May 17, 2011

JAPAN REAL ESTATE INVESTMENT CORPORATIONANNOUNCEMENT OF NINETEENTH FISCAL PERIOD RESULTS

1. Summary of Financial Results
In the 19th fiscal period (six months ended March 31, 2011), Japan Real Estate Investment
Corporation (“JRE”) recorded operating revenues totaling 22,135 million yen, up 0.1% comparedwith the previous period. On the earnings front, operating income declined 1.4% to 9,802 million
yen. After deducting expenses for interest payments on loans and other costs, ordinary income
decreased 2.4% to 7,938 million yen. During the period under review, JRE also recorded a 281
million yen extraordinary loss in the form of a provision for loss on disaster associated with theGreat East Japan Earthquake, which struck on March 11, 2011. As a result, net income declined
5.9% to 7,652 million yen.
Turning to dividends, in accordance with stipulations under Article 67-15 of the Special
Taxation Measures Law of Japan, JRE has determined to pay out cash dividends in an amount that
does not exceed the amount of unappropriated retained earnings at period-end, less retained earnings
brought forward from the 18th fiscal period. This amount must be divisible by 489,200—thenumber of units outstanding as of March 31, 2011. Accordingly, the amount of cash dividends forthe period under review totaled 7,652,066,400 yen, for a per-unit cash dividend of 15,642 yen.
2. Results of Operations(1) Property Management and Acquisition
During the period under review, the Japanese economy was stagnant because of several factors,
including deflation, severe employment conditions, decreases in production and exports due tothe strong yen, and weak consumer spending. At the beginning of 2011, there were signs of
economic recovery, reflecting the global economy’s getting back on track. However, the Great
East Japan Earthquake on March 11, 2011, had a tremendous impact, bringing Japan to thegreatest crisis it has faced in the post-war era as it confronted massive damage to its economy,
including precipitous drops in consumer spending and industrial production.
In the market for leased office space, rent levels continued to decline despite the decline
in occupancy rates for Tokyo office buildings having bottomed out for the most part. Althoughsome regional business areas showed improvement, with a decrease in the number of new
spaces coming available, the overall trend of high vacancy rates coupled with low rent levels
prevailed amid stagnant demand for office space.
In the property market, the number of transactions increased on the back of an upturn inthe fund raising environment as well as further adjustments in property prices. Reflecting this,the REIT industry’s acquisition volume increased.
Amid such circumstances, JRE strived to improve occupancy rates by aggressively
promoting leasing activities that take into account market trends. In addition, as part of its
external growth strategy, JRE acquired two more properties: the Osaki Front Tower(Shinagawa-ku, Tokyo) at 12,300 million yen on February 1, 2011, and the Kyodo Building(Kayabacho 2Chome) (Chuo-ku, Tokyo) at 4,410 million yen on March 1, 2011. Through theseacquisitions, JRE endeavored to further reinforce its portfolio.
As a result of these activities, JRE’s portfolio as of March 31, 2011, consisted of 57
office buildings with a total acquisition price of 660,601 million yen.* Total leasable space stood1

at 589,002 m2 (approximately 178,173 tsubo), with a total of 1,004 tenants.
* Among the properties held by JRE as of March 31, 2011, the Takanawadai Building (acquisition price: 2,738
million yen) was transferred on April 1, 2011. Also, the total acquisition price includes the price of acquiring a
portion of the Jingumae Media Square Building site transferred on October 30, 2009 (sales cost: 614 millionyen).

As of the issuance date of this report (May 17, 2011), no significant damage to JRE’s business
operations due to the Great East Japan Earthquake has been detected at any of the 56 properties,
including two office buildings in Sendai (the Jozenji Park Building and the Sendai Honcho
Honma Building), held by JRE.
(2) Finance Activities
To fund the repayment of existing loans, JRE procured 1,000 million yen on December 20,
2010; 10,000 million yen on December 21, 2010; 3,000 million yen on January 17, 2011;
10,500 million yen on March 24, 2011; and 2,000 million yen on March 30, 2011, throughloans.
Furthermore, JRE procured 6,000 million yen on February 1, 2011, and 4,000 million
yen on March 1, 2011, to partly fund the acquisitions of the Osaki Front Tower and the Kyodo
Building (Kayabacho 2Chome), respectively.
As a result of these financing activities, as of March 31, 2011, JRE’s totalinterest-bearing debt amounted to 272,400 million yen. This amount consists of long-term loans
totaling 192,400 million yen, which includes a current portion totaling 68,100 million yen,short-term loans totaling 25,000 million yen, and investment corporation bonds totaling 55,000
million yen.
As of March 31, 2011, 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 90.8%, and the LTV ratio (ratio of interest-bearing
debt to total assets) was 42.1%. As these figures indicate, JRE has been able to maintain a soundand conservative financial standing.
JRE’s credit ratings as of March 31, 2011 were as follows:
Credit Rating Agency

