MID 7 21 7 1 21 12 31 MID http://www.midreit.jp/
MID 2
3
70% 70% 21 OBP OBP IMP Value Up NOI MID MID MID MID MID 27 MID MID MID URL http://www.mid.co.jp/ 2009 3 5
21 10 21 12 MID MID MID LCM Life Cycle Management MID 79.82 MID 100 MID MID MID 6
7 1 9,524 8599.9 1,78515.8 96.7 0.5 5.3 2009 8200 40.5 8
7 5 20 7 1 20 12 31 6 21 1 1 21 6 30 7 21 7 1 21 12 31 7 21 8 17 7 6 184 181 184 184 6,432 6,397 6,289 6,290 0 0.0 107 1.7 2,889 2,765 2,593 2,465 127 5.2 172 6.2 2,225 2,078 1,750 1,593 157 9.9 327 15.8 2,224 2,076 1,748 1,591 157 9.9 327 15.8 1 12,113 11,309 9,524 8,665 859 9.9 1,785 15.8 9
8 9 7 21 7 1 21 12 31 8 22 1 1 22 6 30 9 22 7 1 22 12 31 6,289 6,158 6,191 2,593 2,467 2,481 1,750 1,602 1,658 1,748 1,600 1,656 1( 9,524 8,716 9,023 496 475 502 596 597 600 140 145 137 576 568 599 269 96.7 97.5 97.8 78 131 20 26 73 IMP 33 11 IMP 10 IMP 30 300 89 33 26 226 23 16 27 9 IMP11 22 42 10
1,584 p.14 11
12
13
1. 2. 3. 4.21 10 1 14
4 1 6 21 6 % 2 7 21 12 % 2 21 IMP MID MID REIT 3 MID MID MID MID MID 4 1.21 12 31 2.(2) 3.21 10 1 4. (2 ) 16
IPO7 IPO 1 2 3 4 5 6 7 1 2 3 4 5 6 17
1 2 3 18
19 1,662.49 13,251.38 9,934.76 23 20 3 4 19 12 21 2 13 93.4 21 12 31 MID 19 11 14 MID 6 211GK 10 BS3 21 2 21 8 MID 70 30
1 100 21
2 ( R&I A 1,000 21 11 6 21 11 15 23 11 14 22
1 6 2 7 3 7 2 21 4 IMP MID MID MID MID MID 2. 21 12 31 3. 4. 21 5. 7 6. 67 7.21 10 1 8. 24 6 8 7 8 MID 5,6 MID REIT 7
5 14% 12% 10% 8% 6% 4% 10.6% 8.7% 7.0% 9.5% 8.2% 5.7% 7.8% 7.4% 6.2% 5.9% 6.3% 5.7% 6.8% 5.8% 9.5% 7.7% 11.2% 8.6% 5.0% 12.0% 9.6% 5.7% 12.5% 10.3% 6.6% 3.6% 3.9% 2% 2.3% 1.7% 1.9% 0% 2003 2004 2005 2006 2007 2008 2009.3 2009.6 2009.9 2009.12 5 26
1 2010 m 2 MID MID 797.86 6,767.45 11 1 2010 1 :MID 27
2 2010 0.3 9.4 5.3 0.1 0.8 2.2 1.0 MID 1.9 28
A 21 2009 10 A 7% / 6.2% 6.3% 6.0% 5.9% 5.5% 5.5% 5.2% 5.0% 5.7% 5.0% 5.0% 5.0% 5.2% 5.6% 5% 4.9% 4.7% 5.0% 4.7% 4.7% 5.0% 4.9% 4.7% 4.7% 4.5% 4.6% 4.5% 4.6% 4.2% 4.0% 4.0% 4.2% 4.2% 4.2% 4.0% 3.8% 3.8% 3.5% 3.5% 3.5% 3.5% 3% 29
1 PMBM CO2 8 CAPEX 7 8 21 IMP MID 358 326 483 21 21 400V 21 283 140 60 31
2 1 2 32
33 : OBP 62.6% 0% 100% 2,000 OBP 50 OBP 50.5% IPO 1,464 2,000 2,000 1,611 IPO 68.9% 0
3 78.4% 21.6% 3 81.1% 18.9% 3 45.0% 33.2% 10.4% 11.3% 4 82.7% 17.3% 4 81.7% 18.3% 4 43.6% 32.2% 16.9% 7.3% 5 83.1% 16.9% 5 82.1% 17.9% 5 42.6% 31.5% 16.6% 9.3% 6 83.1% 16.9% 6 82.1% 17.9% 6 42.6% 31.5% 16.6% 9.3% 7 83.1% 16.9% 7 82.1% 17.9% 7 42.6% 31.5% 16.6% 9.3% REIT MID 21 OBP 35
: 7. 21 10 1 1 2 3 215 IMP MID 6 PML 4 MID REIT 7 MID MID MID MID MID 10 2 12 36
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 37,146.98m 2 2 2 15 11 38150m OBP MID2 26 21 37
