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Cash Distributions

Cash Distributions

For the Fiscal Period Ended February 29, 2020 (12th Period)
Per Investment Unit: ¥3,532

operating revenues for the reporting period were ¥9,642million (up 5.5% compared with the previous fiscal period), operating income was ¥5,268 million (up 5.7% compared with the previous fiscal period), ordinary income after deducting interest expenses for borrowings, etc. was ¥4,634 million (up 6.2% compared with the previous fiscal period), and profit was ¥4,633 million (up 6.2% compared with the previous fiscal period).
Furthermore, in accordance with the distribution policy set forth in the Investment Corporation’s Articles of Incorporation, the Investment Corporation has decided to pay distributions for the reporting period in an amount roughly equal to unappropriated retained earnings, with the aim of including distributions of profits in tax deductible expenses pursuant to special measures for the taxation system for investment corporations (Article 67-15 of the Act on Special Measures Concerning Taxation). Consequently, distributions per unit (excluding distributions in excess of earnings) came to ¥3,531.
In addition to this, pursuant to the policy for distribution of cash in an amount in excess of earnings prescribed in Article 35, Paragraph 2 of the Investment Corporation’s Articles of Incorporation, the Investment Corporation has decided to distribute ¥1,312,000 as distribution of allowance for temporary difference adjustment with distributions in excess of earnings per investment unit being ¥1, in consideration of effects of discrepancies in tax and accounting treatment in the case of excess income in association with expenses related to asset retirement obligations (as prescribed in Article 2, Paragraph 2, Item 30 (a) of the Regulation on Accountings of Investment Corporations) on distributions.
Consequently, distributions per unit (including distributions in excess of earnings per investment unit of ¥1) for the reporting period came to ¥3,532.

Cash Distribution Forecast

For the Fiscal Period Ending August 31, 2020 (13th Period)
Per Investment Unit: ¥3,822

The 13th period is from March 1, 2020 to August 31, 2020, a six-month period.

The above cash distribution forecast is calculated based on certain assumptions as of August 5, 2020, and the actual cash distribution may vary due to the acquisition and/or sale of investment properties, changes in the real estate market, and other factors. Moreover, the above forecast is not a guarantee of actual payment of cash distribution.

The above cash distribution forecast includes distributions in excess of earnings per unit (2 yen).
The forecasts of financial results have been calculated based on assumptions made at the present time listed in the attachment “Assumptions for the Forecasts of Financial Results, etc. for the Fiscal Periods Ending August 31, 2020” of the “Notice concerning Revisions to the Forecasts of Financial Results, etc. for the Fiscal Period Ending August 31, 2020” dated August 5, 2020. Actual operating revenue, operating income, ordinary income, profit, distributions per unit (excluding distributions in excess of earnings) and distributions in excess of earnings per unit and distributions per unit (including distributions in excess of earnings) may vary due to factors in the future such as additional acquisitions or divestments of real estate properties, real estate market trends and other changes in circumstances surrounding Hulic Reit. In addition, these forecasts do not guarantee such results.

Eligibility to receive cash distributions is limited to registered unitholders of record as of August 31, 2020.

For the Fiscal Period Ending February 28, 2021 (14th Period)
Per Investment Unit: ¥3,482

The 14th period is from September 1, 2020 to February 28, 2021, a six-month period.

The above cash distribution forecast is calculated based on certain assumptions as of April 14, 2020, and the actual cash distribution may vary due to the acquisition and/or sale of investment properties, changes in the real estate market, and other factors. Moreover, the above forecast is not a guarantee of actual payment of cash distribution.

The above cash distribution forecast includes distributions in excess of earnings per unit (2 yen).
In addition, Hulic Reit has filed a shelf registration statement for the issuance of investment units (planned issuance amount of 16,000 million yen) to the Director-General of Kanto Local Finance Bureau as of March 24, 2020, and it is assumed that new units for the planned issuance amount stated in this shelf registration statement will be issued during the fiscal period ending February 28, 2021 (below, “issuance of new investment units”). For details on the shelf registration statement for the issuance of investment units, please refer to the “Notice concerning the Filing of Shelf Registration Statement for the Issuance of Investment Units” released on March 24, 2020. Note that there is no guarantee that the issuance of new investment units will be conducted during the fiscal period ending February 28, 2021. Even if the issuance of new investment units is conducted as assumed, because the actual number of units issued will be determined in consideration of the price of the investment units of Hulic Reit at that time, there could be an increase or decrease in the number of investment units issued, distributions per unit are subject to change.

Eligibility to receive cash distributions is limited to registered unitholders of record as of February 28, 2021.

Time Limitation on Claim for Cash Distributions

In accordance with the Investment Corporation’s Articles of Incorporation, if three full years have passed from the date of commencement of payment of the distributions, the Investment Corporation shall be exempt from its obligation to pay such distributions. Moreover, no interest shall accrue on unpaid distributions.

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