November 18, 2013

JAPAN REAL ESTATE INVESTMENT CORPORATIONANNOUNCEMENT OF TWENTYFOURTH FISCAL PERIOD RESULTS
1. Summary of Financial Results
In the 24th fiscal period (six months ended September 30, 2013), Japan Real Estate Investment Corporation(“JRE”) recorded operating revenues totaling 26,225 million yen, up 3.4% compared with the previous
period. On the earnings front, operating income increased 1.4% to 10,781 million yen. After deducting
expenses for interest payments on loans and other costs, ordinary income rose 4.5% to 9,143 million yen
and net income grew 3.5% to 9,129 million yen.
Turning to dividends, JRE will make cash distributions using accounting profits based on thedividend policy outlined in Article 32-2 of JRE’s Articles of Incorporation, in an amount that exceeds 90%
of earnings available for dividends as required by Article 67-15 of the Special Taxation Measures Law ofJapan. Based on this policy, JRE was able to maintain retained earnings as the amount did not exceed
earnings available for distribution at the end of the period. Therefore, the total amount of dividends that
JRE has determined to pay out is 9,129,555,240 yen for the period under review, which must be divisible
by 594,140—the number of units outstanding as of September, 2013. Accordingly, the per-unit cash
dividend totaled 15,366 yen.
2. Results of Operations(1) Property Management and Acquisition
During the period under review, in the Japanese economy, due to improving stock prices as a result of
Abenomics and the subsequent increase in consumer confidence, spending is gradually recovering
and, with the correction in the overvaluation of the yen, the environment for business operations islooking brighter as evidenced by the increase in capital investment.
In the market for leased office space, while supply and demand conditions for office buildingsin Tokyo are steadily improving and the rental market has partially rebounded, corporations continue
to be cost cautious about rent, placing gradual downward pressure on overall market rent levels. In
regional business areas, although there were signs that occupancy rates as a whole were gradually
improving despite some regional variation, high vacancy rates coupled with persistently low rent
levels prevailed amid stagnant demand for office space.
In the property market, buying remained aggressive amid an opportune fund-raising
environment. With only a limited number of properties available for investment in the market forleased office space, prices are gradually increasing.
Reflecting the circumstances, JRE focused on leasing activities that take into account market
trends. Due to high tenant turnover, however, JRE's occupancy rate edged down from 96.7% as ofMarch 31, 2013 to 96.3% as of September 30, 2013. In addition, rent levels continued to feel
downward pressure and property-related revenues, excluding those from newly operating properties,
declined further compared with the previous period.
At the same time, JRE strives to further strengthen its portfolio through external growth and toraise minimum revenues and earnings, and so in the period under review, JRE acquired Nagoya
Hirokoji Place (Nagoya City) on July 31, 2013 and Shijo Karasuma Center Building (Kyoto City) on
September 3, 2013 for 8,567 million yen and 4,400 million yen respectively. JRE also transferredownership (building only) of the Nippon Brunswick Building (Shibuya-ku, Tokyo) on August 23,

1

2013 for 1,220 million yen.
As a result of the above, JRE’s portfolio at the end of the fiscal period under review,
September 30, 2013, consisted of 62 properties (office buildings) with a total acquisition price of
794,230 million yen. Total leasable space stood at 713,180 m2, with a total of 1,146 tenants.
*Note: The Nippon Brunswick Building (Land with leasehold interest), whose building ownership
was transferred on August 23, 2013, is included in the above number of properties and totalacquisition price, but is not included in total leasable space or total number of tenants.
(2) Finance Activities
Striving to improve the ratio of long-term loans and investment corporation bonds to otherinterest-bearing debt, JRE issued Japan Real Estate Investment Corporation Ninth Unsecured Bonds
with the amount totaling 10,000 million yen on August 30, 2013.
■Overview of the ninth issuance of investment corporation bonds

Name of the Investment Corporation Bond
Total Amount of the Bond Issue
Date of the Bond Issue
Date of Maturity
Interest Rate

