May 18, 2009
JAPAN REAL ESTATE INVESTMENT CORPORATIONANNOUNCEMENT OF FIFTEENTH FISCAL PERIOD RESULTS
1. Summary of Financial Results
In the 15th fiscal period (October 1, 2008 to March 31, 2009), Japan Real Estate Investment
Corporation (“JRE”) recorded operating revenues of 20,716 million yen, up 4.6% compared to theprevious period. On the earnings front, operating income increased 1.5% to 9,955 million yen. After
deducting expenses for interest payments on loans and other costs, ordinary income dipped 0.3% to
8,426 million yen, and net income decreased by the same percentage to 8,425 million yen.
JRE’s policy with regard to profit appropriation is to distribute dividends of approximately
100% of taxable income in order to enjoy the tax benefits available under Article 67-15 of the Special
Taxation Measures Law of Japan applicable to Japanese Real Estate Investment Trusts (J-REITs). For
the period under review, JRE accordingly declared a cash dividend of 19,020 yen per unit.
2. Results of Operations(1) Property Management and Acquisition
During the period under review, there were clear signals that the Japanese economy had slid into a
recession. With a drop in corporate-sector earnings stemming from the impact of disruptions in global
financial markets, the repercussions for the real economy came in the form of a decline in capital
investment and a worsening employment situation.
Vacancy rates in the market for leased office space increased nationwide. This rise is due tosuch factors as decreased demand in the wake of worsening corporate performance and cut backs infloor space under contract undertaken to implement measures that include withdrawing fromcontracts and reducing expenses, or, more specifically, a growing trend toward lease cancellation.
Under these severe circumstances, JRE maintained a high occupancy rate of 95.5% at theend of the period under review owing to the high quality of its existing properties and efforts to
upgrade building facilities through appropriate refurbishment in order to maintain and enhancefunctions and by engaging in vigorous activities to attract new tenants.
Turning to the property market, against the backdrop of an increasingly stringent attitude
towards providing loans among financial institutions for purchasing property, transactions fell
considerably. Consequently, downward trends in prices are being seen primarily in relation to lesscompetitive properties.
In this market environment, on December 19, 2008, JRE acquired a 10% quasi-co-ownership(21,250 million yen) of the trust beneficiary right in trust of real estate for the highly competitive
Shiodome Building located in Minato-ku, Tokyo (hereafter “Shiodome Building Trust Beneficiary”),
1

further strengthening the quality of JRE’s portfolio. As a result, JRE’s properties as of March 31,
2009 consisted of 55 office buildings with a total acquisition price of 564,219 million yen. Total
leasable space was 516,411 m2 (approximately 156,214 tsubo), with a total of 993 tenants.*
Note: The number of properties, total acquisition price, total leasable space and the number of tenants do notinclude the land and building adjacent to the Ryoshin Ginza East Mirror Building, which was acquired
for the purpose of building extension.

(2) Finance Activities
JRE procured 21,000 million yen on December 19, 2008 in combined short- and long-term loans toacquire quasi-co-ownership in the Shiodome Building Trust Beneficiary. Furthermore, in order toprovide funds for repaying existing short- and long-term loans, JRE procured 7,500 million yen in
short-term loans and 2,000 million yen in long term loans on March 24, 2009, and 5,000 million yen
in long-term loans on March 30, 2009. As a result of these finance activities, as of March 31, 2009,
JRE’s total interest-bearing debt amounted to 220,500 million yen, consisting of long-term loans of
127,500 million yen (including the current portion of 12,000 million yen), short-term loans of 48,000
million yen, and investment corporation bonds of 45,000 million yen.
As of March 31, 2009, JRE’s long-term, fixed-interest debt ratio (Ratio of long-term,
fixed-interest debt including the current portion oflong-term loans to interest-bearing debt) stood at
78.2%, and the LTV ratio (Ratio of interest-bearing debt to total assets) was 39.0%. As these results
indicate, JRE has been able to maintain a sound and conservative financial standing.
JRE’s credit ratings as of March 31, 2009 were as follows.
Rating Agency

Credit RatingStandard & Poor’s Ratings Services

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

Moody’s Investors Service Inc.

Rating: Aa3 *Rating and Investment Information, Inc. Rating: AA, Outlook: Stable
Note: It was announced on April 21, 2009 that Moody’s Investors Service Inc. lowered JRE’s rating to A1
and that its rating outlook remains stable.