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 38
3 MID 18 8 19 10 18 8 8,290 1,893.62m 2 10,461.32 55 10 21 12 26,100 29,397.03m 2 101,210.44m 2 15 9 19 12 100m 19 10188.36 21 4 80 5 1 JR3 19 12 39
4 MID 19 4 MID 20 10 3,270 1,187.43m 2 4,279.70m 2 2 10 3,550 659.86m 2 3,859.96m 2 3 MID 19 5 MID REIT 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 40
Appendix
37 1 NOI NOI p.14 42
2 6 21 1 1 21 6 30 7 21 7 1 21 12 31 181 184 NOI NOI FFO 4,376 4,371 5.4% 5.4% 3,068 3,064 4,234 2,789 5.3% NOI 1 FFO 16,713 16,688 15,191 FFO ROA 2.3% 1.9% ROE 4.5% 3.8% 1 503,467 501,682 LTV 40.5% 40.5% DSCR 6.3 5.8 PBR 0.4 0.4 1 PER 9.4 10.4 1 FFO 6.4 6.5 1 FFO 43
44
1 3 3 3 21 MID 24 3 31 26 4 30 22 2 28 26 3 31 24 3 31 12,684.52 9,586.26 5,632.24 5,547.01 5,098.10 4,965.52 4,531.23 4,077.50 ( 1 ( 2 35 9 29 101,210.44 37.1% 21 23 3 31 41,471.51 15.2% 194,804.33 71.4% 4.7% 3.5% 2.1% 2.0% 1.9% 1.8% 1.7% 1.5% 21 10 15,547.01 22 2 28 45
2 CSI 2006 47.8 53.6 64.9 72.0 49.7 61.9 53.0 72.0 71.2 58.2 67.5 2007 74.4 74.3 75.3 73.0 1.4 49.5 56.5 66.9 72.9 52.3 65.7 55.6 70.8 71.1 59.0 67.3 2008 54.2 58.5 70.4 76.7 54.0 68.0 55.2 74.2 73.1 60.4 68.9 2009 52.2 56.7 67.8 74.4 51.1 63.0 54.0 72.8 71.1 57.2 66.5 20062009 4.4 3.1 2.9 2.4 1.4 1.1 1.0 0.8 0.1 1.0 1.0 46
1 IPO 2010 1 29 1 2 3 4 5 6 7 200,0001 29 47
2 IPO 2010 1 29 MID REIT 48
3 2009 7 2009 12 30 MID REIT 49
1 3 183,625 4 183,625 5 183,625 6 183,625 7 183,625 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% 37.4% 10.6% 24.4% 27.6% 31.7% 1.9% 1.6% 7,704 41.4% 1.9% 1.5% 8,376 50.8% 1.7% 1.5% 9,507 6 0.7% 1.6% 1.5% 9,809 7 0.6% 1.5% 1.2% 10,415 94.8% 95.3% 96.0% 96.2% 96.6% 4.4% 1.4% 3 1.5% 36.0% 4.2% 18.0% 1.4% 29.5% 3.6% 183,625 4.3% 2.3% 4 1.5% 37.3% 4.5% 18.1% 1.6% 27.2% 183,625 3.4% 1.7% 2.1% 5 0.5% 33.8% 4.1% 23.4% 2.1% 2.9% 29.4% 183,625 1.7% 2.2% 6 0.5% 37.0% 4.2% 21.1% 3.0% 27.1% 3.1% 183,625 1.7% 2.3% 7 0.5% 41.8% 4.5% 19.5% 2.0% 24.3% 3.3% 183,625 第 3 期末 2.1% 42.2% 13.0% 23.3% 5.6% 6.1% 2.9% 3.3% 1.5% 7,704 5.4% 1.9% 5.8% 第 4 期末 2.8% 42.3% 13.0% 24.2% 3.2% 1.4% 8,376 2.0% 5.2% 5.6% 第 5 期末 2.8% 42.7% 12.5% 24.9% 3.0% 1.4% 9,507 1.9% 5.2% 5.6% 第 6 期末 2.7% 43.1% 12.6% 24.7% 2.9% 1.4% 9,809 1.9% 5.2% 5.6% 第 7 期末 2.7% 43.2% 12.8% 24.6% 2.8% 1.2% 10,415 1 3 1 50
2 10 21 12 22 2 5 14,886 8.11-962 14,746 8.03 21 10 21 9,981 5.44 +2,309 9,935 5.41 +1,556 9,714 5.29 0 9,200 5.01 0 5,932 3.23 +4,090 5,809 3.16 +2,162 9,714 5.29 20 10 7 Nomura Capital Markets plc 9,512 5.18 22 1 6 9,200 5.01 19 1 10 2. 3,494 1.90 +197 3,154 1.72-142 2,936 1.60-199 75,041 40.87 +5,954 51
52
53 MID MID MID 2 1. 2. 3.
43 530-0004 TEL 06-6456-0700 FAX 06-6456-0707 54