Japan Real Estate Investment Corporation NinthUnsecured Bond
(No special financial covenants, such as a negativepledge clause)
10,000 million yen
August 30, 2013
August 30, 2018
0.497 % per annum

Using the cash on hand made available from the Japan Real Estate Investment Corporation
Ninth Unsecured Bonds, JRE repaid long-term loans totaling 3,000 million yen as agreed on
September 2, 2013 and repaid short-term loans totaling 4,000 million yen ahead of schedule on
September 9, 2013. JRE allotted the remaining amount to the funds used to acquire Shijo Karasuma
Center Building on September 3, 2013.
Preceding this, to fund the repayment of existing loans, JRE procured short-term loans totaling
5,000 million yen on September 2, 2013; as well as long-term loans amounting to 13,000 million yen
on April 24, 2013.
Moreover, JRE procured 6,000 million yen in short-term loans on July 31, 2013 to partiallyfund the acquisition of Nagoya Hirokoji Place.
As a result of these financing activities, as of September 30, 2013, JRE’s total interest-bearing
debt amounted to 320,150 million yen. This amount consists of long-term loans totaling 240,150
million yen (including the current portion of long-term loans totaling 13,100 million yen), short-termloans totaling 25,000 million yen, and investment corporation bonds totaling 55,000 million yen(including the current portion of investment corporation bonds totaling 15,000 million yen).
As of September 30, 2013, JRE’s long-term, fixed-interest bearing debt ratio (ratio of
long-term, fixed-interest bearing debt (including the current portion of long-term loans andinvestment corporation bonds) to total interest-bearing debt) stood at 92.2%, and the LTV ratio (ratio
of interest-bearing debt to total assets) was 41.3%. As these figures indicate, JRE has been able tomaintain a sound and conservative financial standing.

2

JRE’s credit ratings as of September 30, 2013 were as follows:
Rating Agency
Credit Rating
Long-term: A+; Short-term: A-1;
Standard & Poor’s Ratings Japan K.K.
Outlook: Stable
Moody’s Japan K.K.
Rating: A1; Outlook: Negative
Rating and Investment Information, Inc.
Rating: AA; Outlook: Stable
3. Outlook(1) Operating Environment
Forecasts call for the Japanese economy to gradually recover on the back of Tokyo’s selection to hostthe 2020 Olympics and as effects begin to appear from various policies, including the 5 trillion yen
economic stimulus that will accompany the consumption tax hike. Despite the risk that overseas
economic slowdown could cause the Japanese economy to slip, individuals and corporations haveregained confidence, and Japan is expected to head toward real recovery.
In the market for leased office space, vacancy rates are moving gradually downward and, with
office space in short supply, rates are projected to continue to show further improvement. Althoughrent levels are rebounding in an increasing number of areas, especially properties located in central
Tokyo with a competitive edge, such as new buildings, additional time is expected to be required
before the market as a whole, including existing buildings, benefits from a real recovery.
Regarding property markets, JRE believes that prices for the type of prime properties JRE
targets for acquisition look firmly poised to rise and that, with time, acquisition will only become
more difficult. In order to continue steadily acquiring prime properties, JRE considers it important tomaintain a framework that allows it to undertake the acquisition of properties based on agile andaccurate decision making. This approach is achieved by conducting detailed analyses of leasing
markets while acquiring sales information through a variety of property information channels.
a. Property Management
As stated above, conditions in the market for leased office space include the fall in overall market
rent levels having almost, but not yet completely, bottomed out with some building owners
looking to raise rent levels while others continue to feel pressure to keep levels low. In line withthese 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 September 30, 2013, JRE had contracts with 11 property management companies. Mostof these companies were already handling the management of their buildings before JRE
acquired them and had thus built relationships of trust with their tenants. JRE will work tofurther strengthen these relationships by anticipating tenants’ needs and providing tailoredservices to increase tenant satisfaction, thereby maintaining occupancy rates anddisincentivizing rent reduction requests.
(ii) Fill vacancies promptly
In cooperation with the property management companies mentioned above, JRE will actively
seek the most appropriate tenants for each property, based on location 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 secure fixed- andlong-term leasing agreements with its large-scale tenants.

