This English translation is provided for information purposes only. If any discrepancy is identified between this translation and the Japanese original, the Japanese original shall prevail.
January 10, 2020
REIT Issuer:
Japan Hotel REIT Investment Corporation (TSE code: 8985)
Kaname Masuda, Executive Director
Asset Management Company:
Japan Hotel REIT Advisors Co., Ltd.
Hisashi Furukawa, President & CEO
Contact:
Makoto Hanamura
Executive Director
Head of Planning Group, Operations Division
TEL: +81-3-6422-0530
Notice Concerning Revision of Operating Forecast for the Fiscal Year Ended December 2019 (20th Period), and Operating Forecast and Forecast of Dividend for the Fiscal Year Ending December 2020 (21st Period)
Japan Hotel REIT Investment Corporation (hereinafter called "JHR") informs you of the revision of the operating forecast for the full fiscal year ended December 2019 (January 1, 2019 through December 31, 2019), which was announced in the "Midterm Financial Report for the Fiscal Year Ending December 31, 2019 (January 1, 2019 - June 30, 2019)," dated August 22, 2019, and newly informs you of the operating forecast and forecast of dividend for the fiscal year ending December 2020 (January 1, 2020 through December 31, 2020) as follows.
1. Revision of the operating forecast for the full fiscal year ended December 2019 (January 1, 2019 through December 31, 2019)
Dividend per unit | Dividend per unit | ||||||||||||||||||||
Operating | Operating | Ordinary | Net income | (Excess of | resulting from | ||||||||||||||||
revenue | income | income | earnings | excess of | |||||||||||||||||
exclusive) | earnings | ||||||||||||||||||||
Previous forecast | JPY1M | JPY1M | JPY1M | JPY1M | JPY | JPY | |||||||||||||||
(A) | 28,666 | 17,227 | 15,274 | 15,273 | 3,686 | - | |||||||||||||||
Revised forecast | JPY1M | JPY1M | JPY1M | JPY1M | JPY | JPY | |||||||||||||||
(B) | 28,274 | 17,168 | 15,274 | 15,273 | 3,686 | - | |||||||||||||||
Variance | JPY1M | JPY1M | JPY1M | JPY1M | JPY | JPY | |||||||||||||||
(C) = (B)-(A) | (391) | (58) | 0 | 0 | - | - | |||||||||||||||
Variance ratio | % | % | % | % | % | % | |||||||||||||||
(D) = (C) / (A) | (1.4) | (0.3) | 0.0 | 0.0 | - | - | |||||||||||||||
(Reference) | Forecast of net income per unit for the full fiscal year: ¥3,444 | ||||||||||||||||||||
(Calculated based on the average number of investment units during the period (4,434,849 units)) | |||||||||||||||||||||
(*1) | Dividend per unit is calculated based on the number of investment units issued as of today: 4,462,347 units. | ||||||||||||||||||||
(*2) | Total dividend is planned to be an amount of net income plus the reversed amount of reserve for temporary difference | ||||||||||||||||||||
adjustment in the amount of ¥1,178 million. | |||||||||||||||||||||
(*3) | For the assumptions of the operating forecast and dividend forecast above, please refer to " | ||||||||||||||||||||
Assumptions of the operating forecast for the full fiscal year ended December 2019 (20th period)" below. | |||||||||||||||||||||
(*4) | Amounts are rounded down to the nearest millions of yen and percentages are rounded off to the nearest first decimal | ||||||||||||||||||||
place. The same shall apply hereinafter. |
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
1
2. Operating forecast and forecast of dividend for the full fiscal year ending December 2020 (January 1, 2020 through December 31, 2020)
Dividend per unit | Dividend per unit | ||||||||||||||||||||
Operating | Operating | Ordinary | Net income | (Excess of | resulting from | ||||||||||||||||
revenue | income | income | earnings | excess of | |||||||||||||||||
exclusive) | earnings | ||||||||||||||||||||
Fiscal year ending | |||||||||||||||||||||
December 2020 | JPY1M | JPY1M | JPY1M | JPY1M | JPY | JPY | |||||||||||||||
Midterm | 13,539 | 7,895 | 6,972 | 6,972 | - | - | |||||||||||||||
Fiscal year ending | |||||||||||||||||||||
December 2020 | JPY1M | JPY1M | JPY1M | JPY1M | JPY | JPY | |||||||||||||||
Full year | 29,971 | 18,128 | 16,239 | 16,238 | 3,750 | - | |||||||||||||||
(Reference) | Forecast of net income per unit for the full fiscal year: ¥3,638 | ||||||||||||||||||||
(Calculated based on the forecast of the average number of investment units during the period (4,462,347 units)) | |||||||||||||||||||||
(*1) | The number of investment units issued as of today is 4,462,347 units. | ||||||||||||||||||||
(*2) | Total dividend is planned to be an amount of net income plus the reversed amount of reserve for temporary difference | ||||||||||||||||||||
adjustment in the amount of ¥496 million. | |||||||||||||||||||||
(*3) | For the assumptions of the operating forecast and dividend forecast above, please refer to " | ||||||||||||||||||||
Assumptions of the operating forecast for the full fiscal year ending December 2020 (21st period)" below. |
3. Rationale for the revisions of the operating forecast for the full fiscal year ended December 2019 (January 1, 2019 through December 31, 2019)
While the lodging demand was stable due to the increase in number of inbound visitors, etc., some hotels owned by JHR were affected by new supply, a decrease in the number of inbound visitors from South Korea, and a series of natural disasters. Therefore, variable rent and income from management contract are expected to decrease. As a result, JHR expects a decrease in operating revenue by ¥391 million compared to the previous forecast.
On the other hand, JHR expects a decrease in operating expenses by ¥332 million and financial costs, etc. by ¥58 million as a result of reviewing various expenses related to properties and other operating expenses, etc. As a result, the net income for the fiscal year ended December 2019 (20th period) remains unchanged.
For the detailed information of the operating result for the hotels with variable rent, please refer to " Hotel operation indexes, sales and GOP (*)" below.- GOP is Gross Operating Profit, which is the remainder after operating expenses are deducted from total sales. Operating expenses are expenses such as personnel costs and general and administrative expenses, etc., incurred from hotel operation. The same shall apply hereinafter.
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
2
4. Highlights of the operating forecast and forecast of dividend
- Comparison and the major factors causing the variance between the operating forecast and forecast of dividend (previous forecast) for the full fiscal year ended December 2019, which was released in the "Midterm Financial Report for the Fiscal Year Ending December 31, 2019 (January 1, 2019 - June 30, 2019)" dated August 22, 2019, and the operating forecast and forecast of dividend for the full fiscal year ended December 2019 announced this time
FY12/2019 | |||||
(20th Period) | |||||
Previous | Forecast This | ||||
Forecast | |||||
Time | |||||
(*1) | |||||
(B) | |||||
(A) | |||||
Properties | No. of Properties | 43 | 43 | ||
Acquisition Price | 374,508 | 374,508 | |||
Operating Revenue | 28,666 | 28,274 | |||
Real Estate Operating | 28,666 | 28,274 | |||
Revenue | |||||
Fixed Rent, etc. | Composition | Composition | |||
59.7% | 17,102 | 60.5% 17,099 | |||
Variable Rent | 40.3% | 11,563 | 39.5% 11,174 | ||
Profit | |||||
and | |||||
Gain on Sale of | - | - | |||
Loss | |||||
Real Estate Properties | |||||
NOI (*3) | 24,298 | 24,081 | |||
NOI Yield | 6.5% | 6.4% | |||
NOI after Depreciation | 19,411 | 19,306 | |||
(*3) | |||||
NOI Yield after | 5.2% | 5.2% | |||
Depreciation | |||||
Operating Income | 17,227 | 17,168 | |||
Ordinary Income | 15,274 | 15,274 | |||
Net Income | 15,273 | 15,273 | |||
Reserve for Temporary | 1,177 | 1,178 | |||
Difference Adjustments | |||||
(Negative Goodwill) | |||||
Dividend | Total Dividends | 16,448 | 16,448 | ||
Number of Units Issued | 4,462,347 | 4,462,347 | |||
(Unit) | |||||
Dividend per Unit (JPY) | 3,686 | 3,686 |
(Unit: millions of yen)
Comparison
with the
PreviousFactors Causing Variance
Forecast
(B)-(A) %
-
-
- (1.4%)
- (1.4%)
- (0.0%)
- Decrease in variable rent, etc. from The 21 Hotels with Variable Rent, etc. (*2) and Hotel Oriental Express Osaka Shinsaibashi by JPY581 MM
- (3.4%) 2. Increase in variable rent from Oriental Hotel Fukuoka Hakata Station by JPY28 MM
- Increase in rent from other hotels with revenue sharing, etc. by JPY164 MM
- -
- (0.9%)
(0.1%)
- (0.5%)
(0.0%)
- (0.3%)
- 0.0%
- 0.0%
Amount to be reversed from reserve for temporary
- 0.1% difference adjustments
50-year amortization amount of negative goodwill: JPY262 MM
- - Correspondence to loss on retirement of noncurrent assets:JPY248 MM Correspondence to large-scale renovation works at Oriental Hotel
- - Fukuoka Hakata Station: JPY357 MM
- - Correspondence to dilution: JPY310 MM
(*1) Stating the operating forecast and forecast of dividend for the full fiscal year ended December 2019, which was released in the "Midterm Financial Report for the Fiscal Year Ending December 31, 2019 (January 1, 2019 - June 30, 2019)" dated August 22, 2019.
