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6 2 J-REIT 3 REIT 4 J-REIT 5 3
7 SPV Special Purpose Vehicle SPC Special Purpose Company 2 J-REIT 2 J-REIT 4
8 SPV 2 2 SPC CMBS SPV SPV SPV SPV debt equity 2 SPV 2 5
9 SPV SPV 1 SPV SPV SPV SPV SPV SPC 3 4 SPV 2 5 SPV SPV SPV 3 3 SPC SPV Conduit 6
10
11 J-REIT GK TK GK TK SPV SPC SPV YK TK 8
12 GK TK SPV SPC SPT Special Purpose Trust 2 SPC SPC TMK TMK TMK TMK TMK TMK SPT 10 SPC 2 10 SPT 9
13 3 J-REIT GK TK SPV TMK SPC SPC 2006 P
14 SPC SPC SPC SPC SURF
15 Asset Backed Securities ABS ABS SPC SPC ABS SPC 9 SPC SPC SPC 9 SPC SPC SPC 1 SPC SPC 15 SPC SPC 1993 SPC 12
16 SPC SPC SPC SPC 11 SPC REIT
17 SPC J-REIT
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22 11 RMJ
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24 63 1 SPV J-REIT 18 21
25 J-REIT JREIT 1 J-REIT J-REIT A 22
26 2 J-REIT J-REIT J-REIT 14 J-REIT JREIT J-REIT
27 SPV a b c 1 d AM J-REIT 24
28 PM J-REIT J-REIT J-REIT 1 J-REIT J-REIT J-REIT 25
29 J-REIT J-REIT J-REIT a 90 b c 50 d 1 e 50 f g 50 h J-REIT a 75 b 1 50 c 1 5 d 4,000 1,000 JASDAQ J-REIT 26
30 J-REIT J-REIT J-REIT J-REIT J-REIT PML 21 J-REIT 100 J-REIT J-REIT , Probable Maximum Loss PML 27
31 2003 J-REIT IPO Initial Public Offering J-REIT J-REIT REIT 15 REIT J-REIT MSCIJAPAN 22 J-REIT J-REIT J-REIT J-REIT
32 J-REIT J-REIT J-REIT J-REIT J-REIT JASDAQ J-REIT J-REIT J-REIT J-REIT J-REIT ERI
33 DA 3 J-REIT J-REIT J-REIT J-REIT J-REIT 15 REIT
34 J-REIT JASDAQ J-REIT J-REIT J-REIT J-REIT JASDAQ JASDAQ J-REIT
35 17 J-REIT 5 2,295, , , , , , , , , ,633, ,472, JAPAN-REIT.COM web % J-REIT JAPAN-REIT.COM web 32
36 J-REIT JAPAN-REIT.COM web J-REIT J-REIT
37 20 J-REIT J-REIT , , J-REIT J-REIT 34
38 21 JAPAN-REIT.COM web 35
39 J-REIT
40 24 24 J-REIT J-REIT J-REIT
41 J-REIT JAPAN-REIT.COM web 38
42 REIT 1900 Massachusetts Trust 27 corporation REIT REIT REIT 30REIT 1 REIT REIT 1968 REIT REIT Section conduit 39
43 REIT 1973 REIT REIT Economic Recovery Tax Act of 1981 REIT 1986 REIT REIT REIT REIT REIT REIT REIT REIT 1992 UPREIT Umbrella Partnership REIT REIT 1993 The Omnibus Budget and Reconcilation Act 5 50 REIT REIT UPREIT REIT REIT REIT IPO 1997 REIT REIT Simplification Act4 40
44 30 REIT REIT 1997 REIT IT IT REIT 1999 REIT REIT Modernization Act2001 REIT REIT REIT REIT REIT REIT REIT TRS Taxable REIT Subsidiaries 31 REIT TRS 27 REIT NAREIT web 31 REIT REIT TRS TRS REIT
45 28 REIT NAREIT web REIT REIT Internal Revenue Code REIT REIT REIT 20 42
46 95 75 REIT REIT J-REIT REIT REIT REIT REIT REIT 3 REIT REIT REIT MBS Mortgage Backed Securities CMBS Commercial Mortgage Backed Securities REIT REIT REIT REIT REIT REIT
47 29 3 REIT REIT REIT , NAREIT web 2 REIT REIT 1980 REIT REIT 1990 REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT Government National Mortgage Association Ginnie Mae Federal National Mortgage Association Fannie Mae 44
48 30 REIT REIT S&L SEC REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT 1,000 the National Association of Real Estate Investment Trust NAREIT REIT 3 REIT REIT REIT 45