(3) General Meeting of Unitholders Held
JRE held the 5th General Meeting of Unitholders on March 17, 2009. At this meeting, decisions weremade pertaining to changes to the Articles of Incorporation and the appointment of executive officer,
alternate executive officer and supervisory directors, with all items being approved in their originalform.
(4) Stockholder Transfer in Asset Management Company and Future Management Systems
Japan Real Estate Asset Management Co., Ltd. (hereafter “J-Rea”)—the asset management company
commissioned by JRE to manage its assets—approved the transfer of all 77,142 shares (27.0% ratio2

of stocks held) of J-Rea stocks held by Tokio Marine & Nichido Fire Insurance Co., Ltd. to
Mitsubishi Estate Co., Ltd. (the largest holder of J-Rea stocks) on February 5, 2009. The transfer ofthese stocks was completed on March 27, 2009.
As a result of this stock transfer, the Mitsubishi Estate’s ownership ratio of J-Rea stocks
rose from 36.0% to 63.0%, placing J-Rea in the category of a consolidated subsidiary of Mitsubishi
Estate. Accordingly, Mitsubishi Estate has been categorized as the related party of J-Rea, which isregulated under the Law Concerning Investment Trusts and Investment Corporations of Japan.
Being the recipient of these actions, J-Rea established a compliance committee on March 27,
2009 to further strengthen compliance measures that include the prevention of conflicts of interest.
3. Outlook(1) Operating Environment
Forecasts indicate that the economy will continue to remain stagnant due to the disruptions ininternational financial markets that have yet to come to an end and the persisting severity of theearnings environment accompanying the worsening of the real economy in Japan.
The real estate industry is expected to remain sluggish due to a lack of improvement in thefund-raising environment. In addition, forecasting trends in the rental office market remain difficult
due to ongoing increases in vacancy rates accompanying the rapid deterioration of the corporate
earnings environment.
On the other hand, when selecting buildings, tenants in this market are making increasingly
stringent demands ranging from location, building quality and features, to building management andvalue-added services. We anticipate that it will be even more important for suppliers to provide
services that correctly and promptly reflect the needs of tenants and to deliver added value thatdifferentiates their buildings from the competitions.
In the real estate market, banking facilities have consistently adopted a more prudent stancetoward financing for the real estate sector. In this context, we believe that both the soundness of
JRE’s financial standing and its ability to procure funds are increasingly the key strategies foracquiring prime properties.
a. Property Management
In accordance with the aforementioned statements, JRE expects the relative merits of properties tobecome increasingly evident, reflecting area differences between central Tokyo, metropolitan areas
and regional cities. Therefore, JRE adheres to the following management policies in order to maintainand improve earnings.
(i) Strengthen relationship of trust with existing tenants
As of March 31, 2009, JRE had contracts with 11 property management companies. Most ofthese companies were already managing their respective buildings before JRE acquired them3and 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 in order toincrease tenant 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 actively seeks
the most appropriate tenants for each property, based on location and features, in order to fillcurrent and anticipated vacancies as rapidly as possible. We are also working to uncoveradditional needs for floor space among our existing tenants.
(iii) Stabilize revenues
With the aim of stabilizing revenues, JRE is endeavoring to apply fixed- and long-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 also 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 is enhancing its property information channels
while working to develop new channels.
(ii) In its acquisition activities, JRE will continue to meticulously monitor and examine economic,
physical, and legal factors, including rights-related issues when selecting properties. With regard
to the structure of buildings, we require buildings to meet or exceed new earthquake-resistancestandards and are targeting properties capable of maintaining a competitive edge in terms of the
facilities they offer over the medium to long term.
(iii) In accordance with its acquisition policies, JRE’s general target for the regional diversity ofproperties is for 70% or more of its properties to be located within the Tokyo metropolitan area,with the remaining 30% or less located in other major cities.
Under these policies, JRE will continue to acquire highly competitive properties while also
considering suitable timing for the replacement of assets in order to further strengthen the quality of
its portfolio.
c. Financial Strategy
JRE in principle maintains a LTV ratio that does not exceed 65%. To ensure an even lower ratio ofinterest-bearing debt, JRE adopts the conservative target level of 30% to 40%. Concerning the4

