Japan Excellent : Financial Results Material

History of Financial Data

eng

1st Period	2nd Period	3rd Period	4th Period	5th Period	6th Period	7th Period	8th Period	9th Period	10th Period	11th Period	12th Period	13th Period	14th Period	15th Period	16th Period	17th Period	18th Period	19th Period	20th Period	21st Period	22nd Period	23rd Period	24th Period	25th Period	26th Period	27th Period	28th Period	29th Period	30th Period	31st Period	32nd Period
From	February 20, 2006	January 01, 2007	July 01, 2007	January 01, 2008	July 01, 2008	January 01, 2009	July 01, 2009	January 01, 2010	July 01, 2010	January 01, 2011	July 01, 2011	January 01, 2012	July 01, 2012	January 01, 2013	July 01, 2013	January 01, 2014	July 01, 2014	January 01, 2015	July 01, 2015	January 01, 2016	July 01, 2016	January 01, 2017	July 01, 2017	January 01, 2018	July 01, 2018	January 01, 2019	July 01, 2019	January 01, 2020	July 01, 2020	January 01, 2021	July 01, 2021	January 01, 2022
To	December 31, 2006	June 30, 2007	December 31, 2007	June 30, 2008	December 31, 2008	June 30, 2009	December 31, 2009	June 30, 2010	December 31, 2010	June 30, 2011	December 31, 2011	June 30, 2012	December 31, 2012	June 30, 2013	December 31, 2013	June 30, 2014	December 31, 2014	June 30, 2015	December 31, 2015	June 30, 2016	December 31, 2016	June 30, 2017	December 31, 2017	June 30, 2018	December 31, 2018	June 30, 2019	December 31, 2019	June 30, 2020	December 31, 2020	June 30, 2021	December 31, 2021	June 30, 2022
Total revenues	(Millions of yen)	4,751	5,505	6,982	7,840	8,501	7,544	7,494	7,302	7,094	7,337	7,085	7,740	7,599	8,418	8,850	9,558	9,695	10,121	10,839	10,223	10,653	10,642	11,085	10,535	10,657	10,668	10,890	12,717	11,043	10,567	10,666	11,065
Rental revenue	(Millions of yen)	4,335	5,069	6,335	7,135	6,909	6,890	6,886	6,746	6,506	6,565	6,569	7,046	6,944	7,716	7,957	8,599	8,754	9,215	9,697	9,351	9,702	9,760	9,851	9,692	9,779	9,850	9,984	10,250	9,998	9,845	9,883	9,566
Other rental revenue	(Millions of yen)	416	436	647	704	738	654	608	556	587	469	515	541	652	692	890	959	941	905	971	871	951	882	954	843	877	818	906	763	730	722	782	700
Gain on sales of real estate etc	(Millions of yen)	-	-	-	-	854	-	-	-	-	302	-	152	-	-	-	-	-	-	170	-	-	-	279	-	-	-	-	1,704	314	-	-	797
Distributions from anonymous association	(Millions of yen)	-	-	-	-	-	-	-	-	-	-	-	-	1	9	2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	(Millions of yen)	2,382	2,851	3,926	4,408	4,500	4,266	4,145	4,050	4,040	4,117	4,116	4,400	4,427	4,871	5,140	5,592	5,731	6,102	6,537	6,240	6,431	6,488	6,565	6,509	6,373	6,349	7,978	6,426	6,119	5,977	6,180	6,353
Total operating expenses	(Millions of yen)	1,977	2,409	3,437	3,849	3,910	3,720	3,577	3,516	3,494	3,555	3,645	3,901	3,950	4,350	4,605	5,022	5,180	5,533	5,916	5,655	5,849	5,890	5,931	5,754	5,780	5,747	5,906	5,697	5,487	5,355	5,563	5,699
Property management expenses	(Millions of yen)	712	859	1,083	1,257	1,063	1,141	1,066	1,082	1,005	1,033	1,014	1,016	1,006	1,136	1,110	1,272	1,246	1,406	1,440	1,423	1,422	1,477	1,441	1,476	1,358	1,399	1,458	1,455	1,371	1,393	1,553	1,566
Utilities Expenses	(Millions of yen)	406	452	613	672	759	685	648	582	649	552	627	668	762	804	1,005	1,013	1,118	1,153	1,192	1,044	1,064	1,004	1,122	996	1,029	959	1,013	864	831	759	867	935
