＜For Immediate Release＞
＞
Provisional translation only
October 10, 2014
ORIX JREIT Inc.
(TSE:8954)
Hiroshi Yasuda
President and Executive Director
ORIX Asset Management Corporation
Junko Kanazawa
Director, Corporate Senior Vice President
Tel: +81-3-5418-4858
ORIX JREIT Announces Financial Results for 25th Fiscal Period
Distribution per unit: ¥2,604
Overview of Financial Results
ORIX JREIT Inc. (OJR) today announced the financial results for its 25th fiscal period ended August 31, 2014.
Operating revenues for the period were ¥15,787 million, income before income taxes was ¥5,130 million, net income
was ¥5,121 million, and the distribution amount will be ¥5,120 million, or ¥2,604 per unit. The pay-out ratio will be
98.5%.
As of August 31, 2014, OJR’s total assets were approximately ¥460,763 million, interest-bearing debt was
¥215,178 million (composed of ¥192,678 million in loans and ¥22,500 million in investment corporation bonds), and
total net assets were ¥220,282 million, or ¥112,036 per unit.
Highlights
Dispositions and Acquisitions
During the 25th fiscal period, OJR acquired SHIBUYA PINE Bldg. (acquisition price: ¥3,400 million) and The
Kitahama PLAZA (additional acquisition) (acquisition price: ¥975 million) on March 20, 2014, JouLe SHIBUYA
(acquisition price: ¥7,550 million), intervillage OH! MAGARI (acquisition price: ¥5,100 million), Valor Suzuka
Shopping Center (acquisition price: ¥3,200 million) and West Park Tower IKEBUKURO (acquisition price: ¥20,500
million) on April 1, 2014, MG Ichigaya Building (acquisition price: ¥3,100 million) and Belle Face Higashijujo
(acquisition price: ¥3,000 million) on April 4, 2014, and SENDAI HARVEST BLDG. (acquisition price: ¥2,000
million) on June 20, 2014. As a result, the OJR portfolio consisted of 89 properties at a total investment of ¥459,945
million (on an acquisition price basis) as of August 31, 2014.
During the 26th fiscal period, OJR acquired ORE Ikebukuro (acquisition price: ¥6,410 million) and Friend
Town Fukaebashi (Land) (acquisition price: ¥2,400 million) on September 30, 2014, and ORE Nishiki 2-chome Bldg.
(acquisition price: ¥10,900 million), SO-CAL LINK OMOTESANDO (acquisition price: ¥2,300 million), R-Styles
Musashi-Kosugi (acquisition price: ¥4,433 million) and Iwatsuki Logistics Center (acquisition price: ¥6,300 million)
on October 1, 2014.
Note: The property name, Belle Face Higashijujo, was changed from myatria Higashijujo as of October 1,
2014.
1
Portfolio Profile
As noted above, on August 31, 2014, OJR owned a total of 89 properties, consisting of 44 office buildings, four
logistics facilities, 24 retail facilities, 15 residential properties and two other properties, and was leasing approximately
855,116.02 m² of space to 589 tenants. OJR’s portfolio occupancy rate as of August 31, 2014 was approximately
99.0%.
The total acquisition price of OJR’s portfolio of 89 properties was ¥459,945 million as of August 31, 2014. The
portfolio’s appraisal value, evaluated by six major Japanese real estate appraisers, was ¥459,005 million as of August
31, 2014.
Equity Financing and Debt Financing
In accordance with its financial policies, OJR procured funds as described below during the 25th fiscal period.
On March 18, 2014, OJR issued new investment units through public offering (265,410 units, total paid in
amount (issue value) of ¥31,536 million) to procure funds for new property acquisitions, and on April 16, 2014, issued
new investment units through third-party allotment (13,270 units, total paid in amount (issue value) of ¥1,576 million)
and allocated funds to the repayment of loans.
On March 31, 2014, OJR took out an unsecured long-term fixed-rate loan of ¥1,710 million from the Bank of
Tokyo-Mitsubishi UFJ Ltd. for the acquisition of West Park Tower IKEBUKURO and other new properties. On April 1,
2014, OJR procured ¥3,000 million from multiple financial institutions through unsecured long-term fixed rate loans. On
April 1, 2014, OJR also took out unsecured long-term variable-rate loans of ¥2,560 million from Sumitomo Mitsui Trust
Bank, Limited and ¥2,560 million from Sumitomo Mitsui Banking Corporation, and fixed the interest rates of the two loans
through an interest rate swap. On April 4, 2014, OJR took out unsecured long-term variable-rate loans of ¥2,560 million
from Mitsubishi UFJ Trust and Banking, and ¥1,280 million from Mizuho Bank, Ltd. while fixing the interest rates through
an interest rate swap, and took out an unsecured short-term variable-rate loan of ¥1,580 million under a commitment line
agreement. On June 20, 2014, OJR conducted early repayment of a long-term loan of ¥5,100 million while taking out an
unsecured long-term variable-rate loan of ¥7,100 million from multiple financial institutions for the acquisition of SENDAI
HARVEST BLDG. and fixed the interest rate through an interest rate swap. On August 11, 2014, OJR issued the Eighth
Series of Unsecured Bonds (total issue amount: ¥2,000 million; period of 5 years) and the Ninth Series of Unsecured Bonds
(total issue amount: ¥3,000 million; period of 10 years) and allocated the funds to the redemption of the Second Series of
Unsecured Bonds (total issue amount of ¥5,000 million). The commitment line with three financial institutions was
extended by two years on June 11, 2014, the commitment line with Resona Bank, Limited was extended by two years on
July 30, 2014 and the commitment line with the Bank of Tokyo-Mitsubishi UFJ Ltd. was extended by three years on August
27, 2014. There were no commitment line-based borrowings outstanding as of August 31, 2014.
