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2007 9 http://www.bunka.go.jp/jiyuriyo/

_Toc171054619 1...1 2...4 1...4 1...4 2 SPV...6 2...7 3...8 4...10 5...14 3 J-REIT...20 1 J-REIT...20 2...20 3 J-REIT...21 4 J-REIT...23 5 J-REIT...25 6 J-REIT...27 7 J-REIT...27 8 J-REIT...31 4 REIT...39 1 REIT...39 1 REIT...39 2...39 2 REIT...42 1 REIT...42 2 REIT...43 3 UPREIT DOWNREIT...46 3 REIT...47 5 J-REIT Stapled Securities...54 1 Property Trust...59 1 LPT...59 2 LPT...60 3 LPT...63 4 LPT...64 i

2 J-REIT...66...77 ii

2 1 1 1 18 1 1 2005 39.81993 27 1

1,500 J-REIT 2001 9 10 2 J-REIT 6 2007 4 41 6.5 2006 J-REIT J-REIT J-REIT REIT 2

2 J-REIT 3 REIT 4 J-REIT 5 3

SPV Special Purpose Vehicle SPC Special Purpose Company 2 J-REIT 2 J-REIT 4

SPV 2 2 SPC CMBS SPV SPV SPV SPV debt equity 2 SPV 2 5

SPV SPV 1 SPV SPV SPV SPV SPV SPC 3 4 SPV 2 5 SPV SPV SPV 3 3 SPC 4 2002 4 5 SPV Conduit 6

4 5 6 6 7

J-REIT 7 8 9 GK TK 4 3 3 3 GK TK SPV SPC SPV 7 8 50 70 9 2006 YK TK 8

GK TK SPV SPC SPT Special Purpose Trust 2 SPC SPC TMK TMK TMK TMK TMK TMK SPT 10 SPC 2 10 SPT 9

3 J-REIT GK TK SPV TMK SPC SPC 2006 P35 1987 1 10

11 1996 6 1995 4 1 1995 50 1997 5 1999 2 500 12 1999 13 1995 1997 1996 14 1997 3 SPC SPC SPC SPC 11 1992 9 12 12 2001 7 13 1999 3 4 SURF 14 1996 7 11

Asset Backed Securities ABS ABS SPC 1997 6 11 SPC ABS SPC 9 SPC SPC 1998 6 SPC 9 SPC 15 1998 11 1 1999 6 1999 SPC 2000 5 5676 1999 5.2 935 1999 SPC 1 SPC 1998 6 13 8 1999 9 SPC 15 SPC SPC 1993 SPC 12

SPC SPC SPC 1999 11 2000 5 SPC 11 SPC 1997 6 11 12 1998 1999 3 1999 9 2 1998 12 16 REIT 16 1951 1998 6 13

1999 11 2000 5 SPC 11 50 2001 3 J-REIT 2005 6.9 1.3 1997 2005 25 1999 4 4 17 14

1999 2006 67 2005 2006 78 5 5 RMJ2006 12 YK TK 2005 3.8 55 9 1 6 6 10 1997 2005 2005 YK TK 14,885.4 14,885.4 3,806.8 1,444.8 3,135.0 4,579.8 1,209.9 1,221.9 1,221.9 154.1 882.6 3,346.1 4,228.7 1,740.9 3,549.4 21,366.5 24,915.9 6,911.7 15

500 1997 2005 SPC 17 6 J-REIT 2006 6.1 1.7 2004 2005 J-REIT 1 0.7 7 7 J-REIT 2004 2005 2006 J-REIT 2004 J-REIT J-REIT 8 16

8 18 92005 34 2.1 8 2000 2004 J-REIT J-REIT 2005 9 RMJ2006 12 17

2005 35 10 10 17 10 11 10 2006 2006 12 23 55.0 12 2005 12 23 9.5 J-REIT 3 20 J-REIT 18

11 RMJ2006 12 12 2 19

Real Estate Investment Trust REIT J-REIT J-REIT J-REIT SPV 2 J-REIT J-REIT 100 17 J-REIT J-REIT SPV SPV J-REIT J-REIT 2 5 J-REIT J-REIT 2 17 20

