May 18, 2010
JAPAN REAL ESTATE INVESTMENT CORPORATIONANNOUNCEMENT OF SEVENTEENTH FISCAL PERIOD RESULTS
1. Summary of Financial Results
In the 17th fiscal period (October 1, 2009 to March 31, 2010), Japan Real Estate Investment
Corporation (“JRE”) recorded operating revenues totaling 21,665 million yen, up 0.7% compared withthe previous period. On the earnings front, operating income increased 4.8% to 10,538 million yen.
After deducting expenses for interest payments on loans and other costs, ordinary income rose 4.4% to
8,876 million yen, and net income also rose 4.4% to 8,875 million yen.
During the period under review, JRE posted a gain on transfer of a part of the Jingumae Media
Square Building site in connection with land expropriation by the Tokyo Metropolitan Government. In
accordance with stipulations under Article 65-2 of the Special Taxation Measures Law of Japan, aspecial tax exemption relating to land expropriation and exchange was applied to this gain. JRE
decided to set aside as an internal reserve a portion of its retained earnings at the end of the 17th fiscal
period, setting the maximum limit of such reserve at an amount equal to the special tax exemption (50million yen) and determining the amount of such reserve so that additional income taxes and burdens
on unitholders will be avoided. Reflecting this decision, JRE has determined to pay out cash dividends
in an amount that does not exceed the amount of retained earnings at period-end, less the amount of
the aforementioned internal reserve, which is the maximum integral multiple of 489,200—the numberof units outstanding as of March 31, 2010. Accordingly, the amount of cash dividends for the period
under review totaled 8,826,635,600 yen, for a per-unit cash dividend of 18,043 yen.
2. Results of Operations(1) Property Management and Acquisition
During the period under review, the Japanese economy showed signs of steady recovery, including
overall capital investment bottoming out and personal spending and employment conditions improving.
However, lacking an internal driving force, the economy continued to face severe conditions,
including ongoing high unemployment.
The worst of the harsh conditions in the market for leased office space seems to beapproaching an end. Nevertheless, overall corporate sector performance remains weak, and stagnant
demand for office space has yielded unfavorable conditions nationwide in the form of rising vacancy
rates and declining rent levels.
In the property market, certain private funds and Japanese real estate investment trusts(J-REITs) started to acquire properties, indicating a turnaround in market conditions. Nevertheless, thetransaction volume continued to trend lower.
1

Amid this severe environment, JRE worked diligently to keep reinforcing the competitivenessof its portfolio properties. Particular initiatives included the upgrading of building and facility
specifications through appropriate renovations and aggressive activities to attract new tenants. At thesame time, JRE endeavored to further bolster the quality of its property portfolio. More specifically,
JRE acquired an additional 30% of quasi-co-ownership of trust beneficiary rights to the highly
competitive Shiodome Building while acquiring an additional share of the co-ownership ofcompartmentalized building units (share of ownership of the building: 22.957%) of the also
competitive Tokyo Opera City Building.
In addition, in conjunction with land expropriation after the March 31, 2004 approvals for
public projects relating to the expansion of Meiji-Dori St., etc., JRE sold a part of the Jingumae Media
Square Building site to the Tokyo Metropolitan Government during the period under review. Brief
details of this transaction are as follows.
As a result of these activities, JRE’s portfolio as of March 31, 2010 consisted of 55 officebuildings with a total acquisition price of 641,245 million yen. Total leasable space stood at 566,277
m2 (approximately 171,299 tsubo), with a total of 979 tenants.*
Note: The total leasable space and the number of tenants do not include the land and building that havebeen acquired for the purpose of extending the adjacent Ryoshin Ginza East Mirror Building.
■ Outline of asset transfer
Property nameLocation
Type of specified asset
Transfer priceJingumae Media Square Building
Shibuya-ku, Tokyo
Land (part of Jingumae Media Square Building site)
1,507 million yen(2) Finance Activities
In order to provide funds to acquire specified assets and repay existing loans, JRE’s Board of Directors
passed a resolution regarding the issue of 42,000 new investment units through public offering and
4,200 new investment units through third-party allocation during the period under review. Throughthese new unit issuances, JRE procured 24,319 million yen on December 8, 2009 and 2,431 million
yen on December 22, 2009, respectively.
Using a portion of the funds procured through these new unit issuances and cash on hand, JRE
made early repayments of short-term loans in the amounts of 5,000 million yen and 6,000 million yen
on December 24, 2009 and January 4, 2010, respectively.
To provide funds for the repayment of other existing loans, JRE procured 2,000 million yen on
December 15, 2009 while procuring 20,000 million yen on December 21, 2009 through loans.
To fund the acquisition of the additional share of the quasi-co-ownership of trust beneficiaryrights to the Shiodome Building, JRE procured 31,000 million yen on January 15, 2010 through loans.
2Furthermore, to fund the acquisition of an additional share of the co-ownership of compartmentalizedbuilding units of the Tokyo Opera City Building and the repayment of existing loans, JRE procured
39,500 million yen on March 24, 2010 through loans. As a result of these financing activities, as ofMarch 31, 2010, JRE’s total interest-bearing debt amounted to 262,500 million yen. This amountconsists of long-term loans totaling 178,500 million yen, which includes the current portion totaling
9,100 million yen, in addition to short-term loans totaling 39,000 million yen and investment
corporation bonds totaling 45,000 million yen, which includes the current portion totaling 10,000
million yen.
As of March 31, 2010, 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 85.1%, and the LTV ratio (ratio of interest-bearing debt to total
assets) was 41.2%. As these figures indicate, JRE has been able to maintain a sound and conservative
financial standing.
JRE’s credit ratings as of March 31, 2010 were as follows.
Rating agency