As a result of the activities above, as of August 31, 2014, outstanding loans amounted to ¥192,678 million, the
balance of investment corporation bonds stood at ¥22,500 million, and the balance of interest-bearing debt totaled
¥215,178 million. The interest-bearing debt ratio was 50.0% (Note 1), the fixed-rate borrowing ratio was 89.8% (Note
2), and the long-term borrowing ratio was 88.4% (Note 3).
Credit ratings obtained by OJR as of October 10, 2014 are shown below.
Credit rating agency
Details of rating
Long-term corporate credit rating: A Short-term corporate credit rating: A-2
Outlook: Stable
Rating and Investment
Issuer rating: A+
Information, Inc.
Rating outlook: Stable
Senior long-term debt rating: AA –
Japan Credit Rating Agency, Ltd.
Rating outlook: Positive
Note 1: The interest-bearing debt ratio is the figure obtained by dividing the outstanding balance of
interest-bearing debt by the sum of the balance of interest-bearing debt and unitholders’ capital. Figures
are rounded to the first decimal place.
Standard & Poor’s Ratings Japan
K.K.
2
Note 2:
Note 3:
The fixed-rate borrowing ratio is the figure obtained by dividing the balance of fixed-rate borrowing by
the balance of interest-bearing debt. Figures are rounded to the first decimal place.
The long-term borrowing ratio is the figure obtained by dividing the balance of long-term borrowing
(except long-term debt to be reimbursed or redeemed within one year) by the balance of
interest-bearing debt. Figures are rounded to the first decimal place.
Forecasts for the 26th and 27th Fiscal Periods
In accordance with Tokyo Stock Exchange listing requirements, OJR here announces financial results forecasts
for its 26th fiscal period, which runs from September 1, 2014 through February 28, 2015. For the 26th fiscal period,
OJR forecasts operating revenues of ¥16,930 million, income before income taxes of ¥5,490 million, and net income
of ¥5,472 million. The estimated distribution per unit for the 26th fiscal period is ¥2,580.
The financial results forecasts for the 27th fiscal period, from March 1, 2015 through August 31, 2015, are as
follows: operating revenues of ¥17,328 million, income before income taxes of ¥5,428 million, and net income of
¥5,409 million. The estimated distribution per unit for the 27th fiscal period is ¥2,550.
Overview of OJR
OJR was established on September 10, 2001, and was listed and commenced trading on the Tokyo Stock
Exchange on June 12, 2002 as the fourth Real Estate Investment Trust in Japan, or “JREIT,” to be listed. A JREIT is
an externally managed property fund formed under the Investment Trust Law of Japan. ORIX Asset Management
Corporation, a wholly owned subsidiary of ORIX Corporation (TSE: 8591, NYSE: IX (ADR)), is the asset manager
of OJR. OJR is a diversified JREIT that invests in high quality office buildings, logistics facilities, retail facilities,
residential properties, and other properties, aiming to provide stable cash flow and healthy asset growth over the
medium to long term.
Notices
Information Disclosure to Investors
OJR maintains a policy of timely disclosure of important information in both the English and Japanese
languages. For more information on OJR, please visit our website at http://www.orixjreit.com.
Forward-looking Statements Disclaimer
In making forward-looking statements about the forecasts for the 26th and 27th fiscal periods, certain
assumptions have been made. We consider that these assumptions were appropriate and reasonable based on the
information available to us when we made the forecasts. However, our actual operating results, and therefore the
distribution per unit, may differ from our expectations and will be affected by a number of factors, many of which are
beyond our control, or may not be capable of being foreseen or accurately predicted. For example, our actual
distribution amount could be affected by the rental revenues we actually receive from our properties, and/or our
operating expenses, interest expenses and the ability of our tenants to meet their financial obligations during the
relevant period. It may also be affected by economic conditions in Japan and conditions relating to the real estate
market in Japan, particularly in Tokyo. These factors and others could also affect the validity of the assumptions that
we used in the preparation of our forecasts. No assurance can be given by us or by any other party that our forecasts
will prove accurate.
3
(Summary Financial Information Attached)
* This provisional English translation of the original Japanese document is provided solely for informational
purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall take
precedence.
**OJR is a real estate investment corporation (commonly referred to as a JREIT) listed on the Tokyo Stock
Exchange JREIT Section (TSE: 8954) whose objective is to provide stable income returns to investors over the
medium to long term through investing in diversified types of quality real estate, mostly office buildings and
properties in the Greater Tokyo Metropolitan area. ORIX Asset Management Corp., a wholly owned subsidiary of
ORIX Corp. (TSE: 8591), provides the asset management services for OJR.
4
ORIX JREIT Inc.
BALANCE SHEETS
As of February 28, 2014 and August 31, 2014
As of
February 28, 2014
As of
August 31, 2014
(In millions of yen)
Assets
Current assets:
Cash and deposits including trust accounts
Rental receivables
Consumption taxes refundable
Investment in finance lease
Prepaid expenses
Other current assets
Less: Allowance for doubtful receivables
Total current assets
\
Property and equipment, at cost:
Land including trust accounts
Buildings and structures including trust accounts
Building improvements including trust accounts
Machinery and equipment including trust accounts
Construction in progress
Less: Accumulated depreciation
Net property and equipment
Other assets:
Investment securities
Leasehold interests including trust accounts
Others
Total assets
\
Liabilities and Net assets
Liabilities
Current liabilities:
Trade and other payables
Long-term debt due within one year
Accrued expenses
Rents received in advance
Income taxes payable
Other current liabilities
Total current liabilities
Non-current liabilities:
Long-term debt
Leasehold and security deposits received
Total liabilities
\
Net assets
Unitholders' capital
Units authorized: 10,000,000 units
Units issued and outstanding: 1,687,494 units as of
February 28, 2014 and 1,966,174 units as of August 31, 2014
Retained earnings
Total net assets
Total liabilities and net assets
\
5
18,685
332
73
3,558
84
8
(1)
22,739
\
23,788
436
516
3,468
76
7
－
28,291
252,166
120,465
39,960
4,475
1
417,067
(35,806)
381,261
286,410
132,894
43,009
4,652
－
466,965
(38,867)
428,098
278
1,448
2,753
408,479
－
1,439
2,935
460,763
1,299
8,938
483
2,065
3
182
12,970
\
\
2,013
24,868
531
2,350
5
136
29,903
190,696
18,581
222,247
190,310
20,268
240,481
181,980
215,092
4,252
186,232
408,479
5,190
220,282
460,763
\
ORIX JREIT Inc.
