Financial Results for the 33rd Fiscal Period
Code:8986 | Nov 21, 2022 |
Gran Casa Minami-Senju (Acquired on Oct 4, 2022)
Overview of Public Offering
‖Public Offering resolved on September 9, 2022 and acquisition of 7 properties (JPY16.0 billion) improved unitholder value
1. Overview of Public Offering
Issuance form | Domestic offering |
Number of offered units | Public offering: 53,333 units |
Third-party allotment: 2,667 units | |
Number of units | 2,260,890 units |
after the offering | |
Offer price | JPY 114,387 |
Purchase price | JPY 110,632 |
Total issuance price | Public offering: JPY 5,900,336,456 |
Third-party allotment: JPY 295,055,544 | |
Resolution date | September 9, 2022 |
Pricing date | September 14, 2022 |
Payment date | October 3, 2022 |
(Public Offering) | |
Delivery date | October 4, 2022 |
(Public Offering) | |
- Well-balancedstrategic property acquisition
Achieve an increase in the ratio of 3 major metropolitan areas and a rejuvenation of the age of the portfolio by acquiring recently built properties located in the 3 major metropolitan areas.
2. Indicator changes due to Public Offering
• Asset size
+16.0 billion
JPY 345.6 billion | JPY 361.7 billion |
(as of Apr 1, 2022) | (as of Oct 4, 2022) |
- Distribution per unit
+20 | |
JPY 2,180 | JPY 2,200 |
(Mar 2023 initial forecast) | (Mar 2023 forecast) |
- LTV
even | |
51.4% | 51.4% |
(as of the end of Sep 2022) | (as of the end of Oct 2022) |
• NAV per unit | +396 |
- Borrowing by Social Loans
In conjunction with the public offering, DLI borrowed JPY 4.1 billion as a social loan from multiple financial institutions, which is procured for the acquisition of the healthcare facility, and contributing to solving social issues.
JPY 114,068 | JPY 114,464 |
(as of the end of Sep 2022) | (as of the end of Mar 2023) |
1
Overview of Properties Acquired Through Public Offering
‖Rejuvenation of building age by acquisition of new properties and improvement of 3 major metropolitan areas ratio
End of 32nd FP (Mar 2022) | Assets Acquired | Assets Acquired | After Acquisition of Assets | ||||||||||||||||||||||||||||||||||
in 33rd FP (Sep 2022) | through Public Offering | through Public Offering | |||||||||||||||||||||||||||||||||||
Asset Size | JPY 343.9 billion | JPY 1.7 billion | JPY 16.0 billion | JPY 361.7 billion | |||||||||||||||||||||||||||||||||
Number of Properties | 239 | 1 | 7 | 247 | |||||||||||||||||||||||||||||||||
Average NOI Yield | 5.3% | 4.1% | 4.1% | 5.2% | |||||||||||||||||||||||||||||||||
Average NOI Yield | 3.8% | 3.3% | 3.1% | 3.8% | |||||||||||||||||||||||||||||||||
after Depreciation | |||||||||||||||||||||||||||||||||||||
Average Age | 13.8 years | 3.5 years | 1.6 years | 13.7 years | |||||||||||||||||||||||||||||||||
3 Major Metropolitan Areas Ratio | 87% | 100% | 100% | 88% | |||||||||||||||||||||||||||||||||
〈23 Wards of Tokyo Ratio〉 | 〈36%〉 | 〈100%〉 | 〈83%〉 | 〈38%〉 | |||||||||||||||||||||||||||||||||
Investment Ratio | 70% : 30% | 100% : 0% | 61% : 39% | 70% : 30% | |||||||||||||||||||||||||||||||||
〈Rental Housing : Healthcare〉 | |||||||||||||||||||||||||||||||||||||
Rental Housing | Healthcare | ||||||||||||||||||||||||||||||||||||
Gran Casa Tabata | Gran Casa Oji | Gran Casa Hikifune | Gran Casa | Gran Casa | Serenite Namba | Sunny Life Shibaura | |||||||||||||||||||||||||||||||
6 properties | Ryogoku East | Minami-Senju | Plie | 1 property | |||||||||||||||||||||||||||||||||
Total | Total | ||||||||||||||||||||||||||||||||||||
