Investor Presentaiton
I.Executive Summary
Value for unitholders grew steadily due to “expansion of the portfolio size” and “internal
growth through investments for revitalization."
The medium-term portfolio size target is ¥500 billion.
Cash
Distribution
External
Growth
9th fiscal period ended July 31, 2017
¥2,926 (+¥51 over disclosed forecast)
Achieved the medium-term target of ¥300 billion
Acquired five properties (¥62.1 billion in total):
AEON MALL Itamikoya, AEON MALL Kagoshima, AEON
MALL Tsuchiura, AEON MALL Kahoku, and AEON
Minami-Osaka RDC
/EON
イオンリート
10th fiscal period ending Jan. 31, 2018 and thereafter
Target stabilized distribution is ¥3,000.
10th period forecast: ¥3,000
(+¥10 over forecast made before capital increase)
11th period forecast: ¥2,855
◆ Accelerate growth to achieve a portfolio size target of
¥500 billion.
Acquire four properties (¥24.5 billion in total):
AEON MALL Shimotsuma, AEON Kireuriwari Shopping
Center, AEON STYLE Kemigawahama, and
Daiei-Ibaraki Process Center
Internal
Growth
Financial
Strategy
◆ Enhanced the profitability and competitiveness of
properties through investments for revitalization
AEON MALL Ota (installation of escalators)
Increase in rents: ¥14.56 million/ year
AEON Mall Yokkaichi Kita (renovation of the food court)
Increase in rents: ¥9.72 million/ year
◆ Strengthened the financial base
Feb.-Mar. 2017 Procured ¥37.5 billion through public
offering (including third-party allotment)
Mar. 2017 Repaid short-term loans before due date to
make them long-term, fixed-rate loans
End of 9th fiscal period LTV: 46.7%
Large-scale floor-space expansion, renovation
Floor-space expansion at AEON MALL Kofu Showa
(Planned to open on November 23, 2017 after renovation with floor-space
expansion; preferential negotiation rights obtained)
AEON MALL Kumamoto
(Planned to open in 2018 after renovation; preferential negotiation rights
planned to obtain)
Promote strategic cash management
Sep.-Oct 2017 Plan to procure ¥15.1 billion through public
offering (including third-party allotment)
LTV after public offering: 45.0% (-1.7% from before capital
increase)
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