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Investor Presentaiton

JPR Property Acquisition in the 21st Period Improved portfolio quality and stability of earnings through acquisition of a property in a prime location for domestic offices 1. Property Overview Location Site area / Type of ownership Otemachi 1-6 Plan (tentative name) (ownership of land with land leasehold) 2. Outline of Leasehold Form of agreement/ agreement period 3. Transaction Summary Seller Type of asset Acquisition price Appraisal value Acquisition date 4. Yield 6-6, etc., Otemachi 1-chome, Chiyoda-ku, Tokyo 11,034.78m² / Beneficiary interest in real estate (land with surface rights establishment agreement) Contract to set surface rights Surface rights / 70 years Tokyo Prime Stage Y.K. (SPC established jointly by Tokyo Tatemono Co., Ltd and Taisei Corporation) Beneficiary interest in real estate 36,000 million yen 36,800 million yen (as of June 30, 2012) March 13, 2012 Exterior perspective Characteristics and Reasons for Acquisition ■Superiority in a prime location for domestic office buildings ◉ Ensure long-term stable earnings based on a contract to set surface rights for 70 years ■There is no depreciation burden, so the property contributes highly to dividends The property's yield (after depreciation) is 3.6% (Note), surpassing the average yield after depreciation of JPR's office buildings in Tokyo CBDs. Preferential negotiating rights are granted for cases of transferring, etc. currently planned buildings, etc. Yield after depreciation (Note) 3.6% 5. Overview of Building under Project Development project for high-rise complex building with 38 floors above ground and total floor space of approx. 198,000m² is currently underway, with construction completion scheduled for end of April 2014. Occupancy by leading Japanese financial institution in office portion and world-class hotel on higher floors are planned. Concerning the rent review article Rent will be reviewed when there is an A: increase or reduction of property and other taxes, or B: change in the consumer price index in the base year of property tax. (However, rent will also be adjusted if there is change in property and other taxes other than in the base year.) As such, the provision for rent review will not be impacted by changes of rental revenue, etc. of currently planned buildings. Rent (2,817 million yen/year) (Note) (Note) Yield after depreciation is calculated by using annual earnings and expenses estimated exclusive of extraordinary factors of the fiscal year the property was acquired in (they are not the figures expected for the current fiscal period under review). It is calculated by dividing the rental business income (where property and other taxes, etc. are subtracted from annual rent) by the acquisition price. The figure is rounded to the first decimal point. ΝΟΙ (Rent Property and other taxes, etc.) Property and other taxes (Property tax, etc.: 1,512 million yen/year) (Note) (Note) Figures for rent and property tax, etc. are the annual amounts after the fiscal 2012 review based on the contract to set surface rights. Net rental income (NOI), which is rent subtracted by property and other taxes, is reviewed in conjunction with the consumer price index (Statistic Bureau, Ministry of Internal Affairs and Communications) When there are changes in property and other taxes, the same amount will be reviewed in rent Location map Tokyo Metro Chiyoda Line Tokyo Metro Hanzomon Line Otemachi 1st Square Tokyo Metro Marunouchi Line Tokyo Metro Tozai Line Otemachi Sta. Uchibori-dori Shin-Marunouchi Bldg. Toei Mita Line Tokyo Metro Tokyo Sta. Marunouchi Bldg. Otemachi 1-6 Plan (Land with Leasehold Interest)* Marunouchi Nihonbashi North Gate Gate JR Tokyo Sta. Marunouchi Central Gate Japan Prime Realty Investment Corporation Image of Underground Plaza (tentative name) Image of Otemachi Forest (tentative name) 12
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