DAIWA HOUSE REIT INVESTMENT CORPORATION (September 1, 2015 － February 29, 2016)
(Asset Management Company)
DAIWA HOUSE
ASSET MANAGEMENT Co., Ltd.
Financial Instruments Dealer, Kanto Financial Bureau Director (Kin-sho) No. 409
Member of The Investment Trusts Association, Japan
M a n a g e m e n t H i g h l i g h t A P P E N D I X
Page | |
2 | Overview of Daiwa House Residential Investment Corporation ("DHI") |
3 | 20th Fiscal Period Results Highlights |
4 | 20th Fiscal Period (ended Feb. 2016) Result and 21th Fiscal Period (ending Aug. 2016) Forecast |
5 | 20th Fiscal Period (ended Feb. 2016) and 21st Fiscal Period (ending Aug. 2016) Breakdown of Net Income |
6 | Internal Growth (1) Occupancy Rate Trend |
7 | Internal Growth (2) Rents at Tenant Replacement |
Page | |
8 | Internal Growth (3) NOI YieldPortfolio |
9 | Distribution (Residence) |
10 | Financial Conditions (1) Financial Strategy and Debt Costs |
11 | Financial Conditions (2) Status of Interest-bearing Debt |
12 | Conditions of Unrealized Gain and Loss and NAV Per Unit |
13 | Non-conformance with the Minister's Certification of Seismic Isolation Materials Manufactured by Toyo Tire & Rubber Co., Ltd. |
Page | |
15 ～19 | Appraisal Value Comparison Table |
20 ～21 | Summary of Financial Results / Selected Financial Data |
22 ～24 | Balance Sheet |
25 | Income Statement |
26 ～27 | Unitholders |
28 | Unit Prices since 2006 |
*) All amounts shown in this material are rounded down to the nearest unit, and for all percentages, figures are rounded off to the nearest unit.
Overview | |
① | DHI is a residential-focused J-REIT that mainly invests in residential properties with stable rent and occupancy rate. |
② | DHI closely works in cooperation with our sponsor, Daiwa House Group, to secure a steady increase in our assets under management. |
③ | Stabilize distributions by utilizing retained earnings 17.8 billion yen*). |
*) The amount of retained earnings indicates after a reversal of internal reserves as end of February 2016. The amount before such reversal is 18.0 billion yen.
19th Fiscal period (as of August 31, 2015)
20th Fiscal period (as of February 29, 2016)
Variation
Number of Owned Properties | 141 | Properties |
Leasable Units | 11,345 | units |
Total Leasable Area | 503,899.79 | ㎡ |
Total Assets | 258,400 | million yen |
Portfolio Size *1) | 255,376 | million yen |
Net Assets | 111,352 | million yen |
Number of Outstanding Units Issued | 747,740 | units |
Net Assets per Unit | 148 | thousand yen |
NAV per Unit | 185 | thousand yen |
Occupancy Rate (average during the period) | 95.9 | % |
Total Interest-bearing Liabilities | 141,663 | million yen |
LTV *2) | 54.8 | % |
142 | Properties |
11,426 | units |
505,935.16 | ㎡ |
258,590 | million yen |
256,349 | million yen |
111,194 | million yen |
747,740 | units |
148 | thousand yen |
191 | thousand yen |
96.1 | % |
141,663 | million yen |
54.8 | % |
＋1 | Properties |
＋81 | units |
＋2,035.37 | ㎡ |
＋189 | million yen |
＋973 | million yen |
△157 | million yen |
△0 | thousand yen |
＋6 | thousand yen |
+0.2 | point |
Rating Agency | Type | Rating |
Rating and Investment Information, Inc. (R&I) | Issuer rating | A+ (Stable) |
Japan Credit Rating Agency, Ltd. (JCR) | Long-Term Issuer Rating | AA- (Stable) |
Type | Rating |
Issuer rating | A+ (Stable) |
Long-Term Issuer Rating | AA- (Stable) |
*1) Purchase price basis; same as below
*2) LTV (loan-to-value) = interest-bearing liabilities at end of fiscal period /total assets at end of fiscal period × 100
External Growth Internal Growth
External growth achievements
18th Fiscal Period
(as of Feb. 28, 2015)
19th Fiscal Period
(as of Aug. 31, 2015)
20th Fiscal Period
(as of Feb. 29, 2016)
Number of Properties
136 properties
141 properties
142 properties
Portfolio Size
237.6 billion yen
255.3 billion yen
256.3 billion yen
【Portfolio Size】
Properties Acquired in 20th Fiscal Period (ended Feb. 2016)
＜ Castalia Kyoto Nishioji＞
Rents at Tenant Replacement
Rents bottomed out in 16th fiscal period (ended Feb. 2014) and have increased steadily. In 20th fiscal period (ended Feb. 2016), rents increased by 764 thousand yen in total.
18th Fiscal Period
(as of Feb. 28, 2015)
19th Fiscal Period
(as of Aug. 31, 2015)
20th Fiscal Period
(as of Feb. 29, 2016)
Rent Increases
/ Decreases
(50) thousand yen
＋1,580 thousand yen
＋764 thousand yen
The details are on page 7
Occupancy Rate
Average occupancy rate of 96.1% was secured in 20th fiscal period. This is higher than the forecast (95.0%).
18th Fiscal Period
(as of Feb. 28, 2015)
19th Fiscal Period
(as of Aug. 31, 2015)
20th Fiscal Period
(as of Feb. 29, 2016)
Occupancy Rate
(Average during the Period)
96.8%
95.9%
96.1%
Occupancy Rate
(End of Fiscal Period)
97.1%
95.9%
96.0%
The details are on page 6
Long-term Repair Work, etc. were Executed Ahead of Schedule
As operating revenue was on track to exceed the forecast, long-term repair work, etc. scheduled for next fiscal period and beyond were executed ahead of schedule, thus reducing the future cost burden.
Location
Kyoto city, Kyoto
Structure / Floor
RC, 11F
Completion
August 2006
NOI yield *)
5.6%
Acquisition Price
973 million yen
Acquisition Date
November 2, 2015
Seller
Company engaged in general business in Japan
（unit: million yen）
19th Actual
(as of Aug. 31, 2015)
20th Forecast
(as of Feb. 29, 2016)
20th Actual
(as of Feb. 29, 2016)
Repair Expenses
239
261
383
Restoration Costs
291
228
208
CAPEX
293
860
968
Total
824
1,349
1,560
*) Net rental income shown in the real estate appraisal report at the time of purchase / acquisition price
20th Fiscal Period (ended February 2016) Result and
21th Fiscal Period (ending August 2016) Forecast
(unit: million yen)
20th Forecast *1)
20th Actual
21th Forecast
(ended Feb. 2016)
(ended Feb. 2016)
(ending Aug. 2016)
Management Period
182 days
182 days
184 days
Operating Revenue
9,565
9,662
9,645
Operating Expenses
5,625
5,715
5,714
Expenses related to rent business
4,594
4,688
4,724
Other expenses
1,031
1,027
990
Operating Income
3,939
3,947
3,930
Ordinary Income
3,158
3,177
3,193
Net Income
3,157
3,177
3,192
Reversal of retained earnings
(10% of depreciation and amortization)
199
200
202
Securing of retained earnings (Toyo Tire problem)
－
(12)
(23)
Total Distributions
3,357
3,365
3,372
20th Actual (compared with forecast)
Variation
Ratio
＋96
＋1.0%
＋89
＋1.6%
＋93
＋2.0%
(4)
(0.4) %
＋7
＋0.2%
＋19
＋0.6%
＋19
＋0.6%
+1
+0.6%
(12)
－
＋8
＋0.2%
21st Forecast (compared with most recent actual results)
Variation
Ratio
(16)
(0.2)%
(0)
(0.0)%
＋36
＋0.8%
(36)
(3.6)%
(16)
(0.4)%
＋15
＋0.5%
＋15
＋0.5%
＋2
＋1.0%
(10)
(85.7)%
＋6
＋0.2%
・As a result of high occupancy rates and property acquisitions, operating revenue increased for 6 consecutive fiscal periods. Operating income slightly exceeded the forecast, even though repair work, etc. was executed ahead of schedule.
・Ordinary income through net income was higher than the forecast mainly as a result of a lower base rate on loans and reduced borrowing costs due to refinancing.
・Concerning restoration costs of vacant properties relating to the Toyo Tire problem, as construction will be concentrated after the repair work for the exchange of the substandard seismic isolation materials, a portion of retained earnings has been allocated to evenly spread the impact on the financial performance.
Net Income per Unit
4,223 yen
4,248 yen
4,269 yen
Reversal of Retained Earnings per Unit
267 yen
252 yen
240 yen
Distribution per Unit
4,490 yen
4,501 yen
4,510 yen
Outstanding Units issued at end of fiscal period
[747,740] units
[747,740] units
[747,740] units
＜Per unit Information＞
*1) Forecasts for the 20th fiscal period announced on October 8, 2015.
＋21 yen
＋0.5%
(12) yen
(4.8)%
＋9 yen
＋0.2%
＋25 yen ＋0.6%
(15) yen (5.6)%
＋11 yen ＋0.2%
20th Fiscal Period (ended Feb. 2016) and 21st Fiscal Period (ending Aug. 2016) Breakdown of Net Income
20th Fiscal Period (ended Feb. 2016) Breakdown of Actual Net Income (compared with forecast)
（unit: million yen）
Total Distributions 3,357
(4,490 yen/unit)
Operating revenue
+96
Other
Real estate
commissions
Real estate expenses
(93)
Repair
expenses
Total Distributions 3,365
（4,501 yen/unit）
Reversal of
retained earnings
Net Income
3,157
Rental income
↑
＋99
revenues
(3)
↓
↑
Occupancy Rates
95.0％ ⇒ 96.1％+52
(121)
↓
Restoration costs
↑
+19
Depreciation
And amortization
(10)
↓
Other expenses
(33)
↓
SG&A
expenses
+4
↑
Non-recurring expenses
(interest expenses and other)
+11
↑
Net Income
3,177
+188
(+252 yen/unit)
20th Forecast
21st Fiscal Period (ending Aug. 2016) Breakdown of Forecast Net Income
(compared with previous fiscal period)20th Actual
（unit: million yen）
Total Distributions 3,365
(4,501 yen/unit)
Operating revenue
(16)
Real estate expenses
(36)
Total Distributions
3,372
（4,510 yen/unit）
Reversal of
retained earnings
+179
Net Income
3,177
20th Actual
Rental income
(64)
↓
Other revenues
↑
＋48
Real estate commissions
(79)
↓
Repair
expenses Restoration costs
↑
＋85
Tax
and public charges
(65)
↓
Other expenses
+23
↑
SG&A
expenses
+36
↑
Non-recurring expenses
(interest expenses and other)
+31
↑
Net Income
3,192
21st Forecast
Planned Occupancy Rates
95.0%(+240 yen/unit)
Internal Growth (1) Occupancy Rate Trend
Portfolio Occupancy Rate
100%
95%
Occupancy rate (average during the period)
96.5%
New contract downtime*
66 days
96.8%
76 days
95.9% (97.0%)
60 days
96.1% (97.4%)
67 days
90%
*) "New contract downtime" is the average number of days between the cancellation date of the former contract and the starting date of the new contract for the new contract residential units (including stores) of residential properties during each period.
15th
16th
17th Fiscal Period (August 2014)
18th Fiscal Period (February 2015)
19th Fiscal Period (August 2015)
20th Fiscal Period (February 2016)
Aug.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
2015
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
2016
Jan.
Feb.
Total (%)
96.7
96.8
96.8
96.2
96.1
96.4
96.5
96.7
96.9
96.7
96.7
96.5
96.7
97.1
97.0
（97.4）
95.2
(96.6)
95.8
(97.0)
95.7
(97.0)
95.7
（96.9）
95.9
（97.1）
96.0
（97.3）
96.1
（97.4）
96.2
（97.5）
96.0
（97.3）
96.1
（97.4）
96.0
（97.3）
Area 1
96.6
96.3
96.2
95.1
94.7
95.4
95.2
95.7
96.0
96.0
96.4
95.9
96.7
97.1
97.3
96.2
96.4
96.3
96.5
96.9
96.5
96.9
97.5
97.3
97.8
97.2
Area 2
96.3
96.8
96.9
96.2
95.8
95.5
95.6
95.4
95.4
95.6
95.8
95.7
95.9
97.1
97.0
96.3
96.9
96.8
96.5
96.7
97.0
97.3
97.6
97.5
97.4
97.4
Area 3
99.9
98.5
99.3
99.0
99.1
99.2
99.2
99.2
99.4
99.4
99.6
99.5
99.4
99.6
99.6
99.4
99.5
99.6
99.6
99.6
99.7
99.7
99.6
99.5
99.3
99.8
Area 4
96.2
96.8
96.2
96.0
96.3
96.7
97.1
97.5
97.8
96.9
96.3
96.2
96.2
96.1
95.6
(96.8)
91.6
(95.7)
91.7
(95.9)
91.7
(95.8)
91.7
(95.8)
91.8
(96.0)
92.3
（96.5）
92.0
（96.3）
91.8
（96.0）
91.4
（95.6）
91.4
（95.6）
91.4
（95.5）
Retail
100
-
*) The figures in parentheses of Area 4 indicate occupancy rate exclude Crest Kusatsu.
