Securities Code： 3460

1st Period Result(Ending Feb. 2016,Interim)Japan Senior Living Partners, Inc.
December 15, 2015
http://www.jsl-reit.com/

Contents
IPO Highlights
Portfolio Overview
Summary of Interim Financial Results
Financial Forecasts
Characteristics of the Investment Corporation

2
3
5
6
7

Target of Investment and Policies for Building Portfolio

8

Stable cash flow through long-term lease agreement with fixed rent and high management capabilities

9

Our operating system

10

Backup Operation Functions

11

External Growth Strategy

13

Operator selection criteria

14

Growth strategy Aligned with National Policy and Needs of Society

15

Characteristics of senior living facilities

16

Typical earnings structure of senior living facilities

17

Senior Living facilities, in which the Investment Corporation invests

18

Diverse Support from 6 Companies with Proven Track Records

19

Health care properties operated & owned by sponsor’s affiliate firms

20

Financial Highlights（As of Oct. 31,2015）21

Unitholder Information （As of Oct.31,2015）22

Appraisal values（as of Oct.31,2015）

23

Organization chart

24

Disclaimer

25

1

IPO Highlights
IPO Summary

Portfolio Overview
Acquisition priceType of offering

Domestic offering

Portfolio appraisal
NOI yield (Note1)

27,965

No. of portfolio

No. of operators

14

11

6.0%

JPY mil
The investment ratio (Note2)

Securities code

3460

Listed dateJuly 29,2015

Tokyo
area

Joy Stage Hachioji(Hachioji, Tokyo)

36.4%

No. of units offered

87,000 units

Nichii Home
Tama Plaza(Kawasaki City,
Kanagawa)

Nichii Home
NakanoMinamidai(Nakano Ward,
Tokyo)

Yuimaru Hijirigaoka(Tama City, Tokyo)

Irise Kamata Yuseien(Ota Ward, Tokyo)

Total No. of issued
units

84,750 units

Offer price

190,000 yen

Issue priceTotal issue amount

Osaka
area
38.5%

Mid-size
city area
14.5%

183,065 yen
15,331 million yen

Granda Mondo Yakuji
Rest Villa Kobe Tarumi Granda Mondo Yakujin
Activa Biwa
(Kobe City, Hyogo) (Nishinomiya City, Hyogo) (Nishinomiya City, Hyog
(Otsu City, Shiga)

Ten (Sapporo City,
Hokkaido)

Others10.6%

Alpha Eniwa Sta. Nishiguchi
Saikaihatsu Building(Eniwa City, Hokkaido

Irise Nishioka (Sapporo
City, Hokkaido)

Sawayaka Sakura Nibankan(Akita City, Akita)

Grand Hills Ogawarako(Kamikita District,
Aomori)(Note 1) The appraisal NOI is calculated according to the appraisal report as of Mar. 31, 2015.
(Note 2) The investment ratio is calculated based on the acquisition price, and is rounded to2
the first decimal place.

Portfolio Overview
Propertytype

Property nameLocation

S-1

w/- nursing

Joy Stage Hachioji

Hachioji City, Tokyo

3,675

232

91.8% Aug 1,2015

NM LIFE Co., Ltd.

S-2

w/- nursing

Nichii Home Tama Plaza

Kawasaki City,
Kanagawa

2,500

160

90.0% Aug 1,2015

Nichii Carepalace Company

S-3

w/- nursing

Nichii Home Nakano Minamidai

Nakano Ward, Tokyo

1,740

83

91.6% Aug 1,2015

Nichii Carepalace Company

S-4

Resident.
type

Yuimaru Hijirigaoka

Tama City, Tokyo

1,175

71

100.0%(Note2) Jan 1,2015

Community.Net Co., Ltd.

S-5

w/- nursing

Irise Kamata/Yuseien

Ota Ward, Tokyo

1,100

48

100.0%(Note2) Jul 1,2015

Hasegawa Care Service Co., Ltd.

S-6

w/- nursing

Activa Biwa

Otsu City, Shiga

6,940

384

84.4% Jul 1,2015

UNIMAT Retirement Community Co., Ltd.

S-7

w/- nursing

Rest Villa Kobe Tarumi

Kobe City, Hyogo

1,900

100

88.0% Jul 1,2015

Sompo Care Next Inc. (Note1)

S-8

Resident.
type

Granda Mondo Yakujin

Nishinomiya City,
Hyogo

1,180

62

－(Note5)

Benesse Style Care Co., Ltd.

