MID 6 21 1 1 21 6 30 MID http://www.midreit.jp/
MID 2
3
70% 70% 21 OBP OBP IMP Value Up MID NOI AETOS MID MID MID MID MID 27 U R L http://www.mid.co.jp/ 2009 3 5
6 7
6 4 20 1 1 20 6 30 5 20 7 1 20 12 31 6 21 1 1 21 6 30 6 21 2 17 6 5 182 184 181 181 7,622 6,432 6,397 6,405 8 0.1 35 0.6 3,873 2,889 2,765 2,691 73 2.7 124 4.3 3,346 2,225 2,078 1,998 80 4.0 147 6.6 3,345 2,224 2,076 1,996 80 4.0 147 6.6 1 18,217 12,113 11,309 10,870 439 4.0 804 6.6 8
7 8 6 21 1 1 21 6 30 7 21 7 1 21 12 31 8 22 1 1 22 6 30 6,397 6,290 6,214 2,765 2,465 2,518 2,078 1,593 1,567 2,076 1,591 1,565 1 ( 11,309 8,665 8,524 495 587 518 577 597 597 146 143 110 572 596 615 128 96.2 95.8 96.9 6 7 21 88 9 21 NOI 270 21 172 NOI 52 21 15 21 40 32 181 78 9 286 7 8 49 28 346
1,330 p.13 10
11
12
6 1. 2. 3. 13
4 1 5 20 12 % 2 6 21 6 % 2 21 IMP MID 3 MID MID MID MID MID MID 4 1. 21 6 30 2.(2) 3.MID 6,014.07 4. (2 ) 15
IPO6 IPO 1 2 3 4 5 6 1 2 3 4 5 6 16
1 39,959.9189,200 2 3 17
18 10211 MID 70 30 23 20 3 4 19 12 21 2 13 1,662.49 13,251.38 9,934.76 1 20 1 101 19 11 37 20 9 21 2 72 211 MID 6 93.4 21 8 1 14.4 UP
1 100 20
2 ( R&I A 21
2. 21 6 30 3. 4. 21 5. 6 6. 5 6 7. 1 5 2 6 3 6 2 5 7 21 4 IMP MID 5,6 MID MID MID MID MID MID 6 7 23
5 12% 10.6% 10.4% 9.5% 10% 7.8% 8.3% 7.7% 8% 8.7% 7.4% 8.2% 8.2% 6.2% 6.3% 6.8% 6% 7.4% 7.0% 7.1% 6.1% 5.9% 6.1% 6.6% 5.7% 5.7% 5.8% 4% 3.6% 3.9% 2% 2.3% 3.2% 1.7% 2.3% 2.4% 1.9% 0% 11.2% 9.5% 8.6% 7.7% 2002 2003 2004 2005 2006 2007 2008.3 2008.6 2008.9 2008.12 2009.3 2009.6 5 5.0% 25
1 2009 m 2 :MID MID MID 797.86 6,767.55 11 1 2010 1 26
2 2009 0.3 9.4 4.7 0.9 1.4 2.0 2.5 MID 1.2 27
A 202009 4 A 7% / 6.2% 5.5% 5.5% 5.9% 5.2% 5.0% 5.0% 5.0% 5.2% 5.6% 5% 5.0% 4.9% 4.7% 4.7% 4.7% 5.0% 5.0% 4.9% 4.7% 4.5% 4.6% 4.5% 4.6% 4.2% 4.0% 4.0% 4.2% 4.0% 4.2% 3.8% 3.8% 3.5% 3.5% 3.5% 3.5% 3% 28
1 PMBM CO2 CAPEX 6 7 21 240 21 358 IMP 224 IMP 326 MID 177 MID 504 30
2 2,3 31
32 : OBP 62.6% 0% 100% 6 2,000 OBP 50 OBP 50.5% IPO 1,464 2,000 2,000 1,611 6 IPO 6 68.9% 0
34 OBP MID 83.1% 83.1% 82.7% 78.4% 78.3% 16.9% 16.9% 17.3% 21.6% 21.7% 6 5 4 3 2 82.1% 81.7% 81.1% 81.0% 17.9% 17.9% 18.3% 18.9% 19.0% 82.1% 6 5 4 3 2 42.6% 42.6% 43.6% 45.0% 45.3% 31.5% 31.5% 32.2% 33.2% 33.4% 11.3% 11.3% 10.0% 10.4% 16.9% 16.6% 16.6% 7.3% 9.3% 9.3% 6 5 4 3 2 21
: 1 2 3 215 IMP MID 6 MID MID MID MID MID MID 10 PML 4 2 12 35
1 21 18 8 IMP 18 8 68,700 28,163.07m 2 82,401.43m 2 61 3 24,600 14,968.25m 2 37,113.29m 2 2 2 15 11 38150m OBP MID 2 26 21 36
2 18 8 20 4 7,620 3,698.55m 2 12,684.52m 2 49 8 10,800 1,802.49m 2 10,189.50m 2 20 2 12,000 13 21 20 1 176 37
3 MID 18 8 19 10 18 8 8,290 1,893.62m 2 10,172.30m 2 55 10 26,100 29,397.03m 2 101,210.44m 2 15 9 19 12 100m 19 10 188.36 80 5 1 JR3 19 12 289.5 12 38