3

(iv) Reduce management costs
JRE has introduced sound competitive principles for its multiple property managementcompanies to follow and is revamping their management systems and cost structures on an
ongoing basis.
b. Property Acquisitions and Sales
JRE has adopted the following policies for acquiring properties.
(i) To access 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, making appropriate renovations based on engineering
reports, and exclusively targets properties capable of maintaining a competitive edge in termsof 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 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 timing.
c. Financial Strategy
In principle, JRE shall maintain an LTV ratio that does not exceed 65%. To ensure an even lower
interest-bearing debt ratio, JRE adopts the conservative target level of 30% to 40%. As for thefinancing of property acquisitions, JRE shall use, in a flexible manner, a variety of funding
schemes—including the issue of investment corporation bonds—while maintaining a sound andconservative financial standing and closely monitoring trends in financial markets. Whenobtaining a loan, JRE shall strictly adhere to its financial policies. More specifically, with the aimof minimizing funding costs, JRE shall negotiate with several qualified institutional investors(limited to those defined under the Special Taxation Measures Law of Japan) before executing aloan agreement.
(2) Performance Forecasts
For the 25th fiscal period (October 1, 2013 to March 31, 2014), JRE forecasts operating revenues
totaling 25,980 million yen, operating income totaling 10,770 million yen, ordinary income totaling
9,020 million yen, and net income totaling 9,000 million yen. JRE plans to declare a cash dividend
totaling 7,580 yen per unit.
For the 26th fiscal period (April 1, 2014 to September 30, 2014), JRE forecasts operating
revenues totaling 26,060 million yen, operating income totaling 10,700 million yen, ordinary income
totaling 9,020 million yen, and net income totaling 9,000 million yen. JRE plans to declare a cash
dividend totaling 7,580 yen per unit.
Regarding the assumptions set for these forecasts, please see the below table entitled"Assumptions Underlying Performance Forecasts for the 25th Fiscal Period (October 1, 2013 toMarch 31, 2014) and the 26th Fiscal Period (April 1, 2014 to September 30, 2014).” Operating
revenues, operating income, ordinary income, net income, and cash dividend per unit may varydepending on changes in the situation.

4

(3) 2-for-1 Split of Investment Units
JRE’s Board of Directors met on November 18, 2013 and decided to implement a 2-for-1 split of each
JRE investment unit with a record date of December 31, 2013 and an effective date of January 1,
2014.
(i) Purpose of the split:
Through this split of investment units, JRE hopes to broaden its investor base by providing awide range of private investors the opportunity to invest from their NISA accounts, as well as
to increase long-term holdings.
(ii) Method of Split
With December 31, 2013 as the record date, JRE will implement a 2-for-1 split of theinvestment units held by unitholders stated or recorded on that date’s final unitholders registry.
(iii) Increase in Number of Investment Units through the Split, etc.
Number of JRE investment units outstanding before the split: 594,140 units
Increase in number of investment units through the split:
594,140 units
Number of JRE investment units outstanding after the split:
1,188,280 units
Total number of investment units issuable after the split:
4,000,000 units(iv) Schedule of Split
Record date:
December 31, 2013
Effective date: January 1, 20145

