Daiwa Office Investment Corp. authorized the acquisition of a maximum of 8,000 of its own investment units for up to ¥5.00 billion between March 1 and May 18, and provided a new distribution-per-unit forecast in light of the planned purchase.
The company's board met Feb. 28 to discuss the use of surplus funds following its asset replacement deals in December 2017.
The company presented three anticipated scenarios regarding the use of surplus funds, which could be allotted for the acquisition of new properties, to repay loans or to acquire the company's own investment units.
The company had 497,869 units outstanding as at Feb. 28. The unit acquisition is slated to be made through market purchase on the Tokyo Stock Exchange and all the purchased units will be canceled.
Separately, the company expects its distribution for the 25th fiscal period ending May 31 to be ¥11,140 per unit, up from the previous forecast of ¥11,000 per unit. The distribution forecast assumes that the total acquisition price for the units will be reached and that all the acquired units are to be canceled during the fiscal period.
As of Feb. 28, US$1 was equivalent to ¥106.72.
