Investor Presentaiton
External Growth ~Asset Replacement in the Residential Sector~
Acquired recently built properties that are well located in Tokyo, and disposed of eight properties that
were mainly older or in regional areas, to achieve gain on sales of approximately 1.3 billion yen.
Acquisition: PROUD FLAT Nezu Yanaka (age: 2.4 years)
(Note 1)
Komagome
Hospital
Acquisition date
January 6,
2023
Hon-komagome
Dori bazu
Yanaka
Ginza
Nippori Sta.
Nippori Fabric
Town
Sta.
Sendagi Sta. Yanaka
Cemetery
PROUD FLAT Nezu Yanaka
in L
Ueno Junior
High School
Nippon Medical
School Hospital
Acquisition price
¥1,400 mln
Kototoi Dori
Nezujinja Shrine Nezu
NOI yield
(Note2)
Todaimae Sta.
4.2%
School
Nezu Sta
Tokyo University
Elementary of the Arts
Akafudado
PRIME URBAN Hakusan
NOI yield (Note3)
after depreciation
3.5%
Namboku Line
The University
Hongo Dori
of Tokyo
The University of
Chiyoda Line
Ueno
Zoological
Gardens
Ueno Park
Ueno Stá.
Shinobazunoike
Pond
Taito
Ward
Office
Tokyo Hospital
0
Disposition: 8 residential properties (average age: 20.0 years)
(Note 1)
(Note 1)
Property
Area
Sale price
Asset age
PRIME URBAN Takaido
PRIME URBAN Mukojima
¥1,310 mln
35.8 years
Tokyo
¥636 mln
33.1 years
PRIME URBAN Nishi
Funabashi
Chiba
¥967 mln
16.6 years
PRIME URBAN Chiji Kokan
¥300 mln
14.7 years
PRIME URBAN Maruyama Hokkaido
¥257 mln
14.7 years
PRIME URBAN Kita Nijuyo
¥459 mln
14.7 years
Jo
PRIME URBAN Aoi
PRIME URBAN Tsurumai
¥763 mln
16.2 years
Aichi
¥1,281 mln
14.3 years
Disposition schedule
Total anticipated disposition price
Total appraisal value
October 31 2022
¥5,974 mln
¥4,954 mln
Average NOI yield (Note 4)
4.8%
Average NOI yield after
depreciation (Note 5)
Main effects of asset replacement
3.2%
•
Uguisudani Sta.
Tokyo National,
.
Museum
Hibiya Line
Achieved 1.28 billion yen gain on sales
Improved age of residential sector properties: 16.2
years- → 16.0 years (Note 6)
Improved ratio of residential sector properties in the
Greater Tokyo area: 84.3% -> 85.3%
(Note 1) Asset age is calculated from the scheduled date of acquisition or scheduled date of disposition. (Note 2) Calculated by dividing appraisal NOI by acquisition price.
(Note 3) Calculated by deducting the estimated depreciation value from the appraisal NOI and then dividing by the anticipated acquisition price. (Note 4) Calculated by dividing the total actual NOI for 13th and 14th fiscal periods by the disposition price.
(Note 5) Calculated by dividing the total actual NOI after depreciation for 13th and 14th fiscal periods by the anticipated disposition price.
(Note 6) Comparison of the situation at the completion of asset replacement on this page with the theoretical situation if replacement did not occur.
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