Acquisition | Acquisition | ||||||||||||||||||||||||||||||||||||
Price JPY 9.7 | Price JPY 6.2 | ||||||||||||||||||||||||||||||||||||
billion | billion | ||||||||||||||||||||||||||||||||||||
Location | Kita, Tokyo | Kita, Tokyo | Sumida, Tokyo | Sumida, Tokyo | Arakawa, Tokyo | Osaka, Osaka | Location | Minato, Tokyo | |||||||||||||||||||||||||||||
Acquisition Date | Oct 4, 2022 | Oct 4, 2022 | Oct 4, 2022 | Oct 4, 2022 | Oct 4, 2022 | Oct 4, 2022 | Acquisition Date | Oct 4, 2022 | |||||||||||||||||||||||||||||
Acquisition Price | JPY 825 million | JPY 1,150 million | JPY 2,760 million | JPY 1,120 million | JPY 1,159 million | JPY 2,739 million | Acquisition Price | JPY 6,280 million | |||||||||||||||||||||||||||||
Appraisal Value | JPY 917 million | JPY 1,210 million | JPY 2,900 million | JPY 1,160 million | JPY 1,260 million | JPY 2,790 million | Appraisal Value | JPY 6,450 million | |||||||||||||||||||||||||||||
Completion Date | Aug 2021 | Sep 2021 | May 2021 | Feb 2021 | Dec 2021 | Nov 2021 | Completion Date | Apr 2020 | |||||||||||||||||||||||||||||
# of Leasable Units | 32 units | 42 units | 92 units | 33 units | 37 units | 154 units | # of Leasable Units | 228 units | |||||||||||||||||||||||||||||
Occupancy Rate | 100% | 95.9% | 98.6% | 100% | 100% | 96.6% | Occupancy Rate | 100% | |||||||||||||||||||||||||||||
Appraisal NOI Yield | 3.9% | 3.9% | 4.0% | 4.0% | 4.4% | 4.2% | Appraisal NOI Yield | 4.0% | |||||||||||||||||||||||||||||
Operator | Kawashima | ||||||||||||||||||||||||||||||||||||
(Note) "Occupancy" rate is the value as of the end of October 2022. | Corporation | ||||||||||||||||||||||||||||||||||||
Notes on this page are provided on the page 69.
2
Topics
- Rent Increase at Tenant Turnover and Maintaining High Occupancy Rate (Rental Housing)
(Refer page from 11 to 13) | |
Monthly rent at tenant turnover continues to increase | Maintain high occupancy rate |
33rd FP : +1.5% | 33rd FP Term End : 98.3% |
(+JPY 2,122 thousand) | 33rd FP Average : 97.9% |
- Realization of Distribution Growth
(Refer page 9)
Result 33rd FP (Sep 2022) | Forecast 34th FP (Mar 2023): JPY 2,200 |
(vs. initial forecast +20) | |
JPY 2,180 | |
Forecast 35th FP (Sep 2023): JPY 2,200 | |
Promotion of ESG Efforts | |
(Refer page 33) |
In the 2022 "GRESB Rating", the evaluation has improved from the previous "1 Star" to "2 Star".
(Note) "DLI" used in this document refers to Daiwa Securities Living Investment Corporation, and "Asset Management Company" refers to Daiwa Real Estate Asset Management, | 3 |
which is the asset management company of Daiwa Securities Living Investment Corporation. |
Table of Contents
Section 1 | |
Financial Results for the 33rd (September 2022) Fiscal Period | |
Forecast for the 34th (March 2023) and the 35th (September 2023) Fiscal Periods | P 5 |
Section 2 | |
Operation Status of Rental Housing | P 10 |
Section 3 | |
Operation Status of Healthcare Facility | P 16 |
Section 4 | |
Summary of External Growth | P 20 |
Section 5 | |
Financial Strategy and Status | P 23 |
Section 6 | |
Strategy | P 27 |
Section 7
Initiatives for ESG
Appendices
- 31 P 37
Unless otherwise noted in this document, amounts are rounded down to the nearest whole number, percentage and average. | 4 |
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Daiwa Securities Living Investment Corporation published this content on 28 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2022 08:34:04 UTC.