November 18, 2009
JAPAN REAL ESTATE INVESTMENT CORPORATIONANNOUNCEMENT OF SIXTEENTH FISCAL PERIOD RESULTS
1. Summary of Financial Results
In the 16th fiscal period (April 1, 2009 to September 30, 2009), Japan Real Estate Investment
Corporation (“JRE”) recorded operating revenues totaling 21,524 million yen, up 3.9% compared withprevious period. On the earnings front, operating income increased 1.0% to 10,054 million yen. After
deducting expenses for interest payments on loans and other costs, ordinary income edged up 0.9% to
8,505 million yen, and net income also edged up 0.9% to 8,504 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 totaling 19,198 yen per unit.
2. Results of Operations(1)Property Management and Acquisition
During the period under review, the Japanese economy continued to face severe conditions on the backof the rapid deceleration of the global economy. Specifically, overall performance and capital
investment in the entire private sector continued to slow down, while the unemployment rate gradually
increased. Nevertheless, as inventory adjustments were steadily advanced in all industries and theJapanese government’s economic stimulus package began producing positive effects, the country
started to see some signs of recovery in production and personal spending, which in turn fueled
expectations for a turnaround in the Japanese economy.
However, in the market for leased office space, vacancy rates continued to rise nationwide,
and rent levels entered a declining phase. Against the backdrop of withdrawals from unprofitablebusinesses due to weakened performance and the acceleration of cost-reduction initiatives, many
corporate tenants decreased their leased floor space or canceled their leasing contracts.
Meanwhile, in the property market, the transaction volume trended in a lower range,
attributable to the economic slowdown and the subsequent worsening of conditions in the market forleased office space.
Under such harsh circumstances, JRE worked strategically to keep reinforcing its
competitiveness. Specific initiatives included the upgrading of building and facility specifications
through renovation work required to maintain and improve the functions of existing portfolio
properties as well as aggressive activities to attract new tenants.

1

In addition, as summarized in the table below, JRE transferred the unused development rightsof the Mitsubishi UFJ Trust and Banking Building site as part of efforts to secure profitability. During
the period under review, JRE did not undertake new property acquisitions.
As a result of these activities, JRE’s portfolio as of September 30, 2009 consisted of 55 officebuildings with a total acquisition price of 564,219 million yen. Total leasable space stood at 516,421
m2 (approximately 156,217 tsubo), with a total of 977 tenants.*
Note:

The number of portfolio properties, the total acquisition price, the total leasable space and the numberof tenants do not include the land and building that have been acquired for the purpose of extending theadjacent Ryoshin Ginza East Mirror Building.

■ Outline of development right transfer
Property name

Mitsubishi UFJ Trust and Banking Building

Location

Chiyoda-ku, Tokyo

Object of transaction

Unused development rights of the Mitsubishi UFJ Trust andBanking Building site

Transfer price729,984 thousand yen(2)Finance Activities
In order to provide funds to repay existing short-term loans, JRE procured 5,000 million yen, 7,000
million yen and 10,500 million yen—all in short-term loans—on June 1, 2009, September 1, 2009 and
September 24, 2009, respectively. As a result, JRE’s total interest-bearing debt amounted to 220,500
million yen as of September 30, 2009. This amount consists of long-term loans totaling 127,500
million yen, which includes the current portion totaling 18,000 million yen, short-term loans totaling
48,000 million yen and investment corporation bonds totaling 45,000 million yen, which includes thecurrent portion totaling 10,000 million yen.
As of September 30, 2009, 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 interest-bearing debt) stood at 78.2%, and the LTV ratio (ratio of interest-bearing debt to total
assets) was 39.1%. As these results indicate, JRE has been able to maintain a sound and conservative
financial standing.
JRE’s credit ratings as of September 30, 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: A1; Outlook: Stable

Rating and Investment Information, Inc.

