November 16, 2012

JAPAN REAL ESTATE INVESTMENT CORPORATIONANNOUNCEMENT OF TWENTYSECOND FISCAL PERIOD RESULTS
1. Summary of Financial Results
In the 22nd fiscal period (six months ended September 30, 2012), Japan Real Estate Investment
Corporation (“JRE”) recorded operating revenues totaling 24,222 million yen, up 0.7% compared with theprevious period. On the earnings front, operating income decreased 5.3% to 10,212 million yen. After
deducting expenses for interest payments on loans and other costs, ordinary income fell 5.5% to 8,372
million yen and net income declined 5.4% to 8,448 million yen.
Turning to dividends, JRE applies Article 67-15 of the Special Taxation Measures Law of Japan.
With the aim of maintaining a stable cash dividend level, JRE augmented retained earnings for the period
under review by allocating a 171,335,784 yen reversal from a portion of reserve for reduction entry
accumulated in accordance with the “Special Provisions for Taxation in the case of Advance Acquisition ofland, etc. in 2009 and 2010” under Article 66-2 of said law. Therefore, JRE has determined to pay out cash
dividends of 8,619,928,000 yen from retained earnings for the period under review, which must be
divisible by 549,040—the number of units outstanding as of September, 2012. Accordingly, the per-unit
cash dividend totaled 15,700 yen.
2. Results of Operations(1) Property Management and Acquisition
During the period under review, conditions in the Japanese economy remained severe due to a
weakening trend of the economy that reflected a slowdown of the global economy since the summer.
This occurred despite signs of a gradual recovery underpinned by recovery-related demand in theaftermath of the Great East Japan Earthquake.
In the market for leased office space, occupancy rates rebounded due to a decrease in the
supply of new buildings. However, rent levels remained on a gradual downward trend amid highvacancy rates. In regional business areas, although there were signs that occupancy rates as a whole
were gradually improving, high vacancy rates coupled with low rent levels prevailed amid stagnant
demand for office space.
In the property market, buyers remained conservative regarding prices. At the same time, there
was a price gap among sellers in light of a bottoming out of market conditions for leased office space
as well as gradually increasing expectations of a contraction in real estate risk premiums. In addition,
the transaction volume failed to rally due to an accommodative fund raising environment thatencouraged potential sellers to hold on to their properties.
Amid such harsh circumstances, JRE strived to improve occupancy rates by aggressively
promoting leasing activities that take into account market trends. As a result of these activities, JRE’s
occupancy rate edged up from 94.7% as of March 31, 2012 to 95.5% as of September 30, 2012. In
addition, as part of its external growth strategy, JRE worked to strengthen its portfolio through theacquisition of the TIXTOWER UENO, a newly constructed, highly competitive, large-sized officebuilding.
As a result of the above, JRE’s portfolio as of September 30, 2012, consisted of 58 officebuildings with a total acquisition price of 740,663 million yen. Total leasable space stood at 645,787
m2, with a total of 1,082 tenants.