Assumptions Underlying Performance Forecasts for the 25th Fiscal Period (October 1, 2013 toMarch 31, 2014) and the 26th Fiscal Period (April 1, 2014 to September 30, 2014)
Item
Assumptions
The 25th period: October 1, 2013 to March 31, 2014 (182 days)
Accounting period
The 26th period: April 1, 2014 to September 30, 2014 (183 days)
・JRE assumes that its property portfolio will consist of the 62 properties
that it held as of October 1, 2013. The actual portfolio may differ from thisNumber of properties held by assumption due to additional property acquisitions and dispositions.
JRE
・JRE does not have any forward or other commitments, as of November
18, 2013, as set forth in the Financial Services Agency’s Guidelines forSupervision.
・JRE assumes that the number of units outstanding on December 31,
2013 will be the same number as of November 18, 2013: 594,140.
Number of units outstanding ・JRE sets the effective date as January 1, 2014 and will implement a 2-for
1 split of the investment units. Accordingly, JRE presumes the number ofinvestment units outstanding as of January 1, 2014 to be 1,188,280.
・JRE assumes as an operational guideline, an LTV ratio in the 30% to
40% range.
・In the 25th fiscal period, JRE presumes that, as of November 18, 2013,
it will refinance the remainder of long-term loans totaling 13,000 million
yen (repayment date: March 24, 2014) and short-term loans totaling
13,000 million yen* (repayment dates: January 7, 2014 and January 15,2014). There are no investment corporation bonds set to mature in the
25th fiscal period.
Interest-bearing debt
*The 1,000 million yen that was due for repayment on October 7, 2013 hasalready been refinanced.

Operating revenues

Operating expenses

・In the 26th fiscal period, JRE presumes that, as of November 18, 2013,
it will refinance the remainder of short-term loans totaling 11,000 million
yen (repayment dates: April 30, 2014, July 31, 2014 and September 2,2014). JRE presumes that the funds procured from such sources as loans
and newly issued investment corporation bonds will be used to repay theinvestment corporation bonds totaling 15,000 million yen set to mature on
June 18, 2014.
・Revenues from portfolio properties held by JRE are calculated by taking
into consideration new contract conclusions and existing contract
cancellations fixed as of November 18, 2013, and by factoring in potential
variables, such as a risk of decrease in revenues due to returned space andreduced rent levels, taking into account recent market conditions forleased office space.
・Of the taxes JRE is subject to, property taxes, city planning taxes anddepreciable property taxes corresponding to the relevant fiscal period havebeen recorded as property-related expenses. However, when a property is
acquired at a point during the period used for the calculation of property
tax, a property tax adjustment is levied that takes into account the date of
the transfer of the new acquisition. The amount of the adjustment isfactored into the acquisition price and therefore not recorded as an

6Non-operating expenses

Amount of dividend

Other

expense in the relevant fiscal period. In addition, JRE assumes that the2013 property taxes, city planning taxes and depreciable property taxes
for Harumi Front, Higashi Nibancho Square, Nagoya Hirokoji Place, andShijo Karasuma Center Building will be 142 million yen, 82 million yen,
68 million yen, and 23 million yen respectively.
・JRE assumes that property and other taxes will be 2,340 million yen in
the 25th fiscal period and 2,500 million yen in the 26th fiscal period.
・JRE assumes that depreciation will be 5,480 million yen in the 25th
fiscal period and 5,440 million yen in the 26th fiscal period.
・Property management expenses are assumed to take past operational
results into consideration.
・Repair expenses may vastly differ from the projected amounts as there
may be large differences in costs incurred from one fiscal period toanother and because such costs are not recurring.
・JRE assumes that non-operating expenses, such as interest expense andinterest expense on investment corporation bonds, will be 1,750 million
yen in the 25th fiscal period and 1,700 million yen in the 26th fiscal
period.
・JRE presumes that dividends in excess of accounting profits will not be
distributed. Reflecting this, under JRE’s Articles of Incorporation, JRE
assumes that it will make cash distributions using accounting profits,
distributing said profit in an amount in excess of 90% of earnings
available for dividends.
・JRE assumes that dividend amounts in the 25th and 26th fiscal periods
will not be appropriated from internal reserves.**Internal reserves (projected for the 25th fiscal period) shall comprise theresidual amount of 390 million yen, reflecting a dividend payout of 519 million
yen for the 22nd and 23rd fiscal periods subtracted from the balance of internal
reserves at the end of the 21st fiscal period (as of March 31, 2012), which
totaled 909 million yen, comprising retained earnings brought forward of 30
million yen and the amount apportioned to internal reserves from the gain onsale of land as a result of the sale of the Takanawadai Building as of April 1,
2011, under the application of the Special Provisions for Taxation in the case of
Advanced Acquisition of Land, etc., in 2009 and 2010 (total of 878 million yen
which consists of reserve for reduction entry and associated income taxes
deferred).

