May 17, 2012

JAPAN REAL ESTATE INVESTMENT CORPORATIONANNOUNCEMENT OF TWENTYFIRST FISCAL PERIOD RESULTS
1.
Summary of Financial Results
In the 21st fiscal period (six months ended March 31, 2012), Japan Real Estate Investment Corporation(“JRE”) recorded operating revenues totaling 24,059 million yen, up 5.4% compared with the previous
period. On the earnings front, operating income increased 3.9% to 10,786 million yen. After deducting
expenses for interest payments on loans and other costs, ordinary income rose 3.0% to 8,863 million yen
and net income improved 8.1% to 8,934 million yen.
Turning to dividends, JRE maintains the total amounts of reserve for reduction entry and income
taxes deferred related to reserve for reduction entry accumulated in the previous fiscal period, both ofwhich were recorded in accordance with stipulations under Article 67-15 of the Special Taxation Measures
Law of Japan, as well as based on the “Special Provisions for Taxation in the case of Advance Acquisitionof land, etc. in 2009 and 2010” under Article 66-2 of said law (which is intended to ensure that a stable cash
dividend level is maintained), and allocates the adjusted amount of deferred tax liability to reserve for
reduction entry, reflecting changes in corporate tax rates. Therefore, JRE has determined to pay out cash
dividends of 8,888,957,600 yen from retained earnings for the period under review, which must be
divisible by 549,040—the number of units outstanding as of March 31, 2012. Accordingly, the per-unit
cash dividend totaled 16,190 yen.
2. Results of Operations(1)
Property Management and Acquisition
During the period under review, conditions in the Japanese economy remained severe due to a delay
in full-fledged economic recovery. Despite a faster-than-anticipated restoration of the supply capacity
disrupted by the Great East Japan Earthquake, such economic difficulties were mainly attributable tolackluster demand for disaster-related reconstruction despite positive expectations due to stalled
government measures; flood damage in Thailand; and the extremely strong yen, reflecting sovereignrisk in Europe.
In the market for leased office space, occupancy rates for office buildings in Tokyo stopped
falling for the most part. However, rent levels remained on a downward trend due to ongoing highvacancy rates amid an excessive supply of new buildings. In regional business areas, although there
were signs that occupancy rates in certain urban areas were gradually beginning to improve, theoverall trend of high vacancy rates coupled with low rent levels prevailed amid stagnant demand for
office space.
In the property market, difficulties remained in establishing common ground regarding prices
with buyers acting more conservatively, in line with actual market conditions for leased office space,and sellers pinning expectations on a rebound in economic and property market conditions. In
addition, the transaction volume failed to rally due to an accommodative fund raising environmentthat encouraged potential sellers to hold on to their properties.
Amid such harsh circumstances, JRE strived to improve occupancy rates by aggressively
promoting leasing activities that take into account market trends. As a result of these activities, JRE’s
occupancy rate edged up from 94.6% as of September 30, 2011 to 94.7% as of March 31, 2012. In
addition, as part of its external growth strategy, JRE worked to strengthen its portfolio through the1acquisition of the Akasaka Park Building, a highly competitive, large-sized office building located incentral Tokyo.
As a result of the above, JRE’s portfolio as of March 31, 2012, consisted of 57 office buildings
with a total acquisition price of 718,663 million yen. Total leasable space stood at 629,761 m2, with a
total of 1,058 tenants.
(2) Finance Activities
To fund the repayment of existing loans (including those to be repaid prior to maturity), JRE procuredloans totaling 7,500 million yen on November 1, 2011; 2,000 million yen on December 15, 2011; and7,000 million yen on March 26, 2012.
Moreover, JRE procured 37,000 million yen in short-term loans and 17,000 million yen in
long-term loans on November 15, 2011 to fund the acquisition of the Akasaka Park Building.
At the same time, JRE decided to issue 54,400 new investment units through public offeringand 5,440 new investment units through third-party allocation during the period under review.
Through these new unit issuances, JRE procured 35,471 million yen on February 28, 2012 and 3,547
million on March 27, 2012, respectively.
JRE made repayments of short-term loans prior to their maturity in the amounts of 35,400
million yen and 3,600 million yen on February 29, 2012 and March 29, 2012, respectively, with funds
procured through the issuance of the above investment units.
As a result of these financing activities, as of March 31, 2012, JRE’s total interest-bearing debt
amounted to 284,300 million yen. This amount consists of long-term loans totaling 215,800 million
yen (including a current portion totaling 50,100 million yen), short-term loans totaling 13,500 million
yen, and investment corporation bonds totaling 55,000 million yen (including a current portion
totaling 10,000 million yen).
As of March 31, 2012, JRE’s long-term, fixed-interest debt ratio (ratio of long-term,
fixed-interest debt, including the current portion of long-term loans and investment corporation bonds,
to total interest-bearing debt) stood at 95.3%, and the LTV ratio (ratio of interest-bearing debt to total
assets) was 40.4%. As these figures indicate, JRE has been able to maintain a sound and conservative
financial standing.
JRE’s credit ratings as of March 31, 2012 were as follows:
Rating Agency
Credit Rating
Long-term: A+; Short-term: A-1;
Standard & Poor’s Ratings Japan K.K.
Outlook: Stable
Moody’s Japan K.K.
Rating: A1; Outlook: Negative
Rating and Investment Information, Inc.
Rating: AA; Outlook: Stable
3. Outlook(1) Operating Environment
The Japanese economy is anticipated to gradually recover since numerous negative factors continuingfrom the previous year—particularly the impact of the Great East Japan Earthquake—have becomeless prominent. However, recessionary risks remain due to various factors that include ongoing power
supply problems, a slowing of overseas economies, an exacerbation of the European financial crisis,
the renewed strength of the yen and higher oil prices.
In the market for leased office space, vacancy rates are projected to remain at current levels forthe foreseeable future, reflecting low expectations that demand will rapidly increase. However,market rent levels are expected to bottom out in the latter half of 2012 thanks to efforts to promote2adjustments to current rent levels to increase affordability for tenants as well as a decrease in the
supply of new buildings.
Regarding property markets, JRE believes that an increase in sales property information willcontinue to be unlikely for the time being due to a fund-raising environment that remains
accommodative. In order to continue steadily acquiring prime properties, JRE considers it important
to maintain agile and accurate decision making. Such decision making is facilitated by detailed
analysis of leasing markets and the acquisition of sales information through a variety of property
information channels.
a. Property Management
As stated above, conditions in the market for leased office space are anticipated to be severe as thefall in market rent levels has not yet completely bottomed out. Therefore, the downward pressure
on rent levels is expected to remain strong. In line with these expectations, JRE will adhere to thefollowing management policies in order to keep improving profitability.
(i) Strengthen relationships of trust with existing tenants
As of March 31, 2012, JRE had contracts with 11 property management companies. Mostof these companies were already handling the management of their buildings before JRE
acquired them and had thus built relationships of trust with their tenants. JRE will work tofurther strengthen these relationships by anticipating tenants’ needs and providing tailoredservices to increase tenant satisfaction, thereby maintaining occupancy rates anddisincentivizing rent reduction requests.
(ii) Fill vacancies promptly
In cooperation with the property management companies mentioned above, JRE will
actively seek the most appropriate tenants for each property, based on location andfeatures, in order to fill current and anticipated vacancies as rapidly as possible.
Furthermore, JRE will work to uncover additional needs for floor space among existing
tenants.
(iii) Stabilize revenues and earnings
With the aim of stabilizing revenues and earnings, JRE will endeavor to secure fixed- andlong-term leasing agreements with its large-scale tenants.
(iv) Reduce management costs
JRE has introduced sound competitive principles for its multiple property managementcompanies to follow and is revamping their management systems and cost structures on
an ongoing basis.
b. Property Acquisitions and Sales
JRE has adopted the following policies for acquiring properties.
(i) To access important information quickly, JRE continues to enhance its property
information channels while working to develop new channels.
(ii) In its acquisition activities, JRE continues to meticulously monitor and examine economic,
physical and legal factors, including rights-related issues, when selecting properties. In
particular, with regard to the structure of buildings, JRE requires buildings to meet or
exceed new earthquake-resistance standards and exclusively targets properties capable ofmaintaining a competitive edge in terms of the facilities they offer over the medium tolong term.
(iii) In accordance with its acquisition policies, JRE shall maintain its portfolio so that 70% ormore of the portfolio properties are located within the Tokyo metropolitan area, with theremaining 30% or fewer located in other major cities.
3

