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August 2013 (23rd)
Period Results
CLSA JAPAN FORUM 2014
Feb. 24‐27, 2014
Security code
8953
http://www.jrf‐reit.com/english/index.html
Table of Contents
1. Features of JRF
2. Stable Portfolio and
Solid Financial Base
3. JRF’s Growth Strategy
4. Appendix
Disclaimer
 The contents of this document, including summary notes, quotes, data and other information, are provided solely for informational purposes and not intended for the purpose of soliciting
investment in, or as a recommendation to purchase or sell, any specific products. Please be aware that matters described herein may change or cease to exist without prior notice of any
kind. This document contains forward-looking statements and anticipations of future results, based on current assumptions and beliefs in light of currently available information and
resources. Risks and uncertainties, both known and unknown, including those relating to the future performance of the retail market in Japan, interest rate fluctuations, competitive
scenarios, and changing regulations or taxations, may cause performance to be materially different from those explicitly or implicitly expressed in this document. With respect to any and all
terms herein, including without limitation, this document, the information provided is intended to be thorough. However, no absolute assurance or warranties are given with respect to the
accuracy or completeness thereof.
 Unless otherwise specified, this document was created based on Japanese accounting system.
 Neither JRF nor Mitsubishi Corp.-UBS Realty Inc. (MCUBSR) shall be liable for any errors, inaccuracies, loss or damage, or for any actions taken in reliance thereon, or undertake any
obligation to publicly update the information contained in this document after the date of this document.
Asset Management Company: Mitsubishi Corp.-UBS Realty Inc.
(Financial Instrument Firm under License No. 403 of the Director of Kanto Local Finance Bureau)
1
Features of JRF
G‐Bldg. Ginza 01
2
1. Features of JRF
Features of JRF
We specialized in investing in a wide variety of retail properties varying from
large-scale retail properties to road-side stores and specialty buildings in
favorable locations.
Japan Retail Fund Investment Corporation
3
1. Features of JRF
Features of JRF
1. Stable operation supported by large asset size
> The largest listed J‐REIT that specializes in retail properties, and the third largest among all J‐REITs by asset size based on total acquisition price
> Large asset size reduces the effect of volatility of individual properties and enables more stable asset management
2.
Balanced portfolio with stable cash flows
> High proportion of tenants are under long‐term fixed rate contracts and high occupancy rate results in stable cash flows
> Diversification by region, location and types of retail properties ensures stable rental revenues and captures growth prospects
3. Proactive SC Management
4. Long‐term stable financial strength
5. Sponsor support from Mitsubishi Corporation group
> Our track record of proactive management and operations of retail properties over 11 years with 84 properties and 1,040 tenants (after public offering in 2013)
> AA‐ (Stable) rating(Note ) and stable financing strategy focusing on long‐term borrowings
> Fully utilizes the sponsor’s development capability and extensive network in real estate and retail sectors
(Note) Issuer rating by Rating and Investment Information, Inc. (R&I) as of October 15, 2013.
4
1. Features of JRF
An 11‐year Track Record since Listing
Continuous expansion of asset size since our listing
84
76
70
6th PO
77
49
45
4th PO
41
3rd PO
4
800 billion JPY
Approx. Asset size (■ are non‐core assets Note1, 2)
Number of properties
48
50
50
59
59
9th
70
Number of properties
76
84
PO
8th PO
7th
PO
Merger
42
(Note 1)
“Non‐core assets” means office and residential properties acquired in connection with the LaSalle Japan REIT Inc. (LJR).
(Note 2)
Non‐core assets (18 properties) were all sold on September 3, 2010 for 33.2 billion JPY.
(Note 3)
Asset size is truncated to the nearest 100 million JPY.
37
2nd PO
IPO
Asset size
(Billion JPY)
32
4
16
20
24
34
5th PO
10
Distributions per unit and occupancy rate
Occupancy rate (at the end of each fiscal period) (%)
Distributions per unit (JPY)
Occupancy ratio
99.8%
Distribution per Unit (Forecast)
4,000 yen level
(Note 1) On March 1, 2010, we effected a four‐to‐one unit split. Distributions from the 1st fiscal period to the 16th
fiscal period are divided by four.
(Note 2) Occupancy rate is rounded to the first decimal place.
(Note 3) Occupancy rate for the 17th fiscal period ended August 31, 2010, excludes non‐core assets.
5
1. Features of JRF
Trend of Business Results
Sustainable growth of rent NOI and DPU through PO in three consecutive years
Aug.2011 Period
(19th)
Feb. 2012 Period
(20th)
Aug. 2012 Period
(21st)
Rent NOI
25,642
26,130
28,939
29,375
( 100.0 )
( 108.3 )
( 107.9 )
( 117.5 )
( 119.7 )
( 132.6 )
( 134.6 )
15,781
16,954
17,128
18,552
18,782
20,609
20,755
( 100.0 )
( 107.4 )
( 108.5 )
( 117.6 )
( 119.0 )
( 130.6 )
( 131.5 )
6,005
5,502
( 100.0 )
3,556 (Note 3)
DPU (JPY)
Units issued and outstanding (units)
Public Of f ering
23,559
( 100.0 )
Net income
Aug. 2014 Period
(25th) (Forecast)
23,642
( 100.0 )
Ordinary income
Feb. 2014 Period
(24th) (Forecast)
21,824
8,546
Operating income
Aug. 2013 Period
(23rd)
Public Of f ering
Public Of f ering
Operating revenue
Feb. 2013 Period
(22nd)
5,338 (Note 4)
( 62.5 )
2,827 (Note 4)
( 47.1 )
2,312 (Note 4)
( 42.0 )
3,673 (Note 5)
9,602
( 112.4 )
7,220
( 120.2 )
7,220
( 131.2 )
3,840
10,573
10,665
12,032
12,065
( 123.7 )
( 124.8 )
( 140.8 )
( 141.2 )
8,042
8,171
( 133.9 )
( 136.1 )
8,041
9,478
( 157.8 )
8,170
( 146.1 )
( 148.5 )
3,868
9,400
( 170.8 )
3,929
4,073
9,453
( 157.4 )
9,452
( 171.8 )
4,095
( 100.0 )
( 103.3 )
( 108.0 )
( 108.8 )
( 110.5 )
( 114.5 )
( 115.2 )
1,688,198
1,880,198
1,880,198
2,079,198
2,079,198
2,308,198
2,308,198
( 100.0 )
( 111.4 )
( 111.4 )
( 123.2 )
( 123.2 )
( 136.7 )
( 136.7 )
(Note 1) Million JPY unless otherwise noted.
(Note 2) Numbers in brackets are relative values of each period compared to values of Aug. 2011 (19th ) period.
(Note 3) Extraordinary loss related to the Great East Japan Earthquake is added back.
(Note 4) Loss on disposal of Hakata Riverain is recorded as operating expense.
(Note 5) Reserve for dividends (Negative goodwill) is appropriated for loss on disposal of properties, etc.
Rent NOI
+31%
over 3 years (25th period (Forecast) / 19th period)
Distribution per unit
(Note)
+15%
over 3 years (25th period (Forecast) / 19th period)
(Note) Extraordinary loss related to the Great East Japan Earthquake is added back
6
1. Features of JRF
Unit Price Performance
Unit price has risen steadily through Public Offering in 3 consecutive years
October, 2013
Property acquisitions through PO
8 properties 73.6 billion JPY
October, 2012
September‐October, 2011
As of Feb. 4, 2014
JRF
199,000 JPY
1.7x
As of Feb. 4, 2014
TSE REIT Index
1,444.72
1.4x
As of Sep. 1, 2011
JRF
TSE REIT Index
： 114,600 JPY
： 987.25
(Note) Figures show relative values of unit price with comparison to closing unit price in TSE as of September 1, 2011. (Supposing the closing unit price on September 1, 2011 is 100)
(Source) Created based on Bloomberg data.
7
Round1 Hiroshima
Stable Portfolio and Solid Financial Base
8
2. Stable Portfolio and Solid Financial Base
Portfolio Map (84 properties as of Oct. 15, 2013)
We consider the regional diversification of
our portfolio and own a wide variety of
retail properties across Japan
Newly acquired properties during the 24th period
Urban multi‐tenant retail properties
Urban single‐tenant retail properties
NEW
NEW
Suburban multi‐tenant retail properties
Suburban single‐tenant retail properties
NEW
NEW
Osaka, Nagoya and surrounding areas: 29
properties
NEW
NEW
SM‐14
KAMISHIN PLAZA
Gifu
Kyoto
Hyogo
Shiga
Nara
Osaka
NEW
US‐18
G‐Bldg. Shinsaibashi 03
Aichi
NEW
US‐16
Round1 Kyoto Kawaramachi
Other major cities: 12 properties
9
Stable Portfolio (1)
Stable rent income by diversified portfolio
By region
By asset type
By property size
(based on appraisal value)
Greater Tokyo Metropolitan area
Urban / Suburban
Specified properties
Approx.
50%
3：7
up to
Other major cities
5.4%
5.4%
12.3%
Urban
30.6%
Greater Tokyo
Metropolitan area
Osaka, Nagoya and
surrounding areas
49.1%
Suburban
69.4%
38.6%
A Higashi‐Totsuka Aurora City
B Nara Family
C KAWASAKI Le FRONT
D mozo wonder city
E AEON MALL Musashi Murayama
F AEON MALL Tsurumi Ryokuchi
5.4%
4.9%
4.6%
4.5%
3.9%
3.4%
G G‐Bldg. Shinsaibashi 03
H GYRE
I AEON MALL Yachiyo Midorigaoka
J AEON MALL Itami
K Others
3.0%
2.9%
2.9%
2.4%
62.1%
10
Stable Portfolio (2)
Stable lease contracts and diversified maturity date
Average remaining term of lease and rent structure (based on annual rent)
Average remaining term of lease (Note)
7.0 years
Expiry of lease contract
Fixed rent
over
80%
(based on annual rent)
(Note) Period remaining from Aug. 31, 2013. For newly acquired properties, the figure is calculated as of the acquisition date. Weighted‐average based on annual rent.
11
Solid Financial Base (1)
Stable financial base by long‐term liability, fixed interest
Financial indicators (Feb. 2014 period (Forecast))
Long‐term debt rating
LTV (excl. tenant leasehold and security deposits)
Status of lenders (as of Cot. 15, 2013)
AA－(Stable)
Rating and Investment Information, Inc. (R&I)
44.2%
Long‐term liability ratio
98.5%
Fixed interest ratio
73.1%
Average maturity
4.5 years
Average debt cost
1.40%
12
Solid Financial Base (2)
Diversification of maturity dates and maintaining commitment line
Diversifying debt maturities while keeping amount of repayment below the commitment line for each period Commitment line: 50.0 billion JPY
NEW
Dec. 30, 2013
Early Repayment of Short‐term Loan
NEW
Dec. 18, 2013
Issuance of Investment Corporate Bond
Issue amount: 7,500 million JPY
Interest rate: 1.108% / year
13
JRF’s Growth Strategy
14
Shopping Center (SC) Management
Approach to improve competitiveness of properties
Retail property
Approach 1
Inviting attractive tenants
 Introduce tenants which match the trend and locality.
 Study the suitable tenant‐mix for customers
Approach 2
Creating attractive facilities
Attracting customers
Enhancing
profitability
&
Increasing sales
 Improve visibility and convenience by renovation
 Increase sales space through new construction
Approach 3
Reduction of operating cost
 Building maintenance fee, utility expenses, and etc.
15
Internal Growth Strategy
Proactive and constant action through SC management
Further expansion of our property management platform  With over 11 years of operation, we have established our position as one of the largest operators of retail properties in terms of leasable area
 Configuring middle and long term relations with various types of tenants
As of the end of Aug. 2002
(1st period)
• Number of properties
• Leasable area
(23rd period)
4 properties
Approx.
180,000 m2
• Number of tenants
5 tenants
After PO
84
76 properties
Approx.
3,000,000 m2
Approx.