Rating: AA; Outlook: Stable2

3. Outlook(1)Operating Environment
Despite the ongoing deterioration in employment conditions in Japan, the Japanese economy isexpected to remain on a mild recovery course for the time being, supported by improvements inoverseas economies. Nevertheless, there are risks that could place downward pressure on the domestic
economy, including the further worsening of employment conditions, a possible slowdown in overseas
economies and unfavorable fluctuations in international financial markets. Due to such risks, making
forecasts still requires a conservative approach.
In the market for leased office space, the vacancy rate in central Tokyo seems to have stopped
rising robustly. However, the downward pressure on rents attributable to the slumping performance inthe entire corporate sector remains strong. Accordingly, the outlook provides no reason for optimism.
In the property market, banking facilities have slightly eased their stance toward financing forreal estate investments. This situation is boosting expectations for a gradual recovery in the volume ofreal estate transactions. However, the property market may remain stagnant, possibly due tounfavorable changes in economic trends and financial conditions and to a persistent decline in realestate prices, which reflect weak performance in the market for leased office space. In order to takefull advantage of opportunities for acquiring prime properties in such an adverse environment, JRE
believes that both the soundness of its financial standing and its ability to procure funds will be more
important than ever before.
a. Property Management
As stated above, JRE expects that the relative strengths of properties will become increasingly evident
in the overall market for leased office space, despite some discrepancies among central Tokyo, theTokyo metropolitan area and regional cities. Therefore, JRE will adhere to the following management
policies in order to keep improving profitability.
(i) Strengthen relationship of trust with existing tenants
As of September 30, 2009, JRE had contracts with 11 property management companies. Mostof these companies were already managing their respective buildings before JRE acquired
them 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 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 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.
3

(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.
(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 less 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.

4(2) Performance Forecasts
For the 17th fiscal period (October 1, 2009 to March 31, 2010), JRE forecasts operating revenues
totaling 21,640 million yen, operating income totaling 10,210 million yen, ordinary income totaling
8,470 million yen and net income totaling 8,470 million yen. JRE plans to declare a cash dividend
totaling 17,320 yen per unit.
For the 18th fiscal period (April 1, 2010 to September 30, 2010), JRE forecasts operating
revenues totaling 21,320 million yen, operating income totaling 9,810 million yen, ordinary income
totaling 7,940 million yen and net income totaling 7,940 million yen. JRE plans to declare a cash
dividend totaling 16,240 yen per unit.
The above estimates for the 17th and 18th fiscal periods are based on the following
assumptions.
JRE assumes its holding as of November 18, 2009 to be 55 properties, plus the additional
quasi-co-ownership 30% of trust beneficiary right in trust of real estate pertaining to Shiodome
Building to be acquired on January 15, 2010 (the “acquirement of the additional share”).
The number of units outstanding is under the assumption that the 489,200 units are comprised of thecurrent outstanding and issued 443,000 units as of November 18, 2009, plus 42,000 units to be issued
through public offering and 4,200 units to be issued through a third-party allotment offering available
as determined by resolution at the board meeting held on November 18, 2009.
In addition, the number of issuance units by a third-party allotment is under the assumption that all of
maximum 4,200 units are issued.
JRE assumes an operational guideline of LTV ratio over total assets to be in the 30% range.
With the acquirement of the additional share of Shiodome Building, JRE intends to use approximately¥20 billion out of the approximately ¥31,832 million raised through the issuance of new units by
public offering and a third-party allotment as determined by resolution at the board of directors’
meeting held on November 18, 2009, for the scheduled acquirement of the additional share of
Shiodome Building. In addition, JRE intends to use the remainder（approximately ¥11.8 billion）of theproceeds from the issuance of new units and its own funds for repaying a portion of the existing loans.
As a result, the LTV ratio after the acquirement of the additional share is expected to be around 38%.
However, the above LTV ratio may vary depending on the final issue price of units to be issued andthe number of units to be issued through the third-party allotment, etc.

In addition, the LTV ratio asof March 31, 2010, and September 30, 2010, is expected to be in the 30% range.
In the 17th Period (March 31, 2010), the short-term loan balance of ¥27.5 billion (Repayment date:
December 21, 2009, and March 24, 2010) and the long-term loan balance of ¥ 12 billion (Repayment
date: December 15, 2009 and March 24, 2010) are assumed to be refinanced, excluding the repayment
5

