Financial Summary

Financial Highlights

Operating RevenuesSee All Periods

Operating IncomeSee All Periods

Ordinary IncomeSee All Periods

Net IncomeSee All Periods

Distributions per unitSee All Periods

(including distributions in excess of profit)

FFO per unitSee All Periods

 

  • IIF implemented a two-for-one unit split on January 1, 2015 and four-for-one split on February 1, 2018.Figures for distribution per unit and FFO per unit indicated below are adjusted figures, which the actual figures are divided by two and rounded down to the nearest integer for Dec. 2015 (17th) to Jul.2017 (20th) periods and divided by eight and rounded down to the nearest integer, assuming that these unit splits took place at the beginning of the December
    Dec. 2015(17th) fiscal period.
    Effective January 1, 2017, IIF's fiscal periods have been changed to semiannual periods ending July 31st and January 31st of each year. The fiscal period ended July 31, 2017 is a transitional, seven-month fiscal period that started on January 1, 2017.

Operating Revenues

Operating Income

Ordinary Income

Net Income

Distributions per unit (including distributions in excess of profit)

  • IIF implemented a two-for-one unit split on January 1, 2015 and four-for-one split on February 1, 2018.Figures for distribution per unit and FFO per unit indicated below are adjusted figures, which the actual figures are divided by two and rounded down to the nearest integer for 16th to 20th periods and divided by eight and rounded down to the nearest integer for 1st to 15th periods, assuming that these unit splits took place at the beginning of the December 2007 fiscal period.
    Effective January 1, 2017, IIF's fiscal periods have been changed to semiannual periods ending July 31st and January 31st of each year. The fiscal period ended July 31, 2017 is a transitional, seven-month fiscal period that started on January 1, 2017.

FFO per unit

  • IIF implemented a two-for-one unit split on January 1, 2015 and four-for-one split on February 1, 2018.Figures for distribution per unit and FFO per unit indicated below are adjusted figures, which the actual figures are divided by two and rounded down to the nearest integer for 16th to 20th periods and divided by eight and rounded down to the nearest integer for 1st to 15th periods, assuming that these unit splits took place at the beginning of the December 2007 fiscal period.
    Effective January 1, 2017, IIF's fiscal periods have been changed to semiannual periods ending July 31st and January 31st of each year. The fiscal period ended July 31, 2017 is a transitional, seven-month fiscal period that started on January 1, 2017.
(1) Operating results

Operating revenues Operating
income
Ordinary
income
Net
income
Breakdown
Total
(Millions
of yen)
Rent
revenue
- real
estate
Gain on
sales of
property
Dividend income
from
investment
in Tokumei
Kumiai
(Millions of yen)
Jul. 2018 (22nd) 9,686 9,686 - - 5,553 4,614 4,612
Jan. 2018 (21st) 8,976 8,976 - - 5,071 4,082 4,081
Jul. 2017 (20th) 10,054 10,054 - - 5,787 4,634 4,633
Dec. 2016 (19th) 8,069 8,022 46 - 4,416 3,443 3,442
Jun. 2016 (18th) 7,886 7,886 - - 4,338 3,382 3,381
Dec. 2015 (17th) 7,788 7,788 - - 4,277 3,288 3,287