908 tenants
properties
3,100,000 m2
1,040
tenants
SC management and its underlying operations
 We will conduct highly sophisticated SC Management by effectively coordinating the three relevant functions below:
Asset Management Function
Number of staff for operation
21staff
(Retail Division Total :40 staff)
Organized “SC Management Development Office”
on Oct. 11, 2013
Control of planning, and implementation
of managed plans
Engineering Function
Adequate maintenance and administration of hardware
Organic collaboration
Leasing Function
Realization of attractive tenant mix
16
SC Management as our Growth Strategy
Heading for external growth as well as internal growth maximizing our SC Management skills
JRF’s strength
Internal growth strategy
External growth strategy
Proactive actions for large‐scale renewals and shopping center management
Oyama Yuen Harvest Walk
Acquisitions of large‐scaled and multi‐tenanted SCs which require first‐class SC management skills
mozo wonder city
KAMISHIN PLAZA
KAWASAKI Le FRONT
17
A Case of SC management Oyama Yuen Harvest Walk: Renewal Image
Concept of environmental designs
Purpose of renewal
 Create a solid position as the best stores in the local community
 Enhance repeat rates (more customers from neighboring business regions)
 Solicit new customers from a wide rage of business regions
 Increase sales of existing tenants by attracting more customers
 Provide long‐term upside potential with more attractive facilities
～ SHOPPING IN THE PARK ～
Build an environment where customers can enjoy shopping in a parklike
atmosphere by strengthening the advantages of an open‐air shopping mall Renewal implementation place
A Offer a broader plaza environment (Relaxation Space)
B Extend and/or renovate existing buildings
C Rezone the property
D Improve the environment by planting trees and installing sign boards and by other means
E Road relocation on the premises
Inviting new, promising tenants
Inviting OLD NAVY (opening its first store in Tochigi Prefecture), UNIQLO, MUJI etc.
18
External Growth Strategy (1)
Acquisitions of prime retail properties utilizing our extensive deal sources
Extensive deal sources
 Our acquisition track record as the largest listed J‐REIT that specializes in retail properties
Aggregate acquisition price since listing
Approx.
890billion JPY
 Acquisition channels for all properties acquired Non‐sponsor –related companies
Merger with LJR
87.8 billion JPY
Sponsor‐related
companies
9.8%
31.3%
524.8 billion JPY
58.8%
279.6 billion JPY
19
Selective investment in a wide variety of properties
Investment target
Suburban Area
Location
Large
Other suburban areas
Suburbs of government‐
designated cities
Urban Area
Areas surrounding three major cities
City‐centers of government‐designated cities(Note1)
Areas surrounding major stations located in three major cities (Note2)
Central retail
areas of three
major cities
Large‐scale retail properties, the largest class in the relevant area
Building size
Examples:
 Large‐size shopping mall
 Medium‐to‐large size supermarkets
Small
Retail properties near densely‐populated areas
Retail properties in favorable locations adjacent to major stations
Examples:
 Specialty buildings
 Department stores
 Service‐related facilities
Examples:
Neighborhood Shopping Centers
Service‐related facilities
Small‐to‐medium size supermarkets
Road‐side stores
Supermarkets
Road‐side stores and specialty buildings in favorable locations
Examples:
 Specialty stores
 Brand shops
 Apparel sales and distribution centers
 Service stores
(Note 1) A government‐designated city is a Japanese city that has a population greater than 500,000 and has been designated as such by an order of the cabinet of Japan under Article 252, Section 19 of the Local Autonomy Law.
(Note 2) These three cities are Tokyo, Osaka and Nagoya.
20
Improvement in portfolio profitability and stability through property replacement
Acquisitions of prominent properties
Objectives
• Increasing portfolio NOI yield • Enhancing portfolio quality
• Improving portfolio balance
Property replacement
Real estate market
Property disposition at optimum timing
We plan to use the proceeds from the disposition to acquire new properties in the future.
 Disposal properties
Asset type (area)
Suburban (Nagoya area)
Urban (Sapporo area)
Urban (Tokyo area)
Urban (Tokyo area)
Property name
AEON TOWN Ogaki
G DINING Sapporo
G‐bldg. Jingumae 04
G‐bldg. Jingumae 05
Disposition date
Mar. 24, 2014 (Schedule)
Jan. 31, 2014
Disposition price
3,430 million JPY
6,560 million JPY (Note )
(Note) We have not obtained the necessary permission from the purchaser for the disclosure of each disposition price.
21
JRF’s Growth Strategy
Strive to achieve upside growth conducting strong strategies
External Growth Strategy
Internal Growth Strategy
1
2
3
Proactive and constant actions through SC Management
Dynamic asset value enhancement program
Stability
Growth
Growth & Stability
Tenant relations and leasing management
Financing Strategy
1
2
Acquisitions of prime retail properties utilizing our extensive deal sources
3
Improvement in portfolio profitability and stability through property replacement
Selective investment in a wide variety of properties
1
2
Stable financing operation and effective control of debt cost
Diversification of maturity dates and maintaining commitment line
・・・we aim to continuously grow our distribution per unit
22
Appendix
Colline Bajikouen
23
4. Appendix
Overview of New Acquisitions
Newly acquired properties by Public offering in 2013
Acquisition conditions
Property name
1
KAWASAKI Le FRONT
2
Number of
tenants
Deal sources
Acquisition price
(A)
Appraisal value
(B)
(A) / (B)
NOI yield
NOI yield
(before (after depreciation) depreciation)
68
Independent network 30,000 million JPY
35,200 million JPY
85.2%
6.2%
5.0%
1
Independent network 22,300 million JPY
23,100 million JPY
96.5%
4.3%
3.9%
3
G‐bldg. Ginza 01
8
Mitsubishi Corporation group
5,500 million JPY
5,780 million JPY
95.2%
4.2%
4.0%
4
Round 1 Hiroshima
1
CRE approach
2,970 million JPY
3,610 million JPY
82.3%
7.2%
5.9%
5
Round 1 Kyoto Kawaramachi
1
2,800 million JPY
3,050 million JPY
91.8%
5.9%
5.0%
63,570 million JPY
70,740 million JPY
89.9%
5.4%
4.6%
(Reference)
For the fiscal period ended Feb 28, 2013 Average for urban retail properties
4.1%
3.4%
Urban retail properties
6
7
8
KAMISHIN PLAZA
Summit Store Nakano Minamidai
Colline Bajikouen
Suburban retail properties Newly acquired properties
CRE approach
Total / Average
44
1
8
3,900 million JPY
4,160 million JPY
93.8%
7.2%
5.9%
3,100 million JPY
3,180 million JPY
97.5%
5.0%
4.5%
3,100 million JPY
3,580 million JPY
86.6%
5.2%
4.4%
10,100 million JPY
10,920 million JPY
92.5%
5.9%
5.0%
(Reference)
For the fiscal period ended Feb 28, 2013 Average for suburban retail properties
5.5%
3.7%
90.2%
5.5%
4.7%
(Reference)
For the fiscal period ended Feb 28, 2013 Average for portfolio total
5.2%
3.6%
Independent network Mitsubishi Corporation group
Total / Average
Total / Average
8
properties
73,670 million JPY
81,660 million JPY
24
4. Appendix
1
KAWASAKI Le FRONT
C
Growth‐type
Occupancy rate 98.2%
25
4. Appendix
 Statistical Comparison of Kawasaki City
Acquisition Highlights
A large‐scale, multi‐tenant retail complex situated next to
the JR Kawasaki Station, one of Japan's busiest rail hubs
Market
 Kawasaki city is ranked ninth in terms of population and the population of Kawasaki is continuing to grow(Note1)
 A retail trade area population of approximately 440,000 within a three‐kilometer radius and 980,000 within a five‐kilometer radius
 Kawasaki city ranks third in terms of population density and sixth in terms of annual sales per sales floor for large scale retail properties(Note 1)
 Aerial View
Location
 Situated in front of the JR Kawasaki Station, one of Japan's busiest stations (approximately 370,000 passengers per day)
 JR Kawasaki Station
Facility
 Boasts one of the largest revenues (over 30 billion JPY per year) and floor space (42,500 m2) among the retail properties at the station's east entrance
 A large scale multi‐tenant retail facility that houses a major fashion‐oriented retailer and a large home appliance retailer, as well as other businesses and shops that cater to the needs of various customers
 Floor Map
Acquisition price
NOI yield
NOI yield (before depreciation)
(after depreciation)
6.2%
5.0%
30,000
million JPY
Appraisal value
35,200 million JPY
Average remaining term of lease
(Note 2)
5.8years
Location
Kawasaki Ward, Kawasaki, Kanagawa
Year of initial construction
1988
Land area
(Note 3)
15,710.29m2
Floor area
(Note3)
Main
88,818.38 m2
Parking lot tower 5,705.63 m2
Total
94,524.01 m2
No. of tenants
68
Key tenant
Yodobashi Camera, Marui
(Note 1) Among 23 wards of Tokyo as a total and government‐designated cities in Japan.
(Note 2) End tenant basis as for KAWASAKI Le FRONT (Note 3) Land area includes the land with superficies (880.31m2). Floor area includes area for co‐owners (2.78%).