(*2) The 21 Hotels with Variable Rent, etc. represent the 21 hotels comprising the Eleven HMJ Hotels plus ibis Tokyo Shinjuku, ibis Styles Kyoto Station, ibis Styles Sapporo, Mercure Sapporo, Mercure Okinawa Naha, Mercure Yokosuka, the b ikebukuro, the b hachioji, the b hakata and the b suidobashi. The Eleven HMJ Hotels are Kobe Meriken Park Oriental Hotel, Oriental Hotel tokyo bay, Namba Oriental Hotel, Hotel Nikko Alivila, and Oriental Hotel Hiroshima (hereinafter called "the Five HMJ Hotels"), plus Okinawa Marriott Resort & Spa, Sheraton Grand Hiroshima Hotel (ACTIVE-INTER CITY HIROSHIMA), Holiday Inn Osaka Namba, Hilton Tokyo Narita Airport, International Garden Hotel Narita, and Hotel Nikko Nara. With regard to Oriental Hotel Fukuoka Hakata Station (formerly Hotel Centraza Hakata), due to large-scale renovation works causing the suspension of hotel operation (hereinafter called the "Renovation") were implemented from October 1, 2018 to April 8, 2019, figures for Oriental Hotel Fukuoka Hakata Station are not included in the calculation of the 21 Hotels with Variable Rent, etc. as hotel operation was suspended during the Renovation. Moreover, the 12 hotels comprising the Eleven HMJ Hotels plus Oriental Hotel Fukuoka Hakata Station are hereinafter called the "Twelve HMJ Hotels." The same shall apply hereinafter.
(*3) Each is calculated using the following formula. The same shall apply hereinafter.
NOI (Net Operating Income) = Real estate operating revenue - Real estate operating costs + Depreciation + Loss on retirement of noncurrent assets + Asset retirement obligations expenses
NOI yield = NOI ÷ acquisition price
NOI after depreciation = Real estate operating revenue - Real estate operating costs NOI yield after depreciation = NOI after depreciation ÷ acquisition price
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
3
- Comparison and the major factors causing the variance between the operating result and dividend (actual) for the full fiscal year ended December 2018 and the operating forecast and forecast of dividend for the full fiscal year ended December 2019
(Unit: millions of yen) | |||||||||
2018 | 2019 | Comparison | |||||||
Forecast | with the | Oriental | |||||||
Actual | Previous Period | Three | Factors Causing Variance | ||||||
This Time | Properties | Hotel | Existing | ||||||
Properties | |||||||||
Acquired in | Fukuoka | Properties | |||||||
(A) | (B) | (B)-(A) | % | 2019 (*1) | Sold in | Hakata | (*4) | ||
2018 (*2) | |||||||||
Station (*3) |
Properties | No. of Properties | 41 | 43 | ||
Acquisition Price | 309,370 | 374,508 | |||
Operating Revenue | 28,253 | 28,274 | |||
Real Estate Operating | 26,318 | 28,274 | |||
Revenue | |||||
Fixed Rent, etc. | 14,788 | 17,099 | |||
Composition | 56.2% | 60.5% | |||
Variable Rent | 11,529 | 11,174 | |||
Composition | 43.8% | 39.5% | |||
Profit | Gain on Sale of | ||||
and | |||||
Real Estate | 1,934 | - | |||
Loss | |||||
Properties | |||||
Statement | |||||
NOI | 22,104 | 24,081 | |||
NOI Yield | 7.1% | 6.4% | |||
NOI after Depreciation | 17,974 | 19,306 | |||
NOI Yield after | 5.8% | 5.2% | |||
Depreciation | |||||
Operating Income | 17,993 | 17,168 | |||
Ordinary Income | 16,211 | 15,274 | |||
Net Income | 16,210 | 15,273 |
2 | 2 | - | - | |||
65,138 | 21.1% | 65,138 | - | - | ||
20 | 0.1% | 2,374 | (2,214) | 141 | (280) | |
1,955 | 7.4% | 2,374 | (279) | 141 | (280) | |
2,310 | 15.6% | 2,367 | (199) | 0 | 142 | |
1. Decrease in variable rent, etc. from the 21 Hotels | ||||||
(355) | (3.1%) | 6 | (79) | 141 | (423) | with Variable Rent, etc. by JPY550 MM |
2. Increase in rent from other hotels with revenue | ||||||
sharing, etc. by JPY127 MM | ||||||
(1,934) | - | - | (1,934) | 0 | - | |
1,977 | 8.9% | 2,367 | (251) | 141 | (280) | |
(0.7%) | ||||||
1,331 | 7.4% | 2,171 | (216) | (192) | (430) |
(0.7%)
- (4.6%)
- (5.8%)
- (5.8%)
Reserve for Temporary | 563 | 1,178 | |
Difference Adjustments | |||
(Negative Goodwill) | |||
Reserve for Special Advanced | (1,174) | - | |
Dividend | Depreciation | ||
Total Dividends | 15,602 | 16,448 | |
Number of Units Issued | 4,010,847 | 4,462,347 | |
(Unit) | |||
Dividend per Unit (JPY) | 3,890 | 3,686 | |
614 109.1%
1,174 -
846 5.4%
451,500 11.3%
- (5.2%)
Amount to be reversed from reserve for temporary difference adjustments
2018:
50-year amortization amount of negative goodwill: JPY262 MM Correspondence to loss on retirement of noncurrent assets:JPY35 MM
Correspondence to large-scale renovation works at Oriental Hotel Fukuoka Hakata Station: JPY265 MM 2019:
50-year amortization amount of negative goodwill: JPY262 MM Correspondence to loss on retirement of noncurrent assets:JPY248 MM
Correspondence to large-scale renovation works at Oriental Hotel Fukuoka Hakata Station: JPY357 MM
Correspondence to dilution: JPY310 MM
(*1) Stating the amount of the impact by Hotel Oriental Express Osaka Shinsaibashi and Hilton Tokyo Odaiba, which were acquired during the fiscal year ended December 2019. The same shall apply hereinafter.
(*2) Stating the amount of the impact of R&B Hotel Higashi-nihonbashi, the b akasaka-mitsuke and the b ochanomizu, which were sold during the fiscal year ended December 2018. The same shall apply hereinafter.
(*3) Large-scale renovation works causing the suspension of hotel operation were implemented at Oriental Hotel Fukuoka Hakata Station from October 1, 2018 to April 8, 2019. Stating the amount of impact of the Renovation. In accordance with the Renovation, ¥202 million of loss on retirement of noncurrent assets was recorded in the fiscal year ended December 2019 (20th Period). However, the amount recognized as the loss on retirement of noncurrent assets will be appropriated by reserve for temporary difference adjustment (negative goodwill) and is expected to have no impact on dividend per unit. The same shall apply hereinafter.
(*4) "The existing properties" above refers to 40 properties which excludes Hotel Oriental Express Osaka Shinsaibashi, Hilton Tokyo Odaiba, both bought during fiscal year ended December 2019, and Oriental Hotel Fukuoka Hakata Station from 43 properties owned by JHR as of today. The same shall apply hereinafter.
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
4
- Comparison and the major factors causing the variance between the operating forecast and forecast of dividend for the full fiscal year ended December 2019 and the operating forecast and forecast of dividend for the full fiscal year ending December 2020
(Unit: millions of yen) | |||||||
2019 | 2020 | Comparison with | |||||
Oriental | |||||||
Forecast | Forecast | the Previous | |||||
Hotel | Factors Causing Variance | ||||||
This Time | This Time | Period | Properties | Existing | |||
Acquired in | Fukuoka | ||||||
(A) | (B) | 2019 | Hakata | Properties | |||
(B)-(A) | % | Station |
Properties | No. of Properties | 43 | 43 | |
Acquisition Price | 374,508 | 374,508 | ||
Operating Revenue | 28,274 | 29,971 | ||
Real Estate | 28,274 | 29,971 | ||
Operating Revenue | ||||
Fixed Rent, etc. | 17,099 | 17,987 | ||
Composition | 60.5% | 60.0% | ||
Variable Rent | 11,174 | 11,984 | ||
Profit | Composition | 39.5% | 40.0% | |
and | Gain on Sale of | |||
Loss | Real Estate | - | - | |
Statement | Properties | |||
NOI | 24,081 | 25,273 | ||
NOI Yield | 6.4% | 6.7% | ||
NOI after Depreciation | 19,306 | 20,392 | ||
NOI Yield after | 5.2% | 5.4% | ||
Depreciation | ||||
Operating Income | 17,168 | 18,128 | ||
Ordinary Income | 15,274 | 16,239 | ||
Net Income | 15,273 | 16,238 |
- | - | - | - | ||
- | - | - | - | ||
1,696 | 6.0% | 951 | 489 | 255 | |
1,696 | 6.0% | 951 | 489 | 255 | |
887 | 5.2% | 842 | 25 | 19 | |
1. Increase in variable rent, etc. from the 20 Hotels with Variable | |||||
Rent, etc. (*1) by JPY571 MM | |||||
2. Decrease in variable rent from Namba Oriental Hotel by | |||||
809 | 7.2% | 108 | 464 | 235 | JPY320 MM |
(*2) | 3. Decease in rent from other hotels with revenue sharing, etc. by | ||||
JPY14 MM | |||||
- | - | - | - | - | |
1,191 | 4.9% | 670 | 481 | 39 | |
0.3% | (*3) | ||||
1,085 | 5.6% | 530 | 628 | (73) | |
0.3% | (*3) |
959 5.6%
964 6.3%
964 6.3%
Reserve for Temporary | 1,178 | 496 | |
Difference Adjustments | |||
(Negative Goodwill) | |||
Dividend | Total Dividends | 16,448 | 16,733 |
Number of Units Issued | 4,462,347 | 4,462,347 | |
(Unit) | |||
Dividend per Unit (JPY) | 3,686 | 3,750 | |
- (57.8%)
285 1.7%
- -
64 1.7%
Amount to be reversed from reserve for temporary difference adjustments 2019:
50-year amortization amount of negative goodwill: JPY262 MM
Correspondence to loss on retirement of noncurrent assets: JPY248 MM
Correspondence to large-scale renovation works at Oriental Hotel Fukuoka Hakata Station: JPY357 MM
Correspondence to dilition: JPY310 MM
2020:
50-year amortization amount of negative goodwill: JPY262 MM Correspondence to loss on retirement of noncurrent assets:JPY18 MM Correspondence to large-scale renovation works at Hilton Tokyo Odaiba: JPY44 MM Correspondence to large-scale renovation works at Namba Oriental Hotel: JPY172 MM
(*1) Namba Oriental Hotel is scheduled to implement large-scale renovation with the suspension of hotel operation from November 2020 to March 2021. Figures for Namba Oriental Hotel are not included in the calculation of the 21 Hotels with Variable Rent, etc. as hotel operation was suspended during the planned renovation. The 20 Hotels with Variable Rent, etc. represent 20 hotels, excluding Namba Oriental Hotel from The 21 Hotels with Variable Rent, etc. The same shall apply hereinafter.
