Investor Presentaiton
Internal Growth/
Rent Trends at Tenant Turnover (1)
Percentage change in rent at tenant turnover steady
Change in Rent of Rental Apartments at Tenant Turnover
Nippon
Accommodations
Fund
(JPY thousand) ■ Percentage of Rent Changed Units at Tenant Turnover
100%
Tenant Turnover
Total Rentable Units*1
No. of Units*1
Rent Increase
32nd Period
(Feb. 2022)
11,520 units
1,240 units
537 units
33rd Period
(Aug. 2022)
11,601 units
1,399 units
714 units
34th Period
(Feb. 2023)
35thPeriod
(Aug. 2023)
90%
11,601 units
11,601 units
80%
43.3%
1,124 units
1,326 units
51.0%
70%
60.3%
64.9%
677 units
860 units
60%
Rent Unchanged
Rent Decrease
130 units
185 units
119 units
170 units
50%
10.5%
574 units
500 units
327 units
297 units
Monthly Rent Net Change
40%
13.2%
1,542
4,493
5,880
7,832
10.6%
9,413
30%
12.8%
Rent Increase
6,366
7,960
7,784
Average rate of increase:
6.9%
46.3%
20%
35.8%
-1,581
29.1%
10%
22.4%
Rent Decrease
-4,823
-3,467
-1,904
Average rate of decrease:
-4.4%
0%
Percentage Change
0.8 %
2.1 %
3.5 %
4.0 %
32nd Period
(Feb. 2022)
33rd Period
(Aug. 2022)
34th Period
(Feb. 2023)
35th Period
(Aug. 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
Rent increase
Rent unchanged
Rent decrease
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%
-10.0%
-3.8%
-4.3%
-6.2%
-9.3% -8.5%
2009
2010
2011
-3.5%
-2.8%
6.5%
7.0%6.7%
5.8%
4.4%
3.5%
3.2%
4.0%
-1.3% -0.9% 0.8%
0.1%
0.7% 1.0%1
1.3%
1.9%2.6%
3.5%
2.0%
7.3% 7.1% O
2.1% O
0.8%
4.4% 3.3%
4.6%
4.8%
3.9%
3.8%
-1.8%
-0.3% -0.4%
-1.2%
1.9% 2.5% 1.7% 1.1% -0.8%
Percentage change in rent at Tenant Turnover
Portion contributing to rent increase
Portion contributing to rent decrease
2007
2008
2012
2013
2014
2015
2016
2017
2019
Aug. Feb. Aug. Feb. Aug. Feb.
2020
2021
2022
2023
2018
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Aug. Feb. Aug. Feb. Aug. Feb. Aug.
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