S-9

w/- nursing

Excellent Nishinomiya

Nishinomiya City,
Hyogo

750

67

100.0%(Note2) Jul 26,2015

S-10

w/- nursing

Ten

Sapporo City,
Hokkaido

2,285

85

92.9% Jul 1,2015

Social Welfare Corp. Note Fukushi Kai

S-11

Resident.
type

Irise Nishioka

Sapporo City,
Hokkaido

800

83

83.1% Jul 1,2015

Hasegawa Care Service Co., Ltd.

S-12

w/- nursing

Sawayaka Sakura Nibankan

Akita City, Akita

960

92

100.0% Jul 1,2015

Sawayaka Club Co., Ltd.

S-13

Resident.
type

Alpha Eniwa Sta. Nishiguchi
Saikaihatsu Building

Eniwa City, Hokkaido

1,600

73

38.4% Nov 1,2015

Hasegawa Care Service Co., Ltd.

S-14

Elderly homewith service

Gran Hills Ogawarako

Kamikita District,
Aomori

1,360

103

100.0%(Note6) Jul 31,2015

27,965

1,643

Total／Average

Acquisition price(million yen)

No. of rooms(capacity)

Occupancyrate

Property
numberAs of(Note 1)－

Operator

Excellent Care System T Co., Ltd.

Silver Town Ltd.

88.7％(Note7)(Note 1) Occupancy rates are calculated by dividing the No. of tenants which is provided in the disclosure statement, by the No. of rooms, and is rounded to the first decimal place.
(Note 2) In the cases of Yuimaru Hijirigaoka (occupancy rate: 109.9%), Irise Kamata/Yuseien (104.2%) and Excellent Nishinomiya (104.5%), since their occupancy rates are over 100, these are given as 100%.
(Note 3) UNIMAT SOYOKAZE Co., Ltd. changed its company name to UNIMAT Retirement Community Co., Ltd. on October 1, 2015.
(Note 4) Watami no KAIGO Co., Ltd. changed its company name to Sompo Care Next Inc. on Dec 1, 2015.
(Note 5) The occupancy rate for Granda Mondo Yakujin is not disclosed due to the lack of consent from the operator.
(Note 6) The occupancy rate for Gran Hills Ogawarako is provided by the operator.
(Note 7) The average occupancy rate is calculated assuming that occupancy rate for Yuimaru Hijirigaoka, Irise Nishioka and Excellent Nishinomiya, excluding Granda Mondo Yakujin is 100.0%.

3

memo

Summary of Financial Results
for the 1st Fiscal Period(Interim) The 1st fiscal period(Interim) is 173-days from May. 12, 2015 to Oct. 31, 2015
 Actual operating period: 95 days since Jul 29, 2015 (listed day)Interim Balance Sheet(As of Oct. 31, 2015)

Current assets
Cash and deposits
Cash and deposits intrust
Other (current assets)
Noncurrent assets
Property, plant and equipment
Intangible assets
Investments and other assets

Interim Statement of Income（million yen）

Operating revenue

503

941

Operating expense

295

4,057

Operating income

207

162

Non-operating income

029,910Non-operating expense

239

28,726
1,039
144

Ordinary loss
Net loss

- 32
- 32

35,072Current Liabilities

1,253

Short-term borrowings

1,000

Other current liabilities

253

Long-term borrowings
Leasehold and security
deposits received
Trust tenants lump sum
deposits（million yen）

5,161

Total assets

Noncurrent liabilities（million yen）

(From May. 12,2015 to Oct 31,2015)

18,31914,000839
3,479

Total liabilities

19,573

Total net assets

15,498

Total liabilities and net assets

35,0725

Financial Forecasts
 1st fiscal period ending Feb. 2016 (Forecast)Previous forecast(Aug. 3, 2015)(million yen）

Revised forecast (Note)

Changes

Key Factors of the Difference

Operating revenue

1,151

1,152

1

Operating expense

674

680

5

Operating income

476

472

-4

Non-operating income

0

0

0

Non-operating expense

319

287

-32 Decrease in IPO related costs, etc.

Ordinary income

157

185

28

Net income
Distributions per unit (yen)

157

184

27

1,855

2,181

326

Occurrence of specific repair expenses,etc.