1(2) Finance Activities
To fund the repayment of existing loans and the redemption of investment corporation bonds, JRE
procured short-term loans totaling 1,000 million yen on June 1, 2012; 4,000 million yen on August 1,
2012; and 500 million yen on September 3, 2012; as well as long-term loans amounting to 10,000
million yen on June 15, 2012; and 1,000 million yen on August 31, 2012.
Moreover, JRE procured 21,500 million yen in long-term loans on June 15, 2012 to fund theacquisition of TIXTOWER UENO.
As a result of these financing activities, as of September 30, 2012, JRE’s total interest-bearing
debt amounted to 305,750 million yen. This amount consists of long-term loans totaling 247,250
million yen (including a current portion totaling 70,100 million yen), short-term loans totaling 13,500
million yen, and investment corporation bonds totaling 45,000 million yen.
As of September 30, 2012, JRE’s long-term, fixed-interest debt ratio (ratio of long-term,
fixed-interest debt (including the current portion of long-term loans but excluding long-term loans
with variable interest rates) to total interest-bearing debt) stood at 94.9%, and the LTV ratio (ratio ofinterest-bearing debt to total assets) was 42.2%. As these figures indicate, JRE has been able tomaintain a sound and conservative financial standing.
JRE’s credit ratings as of September 30, 2012 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
The Japanese economy is expected to continue weakening for the foreseeable future in light of theslowing of the global economy. However, the domestic economy is anticipated to recover in tandemwith a rebound in overseas economies. On the other hand, future overseas economic conditions arehighly uncertain due to circumstances mainly in Europe and China, while a variety of risks exist that
could place more downward pressure on the Japanese economy, which is still struggling to overcome
deflation.
In the market for leased office space, the pace of improvement in vacancy rates is projected toremain moderate for the foreseeable future, reflecting low expectations that demand will rapidly
increase. However, market rent levels are expected to bottom out in the near future thanks to efforts topromote adjustments to current rent levels to increase affordability for tenants as well as a decrease in
the supply of new buildings.
Regarding property markets, JRE believes that an increase in sales property information willcontinue to be unlikely for the time being due to a fund-raising environment that remains
accommodative. In order to continue steadily acquiring prime properties, JRE considers it important
to maintain 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.

2

a. Property Management
As stated above, conditions in the market for leased office space are anticipated to be severe as thefall in market 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 thefollowing management policies in order to keep improving profitability.
(i) Strengthen relationships of trust with existing tenants
As of September 30, 2012, 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 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 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 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 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 and exclusively targets properties capable ofmaintaining a competitive edge in terms of the facilities they offer over the medium tolong 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,in order to further enhance the quality of its portfolio, JRE will remain open to the replacement of
portfolio properties with due consideration given to timing.

3

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 23rd fiscal period (October 1, 2012 to March 31, 2013), JRE forecasts operating revenues
totaling 25,250 million yen, operating income totaling 10,540 million yen, ordinary income totaling
8,610 million yen, and net income totaling 8,730 million yen. JRE plans to declare a cash dividend
totaling 15,140 yen per unit.
For the 24th fiscal period (April 1, 2013 to September 30, 2013), JRE forecasts operating
revenues totaling 26,050 million yen, operating income totaling 10,920 million yen, ordinary income
totaling 9,070 million yen, and net income totaling 9,060 million yen. JRE plans to declare a cash
dividend totaling 15,250 yen per unit.
JRE has decided to issue new investment units and acquire new assets from the account settlement
date for the fiscal period under review (September 30, 2012) onward. Details of these subsequent
events are as follows.
a. Issue of New Investment Units
JRE’s Board of Directors held meetings on October 12, 2012 and October 22, 2012 passed a
resolution concerning the issue of new investment units. Brief details are presented below.
Public offering of new units
Number of units to be issued:
41,000 units
Offer price (subscription price):¥746,850 per unit
Aggregate amount of offer price ¥30,620,850,000(subscription price):Issue price:¥723,870 per unit
Aggregate amount of issue price:¥29,678,670,000
Payment date:
October 29, 2012
Delivery date:
October 30, 2012
Secondary offering (over-allotment)
Number of units to be offered:
Offer price:
Gross proceeds:
Delivery date:

4,100 units¥746,850 per unit
¥3,062,085,000
October 30, 20124

Issuance of new units by third-party allocation
Number of units to be issued:
4,100 units
Issue price:¥723,870 per unit
Aggregate amount of issue price:¥2,967,867,000
Payment date:November 28, 2012
Allottee:
SMBC Nikko Securities Inc.
*The units to be issued by third-party allocation may not be subscribed in whole or in part, and as a result, thesubscription right will be forfeited and the final number of units with respect to the third-party allocation may
be reduced to the same extent, or the issue itself may be suspended.

