Investor Presentaiton
Notes (1)
Figures are rounded down to the nearest unit unless otherwise specified in this information package. However, percentages (%) are rounded off.
Property names are sometimes indicated using the following abbreviations.
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Tokyo Shiodome Building Shiodome
Kamiyacho Trust Tower: Kamiyacho
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Sendai MT Building : Sendai
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Shin-Yokohama TECH Building Shin-Yokohama
Shangri-La Tokyo: Shangri-La or SL
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Hilton Odawara Resort & Spa
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Hilton Odawara or HO
Courtyard by Marriott Tokyo Station Courtyard Tokyo or CYT
Courtyard by Marriott Shin-Osaka Station: Courtyard Shin-Osaka or CYO
Hotel Sunroute Plaza Shinjuku : Sunroute
Shinbashi Ekimae MTR Building : Shinbashi
P.3
(1) Asset size is the total acquisition price. The same applies thereafter.
(2) For the properties that adopt the master lease contract with the system of linking rental revenue with rents under the sublease contract or the master lease contract
of the pass-through type, the occupancy rate calculated based on the occupancy rate under the sublease contract is stated. The same applies thereafter.
(3) Unrealized profit is the difference between total appraisal value at the end of the fiscal period and total book value at the end of the fiscal period.
(4) NOI yield = NOI for the 43rd FP (annualized) / Total acquisition price
(5) Yield after depreciation = Real estate rental income after depreciation for the 43rd FP (annualized) / Total acquisition price
(6) The average interest rate at the end of the fiscal period is indicated starting from the fiscal period ended August 2023.
(7) NAV per unit: (Year-end net asset value + Unrealized profit and loss - Total distribution) ÷ Number of investment units issued
P.4
(1) The occupancy rate for each asset, such as real estate, is the percentage of the total rented area out of the total rentable area. The same applies thereafter.
(2) A master lease agreement, under which rent income is linked to rents under sublease agreements, has been used for the office and store sections, and a master
lease agreement specifying a fixed rent has been used for the hotel section of Tokyo Shiodome Building. Therefore, the numbers in parentheses of the occupancy
rates of the properties, represent occupancy rates based on sublease agreements for the office and store section and occupancy rates based on the master lease
agreement for the hotel section. The same applies thereafter.
(3) "4 properties with variable rents" are Shangri-La, Hilton Odawara, the Courtyard Tokyo and Courtyard Shin-Osaka, all of which have variable rents. The same applies
thereafter.
P.5
(1) Average daily rate (ADR) represents the average unit price of guestrooms, including service charges. RevPAR (revenue per available room) represents the
accommodation revenue per room for the total number of guestrooms available for sale, including service charges. The same applies thereafter.
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