STATEMENTS OF INCOME
For the six months ended February 28, 2014 and August 31, 2014
For the six months ended
February 28, 2014
August 31, 2014
(In millions of yen)
Operating revenues:
Rental revenues
Other operating revenues
Dividend income from investment in Tokumei Kumiai
Total operating revenues
Operating expenses:
Property-related expenses
Asset management fees
Administrative service fees
Other expenses
Total operating expenses
Operating income
Interest income
Interest expense
Issuance costs of new units
Other expenses, net
Ordinary income
Income before income taxes
Provision for income taxes
Net income
\
\
12,159
1,523
24
13,706
\
6,889
802
133
113
7,937
5,769
2
(1,206)
(41)
(332)
4,192
4,192
9
4,183
\
13,923
1,861
3
15,787
7,699
877
153
139
8,868
6,919
2
(1,303)
(71)
(417)
5,130
5,130
9
5,121
For the six months ended
February 28, 2014
Earnings per unit
Net income (In yen)
Weighted average number of units outstanding
\
6
2,528
1,654,836
August 31, 2014
\
2,644
1,936,820
ORIX JREIT Inc.
STATEMENTS OF CASH FLOWS
For the six months ended February 28, 2014 and August 31, 2014
For the six months ended
February 28, 2014
August 31, 2014
(In millions of yen)
Cash Flows from Operating Activities:
Income before income taxes
Adjustments to reconcile income before income taxes
to net cash provided by operating activities:
Depreciation
Amortization of long-term prepaid expenses
Amortization of investment corporation bond issuance costs
Issuance costs of new units
Allowance for doubtful receivables
Interest income
Interest expense
Loss on disposal of property and equipment
Changes in assets and liabilities:
Rental receivables
Consumption taxes refundable
Consumption taxes payable
Investment in finance lease
Prepaid expenses
Payments of long-term prepaid expenses
Withdrawal from reserve for repairs and maintenance
Trade and other payables
Rents received in advance
Others, net
Subtotal
Cash proceeds from interest income
Cash payments of interest expense
Cash payments of income taxes
Net cash provided by operating activities
\
4,192
\
5,130
2,925
248
15
41
(3)
(2)
1,206
56
3,193
279
14
71
－
(2)
1,303
85
(6)
(73)
(40)
89
(3)
(317)
－
(29)
245
27
8,571
2
(1,196)
(6)
7,371
(104)
(443)
－
90
8
(429)
1
279
285
(106)
9,654
2
(1,259)
(6)
8,391
Cash Flows from Investing Activities:
Payments for investing in time deposits
Proceeds from maturity of time deposits
Purchases of property and equipment
Purchases of investment securities
Proceeds from refund of investment securities
Proceeds from leasehold and security deposits
Repayments of leasehold and security deposits
Payments for restricted deposits held in trust
Proceeds from restricted deposits held in trust
Others, net
Net cash used in investing activities
(1,085)
1,047
(29,111)
(2)
－
1,689
(185)
(1,146)
667
16
(28,110)
(1,192)
1,085
(49,669)
－
260
2,154
(394)
(999)
1,232
(11)
(47,534)
Cash Flows from Financing Activities:
Proceeds from short-term debt
Repayments of short-term debt
Proceeds from long-term debt
Repayments of long-term debt
Payments for investment corporation bond issuance costs
Proceeds from issuance of new units
Payments of issuance costs of new units
Payment of dividends
Net cash provided by financing activities
Net change in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
4,000
(4,000)
32,430
(15,625)
(46)
11,042
(41)
(3,834)
23,926
3,187
13,272
16,459
1,580
(1,580)
25,770
(10,225)
(33)
33,112
(71)
(4,181)
44,372
5,229
16,459
21,688
7
\
\
ORIX JREIT Inc.
STATEMENTS OF CHANGES IN NET ASSETS
For the six months ended February 28, 2014 and August 31, 2014
(In millions of yen)
Balance as of August 31, 2013
Issuance of new units
Cash Dividends declared
Net Income
Balance as of February 28, 2014
Issuance of new units
Cash Dividends declared
Net Income
Balance as of August 31, 2014
Number of
Units
1,591,117
96,377
－
－
1,687,494
278,680
－
－
1,966,174
Unitholders’ Capital
\ 170,938
11,042
－
－
\ 181,980
33,112
－
－
\ 215,092
8
Retained Earnings
\
3,905
－
(3,836)
4,183
\
4,252
－
(4,183)
5,121
\
5,190
Total Unitholders'
Equity
174,843
11,042
(3,836)
4,183
\ 186,232
33,112
(4,183)
5,121
\ 220,282
Property Data 1
(As of August 31,2014)
Reference Information
Appraisal
Appraiser
Value
(￥Million)
3,540 Tanizawa
3,190 Tanizawa
Property Name
6 central Tokyo Aoyama Suncrest Building
wards
Round-Cross Ichi-bancho
Offices
Round-Cross Nishi Shinjuku
DT Gaien
Nihonbashi East Building
Yoyogi Forest Building
Round-Cross Minami Azabu
Round-Cross Akasaka
Round-Cross Mita
Shiba Daimon Building
Round-Cross Tsukiji
ORIX Shiba 2-chome Building
Aoyama 246 Building
Round-Cross Shinjuku
Seafort Square Center Building
ORIX Akasaka 2-chome Building
Round-Cross Shinjuku 5-chome
Nihonbashi Honcho 1-chome Building
Round-Cross Shibuya
ORIX Suidobashi Building
ORIX Shinagawa Building
ORIX Real Estate Nishi Shinjuku Building
OX Tamachi Building
MG Shirokanedai Building
SHIBUYA PINE Bldg.