 2nd fiscal period ending Aug. 2016 (Forecast)Previous forecast(Aug.3, 2015)(million yen）

Revised forecast

Changes

Key Factors of the Difference

Operating revenue

973

974

1

Operating expense

597

605

8 Review of depreciation

Operating income

375

368

-7

Non-operating income

0

0

0

Non-operating expense

78

71

-7

Ordinary income

297

297

0

297

297

-

3,506

3,506

-

Net income

Distributions per unit (yen)(Note) The figures (forecast) for the 1st fiscal period ending Feb. 2016 refer to the “Notice Concerning Revisions to the Operating Forecast and Distribution Forecast for the Fiscal
Period Ending Feb. 29, 2016” announced on Dec. 14, 2015.

6

Characteristics ofthe Investment Corporation
Growth through diversified investment in a wide range of health care
properties
Stable cash flow supported by long-term lease agreement with fixed rentand high management capabilities
Growth strategies based on partnership with operators

Diverse support from six well-experienced sponsors

Measures to align interests between sponsor and investor

7

Target of Investment and Policies
for Building Portfolio
 JSL aims for a diversity of facility types, regions, sizes and operators.
Investment Targets
Senior living facilities

Medical facilities
30% or less

70% or more
Target ofInvestment

Fee-based homes for the elderly(with nursing care)Fee-based homes for the elderly(residential)
Fee-based homes for the elderly(health-type)

Targets Investment ratio
by area

At least 80% of investment in thethree major metropolitan areasand core cities, and someinvestment in other regions

Serviced housing for theelderlyOther

Hospitals
Clinics
Medical malls

Facility typeOperator

Location

Breakdown by facility Type

Breakdown by operator

Breakdown by area

2.7%

Serviced housing for the elderly

4.9%
Fee-based homes
for the elderly (residential)

Sawayaka Club Co., Ltd.
Fee-based homes for theelderly
3.4%(with nursing care)Community.Net Co., Ltd.

78.1%

UNIMAT Retirement
Community Co., Ltd.

24.8%

Intermediate nursing homes
Other

4.9%
6.8%

36.4%

89.4%

Breakdownby operator

Social Welfare Corp.
Note Fukushi Kai

500 million yen
to less than
1 billion yen
3 properties
2,510 million yen

Breakdown by scale
5 billion yen or
more 1 property
6,940 million yen

9.0%

24.8%

Ratio of three major
metropolitan areas

Breakdown
by area

75.0%
Breakdown
by scale

Nichii Care Palace Company

15.2%

8.2%
Three major metropolitan areas
and Core cities
80％ or more

Tokyo metropolitan area

10.6%

Ratios of threemajor metropolitan
areas and mid-sizecity areas

Silver Town Ltd.

Sompo Care next Inc.

Other

14.5%

4.2%
4.2%

Breakdown byfacility type

Scale

Core cities

Benesse Style Care Co., Ltd.

17.0%

Targets Investment
ratio by area

Overview of our portfolio after IPO (Note1)

Excellent Care System T Co., Ltd.

Others20％ or less

Medical facilities 30% or less

Senior living facilities 70% or more

Hasegawa Care Service
Co., Ltd.

NM LIFE Co., Ltd.

Osaka metropolitan
area

12.5%

13.1%

38.5%

(Note 1) Percentages are calculated based on the acquisition price.
（Note 2) The three major metropolitan areas are the Kanto area, the Osaka metropolitan area and the Nagoya metropolitan area.
The core cities are ordinance-designated cities, mid-size city areas and special cities, excluding the three major metropolitan areas.

1 billion yen
to less than
2 billion yen
7 properties
10,055 million yen

36.0%

2 billion yen
to less than
3 billion yen
2 properties
4,785 million yen

17.1%

3 billion yen
to less than
5 billion yen
1 property
3,675 million yen

13.1%

8

Stable cash flow through long-term lease agreement with fixed
rent and high management capabilities
 Long-term lease agreement with fixed rent
 Discerning Operator Selection
Stable cash flow through long-term lease agreement with
fixed rent
Leased agreement period（by acquisition price）

20 years or more

100.0%

Leased agreement
periodLeased agreement period
remaining（by acquisition price）
5 years toless than
10 years 1 property

8.9%

10 years to less than
15 years 4 property

Fixed-rent ratio（by acquisition price）

Sales(millionyen)

Facilities
operated

June 2, 1975

40,615152

4,253 Listed on JASDAQ on the(4,523) Tokyo Stock Exchange

Nichii Carepalace
Company

June 22,1964

18,30060

Subsidiary of Nichii Gakkan
3,823 Company which is listed on(3,909) the first section of the Tokyo
Stock Exchange

NM LIFE Co., Ltd.

October 5,
1995

908

1

229 100% subsidiary of Iriscare(260) Inc. which is unlisted

Hasegawa Care Service
Co., Ltd.

