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As of Feb. 28, 2025
Operating Revenues
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（mn yen）
Operating Income
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（mn yen）
The breakdown of Operating results is described in Operating results below.
Ordinary Income
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（mn yen）
Net Income
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（mn yen）
Distributions per unit
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（yen）
FFO per unit
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（yen）
(1) Operating results
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| Operating revenues | Operating income |
Ordinary income |
Net income |
||||
|---|---|---|---|---|---|---|---|
| Total (Millions of yen) |
Breakdown | ||||||
| Rental and other operating revenues | Gain on sales of property | Dividend income | (Millions of yen) | ||||
| Feb. 2025 (46th) | 46,315 | 42,329 | 3,493 | 493 | 22,117 | 19,800 | 19,799 |
| Aug. 2024 (45th) | 40,836 | 39,683 | 686 | 466 | 17,798 | 15,696 | 15,696 |
| Feb. 2024 (44th) | 40,879 | 39,039 | 1,434 | 405 | 18,026 | 16,016 | 16,016 |
| Aug. 2023 (43rd) | 41,405 | 39,020 | 2,026 | 358 | 18,054 | 16,052 | 16,051 |
| Feb. 2023 (42nd) | 41,332 | 39,674 | 1,345 | 313 | 17,887 | 15,965 | 15,964 |
| Aug. 2022 (41st) | 41,112 | 39,006 | 1,831 | 274 | 17,694 | 15,723 | 15,722 |
| Feb. 2022 (40th) | 40,598 | 37,812 | 2,532 | 254 | 18,808 | 16,924 | 16,924 |
| Aug. 2021 (39th) | 40,360 | 38,022 | 2,107 | 230 | 15,560 | 13,549 | 13,549 |
| Feb. 2021 (38th) | 30,518 | 29,392 | 1,126 | - | 13,505 | 11,897 | 11,896 |
| Aug. 2020 (37th) | 30,848 | 29,061 | 1,787 | - | 13,828 | 12,116 | 12,116 |
| Feb. 2020 (36th) | 32,007 | 29,985 | 2,022 | - | 14,563 | 12,801 | 12,800 |
| Aug. 2019 (35th) | 35,432 | 30,857 | 4,574 | - | 14,719 | 12,815 | 12,814 |
| Feb. 2019 (34th) | 30,680 | 30,680 | - | - | 13,103 | 11,105 | 11,105 |
| Aug. 2018 (33rd) | 32,685 | 31,898 | 787 | - | 13,871 | 11,645 | 11,644 |
| Feb. 2018 (32nd) | 31,967 | 31,967 | - | - | 14,472 | 12,232 | 12,232 |
| Aug. 2017 (31st) | 31,011 | 30,999 | 11 | － | 13,743 | 11,426 | 11,425 |
| Feb. 2017 (30th) | 31,585 | 30,199 | 1,385 | － | 13,981 | 11,665 | 11,664 |
| Aug. 2016 (29th) | 37,078 | 30,851 | 6,226 | － | 13,841 | 11,396 | 10,820 |
| Feb. 2016 (28th) | 32,017 | 31,028 | 989 | － | 13,684 | 11,154 | 10,912 |
| Aug. 2015 (27th) | 30,962 | 30,962 | － | － | 12,816 | 10,217 | 10,731 |
| Feb. 2015 (26th) | 31,399 | 30,614 | 785 | － | 13,692 | 11,061 | 10,658 |