Under these policies, JRE will continue to acquire highly competitive properties. At the same time,in order to further enhance the quality of its portfolio, JRE will remain open to the replacement of
portfolio properties with due consideration given to timing.
c. Financial Strategy
In principle, JRE shall maintain an LTV ratio that does not exceed 65%. To ensure an even lower
interest-bearing debt ratio, JRE adopts the conservative target level of 30% to 40%. As for thefinancing of property acquisitions, JRE shall use, in a flexible manner, a variety of funding
schemes—including the issue of investment corporation bonds—while maintaining a sound andconservative financial standing and closely monitoring trends in financial markets. Whenobtaining a loan, JRE shall strictly adhere to its financial policies. More specifically, with the aimof minimizing funding costs, JRE shall negotiate with several qualified institutional investors(limited to those defined under the Special Taxation Measures Law of Japan) before executing aloan agreement.
(2) Performance Forecasts
For the 22nd fiscal period (April 1, 2012, to September 30, 2012), JRE forecasts operating revenues
totaling 24,050 million yen, operating income totaling 10,220 million yen, ordinary income totaling
8,350 million yen, and net income totaling 8,430 million yen. JRE plans to declare a cash dividend
totaling 15,700 yen per unit.
For the 23rd fiscal period (October 1, 2012, to March 31, 2013), JRE forecasts operating
revenues totaling 24,370 million yen, operating income totaling 10,240 million yen, ordinary income
totaling 8,330 million yen, and net income totaling 8,310 million yen. JRE plans to declare a cash
dividend totaling 15,140 yen per unit.
The above estimates for the 22nd and 23rd fiscal periods are based on the following assumptions.
JRE assumes that its property portfolio will consist of the 58 properties that it held as of April 1, 2012,plus TIXTOWER UENO, which is scheduled to be purchased on June 15, 2012. The actual portfolio
may differ from this assumption due to additional property acquisitions and sales.
JRE assumes that the number of units outstanding as of May 17, 2012, 549,040, will remainunchanged over the two fiscal periods.
JRE assumes as an operational guideline, an LTV ratio in the 30% to 40% range.
In the 22nd fiscal period, JRE presumes that it will undertake new long-term loans totaling 22,000
million yen for the acquisition of the TIXTOWER UENO (scheduled for June 15, 2012). As of May
17, 2012, JRE also presumes that it will refinance the remainder of short-term loans totaling 5,500
million yen (repayment dates: June 1, 2012, August 1, 2012 and September 3, 2012) and long-termloans totaling 1,000 million yen (repayment date: August 31, 2012). In addition, JRE assumes that it
will redeem investment corporation bonds totaling 10,000 million yen (maturity date: June 18, 2012)
through funds procured from the issuing of investment corporation bonds or the undertaking of loans.
In the 23rd fiscal period, JRE presumes that, as of May 17, 2012, it will refinance theremainder of short-term loans totaling 8,000 million yen (repayment dates: November 1, 2012 andMarch 26, 2013) and long-term loans totaling 49,000 million yen (repayment dates: October 29, 2012,
December 20, 2012, December 21, 2012, January 15, 2013 and March 25, 2013). There are no4