63 1 SPV 90 18 J-REIT 18 21

J-REIT 13 1 20 100 13 JREIT 1 J-REIT J-REIT 41 27 A 22

2 J-REIT J-REIT J-REIT 14 J-REIT 14 3 5 12 40 JREIT J-REIT 3 5 23

SPV a b c 1 d 2 2 1 AM J-REIT 24

PM J-REIT J-REIT J-REIT 1 J-REIT J-REIT J-REIT 25

19 1998 6 J-REIT J-REIT J-REIT a 90 b c 50 d 1 e 50 f g 50 h 2001 3 J-REIT a 75 b 1 50 c 1 5 d 4,000 1,000 JASDAQ 2001 3 20 19 20 1957 2000 J-REIT 26

J-REIT J-REIT J-REIT J-REIT J-REIT PML 21 J-REIT 100 J-REIT J-REIT 2001 9 10 2 2,600 21 Probable Maximum Loss PML 27

2003 J-REIT IPO Initial Public Offering6 2002 9 10 1 6 J-REIT 2002 12 J-REIT 2003 1 4 5 10 20 2003 4 REIT 15 REIT J-REIT 2003 4 2 MSCIJAPAN 22 J-REIT 2003 7 5 1 30 J-REIT J-REIT 2003 9 10 7 2003 3 2004 6 2003 J-REIT 22 30 40 28

2004 3 J-REIT J-REIT 2003 12 2004 8 J-REIT 2004 5 13 J-REIT 2005 2005 1 13 2005 5 J-REIT 1 23 2005 6 50 2005 10 JASDAQ J-REIT 1 2005 11 2005 6 7 2005 11 24 2006 2006 J-REIT 2006 2 J-REIT 6 2 8 25 2006 12 J-REIT 40 1 72006 J-REIT 2006 2006 4 2006 7 2006 7 2006 7 3 2006 8 23 24 2005 12 ERI 2006 5 25 29

2006 10 2007 3 DA 3 J-REIT 2006 10 J-REIT 15 2006 11 2006 J-REIT J-REIT J-REIT 15 REIT 2003 3 31 30

2007 4 J-REIT 41 40 2 JASDAQ 1 2007 1 6.5 16 2 7 J-REIT 2006 12 5.4 2005 12 3.4 1 2 16 J-REIT J-REIT J-REIT JASDAQ JASDAQ J-REIT 1 2 3 3 41 10 17 31

17 J-REIT 5 2,295,068 2 604,563 8 571,483 2 87,923 1 131,648 5 911,775 1 101,299 2 44,331 2 90,840 13 1,633,811 41 6,472,759 2007 4 JAPAN-REIT.COM web 2007 4 13 31.7 8 19.5% 5 12.2 5 12.2 43.9 18 18 J-REIT JAPAN-REIT.COM web 32

35.5 25.2 14.1 19 1 19 J-REIT JAPAN-REIT.COM web J-REIT 2006 3 5 5 23 6 202001 2004 J-REIT 11 26 26 33

20 J-REIT 5 16 17 J-REIT 2007 4 6 37 21 22 23 23 2003 2006 162 2006 2007 120 2008 2010 100 2006 7 4,463 2005 9,685 11.5 J-REIT J-REIT 34

21 JAPAN-REIT.COM web 35

22 23 23 07 23 2006 J-REIT 9 2006 6 36

24 24 J-REIT 6 2004 9 2006 9 9 57.7 J-REIT 9.7 17.6 25 25 J-REIT 6 2006 9 37

J-REIT 2007 4 24 20 11 3 26 26 JAPAN-REIT.COM web 38

REIT 1900 Massachusetts Trust 27 corporation 1930 1935 REIT 20 1950 REIT 28 29 1960 REIT 30REIT 1 REIT 3 1962 5 REIT 1968 REIT REIT 27 28 29 1935 1936 30 Section 856-8581961 1 1 conduit 39

REIT 1973 REIT REIT 1980 1981 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

30 REIT REIT 1997 REIT 1998 99 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 100 41

28 REIT NAREIT web REIT REIT Internal Revenue Code REIT REIT 75 75 5 75 10 REIT 20 42

95 75 REIT 6 4 30 90 100 50 5 REIT J-REIT 2 1986 REIT REIT REIT REIT REIT 3 REIT REIT REIT MBS Mortgage Backed Securities CMBS Commercial Mortgage Backed Securities REIT REIT REIT REIT 2007 3 REIT 172 29 REIT 76 92 43