MG Ichigaya Building
Beside Kiba
ORIX Ikebukuro Building
Round-Cross Kamata
KN Jiyugaoka Plaza
ORIX Meguro Building
Akihabara Business Center
Subtotal
Other parts of Neo City Mitaka
the greater
Round-Cross Kawasaki
Tokyo area
Other areas
Logistics
Facilities
4.6
4.7
4.4
4.8
2,010
2,190
2,460
2,194
0.53
0.48
1,460 Tanizawa
0.32
1,470
5.0
1,460
5.0
5.2
930
1,570
0.34
1,410 Tanizawa
1,350 Chuo
0.31
0.29
1,470
1,410
4.8
5.6
1,390
1,350
5.0
5.4
5.0
5.8
1,350
1,430
1,483
1,280
0.32
0.28
2,490 Chuo
0.54
2,640
5.2
2,490
5.0
5.4
2,500
2,765
0.60
1,420 Chuo
2,860 Chuo
0.31
0.62
1,570
2,570
5.1
5.1
1,420
2,860
4.9
4.9
5.3
5.3
1,260
1,760
1,730
2,240
0.38
0.49
3,370 Chuo
8,410 Chuo
0.73
1.83
3,550
8,370
5.2
4.9
3,370
8,410
5.0
4.7
5.4
5.1
1,980
4,230
3,004
6,471
0.65
1.40
7,090 Chuo
1.54
7,330
4.1
7,090
3.9
4.3
4,570
5,350
1.16
8,890 Morii
13,500 Chuo
1.94
2.94
9,040
17,200
4.1
4.5
8,740
13,500
3.9
4.3
4.3
4.7
6,050
12,200
7,601
16,728
1.65
3.63
20,100 Chuo
4.38
21,200
3.9
20,100
3.7
4.1
10,100
20,380
4.42
0.78
1.75
3,770
8,090
4.3
4.1
3,500
7,980
4.1
4.0
4.5
4.4
2,680
6,250
4,046
9,786
0.88
2.12
0.73
0.61
2,380 JV
2,790 Nihon
0.52
0.61
2,410
2,830
4.2
4.6
2,350
2,750
4.0
4.4
4.5
4.8
1,470
1,860
3,341
2,817
12,100 Nihon
2.64
12,300
4.0
11,900
3.8
4.2
10,200
14,624
3.17
12,000 Daiwa
7,110 Daiwa
2.61
1.55
12,100
7,170
4.2
4.6
12,000
7,080
4.0
4.4
4.4
4.8
9,150
4,570
13,324
6,701
2.89
1.45
8,430 Chuo
1.84
9,060
4.3
8,430
3.9
4.5
6,530
8,534
1.85
0.78
0.70
32.24
3,660
3,270
155,310
4.1
4.2
3,580
3,170
147,110
3.9
4.0
4.3
4.4
2,540
2,160
107,870
5,960 Tanizawa
5,440 Tanizawa
1.30
1.19
6,040
5,430
4.9
5.2
5,920
5,440
4.9
5.4
5.1
5.4
4,210
3,720
3,429
3,116
151,732
4,063
4,052
0.74
0.68
32.93
0.88
0.88
2,620 Tanizawa
11,800 Chuo
0.57
2.57
2,660
11,100
5.1
4.5
2,600
11,800
5.2
4.3
5.3
4.7
1,620
5,480
2,103
8,420
0.46
1.83
5,350 Chuo
1.17
5,400
5.3
5,350
5.1
5.5
2,710
5,090
1.10
2,740 JV
6,670 Daiwa
0.60
1.45
2,770
6,730
4.5
4.7
2,700
6,640
4.3
4.5
4.7
4.9
1,610
4,580
3,100
6,275
0.67
1.36
5,410 Daiwa
1.18
5,420
4.5
5,410
4.3
4.7
3,220
4,821
1.05
10.02
0.61
45,550
2,820
5.2
45,860
2,770
5.3
5.4
27,150
2,400
37,924
2,013
8.23
0.44
1.09
0.98
4,790
4,460
5.2
5.4
5,020
4,530
5.0
5.2
5.4
5.6
2,970
2,530
4,010
4,012
0.87
0.87
4,080 Daiwa
0.89
4,040
5.4
4,100
5.2
5.6
3,430
3,509
0.76
16,40 0
5,110 Tanizawa
3.57
1.11
16,110
5,140
5.7
16,420
5,090
5.9
5.9
11,330
4,140
13,544
4,722
2.94
1.02
0.98
4,180
4.8
4,520
4.6
5.0
3,060
4,700
1.02
1.16
1.72
5,350
8,040
5.7
5.0
5,300
7,750
5.5
4.8
5.9
5.2
4,790
6,910
7,663
11,349
1.66
2.46
1.02
4,420
6.4
4,700
6.1
6.7
2,730
3,772
0.82
0.85
6.85
52.69
3,910
31,040
248,010
5.9
3,880
31,240
240,630
5.7
6.1
2,430
24,060
170,410
3,539
35,745
238,945
0.77
7.76
51.86
4.8
5.0
9,870
8,310
4.5
4.6
5.0
5.3
7,190
7,260
8,836
7,498
1.92
1.63
5.4
18,180
11,600
14,450
7,520
16,334
8,932
3.54
1.94
2,476
11,408
27,742
2,484
2,419
9,956
4,833
1,530
7,600
0.54
2.48
6.02
0.54
0.52
2.16