(2) Distributions

Distributions per unit *1 FFO
per unit *1,2
Total
distributions
(including distributions
in excess of profit)
Payout ratio *3 Ratio of
distributions
to net assets *4
including distributions
in excess of profit
excluding distributions
in excess of profit
in excess of profit
yen yen yen yen Millions of yen % %
Jul. 2018 (22nd) 2,716 2,715 1 3,499 4,613 100.0 3.6
Jan. 2018 (21st) 2,570 2,569 1 3,364 4,083 100.0 3.5
Jul. 2017 (20th) 2,918 2,916 1 3,825 4,636 100.0 4.2
Dec. 2016 (19th) 2,442 2,441 0 3,209 3,443 100.0 3.7
Jun. 2016 (18th) 2,397 2,110 287 3,165 3,381 88.0 3.2
Dec. 2015 (17th) 2,331 2,331 - 3,092 3,287 100.0 3.5
  • IIF implemented a four-for-one split on February 1, 2018. Figures for distribution per unit and FFO per unit indicated above are adjusted figures, which the actual figures are divided by four and rounded down to the nearest integer for Dec. 2017 (17th) to Jul.2017 (20th) periods.
    Effective January 1, 2017, IIF's fiscal periods have been changed to semiannual periods ending July 31st and January 31st of each year. The fiscal period ended July 31, 2017 is a transitional, seven-month fiscal period that started on January 1, 2017.
  • Figures are calculated using following formula.
    Funds from operation (FFO) per unit  = 
    (net income + loss on sales of real estate properties - gain on sales of real estate properties + depreciation + other property related depreciation)
    number of units issued and outstanding
  • Payout ratio in the above table is calculated by following formula.
    Payout ratio = Distribution per unit (excluding distributions in excess of profit) / Net income per unit x 100 Payout ratio for the six months ended June 30, 2015 (16th period) and July 31, 2017 (20th period) is calculated by using following formula as new investment units were issued during these periods.
    Payout ratio = total of distributions (excluding distributions in excess of profit) /net income x 100 Payout ratio for the six months ended June 30, 2016 and December 3 1, 2016 calculated by following formula is 100.0%, respectively. Payout ratio = Distribution per unit (including distributions in excess of profit) / Net income per unit x 100
  • Ratio of distributions to net assets in the above table is calculated by following formula (A).
    Ratio of distributions to net assets for the six months ended June 30, 2016 and December 31, 2016 calculated by following formula (B) is 3.6% and 3.7%, respectively.
    (A) Ratio of distributions to net assets = Distribution per unit (excluding distributions in excess of profit) / { (Net assets at beginning of period+Net assets at end of period) / 2} x 100 (B) Ratio of distributions to net assets = Distribution per unit (including distributions in excess of profit) / { (Net assets at beginning of period+Net assets at end of period) / 2} x 100
  • Distribution per unit in excess of profit consists only of allowance for temporary difference adjustment.


(3) Financial position

Total assets Net assets Ratio of net assets
to total assets
Net asset value
per unit
Millions of yen Millions of yen % yen
Jul. 2018 (22nd) 289,221 129,765 44.9 76,385
Jan. 2018 (21st) 261,500 116,483 44.5 73,321
Jul. 2017 (20th) 261,999 117,008 44.7 73,652
Dec. 2016 (19th) 224,749 93,959 41.8 66,625
Jun. 2016 (18th) 216,639 93,799 43.3 66,512
Dec. 2015 (17th) 215,694 93,817 43.5 66,525
  • IIF implemented a four-for-one split on February 1, 2018. Figures for Net asset value per unit indicated above are adjusted figures, which the actual figures are divided by four for Dec. 2017 (17th) to Jul.2017 (20th) periods.


(4) Cash flows

Net cash provided by (used in) Cash and cash
equivalents at end
of period
Operating
activities
Investing
activities
Financing
activities
Millions of yen Millions of yen Millions of yen Millions of yen
Jul. 2018 (22nd) 5,108 -28,671 21,780 13,864
Jan. 2018 (21st) 6,082 -607 -4,639 15,646
Jul. 2017 (20th) 5,727 -34,861 31,200 14,811
Dec. 2016 (19th) 13,565 -13,020 5,293 12,745
Jun. 2016 (18th) 4,287 -6,081 -1,688 6,906
Dec. 2015 (17th) 5,288 -1,195 -3,102 10,389

  • * Consumption taxes are not included.
  • * Figures less than unit indicated in the above table are rounded down for amounts and rounded for ratio unless otherwise indicated.

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