Taxes	(Millions of yen)	-	174	330	457	560	540	542	540	550	561	556	592	613	629	632	699	753	791	838	835	891	915	939	932	894	917	944	963	919	934	940	980
Insurance	(Millions of yen)	13	19	22	23	21	21	21	21	20	21	21	25	22	23	24	27	27	29	27	24	25	25	26	25	24	22	20	22	20	20	21	21
Repairs and maintenance	(Millions of yen)	120	124	363	217	313	182	142	130	108	92	96	186	86	109	121	189	176	171	269	195	267	271	202	160	314	285	311	214	282	158	160	126
Non-operating expenses for rental operation	(Millions of yen)	93	104	131	179	196	159	165	165	166	212	173	151	175	211	206	195	201	195	239	231	220	229	226	237	238	228	227	229	237	241	128	132
Net Operating Income (Note 1)	(Millions of yen)	3,405	3,770	4,438	5,033	4,732	4,814	4,907	4,778	4,593	4,559	4,595	4,946	4,932	5,493	5,747	6,160	6,172	6,374	6,662	6,467	6,760	6,719	6,847	6,707	6,797	6,856	6,913	7,263	7,066	7,059	6,994	6,504
Depreciation	(Millions of yen)	631	674	894	1,042	995	990	990	992	993	1,080	1,156	1,260	1,284	1,433	1,504	1,624	1,657	1,786	1,908	1,899	1,956	1,967	1,972	1,926	1,920	1,935	1,929	1,946	1,824	1,847	1,891	1,937
Profits from operation	(Millions of yen)	2,773	3,096	3,544	3,990	3,736	3,824	3,917	3,786	3,599	3,478	3,439	3,685	3,647	4,059	4,243	4,535	4,515	4,588	4,753	4,567	4,803	4,751	4,874	4,781	4,877	4,920	4,983	5,316	5,242	5,212	5,103	4,567
Loss on sales of real estate etc	(Millions of yen)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	165	-	-	120	-	-	-	-	-
Asset management fees	(Millions of yen)	306	328	369	436	443	418	423	414	416	428	337	356	358	370	389	397	409	415	442	424	442	442	457	431	445	447	390	530	470	454	457	467
Other	(Millions of yen)	97	114	118	122	146	127	144	119	129	133	132	142	118	151	146	172	141	153	179	161	140	154	176	158	147	154	153	199	160	166	160	186
Operating income	(Millions of yen)	2,369	2,653	3,055	3,432	4,000	3,278	3,349	3,252	3,053	3,220	2,969	3,340	3,172	3,546	3,709	3,966	3,963	4,018	4,301	3,982	4,221	4,154	4,519	4,025	4,284	4,318	2,912	6,290	4,924	4,590	4,485	4,711
Non-operating income	(Millions of yen)	5	24	16	17	18	22	3	24	3	6	76	9	7	3	5	3	4	2	4	2	0	1	0	0	1	1	0	0	0	0	0	0
Non-operating expenses	(Millions of yen)	516	438	650	788	862	858	865	909	838	864	807	913	869	960	939	958	926	922	921	871	814	694	818	686	688	628	665	659	634	614	639	609
Ordinary income	(Millions of yen)	1,858	2,240	2,421	2,662	3,156	2,443	2,486	2,367	2,219	2,362	2,237	2,435	2,310	2,589	2,775	3,011	3,041	3,098	3,385	3,113	3,407	3,460	3,701	3,340	3,597	3,691	2,247	5,631	4,291	3,976	3,846	4,102
Net income	(Millions of yen)	1,856	2,239	2,420	2,661	3,155	2,442	2,485	2,366	2,218	2,313	2,236	2,434	2,309	2,598	2,774	3,010	3,040	3,097	3,384	3,112	3,406	3,459	3,700	3,339	3,596	3,690	2,246	5,631	4,290	3,975	3,846	4,101
Total assets	(Millions of yen)	114,199	156,291	205,486	206,079	195,929	195,145	195,040	194,710	199,186	209,142	227,249	228,818	228,020	257,613	257,901	277,842	278,037	300,976	284,443	283,653	296,081	297,177	282,197	285,008	285,400	286,172	288,790	293,532	294,004	293,970	293,960	291,430
(% change from the previous period)	(%)	-	(36.8)	(31.4)	(0.2)	(-4.9)	(-0.4)	(-0.1)	(-0.1)	(2.2)	(4.9)	(8.6)	(0.6)	(-0.3)	(12.9)	(0.1)	(7.7)	(0.1)	(8.3)	(-5.5)	(-0.3)	(4.4)	(0.4)	(-5.0)	(1.0)	(-0.1)	(0.3)	(0.9)	(1.6)	(0.2)	(-0.0)	(-0.0)	(-0.9)