(*2) Taking into consideration the negative impact on variable rent (negative ¥44 million) due to the suspension of part of room sales associated with the implementation of large-scale renovation works scheduled from September to December 2020 at Hilton Tokyo Odaiba.
(*3) In accordance with the renovation at Oriental Hotel Fukuoka Hakata Station, ¥202 million of loss on retirement of noncurrent assets was recorded in the fiscal year ended December 2019 (20th Period).
(Note)
The above is the forecasts based on status of operation as of today, and actual dividend per unit may fluctuate. This forecast does not guarantee the amount of dividend shown above.
* Website of Japan Hotel REIT Investment Corporation: http://www.jhrth.co.jp/en/
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
5
Assumptions of the operating forecast for the full fiscal year ended December 2019 (20th period)
Item | Assumptions |
Calculation | ・ Full fiscal year ended December 2019 (20th Period): January 1, 2019 through December 31, 2019 (365 |
Period | days) |
Assets under | ・ 43 properties owned by JHR as of the end of December 2019 are assumed. |
Management |
- Operating revenue is calculated based on the lease and other contracts which were effective during the fiscal year ended December 2019 and in consideration of competitiveness of hotels, market environment and other factors. If there are lease contracts with regard to facilities other than hotels, such as retail facilities and offices, operating revenue calculated on the said lease contracts is included.
- Rents, etc. of the main hotels are calculated based on the following assumptions.
- The 21 Hotels with Variable Rent, etc.
① The Twelve HMJ Hotels
The assumptions of the fixed rent and variable rent for the Twelve HMJ hotels are as follows. Total rent = Fixed rent + Variable rent
Variable rent = (Total GOP of the hotels - GOP base amount) × Variable rent ratio (%)
(Unit: millions of yen) | ||||||||||||||||
Total GOP | GOP base | Variable | Variable | Fixed | Total | |||||||||||
of the | amount | rent ratio | rent | rent | rent | |||||||||||
hotel(s) | ||||||||||||||||
The Five HMJ Hotels | Midterm | 3,276 | 1,675 | 85.0% | 1,360 | 1,610 | 2,970 | |||||||||
Full year | 7,783 | 3,351 | 3,767 | 3,221 | 6,988 | |||||||||||
Okinawa Marriott | Midterm | 378 | 350 | 90.0% | 25 | 274 | 300 | |||||||||
Resort & Spa | Full year | 1,146 | 700 | 401 | 550 | 951 | ||||||||||
Sheraton Grand | Midterm | 515 | 234 | 82.5% | 232 | 174 | 406 | |||||||||
Hiroshima Hotel (*1) | Full year | 1,097 | 468 | 519 | 348 | 867 | ||||||||||
Operating | ||||||||||||||||
Oriental Hotel | Midterm | 131 | 212 | - | 199 | 199 | ||||||||||
Revenue | Fukuoka Hakata | Full year | 792 | 425 | 90.0% | 330 | 400 | 730 | ||||||||
Station (*2) | ||||||||||||||||
Holiday Inn | Midterm | 570 | 325 | 92.5% | 227 | 288 | 515 | |||||||||
Osaka Namba | Full year | 1,078 | 650 | 396 | 576 | 972 | ||||||||||
Hilton Tokyo Narita | Midterm | 489 | 275 | 86.5% | 185 | 222 | 407 | |||||||||
Airport | Full year | 1,098 | 550 | 474 | 444 | 918 | ||||||||||
International Garden | Midterm | 323 | 180 | 98.0% | 141 | 168 | 309 | |||||||||
Hotel Narita | Full year | 627 | 360 | 262 | 336 | 598 | ||||||||||
Hotel Nikko Nara | Midterm | 316 | 235 | 91.5% | 74 | 210 | 284 | |||||||||
Full year | 691 | 470 | 203 | 420 | 623 | |||||||||||
Sub Total | Midterm | 6,002 | - | - | 2,247 | 3,147 | 5,394 | |||||||||
Full year | 14,317 | - | 6,356 | 6,295 | 12,651 | |||||||||||
ACTIVE-INTER | Midterm | - | - | 6 | 230 | 236 | ||||||||||
CITY HIROSHIMA | - | |||||||||||||||
(Office and commercial | ||||||||||||||||
Full year | - | - | 11 | 461 | 472 | |||||||||||
tenants) | ||||||||||||||||
Total | Midterm | - | - | - | 2,253 | 3,377 | 5,631 | |||||||||
Full year | - | - | 6,368 | 6,756 | 13,124 | |||||||||||
(*1) Stating the rent for Sheraton Grand Hiroshima Hotel, the major facility of ACTIVE-INTER CITY HIROSHIMA.
(*2) Due to the impact of the suspension of hotel operation due to the Renovation implemented in the first half of the fiscal year ended December 2019 (20th period), GOP of the hotel for the first half did not exceed GOP base amount. Therefore, variable rent for the midterm is not recognized.
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
6
Item | Assumptions |
- Income from management contracts (*3) and variable rent from hotels other than the Twelve HMJ Hotels (Unit: millions of yen)
Midterm | Full year | |
ibis Tokyo Shinjuku | 246 | 537 |
ibis Styles Kyoto Station | 213 | 417 |
ibis Styles Sapporo | 256 | 598 |
Mercure Sapporo | 282 | 614 |
Mercure Okinawa Naha | 170 | 346 |
Mercure Yokosuka | 178 | 308 |
the b suidobashi | 9 | 19 |
the b ikebukuro | 70 | 132 |
the b hachioji | 32 | 63 |
the b hakata | 75 | 141 |
Total | 1,537 | 3,179 |
(*3) For income from management contracts, it is assumed that each hotel's GOP amount is recognized as income from management contracts and the management contract fees to be paid by JHR are recognized as an operating expense.
-
The Two New HMJ Hotels (Acquired assets) (*1) ① Hotel Oriental Express Osaka Shinsaibashi
The assumptions of the fixed rent and variable rent are as follows. Total rent = Fixed rent + Variable rent
Variable rent = [Total GOP of the hotels - GOP base amount] × Variable rent ratio (%)
(Unit: millions of yen)
Total GOP | GOP base | Variable | Variable | Fixed | Total | |||
of the hotel | amount | rent ratio | rent | rent | rent | |||
Hotel Oriental Express | Midterm | - | - | - | - | 47 | 47 | |
Osaka Shinsaibashi | Full year | 71 | 64 | 91.0% | 6 | 102 | 109 | |
(*2) | ||||||||
(*1) The Two New HMJ Hotels (Acquired assets) are Hotel Oriental Express Osaka Shinsaibashi, which was acquired on February 1, 2019, and Hilton Tokyo Odaiba, which was acquired on April 8, 2019. The same shall apply hereinafter.
(*2) Hotel Oriental Express Osaka Shinsaibashi was acquired on February 1, 2019, and has a lease contract which adopts fixed rent until June 30, 2019, and fixed rent as well as variable rent which is linked to GOP of the hotel from July 1, 2019. GOP of the hotel for the full year is the GOP of the hotel from July 2019 through December 2019. The fixed rent for the full year is the assumed figures for 334 days from February 1, 2019 to December 31, 2019. Base GOP amount will be ¥128 million and annual fixed rent will be ¥110 million starting from the fiscal year ending December 2020.
- Hilton Tokyo Odaiba
The assumptions of the fixed rent and variable rent for Hilton Tokyo Odaiba are as follows. Variable rent for Hilton Tokyo Odaiba for the fiscal year ending December 2019 (20th period) is not expected.