1.05
0.33
1.65
28,822
3,719
6.26
0.81
0.72
0.49
4,700 Chuo
3,890 Daiwa
31,45 0
241,830
Total
Other parts of Toda Logistics Center
the greater
Ichikawa Logistics Center
Tokyo area
Subtotal
Other areas
Sakai Logistics Center North Building
Komaki Logistics Center
Subtotal
CROSS GARDEN KAWASAKI
Retail
Facilities
3,130
2,460
5,330 Nihon
7,900 Nihon
Subtotal
Other parts of aune Kohoku
the greater
aune Makuhari
Tokyo area
Maruetsu Sagamino
Tecc Land Totsuka（Land)
Clio Fujisawaekimae
Subtotal
Kobe Momoyamadai Shopping Center(Land)
Okayama Kume Retail Facility
Home Center Musashi Sendai Izumi(Land)
aune Sapporo Ekimae
Note 3
Note 3
Note 3
Morioka Minami Shopping Center Sansa
The Kitahama PLAZA
GRAN MART Tegata
AEON TOWN Sendai-Izumiosawa(Land)
Note 3
Cross Mall Shimonoseki-Chofu
intervillage OH! MAGARI
Valor Suzuka Shopping Center
9,940 Nihon
8,390 Nihon
2.17
1.83
10,000
8,460
18,33 0
11,600 Daiwa
3.99
2.53
18,460
11,500
3,010
14,61 0
32,94 0
3,480
2,440
10,700
5,260
1,570
7,890
Chuo
Chuo
Daiwa
Nihon
Nihon
Nihon
0.66
3.18
7.18
0.76
0.53
2.33
1.15
0.34
1.72
3,000
14,500
32,960
3,480
2,370
10,900
5,360
1,600
8,000
31,34 0
4,010 Daiwa
6.83
0.87
Tanizawa
5.2
5.6
5.0
5.9
4.1
4.7
3.8
3.6
4.1
3.9
3,010
14,610
32,790
3,480
2,440
10,600
5,160
1,540
7,780
3.9
4.4
3.6
3.4
3.9
3.7
4.4
5.0
4.0
3.8
4.3
4.1
1,990
9,510
23,960
1,710
1,770
10,300
3,090
1,110
5,840
31,710
4,020
5.4
31,000
4,010
5.2
5.6
23,820
2,840
5.7
4,130 Daiwa
2,560 Daiwa
0.90
0.56
4,120
2,580
5.6
5.7
4,140
2,550
5.4
5.5
5.8
5.9
2,400
2,360
3,313
2,278
13,600 Daiwa
2.96
13,700
4.9
13,600
4.8
5.2
8,020
12,755
2.77
6,060 Nihon
4,360 Nihon
1.32
0.95
4,360
6.0
6,060
4,360
5.2
5.6
6.2
3,790
6,074
4,020
1.32
0.87
34,72 0
3,250 Nihon
3,030 Chuo
7.56
0.71
0.66
28,780
2,980
6.5
34,720
3,250
3,030
7.7
6.0
7.0
19,410
2,210
32,159
3,311
2,580
6.98
0.72
0.56
2,780 Chuo
2,080 Chuo
0.61
0.45
2,080
5.8
2,780
2,080
5.7
5.5
6.1
1,200
2,382
1,895
0.52
0.41
3,280 Tanizawa
0.71
3,290
6.5
3,270
6.2
6.7
3,180
2,820
0.61
5,290 Chuo
1,060 Tanizawa
1.15
0.23
5,280
1,070
4.9
6.5
5,290
1,060
4.7
6.3
5.1
6.7
4,070
610
4,783
983
1.04
0.21
3,710 Chuo
0.81
-
3,710
5.5
-
3,541
0.77
2,550 Daiwa
5,900 Chuo
0.56
1.29
2,530
6,050
6.4
6.3
2,560
5,900
6.3
6.0
6.6
6.7
1,390
5,690
2,409
5,140
0.52
1.12
3,350 Tanizawa
-
-
0.73
3,360
6.2
3,340
5.8
6.4
2,970
3,225
0.70
0.46
8.37
22.76
2,170
28,810
89,300
5.4
2,130
38,400
104,120
5.2
5.6
1,280
22,600
65,830
2,021
35,090
96,071
0.44
7.62
20.85
1,030 Tanizawa
2,390 Chuo
0.22
0.52
1,040
2,430
4.6
4.7
1,020
2,390
4.8
4.5
4.8
4.9
891
1,510
1,047
2,254
0.23
0.49
Shibaura Island Air Tower
Belle Face Togoshi Statio
6,690 Chuo
2,940 Chuo
1.46
0.64
6,790
2,980
5.1
4.6
6,690
2,940
4.8
4.4
5.4
4.8
3,170
1,760
5,551
2,547
1.20
0.55
Belle Face Meguro
3,620 Nihon
0.79
3,670
4.6
3,560
4.4
4.8
2,820
3,277
0.71
16,67 0
3,970 Chuo
3.63
0.86
16,910
3,940
4.9
16,600
3,970
4.7
5.1
10,151
3,030
14,676
3,342
3.19
0.73
0.69
SENDAI HARVEST BLDG.