Internal Growth (2) Rents at Tenant Replacement
Rents at Tenant Replacement
Following a positive turnaround for rents in the 16th fiscal period, steady rent increases at the time of tenant replacement have generally continued. In the 20th fiscal period, the total monthly rent increased by 764 thousand yen.
20th Fiscal Period (ended Feb. 2016)
Rent increase ■ No change ■ Rent decrease
(Ratio of number of tenants replacement)
46.8%
26.6%
26.7%
51.5%
21.2% 27.3%
46.7%
23.7%
29.6%
54.3%
21.0%
24.8%
47.9%
23.4%
28.7%
Total change in monthly rents
+764 thousand yen
19th Fiscal Period +1,580 thousand yen
(ended Aug. 2015)
18th Fiscal Period (ended Feb. 2015)
17th Fiscal Period
(ended Aug. 2014)
16th Fiscal Period (ended Feb. 2014)
0% 20% 40% 60% 80% 100%
thousand yen
+754 thousand yen
+140 thousand yen
Amount and Ratio of Rent Increases and Decreases (by Area)
Rents increased in all Area.
Rent increase amount (unit: thousand yen) Rent decrease amount (unit: thousand yen) Rent increase ratio (right axis) Rent decrease ratio (right axis)
【Area 1】 3,000 【Area 2】
50.0%
2,000
3,000
2,000
60.0%
40.0%
20.0%
1,000
0
(1,000)
0.0%
1,000
0
(1,000)
0.0%
(2,000)
800
16th 17th 18th 19th
(2,000)
20th 16th 17th 18th 19th 20th
3,000
80.0%
【Area 3】
600
400
200
0
(200)
(400)
(600)
50.0%
0.0%
【Area 4】
2,000
1,000
0
(1,000)
40.0%
0.0%
16th 17th 18th 19th 20th 16th 17th 18th 19th20th
7
Internal Growth (3) NOI Yield and Implementation of Upgrade Work
6.0%
Portfolio NOI yield Trend
5.5%
5.0%
4.99%
5.13%
5.05%
5.48%
5.42%
5.49%
5.42%
5.59%
5.49%
5.53%
5.42%
5.47%
8th Fiscal Period ended Nov. 2009 | 9th Fiscal Period ended Aug. 2010 | 10th Fiscal Period ended Feb. 2011 | 11th Fiscal Period ended Aug. 2011 | 12th Fiscal Period ended Feb. 2012 | 13th Fiscal Period ended Aug. 2012 | 14th Fiscal Period ended Feb. 2013 | 15th Fiscal Period ended Aug. 2013 | 16th Fiscal Period ended Feb. 2014 | 17th Fiscal Period ended Aug. 2014 | 18th Fiscal Period ended Feb. 2015 | 19th Fiscal Period ended Aug. 2015 | 20th Fiscal Period ended Feb. 2016 |
4.5%
4.53%
DHI rental NOI for the current fiscal period (rent revenue + other rent revenue - expenses related to rent business + depreciation and amortization) | x 365 days / number of days in the fiscal period | ||
*) Portfolio NOI yield（％）＝ | ×100 | ||
Total of (acquisition price x number of days owned during the fiscal period / number of days in the fiscal period) for each owed property | |||
Implementing Upgrade Work
Castalia Harajuku (Age 15 years)
DHI conducted building-wide renovations including new equipments.
The white base color gives a warmer ambience.
Castalia Nishi Funabashi (Age 15 years)
The age-revealing design was changed and the look at nighttime was brightened
Crest Kusatsu (Age 17 years, condominium complex for students）
DHI conducted building-wide large-scale renovations to produce bright and lively spaces
Portfolio Distribution (Residence)
Portfolio Distribution (as of February 29, 2016)
Continued investment particularly in Tokyo Metropolitan area, where population growth is expected, and investment in major regional cities, where populations are expected to be concentrated
Area 3
(Tokyo Metropolitan area)
12.1%
36.2%
Area 2
(Other
23 wards)
32.4%
Family (More than 60m² )
19.5%
Compact (60m² or less) 80.5%
1 to 5 years 2.2%
Over 10 years
54.0%
5 to 10 years
43.8%
(Average: 10.3 years)
Investment primarily in compact types (60m² or less: 80.5%) with monthly rents of less than 200,000 yen per unit per month (87.5%), with relatively low total rents and more stable occupancy rates and rent levels
By Area
By Type
By Age of Property
Area 4
(Other)
19.3%
Area 1
(5 central
wards)
Monthly Rent Range
Leasable Area Range
Walking Distance from Station
Over
¥500,000
Less than
¥500,000
Less than
¥300,000
Less than
¥250,000
Less than
¥200,000
Less than
¥150,000
Less than
¥100,000
10 minutes and more
(Units)
(Units)
Less than
¥200,000: 87.5％
average rent: ¥132,981 /month
Less than 60㎡:
80.5％
Over 100m²
Less than 100m² Less than 90m² Less than 80m²
Less than 70m² Less than 60m² Less than 50m²
Less than 40m²
Less than 30m²
average leasable area: 41.91㎡
1 to 3 minutes
8 to 10
minutes
7.5%
14.7%
28.0%
28.7%
21.0%
5 to 8 minutes
3 to 5 minutes
*1) Value by area and by age of property is calculated based on acquisition prices. Value by type is calculated based on the number of residential units in each classification.
*2) Areas are defined as follows: (1) 5 central wards (Area 1): Chiyoda Ward, Chuo Ward, Minato Ward, Shibuya Ward and Shinjuku Ward, (2) Other 23 wards (Area 2): 23 wards of Tokyo excluding Area 1, (3) Tokyo Metropolitan area (Area 3): Tokyo excluding Area 1 and Area 2, Kanagawa Prefecture, Saitama Prefecture and Chiba Prefecture, and (4) Other (Area 4): Other cities with populations of more than approx. 100,000
*3) Types are defined as follows: Compact: leasable area of less than 60m² / Family: leasable area of over 60m²
*4) "Monthly rents" is defined as monthly rents for 142 residential units (excluding Senior Housing, stores) described on lease agreements concluded with end tenants and in force as of February 29, 2016 (including common servi ce fees, but not usage fees for attached facilities such as monthly parking bays and storage rooms, and consumption taxes); for rent guarantee properties with master leases, monthly rent for each unit is calculated by equally apportioning the monthly master rent to each unit based on floor area.
*5) Senior Housing is not included in calculations of investment ratio by area, type, age, walking distance, monthly rent or leasable area.
Financial Conditions (1) Financial Strategy and Debt Costs
Financial Strategy
Progress of Reducing Debt Costs
Establish a bank formation with financial institutions that have close relationships with Daiwa House
Control LTV within a conservative range of approximately 50% to 55%
Focus on extending loan terms and reducing debt costs, and use a 10 billion yen commitment line to support flexible property acquisition
Date of refinancing | Amount refinanced (billion yen) | Change in debt costs *1) | Debt costs per unit change (yen/ fiscal period) *2) | ||
September 2011 | 31.8 | 1.93% | 1.34% | (147) | |
March 2012 | 18.0 | 1.48% | 1.31% | (23) | |
July 2012 | 12.4 | 2.24% | 0.93% | (127) | |
January and February 2013 | 26.5 | 1.32% | 1.04% | (59) | |
January 2014 | 3.5 | 1.28% | 1.04% | (5) | |
January 2015 | 14.8 | 1.78% | 0.64% | (114) | |
December 2015 | 10.5 | 1.79% | 0.75% | (73) | |
Financial Position during the 20th Fiscal Period (ended February 2016)
The LTV level at the end of the period has not changed owing to the acquisition of
Castalia Kyoto Nishioji using funds on hand.
End of 19th 54.8% → End of 20th 54.8%
Through refinancing, DHI is continually reducing debt costs (see "Progress of Reducing Debt Costs" on right) and extending loan terms.
Transition of Debt Costs *) and LTV at the End of the Fiscal Period
Merger with NCR on April 1, 2010
Equity offering
in September 2011
Debt costs
*1) Base rate + spread + other financing related expenses
*2) Based on number of units outstanding at date of refinancing, taking into account the 2-for-1 split of investment units on March 1, 2013 and March 1, 2015.
at period end (%)
2.4
2.1
1.8
Equity offering
in March 2013
Equity offering
2.20 LTV Debt costs at period end | ||||||||||||||||||||||||||
61.8 61.0 61.1 56.5 55.8 56.6 54.8 54.8 | ||||||||||||||||||||||||||
52.8 | 1.66 | 1.68 | 1.70 | |||||||||||||||||||||||
1.55 | 1.38 | 1.32 | 53.0 | 1.09 | 1.00 | |||||||||||||||||||||
1.31 | 1.30 | 1.30 | 1.16 | |||||||||||||||||||||||
in October 2013
51.151.1 51.3
LTV (%)
100
80
60
1.5 40
1.2 20
0.9 | 8th | 9th | 10th | 11th | 12th | 13th | 14th | 15th | 16th | 17th | 18th | 19th | 20th | 0 |
(ended | (ended | (ended | (ended | (ended | (ended | (ended | (ended | (ended | (ended | (ended | (ended | (ended | ||
Nov. 2009) | Aug. 2010) | Feb. 2011) | Aug. 2011) | Feb. 2012) | Aug. 2012) | Feb. 2013) | Aug. 2013) | Feb. 2014) | Aug. 2014) | Feb. 2015) | Aug. 2015) | Feb. 2016) |
*) Excluding commitment line and rounded to two decimal places.