of a portion of those loans by proceeds from the issuance of new units through the public offering andthe third-party allotment and cash on hand. There are no investment corporate bonds to mature in the
17th Period (March 31, 2010).
In the 18th Period (September 30, 2010), the short-term loan balance of ¥20.5 billion (Repayment
date: June 1, 2010, September 1, 2010, and September 24, 2010) and the long-term loan balance of ¥ 6billion (Repayment date: June 14 and June 15, 2010) are assumed to be refinanced, excluding therepayment of a portion of those loans by proceeds from the issuance of new units through the public
offering and the third-party allotment and cash on hand. The investment corporate bond of ¥10 billion
to mature on April 30, 2010, is assumed to be repaid with the funds raised by loans, etc.
Revenue from portfolio properties held by JRE is calculated by taking the finalized new contractconclusions and cancellations as of November 18, 2009 into consideration, as well as potential
variables, such as revenue that is at risk of decreasing due to returned spaces. Revenue from theproperty to be newly acquired (the acquirement of the additional share of Shiodome Building) is
calculated based on information such as the lease agreements as of the scheduled acquisition date of
the property.
In the 17th Period (March 31, 2009), JRE expects to record approximately ¥880 million in revenue
from gain on transfer pertaining to part of Jingumae Media Square Building Site.
As mentioned above, JRE has sold a portion of a portfolio property and has decided to issue
new investment units and acquire a new property after September 30, 2009. Brief details of these
subsequent events are as follows.

6

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

Real property (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

Transfer price:

1,507,411 thousand yen (Note 1)

Transfer area:

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

Transferee:Tokyo Metropolitan Government

Special remarks:

Transfer of a part of Jingumae Media Square Building site todevelop (expand Meiji-Dori St., etc.) the aboveground Jingumae
area (between Jingumae 3-chome and Jingumae 6-chome), where
the Jingumae Media Square Building is located, was undertakenin accordance with the decision of the Tokyo Metropolitan
Government’s City Planning Project and other relevant projectapprovals.

Notes: 1. In addition to the transfer price, JRE expects to receive 21,795 thousand yen as compensation
for theproperty transfer.
2. The total land area includes a 269.01 m2 servient land of the subject property land based
an easement.

7

b. Issue of New Investment Units
JRE’s Board of Directors held a meeting on November 18, 2009 and passed a resolution concerning
the issue of new investment units. Brief details are presented below. The per-unit offer price andother conditions are scheduled for determination at a Board of Directors meeting to be held in
December 2009.
<Issue of new investment units through public offering>Number of units to be issued:

42,000Starting date for dividend calculation:

October 1, 2009

<Issue of new investment units through third-party allotment>
Number of units to be issued:

4,200

Starting date for dividend calculation:

October 1, 2009

Allottee:

Nikko Cordial Securities Inc.

In the event that the units to be issued through this third-party allotment do not receive an offer inwhole or in part, due to forfeiture of the subscription right, the number of units to be issued
through the third-party allotment may decrease to that extent, or the third-party allotment may becancelled entirely.

8c. Additional Acquisition of the Shiodome Building<Outline of the acquisition>
Type of specified asset:

Trust beneficiary right in trust of domestic realestate (quasi-co-ownership: 30.0%) (Note 1)

Name of asset:

Shiodome Building

Acquisition price:

54,600 million yen

Scheduled contract date:

January 13, 2010

Scheduled acquisition date:

January 15, 2010

<Outline of the asset>
Location:
Usage:
Land area:
Floor area:
Structure:
Completion:
Type of ownership:
Number of tenants:
Total leasable space:
Total leased space:Occupancy rate:

1-2-20 Kaigan, Minato-ku, Tokyo
Office, shop
12,046 m2 (total land area of the building site) (Note 2)
115,930.83 m2 (total floor area of the entire building)
Steel-framed, steel-framed reinforced concrete, flat roof,
Above ground: 24 floors Below ground: 2 floors
December 2007
Ownership (Note 3)
29 (Note 4)
32,151 m2 (Note 4)
32,048 m2 (Note 4)
99.7% (Note 4)

Notes: 1. As of November 18, 2009, JRE owns 10.0% of the quasi-co-ownership for the trust beneficiaryright of the property. JRE plans to acquire the additional 30.0% quasi-co-ownership describedabove on January 15, 2010. As a result, JRE will own 40.0% of the trust beneficiary right of theproperty.
2. As the property lies within an area designated for execution of the Shiodome Land Readjustment
Project under the Tokyo Metropolitan Urban Land Development Business Plan, the land area forthe building site presented above is the total of the land area of the designated provisional
replotting.
3. A part of the land has a compartmentalized surface right created to protect railroad structures and tobuild a subway.
4. Calculated on October 31, 2009 based on JRE’s 40.0% quasi-co-ownership for the trust beneficiaryright after the additional acquisition, the figure is an estimate current as of January 15, 2010.