29 3 REIT REIT REIT 35 131 6 261 3,890 72.8 2007 3 NAREIT web 2 REIT 1960 1970 REIT 1980 REIT REIT 1990 REIT REIT REIT REIT 1 1 32 REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT REIT 30 32 Government National Mortgage Association Ginnie Mae Federal National Mortgage Association Fannie Mae 44

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

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 33 1988 1992 5 REIT IPO 50 1993 1 50 1994 45 46

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 8 13 32 34 UPREIT OP UmbrellaUmbrella Partnership REIT 47

32 REIT 18 526 7 283 5 121 930 16 458 9 570 5 73 1,101 18 631 4 22 653 10 278 16 313 4 196 12 248 7 170 2007 3 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

b REIT REIT 2007 3 7 Prologis PLD 1 58 REIT c REIT A 35 36 3 REIT a REIT 3 5 15 1 90 6 REIT M&A Tanger Factory Outlet Center SKT 1 b 1 2 3 35 36 49

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

REIT 1 REIT TRS 2007 3 16 Host Hotels & Resorts HST 43 2007 3 4 Public Storage PSA 82 REIT 16 1 1990 2000 REIT REIT REIT REIT 1980 7 REIT 2007 3 7 4 REIT Digital Realty Trust DLR Entertainment Properties Trust EPR Pittsburgh & West Virginia Railroad PW2006 Global Signal GSL CentraCore Properties Trust CPV 51

REIT 2007 3 30 22.9% 22 16.8% 16 12.2 12 9.2 7.6 REIT 33 33 REIT 2007 3 NAREIT web 23.9 28.3 16.8 34 1 1 REIT 52

34 REIT 2007 3 NAREIT web 53

J-REIT REIT J-REIT 2 4 REIT REIT REIT REIT REIT REIT 4 1 2 REIT 1 1986 REIT J-REIT 3 5 J-REIT J-REIT J-REIT J-REIT J-REIT 2 J-REIT 54

2007 2 41 J-REIT J-REIT 2 2003 12 2 J-REIT 38 39 40 3 7 J-REIT J-REIT 2 2006 7 2007 3 DA 41 REIT J-REIT REIT Listed Property Trust LPTLPT J-REIT 38 REIT 2 REIT REIT 39 40 41 2006 4 2006 8 2006 7 2006 10 J-REIT 55

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

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 20 30 Stapled Securities 2001 9 1 J-REIT Stapled Securities 57

58

Property Trust 42 LPT UPT Unlisted Property Trust LPT 10 LPT 43 25 J-REIT LPT 40 LPT 70 44 LPT LPT LPT LPT LPT Passive Income LPT Stapled Securities LPT LPT 42 43 LPT 60 44 5 59

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 45 46 Code of Conduct 47 SEC Securities and Exchange Commission 48 RE 50 RE 60

36 LPT Responsible Entity LPT LPT LPT RE LPT 37 61

37 RE LPT A RE LPT B RE Compliance Committee RE 3 LPT RE LPT 62

LPT LPT J-REIT Corporation Law LPT 49 1998 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 50 20 ASX Listing Rule 4 a 2,000 500 2,000 400 25 b 200 1,000 49 1970 1971 1975 76 6 1982 50 ASX LPT LPT ASX 63

3 100 1 40 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

UPT 51 LPT UPT UPT 52 LPT 1993 LPT 37 362 LPT 1993 LPT 1996 LPT LPT 1998 1997 LPT 1998 7 LPT MIA RE LPT LPT 1992 2006 6 6,850 LPT LPT LPT Stapled Securities 2 LPT LPT 53 LPT 4 54 2007 4 Stapled Securities LPT LPT70 25 51 60 52 53 LPT 402005 300 2 6000 54 Babcock & Brown Japan Property Trust Rubicon Japan Trust Galileo Japan Trust Challenger Kenedix Japan Trust 65

8951 8952 8953 8954 2001 9 10 2001 9 10 2002 3 12 2002 6 12 6 12 3 9 2 8 2 8 508,000 410,000 386,502 225,372 346,446 264,683 250,764 120,860 S&P A A A A R&I AA AA AA A Moody`s A1 A1 A1 40.5 31.7 30.2 43.8 3 6,564 4,410 4,484 2,195 55 50 42 41 119 88 106 53 13.5 13.6 9.3 10.1 625,000 525,000 470,000 520,000 1,990,000 1,590,000 1,190,000 1,110,000 471,000 480,000 433,000 447,000 857,178 800,532 757,622 653,469 985,520 660,100 467,667 263,685 2001 3 7 2001 3 7 2001 4 5 2001 6 20 ( ) UBS A.G. 66