investment corporation bonds set to mature in the 23rd fiscal period.
Revenues from portfolio properties held by JRE (including TIXTOWER UENO) are calculated bytaking into consideration new contract conclusions and existing contract cancellations fixed as of May
17, 2012, and by factoring in potential variables, such as a risk of decrease in revenues due to returned
space and reduced rent levels, taking into account recent market conditions for leased office space.
JRE assumes that dividend amounts in the 22nd fiscal period will be calculated by allocating 280
million yen from internal reserves.* In addition, the deferred tax liability will decrease in tandem withthe amount allocated from reserve for reduction entry; the applicable amount of decrease will be acontributing factor to a rise in net income (income taxes deferred).
* The total of 909 million yen consists of the amount apportioned to internal reserves from the gain on sale of land as
a result of the sale of the Takanawadai Building as of April 1, 2011 under the application of the Special Provisions for
Taxation in the case of Advanced Acquisition of Land, etc. in 2009 and 2010 (total of 878 million yen which consistsof reserve for reduction entry and associated income taxes deferred) and retained earnings of 30 million yen.

JRE presumes that revisions that could impact the above-mentioned forecasts will not be made insuch areas as laws, tax systems, accounting standards, and listing rules as well as regulations of theInvestment Trusts Association, Japan.
JRE assumes that there will be no unprecedented significant changes in general market trends
or real estate market conditions.
In addition to the abovementioned income taxes—deferred, JRE calculates the amount of its
corporate tax, taking into consideration asset retirement obligations as well as the depreciation ofleasehold for a building with term leasehold interest.