financing of property acquisitions, JRE flexibly selects a variety of financial instruments, including
the issue of investment corporation bonds, while maintaining a sound and conservative financial
standing and monitoring trends in financial markets. When procuring a loan, we are guided by
prudent and stable financial policies. Working to minimize funding costs, we also negotiate withseveral qualified institutional investors before determining the various components that encompass
loan procurement.
(2) Performance Forecasts
For the 16th fiscal period (Apri1 1, 2009 to September 30, 2009), JRE forecasts operating revenuesof 21,530 million yen, operating income of 10,090 million yen, ordinary income of 8,350 million yen
and net income of 8,350 million yen. We plan to declare a cash dividend of 18,850 yen per unit.
For the 17th fiscal period (October 1, 2009 to March 31, 2010), JRE forecasts operating
revenues of 21,310 million yen, operating income of 10,140 million yen, ordinary income of 8,390
million yen and net income of 8,390 million yen. We plan to declare a cash dividend of 18,940 yen
per unit.
The above estimates for the 16th and 17th periods are based on assumptions of the portfolio
consisting of 55 properties as of March 31, 2009.
Estimates are subject to change in accordance with the acquisition or sale of other properties.
In addition, transfer of unused development rights of Mitsubishi UFJ Trust and Banking Building Siteand transfer of a part of Jingumae Media Square Building Site are scheduled to take place on
September 17, 2009 and October 30, 2009, respectively. Consequently, operating revenues of 720
million yen from profits accompanying the transfer of unused development rights of Mitsubishi UFJ
Trust and Banking Building Site and gain on sale of property of 880 million yen pertaining to thetransfer of a part of Jingumae Media Square Building Site are forecasted for the fiscal periods ending
September 30, 2009 and March 31, 2010, respectively.
The estimates are also based on the 443,000 investment units outstanding as of March 31,
2009 and on the assumption that the LTV ratio will be at around the 30%–40% level on September
30, 2009 and March 31, 2010.
Furthermore, repayment deadlines for short-term loans totaling 48,000 million yen andlong-term loans totaling 12,000 million yen will occur during the fiscal periods ending September 30,
2009 and March 31, 2010. However, performance forecasts are based on the assumption that all
aforementioned loans will be refinanced.

5

As mentioned above, JRE is scheduled to transfer assets in the following manner after theaccount closing date for the period under review (March 31, 2009).
1. Transfer the development rights* pertaining to the unused floor area of Mitsubishi UFJ
Trust and Banking Building Site
<Outline of the transfer>
Object of transaction:

Development rights pertaining to the unused floor area of Mitsubishi UFJ
Trust and Banking Building Site

Transfer date:

September 17, 2009 (scheduled)Transfer price:

729,984,000 yen

Transferees:

The Sumitomo Trust & Banking Co., Ltd. and Mitsubishi Estate Co., Ltd.

Special remarks:

With the commencement of the Marunouchi 1-4 Plan at the city
block adjacent to the Mitsubishi UFJ Trust and Banking Building, a
proposal has been made for the transfer of unused floor area related
to each property holder of Industry Club of Japan/Mitsubishi UFJ
Trust and Banking Building Site—which includes JRE—by a few
of the companies involved in the aforementioned project. The
decision to transfer the unused development rights was made afterdue consideration was given regarding the effective utilization ofsaid unused floor area.

Note: The development rights to the equivalent of the 65 % unused floor area ratio pertaining to the land (twolots pertaining to share of co-ownership of combined 700.81 m²: 226/1,000; and one lot pertaining toshare of co-ownership of 5,085.53 m²: 2,795/10,000 [equivalent of 1,026.88 m², equivalent to the ratio offloor area pertaining to the shares of JRE]) serving as the site of the Mitsubishi UFJ Trust and Banking
Building, of which JRE is one of the co-owners for, by transferring the said floor area ratio to the planned
new building under Marunouchi 1-4 Plan.