Credit RatingStandard & Poor’s Ratings Japan K.K.

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

Moody’s Japan K.K.

Rating: A1; Outlook: Stable

Rating and Investment Information, Inc.

Rating: AA; Outlook: Stable(3) General Meeting of Unitholders HeldOn March 15, 2011, JRE held the 6th General Meeting of Unitholders. At this meeting,decisions were made pertaining to amendments to the Articles of Incorporation and theappointment of an executive director, a substitute executive director and supervisory directors,
with all items being approved in the form submitted.

2

3. Outlook(1) Operating Environment
On top of the negative impact from shrinking production and spending due to the Great East
Japan Earthquake, the Japanese economy is facing a number of challenges, including power
shortages and issues regarding nuclear power plants, clouding future prospect.
In the market for leased office space, vacancy rates are projected to remain flat amid thestagnant economic recovery and a certain period of time will pass before rent levels regain
upward momentum. Moreover, concerns about decreasing demand for office space persist as we
look toward a future where the decelerated economic conditions are exasperated by an expectedsupply-demand imbalance as the office building supply grows.
On the other hand, we expect that in the property market transactions will stabilize
thanks to an accommodative fund raising environment. However, JRE considers it important toobtain and analyze more detailed property information in order to acquire prime properties amid
increasingly an uncertain leasing market.
a. Property Management
As stated above, conditions in the market for leased office space are anticipated to be severeas the fall in 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 the following management policies in order to keep improving profitability.
(i) Strengthen relationships of trust with existing tenants
As of March 31, 2011, JRE had contracts with 11 property management companies.
Most of 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 to further strengthen these relationships by anticipating tenants’ needs
and providing tailored services to increase tenant satisfaction, thereby maintaining
occupancy rates and disincentivizing 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 fixedand 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 revamping their management systems andcost 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 buildings3