・JRE presumes that revisions that could impact the abovementioned
forecasts will not be made in such 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 ingeneral market trends or real estate market conditions or other factors.
・In addition to the abovementioned income taxes deferred, JRE calculates
the amount of its corporate and other taxes, taking into consideration asset
retirement obligations as well as the amortization of term leaseholdinterest for buildings.

7

Income Statement for the 24th PeriodTerm(In millions of yen; Dividend per unit in yen)
24th Period
24th Period

23rd Period(Mar 31, 2013)

Actual/Forecast

Operating Revenues

Actual(amount)

25,357

Property-related Revenues

25,357

Rental Revenues

25,070Non-rental Revenues(%)-

14,725

Property-related Expenses (*2)

26,225245 0.9%

26,206
26,116
90
18

226

0.9%

25,980718 4.9%

15,444244 1.6%

15,200

9,001
3,080
3,003
77
2,433
2,356
57
866
207
17,205
5,507
11,697
11,716
934
621
313

181

2.1%

8,820

55

0.3%

17,150

57

1.1%

5,450

-2

0.0%

11,70016

0.1%

11,700

14

1.6%

920

21

3.6%

600

10,781

11 0.1%

10,770

18
412

4.8%

13

0.4%

Property Management Costs

2,961
17.0%

105

Utilities Expenses

2,079

353

Property and Other Taxes

2,302

54

2.4%

Casualty Insurance

55

1

3.0%

Repairing Expenses

886

-20

-2.3%

Other Expenses

197

9

5.0%

16,768

436

2.6%

5,208

299

5.8%

Property-related Profits and Losses (*3)

11,560137

1.2%

Gross Operating Income

11,560

155

1.3%

928

5

0.6%

Asset Management Fees

592

29

5.0%

Other Administrative Expenses

336

NOI (*3)
Depreciation

Administrative Expenses

10,631Non-operating Revenues

149 1.4%

14

Interest Income

9

Other Non-operating Revenues

5

Non-operating Expenses

1,897Interest Expense

1,419

-82

-5.8%

386

6

1.6%

Interest Expense on Investment Corporation Bonds
Amortization of Investment Corporation Bond Issuance Costs

16

Other Non-operating Expenses

74

Ordinary Income

8,749

Income before Income Taxes

8,749

Income Taxes

393 4.5%

8,824

Retained Earnings at Period-end

8,855

FFO (*4)

14,032

15,140305 3.5%

9,143

0

-

0.0%

1,730

123 1.4%

9,020

9,129

129 1.4%

9,000

206 1.4%

15,160

9,160
586

4.2%

14,619226 1.5%

15,366*1 The initial forecast means the 24th Period performance forecast announced on May 16, 2013.
*2 Excluding Depreciation*3 Excluding Gain on sale of properties*4 Net income + Depreciation - Gain on sale of properties

8

135
5
129
1,774
1,337
392
17
27

18

25,980

9,143
13

-75

Net Income

(%)

3.4%

8,588

Brokerage Fees, etc.

