Growth Strategy Going Forward

Aiming to Achieve Stable Growth over the Long Term

For the 32nd fiscal period, JPR continued to generate good financial results thanks to an increase in revenues from Tokyo Square Garden, which we acquired in the 31st fiscal period, operating for the entire fiscal period, as well as a progress made in upward revision of rents upon contract renewal, among other factors.
Distribution per unit came to 7,223 yen, marking the eighth straight fiscal period with a period-on-period increase.
For the 33rd fiscal period ending June 2018, distribution per unit is forecast to be 7,220 yen, almost the same level as for the 32nd fiscal period, despite a projected increase in property taxes and city planning taxes and other expenses.

Growth in Distribution per Unit (DPU)


(Note)Distribution per unit as medium-term target is a management target set by TRIM, and there is no guarantee that the figure is achieved.

Factors That Shifted Distribution per Unit to an Upward Trend

Quality of the Portfolio
  • Portfolio centering on office properties in Tokyo, featuring both growth potential and stability
  • Quality of individual properties exerting competitiveness
Vigorously Selective Investment in Prime Properties
  • Vigorously selective investment that focuses on location and price
  • Dynamic investment utilizing acquisition capacity
  • Continuous endeavors to reinforce the pipelines
Leasing Focused on Rents
  • Strategic utilization of rent-free periods and value enhancement measures
  • Reinforcement of endeavors to raise new contract rents and upward revision of rents upon contract renewal
Strong Financial Base
  • Financial strategy based on lengthening of loan periods, diversifying repayment dates and borrowing funds at fixed interest rates
  • Appropriate control of debt costs

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