9

Income Statement for the 16th Period(In millions of yen ; Dividend per unit in yen)
16th Period
16th PeriodTerm 15th Period(Mar 31, 2009)
Actual/Forecast

Actual→ change →(amount)(Sep 30, 2009)(%)

Operating Revenues
Property-related Revenues
Rental Revenues
Non-rental Revenues
Gain on Transfer of Development Rights of Floor Area
Operating Expenses
Property-related Expenses (*2)
Property Management Expenses
Property Management Costs
Brokerage Fees, etc.
Utilities Expenses
Property and Other Taxes

20,716
20,716
20,609107
10,761
6,141
2,261
2,195
66
1,570
1,509

807
79

3.9%
0.4%

Casualty Insurance
Repairing Expenses
Other Expenses
NOI (*3)
Depreciation
Property-related Profits and Losses (*3)
Gross Operating Income
Administrative Expenses
Asset Management Fees
Other Administrative Expenses
Operating Income
Non-operating Revenues
Interest Income
Other Non-operating Revenues
Non-operating Expenses

44
676
78
14,575
3,788
10,787
10,787
831
537
293
9,955
39
39
0
1,568

0 1.0%
442 65.4%
38 49.6%-624 -4.3%
13 0.3%-637 -5.9%
91 0.8%-8 -1.0%
2 0.5%

Interest Expense
Interest Expense on Investment Corporation Bonds
Amortization of Investment Corporation Bond Issuance Costs
Other Non-operating Expenses
Ordinary Income
Income before Income Taxes
Income Taxes
Net Income
Retained Earnings at Period-end

1,132
405
10
20
8,426
8,426
1
8,425
8,425

FFO (*4)
Dividend per Unit

728
708 6.6%703 11.5%-21 -0.9%-18 -1.2%
261 17.3%

Actual

21,524
20,795
20,682
112
728
11,469
6,845
2,240
2,179
60
1,552
1,770
44
1,119
117
13,9503,801
10,14910,878823
540
282
10,054
24
24
0
1,574

99

1.0%

7
-2

0.6%
-0.7%

78

0.9%

78

0.9%

12,213

-636

-5.2%

11,57719,020178

0.9%19,198

1,139
402
10
21
8,505
8,505
0
8,504
8,504

← change ←(Sep 30, 2009)(%)

Initial Forecast(*1)(amount)

-5
-4

0.0%
0.0%

21,53020,800

8
39
35

1.2%
0.3%
0.5%

720
11,430
6,810

-39
11
-40
-41
3
10

-0.3%
0.3%
-0.4%
-0.4%
0.4%
2.0%

13,9903,790
10,19010,920
820
530

-35

-0.3%

10,090-188 -10.9%

1,730

155

1.9%

8,350

154

1.9%

8,350

348

1.8%

18,850*1 The initial forecast means the 16th Period performance forecast announced on May 18, 2009.
*2 Excluding Depreciation*3 Excluding Gain on transfer of development rights of floor area
*4 Net income＋Depreciation－Gain on transfer of development rights of floor area

10

Balance Sheet for the 16th Period(In millions of yen)
15th Period

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

18,34921,420

3,071

352

294

-58

18,701

21,714

3,013

Buildings (including those held in trust)

198,986

199,01023

Structures (including those held in trust)

2,273

2,275

2

Machinery and Equipment (including that held in trust)

2,950

2,939

-11

Land (including that held in trust)

369,634

369,693

59

Accumulated Depreciation-31,180-34,747-3,567

Total Property and Equipment

542,664

539,171-3,493

3,519

3,519

-

3,519

3,519

-

Investment Securities

2

2

-

Long-term Prepaid Expenses, etc.

41

38

-2

Total Investments and Other Assets

44

41

-2

546,228

542,732-3,495

92

81

-10

92

81

-10

565,022564,528

-493

Item

ChangeReason for change

AssetsⅠ Current Assets
Cash and Bank Deposits
Other Current Assets
Total Current Assets
Ⅱ Fixed Assets
Property and Equipment

