Financial Highlights
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As of Feb. 29, 2020
Operating Revenues
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Actual
Forecast
（mn yen）
Operating Income
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Actual
Forecast
（mn yen）
The breakdown of Operating results is described in Operating results below.
Ordinary Income
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Actual
Forecast
（mn yen）
Net Income
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Actual
Forecast
（mn yen）
Distributions per unit
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Actual
Forecast
（yen）
FFO per unit
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Actual
Forecast
（yen）
(1) Operating results
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| Operating revenues | Operating income |
Ordinary income |
Net income |
||||
|---|---|---|---|---|---|---|---|
| Total (Millions of yen) |
Breakdown | ||||||
| Rental and other operating revenues | Gain on sales of property | Distribution income from investments in Tokumei Kumiai | (Millions of yen) | ||||
| Feb. 2020 (36th) | 32,007 | 29,985 | 2,022 | - | 14,563 | 12,801 | 12,800 |
| Aug. 2019 (35th) | 35,432 | 30,857 | 4,574 | - | 14,719 | 12,815 | 12,814 |
| Feb. 2019 (34th) | 30,680 | 30,680 | - | - | 13,103 | 11,105 | 11,105 |
| Aug. 2018 (33rd) | 32,685 | 31,898 | 787 | - | 13,871 | 11,645 | 11,644 |
| Feb. 2018 (32nd) | 31,967 | 31,967 | - | - | 14,472 | 12,232 | 12,232 |
| Aug. 2017 (31st) | 31,011 | 30,999 | 11 | - | 13,743 | 11,426 | 11,425 |
(2) Distributions
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|
Distributions per unit
(excluding distributions in excess of profit)
|
FFO per unit *1 |
Distributions Total *2 |
Payout ratio *2 |
Ratio of distributions to net assets | |
|---|---|---|---|---|---|
| yen | yen | Millions of yen | % | % | |
| Feb. 2020 (36th) | 4,500 | 6,170 | 11,781 | 92.0 | 2.7 |
| Aug. 2019 (35th) | 4,430 | 5,661 | 11,597 | 90.5 | 2.7 |
| Feb. 2019 (34th) | 4,430 | 6,363 | 11,597 | 104.4 | 2.7 |
| Aug. 2018 (33rd) | 4,430 | 6,399 | 11,597 | 99.6 | 2.7 |
| Feb. 2018 (32nd) | 4,410 | 6,875 | 11,545 | 94.4 | 2.7 |
| Aug. 2017 (31st) | 4,295 | 6,428 | 11,455 | 100.3 | 2.6 |
*1
FFO per unit is calculated using the formula below :
Net income used for calculation of FFO does not include the deferred income taxes.
Funds from operation(FFO) per unit = (Net income + Loss on sales of real estate properties – Gain on sales of real estate properties + Distribution + Other depreciation related property) / Number of units issued and outstanding
*2
Payout ratio for August 2017 fiscal period are calculated by following formula because new investment units were issued. Payout ratio for February 2018 fiscal period is calculated by following formula because repurchase and cancellation of own investment units.
Payout ratio = Total of distributions / Net income x 100
Total distributions for August 2017 fiscal period consist of retained earnings for temporary difference adjustment amounting to 31 million yen.
Total distributions for February 2018 fiscal period consist of retained earnings for temporary difference adjustment amounting to 31 million yen and deduction for provision of funds 719 million yen.
Total distributions for August 2018 fiscal period consist of retained earnings for temporary difference adjustment amounting to 31 million yen and deduction for provision of funds 78 million yen.
Total distributions for February 2019 fiscal period consist of retained earnings for temporary difference adjustment amounting to 31 million yen and reversal of reserve for reduction entry of property of 461 million yen.
Total distributions for August 2019 fiscal period consist of retained earnings for temporary difference adjustment amounting to 31 million yen and deduction for provision of funds 1,284 million yen.
Total distributions for February 2020 fiscal period consist of retained earnings for temporary difference adjustment amounting to 31 million yen and deduction for provision of funds 1,050 million yen.
FFO per unit is calculated using the formula below :
Net income used for calculation of FFO does not include the deferred income taxes.
Funds from operation(FFO) per unit = (Net income + Loss on sales of real estate properties – Gain on sales of real estate properties + Distribution + Other depreciation related property) / Number of units issued and outstanding
*2
Payout ratio for August 2017 fiscal period are calculated by following formula because new investment units were issued. Payout ratio for February 2018 fiscal period is calculated by following formula because repurchase and cancellation of own investment units.
Payout ratio = Total of distributions / Net income x 100
Total distributions for August 2017 fiscal period consist of retained earnings for temporary difference adjustment amounting to 31 million yen.
Total distributions for February 2018 fiscal period consist of retained earnings for temporary difference adjustment amounting to 31 million yen and deduction for provision of funds 719 million yen.
Total distributions for August 2018 fiscal period consist of retained earnings for temporary difference adjustment amounting to 31 million yen and deduction for provision of funds 78 million yen.
Total distributions for February 2019 fiscal period consist of retained earnings for temporary difference adjustment amounting to 31 million yen and reversal of reserve for reduction entry of property of 461 million yen.
Total distributions for August 2019 fiscal period consist of retained earnings for temporary difference adjustment amounting to 31 million yen and deduction for provision of funds 1,284 million yen.
Total distributions for February 2020 fiscal period consist of retained earnings for temporary difference adjustment amounting to 31 million yen and deduction for provision of funds 1,050 million yen.
(3) Financial position
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| Total assets | Net assets | Ratio of net assets to total assets | Net asset value per unit |
|
|---|---|---|---|---|
| Millions of yen | Millions of yen | % | yen | |
| Feb. 2020 (36th) | 899,888 | 435,298 | 48.4 | 166,270 |
| Aug. 2019 (35th) | 900,799 | 433,994 | 48.2 | 165,772 |
| Feb. 2019 (34th) | 897,331 | 432,701 | 48.2 | 165,278 |
| Aug. 2018 (33rd) | 887,668 | 433,229 | 48.8 | 165,480 |
| Feb. 2018 (32nd) | 902,191 | 432,981 | 48.0 | 165,385 |
| Aug. 2017 (31st) | 897,631 | 441,967 | 49.2 | 165,704 |
(4) Cash flows
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| Net cash provided by (used in) | Cash and cash equivalents at end of period | |||
|---|---|---|---|---|
| Operating activities |
Investing activities |
Financing activities |
||
| Millions of yen | Millions of yen | Millions of yen | Millions of yen | |
| Feb. 2020 (36th) | 15,167 | 2,307 | -11,596 | 67,499 |
| Aug. 2019 (35th) | 18,695 | 14,687 | -11,637 | 61,620 |
| Feb. 2019 (34th) | 14,943 | -20,609 | 402 | 39,874 |
| Aug. 2018 (33rd) | 17,903 | 15,769 | -25,061 | 45,138 |
| Feb. 2018 (32nd) | 18,570 | -31,973 | -8,375 | 36,527 |
| Aug. 2017 (31st) | 19,024 | -34,886 | 26,732 | 58,305 |
* 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.