| Aug. 2014 (25th) | 29,562 | 29,516 | 46 | － | 12,223 | 9,613 | 9,613 |
| Feb. 2014 (24th) | 29,083 | 29,058 | 25 | － | 12,116 | 9,588 | 9,614 |
| Aug. 2013 (23rd) | 26,130 | 26,130 | － | － | 10,665 | 8,171 | 8,170 |
| Feb. 2013 (22nd) | 25,642 | 25,642 | － | － | 10,573 | 8,042 | 8,041 |
| Aug. 2012 (21st) | 23,559 | 23,559 | － | － | 9,602 | 7,220 | 7,220 |
| Feb. 2012 (20th) | 23,642 | 23,634 | － | 7 | 5,338 | 2,827 | 2,312 |
| Aug. 2011 (19th) | 21,824 | 21,789 | － | 34 | 8,546 | 6,005 | 5,502 |
| Feb. 2011 (18th) | 22,925 | 21,868 | 1,056 | － | 9,348 | 6,764 | 6,698 |
| Aug. 2010 (17th) | 23,326 | 23,326 | － | － | 8,898 | 5,893 | 13,093 |
| Feb. 2010 (16th) | 20,035 | 20,035 | － | － | 7,529 | 5,346 | 5,329 |
| Aug. 2009 (15th) | 20,503 | 20,503 | － | － | 7,773 | 5,897 | 5,880 |
| Feb. 2009 (14th) | 20,447 | 20,359 | 87 | － | 7,883 | 6,040 | 5,820 |
| Aug. 2008 (13th) | 20,254 | 20,254 | － | － | 7,778 | 6,095 | 6,080 |
| Feb. 2008 (12th) | 18,708 | 18,708 | － | － | 7,508 | 6,145 | 6,131 |
| Aug. 2007 (11th) | 18,490 | 17,629 | 860 | － | 7,408 | 6,409 | 6,396 |
| Feb. 2007 (10th) | 16,712 | 16,583 | － | 129 | 6,938 | 6,093 | 6,079 |
| Aug. 2006 (9th) | 14,998 | 14,998 | － | － | 6,003 | 5,120 | 5,114 |
| Feb. 2006 (8th) | 13,046 | 13,046 | － | － | 5,290 | 4,796 | 4,795 |
| Aug. 2005 (7th) | 12,225 | 12,225 | － | － | 4,973 | 4,397 | 4,396 |
| Feb. 2005 (6th) | 9,513 | 9,513 | － | － | 3,827 | 3,385 | 3,384 |
| Aug. 2004 (5th) | 8,692 | 8,692 | － | － | 3,471 | 3,175 | 3,172 |
| Feb. 2004 (4th) | 6,947 | 6,947 | － | － | 2,870 | 2,581 | 2,580 |
| Aug. 2003 (3rd) | 5,920 | 5,920 | － | － | 2,572 | 2,303 | 2,302 |
| Feb. 2003 (2nd) | 1,453 | 1,453 | － | － | 914 | 757 | 756 |
| Aug. 2002 (1st) | 1,350 | 1,350 | － | － | 841 | 696 | 694 |
(2) Distributions
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|
Distributions per unit
(excluding distributions in excess of profit)
|
FFO per unit *1 |
Distributions Total *2 |
Payout ratio *2 |
Ratio of distributions to net assets | |
|---|---|---|---|---|---|
| yen | yen | Millions of yen | % | % | |
| Feb. 2025 (46th) | 2,808 | 3,124 | 20,197 | 102.0 | 3.1 |
| Aug. 2024 (45th) | 2,306 | 3,015 | 16,092 | 102.6 | 2.6 |
| Feb. 2024 (44th) | 2,270 | 2,980 | 15,865 | 99.1 | 2.5 |
| Aug. 2023 (43rd) | 2,261 | 2,904 | 15,802 | 98.5 | 2.5 |
| Feb. 2023 (42nd) | 2,313 | 2,995 | 16,165 | 101.3 | 2.6 |
| Aug. 2022 (41st) | 2,263 | 2,974 | 15,816 | 100.6 | 2.5 |
| Feb. 2022 (40th) | 2,284 | 2,985 | 15,963 | 94.3 | 2.6 |
| Aug. 2021 (39th) | 2,286 | 2,833 | 15,977 | 118.0 | 2.6 |
| Feb. 2021 (38th) | 4,500 | 6,230 | 11,711 | 98.4 | 2.7 |