Subtotal
2,130 Chuo
38,41 0
104,470
Total
6 central Tokyo Park Axis Nishi Azabu Stage
wards
We Will Hatchobori
Residential
0.74
0.73
4.2
4.6
4,520 Chuo
Total
6 central Tokyo Nihon Jisho Minami Aoyama Building
wards
CUBE Daikanyama
aune Yurakucho
Cross Avenue Harajuku
J-ONE SQUARE
JouLe SHIBUYA
Subtotal
Remaining Tokyo Belle Face Kamata
wards
Belle Face Hongo Yumicho
Belle Face Mishuku
West Park Tower IKEBUKURO
Belle Face Higashijujo
Subtotal
Belle Face Osaka Shinmachi
Note 4
Belle Face Amagasaki
Belle Face Miyamachi
Belle Face Bansui-street
Belle Face Kanazawa Kohrinbo
Subtotal
Others
3,395
3,363
3,330
2,480
Lunar Sendai
ORIX Nagoya Nishiki Building
ORE Sapporo Building
Other areas
TCR
(%)
4.6
4.7
ORIX Koraibashi Building
ORIX Kobe Sannomiya Building
Subtotal
Other areas
4,790
3,110
0.69
0.54
5,020 Chuo
4,510 Daiwa
Subtotal
Nagoya Itochu Building
DR
(%)
4.6
4.7
Investment
Share
(%)
0.77
0.69
45,99 0
2,790 Tanizawa
Omiya Miyacho Building
Omiya Shimocho 1-chome Building
DCF Value
(￥Million)
3,480
3,120
Book Value
(￥Million)
3,190 Tanizawa
2,470 Tanizawa
3,600 Daiwa
3,220 Nihon
147,990
Remaining Tokyo Carrot Tower
wards
Toyo MK Building
CR
(%)
4.4
4.6
Valuation by
Cost Method
(￥Million)
DC Value
(￥Million)
3,670
3,350
3,580 Morii
8,040 Nihon
Subtotal
%
of share
Total
Other parts of Cross Gate
the greater
GOOD TIME LIVING Shin-urayasu
Tokyo area
Subtotal
Total
Gr and Total
Note 5
3,660 Chuo
0.80
3,700
4.5
3,660
4.3
4.7
2,030
3,184
2,240 Chuo
21,100 Nihon
0.49
4.60
2,290
21,400
4.8
4.5
2,240
20,800
4.6
4.3
5.0
4.7
1,700
17,300
2,002
20,669
0.43
4.49
3,100 Nihon
34,07 0
4,290 Chuo
0.68
7.42
0.93
3,130
34,460
4,330
5.0
4.8
5.2
5.3
3,070
33,740
4,290
5.1
5.5
2,120
26,180
3,430
3,027
32,224
3,382
0.66
6.99
0.73
3,600 Chuo
1,690 Daiwa
0.78
0.37
3,610
1,700
5.5
5.9
3,600
1,680
5.2
5.7
5.7
6.1
3,150
1,250
3,205
1,431
0.70
0.31
975 Daiwa
0.21
983
5.8
972
5.6
6.0
643
800
0.17
0.55
2.85
13.90
2,670
13,293
64,663
6.1
2,510
13,052
63,392
5.9
6.4
2,230
10,703
47,034
2,399
11,217
58,117
0.52
2.43
12.61
3.09
0.38
14,300
1,770
5.8
6.0
14,200
1,740
5.8
5.8
6.0
6.2
3.48
3.48
100.00
16,070
16,070
451,003
2,510 Chuo
13,06 5
63,80 5
14,200 Tanizawa
1,760 Nihon
15,96 0
15,96 0
459,005
15,940
15,940
456,872
12,500
1,720
10,597
1,537
2.30
0.33
14,220
14,220
321,454
12,134
12,134
433,009
2.63
2.63
93.98
Note 1 Individual numbers may not add up to totals due to rounding except for book value.
Note 2 Tanizawa Sogo Appraisal Co.,Ltd.,Chuo Real Estate Appraisal Co.,Ltd.,Morii Appraisal & Investment Consulting,Inc.,JAPAN REAL ESTATE INSTITUTE,Japan Valuers Co.,Ltd. and DAIWA REAL ESTATE
APPRAISAL CO.,LTD. conducted appraisals.
Note 3 The appraisal values of the Kobe Momoyamadai Shopping Center (Land), the Home Center Musashi Sendai Izumi (Land), the Tecc Land Totsuka（Land), and the AEON TOWN Sendai-Izumiosawa(Land) are not
calculated using the direct capitalization method, because the application of this method is not appropriate due to contractual terms and other reasons.
Note 4 The property name, Belle Face Higashijujo was changed from myatria Higashijujo as of October 1, 2014.
Note 5 The property name, Belle Face Kanazawa Kohrinbo was changed from Kanazawa Kohrinbo myatria as of October 1, 2014.
9
Property Data 2
(As of August 31, 2014)
Property Name
Rented Space
Number of
Tenants
(㎡）
6 central Tokyo Aoyama Suncrest Building
wards
Offices
Round-Cross Ichi-bancho
Round-Cross Nishi Shinjuku
DT Gaien
Nihonbashi East Building
Yoyogi Forest Building
Round-Cross Minami Azabu
Round-Cross Akasaka
Round-Cross Mita
Shiba Daimon Building
Round-Cross Tsukiji
ORIX Shiba 2-chome Building
Aoyama 246 Building
Round-Cross Shinjuku
Seafort Square Center Building
ORIX Akasaka 2-chome Building
Round-Cross Shinjuku 5-chome
Nihonbashi Honcho 1-chome Building
Round-Cross Shibuya
ORIX Suidobashi Building
ORIX Shinagawa Building
ORIX Real Estate Nishi Shinjuku Building
OX Tamachi Building
MG Shirokanedai Building
SHIBUYA PINE Bldg.
