Financial Highlights

Operating Revenues (mn Yen)

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* The breakdown of Operating results is described in
  Operating results below.

Operating Income (mn Yen)

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Net Income (mn Yen)

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Distributions per unit (Yen)

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Operating Results

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Fiscal Period Ended Operating revenuesTotal
(mn Yen)
Operating revenues Breakdown
(mn Yen)
Operating Income
(mn Yen)
Ordinary Income
(mn Yen)
Net Income
(mn Yen)
Jun. 2020 (28th) 9,061 Rent revenue – real estate: 8,344
Other rental business revenue: 554
Dividends income: 162
4,276 3,660 3,657
Dec. 2019 (27th) 8,569 Rent revenue – real estate: 7,869
Other rental business revenue: 536
Dividends income: 162
3,983 3,389 3,388
Jun. 2019 (26th) 10,279 Rent revenue – real estate: 7,693
Other rental business revenue: 485
Dividends income: 161
Gain on sales of property: 1,938
5,638 4,994 4,994
Dec. 2018(25th) 10,798 Rent revenue – real estate: 7,764
Other rental business revenue: 604
Dividends income : 165
Gain on sales of property: 2,263
5,327 4,621 4,620
Jun. 2018(24th) 7,924 Rent revenue – real estate: 7,258
Other lease business revenue: 530
Distribution income: 135
3,368 2,769 2,767
Dec. 2017(23rd) 7,610 Rent revenue – real estate: 6,962
Other lease business revenue: 510
Distribution income: 138
2,983 2,400 2,405
Jun. 2017(22nd) 8,025 Rent revenue – real estate: 6,825
Other lease business revenue: 535
Distribution income: 107
Gain on sales of property: 557
3,150 2,527 2,527
Dec. 2016(21st) 7,005 Rent revenue – real estate: 6,388
Other lease business revenue: 509
Distribution income: 108
2,551 1,977 1,976
Jun. 2016(20th) 6,824 Rent revenue – real estate: 6,229
Other lease business revenue: 468
Distribution income: 126
2,462 1,889 1,888
Dec. 2015(19th) 6,579 Rent revenue – real estate: 5,987
Other lease business revenue: 480
Distribution income, other: 111
2,507 1,937 1,936
Jun. 2015(18th) 5,265 Rent revenue – real estate: 4,905
Other lease business revenue: 360
1,683 1,239 1,237
Dec. 2014(17th) 5,173 Rent revenue – real estate: 4,790
Other lease business revenue: 383
1,538 1,087 1,093
Jun. 2014(16th) 5,157 Rent revenue – real estate: 4,795
Other lease business revenue: 362
1,614 1,161 1,160
Dec. 2013(15th) 5,265 Rent revenue – real estate: 4,858
Other lease business revenue: 407
1,650 1,177 1,175
Jun. 2013(14th) 5,457 Rent revenue – real estate: 4,751
Other lease business revenue: 705
646 105 104
Dec. 2012(13th) 5,628 Rent revenue – real estate: 5,113
Other lease business revenue: 437
Gain on sales of property: 77
1,881 1,325 1,323
Jun. 2012(12th) 5,717 Rent revenue – real estate: 5,338
Other lease business revenue: 378
2,072 1,441 1,439
Dec. 2011(11th) 5,776 Rent revenue – real estate: 5,384
Other lease business revenue: 392
2,085 1,416 1,416
Jun. 2011(10th) 5,763 Rent revenue – real estate: 5,379
Other lease business revenue: 383
2,147 1,408 1,396
Dec. 2010(9th) 5,879 Rent revenue – real estate: 5,455
Other lease business revenue: 423
2,156 1,375 1,383
Jun. 2010(8th) 6,012 Rent revenue – real estate: 5,624
Other lease business revenue: 387
Distribution income, other: 0
2,413 1,520 1,518
Dec. 2009(7th) 6,289 Rent revenue – real estate: 5,875
Other lease business revenue: 413
2,593 1,750 1,748
Jun. 2009(6th) 6,397 Rent revenue – real estate: 5,963
Other lease business revenue: 434
2,765 2,078 2,076
Dec. 2008(5th) 6,432 Rent revenue – real estate: 6,005
Other lease business revenue: 426
2,889 2,225 2,224
Jun. 2008年(4th) 7,622 Rent revenue – real estate: 5,900
Other lease business revenue: 395
Gain on sales of property: 1,327
3,873 3,346 3,345
Dec. 2007(3rd) 6,299 Rent revenue – real estate: 5,907
Other lease business revenue: 392
2,866 2,396 2,394
Jun. 2007(2nd) 6,187 Rent revenue – real estate: 5,841
Other lease business revenue: 345
3,111 2,668 2,666
Dec. 2006(1st) 4,129 Rent revenue – real estate: 3,890
Other lease business revenue: 239
2,385 1,829 1,827
 

