Cash Distributions
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Distribution per Unit (Actual)
| 20th Fiscal Period Ended October 2024 |
|---|
Distribution per unit(including distributions in excess of earnings） 1,817 yen |
Details
| Distribution per unit (excluding distributions in excess of earnings） |
1,817 yen |
|---|---|
| Distributions in excess of earnings per unit | - |
The calculation period is six months from May 1, 2024 to October 31, 2024.
Distributions in excess of earnings per unit is entirely related to the allowance for temporary difference adjustments. As a result, it is treated as a regular dividend for tax purposes and does not apply to a return of capital. In addition, unitholders recorded on the unitholders registry as of October 31, 2024 are eligible to receive the cash distributions.
Distribution per Unit (Forecast)
| 21st Fiscal Period Ending April 2025 |
|---|
Distribution per unit(including distributions in excess of earnings） 2,320 yen |
Details
| Distribution per unit (excluding distributions in excess of earnings） |
2,281 yen |
|---|---|
| Distributions in excess of earnings per unit | 39 yen |
The calculation period is six months from November 1, 2024 to April 30, 2025.
The above cash distribution forecast represents the figure calculated as of December 16, 2024 based on certain preconditions. The actual cash distribution amount may differ from the forecast due to acquisitions or dispositions of properties, the real estate market trends and changes in other conditions surrounding SHR, among other factors. Moreover, the above forecast is not a guarantee of the actual cash distribution payment.
Unitholders recorded on the unitholders registry as of April 30, 2025 are eligible to receive the cash distributions.
| 22nd Fiscal Period Ending October 2025 |
|---|
Distribution per unit(including distributions in excess of earnings） 2,200 yen |
Details
| Distribution per unit (excluding distributions in excess of earnings） |
2,162 yen |
|---|---|
| Distributions in excess of earnings per unit | 38 yen |
The calculation period is six months from May 1, 2025 to October 31, 2025.
The above cash distribution forecast represents the figure calculated as of December 16, 2024 based on certain preconditions. The actual cash distribution amount may differ from the forecast due to acquisitions or dispositions of properties, the real estate market trends and changes in other conditions surrounding SHR, among other factors. Moreover, the above forecast is not a guarantee of the actual cash distribution payment.
Unitholders recorded on the unitholders registry as of October 31, 2025 are eligible to receive the cash distributions.
Changes in Cash Distribution per Unit
Changes in Cash Distribution per unit (All period)
- The accounting period for fiscal period ended April 2015 (1st FP) covers from September 8, 2014 to April 30, 2015 (235days). While the actual asset management period covers the 149days from December 3, 2014 to April 30, 2015.
- A two-for-one split for SHR's investment units was implemented on May 1, 2018. To account for the effect of the split, the amount of distribution per unit before the split is found by dividing by two and rounded down decimal places.
Medium to Long Term Policy
SHR will aim to maintain and improve stable and continuous distributions,
- Raise performance-based DPU levels from internal growth such as early leasing of vacant office building lots and rent increases for residentials
(excluding gains on disposition) - Strengthen & expand earnings base through external growth including asset acquisitions utilizing acquisition capacity and public offerings
- Record gains on disposition via asset replacement aimed at improving portfolio quality
- Consider buybacks based on market trends
- Utilize distributions in excess of profits as ATA (Allowance for Temporary Difference Adjustments)
Distribution Policy
In principle, SHR will make distributions based on the following policy.
① Distribution of profits (Article 46, Paragraph 1 of the Articles of Incorporation)
- SHR’s profits (the “Distributable Amount”) will be calculated by subtracting (i) the sum of the total unitholders' capital and the capital surplus (the total unitholders' capital and the like) from (ii) the net asset value produced by subtracting the total amount of liabilities from the total amount of assets on the balance sheet as of the Accounting Settlement Day, in accordance with the generally accepted corporate accounting standards and practices.
- SHR will distribute the amount which is in excess of an amount equivalent to ninety hundredths (if the calculation of this amount is changed pursuant to revisions of the laws and regulations, etc., such revised amount) of the distributable income amount of SHR as stipulated in Article 67-15, Paragraph 1 of the Special Taxation Measures Law. SHR may save, reserve or otherwise deal with, long-term reserves for repair, reserves for distributions, and other similar reserves and provisions, as well as other amounts, that are deemed necessary to maintain or improve the value of the Managed Assets. However, this will not apply if any tax loss arises or there is no profit for tax purposes due to carry-over of such losses, and the amount reasonably determined by SHR will apply instead.
② Distributions in excess of profits (Article 46, Paragraph 2 of the Articles of Incorporation)
If SHR deems it appropriate in light of the economic conditions, trend of real estate market and lease market, or if it serves to mitigate its burden of taxation such as corporate tax, SHR may make cash distributions to unitholders in the amount determined by SHR itself as cash in excess of profits. Any amount distributed to unitholders in excess of profits shall be first deducted from the capital surplus, and the remainder then subtracted from the total unitholders’ capital.
③ Distribution method (Article 47 of the Articles of Incorporation)
SHR will pay cash distributions to unitholders and registered unitholder pledgees recorded or registered on the final register of unitholders as of the Accounting Settlement Day in proportion to the number of units held, or the number of units intended for registered unitholder pledge. SHR will make such distributions within three months of the Accounting Settlement Day as a general rule.
④ Statute of limitations to claim distributions (Article 48 of the Articles of Incorporation)
SHR 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 being received by the unitholder. No interest will accumulate on any unpaid cash distributions.
⑤ JITA Regulations (Article 49 of the Articles of Incorporation)
SHR will comply with these Articles of Incorporation and the JITA’s rules and regulations with regards to distribution of money.
Handling of Cash Distributions After the Lapse of the Statute of Limitation
If a cash distribution has not been paid a full 3 years from the cash distribution payment date, such cash distribution cannot be paid according to SHR’s Articles of Incorporation. Please obtain your cash distribution as early as possible.
For any inquiry about the procedures for receiving cash distributions, please contact Stock Transfer Agency Department of Mizuho Trust & Banking Co., Ltd.
Stock Transfer Agency Department only in Japan, Mizuho Trust & Banking Co., Ltd.
Phone: 0120-288-324 (Toll Free only in Japan)
Business hours：9:00 a.m. - 5:00 p.m.
(excluding Saturdays, Sundays, public holidays, and year-end and new year holidays)