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.
(iii) In accordance with its acquisition policies, JRE shall maintain its portfolio so that 70%
or more of the portfolio properties are located within the Tokyo metropolitan area, withthe remaining 30% or fewer located in other major cities.
Under these policies, JRE will continue to acquire highly competitive properties. At thesame time, in order to further enhance the quality of its portfolio JRE will remain open to thereplacement 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 evenlower interest-bearing debt ratio, JRE adopts the conservative target level of 30% to 40%. As
for the financing of property acquisitions, JRE shall use, in a flexible manner, a variety offunding schemes—including the issue of investment corporation bonds—while maintaining
a sound and conservative financial standing and closely monitoring trends in financial
markets. When obtaining a loan, JRE shall strictly adhere to its financial policies. Morespecifically, with the aim of 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 a loan agreement.
(2) Performance Forecasts
For the 20th fiscal period (April 1, 2011, to September 30, 2011), JRE forecasts operating
revenues totaling 22,800 million yen, operating income totaling 10,090 million yen, ordinary
income totaling 8,260 million yen, and net income totaling 8,030 million yen. JRE plans to
declare a cash dividend totaling 15,740 yen per unit.
For the 21st fiscal period (October 1, 2011, to March 31, 2012), JRE forecasts operating
revenues totaling 22,190 million yen, operating income totaling 9,570 million yen, ordinary
income totaling 7,730 million yen, and net income totaling 7,710 million yen. JRE plans to
declare a cash dividend totaling 15,770 yen per unit.
The above estimates for the 20th and 21st fiscal periods are based on the following assumptions.
JRE assumes that its property portfolio will consist of the 57 properties that it held as of April 1,
2011. Of those properties, the Takanawadai Building has been sold on April 1, 2011. 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, 2011, 489,200, will remainunchanged over the two fiscal periods.
JRE assumes as an operational guideline, an LTV ratio in the 30% range.
JRE repaid short-term loans totaling 3,000 million yen on April 1, 2011, well before thematurity date, and refinanced long-term loans totaling 10,000 million yen on April 4, 2011. JRE
also assumes that it will refinance the remainder of short-term loans totaling 7,500 million yen(repayment dates: June 1, 2011, August 1, 2011, September 1, 2011, and September 26, 2011)and long-term loans totaling 51,000 million yen (repayment dates: June 1, 2011, June 23, 2011,
and August 31, 2011), all of which fall within the 20th fiscal period. There are no investment
corporation bonds set to mature in the 20th fiscal period.
4JRE assumes that it will refinance the remainder of short-term loans totaling 14,500
million yen (repayment dates: November 1, 2011, December 21, 2011, and March 26, 2012) andlong-term loans totaling 7,000 million yen (repayment dates: November 1, 2011, and December
15, 2011) during the 21st period ending March 31, 2012. There are no investment corporation
bonds set to mature in the 21st 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, 2011, and byfactoring in potential variables, such as a risk of decrease in revenues due to returned space andreduced rent levels, taking into account recent market conditions for leased office space.
In the 20th fiscal period, JRE will record approximately 540 million yen in operating
revenue as a gain on the sale of the Takanawadai Building. JRE will retain this amount internallyby availing itself of “Special Provisions for Taxation in the case of Advance Acquisition of land,
etc. in 2009 and 2010” and will post the amount after tax effect accounting as reserve foradvance depreciation of the property.
JRE presumes that revisions that could impact the abovementioned forecasts will not be made insuch areas as laws, tax systems, accounting standards, and listing rules as well as regulations of
the Investment 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 amountof its corporate tax, taking into consideration asset retirement obligations as well as thedepreciation of leasehold for a building with term leasehold interest.
As mentioned above, JRE completed the transfer of the following property after the end of fiscal
period under review (March 31, 2011).
Transfer of Takanawadai Building<Overview of the transfer>
Name of asset: Takanawadai Building
Location (address): 3-1-5, Higashi-Gotanda, Shinagawa-ku, Tokyo
Type of specified asset: Trust beneficiary right in trust of real estateTransfer date: April 1, 2011
Transfer price: 3,160,000,000 yen*
Special remarks: In the 20th fiscal period (April 1, 2011 to September 30, 2011), JRE will post
approximately 540 million yen as gain on sale of property.
* The amount is after deduction of property taxes and city planning taxes.

5Income Statement for the 19th PeriodTerm(In millions of yen; Dividend per unit in yen)
19th Period
19th Period

18th Period(Sep 30, 2010)

Actual/Forecast
Operating Revenues

Actual→ change →(amount)(Mar 31, 2011)
Actual(%)← change ←(amount)(%)(Mar 31, 2011)
Initial Forecast(*1)

22,11223

0.1%

22,135445

2.1%

21,690Property-related Revenues

22,11223

0.1%

22,135445

2.1%

21,690Rental Revenues

21,946

Non-rental Revenues
Operating Expenses

21,972

166

163

12,173159

1.3%

12,33373

0.6%

12,260

7,020

164

2.3%

7,185

-34

-0.5%

7,220

Property Management Expenses

2,551

75

3.0%

2,626

Property Management Costs

2,467

14,470Property-related Expenses (*2)

