Growth Strategy

Financial Strategy

Establishment of a Financial Base That Is Stable Over the Long Term

We have established a robust financial base with conservative financial management that focuses on stability as a basic policy.

Conservative Financial Operations

  • Conduct operations by controlling LTV at 45% or lower as a target

Response to Interest Rate Fluctuation Risk

  • Pursuing longer borrowing terms and fixed interest rates

Reducing Refinance Risk

  • Flattening repayment amounts in each period and pursuing lender diversification
  • Establish a commitment line (24 billion yen)

Diversify Means of Fund Procurement

  • Issued investment corporation bonds
  • Utilization of sustainability finance and green finance

Basic Financial Data

as of December 31, 2023

Total assets
510,802million yen
Interest-bearing debts
205,400million yen
Unitholder’s capital
261,751million yen
(based on total assets)
Ratio of long-term debts
Ratio of fixed interest
rate debts
Average Interest-bearing
Debt Costs
Average maturity
4.5 years
  • LTV (based on total assets) represents the ratio of interest-bearing debts to total assets and is calculated as follows:
  • LTV = (balance of borrowings + balance of investment corporation bonds) / total assets
  • Ratio of long-term debts = total long-term interest-bearing debts / total interest-bearing debts
  • Ratio of fixed interest rate debts = total fixed interest-bearing debts / total interest-bearing debts
  • Average debt costs = (sum total of interest expenses, interest expenses for investment corporation bonds, borrowing-related expenses (excluding expenses related to early repayment of debts and expenses related to the commitment line agreement), amortization of investment corporation bond issuance costs and investment corporation bond administration expenses incurred in each fiscal period), divided by the business days of the relevant fiscal period or the said period, and annualized by multiplying by 365 days) / average balance of debts and investment corporation bonds for each fiscal period or for the said period
  • Average maturity = for all interest-bearing debts, this is calculated as the weighted average of the remaining period from the end of the current fiscal period to maturity in accordance with the balance of each interest-bearing debt.

Credit Ratings

(Japan Credit Rating Agency, Ltd.)
(Rating and Investment Information, Inc.)

LTV Trends

as of December 31, 2023


Changes in Average Interest-bearing Debt Costs and Average Maturity

as of December 31, 2023

  • The average interest-bearing debt costs has been rounded to the second decimal place, and the average maturity has been rounded to the first decimal place.