Credit ratingStandard & Poor’s Ratings Services

Long-term: AA-; Short-term: A-1+; Outlook: Negative

Moody’s Investors Service Inc.

Rating: A1; Outlook: Stable

Rating and Investment Information, Inc.

Rating: AA; Outlook: Stable

3. Outlook(1) Operating Environment
Despite the lingering severity of employment conditions, the Japanese economy is expected to remain
on a mild recovery course, supported by emergency economic policy packages implemented by thegovernment and other factors. Nevertheless, there are risks that could place downward pressure on thedomestic economy, including a possible slowdown in overseas economies, persistent deflation and thepotential of further deterioration in employment conditions. Due to such risks, making forecasts stillrequires a conservative approach.
In the market for leased office space, due to the fact that rent levels have been adjusted
downward, the vacancy rate is expected to peak out in central Tokyo. However, reflecting still weakbusiness sentiment in the corporate sector, for the time being optimism is not warranted with regard to
the trend in the downward pressure on rent levels.
On the other hand, in the property market, the volume of real estate transactions is anticipated
to recover gradually, buoyed by adjustments in real estate prices. As it moves to take full advantage ofopportunities for acquiring prime properties these circumstances will present, JRE believes that boththe soundness of its financial standing and its ability to procure funds will be more important than everbefore.
3

a. Property Management
As stated above, the market for leased office space in central Tokyo is expected to experience an
improvement in the vacancy rate although the downward pressure on rent levels remains strong. In theTokyo metropolitan area, excluding central Tokyo, and regional cities, market conditions are expected
to remain extremely severe. In line with this expectation, JRE will adhere to the following
management policies in order to keep improving profitability.
(i) Strengthen relationships of trust with existing tenants
As of March 31, 2010, JRE had contracts with 11 property management companies. Most ofthese companies were already managing their respective buildings before JRE acquired themand have thus built relationships of trust with their tenants. JRE will work to further strengthen
these relationships by anticipating tenants’ needs and providing tailored services to increasetenant satisfaction and subsequently maintain occupancy rates and restrain 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 and features, in order tofill 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 apply 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. These companies are 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 of maintaining
a competitive edge in terms of the facilities they offer over the medium to long term.
4

