Distributions

Distributions

Actual Distributions

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July 2022 (30th) Fiscal Period
Distribution per unit
(excluding distribution in excess of profit)
Distribution per unit
(excess of profit from allowance for temporary difference adjustment)
Distribution per unit
(excess of profit from allowance for unitholders’ capital for tax purposes)
Total distribution per unit
JPY 2,932 JPY 168 JPY 0 JPY 3,100
・Payment Start Date planned: October 20, 2022.
・Fiscal period is from February 1, 2022 to July 31, 2022 (for six months).
・Only unitholders on the register as of the end of July 2022 are eligible to receive distribution. The final trading day with
 rights at the Tokyo Stock Exchange is July 27, 2022.

Distributions Forecast

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 January 2023 (31st) Fiscal Period (forecast)
Distribution per unit
(excluding distribution in excess of profit)
Distribution per unit
(excess of profit from allowance for temporary difference adjustment)
Distribution per unit
(excess of profit from allowance for unitholders’ capital for tax purposes)
Total distribution per unit
JPY 3,070 JPY 0 JPY 0 JPY 3,070
・The forecasted amount is not guaranteed as the actual amount to be distributed is subject to fluctuation.
・Fiscal period is from August 1, 2022 to January 31, 2023 (for six months).
・Only unitholders on the register as of the end of January 2023 are eligible to receive distribution. The final trading day with
 rights at the Tokyo Stock Exchange is going to be January 27, 2023.
・The amount of distribution will be declared in the middle of March 2023.
・The commencing date of the distribution payment is scheduled in the middle of April 2023.

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 July 2023 (32nd) Fiscal Period (forecast)
Distribution per unit
(excluding distribution in excess of profit)
Distribution per unit
(excess of profit from allowance for temporary difference adjustment)
Distribution per unit
(excess of profit from allowance for unitholders’ capital for tax purposes)
Total distribution per unit
JPY2,691 JPY 5 JPY 374 JPY 3,070
・The forecasted amount is not guaranteed as the actual amount to be distributed is subject to fluctuation.
・Fiscal period is from February 1, 2023 to July 31, 2023 (for six months).
・Only unitholders on the register as of the end of July 2023 are eligible to receive distribution. The final trading day with
 rights at the Tokyo Stock Exchange is going to be July 27, 2023.
・The amount of distribution will be declared in the middle of September 2023.
・The commencing date of the distribution payment is scheduled in the middle of October 2023.

Historical Distribution per unit (including distribution 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 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.
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.

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Actual

Forecast

(yen)

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  Dec.2007 Jun.2008 Dec.2008 Jun.2009 Dec.2009 Jun.2010 Dec.2010 Jun.2011 Dec.2011
Distribution
per unit
(JPY)
290 1,509 1,516 1,384 1,292 2,029 1,262 1,364 1,547
 
  Jun.2012 Dec.2012 Jun.2013 Dec.2013 Jun.2014 Dec.2014 Jun.2015 Dec.2015 Jun.2016
Distribution
per unit
(JPY)
1,647 1,798 1,955 2,005 2,077 2,113 2,199 2,331 2,397

  Dec.2016 Jul.2017 Jan.2018 Jul.2018 Jan.2019 Jul.2019 Jan.2020 Jul.2020 Jan.2021
Distribution
per unit
(JPY)
2,442 2,918 2,570 2,716 2,723 2,933 3,085 2,832 3,201
  Jul.2021 Jan.2022 Jul.2022 Jan.2023 Jul.2023 Jan.2024 Jul.2024 Jan.2025 Jul.2025
Distribution
per unit
(JPY)
3,266 3,060 3,100 3,070
(forecast)
3,070
(forecast)
- - - -
* Actual figures that are divided by eight are shown(Dec.2017〜Dec.2014)and actual figures that are divided by four are shown(Jun.2015~Jan.2018).

Distributions Policy

In order to receive favorable tax treatment available to J-REITs under the Special Taxation Measures Act of Japan, or the Special Taxation Measures Act, the Fund must distribute in excess of 90% of our distributable profit as defined in the Special Taxation Measures Act, which differs slightly from our retained earnings under Japanese GAAP. Our articles of incorporation require that we make cash distributions to our unitholders in excess of 90% of our distributable profit. Our articles of incorporation also permit us to distribute cash to our unitholders in excess of our retained earnings in the event that the amount of retained earnings does not exceed 90% of our distributable profit or we determine it is appropriate, up to the amount of our retained earnings plus depreciation on our fixed assets for the relevant fiscal period and within the scope set forth in applicable laws and regulations, including the standards set by the Investment Trusts Association of Japan and others. Our articles of incorporation further permit us to distribute cash in any amount, if the amount determined pursuant to the above provision still does not exceed 90% of our distributable profit or we determine it is appropriate.

Limitation of Cash Distribution

The Investment Corporation is relieved of its duty to pay any cash distributions to a unitholder if three full years have passed from the day of commencing payments without paying to the unitholder.
No interest will accumulate on any unpaid cash distributions.