2. Transfer of a Part of Jingumae Media Square Building Site
<Outline of the transfer>
Type of specified asset:

Real property (a part of land)

Name of asset:

Part of Jingumae Media Square Building Site

Location:

Part of 6-25-7, 32, 40 and 50 Jingumae, Shibuya-ku, Tokyo
Whole part of 6-319-5, 28 and 30 Jingumae, Shibuya-ku, Tokyo

Transfer date:

October 30, 2009 (scheduled)Transfer price:

1,507,411,422 yen*1

Transfer area:

137.01 m² (among total land area 2,261.68 m²)*2

Transferee:Tokyo Metropolitan Government
6

Special remarks:

Transfer of a part of Jingumae Media Square Building Site to develop(expansion of Meiji-Dori St., etc.) the aboveground Jingumae area
(between Jingumae 3 Chome and Jingumae 6 Chome), where the
Jingumae Media Square Building is located, will be undertaken inaccordance with the decision of the Tokyo Metropolitan Government’s
City Planning Project and the relevant project approval.

Note 1: In addition to the transfer price, 21,795,272 yen will be paid as compensation for the property transfer.
Note 2: The total land area includes a 269.01 m² servient land of the subject property land, based on an easementof the dominant land.

7

Income Statement for the 15th Period(In millions of yen ; Dividend per unit in yen)
15th Period
15th PeriodTerm 14th Period(Sep 30, 2008)
Actual/Forecast

Operating Revenues
Property-related Revenues
Rental Revenues
Non-rental Revenues
Operating Expenses

Actual→ change →(amount)(%)(Mar 31, 2009)
Actual← change ←(Mar 31, 2009)(%)

Initial Forecast(*1)(amount)

19,805911

4.6%

20,716436

2.2%

20,28019,805911

4.6%

20,716436

2.2%

20,28019,716

20,609

89

107

9,998

762

7.6%

10,761131

1.2%

10,630

5,632

509

9.0%

6,141

41

0.7%

6,100

Property Management Expenses

2,052

209 10.2%

2,261

Property Management Costs

2,001

14,170Property-related Expenses (*2)

Brokerage Fees, etc.

2,195

51

66

Utilities Expenses

1,452

117

8.1%

1,570

Property and Other Taxes

1,509

1,509

0

0.0%

Casualty Insurance

41

2

5.0%

44

Repairing Expenses

511

165 32.4%

676

Other Expenses
NOI (*3)64

13 21.5%

78

14,173401

2.8%

14,575

405

2.9%

3,560

227

6.4%

3,788

58

1.6%

3,730

Property-related Profits and Losses (*3)

10,612174

1.6%

10,787347

3.3%

10,440Gross Operating Income

10,612174

1.6%

10,787347

3.3%

10,440

805

26

3.2%

831

41

5.3%

790

531

6

1.2%

537

17

3.4%

520

148

1.5%

9,955

315

3.3%

9,640

37

2.5%

1,500

276

3.4%

8,150

275

3.4%

8,150

610

3.3%

18,410Depreciation

Administrative Expenses
Asset Management Fees
Other Administrative Expenses
Operating Income
Non-operating Revenues

273
9,807

293

50

39

Interest Income

38

39

Other Non-operating Revenues

12

0

1,408

1,568

Non-operating Expenses
Interest Expense

970

Interest Expense on Investment Corporation Bonds

408

162 16.7%
-2

1,132

-0.7%

405

Amortization of Investment Corporation Bond Issuance Costs

10

10

Other Non-operating Expenses

19

20

Ordinary Income

8,449

Income before Income Taxes

8,449

8,426

0

1

Income Taxes

-22

-22

-0.3%

8,426

Net Income

8,448

Retained Earnings at Period-end

8,448

-0.3%

8,425

FFO (*4)

12,009204

1.7%

12,213

Dividend per Unit

19,072-52-0.3%

19,0208,425*1 The initial forecast means the 15th Period performance forecast announced on November 20, 2008.
*2 Excluding Depreciation*3 Excluding Gain on transfer of properties and Dividends earned*4 Net income＋Depreciation - Gain on transfer of properties - Dividends earned

8Balance Sheet for the 15th Period(In millions of yen)
14th Period-end 15th Period-end
Item

ChangeReason for change(Sep 30, 2008) (Mar 31, 2009)

AssetsⅠ Current Assets
Cash and Bank Deposits

15,06918,349

3,279

319

352

32

15,38918,701

3,312

Buildings (including those held in trust)

194,209

198,986

4,776

Structures (including those held in trust)

2,223

2,273

49

Machinery and Equipment (including that held in trust)

2,893

2,950

56

Land (including that held in trust)

351,928

369,634

17,706

Accumulated Depreciation-27,392-31,180-3,788

Total Property and Equipment

523,862542,664

18,801

3,519

3,519

-

3,519

3,519

-

Investment Securities

2

2

-

Long-term Prepaid Expenses, etc.