With a part of funds procured through the issuance of the above investment units by public offering,
JRE made repayments of short-term loans and long-term loans on November 1, 2012, prior to theirmaturity in the amounts of 12,500 million yen and 2,000 million yen, respectively. On the same day,another part of the abovementioned funds procured was appropriated for the scheduled repayment ofshort-term loans of 1,000 million yen.

b. Acquisition of New Assets (Scheduled)
JRE has decided to acquire the below-listed domestic real estate on October 12, 2012.
Harumi Front
Location (address):
Usage:Land:
Building:
Structure:
Completion:
Type of ownership:
Total number of tenants:
Total leasable space:
Total leased space:

2-1-40 Harumi, Chuo-ku, Tokyo
Office, shop
7,250.15m2
45,458.90m2
Steel-framed structure, flat roof; B1/17F
February 2012
Ownership
Five (projected figures as of the scheduled acquisition date)
33,369m2 (same as above)
32,894m2 (same as above)

Occupancy rate:
98.6% (same as above)
Scheduled acquisition date: January 7, 2013
Acquisition price:
31,300 million yen
Seller:Harumi Nichome Kaihatsu Special Purpose Company (TMK)** Mitsubishi Estate Co., Ltd., which is categorized as a related party of JRE (i.e. a shareholder that holds a stakeof the asset management company to which JRE entrusts the management of its assets), has a preferred equity
investment in Harumi Nichome Kaihatsu TMK.

5

Higashi Nibancho Square
Location (address):
Usage:Land:
Building:
Structure:
Completion:
Type of ownership:
Total number of tenants:
Total leasable space:
Total leased space:Occupancy rate:

4-1-25 Ichibancho, Aoba-ku, Sendai City, Miyagi Prefecture
Office, shop
3,191.27m2
27,680.45m2
Steel-framed, steel-framed reinforced concrete structure, flat roof;
B1/14F
July 2008
Ownership
17 (projected figures as of the scheduled acquisition date)
20,526m2 (same as above)
19,926m2 (same as above)
97.1% (same as above)

Scheduled acquisition date: January 7, 2013
Acquisition price:¥9,950 million yen
Seller:Hayate Special Purpose Company (TMK)**Mitsubishi Estate Co., Ltd., which is categorized as a related party of JRE (i.e., a shareholder that holds a stakeof the asset management company to which JRE entrusts the management of its assets), has a preferred equity
investment in Hayate Special Purpose Company TMK.