26
4. Appendix
2
D
Income‐type
Occupancy rate
100.0%
27
4. Appendix
 Shinsaibashi‐suji Shopping Arcade Area Map
 Shinsaibashi‐suji Shopping Arcade
Located at the front end of a landmark shopping arcade in western Japan, the building houses one of UNIQLO's global flagship stores
Market
 Shinsaibashi is a retail area with a high concentration of department stores and fashion brand stores
 Shopper traffic reaching 60,000 people at the Shinsaibashi‐suji shopping arcade per day
 Retail Properties Surrounding G‐Bldg. Shinsaibashi 03
Location
 A one‐minute walk from Shinsaibashi Station, a major subway hub station
 Located at the front end of the landmark shopping arcade in western Japan
Facility
 A landmark property of the Shinsaibashi‐suji area with a highly visible façade
 Leased to UNIQLO for one of its global flagship stores
 Notable fashion brands that opened (or plan to open) their stores in Shinsaibashi area over the past two years
Acquisition price
NOI yield
(Average) remaining term of lease
4.3%
3.9%
7.0years
22,300
million JPY
Appraisal value
23,100 million JPY
Location
Chuo Ward, Osaka, Osaka
2010
Land area
1,168.84 m2
Floor area
4,501.88 m2
No. of tenants
1
Key tenant
UNIQLO
Source: BAC Urban Projects Co.,Ltd., "Market Potential Evaluation"
28
4. Appendix
3
D
G‐Bldg. Ginza 01
Income‐type
D
A retail property that stands at Ginza area, an upscale retail area of Tokyo
Market
 Ginza is well‐known in Japan for global flagship luxury brand stores
Location
 Ginza 5‐chome Area Map
 A two minute‐walk from the Tokyo Metro Ginza Station
 Prime location with visibility, favorably located facing three major avenues Sotobori Street, Miyuki Street and Sony Street
 On‐going large‐scale redevelopment projects in the surrounding area
Facility
 Tenants include an Italian luxury suit brand, Brioni, and a French restaurant
Acquisition price
NOI yield
4.2%
4.0%
2.2 years
5,500
million JPY
 Ginza area
Appraisal value
5,780 million JPY
Location
Chuo Ward, Tokyo
1980
Land area
272.35 m2
Floor area
2,130.59m2
No. of tenants
8
Key tenant
Brioni
29
4. Appendix
4
B
Colline Bajikouen
Income‐type
A retail complex that serves the daily needs of the local residents, located in a residential area in Tokyo
Market
 A retail trade area population of approximately 50,000 within a one‐kilometer radius and approximately 420,000 within a three‐kilometer radius
Location
 Located on Setagaya Street, which connects two Metropolitan circular routes
 Located in a highly populated residential neighborhood of Tokyo 23 Wards
 Close proximity to Bajikouen, a place of leisure for nearby residents
Facility
 A neighborhood shopping center that encompasses a variety of tenants
 A crucial branch for TSUTAYA, a major retail store that sells books and rents CDs and DVDs
 Bajikouen and Keyaki Square
Acquisition price
NOI yield
5.2%
4.4%
5.2years
3,100
million JPY
Appraisal value
3,580 million JPY
Location
Setagaya Ward, Tokyo
1992
Land area
4,102.47 m2
Floor area
Building A
Building B
Annex
Total
No. of tenants
8
Key tenant
TSUTAYA
4,211.92 m2
1,565.74 m2
1,404.75 m2
7,182.41 m2
30
4. Appendix
5
D
B
KAMISHIN PLAZA
98.9%
Growth‐type
Occupancy rate Acquisition Highlights
A shopping center located in a residential area in
northeast Osaka, catering to the daily needs of the local residents
Market
 A retail trade area population of approximately 60,000 within a one‐kilometer radius and approximately 320,000 within a three‐kilometer radius
Location
 A ten‐minute walk from two railway stations on major commuter lines
 Located in a residential area in northeast Osaka
 Neighborhood shopping center with tenants, including supermarket, bank and pharmacies, that caters to the daily needs of the local residents
Acquisition price
3,900
NOI yield
7.2%
5.9%
2.6 years
million JPY
Appraisal value
4,160 million JPY
Location
Higashiyodogawa Ward, Osaka, Osaka
1980
Main
17,734.13 m2
Annex
Land area
12,764.54 m2
Floor area
253.46 m2
Machinery block
39.10 m2
Food court building
Total
No. of tenants
44
Key tenant
637.57 m2
18,664.26 m2
KOHYO, The Bank of Tokyo‐
Mitsubishi UFJ
31
4. Appendix
6
B
Income‐type
A chain food supermarket situated in Tokyo's residential neighborhood
Market
 A retail trade area population of approximately 70,000 within a one‐kilometer radius and approximately 260,000 within a two‐kilometer radius
Location
 A five‐minute walk from the Honancho Station on the Tokyo Metro Marunouchi Line
 Located in a residential area of Tokyo
Facility
 Food supermarket chain operator SUMMIT, INC., which operates more than 100 stores in and around Tokyo, is the tenant of the property
Acquisition price
NOI yield
5.0%
4.5%
15.5 years
3,100
million JPY
Appraisal value
3,180 million JPY
Location
Nakano Ward, Tokyo
2009
Land area
2,035.14 m2
Floor area
3,524.02 m2
No. of tenants
1
Key tenant
Summit Store
32
4. Appendix
7
C
Round1 Kyoto Kawaramachi
Income‐type
An amusement facility complex located in a
busy shopping quarter of Kyoto
Market
 A retail trade area population of approximately 260,000 within a three‐kilometer radius and approximately 670,000 within a five‐kilometer radius
 One of Kyoto’s major shopping districts, lined with amusement facilities, cafes, restaurants and fashion brand stores
Location
 A five‐minute walk from Kawaramachi Station of Hankyu Railway Kyoto Line
 Located on Kawaramachi Street, one of Kyoto's major thoroughfares, making the facility highly visible and accessible  Kawaramachi Street
Facility
 Ranked high among Round1's facilities in Japan in terms of sales revenue
 Shijo‐Kawaramachi Area Map
= JRF's property
Acquisition price
NOI yield
5.9%
5.0%
19.5 years
2,800
million JPY
Appraisal value
3,050 million JPY
Location
Nakagyo Ward, Kyoto, Kyoto
2001
Land area
1,816.70 m2
Floor area
8,821.66 m2
No. of tenants
1
Key tenant
Round1
33
4. Appendix
8
D
C
Round1 Hiroshima
Income‐type
An amusement facility complex located in one of the largest shopping districts in the Chugoku region of Japan
Market
 A retail trade population of approximately 260,000 within a three‐kilometer radius and approximately 540,000 within a five‐kilometer radius
 Hacchobori and Kamiyacho area is one of the largest shopping districts in the Chugoku region in Japan
 Hondori Shopping Street
Location
 A two‐minute walk from Tatemachi Station
 Situated in the center of the Hacchobori and Kamiyacho area, the property is also adjacent to the vibrant Hondori Shopping Street
Facility
 Ranked high among Round1's facilities in Japan in terms of sales revenue
Acquisition price
NOI yield
7.2%
5.9%
19.5 years
2,970
 Hacchobori and Kamiyacho Area Map
million JPY
Appraisal value
3,610 million JPY
Location
Naka Ward, Hiroshima, Hiroshima
2003
Land area
2,078.64 m2
Floor area
9,890.63 m2
No. of tenants
1
Key tenant
Round1
34
4. Appendix
Occupancy Rate Portfolio occupancy rate of 99.8%
Occupancy rate by property type
Stable occupancy rate compared to other asset class
Source：
Note：
Data for office and residential properties are from the Association for Real Estate Securitization, or ARES
Data through February 2012 released by ARES as final figures are used for occupancy rates for office and residential properties. Occupancy rates were calculated using the following equation: Average occupancy rate = total leased area / total leasable area. Occupancy rates for office and residential properties area based on time‐series data of occupancy rates (for all incorporated assets) released by ARES. Occupancy rates for office and occupancy rate for assets in each asset class as owned by J‐REITs.
35
4. Appendix
Portfolio List (1) (84 properties as of Oct. 15, 2013)
Property
number
Property na me
Investment
style
Loca ti on
Tokyo and Greater Tokyo Metropolitan Area
Acqui s i ti on
da te
Acqui s i ti on pri ce
(mi l l i on JPY)
Percentage
Cap rate at
acquisition
(Note1)
Lea s a bl e a rea (㎡)
Occupancy
rate
Percentage
Number
of
tenants
Key tena nt(s )
Property ma na ger
Age
(Note 2)
(yea rs )
PML
(Note 3)
(%)
Urban Multi‐tenant Retail Properties (UM)
UM‐2
G‐Bl dg. Mi na mi Aoya ma 02
Income
Mi na to‐ku, Tokyo
Ma r‐2003
5,350
0.7%
5.5% 1,529.15
0.0%
100.0% 4 VULCANIZE London
XYMAX PROPERTIES
11.5
UM‐3
G‐Bl dg. Ji nguma e 05
Income
Shi buya ‐ku, Tokyo
Ja n‐2004
2,770
0.3%
5.6% 1,479.10
0.0%
100.0% 3 Di es el
XYMAX PROPERTIES
28.4
8.5
UM‐5
G‐Bl dg. Ki ta Aoya ma 01
Income
Feb‐2005
989
0.1%
5.4% 492.69
0.0%
100.0% 3 NEWS, Bes t Bri da l
Offi ce Mi ts uki
8.6
11.4
UM‐6
G‐Bl dg. Ji yuga oka 01
Income
Meguro‐ku, Tokyo
Ma r‐2005
2,700
0.3%
5.2% 1,817.65
0.1%
100.0% 10 next, Mi s s Pa ri s ∙Da ndy Hous e
XYMAX PROPERTIES
14.2
3.3
UM‐7
Cheers Gi nza
Income
Chuo‐ku, Tokyo
Aug‐2005
4,200
0.5%
4.3% 1,686.58
0.1%
100.0% 10 Syouta i en, MATSUJIN
Nomura Building Management
8.5
5.7
UM‐8
GYRE (Note4)
Growth
Ma r‐2004
22,712
2.9%
3.4% 4,840.56
0.2%
97.1% 20 CHANEL, Omotes a ndo Uka i ‐tei
Mitsubishi Corporation Urban Development
5.9
4.1
UM‐9
Income
Dec‐2007
2,360
0.3%
3.9% 670.43
0.0%
80.6% 3 Fa mi l y Ma rt
Offi ce Mi ts uki
5.8
8.0
11.2
13.5
UM‐10
05G‐Bl dg. Ji nguma e 02
Income
Ma y‐2008
2,233
0.3%
4.0% 426.29
0.0%
100.0% 3 ANASTASIA
Offi ce Mi ts uki
5.4
UM‐11
G‐Bl dg. Da i ka nya ma 01
Income
Dec‐2003
1,235
0.2%
5.3% 599.79
0.0%
100.0% 1 Fa mi l y Ma rt
Offi ce Mi ts uki
22.5
4.7
UM‐13
G‐Bl dg. Mi na mi Aoya ma 01
Income
Ma r‐2009
6,430
0.8%
4.0% 922.30
0.0%
100.0% 3 HERNO
Offi ce Mi ts uki
4.5
11.3
UM‐14
La Porte Aoya ma
Growth
Ma r‐2010
9,400
1.2%
4.5% 4,155.96
0.1%
92.3% 21 BENOIT
8.8
2.8
UM‐15
Income
Ma r‐2010
5,520
0.7%
4.8% 1,676.87
0.1%
93.3% 6 HOT TOYS JAPAN, RIZAP
Offi ce Mi ts uki
4.2
10.7
88.8% 7 a di da s , Ci ti ba nk
Tokyu La nd SC Ma na gement
38.9
5.3
Offi ce Mi ts uki
5.5
7.4
UM‐16
G‐Bl dg. Mi na mi Ikebukuro 01
Income
Tos hi ma ‐ku, Tokyo
Ma r‐2010
5,800
0.7%
5.1% 5,061.47
0.2%
UM‐17
Urba n Terra ce Ji nguma e
Income
Sep‐2011
2,797
0.4%
4.7% 1,719.19
0.1%
UM‐18
G‐Bl dg. Sa ngenja ya 01
Income
Seta ga ya ‐ku, Tokyo
Oct‐2012
3,725
0.5%
4.9% 3,471.52
0.1%
100.0% 3 TIPNESS, Za ‐Wa ta mi
7.8
5.1
UM‐19
G‐Bl dg. Gi nza 01
NEW
Income
Chuo‐ku, Tokyo
Oct‐2013
5,500
0.7%
4.0% 1,610.54
0.1%
100.0% 8 Bri oni
32.9
5.4
UM‐20
KAWASAKI Le FRONT
NEW
Growth
Kasawaki‐shi, Kanagawa
Oct‐2013
30,000
3.8%
5.0% 56,184.07
1.8%
Mitsubishi Jisho Retail Property Management
25.6
4.9
100.0% 2 OMOTESANDO TERRACE
98.2% 68 Yodoba s hi Ca mera , Ma rui
Urban Single‐tenant Retail Properties (US)
US‐3
Income
Apr‐2004
860
0.1%
5.5% 540.78
0.0%
100.0% 2 BEAUTRIUM
Offi ce Mi ts uki
16.5
4.5
US‐4
Income
Ta chi ka wa ‐s hi , Tokyo
Sep‐2004
11,920
1.5%
5.5% 20,983.43
0.7%
100.0% 2 Bi c Ca mera
Jones La ng La Sa l l e
43.1
15.5
Bi c Ca mera Ta chi ka wa
US‐8
Income
Ma y‐2008
3,400
0.4%
4.1% 555.75
0.0%
100.0% 2 BAPE STORE
Offi ce Mi ts uki
5.9
13.2
US‐9
G‐Bl dg. Shi njuku 01
Income
Shi njyuku‐ku, Tokyo
Ma r‐2010
6,600
0.8%
4.7% 1,093.67
0.0%
100.0% 1 ZARA
Fi rs t Brothers Rea l Es ta te
5.0
9.9
US‐11
Arka ngel Da i ka nya ma (land with leasehold interest)
Income
Meguro‐ku, Tokyo
Sep‐2011
1,820
0.2%
‐ 904.04
0.0%
100.0% 1 Arka ngel
XYMAX PROPERTIES
US‐14
Round1 Yokoha ma Sta ti on Wes t
Income
Yokohama‐shi, Kanagawa
Oct‐2012
3,930
0.5%
4.6% 6,560.09
0.2%
100.0% 1 Round1
US‐15
G‐Bl dg. Omotes a ndo
Income
Oct‐2012
5,850
0.7%
3.9% 1,508.03
0.0%
‐
‐
Kei ha n RyutuSys tems
11.4
8.4
100.0% 1 KIDDY LAND
1.4
4.4
8.8､13.8
Suburban Multi‐tenant Retail Properties (SM)
SM‐2
Abi ko Shoppi ng Pl a za
Growth
Abi ko‐s hi , Chi ba
Ma r‐2003
10,322
1.3%
7.2% 43,548.63
1.4%
100.0% 58 Ito‐Yoka do
XYMAX PROPERTIES
18.8
SM‐5
Hi ga s hi ‐Tots uka Aurora Ci ty
Growth
Ma r‐2006
50,500
6.4%
4.5% 109,365.50
3.5%
100.0% 4 Sei bu, Da i ei
Ai m Crea te
14.0
3.7
SM‐6
Ito‐Yoka do Ka wa s a ki
Income
Kawasaki‐shi, Kanagawa
Ma r‐2002
15,691
2.0%
6.2% 65,313.47
2.1%
100.0% 5 Ito‐Yoka do, SPORTS DEPO
XYMAX PROPERTIES
13.1
9.2､11.3､1.4
Income
Chi ba ‐s hi , Chi ba
Sep‐2011
5,700
0.7%
6.2% 24,542.93
0.8%
100.0% 6 Ya ma da Denki
XYMAX PROPERTIES
15.1
10.8､10.8
Income
Seta ga ya ‐ku, Tokyo
Oct‐2013
3,100
0.4%
4.8% 5,368.02
0.2%
Offi ce Mi ts uki
21.5
14.3、3.8
SM‐9
Ma kuha ri Pl a za
SM‐13
Col l i ne Ba ji kouen
NEW
98.1% 8 TSUTAYA
(Note 1) The direct cap rates disclosed on appraisal report at the time of the initial acquisition of the properties are shown. Additional purchases following acquisition are not included.