4 MID 19 4 MID 20 10 3,270 1,187.43m 2 4,279.70m 2 2 10 3,550 659.86m 2 3,855.61m 2 3 MID 19 5 MID 18 8 2,000 934.79m 2 3,060.70. m 2 10 3 2,300 1,062.53m 2 5,098.10. m 2 12 2 MID 18 8 18 8 1,160 430.21m 2 1,989.27m 2 7 1 2,780 2,339.35m 2 9,586.26m 2 11 6 39
Appendix
26 1 NOI NOI p.13 41
2 5 20 7 1 20 12 1 6 21 1 1 21 6 30 2 184 181 NOI NOI FFO 4,468 4,443 5.5% 5.5% 3,186 3,161 4,376 4,371 5.4% 5.4% 3,068 3,064 NOI 1 FFO 17,351 17,215 16,713 16,688 FFO ROA 2.5% 2.3% ROE 4.7% 4.5% 1 504,271 503,467 LTV 40.4% 40.5% DSCR 6.6 6.3 PBR 0.3 0.4 1 PER 7.1 9.4 1 FFO 4.9 6.4 1 FFO 42
43
1 ( 1 ( 2 35 9 29 101,210.44 37.4% 21 23 3 31 41,471.51 15.3% 24 3 31 12,684.52 4.7% 3 9,586.26 3.5% 3 6,586.37 2.4% 26 4 30 5,632.24 2.1% 3 5,098.10 1.9% 21 26 3 31 4,965.52 1.8% 24 3 31 4,531.23 1.7% 3 MID 4,077.50 195,843.69 72.3% 1.5% 21 10 15,547.01 21 3 31 44
2 CSI 2006 74.4 74.3 75.3 +0.9 47.8 61.9 64.9 53.6 72.0 49.7 72.0 58.2 53.0 71.2 67.5 2007 49.5 65.7 66.9 56.5 72.9 52.3 70.8 59.0 55.6 71.1 67.3 2008 54.2 68.0 70.4 58.5 76.7 54.0 74.2 60.4 55.2 73.1 68.9 20062008 +6.4 +6.1 +5.5 +4.9 +4.7 +4.3 +2.2 +2.2 +2.2 +1.9 +1.4 45
1 IPO 2009 8 7 1 2 3 4 5 6 213,8008 7 46
2 IPO 2009 8 7 MID REIT 47
3 2009 1 52009 6 30 MID REIT 48
1 2 183,625 3 183,625 4 183,625 5 183,625 6 183,625 41.6% 8.7% 34.5% 15.2% 47.5% 8.7% 29.8% 14.0% 45.7% 8.8% 28.3% 17.2% 36.1% 10.8% 29.7% 23.5% 35.9% 11.7% 27.8% 24.6% 2 1.7% 2.0% 1.3% 8,109 3 1.7% 1.9% 1.6% 7,704 4 1.4% 1.9% 1.5% 8,376 5 0.8% 1.7% 1.5% 9,507 6 0.7% 1.6% 1.5% 9,809 95.0% 94.8% 95.3% 96.0% 96.2% 2.4% 2.2% 2 2.2% 33.5% 4.0% 16.2% 1.6% 34.4% 3.5% 183,625 4.4% 36.0% 4.2% 18.0% 1.4% 3 1.5% 1.4% 29.5% 183,625 3.6% 4.3% 2.3% 4 1.5% 37.3% 4.5% 18.1% 1.6% 3.4% 27.2% 183,625 1.7% 2.1% 5 0.5% 33.8% 4.1% 23.4% 2.1% 29.4% 2.9% 183,625 1.7% 2.2% 6 0.5% 37.0% 4.2% 21.1% 3.0% 27.1% 3.1% 183,625 第 2 期末 2.2% 3.0% 42.7% 13.3% 22.9% 8,109 第 3 期末 2.1% 2.9% 7,704 第 4 期末 1.9% 2.8% 8,793 42.2% 42.3% 13.0% 13.0% 23.3% 24.2% 2.0% 第 5 期末 2.8% 9,507 第 6 期末 2.0% 9,809 2.7% 42.7% 43.1% 12.5% 12.6% 24.9% 24.7% 3.2% 5.5% 1.2% 6.0% 3.3% 1.5% 5.6% 6.1% 3.2% 1.4% 5.4% 5.8% 3.0% 1.4% 5.2% 5.6% 2.9% 1.4% 5.2% 5.6% 49
2 10 21 6 21 8 7 15,848 8.63 +798 14,887 8.11 20 10 6 9,714 5.29 0 9,200 5.01 0 8,379 4.56 +935 7,672 4.18 +1,901 4,034 2.20 +2,899 4,000 2.18-4,710 9,714 5.29 20 10 7 Altrinsic Global Advisors, LLC 9,433 5.14 21 6 29 9,200 5.01 19 1 10 2. 3,647 1.99 +1,040 3,297 1.80 +2,100 3,296 1.79 +325 69,087 37.62 +78 50
51
100 2 (a) (b) (c) (a) (b) (d)(a)(c) (e) (a)(d) 20% 1. 2. 3. 52
43 530-0004 TEL 06-6456-0700 FAX 06-6456-0707 53