Investor Presentaiton
Note
P.7
(1) Diversification by Area: It is based on (anticipated) acquisition price of the New Investment Corporation.
Tokyo Area: Tokyo, Kanagawa, Saitama and Chiba Prefecture
Osaka Area: Osaka, Kyoto and Hyogo Prefecture
Nagoya Area: Aichi Prefecture
(2) It is based on (anticipated) acquisition price of the New Investment Corporation.
Hotel assets are classified into this category. In addition, residential and other new types of assets are classified into this category although none of them are owned at present.
(3)
(4)
It is based on (anticipated) acquisition price of the New Investment Corporation.
(5)
It is based on annual rent.
(6)
It is based on the number of properties in the portfolio of the New Investment Corporation.
(7) It is based on the weighted average of rent.
P.17
(1) It is based on the total acquisition price (as of the end of the most recent fiscal period) stated in the financial information of respective investment corporations as of July 31, 2020.
The asset size of the New Investment Corporation is the sum of (anticipated) total acquisition price of JRF as of July 31, 2020, anticipated acquisition price of the asset anticipated to be acquired which was announced in "Notice Concerning Acquisition of Trust Beneficiary Right in Real
Estate in Japan (G-Bldg. Tenjin Nishi-dori 02)" dated August 26, 2020, and the appraisal values of MMI as of June 30, 2020 as estimated assumed value. Such value may be different from the actual asset size (based on acquisition price) of the New Investment Corporation as of the effective
date of the Merger, and it is not guaranteed that the asset size of the New Investment Corporation will be the largest among J-REITS as of the effective date of the Merger.
The asset size of MMI excludes the equity interest in a silent partnership (tokumei kumiai) of Nagoya Lucent Tower.
P.19
(1) It is calculated by dividing the total of interest for debt and investment corporation bonds, loan-related expenses, expenses for issuance and redemption of investment corporation bonds and custodial fees of investment corporation bonds paid on interest-bearing debt and investment
corporation bonds of JRF and MMI that will be due or redeemed by the end of the fifth fiscal period after the Merger, by the total interest-bearing debt of JRF and MMI that will be due by the end of the fifth fiscal period after the Merger.
(2) It is the unrealized gain on the sub assets and secondary core assets of JRF as of the end of the Feb. 2020 (36th) Period. Sub-assets are GMS, roadside facilities and other assets that are not profitable to invest in. Secondary core assets are suburban malls (large shopping malls located in
suburban areas) and value-add (assets with high yields and high upside potential).
(3)
It is an estimated amount to be borrowed if the level of book value-based LTV 43.9%, the figure calculated by dividing the total of interest-bearing debt of JRF and MMI as of the date of this document by the estimated total assets of the New Investment Corporation as of the end of the Aug.
2021 (39th) Period, is assumed to be raised to 45%.
P.21
(1) The figure is the sum of annual averages of the total acquisition price from August 1, 2015 to July 31, 2020.
(2)
It is based on the status as of the date of this document. It is not guaranteed that the acquisitions will be realized.
(3) They are plans at present. It is not guaranteed that they will be realized.
(4) It describes the past track record and future plans of its development projects, over which the New Investment Corporation has not secured preferential negotiation right and it is not guaranteed that the acquisitions will be realized.
(5)
The New Investment Corporation has not secured any preferential negotiation right over them and no future acquisition of these properties are guaranteed.
P.24
(1)
Book value-based LTV is calculated by dividing the total interest-bearing debt of JRF and MMI as of the date of this document by the estimated total assets of the New Investment Corporation as of the end of the Aug. 2021 (39th) Period calculated based on the appraisal value of MMI's
assets as of June 30, 2020. Market value-based LTV is calculated by dividing the total interest-bearing debt of JRF and MMI as of the date of this document by the sum of the unrealized gain or loss of the New Investment Corporation stated in Page 6 and the estimated total assets of the
New Investment Corporation as of the end of Aug. 2021 (39th) Period calculated based on the appraisal value of MMI's assets as of June 30, 2020.
(2) It is calculated by dividing the annual total of interest for debt and investment corporation bonds, loan-related expenses, expenses for issuance and redemption of investment corporation bonds and custodial fees of investment corporation bonds as of the date of this document, by the
total interest-bearing debt of JRF and MMI as of the date of this document. The same shall apply hereinafter.
(3) The figure is a weighted average of remaining loan terms based on the amount of interest-bearing debt of JRF and MMI as of the date of this document; the same shall apply hereinafter.
Long-term loans and investment corporation bonds that become due within one year are included in the long-term borrowing.
(4)
(5)
Based on the publicly-available information of other investment corporations as of July 31, 2020.
(6)
(7)
The figure is a weighted average of debt cost based on the amount of interest-bearing debt that will be due within the respective fiscal periods, including loan-related fees, etc.
This includes loan-related fees, etc.
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