8955 8956 8957 8958 2002 6 14 2002 9 10 2003 9 10 2003 9 25 612 410 17 39 625,000 101,400 169,380 76,400 156,725 51,435 98,020 45,722 S&P A A R&I A A A Moody`s A2 A3 A2 A3 37.6 48.8 38.0 58.5 5 3 2,469 995 1,717 1,057 48 36 19 5 51 27 90 211 12.8 12.3 15.6 10.3 200,000 480,000 530,000 510,000 519,000 1,050,000 1,320,000 1,660,000 199,000 434,000 503,000 494,000 302,035 638,110 780,882 905,534 341,250 101,299 225,275 154,071 2001 6 20 2002 2 19 2003 6 16 2003 4 2 ( ) ( ) 67

8959 8960 8961 8962 2003 12 4 2003 12 22 2004 2 13 2004 3 2 410 511 39 511 265,903 159,843 160,000 186,809 156,767 89,839 80,000 105,593 S&P A R&I AA A A Moody`s A2 A3 A3 45.9 43.5 40.4 60.5 ( ) 2,828 1,606 1,420 2,289 31 34 11 119 91 47 129 19 20.8 16.0 21.2 4.5 500,000 480,000 730,000 500,000 1,560,000 1,070,000 1,760,000 808,000 505,000 481,000 748,000 509,000 843,058 686,997 977,958 630,368 396,195 159,044 243,200 144,217 2003 7 23 2001 6 20 2002 9 27 2003 3 19 ( ) 68

8963 8964 8965 8966 2004 5 17 2004 8 9 2004 12 15 2005 3 8 612 612 28 511 53,899 110,400 164,068 60,492 19,134 58,583 85,791 28,412 S&P A R&I A Moody`s A1 A3 53.5 4.9 55.3 53.6 23 389 967 1,745 570 46 10 97 36 8 96 17 15 12.3 5.5 3.2 11.4 395,000 550,000 550,000 500,000 470,000 1,320,000 705,000 630,000 333,000 581,000 490,000 393,000 396,774 823,190 570,442 529,166 21,560 136,896 111,730 38,291 2001 9 14 2004 4 26 2004 9 17 2001 9 14 CB 69

8967 8968 8969 8970 2005 5 9 2005 6 21 2005 7 12 2005 7 13 17 28 17 17 108,800 107,050 75,100 56,111 69,365 60,264 34,622 27,317 S&P A R&I AA Moody`s A1 0.0 40.0 43.6 49.9 23 700 1,101 581 447 16 11 44 35 43 100 13 12 13.3 8.2 6.8 3.3 550,000 880,000 480,000 530,000 1,190,000 1,300,000 482,000 540,000 650,000 763,000 348,000 393,000 859,144 891,665 419,792 465,454 131,648 120,966 31,617 28,112 2005 2 17 2004 6 25 2005 3 4 2004 12 20 RM IJI 70

FC 8972 8973 8974 8975 2005 7 21 2005 7 28 2005 9 7 2005 10 12 410 39 410 410 157,000 86,000 63,500 32,700 88,730 42,297 30,484 14,929 S&P R&I A Moody`s A3 51.6 48.5 52.4 49.0 1,750 822 600 271 72 38 18 20 24 21 33 13 13.5 2.8 11.1 3.5 580,000 530,000 500,000 475,000 918,000 695,000 707,000 562,000 564,000 472,000 422,000 390,000 644,145 553,658 505,701 444,917 140,986 54,782 43,244 16,219 2005 4 18 2005 4 18 2005 3 4 2005 3 4 71

DA 8976 8977 8978 8979 2005 10 19 2005 10 26 2005 11 22 2005 11 30 511 511 612 410 100,000 69,400 75,000 63,577 49,699 34,700 35,754 11,574 S&P R&I A A Moody`s A2 60.7 42.9 50.8 52.6 5 1,384 721 594 217 34 8 35 53 40 90 16 4 24.1 7.1 5.5 9.9 515,000 620,000 480,000 200,000 981,000 1,330,000 660,000 240,000 435,000 630,000 397,000 179,000 565,188 837,247 472,481 195,970 99,200 90,220 44,764 14,241 AD 2005 6 10 2004 11 4 2005 9 8 2004 12 20 72

