Investor Presentaiton
Appraisal Values of Portfolio Properties at the Fiscal Period-End
(As of August 31, 2023)
End-of-period book value
End-of-period appraisal value
Direct reduction method
Name
Acquisition
price
Cap rate
2023
Period
Period
Period
ended Feb. ended Aug. ended Feb. ended Aug. Difference
2023
2023
2023
Period
Period
ended Feb. ended Aug.
2023
Period
2023
Comparison
with the
previous
fiscal period
Discounted cash flow
(DCF) method
(Million yen)
Appraiser
Discount
rate
Terminal
cap rate
(Note 5)
Tokyo Shiodome Building
82,539
74,666
74,591
81,400
81,600
200
3.2%
3.1%
-0.1%
3.0%
3.1%
Richi Appraisal
Kamiyacho Trust Tower
(Note 1)
51,660
27,863
51,507
32,300
56,400
24,100
2.5%
2.5%
2.4%
2.6%
Daiwa Real Estate
(Deducting the amount equivalent to the
additional acquisition on March 1,2023)
(32,300)
(-)
ON Building
Kioicho Building
Sendai MT Building
39,900
38,735
38,696
36,200
35,300
-900
3.3%
3.3%
3.0%
3.4%
Japan Real Estate
34,300
32,885
32,881
38,400
38,400
3.1%
3.1%
2.9%
3.3%
Daiwa Real Estate
(Note 2)
10,533
5,297
10,619
5,270
10,500
5,230
4.5%
4.5%
4.3%
4.7%
Daiwa Real Estate
(Deducting the amount equivalent to the
additional acquisition on August 31,2023)
Osaki MT Building
Midosuji MTR Building
Hiroo MTR Building
Tenjin Prime
Shin-Yokohama TECH Building
Subtotal
(5,250)
(-20)
14,386
12,841
12,870
17,800
17,600
-200
3.2%
3.2%
2.9%
3.3%
Japan Real Estate
10,170
9,839
9,819
11,100
10,700
-400
3.5%
3.5%
3.3%
3.7%
Daiwa Real Estate
8,100
8,316
8,309
8,420
8,420
3.6%
3.6%
3.4%
3.8%
Daiwa Real Estate
7,050
6,635
6,611
10,200
10,100
-100
3.6%
3.4%
-0.2%
3.2%
3.5%
Japan Real Estate
6,900
6,595
6,550
8,440
8,600
160
4.5%
4.3%
-0.2%
4.1%
4.6%
Chuo-Nittochi
265,539
223,676
252,457 249,530
277,620
28,090
Shangri-La Tokyo
49,200
49,140
Hilton Odawara Resort & Spa
7,100
7,120
49,600
7,150
49,600
3.2%
3.2%
2.9%
3.4%
Japan Real Estate
7,150 4.7%
4.7%
4.5%
4.8%
Richi Appraisal
Hotel Okura Kobe
19,000
15,238
15,182
16,900
16,900
4.9%
4.9%
4.7%
5.0%
Richi Appraisal
Courtyard by Marriott Tokyo Station
17,017
16,980
17,017
17,017 3.7%
3.7%
3.4%
3.9%
Japan Real Estate
Courtyard by Marriott Shin-Osaka Station
17,400
17,352
17,500
17,500 4.2%
4.2%
3.9%
4.4%
Japan Real Estate
Hotel Sunroute Plaza Shinjuku
Subtotal
SHIBUYA FLAG
Ito-Yokado Shonandai
Kohnan Sagamihara-Nishihashimoto
Frespo Inage
32,500
142,217
15,238
32,040
32,374
32,447
138,224
32,352
32,400
32,400 3.5%
3.5%
3.3%
3.7%
Japan Real Estate
16,900 140,567 123,667
41,100
41,700
600
3.2%
3.1%
-0.1%
2.9%
3.2%
Japan Real Estate
11,600
9,619
9,587
11,700
11,700
5.3%
5.3%
5.0%
5.5%
Japan Real Estate
7,460
7,048
7,037
8,190
6,620
-1,570
5.4%
4.6%
-0.8%
4.0%
4.5%
Japan Real Estate
(Note 3)
2,100
2,193
2,193
2,610
2,600
-10
- (Note 3)
- (Note 3)
7.9%
- (Note 3)
Japan Real Estate
Shinbashi Ekimae MTR Building
(Note 4)
6,000
11,658
5,821
14,500
7,270
-7,230
3.6%
3.6%
3.4%
3.8%
Chuo-Nittochi
(Deducting the amount equivalent to the
applicable sale on August 31,2023)
Park Lane Plaza
Subtotal
Total
3,083
60,076
(7,250)
4,290
82,390
348,820
(20)
4,330
74,220
492,407
3,200
3,088
62,400 65,982
470,156 304,897 450,758
Period
Unrealized gain or loss
Period
Difference
2023
43,922
2023
41,648
-2,274
Total
ended Feb. ended Aug.
(Note) Cap rate for the period ended Feb. 2023 for properties owned by former MORI TRUST Hotel Reit, Inc. (the 5 hotel
properties other than Hotel Okura Kobe), information has been indicated by referring to its fiscal period ended
February 2023.
40
3.3%
3.3%
3.9%
3.0%
Chuo-Nittochi
-8,170
143,587
Use
Office
Core Assets
Hotel
Retail Facility
Others
Residential
19
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