Investor Presentaiton
Appendix 4
Property Sales Business Market Trends (Property Sales to Investors)
Acquisition of Assets by J-REITs & Tokyo Stock Exchange J-REIT Index
(Billions of yen)
600
TSE J-REIT Index (excl.dividends) (RHS)
Acquisition of assets by J-REITS (LHS)
500
400
300
200
239.9
100 212.1
0
228.9
82.6
140.4
108.5
101.7
73.3
54.6
52.1 3.5
229.4
1,800
1,600
1,400
1,200
1,000
800
600
288.9
400
203.3 201.3
174.0
118.9 200
80.3
0
2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
(Calendar years)
Cap Rates Trend (Results of the Real Estate Investor Survey, A Class Buildings in Tokyo's Marunouchi and Otemachi Districts)
(%)
5.0
4.5
4.5
4.3
4.2
4.2
4.2
4.2
4.2
4.2
4.2
4.0
3.8
3.8
4.0
3.5
3.5
3.5
3.5
3.0
2.0
4/2004 10/2004 4/2005 10/2005 4/2006 10/2006 4/2007 10/2007 4/2008 10/2008 4/2009 10/2009 4/2010 10/2010 4/2011 10/2011 4/2012
Source: Results of Real Estate Investor Survey, Japan Real Estate Institute
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