Brokerage Fees, etc.
Utilities Expenses
Property and Other Taxes

2,579

83
1,736
1,844

46
-72
34

-4.2%
1.9%

1,664
1,878

Casualty Insurance

49

-1

-3.1%

48

Repairing Expenses

790

43

5.4%

833

Other Expenses
NOI48

85 175.8%

134

15,091

-140

-0.9%

14,950

480

3.3%

4,218

67

1.6%

4,286

106

2.5%

4,180

Property-related Profits and Losses

10,873

-208

-1.9%

10,664384

3.7%

10,280Gross Operating Income

10,873

-208

-1.9%

10,664384

3.7%

10,280

933

-72

-7.7%

861

11

1.4%

850

542

-3

-0.7%

538

18

3.6%

520

391
9,939

-136

-1.4%

323
9,802

372

4.0%

9,430

-8

-0.5%

1,840

398

5.3%

7,540

112

1.5%

7,540

212

1.4%

15,430Depreciation

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

46

7Interest Income

11

7

Other Non-operating Revenues

350

Non-operating Expenses

1,850Interest Expense

1,373

-13

-1.0%

1,360

438

32

7.4%

470

Interest Expense on Investment Corporation Bonds

1,871

Amortization of Investment Corporation Bond Issuance Costs

17

21

Other Non-operating Expenses

19

17

Ordinary Income

8,135

-196

-2.4%

7,938

-

281
281

-

281
281

Extraordinary loss
Provision for loss on disaster
Income before Income Taxes

8,135

Income Taxes

7,657

1

5

Net Income

8,134

-482

-5.9%

7,652

Retained Earnings at Period-end

8,183

FFO (*3)

12,353

-414

-3.4%

11,938Dividend per Unit

16,628

-986

-5.9%

15,6427,701*1 The initial forecast means the 19th Period performance forecast announced on November 16, 2010.
*2 Excluding Depreciation*3 Net income＋Depreciation

6

Balance Sheet for the 19th Period(In millions of yen)Item

18th Period(Sep 30, 2010)

19th Period(Mar 31, 2011)

Cash and Bank Deposits

19,312

15,734280

604

19,592

16,339-3,253

Buildings (including those held in trust)

222,610

236,128

13,518Structures (including those held in trust)

2,478

2,594

115

Machinery and Equipment (including that held in trust)

3,135

3,240

104

Land (including that held in trust)

423,146

426,447

3,300

Accumulated Depreciation-42,912-47,192-4,280 acquired during the 18th Period

Total Property and Equipment

608,458

621,217

12,758

6,134

7,472

1,337 Increased due to property acquisition

6,134

7,472

1,337

ChangeReason for change

AssetsⅠ Current Assets

Other Current Assets
Total Current Assets-3,577324 Increased due to refundable consumption taxes, etc.

Ⅱ Fixed Assets
Property and Equipment

Increased due to capital expenditureand the property acquisition

Increased due to the depreciation of the property

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.

48

1,101

1,052 due to the acquisition of properties

Total Investments and Other Assets

625

1,678

1,052

615,219

630,368

15,149

162

140

-21

162

140

-21

634,974

646,847

11,873

Total Fixed Assets

Monetary claims (guarantee deposits, etc.) increased

Ⅲ Deferred Assets
Deferred Investment Corporation Bond Issuance Costs

Total Deferred Assets
Total Assets

7

(In millions of yen)
18th Period(Sep 30, 2010)

19th Period(Mar 31, 2011)

Short-term Loans

29,00025,000-4,000 Decreased due to refinancing to long-term loans, etc.

Current Portion of Long-term Loans

64,10068,100

4,000

-

-

-

Rent Received in Advance

2,324

2,979

655

Other Current Liabilities

2,768

2,989

220 Increased due to provision for loss on disaster

98,192

99,069876

Item

ChangeReason for change

Liabilities
Ⅰ Current Liabilities

Current Portion of Investment Corporation Bonds

Total Current Liabilities

Increased due to decrease of remaining period ofloans
Increased due to the net proceeds from the propertytransfer in the 20th Period

Ⅱ Long-term Liabilities
Investment Corporation Bonds

55,00055,000Long-term Loans

114,350

124,300

9,950 and refinancing from short-term to long-term loans

Deposits Received from Tenants

34,89436,1301,235

Other Long-term Liabilities

Increased due to the new loan for property acquisition

-

294

294

204,244

215,724

11,479302,437

314,793

12,356Unitholders' Capital

324,353

324,353-

Retained Earnings

8,183

7,701

-482

Total Net Assets

332,536

332,054-482

Total Liabilities and Net Assets

634,974

646,847

11,873

Total Long-term Liabilities
Total Liabilities

Net Assets

8Property Data
(In millions of yen)
Area

Name

19th Period

18th Period

Appraisal
Value

Appraisal
Value

Amount ofDifference(Mar 31, 11) (Sep 30, 10)