Total rent = Fixed rent + Variable rent
Variable rent = (AGOP (adjusted GOP) of the hotels (*3) - AGOP base amount) × Variable rent ratio (%) (Unit: millions of yen)
AGOP of | AGOP | Variable | Variable | Fixed | Total | |||||||
the hotel | base | Rent | ||||||||||
rent ratio | rent | rent | ||||||||||
(*4) | amount | (*4) | ||||||||||
Hilton Tokyo Odaiba | Midterm | 526 | 817 | 30.0% | - | 714 | 714 | |||||
Full year | 1,986 | 2,450 | - | 2,264 | 2,264 | |||||||
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
7
Item | Assumptions | |||||
(*3) AGOP (adjusted GOP) is the amount calculated by subtracting certain fees and other items from GOP. The same | ||||||
shall apply hereinafter. | ||||||
(*4) As Hilton Tokyo Odaiba was acquired on April 8, 2019, AGOP of the hotel for the midterm and the full year is | ||||||
the AGOP of the hotel from April through June, 2019 and from April through December 2019, respectively. The | ||||||
fixed rent for the full year is the assumed figures for 268 days from April 8, 2019 through December 31, 2019. | ||||||
AGOP base amount after the fiscal year ending December 2020 through December 2021 will be ¥2,970 million, | ||||||
and the annual fixed rent will be ¥3,100 million. | ||||||
(3) Other hotels subject to variable rent | ||||||
Variable rent from other hotels subject to variable rent | (Unit: millions of yen) | |||||
Midterm | Full year | |||||
Comfort Hotel Tokyo Higashi Nihombashi | 16 | 16 | ||||
Smile Hotel Nihombashi Mitsukoshimae | 20 | 20 | ||||
Hotel Vista Kamata Tokyo | - | 20 | ||||
Chisun Inn Kamata | 41 | 82 | ||||
Hotel Keihan Universal City | Undisclosed (*) | Undisclosed (*) | ||||
Sotetsu Fresa Inn Shimbashi-Karasumoriguchi | 114 | 114 | ||||
Hilton Tokyo Bay | Undisclosed (*) | Undisclosed (*) | ||||
Hilton Nagoya | Undisclosed (*) | Undisclosed (*) | ||||
Total of 8 hotels | 815 | 1,619 | ||||
(*) Undisclosed since tenants that concluded lease agreements did not agree to disclose rent revenue, etc. |
- The following is the breakdown of variable rent and income from management contracts (*1)
(Unit: millions of yen)
Midterm | Full year | |
The Twelve HMJ Hotels (*2) | 2,253 | 6,368 |
The 21 Hotels with Variable Rent, etc. excluding the Twelve HMJ Hotels | 1,537 | 3,179 |
The Two New HMJ Hotels (Acquired assets) | - | 6 |
Other hotels with variable rent, etc. (8 hotels) | 815 | 1,619 |
Total (32 hotels) | 4,606 | 11,174 |
(*1) For details of contracts for variable rent and income from management contracts, please refer to page 48, "3. Reference Information; B Assets under management; (C) Other major assets under management; C. Overview of the hotel business; a. Rent structures of hotels with variable rent, management contract or revenue sharing" of the "Midterm Financial Report for the Fiscal Year Ending December 31, 2019 (January 1, 2019-June 30, 2019)" dated August 22, 2019.
(*2) This figure includes revenue-linked rent of office and commercial tenants at ACTIVE-INTER CITY HIROSHIMA.
- With respect to real estate leasing expenses, which constitute a major part of the operating expenses, expenses other than depreciation are calculated based on historical data, and variable factors are reflected in the calculation.
- It is assumed that the ¥1,658 million will be recognized as expenses for fixed asset taxes, city planning taxes, etc.
- In general, fixed asset tax and city planning tax and other taxes and public dues on acquired assets are
Operating | settled with the previous owners at the time of acquisition, calculated on a pro rata basis of the holding |
period. For JHR, such settlement amount is included in the acquisition price, and it will not be recognized | |
Expenses | |
as expenses for the calculation period. | |
- Capital expenditure is assumed to be ¥6,695 million (¥3,661 million for capital expenditure I, ¥958 million for capital expenditure II, and ¥2,075 million for capital expenditure III), and of those capital expenditure, ¥3,147 million for expenditure (¥1,456 million for capital expenditure I, ¥1,690 million for capital expenditure III) related to the Renovation at Oriental Hotel Fukuoka Hakata Station) for the fiscal year ended December 2019 (20th period) is assumed.
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
8
Item | Assumptions | |||
(*) JHR classifies capital expenditures into the following three categories. (I) Capital investment related to renewal of | ||||
equipment and facilities of buildings which is required to maintain proper values of properties, (II) capital | ||||
investment for fixtures, furniture and equipment that are not directly related to building structure or facilities but | ||||
necessary for operating hotels, and (III) strategic capital investment such as renovating guest rooms, etc. for | ||||
improving the competitiveness of the hotels. | ||||
Operating | ・ Depreciation is calculated using the straight-line method including the planned capital expenditures above, | |||
Expenses | and is assumed to be ¥4,524 million. | |||
・ Repair expenses for buildings are recognized as expenses in the assumed amount necessary for each | ||||
operating period. Please note that the repair expenses of each operating period may differ materially from | ||||
the forecast amount for various reasons, such as; (1) Emergency repair expenses may be necessary due to | ||||
damage to buildings from unexpected causes; (2) The amount of repair expenses generally tends to increase | ||||
in difference over time; and (3) Repair expenses are not required on a regular basis. | ||||
・ ¥1,915 million is expected for borrowing-related costs, including | interest expense, amortization for | |||
Non-operating | financing fee and arrangement fee, and other non-operating expenses. | |||
Expenses | ・ Expenses for issuance of new investment units and secondary offering are amortized over a period of three | |||
years by the straight-line method. | ||||
Interest- | ・ The balance of interest-bearing debt (sum of loans and investment corporation bonds) as of the end of | |||
bearing Debt | December 2019 was ¥168,754 million. | |||
・ Dividend per unit for the fiscal year ended December 2019 (20th period) is calculated based on the | ||||
following assumptions. | ||||
Net income | ¥15,273 million | |||
Reversal of reserve for temporary difference adjustment | ||||
(negative goodwill) | ||||
50-year amortization amount of negative goodwill (*1) | ¥262 million | |||
Loss on retirement of noncurrent assets (*2) | ¥248 million | |||
Correspondence to large-scale renovation works (*3) | ¥357 million | |||
Adjustment for dilution (*4) | ¥310 million | |||
Distributable amount | ¥16,452 million | |||
Total number of investment units issued | 4,462,347 units | |||
Dividend per unit | ¥3,686 | |||
Dividend per | (*1) ¥262 million (hereinafter called "50-year amortization amount of negative goodwill") is scheduled to be paid | |||
out as dividends, with the remaining balance of the reserve for temporary difference adjustment set as the | ||||
Unit | ||||
maximum amount, for every fiscal year. | ||||
(*2) The amount recognized as a loss on retirement of noncurrent assets will be appropriated by reserve for | ||||
temporary difference adjustment (negative goodwill) and is expected to have no impact on dividend per unit. | ||||
(*3) Large-scale renovation works causing the suspension of hotel operation were implemented at the former Hotel | ||||
Centraza Hakata from October 1, 2018, and the hotel opened as Oriental Hotel Fukuoka Hakata Station on April | ||||
9, 2019. Taking into consideration the effect on dividend by the suspension of hotel operation due to the | ||||
Renovation, reserve for temporary difference adjustment (negative goodwill) will be appropriated. | ||||
(*4) We plan to avoid the impact of the dilution of investment units on dividend per unit for the fiscal year ending | ||||
December 2019 caused by not owning The Two New HMJ Hotels (Acquired assets) for the full fiscal year | ||||
ended December 2019 and by the issuance of new investment units through appropriation of the reserve for | ||||
temporary difference adjustment (negative goodwill). |
- Dividend per unit may fluctuate due to various causes, such as fluctuation of rent revenue resulting from transfer of assets under management, change of tenants, etc. at hotels, change in the business environment of hotel business for hotel tenants, etc., unexpected repairs, and actual number of new investment units issued, etc.
- The remaining balance of the reserve for temporary difference adjustment (negative goodwill) after the appropriation of the reserve for temporary difference adjustment (negative goodwill) for dividends for the fiscal year ended December 2019 (20th period) is expected to be ¥10,615 million.
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
9
Item | Assumptions | |
Dividend per | ||
Unit | ・ It is assumed that the excess of earnings (dividend per unit resulting from excess of earnings) will not be | |
Resulting | ||
distributed. | ||
from Excess | ||
of Earnings | ||
・ It is assumed that revision in | law, tax system, accounting standard, regulations of the listing, and | |
regulations of the Investment Trusts Association, Japan (the "ITAJ") that may impact the forecast above | ||
Others | will not be made. | |
・ It is assumed that unexpected major incident will not occur in the general economy, real estate market and | ||
hotel business environment, etc. | ||
・ The numerical values are rounded down to the nearest millions of yen in the assumptions above. |
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
10
Assumptions of the operating forecast for the full fiscal year ending December 2020 (21st period)
Item | Assumptions |
Calculation ・ Full fiscal year ending December 2020 (21st Period): January 1, 2020 through December 31, 2020 (366 | |
Period | days) |
・ The 43 properties owned by JHR as of today are assumed. | |
Assets under | ・ It is assumed that there will be no change (acquisition of new property or disposition of the Existing |
Management | Properties, etc.) in assets under management other than the above through the end of the fiscal year ending |
December 2020 (21st period). However, the actual results may fluctuate depending on the changes in assets | |
under management that may take place. |
- Operating revenue is calculated based on the conditions of the lease and other contracts effective as of today and in consideration of competitiveness of hotels, market environment and other factors. If there are lease contracts with regard to facilities other than hotels, such as retail facilities and offices, operating revenue calculated based on the said lease contracts is included.
- Rents, etc. of the main hotels are calculated based on the following assumptions.
- The 21 Hotels with Variable Rent, etc.