| Aug. 2020 (37th) | 4,500 | 6,081 | 11,711 | 96.9 | 2.7 |
| Feb. 2020 (36th) | 4,500 | 6,210 | 11,781 | 92.0 | 2.7 |
| Aug. 2019 (35th) | 4,430 | 5,661 | 11,597 | 90.5 | 2.7 |
| Feb. 2019 (34th) | 4,430 | 6,363 | 11,597 | 104.4 | 2.7 |
| Aug. 2018 (33rd) | 4,430 | 6,399 | 11,597 | 99.6 | 2.7 |
| Feb. 2018 (32nd) | 4,410 | 6,875 | 11,545 | 94.4 | 2.7 |
| Aug. 2017 (31st) | 4,295 | 6,428 | 11,455 | 100.3 | 2.6 |
| Feb. 2017 (30th) | 4,250 | 6,234 | 10,846 | 93.0 | 2.6 |
| Aug. 2016 (29th) | 4,250 | 6,217 | 10,846 | 100.3 | 2.6 |
| Feb. 2016 (28th) | 4,200 | 6,293 | 10,719 | 98.2 | 2.6 |
| Aug. 2015 (27th) | 4,204 | 6,770 | 10,216 | 95.2 | 2.6 |
| Feb. 2015 (26th) | 4,180 | 6,582 | 10,158 | 95.3 | 2.6 |
| Aug. 2014 (25th) | 4,165 | 6,695 | 9,613 | 100.0 | 2.6 |
| Feb. 2014 (24th) | 4,120 | 6,710 | 9,509 | 98.9 | 2.6 |
| Aug. 2013 (23rd) | 3,929 | 6,664 | 8,169 | 100.0 | 2.5 |
| Feb. 2013 (22nd) | 3,868 | 6,560 | 8,042 | 100.0 | 2.5 |
| Aug. 2012 (21st) | 3,840 | 6,642 | 7,219 | 100.0 | 2.4 |
| Feb. 2012 (20th) | 3,673 | 6,492 | 6,905 | 298.6 | 2.3 |
| Aug. 2011 (19th) | 3,259 | 6,297 | 5,501 | 100.0 | 2 |
| Feb. 2011 (18th) | 3,968 | 6,398 | 6,698 | 100.0 | 2.4 |
| Aug. 2010 (17th) | 3,657 | 6,846 | 6,173 | 47.2 | 2.3 |
| Feb. 2010 (16th) | 13,788 | 26,365 | 5,329 | 100.0 | 2.1 |
| Aug. 2009 (15th) | 15,216 | 27,770 | 5,881 | 100.0 | 2.3 |
| Feb. 2009 (14th) | 15,059 | 27,374 | 5,820 | 100.0 | 2.3 |
| Aug. 2008 (13th) | 15,733 | 28,043 | 6,080 | 100.0 | 2.4 |
| Feb. 2008 (12th) | 15,865 | 26,628 | 6,131 | 100.0 | 2.4 |
| Aug. 2007 (11th) | 16,549 | 23,790 | 6,396 | 100.0 | 2.5 |
| Feb. 2007 (10th) | 15,730 | 24,555 | 6,079 | 100.0 | 2.4 |
| Aug. 2006 (9th) | 16,909 | 26,477 | 5,115 | 100.0 | 2.7 |
| Feb. 2006 (8th) | 15,851 | 24,077 | 4,794 | 100.0 | 2.6 |
| Aug. 2005 (7th) | 15,730 | 23,979 | 4,396 | 100.0 | 2.6 |
| Feb. 2005 (6th) | 15,419 | 23,083 | 3,384 | 100.0 | 2.8 |
| Aug. 2004 (5th) | 14,452 | 21,273 | 3,172 | 100.0 | 2.7 |
| Feb. 2004 (4th) | 16,918 | 24,007 | 2,580 | 100.0 | 3.4 |
| Aug. 2003 (3rd) | 15,095 | 20,629 | 2,302 | 100.0 | 3 |
| Feb. 2003 (2nd) | 14,438 | 20,067 | 756 | 100.0 | 3.1 |
| Aug. 2002 (1st) | 13,252 | 18,696 | 694 | 100.0 | 2.9 |
*1
FFO per unit is calculated using the formula below :
Net income used for calculation of FFO does not include the deferred income taxes.
Funds from operation(FFO) per unit = (Net income ± Gain or Loss on sales of property + Depreciation + Other depreciation related property + Amortization of Goodwill + Depreciation of deferred assets ± Special gain or loss) / total units outstanding.