November 1,
2006

9,757

51

2,986
Unlisted(3,000)Social Welfare Corp.
Note Fukushi Kai

June 13,
1983

4,680

34

652
Unlisted(1,167)

Sompo Care Next Inc.
(Note1)

November
11,
1992. (Note1)

Bennesse Style Care
Co., Ltd.

September 7,
1995

79,297275

Community.Net Co.,Ltd.

June 24,
1998

994

8

Sawayaka Club Co.,Ltd.

December 1,
2004

10,65957

Excellent Care System
T Co., Ltd.

June 2, 2004

1,900

16

20 years or more
6 property

Fixed-Rent

29.1%

Lease agreement
period remaining

15 years toless than 20 years
3 property

100.0%

Fixed-rent ratio

19.3%

The Highly-Specialized, Abundantly Experienced Members of
Our Asset Manager

Asset Manager’s
operational ability
enhanced■ High degree of
specialization■ Wealth of experience■ Human networks

Established

Operator
UNIMAT Retirement
Community Co., Ltd.

42.7%

Officers and personnel
dispatched from sponsors

Selection of operator with management track records

Stablecash flow
achieved

37,877(Note2)

117(Note2)February 25,
Silver Town Ltd.
164
3
2003
(Note 1) The figures for sales, No. of operated facilities, rooms and capacities are obtained from the operators.
(Note 2) The figures for sales are based on the securities reports of Watami no KAIGO Co., Ltd. as of March 2014. The figures for facilities operated and No. of rooms (capacity) are provided
by Sompo Care Next Inc. as of December 1, 2015.

No. of rooms(capacity)

Listed / unlisted

Subsidiary of Sompo Japan
Nipponkoa Holdings, Inc.
which is listed on the first(Note2)section of the Tokyo Stock
Exchange
Consolidated subsidiary of
14,659 Benesse Holdings which is(15,172) listed on the first section of
the Tokyo Stock Exchange(8,690)429
Unlisted(841)
Consolidated subsidiary of
UCHIYAMA HOLDINGS Co.,
3,540
Ltd. which is listed on the(3,562)first section of the Tokyo
Stock Exchange

547
Unlisted(542)
177
Unlisted(187)

9

Our operating system Ensure medium to long term stable earnings through appropriate monitoring
Operating system by JSLP and PM
Tenants

Operational risk managementMonitoring

Disclosure
Inspection
Management
interviews

Operators


Stepping-in
Property managementcompany(PM)Monitoring
Monitoring

Asset managementcompany（JSLP）

Outsourcing

Replacement



Execution of thecauses of analysis andimprovement
measures
Deposit buildup
Selection of backup
operator

Replacement when
operators go bankrupt

Investment
Corporation
(JSL)
10

Backup Operation Functions
 Stable management through highly-specialized, abundantly experienced of the asset managementcompany Preserving the continued stability of our residents by back up operation functions
Our Operators

Sublease agreement

Sponsor support agreements

Backup operation arrangements

Sponsors
Certainoperatorsof ourfacilities

Certain operatorsof our facilities
11

memo

External Growth Strategy
Use of multi-pipeline
Deals to change ownership

Sponsor’s network

Sale-and-leaseback deals

ORE Strategy

Operators
New development deals

Asset manager’s network
Deal to change ownership

ORE（Operator Real Estate）Strategy
Operator`s needs

Sale-and-leaseback

Expansion and optimization of business Streamlining the balance sheet

Specialization in operation based on separation of Avoiding real estate ownership risks

ownership and operation
Diversification of fund procurement methods

New development

ORE Strategy
Providing solutions through partnership

JSL/Asset manager functions

Sponsor functions

Stable, long-term facility ownership Support for new development

Precise facility maintenance Provision of M&A information, etc.

Trust based on operational understanding  Operational support/suggestions for improvement

Sale-and-leaseback deals 6 facilities, ¥14.9 billion

Activa Biwa (residential buildings)

Joy Stage Hachioji

Yuimaru Hijirigaoka

Sawayaka Sakura Nibankan

Ten

Excellent Nishinomiya

 Support for new development

Operational support/suggestions for improvement

 Support for fund procurement

Building/facility maintenanceNew development 4 facilities, ¥5.7 billion

Activa Biwa (care center buildings)

Gran Hills Ogawarako

Alpha Eniwa Sta. Nishiguchi Saikaihatsu Building

Rest Villa Kobe Tarumi

13

Operator selection criteria
Operator selection criteria
Management visionHistory of establishment
Management philosophy
Backbone of management and character

Track record & type of businessportfolioFinancial credibility

Scale of operation
Past accidents, scandalsBalance sheet, Profit and loss
situation, Cash flow, Banking
Status of other businesses andaffiliates

Proportion of operators that operate facilities with 500 rooms or moreOperators that operate facilities with 500
rooms or more comprise 1.2% of the total.