(Note 2) Age of properties are calculated as of Aug 31, 2013. For acquired properties, the figure is calculated as of the date of the acquisition.
(Note 3) Represents the expected loss ratio for subject properties due to earthquake damage that may result from an earthquake that is expected to occur once every 475 years, as described in the earthquake risk analysis report for each property.
(Note 4) Acquisition price of GYRE includes the initially‐held land with leasehold and the land additionally acquired. The cap rate at the time of acquisition only reflects the building plus the land leasehold and the land is not included.
36
4. Appendix
Property
number
Property na me
Investment
style
Loca ti on
Acqui s i ti on
da te
(mi l l i on JPY)
Percentage
Cap rate at
acquisition
(Note1)
Occupancy
rate
Percentage
Number
of
tenants
Age
(Note 2)
(yea rs )
Property ma na ger
Key tena nt(s )
PML
(Note 3)
(%)
Suburban Single‐tenant Retail Properties (SS)
SS‐5
Ito‐Yoka do Ya ba s hi ra
Income
Ma ts udo‐s hi , Chi ba
Jun‐2003
1,616
0.2%
6.1% 21,308.78
0.7%
XYMAX PROPERTIES
30.9
SS‐6
Ito‐Yoka do Ka mi fukuoka ‐Hi ga s hi
Income
Fuji mi no‐s hi , Sa i ta ma
Sep‐2003
6,900
0.9%
6.3% 28,316.18
0.9%
14.0
9.7
SS‐7
Ito‐Yoka do Ni s hi ki cho
Income
Wa ra bi ‐s hi , Sa i ta ma
Nov‐2003
13,212
1.7%
5.6% 73,438.52
2.4%
9.8
8.3
SS‐11
Ito‐Yoka do Ts una s hi ma
Income
Jun‐2004
5,000
0.6%
6.1% 16,549.50
0.5%
31.5
12.3
SS‐12
AEON Ita ba s hi SC
Income
Ita ba s hi ‐ku, Tokyo
Dec‐2004
12,411
1.6%
5.4% 72,748.34
2.3%
100.0% 1 AEON
XYMAX PROPERTIES
13.3
6.1
SS‐13
AEON MALL Ya ma to
Income
Ya ma to‐s hi , Ka na ga wa
Feb‐2005
16,823
2.1%
5.5% 85,226.68
2.7%
100.0% 1 AEON
XYMAX PROPERTIES
11.8
8.0
10.4
6.1､4.9
SS‐14
SEIYU Hi ba ri ga oka
Income
Ni s hi Tokyo‐s hi , Tokyo
Ma r‐2005
6,100
0.8%
7.6% 19,070.88
0.6%
100.0% 1 Sei yu
CBRE
34.9
SS‐20
AEON Omi ya
Income
Sa i ta ma ‐s hi , Sa i ta ma
Jun‐2006
6,133
0.8%
5.8% 75,344.90
2.4%
100.0% 1 AEON
XYMAX PROPERTIES
12.9
8.5
SS‐25
Ito‐Yoka do Yots uka i do
Income
Yots uka i do‐s hi , Chi ba
Aug‐2007
13,600
1.7%
4.1% 59,207.19
1.9%
8.6
5.9
6.7
SS‐27
AEON MALL Ya chi yo Mi dori ga oka
Income
Ya chi yo‐s hi , Chi ba
Sep‐2007
30,789
3.9%
4.0% 132,294.48
4.3%
100.0% 1 AEON
XYMAX PROPERTIES
8.5
SS‐30
AEON MALL Mus a s hi Mura ya ma
Income
Musashimurayama‐shi, Tokyo
Ma r‐2010
30,600
3.9%
5.2% 137,466.97
4.4%
100.0% 1 AEON
XYMAX PROPERTIES
6.9
5.7
SS‐36
Round1 Sta di um Ita ba s hi
Income
Ita ba s hi ‐ku, Tokyo
Sep‐2011
2,400
0.3%
5.8% 14,828.74
0.5%
100.0% 1 Round1
TOYO PROPERTY
7.4
4.8
Income
Ma chi da ‐s hi , Tokyo
Sep‐2011
2,450
0.3%
5.9% 6,801.89
0.2%
100.0% 1 Round1
TOYO PROPERTY
9.1
6.6
Income
Na ka no‐ku, Tokyo
Oct‐2013
3,100
0.4%
4.9% 3,536.50
0.1%
100.0% 1 Summi t Store
4.6
3.7
384,551
48.4%
‐ 1,114,768.05
35.9%
‐
‐
SS‐37
Round1 Ma chi da
SS‐41
Summi t Store Na ka no Mi na mi da i
NEW
Sub tota l / a vera ge
43 properti es
99.8% 280
‐
‐
Os a ka , Na goya a nd Surroundi ng Area s
US‐1
8953 Os a ka Shi ns a i ba s hi Bui l di ng
Income
Os a ka ‐s hi , Os a ka
Ma r‐2002
14,300
1.8%
5.5% 13,666.96
0.4%
100.0% 1 Tokyu Ha nds
XYMAX PROPERTIES
14.6
6.2
US‐6
Income
Kyoto‐s hi , Kyoto
Sep‐2006
18,500
2.3%
4.4% 18,848.20
0.6%
100.0% 1 OPA
14.8
2.8
0.0%
Ka wa ra ma chi OPA
US‐10
G‐Bl dg. Shi ns a i ba s hi 01
Income
Apr‐2010
1,582
0.2%
5.3% 886.46
US‐12
Income
Sep‐2011
4,380
0.6%
5.1%
US‐13
Round1 Stadium Sennichimae (land with leasehold interes Income
Sep‐2011
8,000
1.0%
‐ 1,711.63
US‐16
Round 1 Kyoto Ka wa ra ma chi
Income
Oct‐2013
2,800
0.4%
US‐18
Income
Oct‐2013
22,300
NEW
NEW
SM‐1
Na ra Fa mi l y
100.0% 2 CECIL McBEE
XYMAX PROPERTIES
18.8
12.8
100.0% 1 THE SUIT COMPANY
3.8
7.3
0.1%
100.0% 1 Round1
5.2% 8,821.66
0.3%
100.0% 1 Round1
2.8%
4.3% 4,631.13
0.1%
100.0% 1 UNIQLO
Not di s cl os ed
99.7% 126 Ki ntets u Dept. Store, AEON
‐
‐
12.6
4.2
3.1
5.5
5.8
Growth
Na ra ‐s hi , Na ra
Ma r‐2003
34,875
4.4%
7.4% 85,024.42
2.7%
AEON MALL
20.8
SM‐4
Kyoto Fa mi l y
Growth
Dec‐2005
5,340
0.7%
6.5% 19,679.78
0.6%
100.0% 70 AEON, EDION
30.8
3.8
SM‐7
Na rupa rk
Growth
Na goya ‐s hi , Ai chi
Ma r‐2003
8,540
1.1%
7.3% 15,227.58
0.5%
100.0% 48 Hei wa do, Jos hi n
XYMAX PROPERTIES
16.1
8.1
15.5
4.6､4.4
‐
‐
SM‐8
Ki s hi wa da Ca nCa n Ba ys i de Ma l l
Growth
Ki s hi wa da ‐s hi , Os a ka
Sep‐2011
7,245
0.9%
6.6% 38,294.38
1.2%
100.0% 116 Izumi ya , Uni ted Ci nema
Sumi s ho Urba n Ka i ha ts u
SM‐10
Izumi s a no Shofuda i (land with leasehold interest)
Income
Izumi s a no‐s hi , Os a ka
Sep‐2011
2,625
0.3%
‐ 44,009.52
1.4%
100.0% 2 Kei yo D2, Okuwa
SM‐11
mozo wonder ci ty
SM‐12
pi vo Izumi Chuo
SM‐14
KAMISHIN PLAZA
pi vo Bl dg
Tecc La nd Bl dg
NEW
Growth
Oct‐2011
32,000
4.0%
Income
Izumi ‐s hi , Os a ka
Oct‐2012
6,000
0.8%
Growth
Oct‐2013
3,900
0.5%
5.8% 86,722.83
6.1%
6.0%
21,182.94
5.9% 11,809.69
2.8%
0.7%
0.4%
XYMAX PROPERTIES
AEON MALL
4.4 8.1､5.8、13.4
Ya ma da Denki , Sumi tomo Mi ts ui
Ba nki ng Corpora ti on
XYMAX PROPERTIES
4.5
5.1、6.5
KOHYO, The Bank of Toko‐Mitsubishi UFJ
Geo Aka ma ts u
32.7
3.7
99.7% 223 AEON, FRAXUS
100.0% 17
98.9% 44
(Note 1) The direct cap rates disclosed on appraisal report at the time of acquiring new properties are shown. Additional purchases following acquisition are not included.