5

Income Statement for the 21st Period(In millions of yen; Dividend per unit in yen)Term

20th Period

21st Period(Sep 30, 2011)
Actual/Forecast

ActualOperating Revenues→ change →(amount)(%)

21st Period(Mar 31, 2012)
Actual← change ←(amount)(%)(Mar 31, 2012)
Previous Forecast(*1)

22,829

1,229

5.4%

24,05919

0.1%

24,040Property-related Revenues

22,283

1,776

8.0%

24,05919

0.1%

24,040Rental Revenues

22,187

Non-rental Revenues

95

Gain on Sale of Properties (*2)

546

23,775284--

12,449823

6.6%

13,273

-

-

7,162

535

7.5%

7,697

-

-

Property Management Expenses

2,573

291

11.3%

Property Management Costs

2,533

Operating Expenses
Property-related Expenses (*3)

Brokerage Fees, etc.

-546 -100.0%

2,864
2,784

39

80

Utilities Expenses

1,686

116

6.9%

1,802

Property and Other Taxes

2,074

2,081

-7

-0.3%

Casualty Insurance

47

3

7.0%

51

Repairing Expenses

585

115

19.8%

700

Other Expenses
NOI (*4)
Depreciation

-

187

15

8.3%

203

15,121

1,240

8.2%

16,361

-

-

4,433

257

5.8%

4,690

-

-

Property-related Profits and Losses (*4)

10,687983

9.2%

11,671--Gross Operating Income

11,234436

3.9%

11,671--

Administrative Expenses
Asset Management Fees
Other Administrative Expenses

854

30

3.6%

884

-

-

546

32

6.0%

579

-

-

405

3.9%

10,786307

Operating Income

10,380Non-operating Revenues

305

30

Interest Income

6

5

Other Non-operating Revenues

240

Non-operating Expenses

1,807Interest Expense

1,295

48

3.7%

1,343

Interest Expense on Investment Corporation Bonds

471

-1

-0.4%

469

Amortization of Investment Corporation Bond Issuance Costs

21

Other Non-operating Expenses

18

Ordinary Income

8,603

Income before Income Taxes

8,614

Income Taxes

46

10,740

1,928
-

-

21
93
259

3.0%

8,863

93

1.1%

8,770

104

1.2%

8,830

190

1.2%

16,000

8,904

346

-30

Net Income

8,268

Retained Earnings at Period-end

8,317

FFO (*5)

12,154

1,470

12.1%

13,625

Dividend per Unit

15,850340

2.1%

16,190

666

8.1%

8,934
8,964

*1 The previous forecast means adjusted performance forecast of the 21st Period's operating condition announced on February 13, 2012.
*2 Gain on sale of properties ＋Gain on exchange of properties*3 Excluding Depreciation*4 Excluding Gain on sale of properties*5 Net income＋Depreciation - Gain on sale of properties

6

0.4%

5

Balance Sheet for the 21st Period(In millions of yen)
20th Period

21st Period(Sep 30, 2011)(Mar 31, 2012)

19,366

18,661

256

699

19,62319,360-262

Buildings (including those held in trust)

235,336

251,144

15,808Structures (including those held in trust)

2,590

2,957

366

Item

ChangeReason for change

AssetsⅠ Current Assets
Cash and Bank Deposits
Other Current Assets
Total Current Assets-704
442 Increased due to refundable consumption taxes, etc.

Ⅱ Fixed Assets
Property and Equipment

Machinery and Equipment (including that held in trust)

3,213

3,277

64

Land (including that held in trust)

424,833

472,70947,876

Accumulated Depreciation-50,887-55,559-4,671

Total Property and Equipment

615,085

674,530

59,444

7,456

7,440

-15

7,456

7,440

-15

Intangible Assets
Leasehold rights, etc. (including those held in trust)
Total Intangible Assets
Investments and Other Assets
Investment Securities

577

577

-

Long-term Prepaid Expenses, etc.