*2
Payout ratio for August 2017 fiscal period are calculated by following formula because new investment units were issued. Payout ratio for February 2018 fiscal period is calculated by following formula because repurchase and cancellation of own investment units.
Payout ratio = Total of distributions / Net income x 100
Total distributions for August 2022 fiscal period consist of retained earnings for temporary difference adjustment amounting to 93 million yen.
Total distributions for February 2023 fiscal period consist of retained earnings for temporary difference adjustment amounting to 194 million yen and reversal of reserve for reduction entry of property of 6 million yen.
Total distributions for August 2023 fiscal period consist of retained earnings for temporary difference adjustment amounting to 255 million yen and deduction for reduction entry of property of 505 million yen.
Total distributions for February 2024 fiscal period consist of retained earnings for temporary difference adjustment amounting to 371 million yen and deduction for reduction entry of property of 522 million yen.
Total distributions for August 2024 fiscal period consist of reversal of reserve for dividends 4 million yen, reversal of reserve for reduction entry of property of 378 million yen and retained earnings for temporary difference adjustment amounting to 13 million yen.
Total distributions for February 2025 fiscal period consist of reversal of reserve for dividends 0 million yen and reversal of reserve for reduction entry of property of 397 million yen.
FFO per unit is calculated using the formula below :
Net income used for calculation of FFO does not include the deferred income taxes.
Funds from operation(FFO) per unit = (Net income ± Gain or Loss on sales of property + Depreciation + Other depreciation related property + Amortization of Goodwill + Depreciation of deferred assets ± Special gain or loss) / total units outstanding.
*2
Payout ratio for August 2017 fiscal period are calculated by following formula because new investment units were issued. Payout ratio for February 2018 fiscal period is calculated by following formula because repurchase and cancellation of own investment units.
Payout ratio = Total of distributions / Net income x 100
Total distributions for August 2022 fiscal period consist of retained earnings for temporary difference adjustment amounting to 93 million yen.
Total distributions for February 2023 fiscal period consist of retained earnings for temporary difference adjustment amounting to 194 million yen and reversal of reserve for reduction entry of property of 6 million yen.
Total distributions for August 2023 fiscal period consist of retained earnings for temporary difference adjustment amounting to 255 million yen and deduction for reduction entry of property of 505 million yen.
Total distributions for February 2024 fiscal period consist of retained earnings for temporary difference adjustment amounting to 371 million yen and deduction for reduction entry of property of 522 million yen.
Total distributions for August 2024 fiscal period consist of reversal of reserve for dividends 4 million yen, reversal of reserve for reduction entry of property of 378 million yen and retained earnings for temporary difference adjustment amounting to 13 million yen.