Net assets	(Millions of yen)	69,329	69,813	89,292	89,655	90,019	89,363	89,450	89,389	89,272	104,366	104,338	104,537	104,545	120,683	120,713	130,998	131,028	131,085	137,857	137,808	143,640	143,693	143,933	143,786	143,727	143,822	142,377	152,133	152,418	152,335	152,206	150,461
(% change from the previous period)	(%)	-	(0.6)	(27.9)	(0.4)	(0.4)	(-0.7)	(0.1)	(0.0)	(-0.1)	(16.9)	(0.0)	(0.1)	(0.0)	(1.5)	(0.0)	(8.5)	(0.0)	(0.0)	(5.2)	(-0.0)	(4.2)	(0.0)	(0.2)	(-0.1)	(-0.0)	(0.1)	(-1.0)	(6.9)	(0.2)	(-0.1)	(-0.1)	(-1.1)
Paid-in capital	(Millions of yen)	67,641	67,641	87,083	87,083	87,083	87,083	87,083	87,083	87,083	102,052	102,052	102,052	102,052	117,901	117,901	127,950	127,950	127,950	134,434	134,434	139,972	139,972	139,972	139,972	139,972	139,972	139,972	146,501	147,907	147,907	147,607	145,907
Total number of outstanding investment units	(Units)	134,800	134,800	154,550	154,550	154,550	154,550	154,550	154,550	154,550	188,650	188,650	188,650	188,650	224,950	224,950	1,212,750	1,212,750	1,212,750	1,264,450	1,264,450	1,305,700	1,305,700	1,305,700	1,305,700	1,305,700	1,305,700	1,305,700	1,353,000	1,353,000	1,353,000	1,353,000	1,337,598
Net assets per unit (Note 2)	(Yen)	514,317	517,906	577,758	580,107	582,458	578,215	578,780	578,387	577,629	553,227	553,081	554,134	554,175	536,488	107,324	108,017	108,042	108,089	109,025	108,987	110,010	110,050	110,234	110,122	110,076	110,149	109,042	112,441	112,652	112,590	112,495	112,486
Net income per unit (Note 3)	(Yen)	13,858	16,614	15,784	17,217	20,417	15,802	16,084	15,314	14,353	12,677	11,853	12,906	12,241	11,884	2,466	2,511	2,506	2,554	2,685	2,461	2,614	2,649	2,833	2,557	2,754	2,826	1,720	4,179	3,171	2,938	2,842	3,052
Total distribution	(Millions of yen)	1,856	2,239	2,420	2,661	3,155	2,442	2,485	2,366	2,218	2,263	2,236	2,301	2,309	2,744	2,774	3,010	3,040	3,097	3,161	3,113	3,406	3,460	3,486	3,655	3,595	3,691	3,810	4,004	4,059	3,975	3,846	3,745
Total distribution per unit (Note 4)	(Yen)	13,773	16,614	15,663	17,218	20,418	15,802	16,085	15,315	14,353	12,000	11,854	12,200	12,242	12,200	12,334	2,482	2,507	2,554	2,500	2,462	2,609	2,650	2,670	2,800	2,754	2,827	2,918	2,960	3,000	2,938	2,843	2,800
(Profit distribution per unit)	(Yen)	13,773	16,614	15,663	17,218	20,418	15,802	16,085	15,315	14,353	12,000	11,854	12,200	12,242	12,200	12,334	2,482	2,507	2,554	2,500	2,462	2,609	2,650	2,670	2,800	2,754	2,827	1,841	2,960	3,000	2,938	2,843	2,800
(Distribution in excess of earnings per unit)	(Yen)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,077	-	-	-	-	-
Return on assets (Note 5)	(%)	2.0	1.7	1.3	1.3	1.6	1.2	1.3	1.2	1.1	1.2	1.0	1.1	1.0	1.1	1.1	1.1	1.1	1.1	1.2	1.1	1.2	1.2	1.3	1.2	1.3	1.3	0.8	1.9	1.5	1.4	1.3	1.4
(Annualized rate)	(%)	2.5	2.2	2.3	2.0	2.1	2.0	2.2	2.1	2.3	2.2	2.2	2.3	2.2	2.3	2.4	2.5	2.4	2.5	2.6	1.6	3.9	2.9	2.7	2.6	2.8
Return on equity (Note 6)	(%)	2.8	3.2	3.0	3.0	3.5	2.7	2.8	2.6	2.5	2.4	2.1	2.3	2.2	2.3	2.1	2.4	2.3	2.4	2.5	2.3	2.4	2.4	2.6	2.3	2.5	2.6	1.6	3.8	2.8	2.6	2.5	2.7
(Annualized rate)	(%)	5.3	4.9	4.8	4.3	4.7	4.4	4.7	4.6	4.8	4.6	4.8	5.0	4.5	4.8	4.9	5.1	4.7	5.0	5.2	3.1	7.7	5.6	5.3	5.0	5.5
