Investor Presentaiton
17 Appraisal Rate (1/2) - 23 Wards of Tokyo.
23 Wards of Tokyo
NBF
Mapen Building Fund
Appraisal Value at
1H/2016
Direct Return Method
DCF Method
Appraisal Value at Direct Retum Method
2H/2015
DCF Method
Appraisal Value at Direct Retum Method
DCF Method
Appraisal Value at Direct Return Method
DCF Method
1H/2016
Property Name
30th Period End
CR
DR
TCR
(million yen)
29th Period End
(million yen)
Property Name
CR
DR
TCR
30th Period End
(million yen)
CR
DR
TCR
2H/2015
29th Period End
(million yen)
CR
DR
TCR
NBF Shinkawa
NBF Osaki Bldg.
82,900
3.5%
3.3%
3.7%
79,900
3.6%
3.4%
3.8%
Bldg. (Note3)
(West Building)
14,120
4.3%
4.2%
4.5%
13,980
4.4%
4.3%
4.6%
NBF Hibiya Bldg.
55,500
3.4%
3.0%
3.5%
54,400
3.5%
3.1%
3.6%
(East Building)
4.4%
4.2%
4.6%
4.5%
4.3%
4.7%
Gate City Ohsaki
68,500
3.6%
3.4%
3.8%
63,600
3.7%
3.5%
3.9%
(Residential Tower)
4.8%
4.6%
5.0%
4.8%
4.6%
5.0%
Nishi-Shinjuku Mitsui Bldg.
41,600
3.8%
3.4%
4.0%
41,400
3.9%
3.5%
4.1%
Shinbashi M-SQUARE
14,200
3.4%
3.2%
3.6%
13,600
3.5% 3.3%
3.7%
Nakanosakaue Sunbright Twin
31,600
4.0%
3.6%
4.2%
30,800
4.1%
3.7%
4.3%
NBF Ueno Bldg.
9,010
4.0% 3.8% 4.2%
8,870
4.1%
3.9%
4.3%
Mitsubishi Heavy Industries
47,200
3.4%
3.2%
3.6%
45,600
3.5%
3.3%
3.7%
NBF Alliance
12,100
3.4%
3.2%
3.6%
11,700
3.5%
3.3%
3.7%
Head Office Bldg.
NBF Toyosu Canal Front
34,200
4.1%
3.9%
4.3%
33,300
4.2%
4.0%
4.4%
Yotsuya Medical Bldg.
7,390
4.2%
4.0%
4.4%
7,360
4.3%
4.1%
4.5%
Shiba NBF Tower
29,100
3.7%
3.9%
3.9%
28,700
3.8%
4.0%
4.0%
NBF Ikebukuro East
10,200
4.4%
4.2%
4.6%
9,650
4.5%
4.3%
4.7%
NBF Platinum Tower
60,100
3.7%
3.9%
3.8%
58,900
3.8%
4.0%
3.9%
Higashi Gotanda Square
8,090
3.8%
3.6%
4.0%
8,020
3.9%
3.7%
4.1%
NBF Minami-Aoyama Bldg.
18,500
3.4%
3.1%
3.6%
18,100
3.5%
3.2%
3.7%
NBF Shibuya East
7,010
3.7%
3.5%
3.9%
6,630
3.8%
3.6%
4.0%
NBF COMODIO Shiodome
33,100
3.7%
3.5%
3.9%
32,200
3.8%
3.6%
4.0%
NBF Shibakouen Bldg.
7,860
4.1% 3.9%
4.3%
7,780
4.2%
4.0%
4.4%
NBF Toyosu Garden Front
28,100
4.2%
4.0%
4.4%
28,100
4.2%
4.0%
4.4%
NBF Takanawa Bldg.