Operators that operate facilities with 500 rooms ormore account for 34.2% of total rooms.

500 rooms or more
108 companies
1.2%

500 rooms or more
204,574 rooms
34.2%
1–499 rooms

1–499 rooms

392,724 rooms

8,856 companies

65.8%

98.8%

※Based on the No. of companies (Japan)※Based on the No. of rooms (Japan)(Source）Compiled by JSLP based on data obtained from KPMG Healthcare Japan Inc.
(Note) The data refers to the number of companies and rooms of operators of fee-based homes for the elderly and serviced housing for the elderly as of Oct.2015.

14

Growth strategy Aligned with National Policy
and Needs of Society External growth strategy with an emphasis on the acquisition story
 Consider acquisition of the new asset class of medical facilities (hospitals) as a J-REIT
Growth strategy aligned with national policy
and the needs of society
Activa Biwa

Japaneseversion of
CCRC

Yuimaru
Hijirigaoka

Alpha Eniwa
Sta.
Nishiguchi
Saikaihatsu
Building

Housing
Complex
regeneration

Regional
revitalization

Japaneseversion of
CCRC

Compact
city

Local / intergenerational
exchange

Ten

Earthquake resistance of hospital
Joy Stage
Hachioji

Number of hospitalwith no data on
earthquake resistanceover the building
1,955; 23.0%

Number of hospitals
with no earthquake
resistance over
the whole building
122; 1.4%

Japaneseversion of
CCRC

Japaneseversion of
CCRC

Local / intergenerational
exchange(Note) For each of the above-mentioned facilities, JSL determined the corresponding social needs.

Number of
hospitals
with earthquake
resistanceover the wholebuilding
5,687; 67.0%
Earthquake
resistanceof hospitals

Number of hospitals with earthquake
resistance over some part of building
729; 8.6%(Source) Ministry of Health, Labor and Welfare’s “Survey on the statusof renovation of Earthquake-Resistant hospital structure(held in Mar. 31, 2015)(Note) The ratio of earthquake resistance of hospitals is calculated by
dividing the number of hospitals with earthquake resistance by
the number of hospital that responded to the survey.

15

Characteristics of senior living facilities
by type
For persons living on their own

For persons requiring nursing care

Mid-price range

High price range

Mid-price range

High price range

DemandPotential demand

△

◎

○

Monthly
housing charge

JPY 100,000 to less than
JPY 300,000

JPY 300,000 or more

JPY 100,000 to less than JPY
300,000

JPY 300,000 or more

Living floorarea

25～50㎡

50～100㎡

15～25㎡

18～25㎡

Properties
within a room

Sharedequipments

Washroom, air conditioner, bathroom, kitchen, etc.

Washroom, air conditioner, etc.

Dining room, kitchen, publicbathroom, lounge, coffee
Dining room, kitchen, bathroom (for individual, public bath room
Dining room, kitchen, lounge,
corner, theater, Karaoke room, and mechanical bathroom), helper station, health managementetc.
hobby room, fitness room,
room, lounge, rehabilitation room, etc.
guest room, etc.

(Note 1) The above chart shows, in a simplified manner, the general features of demand, monthly housing charge, living floor area, room amenities and shared amenities assumed by theInvestment Corporation to pertain to the mentioned types of senior living facilities.
(Note 2) The monthly housing charge is calculated as follows: “the amount of lump sum received, if any, divided by the No. of months of the amortization period defined by the tenant
agreement” + “the monthly usage charge (including meal charges).”16

Typical earnings structure ofsenior living facilities
 The level of risk of the social security system may vary, due to dependence on public pay

Private pay

Users

Influence of the social security system

Senior living facilities

Public pay

Fee

Real estate service

Nursing
serviceNursing careinsurance system

Insurance. fee
Hospitality service

Medical service

Health insurance
systemFixed rent
The Investment Corp.

Distribution
Investors(Note) This is a schematic chart designed by JSL to show the typical earnings structure of a senior living facility.