Capital ratio (Note 7)	(%)	60.7	44.7	43.5	43.5	45.9	45.8	45.9	45.9	44.8	49.9	45.9	45.7	45.8	46.8	46.8	47.1	47.1	43.6	48.5	48.6	48.5	48.4	51.0	50.5	50.4	50.3	49.3	51.8	51.8	51.8	51.8	51.6
(% points change from the previous period)	(%)	-	(-16.0)	(-1.2)	(0.0)	(2.4)	(-0.1)	(0.1)	(0.0)	(-1.1)	(5.1)	(-4.0)	(-0.2)	(0.1)	(1.0)	(0.0)	(0.3)	(0.0)	(-3.6)	(4.9)	(0.1)	(-0.1)	(-0.2)	(2.7)	(-0.6)	(-0.1)	(-0.1)	(-1.0)	(2.5)	(0.0)	(-0.0)	(-0.0)	(-0.1)
Payout ratio (Note 8)	(%)	99.9	100.0	99.9	100.0	100.0	99.9	100.0	100.0	99.9	97.8	100.0	94.5	100.0	105.6	99.9	99.9	100.0	99.9	93.4	100.0	100.0	100.0	94.2	109.5	100.0	100.0	107.0	71.1	94.6	100.0	100.0	91.3
Number of investment properties	14	18	20	20	18	18	18	18	19	19	23	24	24	28	28	30	30	31	30	30	31	31	29	30	31	31	33	35	34	35	36	35
Number of tenants	99	120	132	131	127	126	126	124	108	109	124	136	134	152	157	206	214	219	224	228	237	242	243	202	204	204	200	193	191	187	587	585
Total Leasable Floor Space (Note 9)	(㎡)	135,264	190,051	234,007	234,006	220,521	220,521	220,521	220,474	228,177	234,547	262,464	266,981	266,915	302,505	302,505	330,285	330,179	370,671	356,918	356,884	362,305	362,292	356,854	341,247	343,830	343,830	345,940	332,702	331,112	336,375	341,070	335,534
Occupancy rate	(%)	98.5	98.2	95.3	95.1	95.2	98.5	97.0	97.4	91.7	92.4	93.8	94.7	94.0	97.1	98.7	98.3	99.1	97.9	98.5	99.1	99.0	99.4	99.1	99.6	99.6	99.4	99.6	99.6	98.0	96.4	93.1	90.8
Depreciation and amortization	(Millions of yen)	631	674	894	1,042	995	990	990	992	993	1,080	1,156	1,260	1,284	1,433	1,504	1,624	1,657	1,786	1,908	1,899	1,956	1,967	1,972	1,926	1,920	1,935	1,929	1,946	1,824	1,847	1,891	1,937
Capital expenditures	(Millions of yen)	155	182	319	530	799	267	134	248	328	347	357	393	283	572	775	558	415	790	635	729	1,294	1,056	1,092	867	809	1,285	1,726	806	1,127	1,547	1,305	1,298
Funds from operations per unit (Note 10)	(Yen)	18,459	21,616	21,447	23,963	21,331	22,211	22,494	21,737	20,780	16,391	17,982	18,780	19,050	17,924	3,804	3,822	3,873	4,027	4,051	3,964	4,107	4,156	4,131	4,159	4,225	4,309	4,367	4,341	4,287	4,303	4,240	3,918
FFO (funds from operations) multiple (Note 11) (Note 12)	(Times)	21.1	24.3	21.1	10.7	9.0	9.1	9.2	9.6	13.0	12.2	8.4	10.5	12.7	15.4	16.3	17.4	20.8	17.4	16.5	17.6	18.2	14.9	16.0	17.0	17.7	18.2	20.3	14.4	15.0	18.3	15.8	15.5
Debt service coverage ratio (Note 13)	(Times)	9.9	7.2	5.5	4.9	5.5	4.5	4.5	4.4	4.3	4.5	4.3	4.2	4.0	4.4	4.4	4.8	5.0	5.0	5.6	5.5	6.4	10.7	10.7	11.1	11.7	12.5	9.4	17.0	13.9	13.2	13.2	14.4
Interest-bearing debt	(Millions of yen)	38,500	77,600	105,500	105,500	95,500	95,500	95,500	95,500	100,400	95,500	112,800	113,800	113,300	125,400	125,400	133,900	133,900	155,400	131,900	131,900	137,900	137,900	122,500	126,500	126,600	126,600	129,600	125,600	125,600	125,600	125,600	125,600
LTV (loan to value) (Note 14)	(%)	33.7	49.7	51.3	51.2	48.7	48.9	49.0	49.0	50.4	45.7	49.6	49.7	49.7	48.7	48.6	48.2	48.2	51.6	46.4	46.5	46.6	46.4	43.4	44.4	44.4	44.2	44.9	42.8	42.7	42.7	42.7	43.1
Number of days	188	181	184	182	184	181	184	181	184	181	184	182	184	181	184	181	184	181	184	182	184	181	184	181	184	181	184	182	184	181	184	181
(Note 1) NOI = Rental revenues - Property operating expenses + Depreciation
