Japan Excellent : 32nd Period Financial Results

For Immediate Release

For Translation Purposes Only

August 18, 2022

Japan Excellent, Inc. (TSE: 8987)

Shuichiro Kayama, Executive Director

Asset Management Company:

Japan Excellent Asset Management Co., Ltd.

Representative:

Shuichiro Kayama, President

Contact:

Kazue Horikawa

General Manager, Corporate Planning Dept.

TEL: [phone]

Japan Excellent, Inc. Reports 32nd Period Financial Results

(From January 1, 2022 to June 30, 2022)

This financial report has been prepared in accordance with Japanese accounting standards and the Japanese

national law. Figures have been rounded down to the nearest one million yen.
1. Operating Results
		32nd Period Ended	31st Period Ended
		June 30, 2022	December 31, 2021
	Total revenues	11,065 million yen	10,666 million yen
	Operating income	4,711 million yen	4,485 million yen
	Ordinary income	4,102 million yen	3,846 million yen
	Net income	4,101 million yen	3,846 million yen
	Return on equity	2.7%	2.5%
	Return on assets	1.4%	1.3%
	Ordinary income to Operating Revenue ratio	37.1%	36.1%

2. Distributions

		32nd Period Ended	31st Period Ended
		June 30, 2022	December 31, 2021
Distribution per unit	2,800	yen	2,843	yen
	Distributions in excess of earnings per unit		-		-
Total distribution	3,745 million	yen	3,846 million	yen
	Total distributions in excess		-		-
Payout ratio	91.3%	100.0%
Dividend ratio to net assets	2.5%	2.5%

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3. Financial Situation
		32nd Period Ended	31st Period Ended
		June 30, 2022	December 31, 2021
	Total assets	291,430	million	yen	293,960 million yen
	Net assets	150,461	million	yen	152,206 million yen
	Capital ratio		51.6%	51.8%
	Net assets per unit		112,486	yen	112,495 yen

4. Cash Flow
		32nd Period Ended	31st Period Ended
		June 30, 2022	December 31, 2021
	Cash flow from operating activities	10,844	million	yen	6,161 million yen
	Cash flow from investing activities	(7,348)	million	yen	(5,650) million yen
	Cash flow from financing activities	(5,846)	million	yen	(3,974) million yen
	Cash and cash equivalents at end of period	20,203	million	yen	22,553 million yen

5. Forecasts

	33rd Period Ended	34th Period Ended
	December 31, 2022	June 30, 2023
Total revenues	10,545	million	yen	10,819	million	yen
Operating income	3,991	million	yen	4,273	million	yen
Ordinary income	3,354	million	yen	3,669	million	yen
Net income	3,353	million	yen	3,668	million	yen
Distribution per unit		2,800 yen		2,800 yen

Assumption of Forecasts

1. Total Number of Outstanding Investment Units 1,337,598units

Disclaimer

This news release was prepared solely for the convenience of and reference by investors and neither corresponds to the original Japanese documents nor is it intended to constitute a disclosure document. The Japanese language Kessan-Tanshin should always be referred to as originals of this document.

English terms for Japanese legal, accounting, tax, and business concepts used herein may not be precisely identical to the concepts of the equivalent Japanese terms. With respect to any and all terms herein, the original Japanese documents will always govern the meaning and interpretation.

The financial statements are a translation of the audited financial statements that were prepared in accordance with generally accepted principles in Japan which may materially differ in certain respects from generally accepted accounting principles and practices in other jurisdictions.

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Certain provisions of this document contain forward-looking statements and information. We base these statements on our beliefs as well as our assumptions based solely on certain limited information currently available to us. Because these statements reflect our current views concerning future events, these statements involve known and unknown risks, uncertainties, and assumptions. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including without limitation: the general economy, market conditions, financial markets including the performance of the real estate market, interest rate fluctuations, competition with our properties, and the impact of changing regulations or taxation.

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Japan Excellent, Inc. Website :https://www.excellent-reit.co.jp/en/

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