8980 8981 8982 8983 2006 5 23 2006 2 15 2006 3 1 2006 3 15 28 8 410 410 91,800 91,700 155,000 97,400 40,323 46,014 82,260 47,002 S&P R&I A Moody`s A2 63.1 42.2 41.1 49.4 920 751 1,308 869 46 7 11 45 20 107 118 19 13.5 11.5 13.2 21.6 460,000 520,000 550,000 500,000 575,000 830,000 1,000,000 741,000 385,000 522,000 553,000 401,000 437,210 660,269 719,222 505,249 48,654 64,924 130,665 65,648 2005 6 28 2005 6 10 2005 6 28 2005 10 4 MLQ LP 73

8984 8985 8986 8987 2006 3 22 2006 6 14 2006 6 22 2006 6 27 511 39 39 612 49,260 42,200 61,400 134,800 24,003 19,562 27,749 67,642 S&P R&I A AA Moody`s A2 37.5 49.0 57.8 54.2 3 6 364 336 564 1,348 18 14 66 17 20 24 8 79 3.2 13.7 10.8 13.0 500,000 480,000 450,000 520,000 817,000 626,000 661,000 1,310,000 398,000 443,000 396,000 540,000 502,339 484,313 472,308 785,447 36,058 22,999 54,932 167,152 2005 4 18 2005 10 4 2005 10 4 2006 2 6 UFJ ( ) 74

MID 3226 3227 3229 3234 2006 8 4 2006 8 29 2006 9 26 2006 11 30 28 612 28 17 113,480 183,625 257,400 129,800 60,979 90,373 116,753 72,671 S&P A R&I AA A A Moody`s A1 A3 A3 45.7 40.9 62.0 51.1 5 1,082 1,497 2,107 1,427 30 10 37 9 36 149 56 158 6.1 17.7 15.0 9.7 580,000 510,000 470,000 750,000 1,050,000 740,000 680,000 1,280,000 580,000 487,000 461,000 862,000 767,928 565,750 537,862 1,087,366 106,104 122,845 156,757 166,144 MID 2005 9 26 2006 5 26 2006 2 17 2005 9 26 MID 75

3240 2007 2 14 511 68,100 41,256 S&P R&I Moody`s 34.4 1 4 593 81 7 7.7 630,000 992,000 764,000 896,519 63,878 2003 7 23 2007 4 1 JAPAN-REIT.COM web 76

[1] 2005 [2] 2 2007 [3] JREIT2005 [4] J-REIT 2004 [5] 2002 [6] UFJ 2006 [7] 2001 [8] 2 2003 [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] 20062006 77

[25] 12 BP 2006 [26] 18 2006 [27] 2006 12 2007 3 [28] 2006 10 [29] MONTHLY REVIEW2006 9 [30] 2006 [31] 212006 5 [32] 2006 5 22 [33] Standard & Poor`s J-REIT 2006 1 [34] J-REIT REPORT 2007 1 [35] J-REIT 2005 6 [36] 2001 9 [37] ARES2003 7 2004 1 2004 8 2006 11 [38] 2006 9 2006 11 2007 3 [39] 2004 9 2006 9 2007 4 [40] REIT web http://www.dir.co.jp/index.html [41] web http://www.h3.dion.ne.jp/~urc-mint/index.htm [42] 17 16 17 web http://www.mlit.go.jp/ [43] web http://www.lij.jp/ [44] J-REIT web http://www.sumitomotrust.co.jp/ [45] 2004 2005 2006 web http://www.stbri.co.jp/ [46] 2007 web http://www.mizuhocbk.co.jp/ 78

[47] 23 07 web http://www.mori-trust.co.jp/index.html [48] 2006 web http://www.fudousankeizai.co.jp/ [49] 2 web http://www.ares.or.jp/ [50] NAREIT web http://www.nareit.com/ [51] web http://www.tse.or.jp/ [52] web http://www.ose.or.jp/ [53] JASDAQ web http://www.jasdaq.co.jp/ [54] Australian Stock Exchange web http://www.asx.com.au/ [55] Singapore Exchange web http://www.sgx.com/ [56] JAPAN-REIT.COM web http://www.japan-reit.com/ [57] SPC-REIT.COM web http://www.spc-reit.com/ 79