① The Twelve HMJ Hotels
The assumptions of the fixed rent and variable rent for the Twelve HMJ hotels are as follows. Total rent = Fixed rent + Variable rent
Variable rent = (Total GOP of the hotels - GOP base amount) × Variable rent ratio (%)
(Unit: millions of yen)
Total GOP | GOP base | Variable | Variable | Fixed | Total | |||||||||||
of the | amount | rent ratio | rent | rent | rent | |||||||||||
hotel(s) | ||||||||||||||||
The Five HMJ Hotels | Midterm | 3,007 | 1,675 | 85.0% | 1,132 | 1,610 | 2,743 | |||||||||
(*1) | Full year | 7,546 | 3,351 | 3,566 | 3,221 | 6,787 | ||||||||||
Okinawa Marriott | Midterm | 384 | 350 | 90.0% | 30 | 274 | 305 | |||||||||
Resort & Spa | Full year | 1,354 | 700 | 589 | 550 | 1,139 | ||||||||||
Sheraton Grand | Midterm | 499 | 234 | 82.5% | 218 | 174 | 392 | |||||||||
Operating | Hiroshima Hotel (*2) | Full year | 1,093 | 468 | 515 | 348 | 863 | |||||||||
Oriental Hotel | Midterm | 602 | 221 | 373 | 212 | 586 | ||||||||||
Revenue | 98.0% | |||||||||||||||
Fukuoka Hakata | Full year | 1,253 | 442 | 795 | 425 | 1,220 | ||||||||||
Station (*3) | ||||||||||||||||
Holiday Inn | Midterm | 512 | 325 | 92.5% | 173 | 288 | 461 | |||||||||
Osaka Namba | Full year | 1,053 | 650 | 373 | 576 | 949 | ||||||||||
Hilton Tokyo Narita | Midterm | 437 | 275 | 86.5% | 140 | 222 | 362 | |||||||||
Airport | Full year | 1,122 | 550 | 495 | 444 | 939 | ||||||||||
International Garden | Midterm | 314 | 180 | 98.0% | 131 | 168 | 299 | |||||||||
Hotel Narita | Full year | 675 | 360 | 309 | 336 | 645 | ||||||||||
Hotel Nikko Nara | Midterm | 307 | 235 | 91.5% | 66 | 210 | 276 | |||||||||
Full year | 701 | 470 | 211 | 420 | 631 | |||||||||||
Sub Total | Midterm | 6,065 | - | - | 2,267 | 3,160 | 5,427 | |||||||||
Full year | 14,801 | - | 6,856 | 6,320 | 13,176 | |||||||||||
ACTIVE-INTER | Midterm | - | - | 5 | 233 | 238 | ||||||||||
CITY HIROSHIMA | - | |||||||||||||||
(Office and commercial | Full year | - | - | 10 | 467 | 478 | ||||||||||
tenants) | ||||||||||||||||
Total | Midterm | - | - | - | 2,272 | 3,393 | 5,666 | |||||||||
Full year | - | - | 6,867 | 6,787 | 13,655 | |||||||||||
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
11
Item | Assumptions |
(*1) Of The HMJ5 Hotels, Namba Oriental Hotel is scheduled to implement a large-scale renovation with suspension of hotel operation from November 2020 to March 2021. Taking into consideration the effect on dividend by the suspension of hotel operation due to the renovation, reserve for temporary difference adjustment (negative goodwill) will be appropriated.
(*2) Stating the rent for Sheraton Grand Hiroshima Hotel, the major facility of ACTIVE-INTER CITY HIROSHIMA.
(*3) The fixed-term lease agreement for Oriental Hotel Fukuoka Hakata Station were renewed dated on December 20, 2019, and the amount of fixed rent, GOP base amount and variable rent ratio were changed from January 1, 2020.
- Income from management contracts (*4) and variable rent from hotels other than the Twelve HMJ Hotels (Unit: millions of yen)
Midterm | Full year | ||||
ibis Tokyo Shinjuku | 248 | 547 | |||
ibis Styles Kyoto Station | 179 | 364 | |||
ibis Styles Sapporo | 268 | 666 | |||
Mercure Sapporo | 288 | 688 | |||
Mercure Okinawa Naha | 179 | 374 | |||
Mercure Yokosuka | 178 | 298 | |||
the b suidobashi | 19 | 70 | |||
the b ikebukuro | 65 | 179 | |||
the b hachioji | 26 | 67 | |||
the b hakata | 66 | 138 | |||
Total | 1,520 | 3,395 | |||
(*4) For income from management contracts, it is assumed that each hotel's GOP amount is recognized as income | |||||
Operating | from management contracts and the management contract fees to be paid by JHR are recognized as an operating | ||||
expense. | |||||
Revenue | |||||
- The Two New HMJ Hotels (Acquired assets)
- Hotel Oriental Express Osaka Shinsaibashi
The assumptions of the fixed rent and variable rent for Oriental Express Osaka Shinsaibashi are as follows.
Total rent = Fixed rent + Variable rent
Variable rent = (Total GOP of the hotels - GOP base amount) × Variable rent ratio (%)
(Unit: millions of yen)
Total GOP | GOP base | Variable | Variable | Fixed | Total | |||
of the hotel | amount | rent ratio | rent | rent | rent | |||
Hotel Oriental Express | Midterm | 72 | 64 | 91.0% | 8 | 55 | 63 | |
Osaka Shinsaibashi | Full year | 151 | 128 | 21 | 110 | 131 | ||
- Hilton Tokyo Odaiba
The assumptions of the fixed rent and variable rent for Hilton Tokyo Odaiba are as follows. Total rent = Fixed rent + Variable rent
Variable rent = (AGOP (adjusted GOP) of the hotels (*1) - AGOP base amount) × Variable rent ratio (%)
(Unit: millions of yen)
AGOP of | AGOP | Variable | Variable | Fixed | Total | |||||||
base | Rent | |||||||||||
the hotel | rent ratio | rent | rent | |||||||||
amount | (*2) | |||||||||||
Hilton Tokyo Odaiba | Midterm | 1,163 | 1,485 | 30.0% | - | 1,549 | 1,549 | |||||
(*2) | Full year | 3,283 | 2,970 | 94 | 3,100 | 3,194 | ||||||
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
12
Item | Assumptions | ||||||
(*1) AGOP (adjusted GOP) is the amount calculated by subtracting certain fees and other items from GOP. The same | |||||||
shall apply hereinafter. | |||||||
(*2) Hilton Tokyo Odaiba is scheduled to implement a large-scale renovation with suspension of part of room sales | |||||||
from September 2020 to December 2020. | |||||||
(3) Other hotels subject to variable rent | |||||||
Variable rent from other hotels subject to variable rent | (Unit: millions of yen) | ||||||
Midterm | Full year | ||||||
Comfort Hotel Tokyo Higashi Nihombashi | 1 | 1 | |||||
Smile Hotel Nihombashi Mitsukoshimae | 17 | 17 | |||||
Hotel Vista Kamata Tokyo | - | 23 | |||||
Chisun Inn Kamata | 42 | 85 | |||||
Hotel Keihan Universal City | Undisclosed (*) | Undisclosed (*) | |||||
Sotetsu Fresa Inn Shimbashi-Karasumoriguchi | 89 | 89 | |||||
Operating | Hilton Tokyo Bay | Undisclosed (*) | Undisclosed (*) | ||||
Revenue | Hilton Nagoya | Undisclosed (*) | Undisclosed (*) | ||||
Total of 8 hotels | 756 | 1,605 |
- Undisclosed since tenants that concluded lease agreements did not agree to disclose rent revenue, etc.
- The following is the breakdown of variable rent and income from management contracts (*1)
(Unit: millions of yen)
Midterm | Full year | |
The Twelve HMJ Hotels (*) | 2,272 | 6,867 |
The 21 Hotels with Variable Rent, etc. excluding the Twelve HMJ Hotels | 1,520 | 3,395 |
The Two New HMJ Hotels (Acquired assets) | 8 | 115 |
Other hotels with variable rent, etc. (8 hotels) | 756 | 1,605 |
Total (32 hotels) | 4,557 | 11,984 |
- This figure includes revenue-linked rent of office and commercial tenants at ACTIVE-INTER CITY HIROSHIMA.
- With respect to real estate leasing expenses, which constitute a major part of the operating expenses, expenses other than depreciation are calculated based on historical data, and variable factors are reflected in the calculation.
- It is assumed that the ¥1,921 million will be recognized as expenses for fixed asset taxes, city planning taxes, etc.
-
In general, fixed asset tax and city planning tax and other taxes and public dues on acquired assets are settled with the previous owners at the time of acquisition, calculated on a pro rata basis of the holding period. For JHR, such settlement amount is included in the acquisition price, and it will not be recognized as expenses for the calculation period.
Capital expenditure is assumed to be ¥6,775 million (¥3,478 million for capital expenditure I, ¥862 million
Operating | for capital expenditure II, ¥2,434 million for capital expenditure III, and of those capital expenditure, |
Expenses | ¥3,000 million is for expenditure (¥800 million for capital expenditure I and ¥2,200 million for capital |
expenditure III) related to the large-scale renovation at Hilton Tokyo Odaiba) (*) for the fiscal year ending | |
December 2020 (21st period). In addition, capital expenditure related to the large-scale renovation at | |
Namba Oriental Hotel is assumed to be ¥2,600 million in the fiscal year ending December 2021 (22nd | |
period). |
- JHR classifies capital expenditures into the following three categories. (I) Capital investment related to renewal of equipment and facilities of buildings which is required to maintain proper values of properties, (II) capital investment for fixtures, furniture and equipment that are not directly related to building structure or facilities but necessary for operating hotels, and (III) strategic capital investment such as renovating guest rooms, etc. for improving the competitiveness of the hotels.