(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.
Under these policies, JRE will continue to acquire highly competitive properties. At the same time, inorder to further enhance the quality of its portfolio, JRE will remain open to the replacement of
portfolio properties with due consideration given to the 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%. Concerning 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. When obtaining aloan, JRE shall strictly adhere to its financial policies. More specifically, with the aim of minimizing
funding costs, JRE shall negotiate with several qualified institutional investors (limited to thosedefined under the Special Taxation Measures Law of Japan) before executing a loan agreement.
(2) Performance Forecasts
For the 18th fiscal period, (April 1, 2010 to September 30, 2010), JRE forecasts operating revenues
totaling 22,100 million yen, operating income totaling 9,850 million yen, ordinary income totaling
8,000 million yen and net income totaling 8,000 million yen. JRE plans to declare a cash dividend
totaling 16,360 yen per unit.
For the 19th fiscal period (October 1, 2010 to March 31, 2011), JRE forecasts operating
revenues totaling 22,020 million yen, operating income totaling 9,960 million yen, ordinary income
totaling 8,050 million yen and net income totaling 8,050 million yen. JRE plans to declare a cash
dividend totaling 16,460 yen per unit.
The above estimates for the 18th and 19th fiscal periods are based on the following
assumptions.
JRE assumes that its property portfolio will consist of the 55 properties that it held as of May 17, 2010,
plus the extension to the Ryoshin Ginza East Mirror Building, which is scheduled for completion andhandover on May 24, 2010. The actual portfolio may differ from this assumption due to additional
property acquisitions and sales.
JRE assumes that the number of its units outstanding as of May 17, 2010, 489,200, will remain
5unchanged over the two fiscal periods.
JRE assumes as an operational guideline, an LTV ratio in the 30% range.
JRE assumes that it will refinance the remainder of short-term loans totaling 9,500 million yen(repayment dates: June 1, 2010; September 1, 2010; and September 24, 2010) and long-term loans
totaling 6,000 million yen (repayment dates: June 14, 2010; and June 15, 2010) during the 18th fiscal
period ending September 30, 2010. The Japan Real Estate Investment Corporation Third Unsecured
Bond (“Third Bond”) totaling 10,000 million yen matured on April 30, 2010. JRE has redeemed theThird Bond using the fund procured through the Japan Real Estate Investment Corporation Seventh
Unsecured Bond, which was issued on April 23, 2010, and cash on hand.
JRE assumes that it will refinance the remainder of short-term loans totaling 29,500 million yen(repayment dates: December 21, 2010; January 17, 2011; and March 24, 2011) and long-term loans
totaling 3,000 million yen (repayment dates: December 20, 2010; and March 30, 2011) during the 19th
fiscal period ending March 31, 2011. There are no investment corporation bonds set to mature in the
19th fiscal period.
Revenues from portfolio properties held by JRE are calculated by taking into consideration newcontract conclusions and existing contract cancellations fixed as of May 17, 2010 and by factoring in
potential variables, such as a risk of decrease in revenues due to returned space.
As stated above, JRE issued the Japan Real Estate Investment Corporation Seventh Unsecured Bond
totaling 10,000 million yen after the March 31, 2010 closing of the 17th fiscal period. Brief details of
this subsequent event are as follows.
<Issue of the Seventh Investment Corporation Bond>
Issue date:

April 23, 2010

Use of the fund:

Redemption of the Japan Real Estate Investment Corporation Third
Unsecured Bond

Total amount:

10,000 million yen

Redemption date:

April 23, 2015

Also, the extension of the Ryoshin Ginza East Mirror Building, for which construction began inAugust 2009, is scheduled for completion and handover on May 24, 2010.

6

Income Statement for the 17th Period(In millions of yen; Dividend per unit in yen)
17th Period
17th PeriodTerm 16th Period(Sep 30, 2009)
Actual/Forecast

Operating Revenues

Actual→ change →(amount)(%)(Mar 31, 2010)
Actual← change ←(Mar 31, 2010)(%)

Initial Forecast(*1)(amount)

21,524141

0.7%

21,66525

0.1%

21,640Property-related Revenues

20,795-36-0.2%

20,7588

0.0%

20,750Rental Revenues
Non-rental Revenues

20,682
112

Gain on Transfer of Development Rights of Floor Area
Gain on Transfer of Properties
Compensation for the Property Transfer

728

20,635123-728 -100.0%

-

885
21

11,469
6,845

-341
-500

Property Management Expenses

2,240

123

Property Management Costs
Brokerage Fees, etc.