The above estimates for the 23rd and 24th fiscal periods are based on the following assumptions.
JRE assumes that its property portfolio will consist of the 60 properties that it held as of October 1, 2012,plus Harumi Front and Higashi Nibancho Square, which are scheduled to be acquired on January 7, 2013.
The actual portfolio may differ from this assumption due to additional property acquisitions anddispositions.
JRE assumes that the number of units outstanding is 594,140, which includes new investment units by
third-party allocation decided by the Board of Directors on October 12, 2012 and October 22, 2012 added
to the 590,040 units outstanding as of November 16, 2012. JRE assumes all 4,100 new investment units by
third-party allocation will be issued.
JRE assumes as an operational guideline, an LTV ratio in the 30% to 40% range.
With a part of funds procured through the issuance of the above investment units by public offering, JRE
made repayments of short-term loans and long-term loans on November 1, 2012, prior to their maturity inthe amounts of 12,500 million yen and 2,000 million yen, respectively. On the same day, another part of theabovementioned funds procured was appropriated for the scheduled repayment of short-term loans of
1,000 million yen.
JRE assumes that the total amount (up to 2,967 million yen) of funds procured through the remaining funds
and by issuing new investment units by third-party allocation will be applied to a portion of the funds used
to acquire the specified assets (Harumi Front and Higashi Nibancho Square) and that a portion of the funds
used to acquire these specified assets, 22,000 million yen, will be procured by undertaking new long-termand short-term loans. Consequently, JRE’s interest-bearing debt is expected to amount to 312,200 million
6yen. However, in the event that the number of new investment units by third-party allocation mentioned
above decreases, or cannot be issued at all, the amount of interest-bearing debt may differ from what islisted above in line with the final number of new investment units issued.
In the 23rd fiscal period, JRE presumes that, as of November 16, 2012, it will refinance the remainder oflong-term loans totaling 49,000 million yen (repayment dates: October 29, 2012 (already refinanced),
December 20, 2012, December 21, 2012, January 15, 2013 and March 25, 2013). This excludes loans used
to acquire the above specified assets. There are no investment corporation bonds set to mature in the 23rd
fiscal period.
In the 24th fiscal period, JRE presumes that, as of November 16, 2012, it will refinance the remainder oflong-term loans totaling 21,000 million yen (repayment dates: April 24, 2012 and September 2, 2013).
There are no investment corporation bonds set to mature in the 24th fiscal period.
Revenues from portfolio properties held by JRE are calculated by taking into consideration new contractconclusions and existing contract cancellations fixed as of October 12, 2012,* and by factoring in potential
variables, such as a risk of decrease in revenues due to returned space and reduced rent levels, taking into
account recent market conditions for leased office space. Revenues from properties scheduled to beacquired (Higashi Nibancho Square and Harumi Front) are calculated based on information available as of
October 12, 2012, with regard to said properties, such as leasing agreement conditions that apply on andafter the scheduled acquisition date.
*JRE released “Notice of Revision of Forecast Results for the 23rd Period (March 31, 2013) and Forecast Results for the
24th Period (September 30, 2013)” on October 12, 2012.

JRE assumes that dividend amounts in the 23rd fiscal period will be calculated by allocating a 393 million
yen reversal from internal reserves.* In addition, the deferred tax liability will decrease in tandem with theamount allocated from reserve for reduction entry; the applicable amount of decrease will be a contributing
factor to a rise in net income (income taxes deferred).
JRE assumes that dividend amounts in the 24th fiscal period will not be allocated from internal reserves.
*Internal reserves (projected for the 23rd fiscal period) shall comprise the residual amount of 649 million yen, reflecting adividend payout of 260 million yen for the 22nd fiscal period 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 on sale 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 above-mentioned forecasts will not be made in suchareas 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 estatemarket conditions.
In addition to the abovementioned income taxes—deferred, JRE calculates the amount of its corporate tax,
taking into consideration asset retirement obligations as well as the amortization of term leasehold interestfor buildings.

7

Income Statement for the 22nd PeriodTerm

21st Period

22nd Period→ change →(Mar 31, 2012)
Actual/Forecast

ActualOperating Revenues(amount)(%)

22nd Period(Sep 30, 2012)
Actual← change ←(amount)(%)(Sep 30, 2012)
Initial Forecast(*1)

24,059163

0.7%

24,222172

0.7%

24,050Property-related Revenues

24,059163

0.7%

24,222172

0.7%

24,050Rental Revenues

23,775

Non-rental Revenues

24,130284

Operating Expenses

91

13,273736

5.5%

14,009179

1.3%

13,830

7,697

527

6.8%

8,224

184

2.3%

8,040

Property Management Expenses

2,864

12

0.4%

2,876

Property Management Costs

2,784

16,000Property-related Expenses (*2)

Brokerage Fees, etc.

