Investor Presentaiton
Appraisal Value (5/5)
Nippon
Accommodations
Fund
34th Period
35th Period
Change from Previous Period
No.
Property Name
Acquisition
Price
Appraisal
Appraisal
Appraisal
Book Value
(JPY mn)
(JPY mn)
Appraisal Value
(JPY mn)
Appraisal
Book Value
Appraisal Value
Appraisal
Appraisal
Profit/Loss
Profit/Loss
Profit/Loss
Cap Rate
(JPY mn)
(JPY mn)
(JPY mn)
Cap Rate
(JPY mn)
Cap Rate
(JPY mn)
83 Dormy Musashi Kosugi
1,152
1,008
1,680
4.5%
671
998
1,670
4.5%
671
0
89 Artis Sendai Kakyoin
540
458
732
5.0%
273
453
745
4.9%
291
▲ 0.1%
18
90 Artis Sendai Kimachi Dori
1,160
992
1,600
5.0%
607
978
1,620
4.9%
641
▲ 0.1%
33
118 Medical Home Granda Sangen Jaya (Land with leasehold interest)
735
770
899
3.7%
128
770
900
3.7%
129
1
119 Dormy Nishi Ogikubo
1,100
1,156
1,250
4.2%
93
1,152
1,280
4.1%
127
▲ 0.1%
33
123 Granda Kanazawa Hakkei
774
751
882
4.3%
130
746
903
4.2%
156
▲ 0.1%
26
124 Dormy Kamisugi
1,050
1,183
1,210
4.9%
26
1,180
1,210
4.9%
29
2
128 Dormy Odawara
131 Chisun Hotel Hiroshima
136 Campus terrace Waseda
521
570
596
5.1%
25
585
603
5.0%
17
▲ 0.1%
A7
1,880
1,983
1,850
5.0%
▲ 133
1,999
1,840
5.0%
▲ 159
A26
1,810
1,857
2,010
3.8%
152
Subtotal
339,038
308,073
459,050
150,976
1,850
307,043
2,010
3.8%
159
7
469,331
162,287
11,310
Property sold in the 35th Period
76 Dormy Ashiya
Subtotal
928
761
1,360
4.8%
928
761
1,360
598
598
▲ 598
▲ 598
Total
339,966
308,835
460,410
151,574
307,043
469,331
162,287
10,712
Appraisal value and book value are as of the end of each period (34th Period: February 28, 2023; 35th Period: August 31, 2023).
1. Appraisal value of Shibaura Island Air Tower: Equivalent of 31% ownership.
Appraisal cap rate of Shibaura Island Air Tower: Not available because the asset is a building with term leasehold interest.
2. Appraisal value of Park Axis Akatsuka: Equivalent of 55% ownership.
3. Appraisal cap rate of Park Cube Nishigahara Stage was 4.0% for the 34th period and 3.9% for the 35th period.
(Discount rate based on the Inwood method of capitalization over a definite term)
Reference: Appraisal Value Changes in the Properties Owned at the end of the previous period
PoP Change in Appraisal Value
Increase
No Change
Decrease
Total
112 properties
19 properties
2 properties 133 properties
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