37
4. Appendix
Property
number
Property na me
Investment
style
Loca ti on
Acqui s i ti on
da te
(mi l l i on JPY)
Percentage
Cap rate at
acquisition
(Note1)
Occupancy
rate
Percentage
Number
of
tenants
Age
(Note 2)
(yea rs )
Property ma na ger
Key tena nt(s )
PML
(Note 3)
(%)
SS‐8
AEON MALL Hi ga s hi ura
Income
Chi ta ‐gun, Ai chi
Ja n‐2004
9,142
1.2%
6.3% 129,124.73
4.2%
100.0% 1 AEON
XYMAX PROPERTIES
10.7
SS‐16
AEON Ta ka ts uki
Income
Ta ka ts uki ‐s hi , Os a ka
Ma r‐2005
11,700
1.5%
6.0% 77,267.23
2.5%
100.0% 1 AEON
CBRE
19.5
3.7
SS‐17
AEON Ya goto
Income
Jun‐2005
3,700
0.5%
7.0% 63,778.44
2.1%
100.0% 2 AEON
XYMAX PROPERTIES
20.0
4.7
5.1
15.2､10.8
SS‐19
AEON Ni s hi Ots u
Income
Ots u‐s hi , Shi ga
Dec‐2005
13,100
1.6%
5.2% 62,717.26
2.0%
100.0% 1 AEON
XYMAX PROPERTIES
16.8
SS‐21
AEON TOWN Oga ki
Income
Oga ki ‐s hi , Gi fu
Jul ‐2006
4,950
0.6%
8.2% 57,500.35
1.9%
100.0% 1 Ma xVa l u
8.1
6.7
SS‐23
AEON MALL Ts urumi Ryokuchi
Income
Nov‐2006
29,902
3.8%
4.6% 138,538.63
4.5%
100.0% 1 AEON
XYMAX PROPERTIES
6.8
7.0
SS‐24
AEON MALL Ita mi
Income
Ita mi ‐s hi , Hyogo
Dec‐2006
21,488
2.7%
5.1% 157,904.26
5.1%
100.0% 1 AEON
XYMAX PROPERTIES
10.7
5.2
SS‐29
Ari o Otori
Income
Sa ka i ‐s hi , Os a ka
Ma y‐2008
19,040
2.4%
4.6% 95,135.36
3.1%
5.4
5.9
SS‐31
AEON MALL Kobe Ki ta
Income
Kobe‐s hi , Hyogo
Ma r‐2010
15,600
2.0%
5.7% 128,031.55
4.1%
100.0% 1 AEON
6.8
5.0
SS‐32
Li fe Ta i hei ji (land with leasehold interest)
Income
Higashi Osaka‐shi, Osaka
Ma r‐2010
1,282
0.2%
‐ 3,898.01
0.1%
100.0% 1 Li fe
Nippon Commercial Development
‐
‐
SS‐33
Li fe Shi modera (land with leasehold interest)
Income
Ma r‐2010
1,683
0.2%
‐ 4,344.18
0.1%
100.0% 1 Li fe
‐
‐
SS‐34
Li fe Ki s hi be (land with leasehold interest)
Income
Sui ta ‐s hi , Os a ka
Ma r‐2010
1,910
0.2%
‐ 5,516.61
0.2%
100.0% 1 Li fe
‐
‐
SS‐38
Tecc La nd Neya ga wa (land with leasehold interest)
Income
Neya ga wa‐s hi , Os a ka
Sep‐2011
1,135
0.1%
‐ 11,430.04
0.4%
XYMAX PROPERTIES
‐
‐
SS‐39
Round1 Sta di um Sa ka i Chuo Ka njyo
Income
Sa ka i ‐s hi , Os a ka
Oct‐2012
1,750
0.2%
5.8% 17,521.46
0.6%
100.0% 1 Round1
8.7
4.8
308,771
38.9%
‐ 1,324,174.01
42.7%
‐
‐
29 Properti es
100.0% 669
‐
‐
Other Ci ti es
UM‐12 G DINING SAPPORO
Growth
Sa pporo‐s hi , Hokka i do
Ma r‐2009
2,750
0.3%
5.8% 4,082.11
0.1%
100.0% 24 Nukumi , Ha na re Aji s hi ge, Aki Na ga o XYMAX PROPERTIES
4.8
0.9
US‐17
Round 1Hi ros hi ma NEW
Income
Hiroshima‐shi, Hiroshima
Oct‐2013
2,970
0.4%
5.8% 9,890.63
0.3%
100.0% 1 Round1
9.8
2.9
2.2､2.1､0.8
XYMAX PROPERTIES
SS‐1
AEON Senda i Na ka ya ma
Income
Senda i‐s hi , Mi ya gi
Ma r‐2002
10,200
1.3%
7.6% 46,248.96
1.5%
100.0% 2 AEON
XYMAX PROPERTIES
17.2
SS‐9
AEON MALL Ka s hi i ha ma
Income
Fukuoka ‐s hi , Fukuoka
Ja n‐2004
13,300
1.7%
6.2% 109,616.72
3.5%
100.0% 1 AEON
XYMAX PROPERTIES
9.8
0.9
SS‐10
AEON MALL Sa pporo Na ebo
Income
Ma r‐2004
9,260
1.2%
6.2% 74,625.52
2.4%
100.0% 1 AEON
XYMAX PROPERTIES
10.2
1.8
SS‐15
AEON Toba ta SC
Income
Kita Kyushu‐shi, Fukuoka
Ma r‐2005
6,290
0.8%
6.6% 93,258.23
3.0%
100.0% 1 AEON
XYMAX PROPERTIES
14.5
1.9
SS‐18
AEON Na ha SC
Income
Na ha ‐s hi , Oki na wa
Jun‐2005
10,830
1.4%
6.0% 79,090.48
2.5%
100.0% 1 AEON
19.9
7.3
SS‐22
AEON Ueda
Income
Ueda‐s hi , Na ga no
Nov‐2006
9,500
1.2%
5.3% 61,349.07
2.0%
100.0% 1 AEON
SS‐26
Oya ma Yuen Ha rves t Wa l k
Growth
Oya ma ‐s hi , Tochi gi
Aug‐2007
10,200
1.3%
5.4% 59,580.92
1.9%
92.6% 55 York Beni ma ru, Super Vi va Home
9.2
3.4
XYMAX PROPERTIES
6.4
3.4
SS‐28
AEON MALL Sa pporo Ha s s a mu
Income
Ma r‐2008
18,818
2.4%
4.7% 102,169.00
3.3%
100.0% 1 AEON
6.9
0.6
SS‐35
MrMa x Na ga s a ki
Income
Na ga s a ki ‐s hi , Na ga s a ki
Sep‐2011
2,475
0.3%
6.7% 12,115.09
0.4%
100.0% 2 MrMa x
XYMAX PROPERTIES
12.9
3.2､3.5､6.6
SS‐40
Tecc La nd Fukuoka Shi me Honten
Income
Ka s uya ‐gun, Fukuoka
Oct‐2012
6.5%
Not di s cl os ed
4,150
0.5%
4.8
0.9
12 Properti es
100,743
12.7%
‐ 663,256.43
21.4%
99.3% 91
‐
Mi yos hi Rea l Es ta te
‐
‐
‐
Portfolio total / average
84 properties
794,066
100.0%
‐ 3,102,198.49
100.0%
99.8% 1,040
‐
‐
‐
2.1
(Note 1) The direct cap rates disclosed on appraisal report at the time of acquiring new properties are shown. Additional purchases following acquisition are not included.
38
4. Appendix
Appraisal Value (1) (76 properties as of the end of the 23rd period)
Property
number
Property Na me
Book Va l ue
(mil l ion JPY)
Unrea l i zed
profi ts a nd
los s es
(mi l li on JPY)
Appra i s a l Va l ue
(mi ll i on JPY)
Feb. 2013
Aug. 2013
Appl i ca bl e va l ua ti on ra te
Di s counted ca s h flow method
Di rect ca pita l i za tion method
Di rect Ca p Ra te
Va ria ti on
Feb. 2013
Aug. 2013
Di s count Ra te
Va ri a ti on
Feb. 2013
Aug. 2013
Termina l Ca p Ra te
Va ria ti on
Feb. 2013
Aug. 2013
Va ri a ti on
UM‐2
G‐Bl dg. Mina mi Aoya ma 02
5,271 +78 5,350 5,350 ‐
4.7%
4.6% ‐0.1 pt
4.4%
4.2% ‐0.2 pt
4.5%
UM‐3
2,710 +1,019 3,680 3,730 +50
4.6%
4.5% ‐0.1 pt
4.4%
4.3% ‐0.1 pt
4.8%
4.7% ‐0.1 pt
UM‐5
G‐Bl dg. Ki ta Aoya ma 01
959 +410 1,340 1,370 +30
4.2%
4.1% ‐0.1 pt
4.0%
3.9% ‐0.1 pt
4.4%
4.3% ‐0.1 pt
UM‐6
G‐Bl dg. Ji yuga oka 01
2,520 2,570 +50
4.6%
4.5% ‐0.1 pt
4.4%
4.3% ‐0.1 pt
4.8%
4.7% ‐0.1 pt
620 627 +7
4.9%
4.8% ‐0.1 pt
4.7%
4.6% ‐0.1 pt
5.1%
5.0% ‐0.1 pt
UM‐7
Cheers Gi nza
4,020 ‐280 3,710 3,740 +30
4.1%
4.0% ‐0.1 pt
4.0%
3.9% ‐0.1 pt
4.3%
4.2% ‐0.1 pt
NEXT Buil di ng
Col l ine
2,530
+666
4.3% ‐0.2 pt
UM‐8
GYRE
22,253 +346 22,600 22,600 ‐
3.65%
3.60% ‐0.05 pt
3.45%
3.40% ‐0.05 pt
3.65%
3.60% ‐0.05 pt
UM‐9
2,366 ‐36 2,330 2,330 ‐
4.2%
4.1% ‐0.1 pt
4.4%
4.2% ‐0.2 pt
4.5%
4.3% ‐0.2 pt
UM‐10
2,313 ‐663 1,640 1,650 +10
5.0%
4.9% ‐0.1 pt
4.4%
4.2% ‐0.2 pt
4.7%
4.5% ‐0.2 pt
UM‐11
G‐Bl dg. Da i ka nya ma 01
1,234 +95 1,280 1,330 +50
4.7%
4.6% ‐0.1 pt
4.5%
4.4% ‐0.1 pt
4.9%
4.8% ‐0.1 pt
UM‐13
G‐Bl dg. Mina mi Aoya ma 01
6,469 ‐1,459 5,010 5,010 ‐
4.9%
4.8% ‐0.1 pt
4.3%
4.1% ‐0.2 pt
4.4%
4.2% ‐0.2 pt
UM‐14
La Porte Aoya ma
9,332 +317 9,340 9,650 +310
4.3%
4.2% ‐0.1 pt
4.5%
4.3% ‐0.2 pt
4.6%
4.4% ‐0.2 pt
UM‐15
5,553 ‐1,063 4,550 4,490 ‐60
4.6%
4.5% ‐0.1 pt
4.1%
4.0% ‐0.1 pt
4.5%
4.4% ‐0.1 pt
UM‐16
G‐Bl dg. Mina mi Ikebukuro 01
6,019 +1,410 7,410 7,430 +20
4.8%
4.7% ‐0.1 pt
4.7%
4.6% ‐0.1 pt
5.1%
5.0% ‐0.1 pt
UM‐17
Urba n Terra ce Ji nguma e
2,804 +1,425 4,090 4,230 +140
4.6%
4.5% ‐0.1 pt
4.6%
4.4% ‐0.2 pt
4.7%
4.5% ‐0.2 pt
UM‐18
G‐Bl dg. Sa ngenja ya 01
3,741 +408 4,060 4,150 +90
4.9%
4.8% ‐0.1 pt
4.7%
4.6% ‐0.1 pt
5.1%
5.0% ‐0.1 pt
US‐3
871 +378 1,220 1,250 +30
4.4%
4.3% ‐0.1 pt
4.1%
4.0% ‐0.1 pt
4.6%
4.5% ‐0.1 pt
US‐4
11,438 +561 12,000 12,000 ‐
5.7%
5.7% ‐ 5.3%
5.3% ‐ 5.6%
5.6% ‐ Bi c Ca mera Ta chi ka wa
US‐8
3,411 +268 3,650 3,680 +30
4.2%
4.2% ‐ 4.5%
4.3% ‐0.2 pt
4.5%
4.3% ‐0.2 pt
US‐9
G‐Bl dg. Shi njuku 01
6,641 +318 6,770 6,960 +190
4.6%
4.5% ‐0.1 pt
4.2%
4.1% ‐0.1 pt
4.8%
4.7% ‐0.1 pt
US‐11
Arka ngel Da i ka nya ma (land with leasehold interest)
1,842 +307 2,090 2,150 +60
‐
‐
4.6%
4.4% ‐0.2 pt
‐
US‐14
Round1 Yokoha ma Sta ti on Wes t
3,938 +711 4,470 4,650 +180
4.4%
4.3% ‐0.1 pt
4.6%
4.4% ‐0.2 pt
4.7%
4.5% ‐0.2 pt
US‐15
G‐Bl dg. Omotes a ndo
‐
‐
‐
5,931 +428 6,180 6,360 +180
3.9%
3.8% ‐0.1 pt
3.7%
3.6% ‐0.1 pt
4.1%
4.0% ‐0.1 pt
SM‐2
Abiko Shoppi ng Pl a za
9,814 +2,685 12,200 12,500 +300
6.7%
6.5% ‐0.2 pt
6.0%
5.8% ‐0.2 pt
6.5%
6.3% ‐0.2 pt
SM‐5
48,230 ‐7,130 40,100 41,100 +1,000
4.9%
4.8% ‐0.1 pt
4.7%
4.6% ‐0.1 pt
5.1%
5.0% ‐0.1 pt
10,500 10,800 +300
5.5%
5.3% ‐0.2 pt
5.1%
4.9% ‐0.2 pt
5.8%
5.6% ‐0.2 pt
2,850 2,890 +40
6.6%
6.5% ‐0.1 pt
5.8%
5.7% ‐0.1 pt
6.3%
6.2% ‐0.1 pt
5,621 +598 6,070 6,220 +150
6.0%
5.9% ‐0.1 pt
6.1%
5.9% ‐0.2 pt
6.3%
6.1% ‐0.2 pt
Hi ga s hi ‐Tots uka Aurora Ci ty
SM‐6
Ito‐Yoka do Ka wa s a ki
SM‐9
Ma kuha ri Pl a za
Ma i nBui l di ng
Annex
14,085 ‐395
(Note) The end of term appraisal value, direct cap rate, DCF discount rate and DCF terminal cap rate are based on appraisals and survey reports by real estate valuers (CBRE, Daiwa Real Estate Appraisal, Japan Real Estate Institute and Tanizawa Sogo Appraisal Co., Ltd.).