2,793

80

83

Utilities Expenses

1,802

230

12.8%

2,032

Property and Other Taxes

2,311

2,074

236

11.4%

Casualty Insurance

51

1

3.9%

53

Repairing Expenses

700

63

9.0%

764

Other Expenses

203

-17

-8.5%

186

16,361

-364

-2.2%

15,997

-2

0.0%

4,690

217

4.6%

4,908

8

0.2%

4,900

Property-related Profits and Losses

11,671

-581

-5.0%

11,089-10-0.1%

11,100Gross Operating Income

11,671

-581

-5.0%

11,089-10-0.1%

11,100

884

-8

-0.9%

876

-3

-0.4%

880

579

-8

-1.5%

571

1

0.2%

570

-573

-5.3%

10,212-7-0.1%

10,220

-20

-1.1%

1,850

22

0.3%

8,350

18

0.2%

8,430

0

0.0%

15,700NOI
Depreciation

Administrative Expenses
Asset Management Fees
Other Administrative Expenses

305

Operating Income

10,786

Non-operating Revenues

305

5

35

Interest Income

5

7

Other Non-operating Revenues

027

Non-operating Expenses

1,928Interest Expense

1,343

63

4.8%

1,407

469

-47

-10.1%

421

Interest Expense on Investment Corporation Bonds

1,875

Amortization of Investment Corporation Bond Issuance Costs

21

18

Other Non-operating Expenses

93

27

Ordinary Income

8,863

Income before Income Taxes

8,904

Income Taxes

-490

-5.5%

8,372
8,372

-30

-75

Net Income

8,934

Retained Earnings at Period-end

8,964

FFO (*3)

13,625

-268

-2.0%

13,356

Dividend per Unit

16,190

-490

-3.0%

15,700*1 The initial forecast means the 22nd Period performance forecast announced on May 17, 2012.
*2 Excluding Depreciation*3 Net income＋Depreciation

8

-486

-5.4%

8,448
8,479

Balance Sheet for the 22nd Period（In millions of yen）
Item

21st Period

22nd Period(Mar 31, 2012)(Sep 30, 2012)

ChangeReason for change

AssetsⅠ Current Assets
Cash and Bank Deposits

18,66122,014699

270

19,36022,284

2,923

Buildings (including those held in trust)

251,144263,716

12,571

Structures (including those held in trust)

2,957

3,029

71

Machinery and Equipment (including that held in trust)

3,277

3,498

220

472,709483,609

10,899Other Current Assets
Total Current Assets

3,353-429 Decreased due to refundable consumption taxes, etc.

Ⅱ Fixed Assets
Property and Equipment

Land (including that held in trust)
Accumulated Depreciation-55,559-60,448-4,889Total Property and Equipment

674,530

693,405

18,874

7,440

7,424

-15

7,440

7,424

-15

577

577

-

Long-term Prepaid Expenses, etc.

1,079

1,082

2

Total Investments and Other Assets

1,656

1,659

2

683,627

702,489

18,861

96

77

-18

96

77

-18

703,085

724,851

21,766

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

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

9

Increased due to capital expenditure and theacquisition of property

（In millions of yen）
Item

21st Period

22nd Period(Mar 31, 2012)(Sep 30, 2012)

ChangeReason for change

Liabilities
Ⅰ Current Liabilities
Short-term Loans

13,50013,500-Current Portion of Long-term Loans

50,10070,10020,000 , etc.

Current Portion of Investment Corporation Bonds

10,000-Rent Received in Advance

3,156

3,151

-5

Other Current Liabilities

2,535

3,055

519

79,29289,806

10,514

Investment Corporation Bonds

45,00045,000Long-term Loans

165,700

177,150

Deposits Received from Tenants

39,622

39,950600

514

250,922262,615

11,692

330,215

352,422

22,206363,371363,371

-

533

578

8,964

8,479

-485

Total Net Assets

372,869

372,429-440

Total Liabilities and Net Assets

703,085

724,851

21,766

Total Current Liabilities

Increased due to the transfer from the long-term loans-10,000 Decreased due to the redemption of investment
corporation bonds.

Ⅱ Long-term Liabilities- Increased due to the new loan for property acquisition
and redemption of investment corporation bonds.

11,450 Decreased due to the transfer to the current portionof long-term loans, etc.

Other Long-term Liabilities
Total Long-term Liabilities

Total Liabilities

328 Increased due to property acquisition, etc.
-85 Decrease of deferred tax liabilities associated withthe reversal of reserve for reduction entry, etc.

