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Financial Highlights

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Financial Results

  27st Period 28th Period 29th Period 30th Period 31st Period 32nd Period
  Six months ended Dec 31, 2016 Six months ended Jun 30, 2017 Six months ended Dec 31, 2017 Six months ended Jun 30, 2018 Six months ended Dec 31, 2018 Six months ended Jun 30, 2019
 Days of operation (days) 184   181   184   184          
 Operating revenue (JPY thousand) 9,511,466   9,260,917   12,647,270   13,104,841          
 Operating income  (JPY thousand) 5,934,211   5,344,461   8,223,652   8,433,520          
 Recurring profit  (JPY thousand) 5,431,608   4,702,678   7,303,702   7,722,553          
 Net income  (JPY thousand) 5,431,003   4,702,073   7,303,097   7,721,948          
               
    27st Period 28th Period 29th Period 30th Period 31st Period 32nd Period
    As of the end of Dec 2016 As of the end of Jun 2017 As of the end of Dec 2017 As of the end of Jun 2018 As of the end of Dec 2018 As of the end of Jun 2019
   
 Total assets  (JPY thousand) 277,361,874   306,421,050   371,758,254   374,512,988          
 Net assets  (JPY thousand) 131,455,278   139,062,593   181,320,466   181,523,263          
 Net assets per unit (JPY) 35,762   36,019   37,829   37,871          
 Distribution per unit (JPY) 1,477   1,264   1,564   1,430          
 Total issued and
 outstanding units
3,675,824   3,860,824   4,793,181   4,793,181          
(Note) Figures are rounded down to the indicated unit and net assets per unit are rounded to units of one yen.

Financial Metrics

  27st Period 28th Period 29th Period 30th Period 31st Period 32nd Period
  Six months ended Dec 31, 2016 Six months ended Jun 30, 2017 Six months ended Dec 31, 2017 Six months ended Jun 30, 2018 Six months ended Dec 31, 2018 Six months ended Jun 30, 2019
 Return on asset (ROA) (%) 1.9   1.6   2.2   2.1          
   annualized (%) 3.9   3.2   4.3   4.2          
 Return on equity (ROE) (%) 4.2   3.5   4.6   4.3          
   annualized (%) 8.3   7.0   9.1   8.6          
 Loan-to-Value (LTV 1) (%) 53.1   55.0   51.8   52.1          
 Loan-to-Value (LTV 2) (%) 51.3   53.5   50.3   50.6          
 Capital-to-asset ratio (fiscal year-end) 47.4   45.4   48.8   48.5          
 Net operating income(NOI)  (JPY thousand) 8,414,465   8,023,607   10,008,268   9,758,373          
  annualized yield (%) 6.3   5.7   6.3   5.8          
 Depreciation expenses
  (JPY thousand)
2,065,066   2,281,374   2,567,215   2,772,510          
 Funds from operation (FFO)
  (JPY thousand)
7,496,070   6,983,448   8,626,279   9,244,814          
(Note) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.
* ROA = Recurring profit / Weighted Average Total Assets during the period * 100
* ROE = Net Income / Weighted Average Net Assets during the period * 100
* LTV 1 = End-of-period Interest-bearing debt / (End-of-period Interest-bearing Debt + Unitholders' Capital + Investment surplus) * 100
* LTV 2 = End-of-period Interest-bearing debt / End-of-period total assets * 100
* NOI = Rental Revenue - Operating Expenses + Depreciation Expenses
* Annualized NOI yield = ((Operating Revenue - Operating Expenses + Depreciation Expenses) / days * 365) / Acquisition price of properties
* FFO = Net Income + Depreciation Expenses + Other Depreciation - Gain on Sales of Properties + Loss from Sales of Properties