Total distributions for February 2025 fiscal period consist of reversal of reserve for dividends 0 million yen and reversal of reserve for reduction entry of property of 397 million yen.
(3) Financial position
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| Total assets | Net assets | Ratio of net assets to total assets | Net asset value per unit |
|
|---|---|---|---|---|
| Millions of yen | Millions of yen | % | yen | |
| Feb. 2025 (46th) | 1,323,633 | 647,917 | 48.9 | 90,078 |
| Aug. 2024 (45th) | 1,251,535 | 624,300 | 49.9 | 89,460 |
| Feb. 2024 (44th) | 1,248,078 | 625,358 | 50.1 | 89,476 |
| Aug. 2023 (43rd) | 1,249,926 | 625,077 | 50.0 | 89,436 |
| Feb. 2023 (42nd) | 1,249,604 | 625,221 | 50.0 | 89,456 |
| Aug. 2022 (41st) | 1,248,964 | 624,776 | 50.0 | 89,393 |
| Feb. 2022 (40th) | 1,247,439 | 624,859 | 50.1 | 89,404 |
| Aug. 2021 (39th) | 1,235,720 | 623,671 | 50.5 | 89,234 |
| Feb. 2021 (38th) | 903,221 | 433,967 | 48.0 | 83,375 |
| Aug. 2020 (37th) | 903,461 | 433,725 | 48.0 | 166,658 |
| Feb. 2020 (36th) | 899,888 | 435,298 | 48.4 | 166,270 |
| Aug. 2019 (35th) | 900,799 | 433,994 | 48.2 | 165,772 |
| Feb. 2019 (34th) | 897,331 | 432,701 | 48.2 | 165,278 |
| Aug. 2018 (33rd) | 887,668 | 433,229 | 48.8 | 165,480 |
| Feb. 2018 (32nd) | 902,191 | 432,981 | 48.0 | 165,385 |
| Aug. 2017 (31st) | 897,631 | 441,967 | 49.2 | 165,704 |
| Feb. 2017 (30th) | 856,627 | 416,655 | 48.6 | 163,253 |
| Aug. 2016 (29th) | 858,390 | 415,274 | 48.4 | 162,712 |
| Feb. 2016 (28th) | 829,239 | 414,705 | 50.0 | 162,489 |
| Aug. 2015 (27th) | 842,568 | 391,559 | 46.5 | 161,122 |
| Feb. 2015 (26th) | 834,687 | 390,928 | 46.8 | 160,862 |
| Aug. 2014 (25th) | 785,442 | 365,878 | 46.6 | 158,512 |
| Feb. 2014 (24th) | 777,706 | 365,840 | 47.0 | 158,495 |
| Aug. 2013 (23rd) | 711,352 | 321,322 | 45.2 | 154,541 |
| Feb. 2013 (22nd) | 710,212 | 320,857 | 45.2 | 154,318 |
| Aug. 2012 (21st) | 657,027 | 295,286 | 44.9 | 157,050 |
| Feb. 2012 (20th) | 659,346 | 294,972 | 44.7 | 156,883 |
| Aug. 2011 (19th) | 621,377 | 278,173 | 44.8 | 164,775 |
| Feb. 2011 (18th) | 625,312 | 279,369 | 44.7 | 165,483 |
| Aug. 2010 (17th) | 666,843 | 278,844 | 41.8 | 165,173 |
| Feb. 2010 (16th) | 578,829 | 256,093 | 44.2 | 662,593 |
| Aug. 2009 (15th) | 588,500 | 256,645 | 43.6 | 664,020 |
| Feb. 2009 (14th) | 578,674 | 256,584 | 44.3 | 663,864 |
| Aug. 2008 (13th) | 589,630 | 256,845 | 43.6 | 664,538 |
| Feb. 2008 (12th) | 546,831 | 256,896 | 47.0 | 664,670 |
| Aug. 2007 (11th) | 488,747 | 257,160 | 52.6 | 665,354 |
| Feb. 2007 (10th) | 480,415 | 256,844 | 53.5 | 664,535 |
| Aug. 2006 (9th) | 394,376 | 186,672 | 47.3 | 617,095 |
| Feb. 2006 (8th) | 339,844 | 186,352 | 54.8 | 616,037 |
| Aug. 2005 (7th) | 312,349 | 166,844 | 53.4 | 596,935 |
| Feb. 2005 (6th) | 244,706 | 119,573 | 48.9 | 544,748 |
| Aug. 2004 (5th) | 200,686 | 119,361 | 59.5 | 543,781 |
| Feb. 2004 (4th) | 169,891 | 76,501 | 45.0 | 501,643 |
| Aug. 2003 (3rd) | 126,377 | 76,223 | 60.3 | 499,820 |
| Feb. 2003 (2nd) | 45,012 | 24,418 | 54.3 | 466,010 |
| Aug. 2002 (1st) | 44,064 | 24,356 | 55.3 | 464,824 |
* The figure of Net asset value per unit for Feb, 2021 (38th) fiscal period indicate the figures after the unit split.