2,179
60

Operating Expenses
Property-related Expenses (*2)

-

-

885
21

5
21

0.6%

880
-

-

-3.0%
-7.3%

11,127
6,344

-292
-345

-2.6%
-5.2%

11,420
6,690

5.5%

2,364
2,300
64

Utilities Expenses

1,552

-194

-12.5%

1,358

Property and Other Taxes
Casualty Insurance

1,770
44

0
0

0.0%
1.8%

1,770
45

Repairing Expenses

1,119

-363

-32.5%

756

Other Expenses
NOI (*3)

117
13,950-67463-57.7%
3.3%

49
14,414354

2.5%

14,060Depreciation
Property-related Profits and Losses (*3)

3,801
10,149

144
319

3.8%
3.1%

3,945
10,468

55
298

1.4%
2.9%

3,890
10,170Gross Operating Income

10,878497

4.6%

11,375325

2.9%

11,050

823
540

14
-11

1.7%
-2.1%

837
529

-2
-10

-0.3%
-2.0%

840
540

483

4.8%

10,538
19

328

3.2%

10,210

-49

-3.0%

1,650

406

4.8%

8,470

405

4.8%

8,470

723

4.2%

17,320Administrative Expenses
Asset Management Fees
Other Administrative Expenses
Operating Income
Non-operating Revenues
Interest Income
Other Non-operating Revenues
Non-operating Expenses
Interest Expense
Interest Expense on Investment Corporation Bonds
Amortization of Investment Corporation Bond Issuance Costs

282
10,054
24

307

24
0

19
0

1,574
1,139
402

1,681
57
1

5.0%
0.4%

10

1,196
403
10

Other Non-operating Expenses
Ordinary Income

21
8,505

Income before Income Taxes

8,505

Income Taxes
Net Income

0
8,504

Retained Earnings at Period-end

8,504

FFO (*4)

11,577337

2.9%

11,914

Dividend per Unit

19,198-1,155-6.0%

18,043

370

4.4%

70
8,876
8,876

370

4.4%

0
8,875
8,875

*1 The initial forecast means the 17th Period performance forecast announced on November 18, 2009.
*2 Excluding Depreciation*3 Excluding Gain on transfer of development rights of floor area, Gain on transfer of properties and Compensation for the property transfer*4 Net income＋Depreciation – Gain on transfer of development rights of floor area – Gain on transfer of properties – Compensation for the property transfer

7Balance Sheet for the 17th Period(In millions of yen)Item

16th Period
17th Period(Sep 30, 2009) (Mar 31, 2010)

ChangeReason for change

AssetsⅠ Current Assets
Cash and Bank Deposits

21,42018,753-2,666

294

1,153

859

21,714

19,907-1,807

Buildings (including those held in trust)

199,010

220,655

21,644Structures (including those held in trust)

2,275

2,458

183

Machinery and Equipment (including that held in trust)

2,939

3,132

193

Land (including that held in trust)

369,693423,030

53,336

Accumulated Depreciation-34,747-38,693-3,945

Total Property and Equipment

539,171

610,583

71,412

3,519

6,134

2,614 Increased due to the property acquisition

3,519

6,134

2,614

Investment Securities

2

577

574

Long-term Prepaid Expenses, etc.

38

53

14

Total Investments and Other Assets

41

630

588

542,732

617,348

74,615

81

70

-10

81

70

-10

564,528

637,326

72,797

Other Current Assets
Total Current Assets
Ⅱ Fixed Assets
Property and Equipment

Increased due to capital expenditure andthe property acquisition

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

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

8

(In millions of yen)Item

16th Period
17th Period(Sep 30, 2009) (Mar 31, 2010)

ChangeReason for change

Liabilities
Ⅰ Current Liabilities
Decreased due to loan repayment by net proceedsfrom issuance of new units, etc.
Decreased due to the refinancing to long-term loans,-8,900etc.

