as of December 31, 2024

Financial Results for All Fiscal PeriodsXLS13.8KB

	44th	45th	46th	47th (Forecast)	48th (Forecast)
	(Dec. 31, 2023)	(Jun. 30, 2024)	(Dec. 31, 2024)	(Jun. 30, 2025)	(Dec. 31, 2025)
Operating revenue (million yen)	17,411	17,644	19,580	20,766	18,327
Ordinary income (million yen)	7,357	7,531	8,791	10,310	7,502
Net income (million yen)	7,356	7,530	8,790	10,309	7,502
Total cash distributions (million yen)	7,578	7,578	7,912	-	-
Total assets (million yen)	510,802	536,871	538,271	-	-
Total unitholders’ equity (million yen)	273,752	273,704	274,917	-	-
Equity ratio (%)	53.6	51.0	51.1	-	-
Unitholder’s equity per unit (yen)	274,527	274,479	275,695	-	-
Distribution per unit (yen)	7,600	7,600	7,935	7,950	2,002

• The forecasted figures in the above table are the current forecasts of operating results, and should not be construed as a guarantee of the amount of distribution per unit.
• Figures in yen have been rounded down to the nearest specified unit.

Market Environment

The Office Property Leasing Market

In the office property leasing market, relocation for expansion and expansion of office spaces in the same buildings by tenants are increasing and the vacancy rate in central Tokyo continues to decline due to strong corporate performance and increasing demand for office space with comfort and functionality. In addition, the average rent is also rising in many areas. Similar trends are observed in Greater Tokyo and other cities.

The Retail Property Leasing Market

At urban retail properties which JPR targets for investment, although the impact of rising costs, which are caused by rising general prices, and labor shortages were seen in some areas, sales are also on a recovery trend with continuous increase in the number of customers visiting stores due to recovery in the flow of people and increase in demand from inbound foreign tourists.
For hotels, demand from inbound foreign tourists has been strong, with the number of visitors to Japan reaching a record high due to the depreciation of the yen and other factors, and a recovery trend continues to be seen.

The For-Sale Real Estate Market

While negative interest rates were lifted by the Bank of Japan in March 2024 and expectations for higher interest rates continue to grow even after the additional rate hike in July, investors continue to demonstrate a strong appetite for acquiring properties in the for-sale real estate market, and active real estate transactions continue to take place. Hotel transactions, which are benefitting from a remarkable recovery in travel demand including inbound tourism, as well as transactions of blue-chip offices for which an upside in rent can be expected are also becoming active, and the acquisition environment remains harsh as blue-chip properties which JPR targets for investment are in short supply. While JPR continues to pay close attention to how interest rate trends and the foreign exchange market may affect market conditions going forward, it is also searching for ways to effectively acquire properties, such as by diversifying the range of target assets for investment and conducting asset replacement.