42

41

0

Total Investments and Other Assets

45

44

0

527,427

546,228

18,800

103

92

-10

103

92

-10

542,920565,022

22,102Other Current Assets
Total Current Assets
Ⅱ Fixed Assets
Property and Equipment

Increased due to acquisition of properties
and capital expenditure, etc.

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

9(In millions of yen)
14th Period-end 15th Period-end
Item

ChangeReason for change(Sep 30, 2008) (Mar 31, 2009)

Liabilities
Ⅰ Current Liabilities
Short-term Loans

28,00048,00020,000 Increased due to new borrowings

Current Portion of Long-term Loans

7,000

12,000

5,000

-

-

-

Rent Received in Advance

2,260

2,350

90

Other Current Liabilities

2,142

2,615

472

39,40264,96525,562

Investment Corporation Bonds

45,00045,000-Long-term Loans

119,500

115,500-4,000

Deposits Received from Tenants

32,96633,529197,466

194,029-3,437

236,869

258,994

22,125Unitholders' Capital

297,601

297,601-

Retained Earnings

8,448

8,425

-23

Total Net Assets

306,050

306,027-23

Total Liabilities and Net Assets

542,920565,022

22,102Current Portion of Investment Corporation Bonds

Total Current Liabilities

Increased due to decrease of remaining
periods of loans

Ⅱ Long-term Liabilities

Total Long-term Liabilities

Total Liabilities

Decreased due to the transfer to the current
portion of long-term loans

562 Increased due to acquisition of properties, etc.

Net Assets

10Property Data
(In millions of yen)
Area

Name

15th Period

14th Period

Appraisal
Value

Appraisal
Value

Amount ofDifference(Mar 31, 09) (Sep 30, 08)

Tokyo 23 Wards Chiyoda
Genki Medical Plaza
Tokyo 23 Wards Chiyoda
Kitanomaru SquareTokyo 23 Wards Chiyoda
MD Kanda
Tokyo 23 Wards Chiyoda
Kandabashi ParkTokyo 23 Wards Chiyoda
Nibancho GardenTokyo 23 Wards Chiyoda
Mitsubishi UFJ TrustTokyo 23 Wards Chiyoda
Burex Kojimachi
Tokyo 23 Wards Chiyoda
Sanno GrandTokyo 23 Wards Chiyoda
Yurakucho Denki
Tokyo 23 Wards Chuo
Kodenmacho
Tokyo 23 Wards Chuo
Burex Kyobashi
Tokyo 23 Wards Chuo
Ginza Sanwa
Tokyo 23 Wards Chuo
Ryoshin Ginza EM
Tokyo 23 Wards Chuo
Harumi CenterTokyo 23 Wards Minato
Aoyama Crystal
Tokyo 23 Wards Minato
Shiba 2Chome Daimon
Tokyo 23 Wards Minato
Cosmo Kanasugibashi
Tokyo 23 Wards Shinjuku Shinwa
Tokyo 23 Wards Shinjuku Tokyo Opera City
Tokyo 23 Wards Shinagawa Takanawadai
Tokyo 23 Wards Shinagawa Higashi-Gotanda 1Chome
Tokyo 23 Wards Ota
Omori-Eki Higashiguchi
Tokyo 23 Wards Shibuya
Nippon Brunswick
Tokyo 23 Wards Shibuya
Yoyogi 1Chome
Tokyo 23 Wards Shibuya
da Vinci Harajuku
Tokyo 23 Wards Shibuya
Jingumae MS
Tokyo 23 Wards Shibuya
Shibuya Cross Tower
Tokyo 23 Wards Shibuya
Ebisu Neonato
Tokyo 23 Wards Nakano
Harmony Tower
Tokyo 23 Wards Toshima Otsuka Higashi-Ikebukuro
Tokyo 23 Wards Toshima Ikebukuro 2Chome
Tokyo 23 Wards Toshima Ikebukuro YS
Other Areas
HachiojiHachioji First
Other Areas
Saitama
Saitama Urawa
Other Areas
Yokohama MM Park
Other Areas
Kawasaki Kawasaki Isago
Other Areas
Kawasaki Musashi Kosugi STM
Other Areas
Sapporo8･3 Square Kita
Other Areas
Sendai
Jozenji Park
Other Areas
SendaiSendai Honma
Other Areas
Kanazawa Kanazawa Park
Other Areas
NagoyaNishiki Park
Other Areas
NagoyaHirokoji Sakae
Other Areas
NagoyaNagoya Hirokoji
Other Areas
NagoyaNagoya Misono
Other Areas
Kyoto
Kyoto Kawaramachi
Other Areas
Osaka
Shin-Fujita
Other Areas
Osaka
Sakaisujihonmachi
Other Areas
Osaka
Midosuji Daiwa
Other Areas
Okayama Lit City
Other Areas
Hiroshima NHK Hiroshima
Other Areas
Fukuoka Tosei Tenjin
Other Areas
Fukuoka Tenjin Crystal
Other Areas
Fukuoka Hinode Tenjin
Properties held as of the end Tokyo 23 Wardsof the 14th and 15th Periods,
during which the shares of
Other Areas
ownership remain
Total (54 properties)
unchanged