Financial Conditions (2) Status of Interest-bearing Debt
Status of Interest-bearing Debt (as of February 29, 2016) (unit: millionyen)Loans | Lenders | Balance | Interest Rate | Drawdown Date | Maturity | Duration |
Term Loan 4 | 8 financial institutions | 31,800 | 1.096% * (Fixed) ＜Spread 0.65%＞ | Sep. 30, 2011 | Sep. 30, 2016 | 5 years |
Term Loan 5 | 4 financial institutions | 7,000 | 1.025% * (Fixed) ＜Spread 0.6%＞ | Mar. 27, 2012 | Mar. 31, 2017 | 5 years |
Term Loan 6 | 3 financial institutions | 7,000 | 1.025% * (Fixed) ＜Spread 0.6%＞ | Mar. 27, 2012 | Mar. 31, 2017 | 5 years |
Term Loan 7 | 4 financial institutions | 12,400 | 0.69536% * (Fixed) ＜Spread 0.45%＞ | July 31, 2012 | July 31, 2017 | 5 years |
Term Loan 8 | 8 financial institutions | 7,600 | 0.37545% (Variable) ＜Spread 0.3%＞ | Jan. 31, 2013 | Mar. 31, 2016 | 3.2 years |
Term Loan 9 | 8 financial institutions | 17,410 | 0.9585% * (Fixed) ＜Spread 0.5%＞ | Jan. 31, 2013 Feb. 28, 2013 | Jan. 31, 2020 | 6.11 years 7 years |
Term Loan 10 | 9 financial institutions | 6,858 | 0.6076% * (Fixed) ＜Spread 0.3%＞ | Jan. 30, 2015 | Jan. 31, 2022 | 7 years |
Term Loan 11 | 12 financial institutions | 10,000 | 0.661% * (Fixed) ＜Spread 0.3%＞ | May 1, 2015 | Apr. 28, 2022 | 7 years |
Term Loan 12 | 7 financial institutions | 10,500 | 0.585% * (Fixed) ＜Spread 0.3%＞ | Dec. 28, 2015 | Dec. 28, 2022 | 7 years |
Resona Bank-1 | Resona Bank, Ltd. | 1,095 | 0.77091% (Variable) ＜Spread 0.6%＞ | Mar. 26, 2012 | Mar. 31, 2017 | 5 years |
Bank of Tokyo-Mitsubishi UFJ-1 | Bank of Tokyo-Mitsubishi UFJ | 4,000 | 1.07% (Fixed) | Mar. 27, 2012 | Mar. 27, 2019 | 7 years |
Development Bank of Japan Inc-1 | Development Bank of Japan Inc. | 1,500 | 0.96375% (Fixed) | Jan. 31, 2013 | Jan. 31, 2020 | 7 years |
Norinchukin Bank-1 | Norinchukin Bank | 3,500 | 0.89825% * (Fixed) ＜Spread 0.4%＞ | Jan. 31, 2014 | Jan. 31, 2021 | 7 years |
Development Bank of Japan Inc-2 | Development Bank of Japan Inc. | 2,000 | 0.8825% (Fixed) | Jan. 30, 2015 | Jan. 31, 2024 | 9 years |
Mizuho Bank-1 | Mizuho Bank, Ltd. | 3,250 | 0.25045% (Variable) ＜Spread 0.175%＞ | May 1, 2015 | Apr. 28, 2016 | 1 year |
Bank of Tokyo-Mitsubishi UFJ-2 | Bank of Tokyo-Mitsubishi UFJ | 3,250 | 0.25045% (Variable) ＜Spread 0.175%＞ | May 1, 2015 | Apr. 28, 2016 | 1 year |
Sumitomo Mitsui Trust Bank-1 | Sumitomo Mitsui Trust Bank | 1,750 | 0.25045% (Variable) ＜Spread 0.175%＞ | May 1, 2015 | Apr. 28, 2016 | 1 year |
Sumitomo Mitsui Banking Corporation-1 | Sumitomo Mitsui Banking Corporation | 1,750 | 0.25045% (Variable) ＜Spread 0.175%＞ | May 1, 2015 | Apr. 28, 2016 | 1 year |
No. 1 Bonds | No. 1 Unsecured Bonds | 3,000 | 1.12％ (Fixed) | Mar. 9, 2012 | Mar. 9, 2017 | 5 years |
No. 2 Bonds | No. 2 Unsecured Bonds | 3,000 | 0.35％ (Fixed) | Jan. 22, 2015 | Jan. 22, 2021 | 6 years |
No. 3 Bonds | No. 3 Unsecured Bonds | 3,000 | 0.67％ (Fixed) | Jan. 22, 2015 | Jan. 22, 2025 | 10 years |
Total Interest-bearing Debt (million yen) | 141,663 |
*) The interest rate fixed in effect by the interest rate swap agreements.
11
Conditions of Unrealized Gain and Loss and NAV Per Unit
Movement in Unrealized Gain and Loss and NAV Per Unit *1)
(million yen)
Unrealized gain (left axis) Unrealized loss (left axis) ▲ NAV per unit (right axis)
(yen)
12th Fiscal Period (ended Feb. 2012) | 13th Fiscal Period (ended Aug. 2012) | 14th Fiscal Period (ended Feb. 2013) | 15th Fiscal Period (ended Aug. 2013) | 16th Fiscal Period (ended Feb. 2014) | 17th Fiscal Period (ended Aug. 2014) | 18th Fiscal Period (ended Feb. 2015) | 19th Fiscal Period (ended Aug. 2015) | 20th Fiscal Period (ended Feb. 2016) | ||
Unrealized gain and loss (million yen) | (7,661) | (5,389) | (1,260) | 4,914 | 10,292 | 15,258 | 21,328 | 27,311 | 31,963 | |
Appraisal CAP Rate *2) | 5.7% | 5.6% | 5.6% | 5.5% | 5.4% | 5.3% | 5.2% | 5.1% | 5.1% | |
Area 1 | 5.3% | 5.2% | 5.2% | 5.1% | 5.0% | 4.9% | 4.8% | 4.7% | 4.6% | |
Area 2 | 5.5% | 5.5% | 5.4% | 5.3% | 5.2% | 5.1% | 4.9% | 4.9% | 4.8% | |
Area 3 | 6.5% | 6.4% | 6.3% | 6.3% | 6.1% | 6.2% | 6.0% | 5.9% | 5.9% | |
Area 4 | 6.4% | 6.3% | 6.3% | 6.2% | 6.1% | 6.0% | 5.9% | 5.8% | 5.7% | |
*1) DHI implemented 2-for-1 splits of investment units effective March 1, 2013 and March 1, 2015. Consequently, for all of the fiscal periods prior to and including the 14th fiscal period (ended Feb. 2013), the impacts of these investment unit splits are factored in for each period, and the figures presented for NAV per unit are divided by 4 with amounts rounded down to the nearest unit. In addition, for the 15th period and after, the impact of the investment unit split effective March 1, 2015, is factored in, and the figures presented for NAV per unit are divided by 2 with amounts rounded down to the nearest unit.
*2) Calculated by dividing the total of the net operating income shown in the real estate appraisal reports for the portfolio properties at the end of each fiscal period by the total estimated properties value calculated by the direct capitalization method.
12
Non-conformance with the Minister's Certification of Seismic Isolation Materials Manufactured by Toyo Tire & Rubber Co., Ltd.
Background of Non-conformance with the Minister's Certification of Seismic Isolation Materials Manufactured by Toyo Tire & Rubber Co., Ltd.
March 13, 2015 (Fri.)
March 17, 2015 (Tue.)
In response to "Concerning non-conformance, etc., with the Minister's certification of seismic isolation materials manufactured by Toyo Tire & Rubber Co., Ltd." announced by the Ministry of Land, Infrastructure, Transport and Tourism ("MLIT"), DHI started investigations of its portfolio properties.
Toyo Tire & Rubber Co., Ltd. ("Toyo Tire") notified DHI of the use of seismic isolation materials (seismic isolation rubber bearings for building construction) ("seismic isolation rubber") that are substandard to the performance standards for certification by MLIT at one of its portfolio properties (the "applicable property").
Confirmation of the Safety of the Applicable Property and Replacement and Repair Works
DHI confirmed that MLIT had third-parties to conduct evaluations regarding the result of investigations on the structural safety from Toyo Tire, and publicly announced on March 31, 2015 that the applicable property is resistant to earthquakes with a seismic intensity of 6-upper to 7 or equivalent, and there is no risk of collapsing from such earthquakes.
On May 29, 2015, DHI received a commitment from Toyo Tire that it would exchange all the substandard seismic isolation materials of the applicable property, and that it would bear the procurement costs for the replacement material for the exchange, the construction costs for the installation of the replacement material, and the cost of structural calculation and the cost of design changes, etc. assuming the replacement material.
DHI intends to confirm schedules and construction dates, etc. with Toyo Tire for exchange of substandard seismic isolation materials and work toward a resolution as soon as possible.
Impact on the Financial Performance
Although leasing activities for the applicable property have resumed, because the leasing activities are being conducted based on the assumption that the substandard seismic isolation materials will be exchanged, it is difficult to secure a stable occupancy rate.
In relation to the operation of the applicable property, DHI is in negotiation with Toyo Tire and Toyo Chemical Industrial Products Co., Ltd. ("Toyo Tire, etc.") concerning compensation demands for lost income incurred for the period until when the exchange of the substandard seismic isolation materials is completed and the occupancy rate of the applicable property normalizes. DHI has entered into a Compensation Agreement with Toyo Tire, etc. on October 30, 2015.
In principle, DHI plans to put restoration work on hold until the exchange of the substandard seismic isolation materials is completed. Therefore, as construction work costs, etc. are expected to be concentrated at the time of completing of such exchange. DHI plans to make a funding allocation for repair costs, etc. of the affected buildings from the current fiscal period, allocating a total of 35,583 thousand yen in retained earnings, 12,454 thousand yen in 20th fiscal period (ended Feb. 2016) and 23,129 thousand yen in the 21st fiscal period (ending Aug. 2016) to evenly spread the impact on the financial performance.
13
ＡＰＰＥＮＤＩＸ
×(unit: million yen) (unit: %)
Area
No.
Property Name
(Owned properties as of Feb. 29, 2016)
Appraiser
*1)
Acquisition Price
Book Value at Feb. 29,
2016
Real Estate Appraisal
Value
Acquisition Value Comparison
Book Value Comparison
End of Previous Fiscal Period Comparison
At Aug. 31, 2015
At Feb. 29, 2016
①
②
③
④
④-①
④-②
④-③
Area1
1001
Qiz Ebisu
Tanizawa
7,650
7,309
8,070
8,160
510
850
90
1002
Castalia Azabujuban Shichimenzaka
Chuo
4,500
4,238
4,050
4,080
(420)
(158)
30
1003
Castalia Shibakoen
Tanizawa
2,630
2,453
2,010
2,080
(550)
(373)
70
1004
Castalia Ginza
Tanizawa
2,520
2,387
2,070
2,120
(400)
(267)
50
1005
Castalia Hiroo
Tanizawa
2,220
2,109
1,770
1,800
(420)
(309)
30
1006
Castalia Nihonbashi
Tanizawa
1,200
1,096
1,100
1,120
(80)
23
20
1007
Castalia Hacchobori
Tanizawa
2,300
2,153
2,100
2,150
(150)
(3)
50
1008
Castalia Azabujuban
Chuo
2,910
2,825
2,580
2,620
(290)
(205)
40
1009
Castalia Azabujuban II
Chuo
2,690
2,568
2,430
2,430
(260)
(138)
0
1010
Castalia Shinjuku Natsumezaka
Chuo
1,865
1,791
1,650
1,680
(185)
(111)
30
1011
Castalia Ginza II
Tanizawa
1,800
1,697
1,630
1,650
(150)
(47)
20
1012
Castalia Shibuya Sakuragaoka
Tanizawa
1,400
1,354
1,110
1,130
(270)
(224)
20
1015
Castalia Nishi Azabu Kasumicho
Tanizawa
2,143
2,148
2,080
2,140
(3)
(8)
60
1016
Castalia Ochanomizu
JREI
1,770
1,688
2,010
2,050
280
361
40
1017
Castalia Sangubashi
Tanizawa
1,393
1,416
1,450
1,460
67
43
10
1018
Castalia Suitengu
Tanizawa
1,279
1,216
1,300
1,320
41
103
20
1019
Castalia Suitengu II
Tanizawa
1,138
1,082
1,170
1,180
42
97
10
1020
Castalia Shintomicho
Tanizawa
932
884
958
980
48
95
22
1021
Castalia Shintomicho II
Tanizawa
825
786
841
860
35
73
19
1022
Castalia Harajuku
JREI
887
866
864
885
(2)
18
21
1023
Castalia Yoyogi Uehara
JREI
608
640
660
676
68
35
16
1024
Castalia Sendagaya
JREI
555
553
570
580
25
26
10
1025
Castalia Shinjuku 7 chome
JREI
464
446
492
502
38
55
10
1027
Castalia Ningyocho
JREI
947
880
1,130
1,150
203
269
20
1028
Castalia Ningyocho II
JREI
1,070
998
1,280
1,300
230
301
20
1029
Castalia Shin-Ochanomizu
JREI
914
869
1,010
1,030
116
160
20
1030
Castalia Higashi Nihonbashi II
JREI
1,370
1,285
1,570
1,610
240
324
40
1031
Castalia Jinbocho
JREI
1,160
1,098
1,350
1,380
220
281
30
1032
Castalia Shintomicho III
JREI
675
627
714
728
53
100
14
1033
Castalia Shinjuku Gyoen
Tanizawa
2,720
2,657
2,910
2,950
230
292
40
1034
Castalia Takanawadai
JREI
860
825
935
950
90
124
15
1035
Castalia Higashi Nihonbashi III
Daiwa
666
623
728
747
81
123
19
Appraisal at Aug. 31, 2015
Appraisal at Feb. 29, 2016
End of Previous Fiscal Period Comparison
Direct Capitalizatio n Method
DCF Method
Direct Capitalizatio n Method
DCF Method
Direct Capitalizatio n Method
DCF Method
CR
DR
TCR
CR
DR
TCR
CR
DR
TCR
4.2
4.4
4.4
4.1
4.3
4.3
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.6
4.7
4.8
4.5
4.6
4.7
(0.1)
(0.1)
(0.1)
4.5
4.6
4.7
4.4
4.5
4.6
(0.1)
(0.1)
(0.1)
4.4
4.5
4.6
4.3
4.4
4.5
(0.1)
(0.1)
(0.1)
4.6
4.7
4.8
4.5
4.6
4.7
(0.1)
(0.1)
(0.1)
4.6
4.7
4.8
4.5
4.6
4.7
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.4
4.2
4.6
4.3
4.1
4.5
(0.1)
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
4.5
4.6
4.7
4.4
4.5
4.6
(0.1)
(0.1)
(0.1)
4.3
4.5
4.5
4.2
4.4
4.4
(0.1)
(0.1)
(0.1)
4.5
4.6
4.7
4.4
4.5
4.6
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.5
4.7
4.7
4.4
4.6
4.6
(0.1)
(0.1)
(0.1)
4.7
4.7
4.9
4.6
4.6
4.8
(0.1)
(0.1)
(0.1)
4.6
4.7
4.8
4.5
4.6
4.7
(0.1)
(0.1)
(0.1)
4.7
4.7
4.9
4.6
4.6
4.8
(0.1)
(0.1)
(0.1)
4.7
4.7
4.9
4.6
4.6
4.8
(0.1)
(0.1)
(0.1)
4.4
4.2
4.6
4.3
4.1
4.5
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.8
4.6
5.0
4.7
4.5
4.9
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.6
4.3
4.9
4.5
4.2
4.8
(0.1)
(0.1)
(0.1)
4.6
*2）
4.8
4.5
*3）
4.7
(0.1)
―
(0.1)
4.4
4.2
4.6
4.3
4.1
4.5
(0.1)
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
CR is CAP Rate, DR is Discount Rate, TCR is Terminal Cap Rate.