1,088

1,079

-8

Total Investments and Other Assets

1,665

1,656

-8

624,207

683,627

59,419

118

96

-21

118

96

-21

643,949

703,085

59,135

Total Fixed Assets
Ⅲ Deferred Assets
Deferred Investment Corporation Bond Issuance Costs
Total Deferred Assets
Total Assets

7

Increased due to capital expenditure and theacquisition of property

(In millions of yen)Item

20th Period

21st Period(Sep 30, 2011)(Mar 31, 2012)

ChangeReason for change

Liabilities
Ⅰ Current Liabilities

Increased due to the new loan for property acquisition

Short-term Loans

16,50013,500-3,000 and decreased due to repayment of short-term loans

Current Portion of Long-term Loans

8,100

50,10042,000 Increase due to decrease of remaining periods of loans

Current Portion of Investment Corporation Bonds

10,00010,000Rent Received in Advance

2,477

3,156

679 Increased due to property acquisition, etc.

Other Current Liabilities

3,019

2,535

-484

40,097

79,292

39,195Investment Corporation Bonds

45,00045,000-Long-term Loans

189,750

165,700

Deposits Received from Tenants

35,78839,622642

600

271,181250,922-20,258

311,279

330,215

18,936324,353

363,371

39,018 Increased due to reserve for reduction entry

-

533

533

8,317

8,964

647

Total Net Assets

332,670

372,869

40,199Total Liabilities and Net Assets

643,949

703,085

59,135by net proceeds of capital increase

Decreased due to refinancing to long-term loans, etc.

Total Current Liabilities-

Ⅱ Long-term Liabilities

Other Long-term Liabilities
Total Long-term Liabilities

Total Liabilities

portion of long-term loans.

3,833 Increased due to property acquisition, etc.
-42 Decreased due to adjusted balance of deferred tax

liabilities related to the revision of corporate tax rates

Net Assets
Unitholders' Capital
Reserve for Reduction Entry
Retained Earnings

Increased due to the new loan for property acquisition-24,050 and decreased due to the transfer to the current

Increased due to investment units issuance8

Property Data
(In millions of yen)

Area

Name

21st Period

20th Period

Appraisal
Value

Appraisal
Value

Amount ofDifference

21st Period

21st Period

Book Value

Appraisal
Value －

(Mar 31, 12)

Book Value

Acquisition
Price(Mar 31, 12)(Sep 30, 11)Tokyo 23 Wards

ChiyodaGenki Medical Plaza

6,160

6,100

60

4,958

1,201

5,000

Tokyo 23 Wards

ChiyodaKitanomaru Square

68,70068,700076,921-8,221

81,555

Tokyo 23 Wards

ChiyodaMD Kanda

7,810

8,750

-940

8,782

-972

9,520

Tokyo 23 Wards

ChiyodaKandabashi Park

4,290

4,560

-270

4,566

-276

4,810

Tokyo 23 Wards

ChiyodaNibancho Garden

16,30016,300013,442

2,857

14,700Tokyo 23 Wards

ChiyodaMitsubishi UFJ Trust

45,80046,500-700

29,76016,03944,700Tokyo 23 Wards

ChiyodaBurex Kojimachi

6,390

6,220

170

6,273

116

7,000

Tokyo 23 Wards

ChiyodaSanno Grand

29,60029,000600

21,3698,230

20,900Tokyo 23 Wards

ChiyodaYurakucho Denki

7,430

7,430

0

7,828

-398

7,200

Tokyo 23 Wards

Chuo

Kodenmacho

2,980

3,110

-130

2,808

171

3,173

Tokyo 23 Wards

Chuo

Kyodo (Kayabacho 2Chome)