39
4. Appendix
Property
number
Property Na me
Book Va l ue
(mil l ion JPY)
Unrea l i zed
profi ts a nd
los s es
(mi l li on JPY)
Appra i s a l Va l ue
(mi ll i on JPY)
Feb. 2013
Aug. 2013
Appl i ca bl e va l ua ti on ra te
Di s counted ca s h flow method
Di rect ca pita l i za tion method
Di rect Ca p Ra te
Va ria ti on
Feb. 2013
Aug. 2013
Di s count Ra te
Va ri a ti on
Feb. 2013
Aug. 2013
Termina l Ca p Ra te
Va ria ti on
Feb. 2013
Aug. 2013
Va ri a ti on
SS‐5
Ito‐Yoka do Ya ba s hira
1,410 +539 1,880 1,950 +70
6.1%
5.9% ‐0.2 pt
5.9%
5.7% ‐0.2 pt
6.4%
SS‐6
Ito‐Yoka do Ka mifukuoka ‐Hi ga s hi
6,220 +459 6,680 6,680 ‐
6.3%
6.1% ‐0.2 pt
5.8%
5.6% ‐0.2 pt
6.3%
6.1% ‐0.2 pt
SS‐7
Ito‐Yoka do Ni s hi kicho
11,119 +2,080 12,800 13,200 +400
5.7%
5.6% ‐0.1 pt
5.8%
5.6% ‐0.2 pt
6.0%
5.8% ‐0.2 pt
6.0% ‐0.2 pt
6.2% ‐0.2 pt
SS‐11
Ito‐Yoka do Ts una s hima
4,776 +103 4,880 4,880 ‐
6.4%
6.0% ‐0.4 pt
5.7%
5.5% ‐0.2 pt
6.2%
SS‐12
AEON Ita ba s hi SC
11,249 +1,750 12,800 13,000 +200
5.4%
5.2% ‐0.2 pt
5.0%
4.8% ‐0.2 pt
5.7%
5.5% ‐0.2 pt
SS‐13
AEON MALL Ya ma to
15,571 +1,728 17,300 17,300 ‐
5.3%
5.3% ‐ 4.9%
4.9% ‐ 5.4%
5.4% ‐ SS‐14
SEIYU Hi ba riga oka
5,154 +1,765 6,980 6,920 ‐60
6.7%
6.5% ‐0.2 pt
6.5%
6.3% ‐0.2 pt
7.0%
6.8% ‐0.2 pt
SS‐20
AEON Omi ya
5,840 +249 6,120 6,090 ‐30
6.1%
6.1% ‐ 6.6%
6.6% ‐ 7.3%
7.3% ‐ SS‐25
Ito‐Yoka do Yots uka i do
13,127 ‐3,027 10,000 10,100 +100
5.6%
5.6% ‐ 5.4%
5.4% ‐ 5.6%
5.6% ‐ SS‐27
AEON MALL Ya chi yo Mi dori ga oka
28,781 ‐6,481 22,000 22,300 +300
5.6%
5.5% ‐0.1 pt
5.3%
5.2% ‐0.1 pt
5.6%
5.5% ‐0.1 pt
SS‐30
AEON MALL Mus a s hi Mura ya ma
28,523 +1,576 30,300 30,100 ‐200
5.2%
5.2% ‐ 4.8%
4.8% ‐ 5.3%
5.3% ‐ SS‐36
Round1 Sta di um Ita ba s hi
2,367 +462 2,730 2,830 +100
5.6%
5.5% ‐0.1 pt
5.7%
5.5% ‐0.2 pt
5.9%
5.7% ‐0.2 pt
SS‐37
Round1 Ma chi da
5.6% ‐0.1 pt
5.8%
5.6% ‐0.2 pt
6.0%
5.8% ‐0.2 pt
2,425 +334 2,680 2,760 +80
5.7%
325,976 +2,950 324,780 328,927 +4,147
‐
US‐1
8953 Os a ka Shi ns a i ba s hi Bui lding
12,769 +630 13,300 13,400 +100
US‐6
Ka wa ra ma chi OPA
18,458 ‐2,858 15,600 15,600 ‐
US‐10
US‐12
US‐13
Subtota l
‐
‐
‐
5.0%
4.9% ‐0.1 pt
5.0%
4.9% ‐0.1 pt
1,606 +193 1,740 1,800 +60
5.0%
4,388 +551 4,740 4,940 +200
4.9%
Round1 Stadium Sennichimae (land with leasehold interest)
8,091 +418 8,260 8,510 +250
‐
SM‐1
Na ra Fa mil y
33,597 +3,702 37,300 37,300 ‐
SM‐4
Kyoto Fa mi l y
7,032 ‐1,572 5,450 5,460 +10
SM‐7
Na rupa rk
SM‐8
Ki s hi wa da Ca nCa n Ba ys i de Ma l l
‐
‐
‐
‐
‐
5.2%
5.0% ‐0.2 pt
5.3%
4.5%
4.4% ‐0.1 pt
4.8%
4.7% ‐0.1 pt
4.8% ‐0.2 pt
4.8%
4.6% ‐0.2 pt
5.2%
5.0% ‐0.2 pt
4.7% ‐0.2 pt
4.5%
4.3% ‐0.2 pt
5.0%
4.8% ‐0.2 pt
‐
4.8%
4.6% ‐0.2 pt
‐
‐ ‐ 6.3%
6.3% ‐ 5.7%
5.7% ‐ 6.6%
6.6% ‐ 6.5%
6.5% ‐ 5.9%
5.9% ‐ 6.9%
6.9% ‐ 7,976 ‐2,896 5,170 5,080 ‐90
6.5%
6.5% ‐ 6.2%
6.2% ‐ 6.7%
6.7% ‐ 7,171 +678 7,850 7,850 ‐
6.6%
6.6% ‐ 6.3%
6.3% ‐ 6.6%
6.6% ‐ ‐
5.9%
5.8% ‐0.1 pt
‐
‐ ‐ 5.5% ‐0.1 pt
5.8%
5.6% ‐0.2 pt
5.9%
5.7% ‐0.2 pt
SM‐10
Izumis a no Shofuda i (land with leasehold interest)
2,657 +112 2,770 2,770 ‐
‐
SM‐11
mozo wonder ci ty
31,698 +2,601 33,500 34,300 +800
5.6%
SM‐12
pi vo Izumi Chuo
pi vo Bldg
Tecc La nd Bl dg
5.1% ‐0.2 pt
6,009
+500 6,430 6,510
+80
‐
‐
6.1%
6.0% ‐0.1 pt
5.9%
5.8% ‐0.1 pt
6.3%
6.2% ‐0.1 pt
6.0%
5.9% ‐0.1 pt
5.8%
5.7% ‐0.1 pt
6.2%
6.1% ‐0.1 pt
40
4. Appendix
Property
number
Property Na me
Book Va l ue
(mi l li on JPY)
Unrea l i zed
profi ts a nd
l os s es
(mi ll i on JPY)
Appra is a l Va lue
(mil l ion JPY)
Feb. 2013
Aug. 2013
Va ri a ti on
Appl ica ble va l ua ti on ra te
Dis counted ca s h flow method
Di s count Ra te
Termi na l Ca p Ra te
Feb. 2013
Aug. 2013
Va ri a tion
Feb. 2013
Aug. 2013
Va ri a ti on
Direct ca pi ta l iza ti on method
Di rect Ca p Ra te
Feb. 2013
Aug. 2013
Va ria ti on
SS‐8
AEON MALL Higa s hi ura
7,195 +3,204 10,400 10,400 ‐
5.9%
5.9% ‐ 5.5%
5.5% ‐ 6.2%
6.2% ‐ SS‐16
AEON Ta ka ts uki
10,484 ‐914 9,570 9,570 ‐
6.4%
6.4% ‐ 6.5%
6.5% ‐ 6.8%
6.8% ‐ SS‐17
AEON Ya goto
3,533 ‐273 3,660 3,260 ‐400
6.9%
6.7% ‐0.2 pt
6.5%
6.3% ‐0.2 pt
6.8%
6.6% ‐0.2 pt
SS‐19
AEON Ni s hi Ots u
12,448 ‐1,648 10,800 10,800 ‐
6.4%
6.4% ‐ 6.3%
6.3% ‐ 6.5%
6.5% ‐ SS‐21
AEON TOWN Oga ki
3,865 ‐335 3,900 3,530 ‐370
10.9%
11.2% +0.3 pt
7.6%
7.6% ‐ 20.2%
22.2% +2.0 pt
SS‐23
AEON MALL Ts urumi Ryokuchi
26,536 ‐836 25,700 25,700 ‐
5.4%
5.4% ‐ 5.1%
5.1% ‐ 5.6%
5.6% ‐ SS‐24
AEON MALL Ita mi
19,670 ‐970 17,500 18,700 +1,200
5.3%
5.0% ‐0.3 pt
5.0%
4.8% ‐0.2 pt
5.5%
5.2% ‐0.3 pt
SS‐29
Ari o Otori
17,161 ‐1,961 15,400 15,200 ‐200
5.7%
5.6% ‐0.1 pt
5.4%
5.4% ‐ 5.9%
5.9% ‐ SS‐31
AEON MALL Kobe Ki ta
14,364 +1,635 16,000 16,000 ‐
5.7%
5.7% ‐ 5.3%
5.3% ‐ 5.8%
5.8% ‐ SS‐32
Li fe Ta ihei ji (l a nd wi th l ea s ehol d interes t)
1,304 ‐14 1,290 1,290 ‐
‐
‐
‐
5.2%
5.1% ‐0.1 pt
‐
‐
‐
SS‐33
Li fe Shimodera (land with leasehold interest)
1,717 +32 1,740 1,750 +10
‐
‐
‐
5.2%
5.1% ‐0.1 pt
‐
‐
‐
SS‐34
Li fe Ki s hi be (land with leasehold interest)
1,942 +57 1,990 2,000 +10
‐
‐
‐
5.1%
5.0% ‐0.1 pt
‐
‐
‐
SS‐38
Tecc La nd Neya ga wa (land with leasehold interest)
1,154 +465 1,580 1,620 +40
‐
‐
‐
5.3%
5.2% ‐0.1 pt
‐
‐
‐
SS‐39
Round1 Sta di um Sa ka i Chuo Ka njyo
1,755 +454 2,120 2,210 +90
5.8%
5.7% ‐0.1 pt
6.0%
5.8% ‐0.2 pt
6.1%
Subtota l
264,593 +956 263,760 265,550 +1,790
‐
2,979 ‐869 2,150 2,110 ‐40
‐
‐
‐
6.0%
5.8% ‐0.2 pt
‐
5.9% ‐0.2 pt
‐
‐
‐
‐
5.7%
5.6% ‐0.1 pt
6.1%
6.0% ‐0.1 pt
Other ma jor citi es
UM‐12 G DINING SAPPORO
SS‐1
AEON Senda i Na ka ya ma
9,193 +1,306 10,500 10,500 ‐
7.0%
7.0% ‐ 6.3%
6.3% ‐ 6.8%
6.8% ‐ SS‐9
AEON MALL Ka s hi iha ma
12,046 +1,653 13,300 13,700 +400
6.0%
5.9% ‐0.1 pt
6.2%
6.0% ‐0.2 pt
6.3%
6.1% ‐0.2 pt
SS‐10
AEON MALL Sa pporo Na ebo
7,108 +1,431 8,540 8,540 ‐
6.7%
6.7% ‐ 6.3%
6.3% ‐ 6.9%
6.9% ‐ SS‐15
AEON Toba ta SC
5,479 +660 6,110 6,140 +30
7.5%
7.5% ‐ 6.9%
6.9% ‐ 8.0%
8.0% ‐ SS‐18
AEON Na ha SC
10,472 ‐542 9,930 9,930 ‐
6.1%
6.1% ‐ 5.9%
5.9% ‐ 6.4%
6.4% ‐ SS‐22
AEON Ueda
8,440 ‐770 7,650 7,670 +20
6.1%
6.1% ‐ 6.0%
6.0% ‐ 6.4%
6.4% ‐ SS‐26
Oya ma Yuen Ha rves t Wa l k
8,758 ‐1,258 6,720 7,500 +780
7.6%
7.4% ‐0.2 pt
7.2%
7.2% ‐ 7.7%
7.7% ‐ SS‐28
AEON MALL Sa pporo Ha s s a mu
17,078 ‐178 16,900 16,900 ‐
5.6%
5.6% ‐ 5.4%
5.4% ‐ 5.8%
5.8% ‐ SS‐35
MrMa x Na ga s a ki
2,457 +362 2,810 2,820 +10
6.7%
6.7% ‐ 6.4%
6.4% ‐ 6.8%
6.8% ‐ SS‐40
Tecc La nd Fukuoka Shi me Honten
4,125 +684 4,770 4,810 +40
6.5%
6.5% ‐ 6.6%
6.5% ‐0.1 pt
6.8%
6.7% ‐0.1 pt
Subtota l
88,140 +2,479 89,380 90,620 +1,240
‐
‐
‐
‐
‐
‐
‐
‐
‐
Portfolio total
678,711 +6,385 677,920 685,097 +7,177
‐
‐
‐
‐
‐
‐
‐
‐
‐
41
4. Appendix
Appraisal Value of the Newly Acquired Properties
Applicable valuation rate
Property
mumber
Property name
Acquisition
price
(million yen)
Unrealized
profits and
