■Financial highlights and forecasts
・Operating revenues were 14.25 billion yen (+2.5% vs the previous period).
Net profit was 5.6 billion yen (+7.0%)
・Distribution per unit (DPU) for the 27th period was 6,419 yen (+ 1.1% vs the previous period) and is forecasted 6,510 yen in the 28th period (+1.4% vs the 27th period)
・DPU has grown steadily toward the mid-term objective presented in December 2014 period, reinforcing a stable long-term growth platform.
・By focusing on constant promotion of leasing and appropriate cost control, the mid-term objective is expected to be reached in December 2015 period.
・Public offering was conducted to enhance debt acquisition capacity and stable long-term growth.
・Operating revenues of 14.04 billion yen and net profit of 5.68 billion yen are forecasted in the 28th period.
・Operating revenues of 14.05 billion yen and net profit of 5.71 billion yen are forecasted in the 29th period.
■Internal growth
・Just as the previous period, steady progress in leasing has resulted in increase in rental revenues.
・Rental revenues (same store basis) were +138 million yen (+103 million yen vs forecast).
・Average occupancy rate was 97.5% (+0.3%pt vs the previous period).
・Average unit rent was 14.4 thousand yen (+0.4% vs the previous period).
■External growth
・Additional acquisition of shared stake of Shinjuku Square Tower (leveraging the preferential negotiation right)
・Due diligence continued for sponsors’ properties as well as selective closed bid deals.
■Finance and others
・New investment units (48,000 units including third party allotment) were issued to finance 18.3 billion yen of equity.
・LTV was lowered to 42.1% while debt acquisition capacity was enhanced to 65 billion yen.
・New debt borrowing of 7 billion yen with 9.7 year average duration and 1.04% average interest cost
・Unrealized losses were dissolved. Unrealized gains of 9.3 billion yen (+11.3 billion yen vs the previous period)
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