
• Properties acquired in 20th period:
- 58 mn yen
- 55 mn
yen]
+2 mn yen
Property management fees
218
1.9%
214
1.7%
-3
-1.7%
Management association accounts
554
4.7%
555
4.5%
1
0.3%
3. Expenses related to rent business
Others
112
1.0%
107
0.9%
-5
-4.5%
• Properties owned at end of 19th period:
- 164 mn yen
Depreciation
1,824
15.5%
1,754
14.2%
-69
-3.8%
Property and other taxes:
Expenses related to rent business (2)
5,357
45.5%
5,217
42.3%
-139
-2.6%
Utilities expenses:
Asset management fees
421
3.6%
443
3.6%
21
5.1%
Depreciation:
- 48 mn yen
-31 mn yen
-71 mn yen
Adm. service/custody fees
74
0.6%
74
0.6%
0
-0.1%
Directors' compensation
6
0.1%
6
0.1%
(Shinjuku Square: -38 mn yen, HDC Kobe; -26 mn yen, and others)
• Properties acquired in 20th period:
Trust fees
43
0.4%
42
0.3%
-1
-2.4%
• Properties acquired in 21st period:
+24 mn yen
+0 mn yen
Other operating expenses
105
0.9%
167
1.4%
61
58.6%
Operating expenses
Operating income
6,009 51.0%
5,952
48.2%
-57
-0.9%
4. Other operating expenses
5,763
49.0%
6,393
51.8%
630
10.9%
Undeductible consumption taxes:
+61 mn yen
Profits ((1) (2))
6,415 54.5%
7,127
57.7%
712
11.1%
Net operating income (NOI)
8,239
70.0%
8,882
71.9%
642
7.8%
5. Non-operating income
Non-operating income
10
0.1%
62
0.5%
51
478.7%
⚫ Settlement of management association accounts
+48 mn yen
Interest expenses (incl. investment corporation bonds)
1,402
11.9%
1,459
11.8%
57
4.1%
Borrowing expenses
147
1.2%
373
3.0%
226
154.1%
6. Interest expenses
Amortization of investment corporation bond issuance costs
Other non-operating expenses
Non-operating expenses
Ordinary income
Income before income taxes
20
0.2%
23
0.2%
3 16.3%
• Interest expenses for loans:
+55 mn yen
3
0.0%
2
0.0%
-1
-41.2%
1,573
Net income
Unappropriated retained earnings
13.4%
4,201 35.7%
4,201 35.7%
4,200 35.7%
4,226
1,858
15.1%
285
18.1%
7. Borrowing expenses
4,597
37.2%
396
9.4%
Fees for early repayment:
+198 mn yen
4,597 37.2%
396
35.9%
Distributions per unit (Note 1)
Total number of units outstanding at end of period
5,876 yen
(715,000)
4,596 37.2%
4,622
6,430 yen
(715,000)
396
37.4%
395
9.4%
9.4%
9.4%
554 yen
(-)
Japan Prime Realty Investment Corporation
(Note 1) With regard to the cash distributions for the 20th and 21st fiscal periods, JPR includes part of the
retained earnings brought forward that were internally reserved through the previous fiscal period,
with the aim of having the profit distributions deducted as expenses based on application of the
special provision on taxation of investment corporations (Article 67-15 of the Act on Special
Measures Concerning Taxation) and in order to minimize the burden to unitholders incurred by
accrual of income taxes, etc., and distributes the amount that is an integral multiple of the number
of investment units outstanding as profit distributions.
(Note 2) Amounts have been rounded down to the nearest specified unit and percentages have been
rounded to the first decimal place.
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