Investment in Direct Financing Leases

12 Months Ended

Mar. 31, 2014

5. Investment in Direct Financing Leases

Investment in direct financing leases at March 31, 2013 and 2014 consists of the following:


	Millions of yen
	2013			2014
Total Minimum lease payments to be received	¥	1,167,170		¥	1,282,872
Less : Estimated executory costs		(60,802	)		(61,723	)
Minimum lease payments receivable		1,106,368			1,221,149
Estimated residual value		27,141			27,351
Initial direct costs		5,212			5,157
Unearned lease income		(149,341	)		(159,584	)

	¥	989,380		¥	1,094,073

Minimum lease payments receivable are due in periodic installments through fiscal 2035. At March 31, 2014, the amounts due in each of the next five years and thereafter are as follows:


Years ending March 31,	Millions of yen
2015	¥	407,807
2016		286,155
2017		199,129
2018		119,182
2019		66,361
Thereafter		142,515

Total	¥	1,221,149

Gains and losses from the disposition of direct financing lease assets, which were included in direct financing leases revenues, were not significant for fiscal 2012, 2013 and 2014.