7,160
4.5%
4.7%
4.7%
7,140
4.6%
4.8%
4.8%
Toranomon Kotohira Tower
33,900
3.5%
3.4%
4.0%
32,800
3.6%
3.5%
4.1%
NBF Akasaka Sanno Square
6,380
3.6%
3.3% 3.8%
6,250
3.7%
3.4%
3.9%
NBF Shibakouen Daimon
Nakameguro GT Tower
21,500
3.9%
4.0%
4.1%
21,100
4.0%
4.1%
4.2%
4,300
3.9%
3.7%
4.1%
4,280
4.0%
3.8%
4.2%
Street Bldg.
Celestine Shiba Mitsui Bldg.
25,400
3.8%
3.6%
4.0%
25,200
3.9%
3.7%
4.1%
NBF Kandasudacho Bldg.
7,720
3.7%
3.5%
3.9%
7,550
3.8%
3.6%
4.0%
Ueno East Tower (Note 1)
21,700
4.0%
3.8%
4.2%
21,600
4.0%
3.8%
4.2%
Sumitomo Densetsu Bldg.
5,810
4.2%
4.4%
4.4%
5,740
4.3%
4.5%
4.5%
NBF Ochanomizu Bldg.
13,400
3.5%
3.3%
3.7%
13,000
3.6%
3.4%
3.8%
NBF Higashi-Ginza Square
7,360
3.9%
3.7%
4.1%
7,120
4.0%
3.8% 4.2%
NBF Shibuya Garden Front
29,700
3.4%
3.6%
3.6%
29,000
3.5%
3.7%
3.7%
Panasonic Tokyo Shiodome Bldg.
6,020
3.5%
3.3%
3.7%
5,850
3.6%
3.4%
3.8%
NBF Ginza Street Bldg.
16,500
3.3%
3.0%
3.4%
16,000
3.4%
3.1%
3.5%
NBF Ogawamachi Bldg.
5,670
3.8% 3.6%
4.0%
5,660
3.9%
3.7%
4.1%
Shinjuku Mitsui Bldg. No.2
18,000
3.8%
3.9%
3.9%
17,200
3.9%
4.0%
4.0%
Nihonbashi Kabuto-cho M-SQUARE
5,430
3.7%
3.5%
3.9%
5,300
3.8%
3.6%
4.0%
GSK Bldg.
16,600
4.1%
4.2%
4.3%
16,600
4.2% 4.3%
4.4%
NBF Ikebukuro Tower
5,530
4.3%
4.1%
4.5%
5,390
4.4%
4.2%
4.6%
River City M-SQUARE
16,000
4.1%
4.0%
4.3%
15,500
4.2% 4.1%
4.4%
NBF Ikebukuro City Bldg.
5,210
4.2%
4.0%
4.4%
5,060
4.3%
4.1%
4.5%
NBF Toranomon Bldg.
16,700
3.5%
3.3%
3.7%
16,300
3.6%
3.4%
3.8%
Ryukakusan Bldg.
4,550
4.2%
4.0%
4.4%
4,450
4.3%
4.1%
4.5%
Kowa Nishi-Shinbashi Bldg. B (Note2)
14,500
3.6%
3.7%
3.7%
14,259
3.7%
3.8%
3.8%
Jingumae M-SQUARE (Note4)
4,120
3.8%
3.6%
4.1%
3,750
3.9%
3.7%
4.2%
Tokyo 23 wards
939,540
י
914,689
(46 properties)
Note 1: Ueno East Tower's appraisal value at the end of the 29th Period is the appraisal value when NBF decided to acquire
the property (value as of March 1, 2016).
Note 2: Kowa Nishi-Shinbashi Building's appraisal value at the end of the 29th Period is the appraisal value of NBF's existing interest.
Note 3: Figures for the NBF Shinkawa Bldg. are presented for the West Building, East Building and Residential Tower.
Note 4: NBF subleases the land for Jingumae M-SQUARE. Therefore, data in the CR column are discount rates for direct capitalization
using the inwood method. Data in the DR column are discount rates for years one through ten. Data in the TCR column are
resale discount rates (from year 11 to contract expiration).
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