MG Ichigaya Building
Subtotal
Remaining Tokyo Carrot Tower
wards
Toyo MK Building
Beside Kiba
ORIX Ikebukuro Building
Round-Cross Kamata
KN Jiyugaoka Plaza
ORIX Meguro Building
Akihabara Business Center
Subtotal
Other parts of Neo City Mitaka
the greater
Round-Cross Kawasaki
Tokyo area
Other areas
Logistics
Facilities
2,764.10
98.6
18,756,751
220,444,997
3,282.52
1,227.51
100.0
100.0
14,960,076
13,012,463
155,386,421
243,754,612
3
2,571.73
2,571.73
100.0
13,691,184
133,485,965
7
7
2,230.05
1,447.55
2,230.05
1,899.27
100.0
76.2
8,449,417
5,951,944
104,024,355
50,616,162
4
12
3,170.48
2,787.04
3,170.48
2,787.04
100.0 Note 4
100.0
10,163,328
13,306,961
85,449,800
142,069,677
5
1,956.56
2,297.19
1
10
2,666.88
4,003.73
2,666.88
4,003.73
85.2
100.0
100.0 Note 4
6,798,519
69,820,122
15,085,477
20,172,521
250,522,140
2
9
6,703.88
2,411.16
6,703.88
2,411.16
100.0
100.0
44,615,150
28,272,058
489,046,650
347,946,135
11
4,736.17
4,736.17
100.0
37,899,330
386,613,700
62
17
21,731.89
10,277.01
22,015.21
10,277.01
98.7 Note 3
100.0
79,444,600
75,823,082
687,267,698
878,724,830
9
3
3,089.29
5,099.70
3,089.29
5,099.70
100.0
100.0
16,382,030
32,468,116
178,383,480
285,830,930
9
1,550.63
1,550.63
100.0
9,551,056
111,539,320
1
8
2,087.65
5,616.58
2,087.65
5,616.58
100.0
100.0 Note 3
Note 1
45,633,670
Note 1
524,687,860
1
13
7,059.20
6,129.40
7,059.20
6,129.40
100.0
100.0
Note 1
36,011,543
Note 1
365,740,632
3
4,977.02
4,977.02
100.0
41,956,660
389,115,195
6
10
2,671.33
1,906.20
2,671.33
1,906.20
100.0
100.0
15,191,493
13,469,790
129,173,874
81,988,460
237
11
114,117.15
6,875.45
115,230.93
6,875.45
99.0
100.0
Note 1
41,563,653
Note 1
401,700,178
9
4
9,489.92
4,758.03
9,824.60
4,758.03
96.6
100.0
33,864,783
14,281,360
270,917,930
158,540,040
5
5,525.26
5,525.26
100.0 Note 3
44,891,770
653,980,191
8
5
7,132.68
1,231.80
7,855.58
1,231.80
90.8
100.0
28,307,146
11,929,220
289,649,374
136,229,826
13
7
6,176.72
4,256.14
6,176.72
4,256.14
100.0
100.0
32,257,525
27,008,364
319,267,172
273,727,272
62
11
13
45,446.00
4,621.57
5,527.68
46,503.58
4,621.57
5,527.68
97.7
100.0
100.0
234,103,821
21,244,784
30,838,750
2,504,011,983
220,954,884
377,820,970
100.0
100.0
Note 1
23,504,881
Note 1
261,541,820
Note 1
36,435,335
25,366,765
Note 1
373,217,029
260,662,440
397,051,845
391,950,815
4,062.92
4,912.78
4,062.92
4,912.78
19,124.95
11,008.40
6,625.99
19,124.95
11,136.36
6,854.53
Lunar Sendai
ORIX Nagoya Nishiki Building
41
21
9,820.94
10,250.65
9,955.92
10,250.65
98.6
100.0
36,541,462
38,362,375
ORE Sapporo Building
10
11,672.41
11,672.41
100.0
46,703,696
474,223,980
15
112
448
1
6,020.98
55,399.37
234,087.47
36,158.60
6,252.86
56,122.73
236,982.19
36,158.60
96.3
98.7
98.8
100.0
24,189,238
207,598,871
1,223,070,184
Note 1
224,939,250
2,122,045,359
12,806,184,967
Note 1
Komaki Logistics Center
J-ONE SQUARE
JouLe SHIBUYA
100.0
98.9 Note 3
96.7
1
37,456.96
37,456.96
100.0
Note 1
Note 1
2
1
73,615.56
64,004.80
73,615.56
64,004.80
100.0
100.0
85,590,163
Note 1
270,709,089
Note 1
1
2
4
1
18,089.76
18,089.76
82,094.56
155,710.12
985.36
100.0
100.0
100.0
100.0
Note 1
82,094.56
155,710.12
985.36
77,388,350
162,978,513
Note 1
Note 1
109,568,350
380,277,439
Note 1
4
899.82
899.82
1
1
3,280.26
693.53
3,280.26
693.53
100.0
10,811,520
125,632,800
100.0 Note 2
100.0 Note 2
40,458,587
17,604,762
460,923,725
123,000,000
100.0
100.0 Note 2
Note 1
31,034,110
Note 1
255,416,440
Note 1
24,107,645
28,032,295
Note 1
232,305,030
237,577,850
Note 1
75,645,957
Note 1
789,074,882
1
1
506.36
2,394.55
506.36
2,394.55
9
16
21
8,759.88
5,254.47
5,749.05
8,759.88
5,397.66
5,749.05
1
1
8,250.89
17,126.09
8,250.89
17,126.09
100.0
100.0 Note 2
1
11,901.87
11,901.87
100.0
Note 1
Note 1
2,676.47
50,958.84
42,123.17
11,822.08
2,676.47
51,102.03
42,123.17
11,822.08
100.0
99.7
24,272,620
Note 1
296,276,720
Note 1
Kobe Momoyamadai Shopping Center(Land)
Okayama Kume Retail Facility
6
46
5
3
100.0
100.0
25,762,600
19,743,636
271,746,200
179,882,536
Home Center Musashi Sendai Izumi(Land)
1
56,109.95
56,109.95
100.0
Note 1
Note 1
aune Sapporo Ekimae
Morioka Minami Shopping Center Sansa
4
1
2,181.73
17,107.50
2,181.73
17,107.50
100.0
100.0
12,237,012
Note 1
139,350,528
Note 1
The Kitahama PLAZA
GRAN MART Tegata
1
1
7,748.61
3,311.00
7,975.91
3,311.00
97.2 Note 2
100.0
31,997,147
Note 1
230,519,730
Note 1
AEON TOWN Sendai-Izumiosawa(Land)
1
74,930.65
74,930.65
100.0
Cross Mall Shimonoseki-Chofu
intervillage OH! MAGARI
1
1
8,651.19
39,216.51
8,651.19
39,216.51
Subtotal
Other parts of aune Kohoku
the greater
aune Makuhari
Tokyo area
Maruetsu Sagamino
CROSS GARDEN KAWASAKI
Tecc Land Totsuka（Land)
Retail
Facilities
2,725.99
3,282.52
1,227.51
2
11
aune Yurakucho
Cross Avenue Harajuku
Clio Fujisawaekimae
Subtotal
100.0
97.3
100.0
Note 1
Note 1
100.0 Note 2
100.0 Note 2
17,029,616
48,196,508
290,199,925
483,547,838
100.0 Note 2
100.0
20,419,524
12,954,342
200,546,668
159,813,245
Note 1
Note 1
9,983,000
21,071,250
-
Valor Suzuka Shopping Center
SENDAI HARVEST BLDG.