losses
(million yen)
Appraisal value
(million yen)
Direct
capitalization
method
Discounted cash flow method
Direct cap rate
UM‐19 G‐Bldg. Ginza 01
UM‐20 KAWASAKI Le FRONT
Discount rate
5,500
+280
5,780
4.0%
30,000
+5,200
35,200
5.0%
Terminal cap rate
3.8%
4.2%
5.0%
5.2%
(1~10 yea r)5.0%
(11 yea r) 5.2%
(1~10 yea r)5.6%
(11 yea r) 5.8%
US‐16 Round 1 Kyoto Kawaramachi
2,800
+250
3,050
5.2%
US‐17 Round 1 Hiroshima
2,970
+640
3,610
5.8%
22,300
+800
23,100
4.3%
4.0%
4.3%
SM‐13 Colline Bajikouen
3,100
+480
3,580
4.8%
4.5%
5.0%
SM‐14 KAMISHIN PLAZA
3,900
+260
4,160
5.9%
5.7%
6.1%
SS‐41
3,100
+80
3,180
4.9%
4.6%
5.1%
Total
73,670
+7,990
81,660
-
-
-
US‐18 G‐Bldg. Shinsaibashi 03
5.4%
6.0%
42
4. Appendix
List of Borrowings (1) (as of Oct. 15, 2013)
Balance (millionJPY)
Short‐term
borrowings
Name of lender
Breakdown
The Bank of Tokyo‐Mitsubishi UFJ, Ltd.
4,439
Mitsubishi UFJ Trust and Banking Corporation
3,767
Sumitomo Mitsui Trust Bank, Ltd.
2,994
2013/2/8
Due
date
2014/2/7
24,310
24,310
2008/11/4
2015/3/1
Development Bank of Japan Inc.
4,100
4,100
2009/3/30
2014/3/30
12,500
12,500
2009/7/30
2016/7/30
16,666
16,666
2009/7/30
2018/7/30
Aflac
5,000
3,143
2,714
2,143
Mizuho Bank, Ltd
5,000
The Shinkumi Federation Bank
1,500
The Senshu Ikeda Bank, Limited
1,000
1.0 years
Fixed/
Variable
Variable
Interest rate
(Note1)
0.48000%
Remaining
period
(Note2)
Spread
0.33%
Classfication
Name of lender
0.3 years
5,000
8,000
2009/9/4
2009/9/30
6.3 years
0.95000%
0.80%
1.4 years
5.0 years Fixed(Note3)
1.20815%
0.95%
0.5 years
7.0 years
Fixed
1.81000%
0.80%
2.6 years
9.0 years
Fixed
2.24000%
1.05%
4.3 years
2019/9/4 10.0 years
2014/9/30
Variable
Fixed
2.95000%
1.14000%
‐
0.90%
5.9 years
1.0 years
11,000
2011/2/7
2016/2/5
0.73500%
0.50%
2.3 years
500
5,550
4,710
3,740
The Bank of Tokyo Mitsubishi UFJ, Ltd.
7,930
6,730
5,340
Sumitomo Mitsui Banking Corporation
Borrowing
term
3,000
The Hiroshima Bank, Ltd.
The Minato Bank, Ltd.
Long‐term borrowing
11,200
Borrowing
date
11,200
Total
Total
5,000
1,982
1,682
1,335
The Bank of Tokyo Mitsubishi UFJ, Ltd.
3,965
3,365
2,670
The Bank of Fukuoka
2,000
3,875
3,487
2,712
5,000
4,500
3,500
14,000
20,000
5,000
5,000
10,000
2011/3/31
2011/3/31
2011/3/31
2011/9/22
2011/9/22
2018/9/28
2019/3/29
2018/3/30
2021/9/22 10.0 years
2021/3/22
9.5 years
Variable
Variable
0.68125%
1.49000%
0.84725%
0.83000%
0.78000%
0.35%
0.40%
0.55%
0.60%
0.55%
5.0 years
5.5 years
4.5 years
7.9 years
7.4 years
2,000
2011/9/22
2016/9/22
0.55975%
0.30%
2.9 years
10,075
2011/9/22
2020/9/18
9.0 years
0.73000%
0.50%
6.9 years
13,000
2011/9/22
2020/3/19
8.5 years
Variable
Variable
0.68000%
0.45%
6.4 years
Long‐term borrowings
Classfication
Breakdown
Total
Borrowing
date
Due
date
Borrowing
term
Fixed/
Variable
Interest rate
(Note1)
Remaining
period
(Note2)
Spread
2,000
2,000
2011/9/30
2020/9/30
9.0 years
0.85000%
0.62%
7.0 years
3,500
3,500
2011/9/30
2018/3/30
0.74725%
0.45%
4.5 years
Shinsei Bank Limited
2,500
2,500
2011/9/30
2018/9/28
0.83125%
0.50%
5.0 years
4,000
4,000
2011/9/30
2018/9/28
0.83125%
0.50%
5.0 years
Resona Bank, Ltd.
2,500
2,500
2011/9/30
2016/9/30
0.56125%
0.30%
3.0 years
The 77 Bank, Ltd.
1,000
1,000
2011/9/30
2016/9/30
0.56125%
0.30%
3.0 years
3,172
2,692
8,000 2011/12/21 2019/12/20
8.0 years
Variable
0.63000%
0.40%
6.2 years
2,136
2,775
2,355
7,000 2011/12/21
7.5 years
Variable
0.58000%
0.35%
5.7 years
1,869
The Chugoku Bank, Ltd.
3,000
3,000 2011/12/21 2016/12/21
0.77900%
0.30%
3.2 years
Resona Bank, Ltd.
2,000
2,000 2011/12/21 2016/12/21
0.77900%
0.30%
3.2 years
2,180
1,850
1,470
3,500
3,570
3,030
2,400
Joyo Bank, Ltd.
The Chugoku Bank, Ltd.
2019/6/21
Variable
5,500
2012/5/22
2022/5/20 10.0 years
Variable
0.83000%
0.60%
8.6 years
3,500
2012/5/22
2022/5/20 10.0 years
Variable
0.83000%
0.60%
8.6 years
9,000
2012/5/22 2017/11/22
0.58623%
0.30%
4.1 years
1,000
1,000
2012/5/22 2017/11/22
0.58623%
0.30%
4.1 years
2,000
2,000
2012/5/22 2017/11/22
0.58623%
0.30%
4.1 years
The Bank of Fukuoka
3,000
3,000
2012/9/14
2017/9/14
0.47000%
0.20%
3.9 years
2,000
2,000
2012/9/28
2017/9/29
5.0 years
0.52000%
0.20%
4.0 years
The Bank of Fukuoka
1,000
1,000
2012/10/2
2017/10/2
0.47125%
0.20%
4.0 years
1,000
1,000
2012/10/2
2024/10/1 12.0 years
Fixed
1.64000%
0.60%
11.0 years
3,000
3,000
2012/10/2
2020/10/1
8.0 years
Fixed
1.03500%
0.40%
7.0 years
1,000
1,000
2012/10/2
2022/10/2 10.0 years
Fixed
1.20000%
‐
9.0 years
2,000
2,000
2012/10/2
2020/10/2
1.01875%
0.40%
7.0 years
1,190
1,010
3,000
2012/10/2
2020/10/2
1.01875%
0.40%
7.0 years
4,500
2012/10/2
2020/4/2
7.5 years
Variable
0.58000%
0.35%
6.5 years
3,000
2012/10/2
2020/4/2
7.5 years
Variable
0.58000%
0.35%
6.5 years
Fixed
800
1,784
1,514
1,202
3,000
(Note 1) Applied interest rate is based on the interest rate as of Oct. 15, 2013.
(Note 2) Remaining period is calculated as of Oct. 15, 2013.
(Note 3) Pursuant to interest rate swap agreements, the variable interest rate is fixed for either a part or entire outstanding borrowings.
43
4. Appendix
List of Borrowings (2) (as of Oct. 15, 2013)
Name of lender
2,974
2,524
2,002
The Daishi Bank, Ltd.
1,500
The Ashikaga Bank , Ltd.
1,000
The Bank of Yokohama, Ltd.
Shinkin Central Bank
Long‐term borrowing
Breakdown
Total
7,500
Borrowing
date
Due
date
2012/10/2
2019/10/2
Borrowing
term
7.0 years
Fixed/
Variable
Variable
Interest rate
(Note1)
0.53000%
Spread
0.30%
Remaining
period
(Note2)
6.0 years
2,500
500
The Yamaguchi Bank, Ltd.
500
The Higashi‐Nippon Bank, Limited.
500
2012/10/2
2017/10/2
0.47125%
0.20%
5.0 years
Fixed
0.53000%
0.18%
4.2 years
1,500 2012/12/28 2018/12/28 6.0 years Fixed(Note3) 0.63250%
0.20%
5.2 years
5,000
5,000
2013/2/28
2022/2/28
1.20194%
0.50%
8.4 years
5,000
5,000
2013/3/29
2022/3/31
1.21578%
0.50%
8.5 years
3,000
3,000
2013/9/30
2023/4/7
9.5 years
1.28000%
0.43%
9.5 years
1,000
1,000
2013/10/7
2.24175%
0.90%
15.0 years
1,500
1,500
2013/10/7
2024/4/5 10.5 years
Fixed
1.45000%
0.53%
10.5 years
1,000
1,000
2013/10/7
2023/10/6 10.0 years
Fixed
1.33000%
0.48%
10.0 years
1,189
1,009
1,387
1,177
Fixed
2028/10/6 15.0 years Fixed(Note3)
3,000 2013/10/7
2023/10/6 10.0 years Fixed(Note3) 1.35675%
0.48%
10.0 years
1,346
1,068
Borrowing
date
4,000 2013/10/7
Due
date
Borrowing
term
Fixed/
Variable
Interest rate
(Note1)
2016/10/7
3.0 years
Variable
0.44051%
Spread
0.30%
Remaining
period
(Note2)
3.0 years
299,151
3,500 2013/10/7
2023/4/7
9.5 years Fixed(Note3) 1.26050%
0.43%
9.5 years
310,351
5.0 years
934
1,500
1,500
2013/10/7
2023/4/7
1.26000%
0.43%
9.5 years
2,000
2,000
2013/10/7
2022/10/7
1.18425%
0.40%
9.0 years
Mizuho Bank, Ltd
1,500
1,500
2013/10/7
2022/10/7
1.18425%
0.40%
9.0 years
Mizuho Trust & Banking Co., Ltd.