15
(unit: million yen) (unit: %)
Area
No.
Property Name
(Owned properties as of Feb. 29, 2016)
Appraiser
*1)
Acquisition Price
Book Value at Feb. 29,
2016
Real Estate Appraisal
Value
Acquisition Value Comparison
Book Value Comparison
End of Previous Fiscal Period Comparison
At Aug. 31, 2015
At Feb. 29, 2016
①
②
③
④
④-①
④-②
④-③
Area1
1036
Castalia Shinjuku Gyoen II
Tanizawa
486
459
475
480
(6)
20
5
1037
Castalia Shintomicho IV
Daiwa
400
381
421
430
30
48
9
1038
Castalia Takanawadai II
JREI
1,190
1,151
1,270
1,300
110
148
30
1039
Castalia Minami Azabu
JREI
642
618
656
670
28
51
14
1040
Castalia Ginza III
Tanizawa
2,880
2,764
2,800
2,840
(40)
75
40
1041
Castalia Kayabacho
Tanizawa
2,707
2,560
2,910
2,960
253
399
50
1042
Castalia Takanawa
Tanizawa
7,430
7,188
7,460
7,520
90
331
60
1043
Castalia Higashi Nihonbashi
Chuo
3,520
3,319
3,870
3,890
370
570
20
1045
Castalia Shinjuku
Tanizawa
2,950
2,871
3,240
3,280
330
408
40
1046
Castalia Ichigaya
Chuo
940
899
1,290
1,300
360
400
10
1047
Shibaura Island Bloom Tower
JREI
7,580
7,173
8,430
8,540
960
1,366
110
1048
Castalia Hatsudai
Daiwa
2,030
2,027
2,270
2,300
270
272
30
1049
Castalia Hatsudai II
Morii
1,900
1,908
2,090
2,090
190
181
0
1050
Castalia Ebisu
Morii
1,420
1,436
1,610
1,610
190
173
0
Residential Area 1 Subtotal
92,136
88,344
93,384
94,708
2,572
6,363
1,324
Area2
2001
Castalia Meguro Kamurozaka
Daiwa
4,500
4,137
3,980
4,060
(440)
(77)
80
2002
Castalia Toritsudaigaku
Chuo
648
611
546
552
(96)
(59)
6
2004
Castalia Yukigaya
Tanizawa
1,110
1,027
1,110
1,070
(40)
42
(40)
2005
Castalia Yutenji
Chuo
1,450
1,356
1,220
1,220
(230)
(136)
0
2006
Castalia Otsuka
Chuo
1,480
1,363
1,550
1,590
110
226
40
2007
Castalia Kikukawa
Tanizawa
817
751
780
788
(29)
36
8
2008
Castalia Meguro
JREI
844
838
910
931
87
92
21
2009
Castalia Otsuka II
JREI
1,040
1,008
1,170
1,200
160
191
30
2010
Castalia Jiyugaoka
JREI
1,200
1,166
1,300
1,330
130
163
30
2011
Castalia Mejiro
Chuo
988
945
1,020
1,030
42
84
10
2012
Castalia Ikebukuro
Daiwa
2,570
2,438
2,570
2,630
60
191
60
2013
Castalia Kaname-cho
Tanizawa
1,140
1,082
1,170
1,190
50
107
20
2014
Castalia Tower Shinagawa Seaside
Tanizawa
7,380
6,957
8,150
8,360
980
1,402
210
2015
Castalia Yakumo
Tanizawa
857
835
734
744
(113)
(91)
10
2016
Castalia Togoshiekimae
JREI
1,560
1,490
1,860
1,890
330
399
30
2018
Castalia Honjo Azumabashi
Tanizawa
996
981
1,040
1,060
64
78
20
2019
Castalia Kitazawa
JREI
742
739
771
793
51
53
22
2020
Castalia Monzennakacho
Tanizawa
503
469
490
500
(3)
30
10
Appraisal at Aug. 31, 2015
Appraisal at Feb. 29, 2016
End of Previous Fiscal Period Comparison
Direct Capitalizatio n Method
DCF Method
Direct Capitalizatio n Method
DCF Method
Direct Capitalizatio n Method
DCF Method
CR
DR
TCR
CR
DR
TCR
CR
DR
TCR
4.6
4.8
4.8
4.5
4.7
4.7
(0.1)
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
4.4
4.2
4.6
4.3
4.1
4.5
(0.1)
(0.1)
(0.1)
4.4
4.2
4.6
4.3
4.1
4.5
(0.1)
(0.1)
(0.1)
4.5
4.6
4.7
4.4
4.5
4.6
(0.1)
(0.1)
(0.1)
4.7
4.7
4.9
4.6
4.6
4.8
(0.1)
(0.1)
(0.1)
4.6
4.9
4.8
4.5
4.8
4.7
(0.1)
(0.1)
(0.1)
4.8
4.6
5.0
4.7
4.5
4.9
(0.1)
(0.1)
(0.1)
4.5
4.7
4.7
4.4
4.6
4.6
(0.1)
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
－
4.3
6.4
－
4.2
6.3
－
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
4.3
4.1
4.5
4.2
4.0
4.4
(0.1)
(0.1)
(0.1)
4.2
4.0
4.4
4.1
3.9
4.3
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
5.4
5.2
5.7
5.3
5.1
5.6
(0.1)
(0.1)
(0.1)
4.7
4.8
4.9
4.6
4.7
4.8
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
4.8
4.9
5.0
4.7
4.8
4.9
(0.1)
(0.1)
(0.1)
4.7
4.4
4.9
4.6
4.3
4.8
(0.1)
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
4.4
4.2
4.6
4.3
4.1
4.5
(0.1)
(0.1)
(0.1)
4.9
4.7
5.1
4.8
4.6
5.0
(0.1)
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
4.7
4.9
4.9
4.6
4.8
4.8
(0.1)
(0.1)
(0.1)
4.7
4.7
4.9
4.6
4.6
4.8
(0.1)
(0.1)
(0.1)
4.6
4.8
4.8
4.5
4.7
4.7
(0.1)
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
4.9
5.0
5.1
4.8
4.9
5.0
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
5.1
5.2
5.3
5.0
5.1
5.2
(0.1)
(0.1)
(0.1)
Area
No.
Property Name
(Owned properties as of Feb. 29, 2016)
Appraiser
*1)
Acquisition Price
Book Value at Feb. 29,
2016
Real Estate Appraisal Value
Acquisition Value Comparison
Book Value Comparison
End of Previous Fiscal Period Comparison
At Aug. 31, 2015
At Feb. 29, 2016
①
②
③
④
④-①
④-②
④-③
Area2
2023
Castalia Kamiikedai
JREI
198
185
209
212
14
26
3
2024
Castalia Morishita
JREI
832
776
956
975
143
198
19
2025
Castalia Wakabayashi koen
Daiwa
776
751
781
793
17
41
12
2026
Castalia Asakusabashi
Chuo
792
743
869
887
95
143
18
2027
Castalia Iriya
Chuo
546
510
614
622
76
111
8
2028
Castalia Kita Ueno
Tanizawa
2,641
2,463
2,520
2,570
(71)
106
50
2029
Castalia Morishita II
Tanizawa
686
635
750
766
80
130
16
2030
Castalia Minowa
Tanizawa
1,430
1,326
1,480
1,510
80
183
30
2031
Castalia Oyamadai
Tanizawa
533
508
578
581
48
72
3
2032
Castalia Nakano
JREI
1,060
992
1,170
1,200
140
207
30
2033
Castalia Yoga
Tanizawa
923
882
1,080
1,110
187
227
30
2034
Castalia Sumiyoshi
Tanizawa
948
876
960
984
36
107
24
2035
Castalia Monzennakacho II
JREI
2,160
2,031
2,530
2,590
430
558
60
2036
Castalia Oshiage
Tanizawa
1,100
1,017
1,090
1,090
(10)
72
0
2037
Castalia Kuramae
Tanizawa
1,260
1,173
1,390
1,420
160
246
30
2038
Castalia Nakanobu
Chuo
1,790
1,710
2,550
2,560
770
849
10
2039
Royal Parks Toyosu
Chuo
7,360
6,708
8,740
9,170
1,810
2,461
430
2040
Castalia Togoshi
Chuo
1,770
1,655
2,470
2,490
720
834
20
2041
Castalia Ooimachi
Morii
1,181
1,194
1,450
1,450
269
255
0
2042
Castalia Omori
Chuo
1,500
1,485
1,810
1,760
260
274
(50)
2043
Castalia Mishuku
Chuo
1,900
1,893
2,320
2,280
380
386
(40)
2044
Castalia Arakawa
Chuo
1,660
1,620
2,150
2,100
440
479
(50)
2045
Castalia Omori II
Morii
2,370
2,331
2,720
2,790
420
458
70
2046
Castalia Nakameguro
Morii
3,800
3,812
4,290
4,400
600
587
110
2047
Castalia Meguro Chojamaru
Morii
2,030
2,044
2,300
2,300
270
255
0
2048
Castalia Meguro Takaban
Morii
1,750
1,779
1,880
1,890
140
110
10
2049
Castalia Omori III
Morii
1,520
1,524
1,720
1,720
200
195
0
2050
Morino Tonari
JREI
1,020
1,071
1,150
1,170
150
98
20
2051
Castalia Meguro Tairamachi
Morii
1,165
1,230
1,240
1,240
75
9
0
2052
Royal Parks SEASIR
Morii
4,350
4,537
4,740
4,820
470
282
80
2053
Castalia Honkomagome
Morii
1,520
1,566
1,610
1,650
130
83
40
Residential Area 2 Subtotal
82,396
79,244
90,488
92,038
9,642
12,793
1,550
(unit: million yen) (unit:%)
Appraisal at Aug. 31, 2015
Appraisal at Feb. 29, 2016
End of Previous Fiscal Period Comparison
Direct Capitalizatio n Method
DCF Method
Direct Capitalizatio n Method
DCF Method
Direct Capitalizatio n Method
DCF Method
CR
DR
TCR
CR
DR
TCR
CR
DR
TCR
5.2
4.8
5.4
5.1
4.7
5.3
(0.1)
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
4.8
4.6
5.0
4.7
4.5
4.9
(0.1)
(0.1)
(0.1)
5.2
5.0
5.4
5.1
4.9
5.3
(0.1)
(0.1)
(0.1)
4.8
4.9
5.0
4.7
4.8
4.9
(0.1)
(0.1)
(0.1)
4.7
4.8
4.9
4.6
4.7
4.8
(0.1)
(0.1)
(0.1)
4.7
4.8
4.9
4.6
4.7
4.8
(0.1)
(0.1)
(0.1)
4.6
4.7
4.8
4.5
4.6
4.7
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.5
4.7
4.7
4.4
4.6
4.6
(0.1)
(0.1)
(0.1)
4.7
4.8
4.9
4.6
4.7
4.8
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.8
*4）
5.0
4.7
*5）
4.9
(0.1)
―
(0.1)
4.7
*6）
4.9
4.6
*7）
4.8
(0.1)
―
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
5.0
4.7
5.3
4.9
4.6
5.2
(0.1)
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
4.3
4.1
4.5
4.2
4.1
4.4
(0.1)
0.0
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
4.6
4.4
4.8
4.5
4.3
4.7
(0.1)
(0.1)
(0.1)
4.8
4.6
5.0
4.7
4.5
4.9
(0.1)
(0.1)
(0.1)
4.4
4.2
4.6
4.3
4.1
4.5
(0.1)
(0.1)
(0.1)
4.2
4.0
4.4
4.1
3.9
4.3
(0.1)
(0.1)
(0.1)
4.2
4.0
4.4
4.1
3.9
4.3
(0.1)
(0.1)
(0.1)
4.5
4.3
4.7
4.4
4.2
4.6
(0.1)
(0.1)
(0.1)
4.4
4.2
4.6
4.3
4.1
4.5
(0.1)
(0.1)
(0.1)
4.4
4.2
4.6
4.3
4.1
4.5
(0.1)
(0.1)
(0.1)
4.2
4.0
4.4
4.1
3.9
4.3
(0.1)
(0.1)
(0.1)
5.7
*8）
5.9
5.6
*9）
5.8
(0.1)
―
(0.1)
4.7
4.5
4.9
4.6
4.4
4.8
(0.1)
(0.1)
(0.1)
(unit: million yen) (unit: %)
Area
No.