Short-term Loans

48,00039,000Current Portion of Long-term Loans

18,0009,100

Current Portion of Investment Corporation Bonds

10,00010,000-Rent Received in Advance

2,261

2,393

131

Other Current Liabilities

2,539

2,685

146

80,801

63,179-17,621

Investment Corporation Bonds

35,00035,000-Long-term Loans

109,500

169,400

59,900

Deposits Received from Tenants

33,121

36,517

3,396

177,621240,917

63,296258,422304,097

45,674

Unitholders' Capital

297,601

324,353

26,751 Increased due to issuance of new units

Retained Earnings

8,504

8,875

370

Total Net Assets

306,106

333,228

27,122

Total Liabilities and Net Assets

564,528

637,326

72,797

Total Current Liabilities-9,000

Ⅱ Long-term Liabilities

Total Long-term Liabilities

Total Liabilities

Increased due to new borrowings for property
acquisition and refinancing from short-term loans, etc.

Net Assets

9Property Data
(In millions of yen)
Area

Name

Tokyo 23 Wards Chiyoda
Tokyo 23 Wards Chiyoda
Tokyo 23 Wards Chiyoda
Tokyo 23 Wards Chiyoda
Tokyo 23 Wards Chiyoda
Tokyo 23 Wards Chiyoda
Tokyo 23 Wards Chiyoda
Tokyo 23 Wards Chiyoda
Tokyo 23 Wards Chiyoda
Tokyo 23 Wards Chuo
Tokyo 23 Wards Chuo
Tokyo 23 Wards Chuo
Tokyo 23 Wards Chuo
Tokyo 23 Wards Chuo
Tokyo 23 Wards Minato
Tokyo 23 Wards Minato
Tokyo 23 Wards Minato
Tokyo 23 Wards Shinjuku
Tokyo 23 Wards Shinagawa
Tokyo 23 Wards Shinagawa
Tokyo 23 Wards Ota
Tokyo 23 Wards Shibuya
Tokyo 23 Wards Shibuya
Tokyo 23 Wards Shibuya
Tokyo 23 Wards Shibuya
Tokyo 23 Wards Shibuya
Tokyo 23 Wards Shibuya
Tokyo 23 Wards Nakano
Tokyo 23 Wards Toshima
Tokyo 23 Wards Toshima
Tokyo 23 Wards Toshima
Other Areas
Hachioji
Other Areas
Saitama
Other Areas
Yokohama
Other Areas
Kawasaki
Other Areas
Kawasaki
Other Areas
SapporoOther Areas
SendaiOther Areas
SendaiOther Areas
Kanazawa
Other Areas
NagoyaOther Areas
NagoyaOther Areas
NagoyaOther Areas
NagoyaOther Areas
Kyoto
Other Areas
Osaka
Other Areas
Osaka
Other Areas
Osaka
Other Areas
Okayama
Other Areas
Hiroshima
Other Areas
Fukuoka
Other Areas
Fukuoka
Other Areas
Fukuoka
Properties held as of the end of
the 16th and 17th Periods,
during which the shares ofownership remain unchanged

Genki Medical Plaza
Kitanomaru Square
MD Kanda
Kandabashi Park
Nibancho Garden
Mitsubishi UFJ Trust
Burex Kojimachi
Sanno Grand
Yurakucho Denki
Kodenmacho
Burex Kyobashi
Ginza Sanwa
Ryoshin Ginza EM
Harumi Center
Aoyama Crystal
Shiba 2Chome Daimon
Cosmo Kanasugibashi
ShinwaTakanawadai
Higashi-Gotanda 1Chome
Omori-Eki Higashiguchi
Nippon Brunswick
Yoyogi 1Chomeda Vinci Harajuku
Jingumae MS
Shibuya Cross Tower
Ebisu Neonato
Harmony Tower
Otsuka Higashi-Ikebukuro
Ikebukuro 2Chome
Ikebukuro YS
Hachioji First
Saitama Urawa
MM Park
Kawasaki Isago
Musashi Kosugi STM
8･3 Square Kita
Jozenji Park
Sendai Honma
Kanazawa Park
Nishiki Park
Hirokoji Sakae
Nagoya Hirokoji
Nagoya Misono
Kyoto Kawaramachi
Shin-Fujita
Sakaisujihonmachi
Midosuji Daiwa
Lit City
NHK Hiroshima
Tosei Tenjin
Tenjin Crystal
Hinode Tenjin
Tokyo 23 Wards

17th Period 16th Period
Appraisal
Appraisal
Value
Value
(Mar 31, 10) (Sep 30, 09)