(Note 2) A five-for-one split of investment units was implemented with January 1, 2014 as the effective date. Net assets per unit is calculated assuming the split of investment units was implemented at the beginning of the fourteenth period.
(Note 3) Net income per unit is calculated by dividing the net income by the weighted-average number of units outstanding during the six months period. Moreover, a five-for-one split of investment units was implemented with January 1, 2014 as the effective date. Net income per unit is calculated assuming the split of investment units was implemented at the beginning of the fourteenth period.
(Note 4) A five-for-one split of investment units was implemented with January 1, 2014 as the effective date.
(Note 5) Return on assets = Ordinary income / [(Period beginning total assets) + (Period end total assets) / 2] × 100
(Note 6) Return on equity = Net income / [(Period beginning net assets) + (Period end net assets)/ 2] × 100
(Note 7) Capital ratio = Period end net assets / Period end total assets × 100
(Note 8) Payout ratio for the 18th period and before are calculated with the following formula.
Payout ratio = (Total distribution / Net income) × 100 (figures for the 18th period and before are rounded down to the firstdecimal place while figures for the 19th period and after are rounded to the first decimal place.)
Payout ratio for the 22nd period and after are calculated with the following formula.
Payout ratio = (Distribution per unit (not including distribution in excess of earnings per unit) / Net income per unit) × 100(Figures are rounded to the first decimal place.)
The payout ratio for the 19th ,21st and 28th periods are calculated with the following formula as new investment units were issued.
Payout ratio = Total distributions (not including distribution in excess of earnings per unit) / Net income) × 100
(Note 9) Spaces are rounded to the nearest specified unit.
(Note 10) FFO per unit = (Net income + Depreciation - Gain on sale real estate + Loss on sale of real estate) / Number of Outstanding investment units (the figure is rounded down to the whole number). Moreover, a five-for-one split of investment units was implemented with January 1, 2014 as the effective date. Outstanding investment units are calculated assuming the split of investment units was implemented at the beginning of the fourteenth period.
(Note 11) FFO multiples = Period end investment unit price / Annualized FFO per unit (The rate is rounded down to one decimal place.)
(Note 12) A five-for-one split of investment units was implemented with January 1, 2014 as the effective date. FFO multiples are calculated based on the period end investment unit price calculated assuming the split of investment units was implemented at the beginning of the fourteenth period.
(Note 13) DSCR -FP21 : Net income before interest and taxes / (Interest expenses + Interest expense on investment corporation bonds) FP22- : (Net income before interest and taxes + Depreciation and amortization) / (Interest expenses + Interest expense on investment corporation bonds)
(Note 14) Loan-to-value = Period end interest-bearing debt / Period end total assets × 100

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