Property Name
(Owned properties as of Feb. 29, 2016)
Appraiser
*1)
Acquisition Price
Book Value at Feb. 29,
2016
Real Estate Appraisal Value
Acquisition Value Comparison
Book Value Comparison
End of Previous Fiscal Period Comparison
At Aug. 31, 2015
At Feb. 29, 2016
①
②
③
④
④-①
④-②
④-③
Appraisal at Aug. 31, 2015
Appraisal at Feb. 29, 2016
End of Previous Fiscal Period Comparison
Direct Capitalizatio n Method
DCF Method
Direct Capitalizatio n Method
DCF Method
Direct Capitalizatio n Method
DCF Method
CR
DR
TCR
CR
DR
TCR
CR
DR
TCR
Area3
3001
Cosmo Heim Musashikosugi
Chuo
1,674
1,612
1,860
1,900
226
287
40
3002
Castalia Tsurumi
Chuo
666
615
706
717
51
101
11
3003
Castalia Funabashi
Tanizawa
704
695
765
774
70
78
9
3006
Castalia Nishi Funabashi
JREI
783
767
871
887
104
119
16
3007
Castalia Maihama
Tanizawa
670
625
630
635
(35)
9
5
3008
Castalia Ichikawamyoden
Tanizawa
671
634
703
703
32
68
0
3010
Castalia Urayasu
Tanizawa
592
561
608
609
17
47
1
3011
Castalia Minamigyotoku
Tanizawa
543
515
489
490
(53)
(25)
1
3012
NCR Minamigyotoku II
Tanizawa
385
366
337
338
(47)
(28)
1
3013
Castalia Nogeyama
JREI
325
305
316
317
(8)
11
1
3017
Castalia Ichikawa
JREI
461
422
503
513
52
90
10
3018
Royal Parks Hanakoganei
Daiwa
5,300
5,115
5,980
5,800
500
684
(180)
3019
Castalia Musashikosugi
Morii
1,680
1,690
1,860
1,900
220
209
40
3020
Royal Parks Wakabadai
Daiwa
4,360
4,315
4,630
4,700
340
384
70
3021
Pacific Royal Court Minatomirai Urban Tower
Morii
9,100
9,493
10,200
10,400
1,300
906
200
3022
L-Place Shinkoyasu
JREI
1,720
1,805
1,920
1,960
240
154
40
3023
Royal Parks Musasikosugi
Morii
1,060
1,100
1,260
1,270
210
169
10
Residential Area 3 (excl. senior housing property ) Subtotal
30,694
30,643
33,638
33,913
3,219
3,269
275
Area4
4001
Castalia Shinsakae
Chuo
1,920
1,701
1,530
1,550
(370)
(151)
20
4008
Aprile Tarumi
JREI
1,340
1,213
1,520
1,550
210
336
30
4009
Crest Kusatsu
Tanizawa
3,004
3,003
2,030
1,940
(1,064)
(1,063)
(90)
4010
Castalia Sakaisuji Honmachi
Tanizawa
1,490
1,372
1,640
1,580
90
207
(60)
4011
Castalia Shin-Umeda
Tanizawa
1,376
1,255
1,470
1,400
24
144
(70)
4012
Castalia Abeno
Tanizawa
4,368
4,107
4,490
4,580
212
472
90
4014
Castalia Sakae
Chuo
1,010
942
1,150
1,180
170
237
30
4015
Castalia Nipponbashi Kouzu
Tanizawa
3,570
3,232
3,610
3,660
90
427
50
4016
Castalia Maruyama Urasando
Tanizawa
411
377
475
486
75
108
11
4017
Castalia Maruyama Omotesando
Tanizawa
1,740
1,607
1,870
1,910
170
302
40
4018
Castalia Higashi Hie
Tanizawa
960
881
1,010
965
5
83
(45)
4019
Castalia Tower Nagahoribashi
Chuo
3,400
3,092
4,280
4,340
940
1,247
60
4020
Castalia Sannomiya
Daiwa
1,230
1,120
1,430
1,440
210
319
10
5.2
5.0
5.4
5.1
4.9
5.3
(0.1)
(0.1)
(0.1)
5.5
5.3
5.7
5.4
5.2
5.6
(0.1)
(0.1)
(0.1)
5.3
*10）
5.5
5.2
*11）
5.4
(0.1)
―
(0.1)
5.5
5.3
5.7
5.4
5.2
5.6
(0.1)
(0.1)
(0.1)
5.5
5.5
5.7
5.4
5.4
5.6
(0.1)
(0.1)
(0.1)
5.4
5.6
5.7
5.3
5.5
5.6
(0.1)
(0.1)
(0.1)
5.4
5.4
5.7
5.3
5.3
5.6
(0.1)
(0.1)
(0.1)
5.3
5.3
5.5
5.2
5.2
5.4
(0.1)
(0.1)
(0.1)
5.3
5.3
5.5
5.2
5.2
5.4
(0.1)
(0.1)
(0.1)
5.5
5.3
5.7
5.4
5.2
5.6
(0.1)
(0.1)
(0.1)
5.5
5.3
5.7
5.4
5.2
5.6
(0.1)
(0.1)
(0.1)
5.5
*12）
5.7
5.4
*13）
5.6
(0.1)
―
(0.1)
4.7
4.5
4.9
4.6
4.4
4.8
(0.1)
(0.1)
(0.1)
5.6
*14）
5.8
5.5
*15）
5.7
(0.1)
―
(0.1)
5.2
*16）
5.4
5.1
*17）
5.3
(0.1)
―
(0.1)
5.3
5.1
5.5
5.2
5.0
5.4
(0.1)
(0.1)
(0.1)
5.2
*18）
5.4
5.1
*19）
5.3
(0.1)
―
(0.1)
5.3
5.1
5.5
5.2
5.0
5.4
(0.1)
(0.1)
(0.1)
5.8
5.6
6.0
5.7
5.5
5.9
(0.1)
(0.1)
(0.1)
7.1
7.2
7.3
7.1
7.2
7.3
0.0
0.0
0.0
5.3
5.4
5.5
5.2
5.3
5.4
(0.1)
(0.1)
(0.1)
5.4
5.5
5.6
5.3
5.4
5.5
(0.1)
(0.1)
(0.1)
5.3
5.4
5.5
5.2
5.3
5.4
(0.1)
(0.1)
(0.1)
5.1
4.9
5.3
5.0
4.8
5.2
(0.1)
(0.1)
(0.1)
5.4
5.5
5.6
5.3
5.4
5.5
(0.1)
(0.1)
(0.1)
5.5
5.5
5.7
5.4
5.4
5.6
(0.1)
(0.1)
(0.1)
5.5
5.5
5.7
5.4
5.4
5.6
(0.1)
(0.1)
(0.1)
5.4
5.6
5.6
5.3
5.5
5.5
(0.1)
(0.1)
(0.1)
5.0
4.8
5.2
4.9
4.7
5.1
(0.1)
(0.1)
(0.1)
5.4
5.2
5.6
5.3
5.1
5.5
(0.1)
(0.1)
(0.1)
CR is CAP Rate, DR is Discount Rate, TCR is Terminal Cap Rate.
18
(unit: million yen)
(unit: %)
Appraisal at Aug. 31, 2015
Appraisal at Feb. 29, 2016
End of Previous Fiscal Period Comparison
Direct Capitalizatio n Method
DCF Method
Direct Capitalizatio n Method
DCF Method
Direct Capitalizatio n Method
DCF Method
CR
DR
TCR
CR
DR
TCR
CR
DR
TCR
5.7
5.7
5.9
5.6
5.6
5.8
(0.1)
(0.1)
(0.1)
5.7
5.7
5.9
5.6
5.6
5.8
(0.1)
(0.1)
(0.1)
5.7
5.7
5.9
5.6
5.6
5.8
(0.1)
(0.1)
(0.1)
5.1
4.9
5.3
5.0
4.8
5.2
(0.1)
(0.1)
(0.1)
5.0
4.8
5.2
4.9
4.7
5.1
(0.1)
(0.1)
(0.1)
5.6
5.4
5.8
5.5
5.3
5.7
(0.1)
(0.1)
(0.1)
5.0
4.8
5.2
5.0
4.8
5.2
0.0
0.0
0.0
5.0
4.8
5.2
4.7
4.5
4.9
(0.3)
(0.3)
(0.3)
5.0
4.8
5.2
4.9
4.7
5.1
(0.1)
(0.1)
(0.1)
5.1
4.9
5.3
5.0
4.8
5.2
(0.1)
(0.1)
(0.1)
5.3
5.1
5.5
5.1
4.9
5.3
(0.2)
(0.2)
(0.2)
5.3
5.1
5.5
5.3
5.1
5.5
0.0
0.0
0.0
5.9
*20）
6.2
5.8
*21）
6.1
(0.1)
―
(0.1)
5.3
5.1
5.5
5.2
5.0
5.4
(0.1)
(0.1)
(0.1)
5.1
4.9
5.3
5.0
4.8
5.2
(0.1)
(0.1)
(0.1)
6.0
5.8
6.2
5.7
5.5
5.9
(0.3)
(0.3)
(0.3)
6.2
6.0
6.4
6.2
6.0
6.4
0.0
0.0
0.0
Area
No.
Property Name
(Owned properties as of Feb. 29, 2016)
Appraiser
*1)
Acquisition Price
Book Value at Feb. 29,
2016
Real Estate Appraisal Value
Acquisition Value Comparison
Book Value Comparison
End of Previous Fiscal Period Comparison
At Aug. 31, 2015
At Feb. 29, 2016
①
②
③
④
④-①
④-②
④-③
Area 4
4021
Castalia Kotodaikoen
Daiwa
481
434
516
525
44
90
9
4022
Castalia Ichibancho
Daiwa
783
719
879
896
113
176
17
4023
Castalia Omachi
Daiwa
656
589
689
702
46
112
13
4024
Castalia Uemachidai
Daiwa
2,190
2,027
2,480
2,530
340
502
50
4025
Castalia Tower Higobashi
Chuo
2,670
2,480
3,480
3,490
820
1,009
10
4026
Big Tower Minami Sanjo
Daiwa
1,740
1,476
2,390
2,440
700
963
50
4027
Castalia Fushimi
JREI
2,260
2,099
2,980
2,980
720
880
0
4028
Castalia Meieki Minami
Morii
720
697
904
897
177
199
(7)
4029
Castalia Yakuin
Morii
930
927
1,160
1,080
150
152
(80)
4030
Castalia Mibu
JREI
1,193
1,168
1,420
1,470
277
301
50
4031
Castalia Tsutsujigaoka
Morii
1,208
1,209
1,590
1,660
452
450
70
4032
Castalia Ohori Bay Tower
Morii
2,910
2,841
3,730
3,780
870
938
50
4033
Royal Parks Namba
Daiwa
2,830
2,751
3,020
3,050
220
298
30
4034
Castalia Shigahondori
JREI
1,730
1,705
2,090
2,130
400
424
40
4035
Castalia Kyoto Nishioji *23)
Morii
973
1,049
1,000
1,030
57
(19)
30
Residential Area 4 Subtotal
49,093
46,086
54,833
55,241
6,148
9,154
408
Area 3
6001
Urban Living Inage
Daiwa
930
921
1,130
1,190
260
268
60
6002
Aburatsubo Marina HILLS
JREI
1,100
1,135
1,250
1,250
150
114
0
Residential Area 3 (senior housing property) Subtotal
2,030
2,057
2,380
2,440
410
382
60
Total
256,349
246,376
274,723
278,340
21,991
31,963
3,617
CR is CAP Rate, DR is Discount Rate, TCR is Terminal Cap Rate.
