J-REIT 2012/05/18
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J-REIT 3
J-REIT 2001 9J-REIT10 2007 J-REIT7 42 42 33 2010 2 3 J-REIT 22012 4 IPO 4 343.5 4
J-REIT10 3000.00 2500.00 REIT TOPIX 2000.00 1500.00 1000.00 NCR(*) 2010/6 500.00 2001/9 0.00 2003/3/31 2004/3/31 2005/3/31 2006/3/31 2007/3/31 2008/3/31 2009/3/31 2010/3/31 2011/3/31 5 NCR 2008 11 ARES
J-REIT 2012 4 IPO4 34 3.5 9.0 8.0 7.0 6.0 5.0 J-REIT 45 40 35 30 25 4.0 20 3.0 15 2.0 10 1.0 5 0.0 0 2002/1 2003/1 2004/1 2005/1 2006/1 2007/1 2008/1 2009/1 2010/1 2011/1 2012/1 6 ARES
7 -REIT J-REIT 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 0.0% 5.0% 10.0% 15.0% 20.0% 2001Q1 2002Q1 2002Q2 2002Q3 2002Q4 2003Q1 2003Q2 2003Q3 2003Q4 2004Q1 2004Q2 2004Q3 2004Q4 2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2010 1 ARES
J-REIT J-REIT 10.0% ARES J-REIT Property Index Income Capital Total 7.5% 5.0% 2.5% 0.0% 0206 0209 0212 0303 0306 0309 0312 0403 0406 0409 0412 0503 0506 0509 0512 0603 0606 0609 0612 0703 0706 0709 0712 0803 0806 0809 0812 0903 0906 0909 0912 1003 1006 1009 1012 1103 1106 1109 1112-2.5% -5.0% ARES J-REIT 8
J-REIT J-REIT 100.0% J-REIT VS 100.0% J-REIT VS 95.0% 95.0% 90.0% 90.0% 5 J-REIT23 J-REIT ( 85.0% 200204 200210 200304 200310 200404 200410 200504 200510 200604 200610 200704 200710 200804 200810 200904 200910 201004 201010 201104 85.0% 200405 200410 200503 200508 200601 200606 200611 200704 200709 200802 200807 200812 200905 200910 201003 201008 201101 201106 J-REIT ARES 9
J-REIT J-REIT 104% 8 11 490 210 11 45,493 26,158 28,276 19,869 24,581 18,985 7,044 6,920 4,993 4,379 3,932 3,453 33 J-REIT 35 8 25 114,319 79,764 10
J-REIT J-REIT 25,000 20,000 15,000 J-REIT J-REIT 45% 44% 70% 60% 50% 45% 40% 10,000 5,000 0 32% 35% 34% 30% 19,489 27% 24% 14,662 16% 12,088 10,087 9% 5,628 6,995 5,376 7,144 1,314 1,927 2,466 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 30% 20% 10% 0% J-REITJ-REIT ARES 11
J-REIT J-REIT 12,000 10,000 J-REIT IPO PO Others Bond 755 8,000 6,000 4,000 2,000 0 25,000 20,000 2,100 3,938 3,226 4,489 559 620 50 400 670 5,964 1,375 2,580 3,974 1,142 225 1,795 106 80 250 2,578 135 1,311 309 85 1,599 765 1,253 666 1,333 631 2,237 100 1,215 951 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 ~2012/3 J-REIT 15,000 10,000 5,000 0 1,314 1,927 5,628 6,995 12,088 19,489 14,662 10,087 2,466 5,376 7,144 12-5,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
REIT 13
24 REIT J-REIT 4 Global REIT Markets Summary March 31, 2011 Mgmt. Number of Market Capitalization Since External Internal REITs Oku-JPY % of Total Rank Asia-Pacific Japan J-REIT 2000 35 35,366 5.3% #4 Australia A-REIT 1971 56 67,530 10.1% #2 Singapore S-REIT 2002 24 24,125 3.6% #7 Hong Kong HK-REIT 2003 7 10,378 1.6% #9 Malaysia M-REIT 1989 14 2,970 0.4% #14 New Zealand PIE 2006 9 2,552 0.4% #15 Thailand PFPO 1997 31 2,381 0.4% #16 Taiwan T-REIT 2003 8 1,726 0.3% #18 South Korea K-REIT 2001 6 165 0.0% #24 Americas U.S. US-REIT 1960 157 355,589 53.4% #1 Canada C-REIT 1994 34 30,347 4.6% #6 Brazil FIBRAS 1993 50 3,776 0.6% #13 Mexico FII 2004 1 548 0.1% #22 EMEA: Europe, Middle East, and Africa France FR-REIT 2003 43 60,436 9.1% #3 UK UK-REIT 2007 25 34,357 5.2% #5 Netherlands NL-REIT 1969 6 10,934 1.6% #8 Turkish REIC 1995 21 6,876 1.0% #10 Belgium SICAFI 1995 15 6,484 1.0% #11 South Africa PUT 2002 5 4,483 0.7% #12 Italy SIIQ 2007 2 2,203 0.3% #17 Germany G-REIT 2007 3 1,163 0.2% #19 Bulgaria BG-REIT 2003 60 835 0.1% #20 Greece REIC 1999 3 552 0.1% #21 Israel REIF 2005 2 220 0.0% #23 24 617 665,996 100.0% 14 ARES
J-REIT 3.5 35.6 6.8 6.0 3.4 2.4 1.0 35 157 56 43 25 24 7 SPC 2 3 4 REIT A-REITA-REIT 11 SIIC SIIC SIIC UK-REIT S-REITS-REIT REIT HK-REIT 1 2011 3 50% 194 221 67 15 1 2 4 15 ARESJ-REIT REIT
REIT 16 ARES J
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