(amount)(Sep 30, 2013)
Initial Forecast
(*1)

849

3,067

Dividend per Unit

Actual← change ←868 3.4%

Property Management Expenses

Operating Income(Sep 30, 2013)

287

Gain on Sale of Properties

Operating Expenses→ change →Balance Sheet for the 24th Period(In millions of yen)
23rd Period

24th Period(Mar 31, 2013)(Sep 30, 2013)

23,276

24,598725

439

24,00225,0381,035

Buildings (including those held in trust)

288,062

293,6215,558

Structures (including those held in trust)

3,229

3,324

95

Machinery and Equipment (including that held in trust)

3,793

4,007

214

Land (including that held in trust)

503,044

510,355

7,310

Accumulated Depreciation

ᇞ65,638

ᇞ70,445

ᇞ4,807

Total Property and Equipment

732,492

740,863

8,371

7,409

7,393

ᇞ15

7,409

7,393

ᇞ15

577

577

-

1,086

1,095

8

1,663

1,672

8

741,564

749,929

8,364

61

99

37

61

99

37

765,628775,066

9,438

Item

ChangeReason for change

AssetsⅠ Current Assets
Cash and Bank Deposits
Other Current Assets
Total Current Assets

1,321 Increase due to rent revenues, etc.
ᇞ285 Decrease due to deposit of consumption taxes
refund, etc.

Ⅱ Fixed Assets
Property and Equipment

Intangible Assets
Leasehold rights, etc. (including those held in trust)
Total Intangible Assets
Investments and Other Assets
Investment Securities
Long-term Prepaid Expenses, etc.
Total Investments and Other Assets
Total Fixed Assets
Ⅲ Deferred Assets
Deferred Investment Corporation Bond Issuance Costs

Total Deferred Assets
Total Assets

9

Increase due to capital expenditure andthe acquisition of properties
Decrease due to the transfer of property

(In millions of yen)Item23rd Period

24th Period(Mar 31, 2013)(Sep 30, 2013)

ChangeReason for change

Liabilities
Ⅰ Current Liabilities
7,000

Decrease due to prepayment
Increase due to the new loans for property
acquisition and refinancing from long-term
loans

Short-term Loans

18,00025,000Current Portion of Long-term Loans

34,10013,100-15,00015,000 Increase due to decrease of remaining

Rent Received in Advance

3,245

2,840

ᇞ405

Other Current Liabilities

2,514

3,561

1,046 and accrued consumption taxes, etc.

57,86059,501

1,641

Decrease due to redemption at maturity andᇞ21,000 refinancing to long-term and short-term loans,etc.

Current Portion of Investment Corporation Bonds

periods of loans

Total Current Liabilities

Increase due to accrued construction costs

Increase due to issuance of the ninth
Investment Corporation Bonds

Ⅱ Long-term Liabilities

Decrease due to the transfer to the current
portion of Investment Corporation Bonds(sixth)Investment Corporation Bonds

45,00040,000ᇞ5,000Long-term Loans

214,100

227,050

12,950 current portion of long-term loans, etc.

Deposits Received from Tenants

42,95842,634

ᇞ324 Decrease due to the property transfer, etc.

429

465

36

302,487

310,149

7,661

360,347

369,651

9,303

396,018

396,018

-

407

236

8,855

9,160

305

Total Net Assets

405,280

405,415

134

Total Liabilities and Net Assets

765,628775,066

9,438

Other Long-term Liabilities
Total Long-term Liabilities
Total Liabilities

Increase due to the refinancing from

Increase due to the property acquisition

Net Assets
Unitholders' Capital

Decrease of the reversal of reserve forReserve for Reduction Entry
Retained Earnings

10ᇞ170 reduction entry associated with the dividend
payout for 23 rd Period

Appraisal Values of Properties(In millions of yen)

Area

Name

24th Period

23rd Period

Appraisal
Value

Appraisal
Value(Sep 30, 13)(Mar 31, 13)

Amount ofDifference

24th Period

24th Period

Book Value

Appraisal
Value －

(Sep 30, 13)

