Investor Presentaiton
Internal Growth /
Rent Trends at Tenant Turnover (1)
Percentage change in rent at tenant turnover was +3.5%
Change in Rent of Rental Apartments at Tenant Turnover
A
Nippon
Accommodations
Fund
■ Percentage of Rent Changed Units at Tenant Turnover
100%
(JPY thousand)
Tenant Turnover
Total Rentable Units*1
No. of Units*1
Rent Increase
31st Period
(Aug. 2021)
11,520 units
1,360 units
722 units
32nd Period
(Feb. 2022)
11,520 units
1,240 units
537 units
33rd Period
(Aug. 2022)
34th Period
(Feb. 2023)
90%
11,601 units
11,601 units
80%
43.3%
1,399 units
1,124 units
53.1%
51.0%
70%
60.3%
714 units
677 units
60%
Rent Unchanged
Rent Decrease
129 units
130 units
185 units
119 units
50%
10.5%
509 units
574 units
500 units
327 units
9.5%
Monthly Rent Net Change
40%
13.2%
4,144
1,542
4,493
5,880
10.6%
7,784
30%
Rent Increase
7,966
6,366
7,960
Average rate of increase:
6.9%
46.3%
20%
37.4%
35.8%
-1,904
29.1%
10%
Rent Decrease
-3,821
-4,823
-3,467
Average rate of decrease:
-4.7%
0%
Percentage Change
2.0 %
0.8 %
2.1 %
3.5 %
31st Period
(Aug. 2021)
32nd Period
(Feb. 2022)
33rd Period
(Aug. 2022)
34th Period
(Feb. 2023)
* Continual renewal contracts under the periodic tenancy agreement are excluded from tenant turnover and counted as renewals.
* Calculations above do not include figures for retail units and Hospitality Facilities.
*1 "Total Rentable Units" and "No. of Units" of properties (co-ownership interest owned) are calculated by multiplying NAF's interest rate,
rounded to the nearest specified unit.
■ Percentage Change in Rent at Tenant Turnover
8.0%
6.0%
4.0%
1.2% 2.3%
2.0% 0.9%
0.7%
0.5%
0.0%
-2.0%
-4.0%
-2.4%
-9.8%
-6.0%
-8.0%
-9.3%
-10.0%
-2.8%
-3.8%
-3.5%
-4.3%
-6.2%
Rent increase
Rent unchanged
Rent decrease
6.5%
7.0% 6.7%
5.8%
4.4%
3.5%
3.2%
0.1%
0.7% 1.0% 1.3% 1.9% 2.6%
3.5%
2.0%
2.1%
7.3% 7.1%
0.8%
-1.3% -0.9%
4.4%
4.6%
-0.8%
3.9% 3.3%
3.8%
-0.3% -0.4%
-1.2%
-1.9% -2.5% -1.7% -1.1%
-1.8%
Percentage change in rent at Tenant Turnover
Portion contributing to rent increase
Portion contributing to rent decrease
2009
-8.5%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug.
10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th
25th 26th 27th 28th 29th 30th
Period Period Period Period Period Period Period Period Period Period Period Period Period.
31st 32nd 33rd 34th 8
2007
2008
End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of
Feb. Aug. Feb. Aug.
Feb. Aug. Feb. Aug.
Feb.
Aug.
Feb.
Aug.
Feb.
Aug.
Feb.
Aug. Feb.
3rd 4th 5th 6th 7th 8th 9th
Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period
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