First REIT Financial Overview
Japan
14
VALUATION (1)
S$287.2
million
JAPAN
GROSS FLOOR AREA
ROOMS
103,234
square metres
1,655
FIRST
REIT
ASIA'S PREMIER HEALTHCARE TRUST
Cap rates of all asset classes in Japan have trended down over
the past 5 years; senior housing cap rates higher than other
asset classes
Cap rates (%) by market segment, Japan (all cities) (2)
1.
Hikari Heights Varus Ishiyama
6.0%
1 2 3
SAPPORO
2.
4 5
6
Hikari Heights Varus Tsukisamu-
Koen
5.5%
3.
Hikari Heights Varus Fujino
5.0%
4.
Hikari Heights Varus Kotoni
4.5%
5.
Hikari Heights Varus Makomanai-
Koen
4.0%
6.
Varus Cuore Yamanote
7.
Varus Cuore Sapporo-Kita & Annex
AICHI
NAGANO
KYOTO
8.
Elysion Mamigaoka & Annex
9.
Elysion Gakuenmae
10. Orchard Amanohashidate
11 12
10
13
14
ΤΟΚΥΟ
KANAGAWA
11. Orchard Kaichi North
12. Orchard Kaichi West
8
NARA
Notes
(1) Based on appraised values as at 31 December 2022
(2) Source: MSCI RCA (March 2023)
(3) FRM Japan Management Co., Ltd is licensed by the Tokyo Metropolitan Government
(4) Every 2 to 3 years for 12 properties, and every 5 years for 2 properties
13. Loyal Residence Ayase
14. Medical Rehabilitation Home Bon
Séjour Komaki
3.5%
Q1 2015
Q1 2016
Q1 2017
Q1 2019
CBD Office Logistics
Q1 2018
Q1 2020
Q1 2022
Retail Hotel Apartment Senior Housing/Care
Q1 2021
March 2023: Completed the acquisition of FRM Japan
Management Co., Ltd, a licensed asset management company
which will support existing portfolio and future growth (3)
14 Japan nursing homes which were newly acquired in FY2022
are high-quality freehold assets and 100% master-leased
Scope for Rent Increment for 14 Nursing Homes upon
negotiation, based on the increase in Japan's consumer price
index and interest rates (4); Utilities costs managed by Master
Lessee in single and triple net lease agreements
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