Book Value

Acquisition
Price

Tokyo 23 Wards

ChiyodaGenki Medical Plaza

6,390

6,330

60

4,909

1,480

5,000

Tokyo 23 Wards

ChiyodaKitanomaru Square

72,30070,6001,700

75,616-3,31681,555

Tokyo 23 Wards

ChiyodaMD Kanda

7,350

7,540

-190

8,686

-1,336

9,520

Tokyo 23 Wards

ChiyodaKandabashi Park

4,120

4,140

-20

4,567

-447

4,810

Tokyo 23 Wards

ChiyodaNibancho Garden

16,90016,500400

13,1803,719

14,700Tokyo 23 Wards

ChiyodaMitsubishi UFJ Trust

44,90045,000-100

29,492

15,40744,700Tokyo 23 Wards

ChiyodaBurex Kojimachi

6,060

5,920

140

6,087

-27

7,000

Tokyo 23 Wards

ChiyodaSanno Grand

29,00029,200-200

21,223

7,776

20,9007,200

Tokyo 23 Wards

ChiyodaYurakucho Denki

7,120

7,150

-30

7,812

-692

Tokyo 23 Wards

Chuo

Kodenmacho

2,910

2,950

-40

2,849

60

3,173

Tokyo 23 Wards

Chuo

Kyodo (Kayabacho 2Chome)

