Investor Presentaiton
Real Estate Fund (1) Current Status
1. Summary
2. How to Increase
Corporate Value
3. Appendix
4. Financial Data
Financial Results
Asset
Management
Σ Business
Governance
Long term investments in the equity/debt financial products backed by the high-quality diversified commercial real estate assets.
AUM of approximately JPY 4.0tn. Unrealized gain on the equity portfolio is JPY 0.2tn.
With regard to net realized gains, allowances were recorded for some loans to office properties. Nonetheless, income revenue in
terms of local currency has continued to grow.
Return Target/Actual
Status of Balance and Net Realized Gains*
[Target]
• Equity
Net*2 IRR: 5-6%
• Debt
Excess spread to the
corporate bond with
equivalent credit risk
[Actual (as of Sep. 30, 2023)]
Equity
Net*2 IRR: 9.7%
Debt
Excess spread of
approx. +90bps
<Balance>
The reported fair value generally
lags three months behind the fair value of
real estate fund, NRL and CMBS.
(Fair values of commercial real estate are based on appraisal values
which are less volatile than stock prices of listed companies.)
*1
<Net Realized Gains>
The reported net realized gains generally
lags three months behind the net realized gains of
real estate fund, NRL and CMBS.
(trillion yen)
0.7
Approx.
JPY 4.0tn
(billion yen)
0.2
Unrealized gain
0.2
1.1
1.0
Equity
2.8
0.4
2.5
0.3
1.9
0.3
1.1
0.1
0.7
0.0
0.4
0.1 0.2
End End End
Mar.
17
End
End
End
End
End
Mar. Mar.
18
19
21
Mar. Mar. Mar.
20
Mar.
Sep.
22
23
23
*1 Management accounting basis. Net realized gains including the amount of scheduled tax claim
*2 After fees, expenses, and hedging costs
P JAPAN POST BANK
BANK
Debt
18
49
45
24
21
11
10
Approx.
JPY 9bn
24
24
7
Equity
6
2
7
01
4
3
Debt
FY16 FY17 FY18 FY19 FY20 FY21
FY22 FY23
H1
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