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
13
Item | Assumptions | |||
・ Depreciation is calculated using the straight-line method including the planned capital expenditures above, | ||||
and is assumed to be ¥4,859 million. | ||||
Operating | ・ Repair expenses for buildings are recognized as expenses in the assumed amount necessary for each | |||
operating period. Please note that the repair expenses of each operating period may differ materially from | ||||
Expenses | ||||
the forecast amount for various reasons, such as; (1) Emergency repair expenses may be necessary due to | ||||
damage to buildings from unexpected causes; (2) The amount of repair expenses generally tends to increase | ||||
in difference over time; and (3) Repair expenses are not required on a regular basis. | ||||
・ ¥1,888 million is expected for borrowing-related costs, including interest | expense, amortization for | |||
Non-operating | financing fee and arrangement fee . | |||
Expenses | ・ Expenses for issuance of new investment units and secondary offering are amortized over a period of three | |||
years by the straight-line method. | ||||
・ The balance of interest-bearing debt (sum of loans and investment corporation bonds) as of the end of | ||||
Interest- | December 2019 was ¥168,754 million. It is assumed that the balance of interest-bearing debt will be | |||
¥168,754 million as of December 31, 2020. | ||||
bearing Debt | ||||
・ It is assumed that ¥12,782 million loans, which are due within the fiscal year ending December 2020 (21st | ||||
period), will be fully refinanced. | ||||
・ Dividend per unit for the fiscal year ending December 2020 (21st period) is calculated based on the | ||||
following assumptions. | ||||
Net income | ¥16,238 million | |||
Use of reserve for temporary difference adjustment (negative goodwill) | ||||
50-year amortization amount of negative goodwill (*1) | ¥262 million | |||
Loss on retirement of noncurrent assets (*2) | ¥18 million | |||
Correspondence to large-scale renovation works for Hilton Tokyo Odaiba (*3) | ¥44 million | |||
Correspondence to large-scale renovation works for Namba Oriental Hotel (*4) | ¥172 million | |||
Distributable amount | ¥16,735 million | |||
Total number of investment units issued | 4,462,347 units | |||
Dividend per unit | ¥3,750 | |||
(*1) ¥262 million (hereinafter called "50-year amortization amount of negative goodwill") is scheduled to be paid | ||||
out as dividends, with the remaining balance of the reserve for temporary difference adjustment set as the | ||||
Dividend per | maximum amount, for every fiscal year. | |||
(*2) The amount recognized as a loss on retirement of noncurrent assets will be | appropriated by reserve for | |||
Unit | temporary difference adjustment (negative goodwill) and is expected to have no impact on dividend per unit. | |||
(*3) Hilton Tokyo Odaiba is scheduled to implement a large-scale renovation with suspension of part of room sales | ||||
from September 2020 to December 2020. Taking into consideration the effect on dividend by the renovation, | ||||
reserve for temporary difference adjustment (negative goodwill) will be appropriated. | ||||
(*4) Namba Oriental Hotel is scheduled to implement a large-scale renovation with suspension of hotel operation | ||||
from November 2020 to March 2021. Taking into consideration the effect on dividend by the renovation, | ||||
reserve for temporary difference adjustment (negative goodwill) will be appropriated. |
- Dividend per unit may fluctuate due to various causes, such as fluctuation of rent revenue resulting from transfer of assets under management, change of tenants, etc. at hotels, change in the business environment of hotel business for hotel tenants, etc., unexpected repairs, and actual number of new investment units issued, etc.
- The remaining balance of the reserve for temporary difference adjustment (negative goodwill) after the appropriation of the reserve for temporary difference adjustment (negative goodwill) for dividends for the fiscal year ending December 2020 (21st period) is expected to be ¥10,118 million.
Dividend per
Unit ・ It is assumed that the excess of earnings (dividend per unit resulting from excess of earnings) will not be
Resulting distributed. from Excess
of Earnings
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
14
- It is assumed that revision in law, tax system, accounting standard, regulations of the listing, regulations of the ITAJ that may impact the forecast above will not be made.
Others ・ It is assumed that unexpected major incident will not occur in the general economy, real estate market and hotel business environment, etc.
- The numerical values are rounded down to the nearest millions of yen in the assumptions above.
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
15
The numeral figures are based on figures obtained from hotel lessees, etc. Please note that these figures have not been audited or gone through other procedures. No guarantee is made as to the accuracy or completeness of the figures and information.
ADR and RevPAR are rounded off to the nearest yen. Sales and GOP are rounded off to the nearest millions of yen. Occupancy rate and comparison with the previous period are rounded off to one decimal place.
<1> The 20 Hotels with Variable Rent, etc.
In order to eliminate the impact of the suspension of sales due to the renovation, 20 hotels, excluding Namba Oriental Hotel from The 21 Hotels with Variable Rent, etc. are stated. The same shall apply hereinafter.
Fiscal year ended | Fiscal year ended December 2019 | Fiscal year ending | |||||||||||||||||||||||||||||
December 2018 | December 2020 | ||||||||||||||||||||||||||||||
Comparison | Previous | Forecast | Comparison | Comparison | Comparison | ||||||||||||||||||||||||||
Actual | with | forecast | this time | with | with | Forecast | with | ||||||||||||||||||||||||
previous | (first half: | (first half: | previous | previous | this time | previous | |||||||||||||||||||||||||
period | actual) | actual) | period | forecast | period | ||||||||||||||||||||||||||
First half of | 87.0% | 0.4pt | 86.1% | 86.1% | (0.9pt) | 0.0pt | 86.3% | 0.2pt | |||||||||||||||||||||||
Occupancy | the year | ||||||||||||||||||||||||||||||
Second half | 86.9% | (1.3pt) | 89.1% | 86.5% | (0.4pt) | (2.5pt) | 88.6% | 2.0pt | |||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||||
Full year | 87.0% | (0.5pt) | 87.6% | 86.3% | (0.6pt) | (1.3pt) | 87.5% | 1.1pt | |||||||||||||||||||||||
First half of | 14,344 | 2.2% | 14,502 | 14,502 | 1.1% | 0.0% | 14,485 | (0.1%) | |||||||||||||||||||||||
ADR | the year | ||||||||||||||||||||||||||||||
Second half | 16,820 | 0.8% | 16,735 | 16,262 | (3.3%) | (2.8%) | 17,611 | 8.3% | |||||||||||||||||||||||
(*1) | |||||||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||||
Full year | 15,592 | 1.4% | 15,647 | 15,392 | (1.3%) | (1.5%) | 16,077 | 4.5% | |||||||||||||||||||||||
First half of | 12,480 | 2.7% | 12,491 | 12,491 | 0.1% | 0.0% | 12,506 | 0.1% | |||||||||||||||||||||||
RevPAR | the year | ||||||||||||||||||||||||||||||
Second half | 14,619 | (0.6%) | 14,908 | 14,075 | (3.7%) | (5.6%) | 15,600 | 10.8% | |||||||||||||||||||||||
(*2) | |||||||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||||
Full year | 13,559 | 0.9% | 13,709 | 13,289 | (2.0%) | (3.1%) | 14,061 | 5.8% | |||||||||||||||||||||||
First half of | 21,541 | 0.9% | 21,780 | 21,780 | 1.1% | 0.0% | 21,814 | 0.2% | |||||||||||||||||||||||
Sales | the year | ||||||||||||||||||||||||||||||
Second half | 24,783 | (0.9%) | 25,210 | 24,108 | (2.7%) | (4.4%) | 25,979 | 7.8% | |||||||||||||||||||||||
(JPY1M) | |||||||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||||
Full year | 46,324 | (0.1%) | 46,990 | 45,888 | (0.9%) | (2.3%) | 47,792 | 4.2% | |||||||||||||||||||||||
First half of | 6,841 | 2.8% | 6,889 | 6,889 | 0.7% | 0.0% | 6,579 | (4.5%) | |||||||||||||||||||||||
the year | |||||||||||||||||||||||||||||||
GOP | |||||||||||||||||||||||||||||||
Second half | 9,260 | 0.1% | 9,335 | 8,853 | (4.4%) | (5.2%) | 9,766 | 10.3% | |||||||||||||||||||||||
(JPY1M) | |||||||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||||
Full year | 16,101 | 1.2% | 16,224 | 15,742 | (2.2%) | (3.0%) | 16,345 | 3.8% | |||||||||||||||||||||||
(*1) ADR: Represents average daily rate, which is calculated by dividing revenue for rooms department for a given period (including service charges) by the total number of rooms sold during the period. As for the service charge, Kobe Meriken Park Oriental Hotel, Oriental Hotel tokyo bay, Namba Oriental Hotel, Hotel Nikko Alivila, Oriental Hotel Hiroshima, Okinawa Marriott Resort & Spa, Sheraton Grand Hiroshima Hotel (ACTIVE-INTER CITY HIROSHIMA), International Garden Hotel Narita, Hotel Nikko Nara and Oriental Hotel Fukuoka Hakata Station request 10%, Hilton Tokyo Narita Airport requests 12% and Hilton Tokyo Odaiba requests 13%. Moreover, other hotels among the 21 Hotels with Variable Rent, etc. do not request service charges. The same shall apply hereinafter.