17

Senior Living facilities, in which
the Investment Corporation invests
Average Required level of nursing for Senior living facilities and distribution of monthly paid fee

HighMonthly charged fee

Volume zone

New demand

Low
Low

Level of required nursing care

(Note 1) This is a simplified chart designed by JSL to organize the features of the senior living facilities in its portfolio.
(Note 2) Alpha Eniwa Station Nishiguchi Saikaihatsu Building is not shown, as it has only recently opened.

High
18

Diverse Support from 6 Companies
with Proven Track Records
Sponsor support agreements
Preferential
negotiating
right

60% shareholder
Listed on the first section of theTokyo Stock Exchange
Notable track record as a sponsor
for 5 listed investment corporations

Development

Information
provision

Warehousing

Renovation/
maintenanceHuman
support orprovision ofexpertise

Backupoperator

Financialaffairs

5% shareholder
Healthcare/finance pioneer
capable of accurate risk
analysis and management

Kenedix, Inc.

Shinsei Bank,
Limited20% shareholder
Operates 29 facilities throughsubsidiary
Seikatsu Kagaku Un-Ei Co.,
Ltd. and 9 through CENTURY LIFE

5% shareholder
Real estate agent, realestate management, topclasstrack record as a trust bank

HasekoCorporation

Mitsubishi UFJ
Trust and Banking
Corporation

LIXIL Group Corporation

5% shareholder
Operates 5 facilities
through subsidiary LIXILSENIOR LIFE COMPANY

5% shareholder (Note1)
Operates 36 facilities
through related company
Cedar Co., Ltd. and operates seniorliving facilities through subsidiary
Sompo Care Next Inc. (Note2)

Sompo Japan Nipponkoa
Holdings, Inc.

(Note 1) The investment ratio is the ratio of the total shares issued by the Asset Management Company to the number of shares held by the Sponsor Company (in the case of Sompo Japan
Nipponkoa Holdings, Inc., the number of shares held by its subsidiary, Sompo Japan Nipponkoa Insurance Inc.).
(Note 2) “Preferential negotiating right”: With regard to real estate that the Sponsor Company or its group firms own, the Sponsor Company assumes liability to provide or to strive toprovide information on sales of real estate to the Asset Management Company no later than such information provision to parties other than the Asset Management Company inany given situation. Even when preferential negotiating rights or the support of information provision is applicable, the Sponsor Company does not assume liability to sell real estate
19
at the price requested by the Investment Corporation.

Health care properties operated& owned by sponsor’s affiliate firms
Some properties operated and owned by sponsor’s affiliate firms
Seikatsu Kagaku Un-Ei Co.,Ltd.

Life & Senior House Chikusa (Nagoya)(affiliate of HASEKO Corp.)

LIXIL Corporation(Senior Life Company)(LIXIL Corporation Group’s subsidiary)Life & Senior House Nippori (Tokyo)

Life & Senior House Senri Chuo (Osaka)Ferio Seijyo (Tokyo)

Ferio Tamagawa (Tokyo)

Century Life Co., Ltd.

Cedar Co., Ltd.

(affiliate of HASEKO Corp.)(affiliate of Sompo Japan Nipponkoa Insurance)

Century House Tamagawa Jyosui (Tokyo)

Century City Miyakojima (Osaka)

La’nassica Otogana (Fukuoka)

La’nassica Kunitomi (Okayama)(Note) There are no plans by the Investment Corporation to acquire any of the above-mentioned facilities at present.

20

Financial Highlights（As of Oct 31,2015）
Overview of interest-bearing debt (Note 1)

Classification

LenderSeries 1-A(Short-Term)

Shinsei Bank,Limited; Sumitomo Mitsui Banking
Corporation

Series 1-B(long-term)

Series 1-C(long-term)
Series 1-D(long-term)Balance(million yen)Interest rate (%)

Repayment
date

1,000

Base interest rate (JBA
one month yen TIBOR)+0.3%

July 29,
2016

3,500

0.4352%
per annum interest
rate

July 30,
2018

Long-term borrowing ratio

93.3%

6,000

0.7287%
per annum interest
rate

July 29,2020

LTV (Note 2)

42.8%

4,500

1.1145%per annum interest
rate

July 29,2022

Shinsei Bank, Limited; Sumitomo Mitsui Banking
Corporation; Mitsubishi UFJ Trust and Banking Corporation;
Mizuho Bank, Ltd.; Nippon Life Insurance Company
Shinsei Bank Limited; Sumitomo Mitsui Banking
Corporation; Mitsubishi UFJ Trust and Banking Corporation;
Mizuho Bank, Ltd.; Resona Bank; Mizuho Trust & Banking
Co., Ltd.
Shinsei Bank Limited; Sumitomo Mitsui Banking
Corporation; Mitsubishi UFJ Trust and Banking Corporation;
Mizuho Bank, Ltd.;Sompo Japan Nipponkoa Insurance Inc.
Long-term borrowings total