Net Assets
Unitholders' Capital
Reserve for Reduction Entry
Retained Earnings

10

The provision of adjusted balance of deferred tax
liabilities of the 21st period related to the revision

45 of corporate tax rates was allocated into thereserve for reduction entry.

Property Data
(In millions of yen)

Area

Name

22nd Period

21st Period

Appraisal
Value

Appraisal
Value

Amount ofDifference

22nd Period

22nd Period

Book Value

Appraisal
Value －

(Sep 30, 12)

Book Value

Acquisition
Price(Sep 30, 12)(Mar 31, 12)Tokyo 23 Wards

ChiyodaGenki Medical Plaza

6,190

6,160

30

4,948

1,241

5,000

Tokyo 23 Wards

ChiyodaKitanomaru Square

70,20068,7001,500

76,492-6,29281,555

Tokyo 23 Wards

ChiyodaMD Kanda

7,590

7,810

-220

8,752

-1,162

9,520

Tokyo 23 Wards

ChiyodaKandabashi Park

4,150

4,290

-140

4,589

-439

4,810

Tokyo 23 Wards

ChiyodaNibancho Garden

16,40016,300100

13,352

3,047

14,700Tokyo 23 Wards

ChiyodaMitsubishi UFJ Trust

45,10045,800-700

29,656

15,44344,700Tokyo 23 Wards

ChiyodaBurex Kojimachi

6,390

6,390

0

6,210

179

7,000

Tokyo 23 Wards

ChiyodaSanno Grand

29,00029,600-600

21,308

7,691

20,900Tokyo 23 Wards

ChiyodaYurakucho Denki

7,200

7,430

-230

7,799

-599

7,200

Tokyo 23 Wards

Chuo

Kodenmacho

2,890

2,980

-90

2,798

91

3,173

Tokyo 23 Wards

Chuo

Kyodo (Kayabacho 2Chome)