(*2) RevPAR represents revenue per available room, which is calculated by dividing total rooms revenue for a certain period (excluding service charges) by the total number of rooms available for sale during the period. The same shall apply hereinafter.
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
16
<2>The 10 HMJ Hotels
In order to eliminate the impact of the suspension of hotel operation due to the renovation, 10 hotels, excluding Oriental Hotel Fukuoka Hakata Station from The Twelve HMJ Hotels are stated. The same shall apply hereinafter.
Fiscal year ended | Fiscal year ended December 2019 | Fiscal year ending | |||||||||||||||||||||||||
December 2018 | December 2020 | ||||||||||||||||||||||||||
Comparison | Previous | Forecast | Comparison | Comparison | Comparison | ||||||||||||||||||||||
with | forecast | this time | with | with | Forecast | with | |||||||||||||||||||||
Actual | (first | ||||||||||||||||||||||||||
previous | (first half: | previous | previous | this time | previous | ||||||||||||||||||||||
half: | |||||||||||||||||||||||||||
period | actual) | period | forecast | period | |||||||||||||||||||||||
actual) | |||||||||||||||||||||||||||
First half of | 86.8% | (0.0pt) | 87.0% | 87.0% | 0.2pt | 0.0pt | 86.7% | (0.3pt) | |||||||||||||||||||
Occupancy | the year | ||||||||||||||||||||||||||
Second half | 87.4% | (1.1pt) | 89.0% | 87.6% | 0.2pt | (1.4pt) | 88.8% | 1.3pt | |||||||||||||||||||
Rate | |||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||
Full year | 87.1% | (0.6pt) | 88.0% | 87.3% | 0.2pt | (0.7pt) | 87.8% | 0.5pt | |||||||||||||||||||
First half of | 16,293 | 2.4% | 16,251 | 16,251 | (0.3%) | 0.0% | 16,271 | 0.1% | |||||||||||||||||||
the year | |||||||||||||||||||||||||||
ADR | Second half | 19,665 | 0.3% | 19,426 | 18,789 | (4.5%) | (3.3%) | 20,593 | 9.6% | ||||||||||||||||||
of the year | |||||||||||||||||||||||||||
Full year | 17,999 | 1.2% | 17,870 | 17,535 | (2.6%) | (1.9%) | 18,470 | 5.3% | |||||||||||||||||||
First half of | 14,149 | 2.4% | 14,145 | 14,145 | (0.0%) | 0.0% | 14,114 | (0.2%) | |||||||||||||||||||
the year | |||||||||||||||||||||||||||
RevPAR | Second half | 17,183 | (1.0%) | 17,294 | 16,455 | (4.2%) | (4.9%) | 18,295 | 11.2% | ||||||||||||||||||
of the year | |||||||||||||||||||||||||||
Full year | 15,679 | 0.5% | 15,733 | 15,310 | (2.4%) | (2.7%) | 16,216 | 5.9% | |||||||||||||||||||
First half of | 17,336 | 0.3% | 17,571 | 17,571 | 1.4% | 0.0% | 17,524 | (0.3%) | |||||||||||||||||||
Sales | the year | ||||||||||||||||||||||||||
Second half | 20,357 | (1.2%) | 20,505 | 19,773 | (2.9%) | (3.6%) | 21,224 | 7.3% | |||||||||||||||||||
(JPY1M) | |||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||
Full year | 37,694 | (0.5%) | 38,076 | 37,344 | (0.9%) | (1.9%) | 38,748 | 3.8% | |||||||||||||||||||
First half of the | 4,936 | 2.4% | 5,051 | 5,051 | 2.3% | 0.0% | 4,774 | (5.5%) | |||||||||||||||||||
year | |||||||||||||||||||||||||||
GOP | |||||||||||||||||||||||||||
Second half | 7,204 | 1.0% | 7,139 | 6,925 | (3.9%) | (3.0%) | 7,603 | 9.8% | |||||||||||||||||||
(JPY1M) | |||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||
Full year | 12,140 | 1.6% | 12,190 | 11,976 | (1.3%) | (1.8%) | 12,377 | 3.3% | |||||||||||||||||||
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
17
<3> Namba Oriental Hotel | |||||||||||||||||||||||||||||
Fiscal year ended | Fiscal year ended December 2019 | Fiscal year ending | |||||||||||||||||||||||||||
December 2018 | December 2020 | ||||||||||||||||||||||||||||
Comparison | Previous | Forecast | Comparison | ||||||||||||||||||||||||||
forecast | Comparison | Comparison | |||||||||||||||||||||||||||
with | this time | Forecast | with | ||||||||||||||||||||||||||
Actual | previous | (first | (first half: | with previous | with previous | this time | previous | ||||||||||||||||||||||
period | half: | actual) | period | forecast | period | ||||||||||||||||||||||||
actual) | |||||||||||||||||||||||||||||
First half of | 93.5% | (1.3pt) | 95.8% | 95.8% | 2.3pt | 0.0pt | 93.6% | (2.2pt) | |||||||||||||||||||||
Occupancy | the year | ||||||||||||||||||||||||||||
Second half | 92.2% | (4.4pt) | 94.3% | 90.1% | (2.1pt) | (4.2pt) | 62.1% | (27.9pt) | |||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||
Full year | 92.8% | (2.9pt) | 95.0% | 92.9% | 0.1pt | (2.1pt) | 77.8% | (15.1pt) | |||||||||||||||||||||
First half of | 21,748 | 2.4% | 19,707 | 19,707 | (9.4%) | 0.0% | 18,137 | (8.0%) | |||||||||||||||||||||
the year | |||||||||||||||||||||||||||||
ADR | Second half | 21,214 | (5.5%) | 20,468 | 17,616 | (17.0%) | (13.9%) | 17,933 | 1.8% | ||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||
Full year | 21,481 | (1.7%) | 20,088 | 18,685 | (13.0%) | (7.0%) | 18,055 | (3.4%) | |||||||||||||||||||||
First half of | 20,330 | 1.0% | 18,880 | 18,880 | (7.1%) | 0.0% | 16,971 | (10.1%) | |||||||||||||||||||||
the year | |||||||||||||||||||||||||||||
RevPAR | Second half | 19,558 | (9.9%) | 19,301 | 15,867 | (18.9%) | (17.8%) | 11,142 | (29.8%) | ||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||
Full year | 19,941 | (4.7%) | 19,092 | 17,361 | (12.9%) | (9.1%) | 14,041 | (19.1%) | |||||||||||||||||||||
First half of | 1,418 | 1.7% | 1,344 | 1,344 | (5.2%) | 0.0% | 1,226 | (8.7%) | |||||||||||||||||||||
Sales | the year | ||||||||||||||||||||||||||||
Second half | 1,474 | (1.3%) | 1,446 | 1,252 | (15.0%) | (13.4%) | 943 | (24.7%) | |||||||||||||||||||||
(JPY1M) | |||||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||
Full year | 2,891 | 0.2% | 2,790 | 2,596 | (10.2%) | (6.9%) | 2,170 | (16.4%) | |||||||||||||||||||||
First half of the | 874 | 1.1% | 820 | 820 | (6.1%) | 0.0% | 688 | (16.0%) | |||||||||||||||||||||
year | |||||||||||||||||||||||||||||
GOP | |||||||||||||||||||||||||||||
Second half | 937 | 2.8% | 854 | 729 | (22.2%) | (14.6%) | 483 | (33.7%) | |||||||||||||||||||||
(JPY1M) | |||||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||
Full year | 1,810 | 1.9% | 1,674 | 1,549 | (14.4%) | (7.4%) | 1,172 | (24.4%) | |||||||||||||||||||||
- Namba Oriental Hotel is scheduled to implement a large-scale renovation with the suspension of hotel operation from November 2020 to March 2021.
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
18
<4> Oriental Hotel Fukuoka Hakata Station | |||||||||||||||||||||||||||||
Fiscal year ended | Fiscal year ended December 2019 | Fiscal year ending | |||||||||||||||||||||||||||
December 2018 | December 2020 | ||||||||||||||||||||||||||||
Comparison | Previous | Forecast | Comparison | ||||||||||||||||||||||||||
forecast | Comparison | Comparison | |||||||||||||||||||||||||||
with | this time | Forecast | with | ||||||||||||||||||||||||||
Actual | previous | (first | (first half: | with previous | with previous | this time | previous | ||||||||||||||||||||||
period | half: | actual) | period | forecast | period | ||||||||||||||||||||||||
actual) | |||||||||||||||||||||||||||||
First half of | 94.7% | 1.0pt | 39.1% | 39.1% | (55.6pt) | 0.0pt | 87.5% | 48.4pt | |||||||||||||||||||||
Occupancy | the year | ||||||||||||||||||||||||||||
Second half | 47.0% | (48.4pt) | 85.8% | 88.4% | 41.4pt | 2.7pt | 88.8% | 0.3pt | |||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||
Full year | 70.7% | (23.9pt) | 62.7% | 64.0% | (6.7pt) | 1.3pt | 88.1% | 24.1pt | |||||||||||||||||||||
First half of | 13,323 | 8.4% | 19,385 | 19,385 | 45.5% | 0.0% | 18,137 | (6.4%) | |||||||||||||||||||||
the year | |||||||||||||||||||||||||||||
ADR | Second half | 13,343 | (1.5%) | 18,656 | 18,314 | 37.3% | (1.8%) | 18,699 | 2.1% | ||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||
Full year | 13,330 | 3.1% | 18,882 | 18,639 | 39.8% | (1.3%) | 18,421 | (1.2%) | |||||||||||||||||||||
First half of | 12,621 | 9.6% | 7,588 | 7,588 | (39.9%) | 0.0% | 15,869 | 109.2% | |||||||||||||||||||||
the year | |||||||||||||||||||||||||||||
RevPAR | Second half | 6,274 | (51.5%) | 16,005 | 16,198 | 158.2% | 1.2% | 16,595 | 2.5% | ||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||
Full year | 9,422 | (22.9%) | 11,831 | 11,928 | 26.6% | 0.8% | 16,234 | 36.1% | |||||||||||||||||||||
First half of | 1,199 | (5.3%) | 673 | 673 | (43.9%) | 0.0% | 1,287 | 91.3% | |||||||||||||||||||||
Sales | the year | ||||||||||||||||||||||||||||
Second half | 637 | (46.8%) | 1,286 | 1,313 | 106.1% | 2.1% | 1,367 | 4.1% | |||||||||||||||||||||
(JPY1M) | |||||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||
Full year | 1,836 | (22.5%) | 1,959 | 1,985 | 8.2% | 1.4% | 2,654 | 33.7% | |||||||||||||||||||||
First half of the | 494 | 3.9% | 131 | 131 | (73.4%) | 0.0% | 603 | 358.4% | |||||||||||||||||||||
year | |||||||||||||||||||||||||||||
GOP | |||||||||||||||||||||||||||||
Second half | 141 | (69.8%) | 629 | 661 | 368.4% | 5.0% | 651 | (1.5%) | |||||||||||||||||||||
(JPY1M) | |||||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||||
Full year | 635 | (32.6%) | 761 | 792 | 24.7% | 4.2% | 1,254 | 58.2% | |||||||||||||||||||||
- Large-scalerenovation works causing the suspension of hotel operation were implemented at Oriental Hotel Fukuoka Hakata Station from October 1, 2018 to April 8, 2019.