6,050
71,9009,320
5,480
16,20046,5006,570
28,400
7,910
3,730
6,500
15,3004,410
21,400
8,340
6,310
3,090
7,460
2,150
6,030
5,410
7,550
10,8006,370
11,90041,6003,330
10,700
3,820
1,600
4,480
4,730
2,080
36,200
2,950
3,590
6,630
979
2,920
5,410
4,240
1,510
14,0001,210
1,860
18,2004,120
15,200
4,810
3,020
1,320
2,830
3,720
390,610

6,050
78,1009,620
5,950
16,30047,3006,570
29,100
8,470
3,780
6,630
16,0004,610
22,600
8,790
6,890
3,410
8,290
2,370
6,690
5,750
8,230
11,9006,340
12,70043,7003,640
11,800
3,820
1,600
4,590
5,670
2,320
37,000
3,100
3,680
6,690
1,080
3,420
5,760
4,520
1,610
14,6001,320
2,010
20,1004,390
16,300
5,160
3,050
1,320
3,210
3,720
411,59017th Period(Mar 31, 10)

17th Period
Appraisal
Value －
Book Value

0-6,200
-300
-470
-100
-800
0
-700
-560
-50
-130
-700
-200
-1,200
-450
-580
-320
-830
-220
-660
-340
-680
-1,10030-800-2,100-310-1,100
0
0
-110
-940
-240
-800
-150
-90
-60
-101
-500
-350
-280
-100
-600
-110
-150
-1,900-270-1,100
-350
-30
0
-380
0
-20,980

5,035
78,688
8,949
4,527
13,85430,067
6,537
21,553
7,796
2,797
4,919
17,014
5,207
25,909
7,445
4,849
2,527
7,674
2,618
5,085
4,611
6,917
7,965
4,975
11,16438,734
3,673
8,154
3,586
1,635
4,527
5,387
2,400
36,646
2,873
3,946
7,021
1,003
2,799
4,188
4,850
1,713
14,307
1,520
2,775
23,8403,796
13,512
4,160
2,597
1,357
4,534
3,525
359,004

1,014-6,788
370
952
2,345
16,432
32
6,846
113
932
1,580
-1,714-797-4,509
894
1,460
562
-214
-468
944
798
632
2,834
1,394
735
2,865
-343
2,545
233
-35
-47
-657
-320
-446
76
-356
-391
-24
120
1,221
-610
-203
-307
-310
-915
-5,640
323
1,687
649
422
-37
-1,704
194
31,605

Amount ofDifferenceBook Value

Acquisition
Price
5,000
81,555
9,520
4,810
14,70044,7007,000
20,900
7,200
3,173
5,250
16,8305,353
26,800
7,680
4,859
2,808
7,830
2,738
5,500
5,123
6,670
8,700
4,885
12,20034,600
4,100
8,500
3,541
1,728
4,500
5,679
2,574
37,400
3,375
4,000
7,100
1,000
3,174
4,580
5,150
1,680
14,5331,865
2,650
24,0004,164
14,314
4,650
2,770
1,550
5,000
3,657
378,754

Other Areas

141,529

150,030-8,501

148,758-7,229154,865

Total (53 properties)

532,139561,620-29,481507,763

24,375

533,619

Shiodome
Tokyo Opera City

79,60033,500－－－－75,881
31,089

3,718
2,410

75,85031,77655 properties held as of the end of the 17th PeriodTokyo 23 Wards
Other Areas
Total (55 properties)

503,710
141,529645,239

－
－
－

－
－
－

465,975
148,758
614,734

37,734-7,22930,504

486,380
154,865
641,245

Properties acquired during the 17th PeriodTokyo 23 Wards
Tokyo 23 Wards

MinatoShinjuku* Of the properties held as of the end of the 16th Period, properties for which additional shares were acquired during the 17th Period are listed
in “Properties acquired during the 17th Period” (The appraisal value of these two properties at the end of the 16th Period are not listed.).
* The values pertaining to the Shiodome Building and the Tokyo Opera City Building under the “Properties acquired during the 17th Period” arethe values after additional shares have been acquired.
* The land and building adjacent to Ryoshin Ginza East Mirror Building are not included in the above list. The appraisal value of the land at the endof the 17th Period is ¥935 million.

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