Total unrealized gain is ¥31,963 million based on book value comparison Real estate appraisal values have improvedfor
11 consecutive fiscal periods
*1) Under "Appraiser," "Tanizawa" is Tanizawa Sogo Appraisal Co., Ltd. "Chuo" is Chuo Real Estate Appraisal Co., Ltd. "Daiwa" is Daiwa Real Estate Appraisal Co., Ltd. and "JREI" is Japan Real Estate Institute, "Morii" is Morii Appraisal &
Investment Consulting, Inc.
*2) 4.7% (1 to 10 years after appraisal dates), 4.8% (11th year after appraisal dates). *3) 4.7% (1 to 10 years after appraisal dates), 4.7% (11th year after appraisal dates).
*4) 5.1% (1 to 10 years after appraisal dates), 4.9% (11th year after appraisal dates). *5) 5.0% (1 to 10 years after appraisal dates), 4.8% (11th year after appraisal dates).
*6) 4.9% (1 to 10 years after appraisal dates), 4.8% (11th year after appraisal dates). *7) 4.8% (1 to 10 years after appraisal dates), 4.7% (11th year after appraisal dates).
*8) 5.5% (1 to 10 years after appraisal dates), 5.9% (11th year after appraisal dates to the expiry of the land lease). *9) 5.4% (1 to 10 years after appraisal dates), 5.8% (11th year after appraisal dates to the expiry of the land lease).
*10) 5.5% (1 to 4 years after appraisal dates), 5.1% (5 to 11 years after appraisal dates). *11) 5.3% (1 to 3 years after appraisal dates), 5.0% (4 to 11 years after appraisal dates).
*12) 5.3% (1 to 10 years after appraisal dates), 5.7% (11th year after appraisal dates to the expiry of the land lease). *13) 5.2% (1 to 10 years after appraisal dates), 5.6% (11th year after appraisal dates to the expiry of the land lease).
*14) 5.4% (1 to 10 years after appraisal dates), 5.8% (11th year after appraisal dates to the expiry of the land lease). *15) 5.3% (1 to 10 years after appraisal dates), 5.7% (11th year after appraisal dates to the expiry of the land lease).
*16) 5.0% (1 to 10 years after appraisal dates), 5.4% (11th year after appraisal dates to the expiry of the land lease). *17) 4.9% (1 to 10 years after appraisal dates), 5.3% (11th year after appraisal dates to the expiry of the land lease).
*18) 5.0% (1 to 10 years after appraisal dates), 5.4% (11th year after appraisal dates to the expiry of the land lease). *19) 4.9% (1 to 10 years after appraisal dates), 5.3% (11th year after appraisal dates to the expiry of the land lease).
*20) 5.8% (1 to 10 years after appraisal dates), 6.2% (11th year after appraisal dates to the expiry of the land lease). *21) 5.7% (1 to 10 years after appraisal dates), 6.1% (11th year after appraisal dates to the expiry of the land lease).
*22) Under direct capitalization method, net operating income for a single period is capitalized by capitalization rate to determine estimated properties value. Under DCF method, future net operating income during multiple consecutive periods
and residual value that are discounted to the present value according to the time of occurrence, are summed together to determine estimated properties value.
*23) Data at August 31, 2015 for properties acquired in 20th fiscal period (ended February 2016), based on appraisal value as of acquisition date. Date of appraisal is August 31, 2015 for Castalia Kyoto Nishioji.
19
14th Fiscal Period (ended Feb. 2013)
15th Fiscal Period (ended Aug. 2013)
16th Fiscal Period (ended Feb. 2014)
17th Fiscal Period (ended Aug. 2014)
18th Fiscal Period (ended Feb. 2015)
19th Fiscal Period (ended Aug. 2015)
20th Fiscal Period (ended Feb. 2016)
Variation Between 19th Fiscal Period
Operating days
181 days
184 days
181 days
184 days
181 days
184 days
182 days
(2) days
Operating Revenue
[gains from property disposition]
7,612 mn yen
7,971 mn yen
8,316 mn yen
8,578 mn yen
8,693 mn yen
9,356 mn yen
9,662 mn yen
＋306 mn yen
－
3 mn yen
－
－
－
－
－
－
Operating Income
[losses from property disposition]
3,398 mn yen
3,661 mn yen
3,559 mn yen
3,906 mn yen
3,881 mn yen
3,925 mn yen
3,947 mn yen
＋21 mn yen
192 mn yen
－
385 mn yen
－
－
－
－
－
Ordinary Income
2,529 mn yen
2,780 mn yen
2,704 mn yen
3,082 mn yen
3,081 mn yen
3,146 mn yen
3,177 mn yen
＋31 mn yen
Net Income
2,528 mn yen
2,779 mn yen
2,703 mn yen
3,081 mn yen
3,080 mn yen
3,145 mn yen
3,177 mn yen
＋31 mn yen
Distribution Per Unit
16,947 yen
8,300 yen
8,688 yen
8,686 yen
8,691 yen
4,460 yen
4,501 yen
＋41 yen
Payout Ratio
107.6%
104.1%
117.8%
105.4%
105.5%
106.0%
106.0%
－
Outstanding Units Issued at End of Fiscal Period
160,535 units
351,870 units
373,870 units
373,870 units
373,870 units
747,740 units
747,740 units
－
Real Estate Lease Business Revenue
7,612 mn yen
7,968 mn yen
8,316 mn yen
8,578 mn yen
8,693 mn yen
9,356 mn yen
9,662 mn yen
＋306 mn yen
Real Estate Expenses Related To Rent Business
3,265 mn yen
3,520 mn yen
3,545 mn yen
3,769 mn yen
3,875 mn yen
4,438 mn yen
4,688 mn yen
＋249 mn yen
Real Estate Lease Business Income
4,347 mn yen
4,447 mn yen
4,771 mn yen
4,808 mn yen
4,817 mn yen
4,917 mn yen
4,974 mn yen
＋56 mn yen
Rent NOI
5,770 mn yen
5,971 mn yen
6,361 mn yen
6,472 mn yen
6,507 mn yen
6,814 mn yen
6,986 mn yen
＋171 mn yen
NOI Yield * 1
5.49%
5.42%
5.59%
5.49%
5.53%
5.42%
5.47%
＋0.05%
Number of Owned Properties
123
127
132
134
136
141
142
＋1
Total Acquisition Price
212,692 mn yen
221,091 mn yen
229,981 mn yen
235,361 mn yen
237,626 mn yen
255,376 mn yen
256,349 mn yen
＋973 mn yen
Leasable Units
9,305 units
9,814 units
10,170 units
10,390 units
10,429 units
11,345 units
11,426 units
＋81 units
[Store: 82 units]
[Store: 90 units]
[Store: 79 units]
[Store: 101 units]
[Store: 101 units]
[Store: 108 units]
[Store: 108 units]
－
Properties Acquired (Disposed) in The Fiscal Period *2
2／ 5,009 mn yen
4／ 8,400 mn yen
6／ 10,300 mn yen
2／ 5,380 mn yen
2／ 2,265 mn yen
5／ 17,750 mn yen
1／ 973 mn yen
(4)／
(16,777) mn yen
Properties Disposed in the Fiscal Period *2
2／ 3,063 mn yen
0／ 49 mn yen
1／ 990 mn yen
0／
－
0／
－
0／
－
0／
－
0／
－
Average Occupancy Rate in the Fiscal Period
96.7%
96.5%
96.5%
96.5%
96.8%
95.9%
96.1%
＋0.2%
Occupancy Rate at End of Fiscal Period
97.6%
96.7%
96.8%
96.7%
97.1%
95.9%
96.0%
＋0.1%
*1) NOI ＝ Rent NOI (lease business revenue + other lease business revenue - real estate expenses related to rent business + depreciation and amortization) x 365 days / number of days in the fiscal period yeild Total of (acquisition price x number of days owned during the fiscal period / number of days in the fiscal period) for each owed property
*2) Figures indicate the number of properties and total acquisition price or disposition price. Expenses related to acquisiti on or disposition, settlement of taxes and public charges and consumption taxes are excluded.
14th Fiscal Period
(ended Feb. 2013)
15th Fiscal Period
(ended Aug. 2013)
16th Fiscal Period
(ended Feb. 2014)
17th Fiscal Period
(ended Aug. 2014)
18th Fiscal Period
(ended Feb. 2015)
19th Fiscal Period
(ended Aug. 2015)
20th Fiscal Period
(ended Feb. 2016)
Variation Between
19th Fiscal Period
Operating days
181 days
184 days
181 days
184 days
181 days
184 days
182 days
(2) days
Total Assets
221,779 mn yen
229,781 mn yen
237,934 mn yen
238,092 mn yen
238,730 mn yen
258,400 mn yen
258,590 mn yen
＋189 mn yen
Net Assets
91,846 mn yen
103,406 mn yen
111,789 mn yen
111,622 mn yen
111,455 mn yen
111,352 mn yen
111,194 mn yen
(157) mn yen
Unitholders' Capital
41,602 mn yen
53,104 mn yen
61,703 mn yen
61,703 mn yen
61,703 mn yen
61,703 mn yen
61,703 mn yen
―
Total Outstanding Units Issued
160,535 units
351,870 units
373,870 units
373,870 units
373,870 units
747,740 units
747,740 units
―
Net Assets Per Unit
572,127 yen
293,878 yen
299,006 yen
298,560 yen
298,113 yen
148,918 yen
148,707 yen
(211) yen
Distribution Per Unit
16,947 yen
8,300 yen
8,688 yen
8,686 yen
8,691 yen
4,460 yen
4,501 yen
＋41 yen
Payout Ratio
107.6%
104.1%
117.8%
105.4%
105.5%
106.0%
106.0%
―
Return on Assets (ROA) *1
2.3%
2.4%
2.3%
2.6%
2.6%
2.5%
2.5%
―
Return on Equity (ROE) *2
5.5%
5.6%
5.1%
5.5%
5.6%
5.6%
5.7%
＋0.1%
Equity ratio *3
41.4%
45.0%
47.0%
46.9%
46.7%
43.1%
43.0%
(0.1)%
Number of Properties
123
127
132
134
136
141
142
＋1
Leasable Units
9,305 units
[Store: 82 units]
9,814 units
[Store: 90 units]
10,170 units
[Store: 79 units]
10,390 units
[Store: 101 units]
10,429 units
[Store: 101 units]
11,345 units
[Store: 108 units]
11,426 units
[Store: 108 units]
＋81 units
[―]
Leasable Area
383,991.17㎡
[Store: 13,360.86㎡]
414,829.86㎡
[Store: 14,240.48㎡]
423,076.61㎡
[Store: 10,218.21㎡]
446,112.78㎡
[Store: 18,978.50㎡]
451,292.44㎡
[Store: 18,978.50㎡]
503,899.79㎡
[Store: 20,314.32㎡]
505,935.16㎡
[Store: 20,314.32㎡]
＋2,035.37㎡
[―]
Average Occupancy Rate in the Fiscal Period
96.7%
96.5%
96.5%
96.5%
96.8%
95.9%
96.1%
＋0.2%
Occupancy Rate at End of Fiscal Period
97.6%
96.7%
96.8%
96.7%
97.1%
95.9%
96.0%
＋0.1%
Current Depreciation and Amortization
1,422 mn yen
1,523 mn yen
1,589 mn yen
1,663 mn yen
1,689 mn yen
1,897 mn yen
2,012 mn yen
＋115 mn yen
Rent NOI *4
5,770 mn yen
5,971 mn yen
6,361 mn yen
6,472 mn yen
6,507 mn yen
6,814 mn yen
6,986 mn yen
＋171 mn yen
FFO Per Unit *5
25,828 yen
12,229 yen
12,523 yen
12,700 yen
12,875 yen
6,752 yen
6,948 yen
＋196 yen
Debt Service Coverage Ratio *6
6.5x
7.4x
7.4x
8.2x
8.4x
9.3x
9.6x
＋0.3x
Total Interest-bearing Liabilities
125,540 mn yen
121,740 mn yen
121,666 mn yen
121,666 mn yen
122,463 mn yen
141,663 mn yen
141,663 mn yen
―
LTV (interest-bearing liabilities/total assets)
56.6%
53.0%
51.1%
51.1%
51.3%
54.8%
54.8%
―
*1) Return on assets (ROA) = Ordinary income/((total assets at the beginning of the fiscal period + total assets at the end of the fiscal period)/2) x 100, annualized based on management period
*2) Return on equity (ROE) = Net income/((net assets at the beginning of the fiscal period + net assets at the end of the fiscal period)/2) x 100, annualized based on management period
*3) Equity ratio = Net assets at the end of the fiscal period/total assets at the end of the fiscal period
*4) Rent NOI = Lease business revenue + other lease business revenue - real estate expenses related to rent business + depreciation and amortization
*5) FFO per unit = (Net income + depreciation and amortization + other amortization expenses - gains from property disposition)/ total outstanding units issued
*6) Debt service coverage ratio = Net income before interest amortization/interest expenses.