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Distributions

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Fiscal Period Ended
Distributions per unit (Yen)
(excluding distributions in excess of profit)
Distributions Total (mn Yen)
(excluding distributions in excess of profit)
Payout Ratio
(%)
Ratio of Distributions to Net Assets
(%)
Jun. 2020 (28th) 2,049 3,655 100.0 2.3
Dec. 2019 (27th) 1,955 3,487 102.9 2.2
Jun. 2019 (26th) 2,751 4,520 90.5 3.2
Dec. 2018 (25th) 2,545 4,181 90.5 3.0
Jun. 2018(24th) 1,684 2,767 100.0 2.0
Dec. 2017(23rd) 1,622 2,405 100.0 1.9
Jun. 2017(22nd) 1,580 2,343 92.7 1.8
Dec. 2016(21st) 1,486 1,976 100.0 1.7
Jun. 2016(20th) 1,420 1,888 100.0 1.6
Dec. 2015(19th) 1,456 1,936 100.0 1.6
Jun. 2015(18th) 1,288 1,237 100.0 1.3
Dec. 2014(17th) 1,191 1,094 100.0 1.2
Jun. 2014(16th) 1,263 1,160 100.0 1.3
Dec. 2013(15th) 1,280 1,175 100.0 1.3
Jun. 2013(14th) 113 104 100.0 0.1
Dec. 2012(13th) 1,442 1,323 100.0 1.4
Jun. 2012(12th) 1,568 1,439 100.0 1.6
Dec. 2011(11th) 1,543 1,416 100.0 1.5
Jun. 2011(10th) 1,521 1,396 100.0 1.5
Dec. 2010(9th) 1,506 1,383 99.9 1.5
Jun. 2010(8th) 1,653 1,518 100.0 1.7
Dec. 2009(7th) 1,904 1,748 99.9 1.9
Jun. 2009(6th) 2,261 2,076 100.0 2.2
Dec. 2008(5th) 2,422 2,224 100.0 2.4
Jun. 2008(4th) 3,643 3,345 99.9 3.6
Dec. 2007(3rd) 2,608 2,395 100.0 2.6
Jun. 2007(2nd) 2,904 2,666 99.9 2.9
Dec. 2006(1st) 1,990 1,827 99.9 2.0

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  • Total distributions for June 2017 fiscal period, December 2018 fiscal period and June 2019 fiscal period consists of unappropriated retained earnings at the end of period after transferring ¥183 million(June 2017 fiscal period), ¥439 million(December 2018 fiscal period) and ¥474 million(June 2019 fiscal period) to reserve for reduction entry.
  • Total distributions for the six months ended December 31, 2019 consist of unappropriated retained earnings at the end of period after reversal of reserve for reduction entry of property amounting to ¥98 million.
  • Percentage of "Payout ratio" is rounded down the first decimal place.
  • "Payout ratio" for June 2015, December 2015, June 2017, June 2018 and December 2019 fiscal period are calculated by following formula because new investment units were issued.
    Payout ratio = Total of distributions (excluding distributions in excess of profit) / Net income *100

