Investor Presentaiton
Appraisal Valuation
Appraisal values increased for approximately 80% of properties, and unrealized gains grew to 218.2 billion
yen (+¥24.6 billion period-to-period).
Appraisal valuation by sector
Period-to-period analysis (Note 1)
Feb.2022 Fiscal Period End
Aug.2022 Fiscal Period End
CAP
Feb.2022
Aug.2022
Number of
Appraisal
Value
Unrealized
Number of
Gain(loss)
Appraisal
Value
Unrealized
Decrease
218
249
Gain(loss)
Properties
Properties
(\mln)
(\mln)
(\mln)
(\mln)
Flat
78
48
Office
67
543,030
66,944
68
559,170
78,127
Increase
0
Retail
50
200,906
24,440
49
194,973
23,284
Logistics
23
270,460
65,779
23
278,090
74,293
Appraisal
Value
Feb.2022
Aug.2022
Increase
214
237
Residential
155
226,582
36,248
157
241,465
42,272
Hotels
2
6,250
-98
2
6,260
-60
Flat
50
37
Other
1
5,450
313
1
5,460
323
Decrease
33
23
Total
298
1,252,678
193,628
300
1,285,418
218,241
(Note 1) Excluding acquisitions and dispositions during the period
Amount of change in unrealized gain and rate of change
in unrealized gain
Change in weighted average cap rates by sector (Note2)
(\mln)
350,000
Office
Retail
(%)
4.6
Logistics
Residential
Average
20.5%
300,000
4.4
4.4
18.3%
4.4
16.2%
250,000
14.5%
14.9%
13.9%
4.2
4.1
IIIIII
200,000
4.0
4.0
4.0
4.1
4.1
4.1
150,000
4.0
4.0
3.9
3.8
3.9
100,000
3.6
50,000
3.7
3.6
0
3.4
Feb-20
Aug-20
Feb-21
Feb-20
Aug-21
Feb-22
Aug-22
Aug-20
Feb-21
Aug-21
Feb-22
Aug-22
(Note2) The figures are weighted averaged a direct capitalization rate of each property (excluding land) by capitalization approach price. 25View entire presentation