Assets (unit: thousand yen)
Category
19th Fiscal Period
(as of August 31, 2015)
20th Fiscal Period
(as of February 29, 2016)
Variation
Share (%)
Share (%)
Assets
3,294,129
3,777,892
483,762
Current assets
Cash and deposits
Cash and deposits in trust
4,374,627
4,219,302
(155,325)
Operating accounts receivable
85,467
96,884
11,416
Prepaid expenses
348,569
319,970
(28,599)
Deferred tax assets
78,484
0
(78,484)
Other
43,078
45,357
2,278
Allowance for doubtful accounts
(3,441)
(3,921)
(480)
Total current assets
8,220,917
3.2
8,455,484
3.3
234,567
Noncurrent assets
28,480,803
29,006,699
525,896
Property, plant and equipment
Buildings
Accumulated depreciation
(3,035,187)
(3,331,692)
(296,506)
Buildings, net
25,445,617
25,675,007
229,389
Structures
251,188
255,331
4,142
Accumulated depreciation
(27,929)
(30,835)
(2,906)
Structures, net
223,259
224,495
1,236
Machinery and equipment
456,634
479,422
22,787
Accumulated depreciation
(84,389)
(93,704)
(9,316)
Machinery and equipment, net
372,245
385,717
13,471
Tools, furniture and fixtures
670,176
676,340
6,164
Accumulated depreciation
(250,013)
(271,600)
(21,587)
Tools, furniture and fixtures, net
420,164
404,740
(15,423)
Land
21,908,825
22,453,013
544,187
Construction in progress
0
0
0
Buildings in trust
118,204,930
118,906,184
701,253
Accumulated depreciation
(12,921,817)
(14,440,415)
(1,518,598)
Buildings in trust, net
105,283,114
104,465,769
(817,344)
Structures in trust
954,449
993,333
38,883
Accumulated depreciation
(135,317)
(156,015)
(20,698)
Structures in trust, net
819,133
837,318
18,184
Machinery and equipment in trust
1,900,424
1,928,225
27,801
Accumulated depreciation
(572,157)
(643,786)
(71,630)
Machinery and equipment in trust, net
1,328,268
1,284,439
(43,828)
Tools, furniture and fixtures in trust
437,363
531,039
93,675
Accumulated depreciation
(183,456)
(204,800)
(21,344)
Tools, furniture and fixtures in trust, net
253,907
326,238
72,331
Land in trust
85,002,219
85,002,219
0
Construction in progress in trust
12,000
0
(12,000)
Total property, plant and equipment
241,068,755
93.3
241,058,958
93.2
(9,796)
Assets (unit: thousand yen)
Category | 19th Fiscal Period (as of August 31, 2015) | 20th Fiscal Period (as of February 29, 2016) | Variation | ||
Share (%) | Share (%) | ||||
Assets | 5,354,762 | 5,317,233 | (37,528) | ||
Intangible assets | |||||
Leasehold rights in trust | |||||
Software | 2,326 | 2,033 | (292) | ||
Right of trademark | 3,731 | 3,385 | (346) | ||
Total intangible assets | 5,360,820 | 2.1 | 5,322,652 | 2.1 | (38,167) |
Investments and other assets | 445,727 | 453,702 | 7,975 | ||
Long-term prepaid expenses | |||||
Guarantee deposits | 10,195 | 10,261 | 66 | ||
Lease deposits in trust | 3,250,134 | 3,250,134 | 0 | ||
Total investments and other assets | 3,706,057 | 1.4 | 3,714,098 | 1.4 | 8,041 |
Total noncurrent assets | 250,135,633 | 96.8 | 250,095,710 | 96.7 | (39,923) |
Deferred assets | 43,982 | 38,956 | (5,025) | ||
Bonds issuance costs | |||||
Total Deferred assets | 43,982 | 0.0 | 38,956 | 0.0 | (5,025) |
Total assets | 258,400,533 | 100.0 | 258,590,152 | 100.0 | 189,618 |
23
Liabilities and Net Assets
Notes and Remarks for 20th Fiscal Period
(unit: million yen)
1. Cash and deposits
Investment corporation title
3,294
Trust bank title
4,374
(of which, equivalent to deposit)
2,427
Balance
5,241
2. Interest-bearing liabilities
141,663
3. Allowance for doubtful accounts
3
4. Change in Unitholders' capital
Total Unitholders' capital
61,703
June 2005: Established with private offering
300
December 2005: Increase capital through third party allotment
1,430
March 2006: Increase capital through public offering
18,238
March 2007: Increase capital through third party allotment
4,034
October 2011: Increase capital through public offering
15,999
November 2011: Increase capital through third party allotment
1,599
March 2013: Increase capital through public offering
10,455
April 2013: Increase capital through third party allotment
1,045
October 2013: Increase capital through public offering
7,817
November 2013: Increase capital through third party allotment
781
(unit: thousand yen)
Category
19th Fiscal Period
(as of August 31, 2015)
20th Fiscal Period
(as of February 29, 2016)
Variation
Share (%)
Share(%)
Liabilities
667,598
1,056,563
388,965
Current liabilities
Operating accounts payable
Short-term loans
10,000,000
10,000,000
0
Current portion of long-term loans payable
18,100,000
39,400,000
21,300,000
Accounts payable-other
169,783
107,811
(61,971)
Accrued expenses
543,089
520,944
(22,145)
Income taxes payable
605
605
0
Consumption tax payable
0
40,265
40,265
Advances received
903,634
899,666
(3,968)
Deposits received
258,258
308,560
50,302
Total current liabilities
30,642,969
11.9
52,334,417
20.2
21,691,448
Non current liabilities
9,000,000
9,000,000
0
Investment Corporation Bonds
Long-term loans payable
104,563,000
83,263,000
(21,300,000)
Tenant leasehold and security deposits
302,369
288,518
(13,850)
Tenant leasehold and security deposits in trust
2,124,653
2,089,742
(34,910)
Asset retirement obligations
415,079
419,792
4,712
Total noncurrent liabilities
116,405,102
45.0
95,061,053
36.8
(21,344,048)
Total liabilities
147,048,071
56.9
147,395,471
57.0
347,399
Net assets
61,703,224
61,703,224
0
Unitholders' equity
Unitholders' capital
Surplus
28,241,587
28,241,587
0
Capital surplus
Reserve for distribution
18,261,746
18,072,729
(189,016)
Unappropriated retained earnings (undisposed loss)
3,145,903
3,177,139
31,235
Total surplus
49,649,237
49,491,456
(157,781)
Total unitholders' equity
111,352,461
43.1
111,194,680
43.0
(157,781)
Total net assets
111,352,461
43.1
111,194,680
43.0
(157,781)
Total liabilities and net assets
258,400,533
100.0
258,590,152
100.0
189,618
Unitholders' Capital and Total Outstanding Units Issued
Date
Unitholders' Capital (yen)
Total Unitholders' Capital (yen)
Total Units Issued (unit)
Total Outstanding Units Issued (unit)
June 7, 2005 *1
300,000,000
300,000,000
600
600
Dec. 19, 2005
1,430,000,000
1,730,000,000
2,860
3,460
March 20, 2006
18,238,500,000
19,968,500,000
37,800
41,260
March 2, 2007
4,034,088,000
24,002,588,000
8,000
49,260
April 1, 2010 *2
-
24,002,588,000
69,475
118,735
October 4, 2011
15,999,862,000
40,002,450,000
38,000
156,735
Nov. 2, 2011
1,599,986,200
41,602,436,200
3,800
160,535
March 1, 2013 *3
Split of investment units
321,070
March 18, 2013
10,455,984,000
52,058,420,200
28,000
349,070
April 17, 2013
1,045,598,400
53,104,018,600
2,800
351,870
October 28, 2013
7,817,460,000
60,921,478,600
20,000
371,870
Nov. 19, 2013
781,746,000
61,703,224,600
2,000
373,870
March 1, 2015 *4
Split of investment units
747,740
*1) Daiwa House Residential Investment Corporation was established on June 7, 2005.
*2) Following the merger with NCR, for each unit of NCR, 0.23 units of DHI was alloted and issued.
*3) DHI implemented a 2-for-1 split of investment units with an effective date of March 1, 2013.
*4) DHI implemented a 2-for-1 split of investment units with an effective date of March 1, 2015.