15th Period

15th Period

Book Value

Appraisal
Value －

Acquisition
Price(Mar 31, 09)

Book Value

6,150
83,70010,6006,350
17,40049,1006,850
30,500
8,730
4,070
6,970
16,9004,920
24,600
9,210
7,290
3,640
9,300
11,300
2,600
6,900
5,890
8,970
13,1006,480
15,00049,0005,140
12,800
3,850
1,580
5,400
5,910
2,600
37,000
3,230
3,850
7,010
1,110
3,540
6,180
5,180
1,720
15,6001,440
2,190
23,2004,790
18,400
5,330
3,170
1,380
3,960
3,890

6,300
88,60012,1006,520
17,60050,2007,040
30,700
8,810
4,200
7,150
18,0005,190
26,300
9,300
7,980
3,910
9,890
12,100
2,840
7,050
6,150
9,570
13,5006,610
16,20053,0005,710
13,600
4,000
1,650
5,670
6,170
2,720
37,400
3,360
4,000
7,210
1,130
3,690
6,590
5,390
1,730
16,0001,570
2,350
25,2004,840
19,100
5,560
3,260
1,440
4,610
3,940

-150
-4,900-1,500-170-200-1,100
-190
-200
-80
-130
-180
-1,100-270-1,700
-90
-690
-270
-590
-800
-240
-150
-260
-600
-400
-130
-1,200-4,000
-570
-800
-150
-70
-270
-260
-120
-400
-130
-150
-200
-20
-150
-410
-210
-10
-400
-130
-160
-2,000
-50
-700
-230
-90
-60
-650
-50

5,076
79,5669,027
4,550
14,06430,286
6,669
21,610
7,755
2,831
4,990
17,036
5,282
26,435
7,505
4,884
2,545
7,721
8,658
2,604
5,178
4,582
6,886
8,119
5,001
11,88339,167
3,749
8,308
3,557
1,625
4,589
5,493
2,402
37,231
2,890
4,008
7,179
1,020
2,822
4,266
4,978
1,732
14,3251,554
2,821
24,4683,859
13,591
4,304
2,659
1,378
4,683
3,554

1,073
4,133
1,572
1,799
3,335
18,813
180
8,889
974
1,238
1,979
-136
-362
-1,835
1,704
2,405
1,094
1,578
2,641
-4
1,721
1,307
2,083
4,980
1,478
3,116
9,832
1,390
4,491
292
-45
810
416
197
-231
339
-158
-169
89
717
1,913
201
-12
1,274
-114
-631
-1,268
930
4,808
1,025
510
1
-723
335

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
9,350
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

454,290

477,440-23,150

371,752

82,537388,104

160,680

167,260-6,580151,2299,450

154,865

614,970

644,700-29,730

522,981

91,988542,969

21,800－－21,263536

21,250Property acquired during the 15th PeriodTokyo 23 Wards Minato

Shiodome

55 properties held as of the end of the 15th PeriodTokyo 23 Wards
Other Areas
Total (55 properties)

476,090－－
393,016
83,073409,354
160,680－－
151,2299,450
154,865
636,770－－
544,245
92,524564,219*The appraisal value of the land and building adjacent to Ryoshin Ginza East Mirror Building at the end of the 15th Period is ¥1,150 million.

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