49 REIT UPREIT DOWNREIT UPREIT REIT Straight REIT UPREIT 1992 REIT Taubman Centers TCO REIT 33 REIT REIT 1992 REIT 8 UPREIT UPREIT REIT OP OP 31 REIT 1 1 OP OP REIT OP OP OP REIT REIT REIT REIT OP REIT OP OP REIT REIT IPO OP UPREIT REIT REIT REIT REIT REIT IPO
50 31 UPREIT REIT OP ( ) REIT OP OP REIT UPREIT IPO DOWNREIT IPO REIT UPREIT 34 UP OP UPREIT DOWNREIT OP OP OP REIT REIT REIT REIT REIT NAREIT REIT UPREIT OP UmbrellaUmbrella Partnership REIT 47
51 32 REIT , NAREIT web 3 a REIT American Financial Realty Trust AFR Alexandria Real Estate Equity ARE BioMed Realty Trust BMR HRPT Properties HRPCorporate Office Properties OFCGovernment Property Trust GPT REIT REIT CBD Centre of Business District REIT 48
52 b REIT REIT Prologis PLD 1 58 REIT c REIT A REIT a REIT REIT M&A Tanger Factory Outlet Center SKT 1 b
53 2 REIT Simon Property Group SPG General Growth Properties GGP c REIT 37 REIT 2 a 2 1 American Campus Communties ACC Education Realty Trust EDR REIT b REIT REIT 2 REIT REIT 37 50
54 REIT 1 REIT TRS Host Hotels & Resorts HST Public Storage PSA 82 REIT REIT REIT REIT REIT REIT REIT Digital Realty Trust DLR Entertainment Properties Trust EPR Pittsburgh & West Virginia Railroad PW2006 Global Signal GSL CentraCore Properties Trust CPV 51
55 REIT % % REIT REIT NAREIT web REIT 52
56 34 REIT NAREIT web 53
57 J-REIT REIT J-REIT 2 4 REIT REIT REIT REIT REIT REIT REIT REIT J-REIT 3 5 J-REIT J-REIT J-REIT J-REIT J-REIT 2 J-REIT 54
58 J-REIT J-REIT J-REIT J-REIT J-REIT DA 41 REIT J-REIT REIT Listed Property Trust LPTLPT J-REIT 38 REIT 2 REIT REIT J-REIT 55
59 LPT 1 Property Trust LPT Stapled Securities Stapled Securities LPT 2 LPT Stapled Securities 1 Property Trust 3 LPT LPT LPT 35 LPT Stapled Securities 35 Stapled Securities LPT 100 J-REIT LPT Stapled Securities LPT LPT 56
60 LPT Stapled Securities Stapled Securities LPT LPT LPT 100 LPT Stapled Securities LPT J-REIT Stapled Securities J-REIT Stapled Securities Stapled Securities J-REIT 1 LPT Stapled Securities J-REIT Stapled Securities Stapled Securities J-REIT Stapled Securities 57
61 58
62 Property Trust 42 LPT UPT Unlisted Property Trust LPT 10 LPT J-REIT LPT 40 LPT LPT LPT LPT LPT LPT Passive Income LPT Stapled Securities LPT LPT LPT
63 Tax Free LPT Tax deferred Tax deferred LPT LPT LPT LPT LPT LPT J-REIT LPT Responsible Entity RE RE RE Compliance Plan 45 LPT 46 RE 100 RE ASIC The Australian Securities and Investments Commission 47 RE 50 RE 50 Custodian 48 LPT LPT RE RE RE RE RE RE 36 LPT Code of Conduct 47 SEC Securities and Exchange Commission 48 RE 50 RE 60
64 36 LPT Responsible Entity LPT LPT LPT RE LPT 37 61
65 37 RE LPT A RE LPT B RE Compliance Committee RE 3 LPT RE LPT 62
66 LPT LPT J-REIT Corporation Law LPT MIA Managed Investments Act 1998 MIA LPT MIA RE MIA UPT MIA Prescribed interest MIA LPT LPT RE RE LPT ASIC ASIC Policy Statement Policy Note ASX Australian Stock Exchange LPT ASX ASX Listing Rule 4 a 2, , b 200 1, ASX LPT LPT ASX 63