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

11

(In millions of yen)
15th Period

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

Short-term Loans

48,00048,000Current Portion of Long-term Loans

12,00018,000-10,000Rent Received in Advance

2,350

2,261

-88

Other Current Liabilities

2,615

2,539

-75

64,96580,801

15,835Investment Corporation Bonds

45,00035,000-10,000

Long-term Loans

115,500

109,500

Deposits Received from Tenants

33,52933,121-407

194,029

177,621-16,407258,994

258,422-572

Unitholders' Capital

297,601

297,601-

Retained Earnings

8,425

8,504

78

Total Net Assets

306,027

306,10678

Total Liabilities and Net Assets

565,022564,528

-493

Item

ChangeReason for change

Liabilities
Ⅰ Current Liabilities

Current Portion of Investment Corporation Bonds

Total Current Liabilities

Increased due to decrease of remaining periods ofloans
Increased due to decrease of remaining periods of
10,000
bonds

6,000

Ⅱ Long-term Liabilities

Total Long-term Liabilities

Total Liabilities

Decreased due to the transfer to the current
portion of investment corporation bonds
Decreased due to the transfer to the current-6,000
portion of long-term loans

Net Assets

12Property Data
(In millions of yen)
Area

Name

16th Period

15th Period

Appraisal
Value

Appraisal
Value

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

Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Tokyo 23 Wards
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas
Other Areas

ChiyodaChiyodaChiyodaChiyodaChiyodaChiyodaChiyodaChiyodaChiyoda
Chuo
Chuo
Chuo
Chuo
Chuo
MinatoMinatoMinatoMinatoShinjuku
Shinjuku
ShinagawaShinagawa
Ota
ShibuyaShibuyaShibuyaShibuyaShibuyaShibuyaNakanoToshimaToshimaToshimaHachioji
Saitama
Yokohama
Kawasaki
Kawasaki
SapporoSendaiSendaiKanazawa
NagoyaNagoyaNagoyaNagoya
Kyoto
Osaka
Osaka
Osaka
Okayama
Hiroshima
Fukuoka
Fukuoka
Fukuoka

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
Shiodome
Shiba 2Chome Daimon
Cosmo Kanasugibashi
ShinwaTokyo Opera City
Takanawadai
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

Properties held as of the end of the 15th Tokyo 23 Wards
and 16th Periods, during which theshares of ownership remain unchanged Other Areas(No properties acquired during the 16th
Period.)Total (55 properties)

16th Period

16th Period

Book Value

Appraisal
Value －

Acquisition
Price(Sep 30, 09)

Book Value

6,050
78,1009,620
5,950
16,30047,3006,570
29,100
8,470
3,780
6,630
16,0004,610
22,6008,790
19,900
6,890
3,410
8,290
10,400
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

6,150
83,70010,6006,350
17,40049,1006,850
30,500
8,730
4,070
6,970
16,9004,920
24,6009,210
21,800
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

-100
-5,600-980-400-1,100-1,800-280-1,400
-260
-290
-340
-900
-310
-2,000-420-1,900-400-230-1,010
-900
-230
-210
-140
-740
-1,200-140-2,300-5,300-1,500-1,000
-30
20
-810
-240
-280
0
-130
-170
-320
-30
-120
-420
-660
-110
-1,000-120-180-3,100-400-2,100
-170
-120
-60
-750
-170

5,055
79,122
8,985
4,541
13,95930,170
6,602
21,596
7,734
2,814
4,953
17,026
5,244
26,172
7,475
21,193
4,865
2,535
7,697
8,543
2,615
5,131
4,562
6,855
8,043
4,988
11,83038,719
3,713
8,231
3,592
1,629
4,558
5,438
2,397
36,964
2,881
3,976
7,100
1,011
2,813
4,225
4,914
1,721
14,272
1,534
2,794
24,143
3,827
13,554
4,232
2,623
1,369
4,607
3,543

994
-1,022
634
1,408
2,340
17,129
-32
7,503
735
965
1,676
-1,026-634-3,572
1,314-1,293
2,024
874
592
1,856
-245
1,558
1,187
1,374
3,856
1,351
869
4,980
-73
3,568
227
-29
31
231
-77
35
218
-296
-410
68
606
1,534
-394
-111
327
-214
-784
-4,043
562
2,745
927
426
-49
-1,397176

5,000
81,555
9,520
4,810
14,70044,7007,000
20,900
7,200
3,173
5,250
16,8305,353
26,8007,680
21,250
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

441,890476,090-34,200

390,760

51,129409,354

150,030

160,680-10,650

149,94980

154,865

591,920

636,770-44,850

540,70951,210564,219* The land and building adjacent to Ryoshin Ginza East Mirror Building are not included in the above list. The appraisal value of theland and building at the end of the 16th Period is ¥1,020 million.

13