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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                  
 Operating revenue (JPY thousand) 9,511,466   9,260,917                  
 Operating income  (JPY thousand) 5,934,211   5,344,461                  
 Recurring profit  (JPY thousand) 5,431,608   4,702,678                  
 Net income  (JPY thousand) 5,431,003   4,702,073                  
               
    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                  
 Net assets  (JPY thousand) 131,455,278   139,062,593                  
 Net assets per unit (JPY) 35,762   36,019                  
 Distribution per unit (JPY) 1,477   1,264                  
 Total issued and
 outstanding units
3,675,824   3,860,824                  
(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                  
   annualized (%) 3.9   3.2                  
 Return on equity (ROE) (%) 4.2   3.5                  
   annualized (%) 8.3   7.0                  
 Loan-to-Value (LTV 1) (%) 53.1   55.0                  
 Loan-to-Value (LTV 2) (%) 51.3   53.5                  
 Capital-to-asset ratio (fiscal year-end) 47.4   45.4                  
 Net operating income(NOI)  (JPY thousand) 8,414,465   8,023,607                  
  annualized yield (%) 6.3   5.7                  
 Depreciation expenses
  (JPY thousand)
2,065,066   2,281,374                  
 Funds from operation (FFO)
  (JPY thousand)
7,496,070   6,983,448                  
(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