1
10
16,782.02
2,057.96
16,782.02
2,057.96
Subtotal
30
85
282,042.37
341,761.09
282,269.67
342,131.58
1
1,145.98
1,337.31
85.7 Note 2
Note 1
Note 1
4,805,000
1
1
3,065.89
12,348.35
3,065.89
13,097.69
100.0 Note 2
94.3 Note 2
12,291,800
48,442,156
1
1
3,076.75
3,321.11
3,168.75
3,422.89
97.1 Note 2
97.0 Note 2
13,420,300
15,897,160
37,723,000
19,619,240
5
1
1
22,958.08
5,904.01
4,002.09
24,092.53
6,187.52
4,349.82
94,856,416
23,448,600
17,202,000
88,396,490
42,562,100
27,166,000
1
1
2,471.95
23,721.08
2,654.24
25,152.42
93.1 Note 2
94.3 Note 2
10,640,000
93,108,328
18,318,000
195,118,098
1
4,369.59
4,933.11
88.6 Note 2
14,173,400
16,742,550
Subtotal
Belle Face Osaka Shinmachi
5
1
40,468.72
8,115.33
43,277.11
8,831.38
158,572,328
25,504,100
299,906,748
38,094,460
Belle Face Amagasaki
Belle Face Miyamachi
6
1
7,459.86
5,907.88
7,459.86
6,218.37
100.0
95.0 Note 2
18,368,940
10,639,660
58,072,800
23,634,071
Belle Face Bansui-street
1
2,417.61
2,447.43
98.8 Note 2
6,417,170
14,621,070
4
13
23
28
6,263.30
30,163.98
93,590.78
25,822.96
6,680.44
31,637.48
99,007.12
25,822.96
93.8
95.3
94.5
100.0
16,579,743
77,509,613
330,938,357
97,304,229
74,626,670
209,049,071
597,352,309
1,060,746,420
1
29
4,143.60
29,966.56
4,143.60
29,966.56
100.0
100.0
29
589
29,966.56
855,116.02
29,966.56
863,797.57
100.0
99.0
Total
6 central Tokyo Park Axis Nishi Azabu Stage
wards
We Will Hatchobori
Shibaura Island Air Tower
Belle Face Togoshi Statio
Belle Face Meguro
Residential
(￥)
4
10
10
37
12
13
Subtotal
Total
6 central Tokyo Nihon Jisho Minami Aoyama Building
wards
CUBE Daikanyama
Subtotal
Remaining Tokyo Belle Face Kamata
wards
Belle Face Hongo Yumicho
Belle Face Mishuku
West Park Tower IKEBUKURO
Belle Face Higashijujo
Belle Face Kanazawa Kohrinbo
Subtotal
Others
Deposit
( ￥)
Omiya Miyacho Building
Omiya Shimocho 1-chome Building
Total
Other parts of Toda Logistics Center
the greater
Ichikawa Logistics Center
Tokyo area
Subtotal
Other areas
Sakai Logistics Center North Building
Other areas
Rental Revenue
Occupancy
Rate
（％）
Subtotal
Nagoya Itochu Building
ORIX Koraibashi Building
ORIX Kobe Sannomiya Building
Subtotal
Other areas
Gross Rentable
Space
(㎡）
Total
Other parts of Cross Gate
the greater
GOOD TIME LIVING Shin-urayasu
Tokyo area
Subtotal
Total
Grand Total
Note 5
Note 6
99.9
99.9
95.3 Note 2
95.4 Note 2
92.0 Note 2
93.5 Note 2
91.9 Note 2
Note 4
Note 2
Note 2
Note 3
Note 1
Note 1
Note 1
Note 1
2,386,901,849
Note 1
Note 1
20,388,230,847
Note 1
The number of tenants is either one or two, or over 80% of revenue for any relevant property is derived from a limited number of specific tenants.
Because of the confidentiality of the contractual terms, OJR does not disclose the revenue from operations of these properties unless agreement to
such disclosures has been specifically received from the tenant.
Note 2
With regard to the relevant properties, the tenants sublet the space to end tenants based on sub-leasing agreements. The lease agreement with OJR or the
trustee specifies that the rental fee paid by the tenant will vary depending on the status of subletting to end tenants. These figures indicate rental
revenues based on lease agreements with the end tenants which are effective as of the last month of the fiscal period.
Note 3
For some of the tenants in the relevant properties, the leasing agreement with OJR specifies either a portion of one month's rental payment or
the whole rental fee as a proportion of sales that varies in accordance with sales for the relevant month. Rental fees as a proportion of sales are
not included in these figures.
Note 4
With regard to the residential portions of the relevant properties,The lease agreement with OJR specifies that the rental fee paid by the tenant will vary
depending on the status of subletting to end tenants. These figures include rental revenues based on lease agreements with the end tenants which are
effective as of the last month of the fiscal period.
Note 5
The property name, Belle Face Higashijujo was changed from myatria Higashijujo as of October 1, 2014.
Note 6
The property name, Belle Face Kanazawa Kohrinbo was changed from Kanazawa Kohrinbo myatria as of October 1, 2014.
10