1,000
1,000
2013/10/7
2022/10/7
1.18425%
0.40%
9.0 years
The Yamaguchi Bank, Ltd.
1,000
1,000
2013/10/7
2021/10/7
8.0 years
0.99000%
0.30%
8.0 years
THE NISHI‐NIPPON CITY BANK,LTD.
1,000
1,000
2013/10/7
2021/10/7
0.98800%
0.30%
8.0 years
1,189
1,009
0.30%
7.5 years
1,586
Total
801
Total / Average
2,500 2012/12/28 2017/12/29
Breakdown
4.0 years
Name of lender
Total
3,000
500
The Gunma Bank, Ltd.
Classfication
Long‐term
borrowing
Classfication
3,000 2013/10/7
2021/4/7
9.5 years
Fixed
Fixed
7.5 years Fixed(Note3) 0.94425%
801
Shinkin Central Bank
1,500
1,500
2013/10/7
2020/10/7
0.82000%
0.22%
7.0 years
The Norinchukin Bank
1,500
1,500
2013/10/7
2020/4/7
0.75425%
0.20%
6.5 years
Joyo Bank, Ltd.
1,000
1,000
2013/10/7
2020/4/7
0.75425%
0.20%
6.5 years
The Bank of Fukuoka
1,000
1,000
2013/10/7
2019/10/7
0.68550%
0.18%
6.0 years
The 77 Bank, Ltd.
1,000
1,000
2013/10/7
2019/10/7
0.68550%
0.18%
6.0 years
7.0 years
Fixed
(Note 1) Applied interest rate is based on the interest rate as of Oct. 15, 2013.
(Note 2) Remaining period is calculated as of Oct. 15, 2013.
(Note 3) Pursuant to interest rate swap agreements, the variable interest rate is fixed for either a part or entire outstanding borrowings.
44
4. Appendix
Financial Status
Status of lenders (as of Oct. 15, 2013)
Investment corporation bonds
Name
Issue
Amount
(million JPY)
Issue date
Redemption
Date
Term
Interest
Maturity
method
Series 2 of Unsecured
Corporate Bonds
15,000
Feb 9, 2005
Feb 9, 2015
10years 1.73%
Bullet maturity
amortization
(Note)
Corporate Bonds
10,000
Feb 22, 2006
Feb 22, 2016
10years 2.02%
Bullet maturity
amortization
(Note)
Corporate Bonds
15,000
May 23, 2007 May 23, 2017
10years 2.17%
Bullet maturity
amortization
(Note)
Total
40,000
(Note) Redemption can be made at any time after the next day of issuance.
Utilization of negative goodwill
Reserve for dividends (Negative goodwill)
Credit ratings
2,326 million JPY
(as of the end of Aug. 2013)
Basic Utilization Policy Remains Unchanged
A
Discrepancy between tax and accounting books
1. Excess amortization due to differences in book value, 2. Impairment losses on
fixed assets, 3. Asset write-off obligations
B
Loss on write-off due to renewal and loss on sales due to the replacement of
assets
C
Temporary items such as reduced rent accompanying change in tenants, etc.
Credit rating agency
R&I
Standard & Poor’s
Moody’s
Issuer rating
Long-term rating
AA- (Stable)
AA- (Stable)
A (Note) (Stable)
A (Stable)
A3 (Stable)
A3 (Stable)
(Note) Refers to long‐term issuer rating. Short‐term issuer rating of A‐1.
45
4. Appendix
Features of Our Portfolio Assets
Major properties
JRF green initiatives
We specialize in investing in a wide variety of retail properties varying from large‐
scale retail properties to road‐side stores and specialty buildings in favorable locations
Portfolio assets
84properties (as of Oct. 15, 2013)
We are committed to contributing to local communities and to reducing environmental burden
 Greening of facilities
~Adding greenery to the main entrance and exterior walls
mozo wonder city
GYRE
 Energy saving and Co2 reduction
~Installing solar panels and introducing LED lighting
AEON Mall Itami
Narupark
 GRESB (Global Real Estate Sustainability Benchmark)
JRF was designated as a “Green Talk” company, which is the rank given to real estate operators making excellent efforts for “Management and Policy,” in the 2013 GRESB survey of environmental responsiveness for real estate operators. Japan Retail Fund Investment Corporation
46
4. Appendix
List of Indices (as of Aug. 31, 2013)
JRF is a constituent of following indices
MSCI World Index
MSCI World Index is an index created and published by Morgan Stanley Capital International (MSCI). It covers large‐ and middle‐capital stocks which are listed in 24 developed countries and can be invested. Approximately 1,600 stock from 24 developed countries are accepted and this covers approximately 85% of developed markets. This index is a basis for other indices ,including MSCIEAFE, and is used by investors from all over the world. A various investment products related to this index are provided.
GPR 250 Index/ GPR 250 REIT Index
This is an index created and published by Global Property Research (GPR).
GPR Index consists of representative and highly liquid 250 stocks out of all stocks that satisfy criterion set forth by GPR among all listed real estate companies (including REITs). GPR 250 REIT Index is an index that consists of only REITs out of 250 constituents of GPR 250 Index.
FTSE EPRA/ NAREIT Global Real Estate Index
FTSE EPRA/ NAREIT Global Real Estate Index series is developed by EPRA, NAREIT and FTSE, and is widely used as a benchmark for international real estate investment. JRF is incorporated into a number of indices in this series, including FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Asia Pacific Index, FTSE EPRA/NAREIT Developed Global REITs Index.
UBS Global Real Estate Index/ UBS Global Real Estate Investors Index
This is an index created and published by UBSAG. UBS Global Real Estate Index consists of listed real estate companies that satisfy criterion out of all public real estate companies in the world.
UBS Global Real Estate Investors Index consists of only REITs out of all constituents of UBS Global Real Estate Index, excluding developers.
S&P Global REIT Index/ S&P Developed REIT Index
This is an index created and published by Standard & Poor's (S&P). S&P Global REIT Index consists of real estate investment trusts (REIT) out of more than 530 real estate companies from 36 countries contained in S&P Global Property index. S&P Developed REIT Index consists of REITs in developed market as defined by S&P Dow Jones Indices out of all REITs in S&P Global REIT Index.
47
4. Appendix
Investor Analysis (1)
Top 20 unitholders as of the end of August 2013
Rank
Name
Number of
units held
Ownership
ratio
As of the end of Feb. 2013
Number of
units held
Ownership
ratio
1
Ja pa n Trus tee Servi ces Ba nk, Ltd. (Trus t Account)
410,115
19.72% 398,121
19.14%
2
Trus t & Cus tody Servi ces Ba nk, Ltd. (Securi ti es Inves tment Trus t Account)
134,747
6.48% 132,124
6.35%
3
The Nomura Trus t a nd Ba nki ng Co., Ltd. ( Inves tment Trus t Account)
130,452
6.27% 117,540
5.65%
4
The Ma s ter Trus t Ba nk of Ja pa n, Ltd. (Trus t Account)
128,089
6.16% 116,549
5.60%
5
NOMURA BANK (LUXEMBOURG) S.A.
84,747
4.07% 88,200
4.24%
6
THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT
55,986
2.69% 44,877
2.15%
7
Mi ts ubi s hi Corpora ti on
35,900
1.72% 35,900
1.72%
8
STATE STREET BANK AND TRUST COMPANY 505223
30,896
1.48% 35,811
1.72%
9
STATE STREET BANK ‐ WEST PENSION FUND CLIENTS ‐ EXEMPT
25,452
1.22% 23,873
1.14%
10
STATE STREET BANK AND TRUST COMPANY
24,904
1.19% 42,765
2.05%
11
STATE STREET BANK AND TRUST COMPANY 505225
24,146
1.16% 23,892
1.14%
12
SIX SIS LTD.
23,644
1.13% 25,106
1.20%
13
STATE STREET BANK WEST CLIENT ‐ TREATY
22,190
1.06% 22,033
1.05%
14
MELLON BANK, N.A. AS AGENT FOR ITS CLIENT MELLON OMNIBUS US PENSION
21,823
1.04% 17,101
0.82%
15
Mi zuho Securi ti es Co., Ltd.
20,302
0.97% 10,547
0.50%
16
THE BANK OF NEW YORK MELLON AS AGENT BNYM AS EA DUTCH PENSION OMNIBUS 140016
19,473
0.93% 20,778
0.99%
17
The Gi bra l ta r Li fe Ins ura nce Co., Ltd. (Genera l Account J‐REIT)
19,185
0.92% 20,133
0.96%
18
SSBT OD05 OMNIBUS ACCOUNT ‐ TREATY CLIENTS
15,649
0.75% 18,046
0.86%
19
North Pa ci fi c Ba nk, LTD.
14,212
0.68% 14,212
0.68%
20
MELLON BANK TREATY CLIENTS OMNIBUS
13,534
0.65% 8,677
0.41%
Total
1,255,446
60.38%
1,216,285
58.49%
(Note) Units issued outstanding
Aug. 2013 Period (23rd) : 2,079,198 units
Feb. 2013 Period (22nd) : 2,079,198 units
48
4. Appendix
Investor Analysis (2)
Ownership ratio by investor type
Number of unitholders by investor type
(Note 1) Excludes retail investors and others
(Note 2) The figures in parentheses represent the total number of unitholders including retail and other investors
49
4. Appendix
Historical Performance of Investment Unit Price
Unit price and trading volume trends since IPO
(Mar. 12, 2002 to Feb. 4, 2014)
Recent trends
(Sep. 1, 2011 to Feb. 4, 2014)
173.6%
146.3%
146.3%
(Note 1) Closing price basis
(Note 1) (Note 2) Since a four‐for‐one investment unit split was carried out on March 1, 2010, the post‐split unit price is shown.
(Note 2) Left axis describes relative unit price trends that is closing price on Sep. 1, 2011 to be assumed as 100%
(Source)
Bloomberg
(Source)
Bloomberg
Closing price basis
50
4. Appendix
Management Company Structure
Major shareholders
Employees
Asset Manager:
94 staff members
(excluding part‐time directors and employees)
Qualification holders:
Shares
% in total issue
Shares
% in total issue
5,100
51.0%
4,900
49.0%
Real‐estate transaction specialists
First‐class architects
Real estate appraisers
CFA
CMA
Tax accountants
MBA
ARES certified master
(Note) As of the end of Aug. 2013

Management structure
40
6
6
1
6
2
3
30
(Note) As of Oct. 1, 2013 Shareholders’ meeting
Auditors
Auditors’ Meeting
Board of Directors
President & CEO
Deputy President
Compliance Committee
Internal Audit Office (Note)
Investment Committee
Compliance Office
Retail Division
Industrial Division
Stakeholder Transactions Review Committee
Human Resources and Corporate Services Dept.
Finance Dept.
Operation Planning & Accounting Dept.
Research Dept.
Strategic Planning Dept.
(Note) The Deputy President concurrently serves as the head of the Internal Audit Office.
51

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1 SCOPRI L`ANIMA DEL GIAPPONE KANSAI KOKUSA I GA KUIN

A Modern Old West Retail Development @ Sendera Ranch

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Information

strategy . positioning. design . corporate communication

Milan, Italy

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Analyst Meeting Material (Appendix)

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