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
19
<5> Hotel Oriental Express Osaka Shinsaibashi | ||||||||||||||||||||||||||||
Fiscal year ended | Fiscal year ended December 2019 | Fiscal year ending | ||||||||||||||||||||||||||
December 2018 | December 2020 | |||||||||||||||||||||||||||
Comparison | Previous | Forecast | Comparison | Comparison | Comparison | |||||||||||||||||||||||
Actual | forecast | this time | with | with | Forecast | with | ||||||||||||||||||||||
with previous | ||||||||||||||||||||||||||||
(first half: | (first half: | previous | previous | this time | previous | |||||||||||||||||||||||
period | ||||||||||||||||||||||||||||
actual) | actual) | period | forecast | period | ||||||||||||||||||||||||
First half of | - | - | 92.3% | 92.3% | - | 0.0pt | 90.7% | (1.6pt) | ||||||||||||||||||||
Occupancy | the year | |||||||||||||||||||||||||||
Second half | - | - | 91.5% | 88.3% | - | (3.2pt) | 92.2% | 3.9pt | ||||||||||||||||||||
Rate | ||||||||||||||||||||||||||||
of the year | ||||||||||||||||||||||||||||
Full year | - | - | 91.9% | 90.3% | - | (1.6pt) | 91.5% | 1.2pt | ||||||||||||||||||||
First half of | - | - | 9,611 | 9,611 | - | 0.0% | 9,275 | (3.5%) | ||||||||||||||||||||
the year | ||||||||||||||||||||||||||||
ADR | Second half | - | - | 10,429 | 9,013 | - | (13.6%) | 9,385 | 4.1% | |||||||||||||||||||
of the year | ||||||||||||||||||||||||||||
Full year | - | - | 10,021 | 9,316 | - | (7.0%) | 9,331 | 0.2% | ||||||||||||||||||||
First half of | - | - | 8,868 | 8,868 | - | 0.0% | 8,414 | (5.1%) | ||||||||||||||||||||
the year | ||||||||||||||||||||||||||||
RevPAR | Second half | - | - | 9,544 | 7,958 | - | (16.6%) | 8,654 | 8.8% | |||||||||||||||||||
of the year | ||||||||||||||||||||||||||||
Full year | - | - | 9,209 | 8,409 | - | (8.7%) | 8,535 | 1.5% | ||||||||||||||||||||
First half of | - | - | 205 | 205 | - | 0.0% | 199 | (2.7%) | ||||||||||||||||||||
Sales | the year | |||||||||||||||||||||||||||
Second half | - | - | 226 | 190 | - | (15.9%) | 207 | 8.8% | ||||||||||||||||||||
(JPY1M) | ||||||||||||||||||||||||||||
of the year | ||||||||||||||||||||||||||||
Full year | - | - | 431 | 395 | - | (8.3%) | 407 | 2.9% | ||||||||||||||||||||
First half of the | - | - | 84 | 84 | - | 0.0% | 73 | (13.7%) | ||||||||||||||||||||
year | ||||||||||||||||||||||||||||
GOP | ||||||||||||||||||||||||||||
Second half | 91 | 71 | (21.4%) | 78 | 10.1% | |||||||||||||||||||||||
(JPY1M) | - | - | - | |||||||||||||||||||||||||
of the year | ||||||||||||||||||||||||||||
Full year | - | - | 175 | 156 | - | (11.1%) | 151 | (2.8%) | ||||||||||||||||||||
- As Hotel Oriental Express Osaka Shinsaibashi opened on April 2, 2018, figures prior to the fiscal year December ended 2018 are not shown.
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
20
<6> Hilton Tokyo Odaiba | |||||||||
Fiscal year ended | Fiscal year ended December 2019 | Fiscal year ending | |||||||
December 2018 | December 2020 | ||||||||
Comparison | Previous | Forecast | Comparison | Comparison | Comparison | ||||
Actual | with | forecast | this time | with | with | Forecast | with | ||
previous | (first half: | (first half: | previous | previous | this time | previous | |||
period | actual) | actual) | period | forecast | period | ||||
First half of | 95.2% | 0.9pt | 85.9% | 85.9% | (9.3pt) | 0.0pt | 90.4% | 4.5pt | |
Occupancy | the year | ||||||||
Second half | 92.9% | (3.0pt) | 91.3% | 89.7% | (3.1pt) | (1.6pt) | 83.2% | (6.5pt) | |
Rate | |||||||||
of the year |
Full year | 94.0% | (1.1pt) | 88.6% | 87.8% | (6.2pt) | (0.8pt) | 86.8% | (1.1pt) |
First half of | 28,831 | 6.8% | 29,263 | 29,263 | 1.5% | 0.0% | 29,488 | 0.8% |
the year | ||||||||
ADR | Second half | 31,396 | 8.6% | 32,447 | 31,533 | 0.4% | (2.8%) | 40,860 | 29.6% | ||||||||||||||||||
of the year | |||||||||||||||||||||||||||
Full year | 30,108 | 7.6% | 30,917 | 30,432 | 1.1% | (1.6%) | 34,969 | 14.9% | |||||||||||||||||||
First half of | 27,451 | 7.7% | 25,135 | 25,135 | (8.4%) | 0.0% | 26,650 | 6.0% | |||||||||||||||||||
the year | |||||||||||||||||||||||||||
RevPAR | Second half | 29,154 | 5.3% | 29,622 | 28,289 | (3.0%) | (4.5%) | 33,981 | 20.1% | ||||||||||||||||||
of the year | |||||||||||||||||||||||||||
Full year | 28,309 | 6.4% | 27,397 | 26,725 | (5.6%) | (2.5%) | 30,336 | 13.5% | |||||||||||||||||||
First half of | 4,591 | 9.5% | 4,258 | 4,258 | (7.3%) | 0.0% | 4,509 | 5.9% | |||||||||||||||||||
Sales | the year | ||||||||||||||||||||||||||
Second half | 5,008 | 7.3% | 4,744 | 4,660 | (6.9%) | (1.8%) | 5,723 | 22.8% | |||||||||||||||||||
(JPY1M) | |||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||
Full year | 9,599 | 8.3% | 9,001 | 8,918 | (7.1%) | (0.9%) | 10,232 | 14.7% | |||||||||||||||||||
First half of the | 1,374 | 21.7% | 1,144 | 1,144 | (16.7%) | 0.0% | 1,225 | 7.0% | |||||||||||||||||||
year | |||||||||||||||||||||||||||
GOP | |||||||||||||||||||||||||||
Second half | 1,723 | 15.2% | 1,624 | 1,522 | (11.7%) | (6.3%) | 2,198 | 44.4% | |||||||||||||||||||
(JPY1M) | |||||||||||||||||||||||||||
of the year | |||||||||||||||||||||||||||
Full year | 3,097 | 18.0% | 2,768 | 2,666 | (13.9%) | (3.7%) | 3,423 | 28.4% | |||||||||||||||||||
(*1) Hilton Tokyo Odaiba was acquired on April 8, 2019. The figures for the fiscal year ended December 2018 and the fiscal year ending December 2019 are calculated as the total for full year including figures prior to the acquisition date.
(*2) Hilton Tokyo Odaiba is scheduled to implement a large-scale renovation with suspension of part of room sales from September 2020 to December 2020.
Note: This document is intended to serve as a press release to make available the information on the revision of operating forecast for the fiscal year ended December 2019 (20th period) and operating forecast and forecast of dividend for the fiscal year ending December 2020 (21th period). This document should not be construed as an offer to sell or solicitation of an offer to purchase any investment units or other investment of JHR. Prospective investors are advised to make any investment decisions at their own risk and responsibility.
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Japan Hotel REIT Investment Corporation published this content on 10 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 January 2020 07:12:08 UTC