14,000Borrowings total

15,000

Outstanding borrowings by lender

Mizuho Trust &Resona Bank

3.3%

Nippon Life
Insurance
Company
3.3%

3.3%
Sompo Japan
Nipponkoa Insurance
Inc.
6.7%
Mizuho Bank, Ltd
8.7%

Mitsubishi UFJ Trust andBanking Corporation
16.7%

Shinsei Bank,
Limited
29.0%

Sumitomo Mitsui
Banking
Corporation
29.0%

Average interest rate （Note 1）0.93%(Note 1) The average borrowing period and interest rate are weighted average numbers,
as of Oct. 31,2015 based on the borrowing amount(rounded to the first decimal place).
(Note 2) LTV = Balance of interest bearing debt / Total assets(rounded to the first decimal place)
LenderBanking Co., Ltd

Average remaining period to maturity
4.6 years

1,000

Short-term borrowings total

Breakdown of borrowings



Shinsei Bank, Limited
Sumitomo Mitsui Banking
Corporation
Mitsubishi UFJ Trust andBanking Corporation
Mizuho Bank, Ltd
Sompo Japan Nipponkoa
Insurance Inc.
Resona Bank

Balance(million yen) （million yen)
4,350
4,350
2,500
1,300

7,000

3years

5years

7years

6,000
5,000
4,000

1,000
500

3,000

Mizuho Trust & Banking Co., Ltd

500

2,000

Nippon Life Insurance Company

500

1,000

15,0000

Total

Borrowing
periodDiversification of debt maturities(Note 1) The borrowing date is July 29, 2015, and borrowings will be
repaid by lump repayment on the repayment date.
(Note 2) Long-term borrowings all have non-fixed interest rates; however,to hedge the risk of interest rate increase, interest rate swaps
are conducted. Accordingly, the interest rates shown are all
fixed rates through interest rate swaps.

6,000
4,500
3,500
1,000
2nd fiscal
period(2016/8）

6th fiscal
period（2018/8)

10th fiscal
period（2020/8)

14th fiscal
period(2022/8)(Note) The bars in the chart illustrate the total debt amounts that reach maturity
in each period.

21

Unitholder Information （As of Oct.31,2015）


Number of unitholders by investor type
Individuals
and others

End of1th
fiscalPeriod(interim)Financial
institutions

5,547

31

Financial
Instruments
Business
Operators

Otherdomestic
companies

22

228

Major unitholders



Foreigncompanies
andIndividuals

28

Total

5,856

Rank

Name

No. of
units
held

Ratio
（％）

1

JAPAN TRUSTEE SERVICES BANK, LTD.

6,462

7.62

2

THE BANK OF
10

4,364

5.14

3

TRUST & CUSTODY SERVICE BANK, LTD.

3,604

4.25

4

THE MASTER TRUST BANK OF JAPAN, LTD.

3,090

3.64

5

BNP PARIBAS SECURITIES SERVICESLUXEMBOURG/JASDEC/HENDERSON HHF
SICAV

2,650

3.12

6

The Nomura Trust Banking Co., Ltd. (Trust Acct.)

2,138

2.52

7

KENEDIX, INC.

1,950

2.30

8

AEON Bank, Ltd.

1,750

2.06

9

NOMURA BANK （LUXEMBOURG） S．A．

1,368

1.61

10

BNYML －984

1.16

NEW YORKMELLON SA/NV

Ownership ratio by investor type
Financial Instruments
Other domestic

Business Operators

companies

1.2%

10.2%

Foreigncompanies
andIndividuals
14.0%

Individuals
and others

Financial
institutions

47.4%
NON TREATY ACCOUNT

27.2%(Note) Figures are based on the No. of units and are rounded down to the second decimal place.

22

Appraisal values（As of Oct. 31, 2015）
As of Oct 31, 2015 (Interim report)
No.