4,790

4,780

10

4,381

408

4,410

Tokyo 23 Wards

Chuo

Burex Kyobashi

6,330

6,330

0

4,738

1,591

5,250

Tokyo 23 Wards

Chuo

Ginza Sanwa

14,60014,6000

17,095-2,495

16,830Tokyo 23 Wards

Chuo

Ryoshin Ginza EM

5,040

5,040

0

7,701

-2,661

7,999

Tokyo 23 Wards

Chuo

Harumi Center

20,00020,000024,604-4,60426,800Tokyo 23 Wards

MinatoAkasaka Park

62,90062,500400

61,5481,351

60,800Tokyo 23 Wards

MinatoAoyama Crystal

7,180

7,240

-60

7,303

-123

7,680

Tokyo 23 Wards

MinatoShiodome

77,20078,000-800

74,594

2,605

75,850Tokyo 23 Wards

MinatoShiba 2Chome Daimon

5,850

5,910

-60

4,802

1,047

4,859

Tokyo 23 Wards

MinatoCosmo Kanasugibashi

2,630

2,610

20

2,555

74

2,808

Tokyo 23 Wards

Shinjuku

Shinwa

5,760

5,740

20

7,567

-1,807

7,830

Tokyo 23 Wards

Shinjuku

Tokyo Opera City

30,10030,400-300

30,171-71

31,776

Tokyo 23 Wards

Shinagawa

Higashi-Gotanda 1Chome

5,520

5,600

-80

4,864

655

5,500

Tokyo 23 Wards

ShinagawaOsaki Front Tower

15,09015,170-80

11,8633,226

12,300Tokyo 23 Wards

Ota

Omori-Eki Higashiguchi

5,330

5,330

0

4,542

787

5,123

Tokyo 23 Wards

ShibuyaNippon Brunswick

6,380

6,730

-350

6,841

-461

6,670

Tokyo 23 Wards

Shibuya

Yoyogi 1Chome

9,850

9,870

-20

7,609

2,240

8,700

Tokyo 23 Wards

Shibuyada Vinci Harajuku

6,090

6,120

-30

4,948

1,141

4,885

Tokyo 23 Wards

Shibuya

Jingumae MS

9,990

10,200-210

10,907-917

12,200Tokyo 23 Wards

ShibuyaShibuya Cross Tower

42,10042,000100

38,6683,431

34,600Tokyo 23 Wards

ShibuyaEbisu Neonato

2,740

2,740

0

3,535

-795

4,100

Tokyo 23 Wards

NakanoHarmony Tower

9,630

9,630

0

7,745

1,884

8,500

Tokyo 23 Wards

Toshima

Otsuka Higashi-Ikebukuro

3,820

3,820

0

3,578

241

3,541

Tokyo 23 Wards

Toshima

Ikebukuro 2Chome

1,620

1,610

10

1,612

7

1,728

Tokyo 23 Wards

Toshima

Ikebukuro YS

4,090

4,120

-30

4,391

-301

4,500

Other Areas

HachiojiHachioji First

4,140

4,170

-30

5,143

-1,003

5,679

Other Areas

Saitama

Saitama Urawa

2,030

2,030

0

2,508

-478

2,574

Other Areas

Yokohama

MM Park

34,90035,600-700

35,000-100

37,400

Other Areas

Kawasaki

Kawasaki Isago

2,650

2,730

-80

2,852

-202

3,375

Other Areas

KawasakiMusashi Kosugi STM

3,600

3,560

40

3,844

-244

4,000

Other Areas

Sapporo

6,630

100

6,631

98

7,100

Sendai8･ 3 Square Kita
Jozenji Park

6,730

Other Areas

888

880

8

962

-74

1,000

Other Areas

SendaiSendai Honma

2,470

2,470

0

2,748

-278

3,174

Other Areas

Kanazawa

Kanazawa Park

5,320

5,330

-10

4,065

1,254

4,580

Other Areas

NagoyaNishiki Park

3,580

3,620

-40

4,593

-1,013

5,150

Other Areas

NagoyaHirokoji Sakae

1,310

1,310

0

1,719

-409

1,680

Other Areas

NagoyaNagoya Hirokoji

12,50012,600-100

15,147-2,647

14,533

Other Areas

NagoyaNagoya Misono

1,050

1,040

10

1,436

-386

1,865

Other Areas

Kyoto

Kyoto Kawaramachi

1,790

1,770

20

2,653

-863

2,650

Other Areas

Osaka

Shin-Fujita

16,30016,3000

22,639-6,33924,000

Other Areas

Osaka

Sakaisujihonmachi

3,630

3,580

50

3,797

-167

4,164

Other Areas

Osaka

Midosuji Daiwa

13,80014,100-300

13,355444

14,314

Other Areas

Okayama

Lit City

4,200

4,200

0

3,803

396

4,650

Other Areas

Hiroshima

NHK Hiroshima

2,280

2,280

0

2,512

-232

2,770

Other Areas

Fukuoka

Tosei Tenjin

1,290

1,290

0

1,315

-25

1,550

Other Areas

FukuokaTenjin Crystal

2,470

2,470

0

4,399

-1,9295,000

Other Areas

FukuokaHinode Tenjin

3,720

3,720

0

3,478

241

3,657

Tokyo 23 Wards

559,740

561,550-1,810534,082

25,657563,798

Other Areas

130,648

131,680-1,032

144,609-13,961

154,865

Total (57 properties)

690,388693,230-2,842

678,692

11,695

718,663

22,500－－22,137362

22,000Tokyo 23 Wards

582,240－－556,220

26,019585,798

Other Areas

130,648－－

144,609-13,961

154,865

Total (58 properties)

712,888－－

700,829

12,058740,663

Properties held as of the end of
the 21st and 22nd Periods
during which the shares ofownership remain unchanged

Property acquired during the 22nd PeriodTokyo 23 Wards

Taito

TIX UENO

58 properties held as of the end of the 22nd Period11