Financial Position

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Fiscal Period Ended Total Assets
(mn Yen)
Net Asset
(mn Yen)
Ratio of net assets to total assets
(%)
Net asset value per unit
(Yen)
Jun. 2020(28th 301,502 156,196 51.8 87,548
Dec. 2019(27th 301,075 156,027 51.8 87,453
Jun. 2019(26th) 274,736 142,070 51.7 86,463
Dec. 2018(25th) 280,790 141,257 50.3 85,969
Jun. 2018(24th) 272,674 139,404 51.1 84,840
Dec. 2017(23rd) 248,837 127,737 51.3 86,127
Jun. 2017(22nd) 248,821 127,675 51.3 86,085
Dec. 2016(21st) 225,916 117,220 51.9 440,635
Jun. 2016(20th) 227,686 117,131 51.4 440,304
Dec. 2015(19th) 226,099 117,180 51.8 440,484
Jun. 2015(18th) 174,117 94,045 54.0 489,757
Dec. 2014(17th) 168,823 91,466 54.2 498,116
Jun. 2014(16th) 168,762 91,532 54.2 498,477
Dec. 2013(15th) 168,939 91,548 54.2 498,563
Jun. 2013(14th) 173,711 90,476 52.1 492,726
Dec. 2012(13th) 175,445 91,696 52.3 499,369
Jun. 2012(12th) 176,300 91,812 52.1 499,998
Dec. 2011(11th) 176,561 91,789 52.0 499,873
Jun. 2011(10th) 176,885 91,769 51.9 499,763
Dec. 2010(9th) 177,198 91,755 51.8 499,691
Jun. 2010(8th) 177,294 91,891 51.8 500,427
Dec. 2009(7th) 178,515 92,121 51.6 501,682
Jun. 2009(6th) 178,396 92,449 51.8 503,467
Dec. 2008(5th) 178,744 92,596 51.8 504,271
Jun. 2008(4th) 179,916 93,717 52.1 510,376
Dec. 2007(3rd) 167,461 92,767 55.4 505,201
Jun. 2007(2nd) 167,905 93,039 55.4 506,682
Dec. 2006(1st) 166,268 92,199 55.5 502,110

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  • Net asset value per unit in the above table shows pro forma per unit information which has been adjusted to reflect the Unit Split as if it had been effective on January 1, 2017.

Cash flows

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Fiscal Period Ended
Net cash provided by Operating activities
(mn Yen)
Net cash provided by Investing activities
(mn Yen)
Net cash provided by Financing activities
(mn Yen)
Cash and cash equivalents at end of period
(mn Yen)
Jun. 2020(28th) 6,070 -1,081 -3,519 15,906
Dec. 2019(27th) 3,585 -27,892 21,544 14,436
Jun. 2019(26th) 16,534 -4,532 -11,080 17,199
Dec. 2018(25th) 20,665 -25,007 4,100 16,277
Jun. 2018(24th) 3,691 -23,114 19,828 16,518
Dec. 2017(23rd) 3,993 -821 -2,341 16,113
Jun. 2017(22nd) 13,974 -28,617 18,718 15,282
Dec. 2016(21st) 3,007 -737 -3,512 11,207
Jun. 2016(20th) 3,853 -511 -591 12,448
Dec. 2015(19th) 3,245 -51,916 47,801 9,697
Jun. 2015(18th) 2,267 -8,526 3,699 10,567
Dec. 2014(17th) 2,261 -297 -1,286 13,126
Jun. 2014(16th) 2,494 -499 -1,296 12,449
Dec. 2013(15th) 2,427 -2,317 -6,230 11,751
Jun. 2013(14th) 8,578 -3,844 -1,447 17,871
Dec. 2012(13th) 3,562 -939 -1,563 14,584
Jun. 2012(12th) 2,810 -654 -1,541 13,524
Dec. 2011(11th) 2,419 -596 -1,524 12,909
Jun. 2011(10th) 2,837 -713 -1,509 12,611
Dec. 2010(9th) 2,362 -640 -1,520 11,997
Jun. 2010(8th) 2,737 -1,801 -1,754 11,795
Dec. 2009(7th) 2,104 -1,061 -2,073 12,614
Jun. 2009(6th) 3,142 -1,422 -2,224 13,644
Dec. 2008(5th) 2,970 -4,494 -3,344 14,149
Jun. 2008(4th) 10,119 -11,651 8,604 19,017
Dec. 2007(3rd) 3,279 -1,741 -2,660 11,945
Jun. 2007(2nd) 6,244 -5,554 -1,811 13,068
Dec. 2006(1st) 1,241 -138,627 151,576 14,190

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※ Consumption tax, etc. is not included in operating revenues, etc.
※ Figures in the above table and graphs are truncated and the ratios are rounded to the relevant digit unless otherwise indicated.