67 c 3 d ASX Stapled Securities e LPT LPT f LPT g LPT 1 ASX h LPT i LPT LPT 1 1 j Stapled Securities ASX Stapled Securities ASX Stapled Securities ASX k ASX LPT Stapled Securities l ASX LPT 1 LPT 1 LPT 1971 General Property Trust 1 Public Unit Trust LPT LPT 1980 UPT UPT 1990 UPT UPT 64
68 UPT 51 LPT UPT UPT 52 LPT 1993 LPT LPT 1993 LPT 1996 LPT LPT LPT LPT MIA RE LPT LPT ,850 LPT LPT LPT Stapled Securities 2 LPT LPT 53 LPT Stapled Securities LPT LPT LPT Babcock & Brown Japan Property Trust Rubicon Japan Trust Galileo Japan Trust Challenger Kenedix Japan Trust 65
69 , , , , , , , ,860 S&P A A A A R&I AA AA AA A Moody`s A1 A1 A ,564 4,410 4,484 2, , , , ,000 1,990,000 1,590,000 1,190,000 1,110, , , , , , , , , , , , , ( ) UBS A.G. 66
70 , , ,380 76, ,725 51,435 98,020 45,722 S&P A A R&I A A A Moody`s A2 A3 A2 A , ,717 1, , , , , ,000 1,050,000 1,320,000 1,660, , , , , , , , , , , , , ( ) ( ) 67
71 , , , , ,767 89,839 80, ,593 S&P A R&I AA A A Moody`s A2 A3 A ( ) 2,828 1,606 1,420 2, , , , ,000 1,560,000 1,070,000 1,760, , , , , , , , , , , , , , ( ) 68
72 , , ,068 60,492 19,134 58,583 85,791 28,412 S&P A R&I A Moody`s A1 A , , , , , ,000 1,320, , , , , , , , , , ,166 21, , ,730 38, CB 69
73 , ,050 75,100 56,111 69,365 60,264 34,622 27,317 S&P A R&I AA Moody`s A , , , , ,000 1,190,000 1,300, , , , , , , , , , , , ,966 31,617 28, RM IJI 70
74 FC ,000 86,000 63,500 32,700 88,730 42,297 30,484 14,929 S&P R&I A Moody`s A , , , , , , , , , , , , , , , , , ,986 54,782 43,244 16,
75 DA ,000 69,400 75,000 63,577 49,699 34,700 35,754 11,574 S&P R&I A A Moody`s A , , , , , ,000 1,330, , , , , , , , , , ,970 99,200 90,220 44,764 14,241 AD
76 ,800 91, ,000 97,400 40,323 46,014 82,260 47,002 S&P R&I A Moody`s A , , , , , , ,000 1,000, , , , , , , , , ,249 48,654 64, ,665 65, MLQ LP 73
77 ,260 42,200 61, ,800 24,003 19,562 27,749 67,642 S&P R&I A AA Moody`s A , , , , , , , ,000 1,310, , , , , , , , ,447 36,058 22,999 54, , UFJ ( ) 74
78 MID , , , ,800 60,979 90, ,753 72,671 S&P A R&I AA A A Moody`s A1 A3 A ,082 1,497 2,107 1, , , , ,000 1,050, , ,000 1,280, , , , , , , ,862 1,087, , , , ,144 MID MID 75
79 ,100 41,256 S&P R&I Moody`s , , , ,519 63, JAPAN-REIT.COM web 76
80 [1] 2005 [2] [3] JREIT2005 [4] J-REIT 2004 [5] 2002 [6] UFJ 2006 [7] 2001 [8] [9] 2002 [10] 2001 [11] A REIT REIT 1999 [12] 2002 [13] REIT 2002 [14] 2002 [15] 2004 [16] 2001 [17] 2001 [18] 2001 [19] SPC 2000 [20] 2000 [21] 2000 [22] 1999 [23] 2006 [24]
81 [25] 12 BP 2006 [26] [27] [28] [29] MONTHLY REVIEW [30] 2006 [31] [32] [33] Standard & Poor`s J-REIT [34] J-REIT REPORT [35] J-REIT [36] [37] ARES [38] [39] [40] REIT web [41] web [42] web [43] web [44] J-REIT web [45] web [46] 2007 web 78
82 [47] web [48] 2006 web [49] 2 web [50] NAREIT web [51] web [52] web [53] JASDAQ web [54] Australian Stock Exchange web [55] Singapore Exchange web [56] JAPAN-REIT.COM web [57] SPC-REIT.COM web 79
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THE ASSOCIATION FOR REAL ESTATE SECURITIZATION 33 2008May-June 3 15 21 29 37 48 2 ARES SPECIAL ARES May-June 2008 3 ARES SPECIAL 4 ARES May-June 2008 ARES SPECIAL ARES May-June 2008 5 6 ARES May-June 2008
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