Property nameAppraiser

Acquisition
price(m. yen)（A）

Book value(m. yen)（B）

Appraisal value
Capitalization(m. yen)method cap.（D）（C）

Appraisal value

As of Mar 31, 2015

Appraisal value
Vs. Book value（C）÷（B）-1

Directcapitalization
method cap.
rate

Appraisal value
Capitalization% change
Change(m. yen)method cap. rate（C）÷（E）（C）-（E）（E）（F）-1

Change（D）-（F）

S-01

Joy Stage Hachioji

JREI

3,675

3,887

3,770

5.3%

-3.0%

3,710

5.4%

60

1.6%

-0.1%

S-02

Nichii Home Tama Plaza

JREI

2,500

2,604

2,760

5.0%

6.0%

2,660

5.2%

100

3.8%

-0.2%

S-03

Nichii Home Nakano
Minamidai

JREI

1,740

1,783

1,980

4.4%

11.0%

1,900

4.6%

80

4.2%

-0.2%

S-04

Yuimaru Hijirigaoka

Tanizawa

1,175

1,238

1,350

4.9%

9.0%

1,320

5.0%

30

2.3%

-0.1%

S-05

Irise Kamata/Yuseien

JREI

1,100

1,149

1,190

4.6%

3.6%

1,160

4.7%

30

2.6%

-0.1%

S-06

Activa Biwa

JREI

6,940

7,344

7,290

5.5%

-0.7%

7,170

5.6%

120

1.7%

-0.1%

S-07

Rest Villa Kobe Tarumi

JREI

1,900

2,002

2,030

5.1%

1.4%

1,940

5.3%

90

4.6%

-0.2%

S-08

Granda Mondo Yakujin

Tanizawa

1,180

1,304

1,220

5.0%

-6.4%

1,190

5.1%

30

2.5%

-0.1%

S-09

Excellent Nishinomiya

JREI

750

797

909

5.4%

14.0%

885

5.5%

24

2.7%

-0.1%

S-10

Ten

JREI

2,285

2,501

2,530

6.4%

1.1%

2,490

6.5%

40

1.6%

-0.1%

S-11

Irise Nishioka

Tanizawa

800

893

853

5.4%

-4.5%

805

5.6%

48

6.0%

-0.2%

JREI

960

1,029

1,000

5.7%

-2.8%

976

5.8%

24

2.5%

-0.1%

1,600

1,747

1,740

5.5%

-0.4%

1,680

5.6%

60

3.6%

-0.1%

1,360

1,483

1,440

6.9%

-2.9%

1,420

7.0%

20

1.4%

-0.1%

27,96529,76630,0625.4%

1.0%

29,306

5.5%

756

2.6%

-0.1%

S-12 Sawayaka Sakura Nibankan
S-13
S-14

Alpha Eniwa Sta. Nishiguchi
Tanizawa
Saikaihatsu Building
Gran Hills Ogawarako

Total

JREI

(Note 1) The ratios for the acquisition price, appraisal value and book value are rounded to the first decimal place.
(Note 2) The cap. rate for each property type is a weighted average value based on the appraisal value.

23

Organization chart
Organization chart
CEO and President

Takashi Fujimura

Joined Japan Senior Living partners, Inc. as
CEO & President in April 2014. Previously,
he worked as the general manager of the
Healthcare Finance Department, and thegeneral manager of the Real Estate Finance
Department of Shinsei Bank, Limited（formerly The Long-Term Credit Bank ofJapan, Limited).

Shareholders’Meeting
Corporate
Auditors
Board of Directors

Asset Management
Committee

Compliance
Committee
CEO and President
Compliance Officer

Investment Management
Department

Planning and Administration
Department

Finance &Accounting Department

24

Disclaimer
The contents of this document, including summary notes, quotes, data and other information, areprovided solely for
informational purposes and not intended for the purpose of soliciting investment in, or as a recommendation topurchase or sell, any specific products.
Please be aware that matters described herein may change or cease to exist without prior notice of any kind. This
document contains forward-looking statements and anticipations of future results, based on current assumptions
and beliefs in light of currently available information and resources.
Risks and uncertainties, both known and unknown, including those relating to the future performance of the realestate market in Japan, interest rate fluctuations, competitive scenarios, and changing regulations or taxation, maycause Japan Senior Living Investment Corporation (JSL)'s actual results, performance, achievements and financial
performance to be materially different from those explicitly or implicitly expressed in this document.
With respect to any and all terms herein, including without limitation, this document, the information provided isintended to be thorough. However, no assurance or warranties are given with respect to the accuracy orcompleteness thereof.
Neither JSL nor Japan Senior Living Partners,Inc. (JSLP) shall be liable for any errors, inaccuracies, loss ordamage, or for any actions taken in reliance thereon, or undertake any obligation to publicly update the information
contained in this document after the date of this document.

25