5,020

4,900

120

4,338

681

4,410

Tokyo 23 Wards

Chuo

Burex Kyobashi

6,250

6,100

150

4,677

1,572

5,250

Tokyo 23 Wards

Chuo

Ginza Sanwa

15,10015,100017,138-2,038

16,830Tokyo 23 Wards

Chuo

Ryoshin Ginza EM

5,280

5,190

90

7,600

-2,3207,999

Tokyo 23 Wards

Chuo

Harumi Front

35,20032,9002,300

31,1794,020

31,300Tokyo 23 Wards

Chuo

Harumi Center

20,10019,800300

24,095-3,99526,800Tokyo 23 Wards

MinatoAkasaka Park

62,90062,500400

61,2001,699

60,800Tokyo 23 Wards

MinatoAoyama Crystal

6,960

7,210

-250

7,253

-293

7,680

Tokyo 23 Wards

MinatoShiodome

76,80077,200-400

74,0172,782

75,850Tokyo 23 Wards

MinatoShiba 2Chome Daimon

5,940

5,820

120

5,033

906

4,859

Tokyo 23 Wards

MinatoCosmo Kanasugibashi

2,690

2,770

-80

2,607

82

2,808

Tokyo 23 Wards

Shinjuku

Shinwa

5,680

5,780

-100

7,543

-1,863

7,830

Tokyo 23 Wards

Shinjuku

Tokyo Opera City

29,60029,700-100

29,763-163

31,776

Tokyo 23 Wards

Taito

TIX UENO

23,30023,300021,662

1,637

22,000Tokyo 23 Wards

Shinagawa

Higashi-Gotanda 1Chome

5,470

5,670

-200

4,778

691

5,500

Tokyo 23 Wards

ShinagawaOsaki Front Tower

15,50015,220280

11,3904,109

12,300Tokyo 23 Wards

Ota

Omori-Eki Higashiguchi

5,150

5,140

10

4,521

628

5,123

Tokyo 23 Wards

Shibuya

Yoyogi 1Chome

10,000

9,850

150

7,474

2,525

8,700

Tokyo 23 Wards

Shibuyada Vinci Harajuku

6,180

6,230

-50

4,928

1,251

4,885

Tokyo 23 Wards

Shibuya

Jingumae MS

10,2009,970

23010,813-613

12,200Tokyo 23 Wards

ShibuyaShibuya Cross Tower

42,10042,100038,4993,600

34,600Tokyo 23 Wards

ShibuyaEbisu Neonato

3,110

2,910

200

3,491

-381

4,100

Tokyo 23 Wards

NakanoHarmony Tower

10,60010,300

300

8,195

2,404

9,020

Tokyo 23 Wards

Toshima

Otsuka Higashi-Ikebukuro

3,820

3,820

0

3,524

295

3,541

Tokyo 23 Wards

Toshima

Ikebukuro 2Chome

1,640

1,660

-20

1,599

40

1,728

Tokyo 23 Wards

Toshima

Ikebukuro YS

4,250

4,190

60

4,338

-88

4,500

Other Areas

HachiojiHachioji First

4,430

4,380

50

5,081

-651

5,679

Other Areas

Saitama

Saitama Urawa

2,070

2,040

30

2,492

-422

2,574

Other Areas

Yokohama

MM Park

35,00034,900100

34,346653

37,400

Other Areas

Kawasaki

Kawasaki Isago

2,330

2,470

-140

2,850

-520

3,375

Other Areas

KawasakiMusashi Kosugi STM

3,770

3,630

140

3,849

-79

4,000

Other Areas

Sapporo

6,730

60

6,473

316

7,100

Sendai8･ 3 Square Kita
Jozenji Park

6,790

Other Areas

887

890

-3

977

-90

1,000

Other Areas

Sendai

Higashi Nibancho

11,70011,520180

10,024

1,675

9,950

Other Areas

SendaiSendai Honma

2,350

2,480

-130

2,739

-389

3,174

Other Areas

Kanazawa

Kanazawa Park

4,350

4,280

70

4,112

237

4,580

Other Areas

NagoyaNishiki Park

3,690

3,580

110

4,518

-828

5,150

Other Areas

NagoyaHirokoji Sakae

1,510

1,440

70

1,703

-193

1,680

Other Areas

NagoyaNagoya Hirokoji

11,70012,600-900

15,368-3,668

14,533

Other Areas

NagoyaNagoya Misono

1,110

1,110

0

1,405

-295

1,865

Other Areas

Kyoto

Kyoto Kawaramachi

1,740

1,790

-50

2,600

-860

2,650

Other Areas

Osaka

Shin-Fujita

16,40016,400022,477-6,07724,000

Other Areas

Osaka

Sakaisujihonmachi

3,370

3,630

-260

3,764

-394

4,164

Other Areas

Osaka

Midosuji Daiwa

13,20013,700-500

13,267-67

14,314

Other Areas

Okayama

Lit City

4,230

4,220

10

3,667

562

4,650

Other Areas

Hiroshima

NHK Hiroshima

2,460

2,450

10

2,494

-34

2,770

Other Areas

Fukuoka

Tosei Tenjin

1,290

1,260

30

1,416

-126

1,550

Other Areas

FukuokaTenjin Crystal

2,470

2,470

0

4,375

-1,9055,000

Other Areas

FukuokaHinode Tenjin

3,580

3,540

40

3,451

128

3,657
610,948

Tokyo 23 Wards
Properties held as of the end of the 23rdand 24th Periods during which the shares Other Areasof ownership remain unchanged
Total (59 properties)

615,890

610,660

5,230

576,096

39,793

140,427

141,510-1,083

153,459-13,032

164,815756,317752,1704,147

729,555

26,761775,763

Nippon Brunswick (Land with leasehold interest) (Note1)

5,240

－

－

5,572

-332

5,500

Property transferred during the 24th PeriodTokyo 23 Wards

ShibuyaProperties acquired during the 24th Period

Other Areas

NagoyaHirokoji Place

9,050

－

－

8,688

361

8,567

Other Areas

Kyoto

Shijo Karasuma

4,540

－

－

4,441

98

4,400

616,448

All properties held as of the 24th PeriodTokyo 23 Wards

621,130－－

581,668

39,461Other Areas

154,017－－

166,588-12,571

177,782

Total (62 properties)

775,147－－

748,257

26,889794,230*The properties for which additional shares were acquired/transferred during the 24th Period among properties held at the end of the 23rd Period are included in “Property
acquired/transferred during the 24th Period.(The appraisal value at the end of the 23rd Period has been left out of the above.)(Note1) The figures for Nippon Brunswick (Building) are listed under "Property transferred during the 24th Period," as the building was transferred as of August 23, 2013. The figures
for Appraisal Value and Book Value for the 24th Period concerning Nippon Brunswick indicate the land with leasehold interest value.

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