(4) Cash flows
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| 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 | |
| Feb. 2025 (46h) | 19,939 | -65,286 | 50,510 | 47,470 |
| Aug. 2024 (45th) | 22,000 | -22,655 | -13,367 | 42,306 |
| Feb. 2024 (44th) | 20,268 | -4,346 | -16,327 | 56,330 |
| Aug. 2023 (43rd) | 20,290 | -11,002 | -16,193 | 56,735 |
| Feb. 2023 (42nd) | 20,112 | -3,719 | -14,839 | 63,640 |
| Aug. 2022 (41st) | 22,810 | -400 | -16,018 | 62,087 |
| Feb. 2022 (40th) | 18,840 | -41,000 | -5,008 | 55,696 |
| Aug. 2021 (39th) | 17,676 | -6,638 | -17,194 | 82,864 |
| Feb. 2021 (38th) | 16,899 | 6,101 | -11,735 | 72,563 |
| Aug. 2020 (37th) | 15,227 | -14,632 | -6,798 | 61,297 |
| Feb. 2020 (36th) | 15,167 | 2,307 | -11,596 | 67,499 |
| Aug. 2019 (35th) | 18,695 | 14,687 | -11,637 | 61,620 |
| Feb. 2019 (34th) | 14,943 | -20,609 | 402 | 39,874 |
| Aug. 2018 (33rd) | 17,903 | 15,769 | -25,061 | 45,138 |
| Feb. 2018 (32nd) | 18,570 | -31,973 | -8,375 | 36,527 |
| Aug. 2017 (31st) | 19,024 | -34,886 | 26,732 | 58,305 |
| Feb. 2017 (30th) | 14,512 | -3,320 | -11,244 | 47,435 |
| Aug. 2016 (29th) | 16,214 | -3,271 | 20,079 | 47,488 |
| Feb. 2016 (28th) | 16,402 | -14,254 | -16,921 | 14,466 |
| Aug. 2015 (27th) | 17,894 | -13,121 | -2,370 | 29,239 |
| Feb. 2015 (26th) | 13,218 | -47,941 | 39,825 | 26,836 |
| Aug. 2014 (25th) | 19,548 | -19,280 | -4,812 | 21,734 |
| Feb. 2014 (24th) | 13,786 | -69,316 | 57,587 | 26,279 |
| Aug. 2013 (23rd) | 17,186 | -3,064 | -8,844 | 24,221 |
| Feb. 2013 (22nd) | 12,392 | -54,321 | 44,169 | 18,944 |
| Aug. 2012 (21st) | 13,830 | -4,230 | -8,707 | 16,703 |
| Feb. 2012 (20th) | 11,289 | -45,093 | 34,519 | 15,810 |
| Aug. 2011 (19th) | 9,500 | -2,299 | -8,697 | 15,095 |
| Feb. 2011 (18th) | 9,674 | 23,356 | -38,668 | 16,592 |
| Aug. 2010 (17th) | 11,302 | -2,392 | -12,911 | 22,230 |
| Feb. 2010 (16th) | 10,307 | -4,096 | -11,863 | 17,269 |
| Aug. 2009 (15th) | 9,311 | -11,624 | 5,931 | 22,922 |
| Feb. 2009 (14th) | 11,704 | -2,141 | -8,982 | 19,303 |
| Aug. 2008 (13th) | 12,183 | -44,086 | 36,150 | 18,722 |
| Feb. 2008 (12th) | 9,256 | -75,210 | 53,412 | 14,474 |
| Aug. 2007 (11th) | 10,731 | -11,391 | 3,244 | 27,015 |
| Feb. 2007 (10th) | 9,170 | -65,823 | 65,652 | 24,431 |
| Aug. 2006 (9th) | 7,743 | -59,217 | 43,103 | 15,431 |
| Feb. 2006 (8th) | 8,338 | -20,751 | 23,793 | 23,801 |
| Aug. 2005 (7th) | 6,708 | -51,128 | 47,477 | 12,421 |
| Feb. 2005 (6th) | 5,068 | -42,212 | 38,147 | 9,362 |
| Aug. 2004 (5th) | 5,304 | -28,992 | 25,922 | 8,358 |
| Feb. 2004 (4th) | 4,454 | -41,741 | 36,233 | 6,124 |
| Aug. 2003 (3rd) | 3,035 | -42,266 | 44,675 | 7,178 |
| Feb. 2003 (2nd) | 1,715 | -1,045 | -688 | 1,733 |
| Aug. 2002 (1st) | 460 | -31,370 | 32,662 | 1,752 |
* Consumption tax, etc. is not included in operating revenues, etc.
* Figures in the above table and graphs are truncated and the ratios are rounded to the relevant digit unless otherwise indicated.