Investor Presentaiton
0
10
20
20
Real Estate Fund (4) Current Investment Market
1. Summary
2. How to Increase
Corporate Value
3. Appendix
4. Financial Data
Financial Results
Σ Business
Governance
Asset
Management
Contrasting rental market with solid NOI*¹ growth in the industrial and residential by tight supply/demand balance while weak in
the gateway cities' office by prolonged WFH and stagnant economy. Only high-quality office keeps attracting tenant and investor.
Cap rate*2 expansion (price decline) under the rate hike process across the developed economies, though inflation-linked rent
growth partially offsets the impact.
*1 NOI (Net Operating Income) is all revenues including rent form the property minus all operating expenses.
*2 Cap Rate is the ratio of the NOI to its current value.
Rental Market
Source: Created based on data from MSCI*
* Reproduced by permission of MSCI Inc. ©2023. All rights reserved
(pt)
Net Operating Income
(%)
Vacancy Rate (US)
(%)
Cap Rate
(US)
25
25
25
10
15
10
Residential
5
Industrial
Office
1999
2002
2005
2008
2011
2014
2017
2020
2023
0
(year)
5
1999
Note: Calculated based on NOI of end of March, 1999 being 1
JP JAPAN POST BANK
BANK
20
Office
15
6
2002
Residential
Industrial
2005
2008
2011
2014
2017
2020
2023
(year)
0
2
Transaction Market
Source: Created based on data from MSCI*
* Reproduced by permission of MSCI Inc. ©2023. All rights reserved
(%)
Cap Rate & Interest Rate
(US)
10
8
Europe
8
Cap Rate
Japan
4
2006
2008
2010
10
6
US
4
2
Mw
Long-term Rates
2012
2014
2016
2018
2020
2022
(year)
0
2006
2008
2010
2012
2014
2016
2018
2020
2022
Note: The shaded area in the graph shows
the interest rate rise
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