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
Shiodome
Tokyo 23 Wards Minato
Shiba 2Chome Daimon
Tokyo 23 Wards Minato
Cosmo Kanasugibashi
Tokyo 23 Wards Shinjuku
ShinwaTokyo 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
KawasakiMusashi 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
FukuokaTenjin Crystal
Other Areas
FukuokaHinode Tenjin
Properties held as of the end of Tokyo 23 Wards
the 18th and 19th Periods during
Other Areas
which the shares of ownership
Total (55 properties)
remain unchanged

19th Period

19th Period

Book Value

Appraisal
Value －

Acquisition
Price(Mar 31, 11)Book Value

6,050
68,2008,980
4,720
16,00046,5006,220
28,400
7,610
3,330
6,170
14,9005,540
20,6007,730
79,600
6,180
2,830
6,240
32,000
3,160
5,650
5,250
7,260
10,200
6,090
10,40040,800
2,840
9,240
3,820
1,580
4,380
4,450
2,080
35,900
2,850
3,520
6,630
890
2,490
5,330
3,720
1,460
12,7001,090
1,720
16,6003,660
14,100
4,220
2,970
1,320
2,480
3,720

6,050
70,3009,170
4,790
16,10046,5006,220
28,400
7,810
3,600
6,170
14,9005,830
21,4007,970
79,600
6,310
2,930
6,890
33,100
2,050
5,650
5,410
7,520
10,3006,090
10,70040,800
2,880
9,990
3,820
1,600
4,430
4,460
2,080
36,000
2,870
3,540
6,630
922
2,660
5,330
3,990
1,510
13,4001,130
1,720
17,0003,850
14,500
4,720
2,980
1,320
2,500
3,720

0
-2,100
-190
-70
-100
0
0
0
-200
-270
0
0
-290
-800
-240
0
-130
-100
-650
-1,100
1,110
0
-160
-260
-100
0
-300
0
-40
-750
0
-20
-50
-10
0
-100
-20
-20
0
-32
-170
0
-270
-50
-700
-40
0
-400
-190
-400
-500
-10
0
-20
0

4,999
77,801
8,865
4,572
13,64629,855
6,406
21,430
7,820
2,765
4,845
16,9997,841
25,382
7,388
75,464
4,827
2,531
7,636
30,951
2,586
4,993
4,583
6,862
7,811
4,952
11,06038,541
3,604
7,988
3,552
1,621
4,469
5,277
2,460
35,993
2,848
3,890
6,862
986
2,778
4,126
4,732
1,698
14,7091,482
2,724
23,232
3,787
13,489
4,016
2,559
1,338
4,507
3,496

1,050
-9,601
114
147
2,353
16,644
-186
6,969
-210
564
1,324
-2,099-2,301-4,782
341
4,135
1,352
298
-1,396
1,048
573
656
666
397
2,388
1,137
-660
2,258
-764
1,251
267
-41
-89
-827
-380
-93
1
-370
-232
-96
-288
1,203
-1,012-238-2,009-392-1,004-6,632
-127
610
203
410
-18
-2,027223

5,000
81,555
9,520
4,810
14,70044,7007,000
20,900
7,200
3,173
5,250
16,8307,999
26,8007,680
75,850
4,859
2,808
7,830
31,776
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

488,470495,280-6,810464,664

23,805

489,026

133,900

136,832-2,932

146,999-13,099

154,865

622,370

632,112-9,742

611,664

10,705643,891

4,680
15,170

－
－

－
－

4,432
12,593

247
2,576

4,410
12,300508,320
133,900
642,220

－
－
－

－
－
－

481,690
146,999628,689

26,629-13,099
13,530505,736
154,865
660,601

Properties acquired during the 19th PeriodTokyo 23 Wards
Tokyo 23 Wards

Chuo
Shinagawa

Kyodo (Kayabacho 2Chome)
Osaki Front Tower

57 properties held as of the end of the 19th PeriodTokyo 23 Wards
Other Areas
Total (57 properties)* With regard to the 19th Period appraisal value of the Takanawadai Building transferred on April 1, 2011, the transfer price of the building is described.

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