24
Income Statement
(unit: thousand yen)
Category
19th Fiscal Period (Mar. 1, 2015 -
Aug. 31, 2015)
20th Fiscal Period (Sep. 1, 2015 -
Feb. 29, 2016)
Variation
Operating revenue
8,716,329
9,076,818
360,489
Lease business revenue
Other lease business revenue
639,773
585,507
(54,266)
Gain from disposition of properties
0
0
0
Total operating revenue
9,356,103
9,662,326
306,222
Operating expenses
4,438,425
4,688,094
249,669
Expenses related to rent business
Loss from disposition of properties
0
0
0
Asset management fee
620,236
645,418
25,182
Asset custody fee
21,424
23,065
1,640
Administrative service fees
57,810
62,720
4,909
Directors' compensations
6,600
6,600
0
Bad debts expenses
0
0
0
Provision of allowance for doubtful accounts
1,223
1,551
328
Other operating expenses
284,534
287,675
3,140
Total operating expenses
5,430,254
5,715,125
284,871
Operating income
3,925,849
3,947,200
21,351
Non-recurring income
505
515
10
Interest income
Reversal of allowance for doubtful accounts
0
0
0
Other
4,533
4,164
(369)
Total non-recurring income
5,039
4,679
(359)
Non-recurring expenses
575,549
572,250
(3,299)
Interest expenses
Interest expenses on bonds
32,543
31,748
(795)
Retirement of bonds issuance cost
5,025
5,025
0
Borrowing related expenses
169,651
163,502
(6,149)
Unit issuance expenses
0
0
0
Other
1,608
1,608
(0)
Total non-recurring expenses
784,379
774,135
(10,244)
Ordinary income
3,146,508
3,177,744
31,235
Extraordinary income
0
0
0
Other
Total extraordinary income
0
0
0
Extraordinary loss
0
0
0
0
0
0
Impairment losses
Total extraordinary losses
Income before income taxes
3,146,508
3,177,744
31,235
Income taxes-current
605
605
0
Total income taxes
605
605
0
Net income
3,145,903
3,177,139
31,235
Retained earnings brought forward
-
-
-
Unappropriated retained earnings (undisposed loss)
3,145,903
3,177,139
31,235
Financial statements pertaining to distribution of funds
(unit: yen)
Category
19th Fiscal Period (Mar. 1, 2015 -
Aug. 31, 2015)
20th Fiscal Period (Sep. 1, 2015 -
Feb. 29, 2016)
Variation
I. Unappropriated retained earnings
3,145,903,429
3,177,139,345
31,235,916
II. Reversal of reserve for distribution
189,016,971
201,258,483
12,241,512
III. Distribution amount
[Distribution per unit]
3,334,920,400
[4,460]
3,365,577,740
[4,501]
30,657,340
-
IV. Reserve of reserve for distribution
-
12,454,198
12,454,198
V. Retained earnings carried forward
-
-
-
Breakdown of Real Estate Lease Business Revenue and Expenses
(unit: thousand yen)
Category | 19th Fiscal Period (Mar. 1, 2015 - Aug. 31, 2015) | 20th Fiscal Period (Sep. 1, 2015 - Feb. 29, 2016) | Variation |
A. Real estate lease business revenue | 8,422,768 | 8,772,019 | 349,250 |
Lease business revenue | |||
Rent income | |||
Common service fees | 293,561 | 304,799 | 11,238 |
Subtotal | 8,716,329 | 9,076,818 | 360,489 |
Other lease business revenue | 284,130 | 291,639 | 7,509 |
Facility charges | |||
Incidental revenue | 52,750 | 51,426 | (1,324) |
Other lease business revenue | 302,892 | 242,441 | (60,451) |
Subtotal | 639,773 | 585,507 | (54,266) |
Total real estate lease business revenue | 9,356,103 | 9,662,326 | 306,222 |
B. Real estate expenses related to rent business | 910,356 | 879,036 | (31,319) |
Expenses related to rent business | |||
Management fees | |||
Utility expenses | 135,789 | 130,371 | (5,418) |
Tax and public charges | 489,716 | 489,583 | (132) |
Repair expenses | 239,183 | 383,566 | 144,382 |
Insurance expenses | 14,000 | 14,342 | 342 |
Restoration cost | 291,732 | 208,470 | (83,262) |
Custodian fees | 46,844 | 55,676 | 8,832 |
Depreciation and amortization | 1,897,265 | 2,012,584 | 115,319 |
Other operating expenses | 420,329 | 514,462 | 100,925 |
Total real estate expenses related to rent business | 4,438,425 | 4,688,094 | 249,669 |
C. Real estate lease business income (A - B) | 4,917,678 | 4,974,231 | 56,553 |
Unitholder type | Previous Fiscal Period (19th Fiscal Period) (as of August 31, 2015) | Current Fiscal Period (20th Fiscal Period) (as of February 29, 2016) | Variation | ||||
Number of Unitholders (persons) | Ratio (%) | Number of Unitholders (persons) | Ratio (%) | Number of Unitholders (persons) | |||
Individuals and others | 6,566 | 93.8 | 6,647 | 94.0 | 81 | ||
Financial institutions | 101 | 1.4 | 100 | 1.4 | (1) | ||
Banks and trust banks | 52 | 0.7 | 52 | 0.7 | 0 | ||
City banks | 1 | 0.01 | 1 | 0.01 | 0 | ||
Regional banks | 38 | 0.5 | 38 | 0.5 | 0 | ||
Trust banks | 13 | 0.2 | 13 | 0.2 | 0 | ||
Life insurance companies | 9 | 0.1 | 9 | 0.1 | 0 | ||
Non-life insurance companies | 3 | 0.04 | 2 | 0.03 | (1) | ||
Other financial | 37 | 0.5 | 37 | 0.5 | 0 | ||
Credit unions | 28 | 0.4 | 27 | 0.4 | (1) | ||
Other | 9 | 0.1 | 10 | 0.1 | 1 | ||
Other domestic corporations | 138 | 2.0 | 133 | 1.9 | (5) | ||
Foreign corporations and individuals | 175 | 2.5 | 178 | 2.5 | 3 | ||
Securities companies | 18 | 0.3 | 15 | 0.2 | (3) | ||
Total | 6,998 | 100.00 | 7,073 | 100.00 | 75 | ||
Unitholder type | Previous Fiscal Period (19th Fiscal Period) (as of August 31, 2015) | Current Fiscal Period (20th Fiscal Period) (as of February 29, 2016) | Variation | ||||
Number of Units (units) | Ratio (%) | Number of Units (units) | Ratio (%) | Number of Units (units) | |||
Individuals and others | 46,301 | 6.2 | 44,751 | 6.0 | (1,550) | ||
Financial institutions | 519,507 | 69.5 | 514,877 | 68.9 | (4,630) | ||
Banks and trust banks | 463,248 | 62.0 | 459,971 | 61.5 | (3,277) | ||
City banks | 665 | 0.1 | 1,211 | 0.2 | 546 | ||
Regional banks | 87,154 | 11.7 | 85,576 | 11.4 | (1,578) | ||
Trust banks | 375,429 | 50.2 | 373,184 | 49.9 | (2,245) | ||
Life insurance companies | 23,903 | 3.2 | 22,208 | 3.0 | (1,695) | ||
Non-life insurance companies | 14,714 | 2.0 | 14,474 | 1.9 | (240) | ||
Other financial | 17,642 | 2.4 | 18,224 | 2.4 | 582 | ||
Credit unions | 9,705 | 1.3 | 10,266 | 1.4 | 561 | ||
Other | 7,937 | 1.1 | 7,958 | 1.1 | 21 | ||
Other domestic corporations | 89,299 | 11.9 | 89,975 | 12.0 | 676 | ||
Foreign corporations and individuals | 83,076 | 11.1 | 86,992 | 11.6 | 3,916 | ||
Securities companies | 9,557 | 1.3 | 11,145 | 1.5 | 1,588 | ||
Total | 747,740 | 100.00 | 747,740 | 100.00 | 0 | ||
Unitholders (Statistical Data of Unitholders)
Statistical Data of Unitholders
Breakdown by Number of Unitholders Breakdown by Number of Units Held
133 115
178 (1.9%)(1.6%)
(2.5%)
44,751
(6.0%)
Number of Unitholders
Total number of Unitholders: 7,073
6,647
(94.0%)
Financial institutions
(including securities companies)
Foreign corporations and
individuals
Other domestic corporations
Individuals and others
Number of Units
Outstanding units issued:
747,740 units
89,975
(12.0%)
86,992
(11.6%)
526,022
(70.3%)
Financial institutions
(including securities companies)
Foreign corporations and
individuals
Other domestic corporations
Individuals and others
Major Unitholders of DHI
Name | 19th Fiscal Period (as of August 31, 2015) | 20th Fiscal Period (as of February 29, 2016) | Variation | ||
Number of Units Held (units) | Percentage of Total (%) | Number of Units Held (units) | Percentage of Total (%) | ||
Japan Trustee Services Bank, Ltd. (trust account) | 211,884 | 28.3 | 207,181 | 27.7 | (4,703) |
Daiwa House Industry Co., Ltd. | 75,440 | 10.1 | 75,440 | 10.1 | 0 |
The Master Trust Bank of Japan, Ltd. (trust account) | 65,880 | 8.8 | 72,588 | 9.7 | 6,708 |
Trust & Custody Services Bank, Ltd. (securities investment trust account) | 38,533 | 5.2 | 35,192 | 4.7 | (3,341) |
The Nomura Trust and Banking Co., Ltd. (investment trust account) | 23,328 | 3.1 | 24,417 | 3.3 | 1,089 |
SCBHK AC DBS VICKERS (HK) LIMITED－CLIENT A/C | 13,800 | 1.8 | 13,800 | 1.8 | 0 |
The Chugoku Bank, Ltd. | 12,942 | 1.7 | 13,604 | 1.8 | 662 |
The Fuji Fire and Marine Insurance Co., Ltd. | 12,530 | 1.7 | 12,530 | 1.7 | 0 |
THE BANK OF NEW YORK－JASDECNON－TREATY ACCOUNT | 11,046 | 1.5 | 11,046 | 1.5 | 0 |
Trust & Custody Services Bank, Ltd. (money trust tax account) | 11,103 | 1.5 | 10,840 | 1.4 | (263) |
Total | 476,486 | 63.7 | 476,638 | 63.7 | 152 |
Questionnaire for Unitholders in 19th Fiscal Period
A questionnaire was sent to all unitholders together with the asset management report for the 19th fiscal period, and completed questionnaires were returned by 1,985 unitholders (28.4% of the total).
Gender | 「Male」74%,「Female」26%,「No answer」0.4% |
Age | 「60 and over」56%,「50s」18%,「40s」15% |
Occupation | 「Unemployed/retired」33%,「Company employee」25%, 「Full-time homemaker」14%,「Self-employed」11% |
Reason for investing in DHI (*) | 「Distribution yield」69%,「Creditworthiness of sponsor」38%, 「Low unit price」21%, 「Growth potential」20%, 「Comparison with other REITs」16%, 「Recommendation by securities company」12% |
Approach to investing in DHI | 「Long-term holding」68%, 「Long-term holding + Increasing investment」19%, 「Increasing investment」3% |
Reasons for Increasing and long-term holding (*) | 「Stability of distributions」73%, 「Creditworthiness of sponsor」30%, 「Expectation of rise in unit price」27%,「Special Benefit Program for Unitholders」22%, 「High quality of owned properties」15% |
Highest priority in investment approach decision (*) | 「Distribution yield」81%,「Profitability」34%, 「Creditworthiness of sponsor」29%, 「Special Benefit Program for Unitholders」23%,「Track record」22%, 「Quality of owned properties」20% |
*) Multiple answers allowed.
Investment Unit
Price Index REIT Index
TOPIX March 22, 2006 = 100
Unit Price Highest
Jan. 21, 2015
¥304,000
Unit Price (closing price) Feb. 29, 2016
¥235,000
Announcement of investment unit split
Announcement of investment unit split
Announcement of inclusion
in the FTSE index
Unit Price (closing price) Mar. 22, 2006
¥112,250
Great East Japan Earthquake
Daiwa House Industry becomes the main sponsor
Merger with NCR
Upward revision of
target distribution level
Collapse of Lehman Brothers
Merger agreement concluded
NCR bankruptcy
Unit Price Lowest
Oct. 17, 2008
¥22,000
Declaration of support for NCR
rehabilitation
2nd Fiscal Period | 3rd Fiscal Period | 4th Fiscal Period | 5th Fiscal Period | 6th Fiscal Period | 7th Fiscal Period | 8th Fiscal Period | 9th Fiscal Period | 10th Fiscal Period | 11th Fiscal Period | 12th Fiscal Period | 13th Fiscal Period | 14th Fiscal Period | 15th Fiscal Period | 16th Fiscal Period | 17th Fiscal Period | 18th Fiscal Period | 19th Fiscal Period | 20th Fiscal Period |
(March 22, 2006 - Nov. 2006) | (Dec. 2006 - May 2007) | (June 2007 - Nov. 2007) | (Dec. 2007 - May 2008) | (June 2008 - Nov. 2008) | (Dec. 2008 - May 2009) | (June 2009 - Nov. 2009) | (Dec. 2009 - Aug. 2010) | (Sep. 2010 - Feb. 2011) | (Mar. 2011 - Aug. 2011) | (Sep. 2011 - Feb. 2012) | (Mar. 2012 - Aug. 2012) | (Sep. 2012 - Feb. 2013) | (Mar. 2013 - Aug. 2013) | (Sep. 2013 - Feb. 2014) | (Mar. 2014 - Aug. 2014) | (Sep. 2014 - Feb. 2015) | (Mar. 2015 - Aug. 2015) | (Sep. 2015 - Feb. 2016) |
*1) The investment unit price index shows the indexed value of closing price of DHI's investment unit on the TSE.
*2) "Unit Price High" and "Unit Price Low" are a new high and low, respectively, during trading hours.
*3) DHI implemented a 2-for-1 split of investment units on March 1, 2013. Factoring in the impact of the split, investment unit prices on or before February 25, 2013 are divided by four and investment unit prices on or after February 26, 2013 are divided by two.
This document is provided for information purposes only and is not intended as a solicitation to invest or a recommendation to trade in a specific security. Please contact a financial product brokerage company if you are interested in purchasing the investment units of Daiwa House Residential Investment Corporation ("DHI").
This document is not a disclosure document or investment report required under and made in accordance with the Financial Instruments and Exchange Act, the Act on Investment Trusts and Investment Corporations and related cabinet orders and cabinet office ordinances, or under the Tokyo Stock Exchange's securities listing rules or any other related rules.
The contents of this document include forward-looking statements based on certain assumptions and judgments using information currently available to DHI. These forward-looking statements are not a guarantee of DHI's future results, business performance and financial position.
DHI endeavors to ensure the contents of this document are as accurate as possible. However, DHI cannot guarantee the accuracy, reliability, adequacy or the accessibility of the information herein. DHI reserves the right to change or delete information without prior notice.
Duplication or reproduction of any item presented as information herein without the prior consent of DHI is strictly prohibited.
Daiwa House Residential Investment Corporation issued this content on 18 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 April 2016 08:20:05 UTC
Original Document: http://www.daiwahouse-resi-reit.co.jp/file/en-ir_news-05f5ee43c5921d089e8f024ecf3a1756eae0d4ee.pdf
