DAIWA HOUSE REIT INVESTMENT CORPORATION (TSE code: 8984)
Investor Presentation
Fiscal Period Ended February 28, 2022
April 15, 2022
Table of Contents
1. Financial Results
Page
Financial Highlights for February 2022 Period 3
Statement of Income for February 2022 Period 4
Balance Sheet for February 2022 Period 5
Financial Forecasts for Aug. 2022 & Feb. 2023 Periods 6
Breakdown of DPU 7
2. Initiatives to Pursue Growth
Growth Strategy 9
Pipeline of Daiwa House Group 10
3. Operation Status
Portfolio Summary (as of February 28, 2022) 12
Acquisition in February 2022 13
Operation Status of Logistics Properties 14
Operation Status of Residential Properties 15
Operation Status of Retail and Hotel Properties 16
4. Financial Status
Financial Status 18-19
Issuance of Bonds 20
5. ESG Initiatives
Leading-edge ESG Initiatives 22
Improved External Evaluations by Promoting ESG Initiatives 23
Supported Initiatives
24
6. Information Disclosure
Based on TCFD Recommendations
Page
Information Disclosure Based on TCFD Recommendations 26
Governance 27
Strategy 28-30
Risk Management 31
Metrics and Targets 32-36
Appendix
Page
Leveraging Value Chain of Daiwa House Group 38
Asset Size and Stabilized Forecast DPU 39
Key Financial Indicators 40
Historical Financial Data 41
Historical Portfolio Data 42
Balance Sheets 43
Statements of Income 44
Market Environment for Logistics Properties 45
Market Environment for Residential, Retail and Hotel 46 Properties
Portfolio List 47-50
Appraisal Value Comparison 51-58
Unitholder Status 59
Unit Price Performance 60
REIT Structure 61
1
1. Financial Results
Financial Highlights for February 2022 Period
DPU
5,822 yen
+72 yen vs Forecast
NOI yield
Asset classNOI (mil yen)
Operation Status
Acquisition 5 propertiesSale
NOI yield
73.7 Bn yen
1 property
3.7 Bn yen
5.0 %
(Unchanged vs Aug. 2021)
NOI yield after depreciation 3.8 %
(+0.1 p.p. vs Aug. 2021)
Occupancy rate
99.7 %
(+0.4 p.p. vs Aug. 2021)
Acquisition price
(mil yen)NOI yield (Note 1)NOI yield after depreciation (Note 1)
Logistics
11,561
470,121
5.0 %
3.9 %
Residential (Note 2)
6,252
241,043
5.3 %
3.6 %
Retail
3,293
123,219
5.4 %
4.3 %
Hotel (Note 3)
-90
19,110
-1.0 %
-2.1 %Other
1,096
41,660
5.3 %
3.9 %
Total (Note 2)
22,112
895,153
5.0 %
3.8 %
(Note 1) NOI yield and NOI yield after depreciation are based on annualized NOI for the period ended Feb. 2022. (Note 2) Excluding the one property sold on Sep. 30, 2021.
Financial Status
Issuance of sustainability bonds
296,098 yen
Period end occupancy
Asset class | Aug. 2021 | Feb. 2022 | Change | |||
Logistics | 100.0 | % | 100.0 | % | - | |
Residential | 95.6 | % | 98.4 | % | 2.8 | p.p. |
Retail | 99.8 | % | 99.8 | % | - | |
Hotel | 100.0 | % | 100.0 | % | - | |
Other | 99.8 | % | 99.7 | % | -0.1 | p.p. |
Total | 99.3 | % | 99.7 | % | 0.4 | p.p. |
(Note 3) NOI of hotel properties was temporarily negative due to large-scale repair work performed at Daiwa Roynet Hotel Nagoya Shinkansenguchi.
New financingEquity Loans
(Repayment of loans)
RefinancingNAV per unit
Loans Bonds
LTV (excluding goodwill)
37.4 Bn yen 29.0 Bn yen
4.0 Bn yen
13.8 Bn yen 4.0 Bn yen
(+9,022 yen vs Aug. 2021)
44.9 %
(-0.1 p.p. vs Aug. 2021)
3
Statement of Income for February 2022 Period
Contribution of 4 new acquisitions led to DPU of 5,822 yen despite decrease in gain on sale of properties Strategically carried out repair work ahead of schedule utilizing part of gain on sale
Operating revenue
Rental revenue
Gain on sale of properties Operating expenses
Rental expenses
Rental expenses (excluding depreciation)
Depreciation
Operating expenses other than rental expenses
Amortization of goodwill
Operating income Non-operating income Non-operating expenses
Interest and borrowing related expenses Ordinary income
Net income
Retained earnings brought forward Distribution in excess of earnings
(Allowance for temporary difference adjustments)
Total distribution
Retained earnings carried forward
Distributions per unit (DPU)
Distribution of earnings
Distribution in excess of earnings
Allowance for temporary difference adjustments Other distributions in excess of earnings
Aug. 2021
29,571 27,362
2,208 16,455 12,081 6,810
5,271 4,373 1,982
13,116 17 1,513
1,511 11,619 11,619
676
1,693 13,435
553
6,118
5,347
771
771 -
Feb. 2022
30,142 28,806
(mil yen)
121 121
1,335 16,840 12,388 6,742
- 14 42 63
5,646 4,452 1,982
-20 -28 -
13,301 10 1,791
107 11 -45
1,595 11,520 11,520
-25 165 165
553
-
-180 167
1,818 13,340
552
-182
(yen)
5,750
72
4,966
150
784
-78
784 -
-78 -
Major Variation Factors (vs Forecast)
Increase in operating revenue
[Contribution to income]
・Decrease in rent reduction related to COVID-19
121 mil yen
・Increase in rent revenue at residential properties
Increase in operating expenses
・Increase in repairs and maintenance expenses by carrying out repair work ahead of schedule ・Decrease in depreciation
Decrease in non-operating expenses ・Decrease in interest expenses
Major Variation Factors
(period-on-period)
Increase in operating revenue
-14 mil yen
45 mil yen
[Contribution to income]
692 mil yen
・Contribution of 4 properties acquired in Sep. and Oct. 2021 ・Decrease in gain on sale of properties
・Decrease in revenue of 1 property sold in Sep. 2021
Increase in operating expenses -399 mil yen ・Expenses for 4 properties acquired in Sep. and Oct. 2021
Increase in operating expenses -231 mil yen ・Recording of investment unit issuance expenses
Capex, Repairs, and Restoration Costs
(mil yen)
Aug. 2021
Feb. 2022 | ||
Capex | 2,645 | 2,492 |
Repairs and maintenance expenses | 1,571 | 1,575 |
Restoration costs | 374 | 290 |
Total | 4,592 | 4,358 |
4
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Daiwa House REIT Investment Corporation published this content on 15 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2022 06:19:05 UTC.
