Message from the Executive Director

Executive Director Japan Rental Housing Investments Inc. : Yutaka Higashino

Masaki Yamane

Executive Director

Japan Rental Housing Investments Inc.

To Our Unitholders,

I would like to first express my sincere appreciation for your ongoing support to Japan Rental Housing Investments Inc. ("JRH").

JRH specialized in rental apartments was listed on the Tokyo Stock Exchange (Securities Code: 8986) in June 2006 and acquired Prospect REIT Investment Corporation in July 2010. JRH has a diversified portfolio in the greater Tokyo area and other major cities across Japan (Sapporo, Sendai, Nagoya, Osaka, Fukuoka and such).
JRH has entrusted its asset management to Mi-Casa Asset Management Inc. ("Mi-Casa") under the asset management agreement., Mi-Casa has realized improvement in dividend distributions through acquisitions of new properties and dispositions of existing properties, reinforcement of operations (such as achieving high occupancy rates) and various cost-reduction initiatives.

Daiwa Securities Group Inc. acquired additional 68.1% shares of Mi-Casa (total 98.1% after the acquisition) in December 2015 and became a new sponsor of JRH. At the same time, Mi-Casa executed a support agreement with Daiwa Securities Group Inc. to support a sustainable growth of JRH.

Going forward, JRH will remain focused on maximizing unitholders' benefits and I sincerely ask for your support to JRH.

Masaki Yamane
Executive Director
Japan Rental Housing Investments Inc.

Latest Financial Results


Cash distributions per unit (yen)


23rd fiscal period (ended September 2017)

Operating Revenues(million) 8,675
Operating Income(million) 4,093
Ordinary Income(million) 3,391
Net Income(million) 3,391
Total Assets(million) 231,805
Net Assets(million) 108,332
Net Assets per Unit(yen) 66,053
Equity Ratio, End of Period(%) 46.7
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