4,780

4,710

70

4,403

376

4,410

Tokyo 23 Wards

Chuo

Burex Kyobashi

6,330

6,170

160

4,775

1,554

5,250

Tokyo 23 Wards

Chuo

Ginza Sanwa

14,60014,6000

17,044-2,444

16,830Tokyo 23 Wards

Chuo

Ryoshin Ginza EM

5,040

5,300

-260

7,753

-2,713

7,999

Tokyo 23 Wards

Chuo

Harumi Center

20,00020,300-300

24,865-4,86526,800Tokyo 23 Wards

MinatoAoyama Crystal

7,240

7,460

-220

7,331

-91

7,680

Tokyo 23 Wards

MinatoShiodome

78,00078,000074,8843,115

75,850Tokyo 23 Wards

MinatoShiba 2Chome Daimon

5,910

6,060

-150

4,809

1,100

4,859

Tokyo 23 Wards

MinatoCosmo Kanasugibashi

2,610

2,730

-120

2,565

44

2,808

Tokyo 23 Wards

Shinjuku

Shinwa

5,740

5,980

-240

7,590

-1,8507,830Tokyo 23 Wards

Shinjuku

Tokyo Opera City

30,40030,900-500

30,447-47

31,776

Tokyo 23 Wards

Shinagawa

Higashi-Gotanda 1Chome

5,600

5,650

-50

4,907

692

5,500

Tokyo 23 Wards

ShinagawaOsaki Front Tower

15,17015,180-10

12,135

3,034

12,300Tokyo 23 Wards

Ota

Omori-Eki Higashiguchi

5,330

5,250

80

4,563

766

5,123

Tokyo 23 Wards

ShibuyaNippon Brunswick

6,730

7,040

-310

6,867

-137

6,670

Tokyo 23 Wards

Shibuya

Yoyogi 1Chome

9,870

9,990

-120

7,674

2,195

8,700

Tokyo 23 Wards

Shibuyada Vinci Harajuku

6,120

6,090

30

4,930

1,189

4,885

Tokyo 23 Wards

Shibuya

Jingumae MS

10,20010,400-200

10,956-756

12,200Tokyo 23 Wards

ShibuyaShibuya Cross Tower

42,00040,8001,200

38,4383,561

34,600Tokyo 23 Wards

ShibuyaEbisu Neonato

2,740

2,800

-60

3,559

-819

4,100

Tokyo 23 Wards

NakanoHarmony Tower

9,630

9,450

180

7,828

1,801

8,500

Tokyo 23 Wards

Toshima

Otsuka Higashi-Ikebukuro

3,820

3,820

0

3,551

268

3,541

Tokyo 23 Wards

Toshima

Ikebukuro 2Chome

1,610

1,580

30

1,618

-8

1,728

Tokyo 23 Wards

Toshima

Ikebukuro YS

4,120

4,230

-110

4,415

-295

4,500

Other Areas

HachiojiHachioji First

4,170

4,450

-280

5,179

-1,009

5,679

Other Areas

Saitama

Saitama Urawa

2,030

2,070

-40

2,521

-491

2,574
37,400

Other Areas

Yokohama

MM Park

35,60035,900-300

35,329270

Other Areas

Kawasaki

Kawasaki Isago

2,730

2,720

10

2,856

-126

3,375

Other Areas

KawasakiMusashi Kosugi STM

3,560

3,510

50

3,860

-300

4,000

Other Areas

Sapporo

6,630

0

6,709

-79

7,100

Sendai8･ 3 Square Kita
Jozenji Park

6,630

Other Areas

880

887

-7

970

-90

1,000

Other Areas

SendaiSendai Honma

2,470

2,480

-10

2,757

-287

3,174

Other Areas

Kanazawa

Kanazawa Park

5,330

5,330

0

4,089

1,240

4,580

Other Areas

NagoyaNishiki Park

3,620

3,660

-40

4,637

-1,017

5,150

Other Areas

NagoyaHirokoji Sakae

1,310

1,330

-20

1,710

-400

1,680
14,533

Other Areas

NagoyaNagoya Hirokoji

12,60012,600014,959-2,359Other Areas

NagoyaNagoya Misono

1,040

1,080

-40

1,456

-416

1,865

Other Areas

Kyoto

Kyoto Kawaramachi

1,770

1,720

50

2,678

-908

2,650
24,000

Other Areas

Osaka

Shin-Fujita

16,30016,400-100

22,789-6,489Other Areas

Osaka

Sakaisujihonmachi

3,580

3,620

-40

3,813

-233

4,164

Other Areas

Osaka

Midosuji Daiwa

14,10014,100013,402697

14,314
4,650

Other Areas

Okayama

Lit City

4,200

4,220

-20

3,874

325

Other Areas

Hiroshima

NHK Hiroshima

2,280

2,980

-700

2,543

-263

2,770

Other Areas

Fukuoka

Tosei Tenjin

1,290

1,320

-30

1,322

-32

1,550

Other Areas

FukuokaTenjin Crystal

2,470

2,470

0

4,454

-1,9845,000

Other Areas

FukuokaHinode Tenjin

3,720

3,720

0

3,482

237

3,657

499,050

501,160-2,110474,634

24,415502,998

131,680

133,197-1,517

145,399-13,719

154,865

630,730

634,357-3,627620,033

10,696

657,863

62,500－－61,936563

60,800Tokyo 23 Wards

561,550－－

536,571

24,978563,798

Other Areas

131,680－－

145,399-13,719

154,865

Total (57 properties)

693,230－－

681,970

11,259718,663

Properties held as of the end of Tokyo 23 Wards
the 20th and 21st Periods during
Other Areas
which the shares of ownership
remain unchanged
Total (56 properties)
Property acquired during the 21st PeriodTokyo 23 Wards

MinatoAkasaka Park

57 properties held as of the end of the 21st Period9