A S S E T M A N A G E M E N T R E P O R T 3 20041112005430
1 2
3174 7,1062,682 2,681 14,520 JAL 2,080 15122,000 1 98.1% 15501050 1 164 2 1610 3 174 4,531 6,656 7,106 2,313 2,930 3,228 1,528 2,607 2,682 1,526 2,606 2,681 147,946 173,545 208,003 73,233 94,774 94,849 1 492,820 513,266 513,672 % 49.5 54.6 45.6 1 164 1 164 2 1610 2 1610 3 174 3 174 1 10,273 14,114 14,520 1,526 2,606 2,681 1 % 99.9 100.0 99.9 1 6,656 7,106 8,000 6,000 1 492,820 513,266 513,672 550,000 500,000 1 14,114 14,520 16,000 14,000 4,531 4,000 450,000 10,273 12,000 10,000 1 2 3 2,000 1 2 3 400,000 1 2 3 8,000 3 4
Topic 1 JAL 3JAL33,080 JAL JAL Building JAL 8 628 17 318 33,080 JAL 2 JAL330.8 25.6% 13.6% 9.8% NOF 7.9% 14 43.2% 1,846 2,000 2 H16.10 1,515 1,500 3 H17.4 1,000 2 H16.10 3 H17.4 500 21.0% JAL 17.9% 11.2% 8.0% 6.5% 14 35.4% 5 6
Topic 2 NOF 1512417428 169NOF17321 11 12,000 17428139,964 798,000 505,000 800,000 100 6,000 700,000 4,000 500,000 600,000 3,000 500,000 2,000 400,000 1,000 300,000 0 15 124 15 16 16 16 16 16 16 16 16 16 16 16 16 12 1 2 3 4 5 6 7 8 9 10 11 12 17 17 17 17 1 2 3 428 200,000 14,96896.4% 1921.2% 3132.0% 490.3% Topic 3 2 H16.10 15,522 100 3 H17.4 13,954 13,44996.4% 1871.3% 2611.9% 570.4% 1 17316 10 50 2 17316 15 50 43,77123.7% 102,53255.5% 25,51013.8% 12,8377.0% 2 H16.10 184,650 3 H17.4 184,650 38,25820.7% 113,31161.4% 24,00213.0% 9,0794.9% 7 8
JAL330.819 1,84615121.8 3.798.1% 99.2% 98.8%94.1% 12 1,042 15 1,272 18 1,515 19 1,846 2,000 1,500 1,000 % 100.0 94.4% 94.9% 95.7% 95.9% 96.0% 90.0 194,673.65 194,673.90 194,674.19 194,674.20 194,674.20 80.0 97.6% 98.1% 280,000 237,006.59 236,904.67 220,000 160,000 H15.12 1 H16.4 2 H16.10 3 H17.4 500 70.0 1610 1611 1612 171 172 173 174 100,000 1610 1611 1612 171 172 173 174 18 18 18 18 18 19 19 277 280 278 283 283 287 287 12.2% 13.8% 21610 74.0% 10.0% 11.3% 3174 78.7% 194,673.65 194,673.90 194,674.19 194,674.20 194,674.20 237,006.59 236,904.67 % 94.4 94.9 95.7 95.9 96.0 97.6 98.1 10 1 2 JAL 27 331 42,084.11 18.1 TT 211130 18,218.17 7.8 B 19 331 3,699.38 1.6 6 171231 501.35 0.2 18 930 6,547.74 2.8 181231 809.15 0.3 251130 3,601.65 1.6 251130 345.37 0.1 21610 3174 251130 1,266.19 0.5 17 531 1,206.55 0.5 9 10 23.1% 4.2% B 4.2% TT 5.0% 6.6% NOF 7.9% 25.6% 13.6% 9.8% 10 19.0% 3.5% B 3.5% TT 4.1% 5.4% NOF 6.5% 21.0% 17.9% 11.2% 8.0% NF 1712 9 1,072.69 0.5 19 331 2,834.48 1.2 17 430 4,160.94 1.8 B 171031 3,652.38 1.6 19 228 3,598.83 1.5 17 9 4 3,352.29 1.4 19 214 3,221.93 1.4 100,173.20 43.1 1 22 10
% 31,804.67 S53. 5 H15.12. 8 38,730 21.0 JAL 42,084.11 H 8. 6 H17. 3.18 33,080 17.9 19,233.28 S36. 4 H15.12. 5 20,600 11.2 S43.4 18,051.61 H 7. 1 H16. 2.27 14,800 8.0 NOF 3,420.16 S62. 9 H16. 9.28 12,000 6.5 8,165.08 H 3. 3 H16. 5.25 10,000 5.4 NF 7,850.99 S62.11 H15.12. 8 5,500 3.0 01 10 05 08 09 03 06 4,160.94 H 9. 4 H16. 2.27 5,150 2.8 4,076.38 S63. 7 H16. 2.26 3,080 1.7 2,464.71 S61. 3 H16. 6.25 2,280 1.2 141,311.93 145,220 78.7 TT 18,218.17 H 1.11 H15.12. 5 7,550 4.1 B 13,683.46 H 2. 9 H15.12. 5 6,430 3.5 6,853.38 H 6.12 H15.12. 5 3,290 1.8 8,074.83 H 2.10 H15.12. 5 3,600 1.9 07 01 02 JAL 03 04 05 NOF 04 02 06 07 08 09 10 NF 15 6 13 46,829.84 20,870 11.3 NF 5,887.40 H11.12 H15.12. 5 2,970 1.6 16,977.79 S58.12 H15.12. 5 6,410 3.5 11,558.68 H 3.11 H15.12. 5 3,940 2.1 6,427.01 H10. 2 H15.12. 5 3,280 1.8 7,912.02 S51. 7 H15.12. 5 1,930 1.0 48,762.90 18,530 10.0 236,904.67 184,620 100.0 JAL 2 100.0% 50.1% NOF17321 19 15 16 17 18 19 18 16 17 NF 11 TT 12 B 13 14 13 11 12 14 11 12
01 SHINJUKU NOMURA BUILDING 262 TENNOZU PARK SIDE BUILDING 58 04 505 212 9,298.21 5,816.26 117,258.88 17,587.30 50.1% 02 JAL JAL BUILDING NOF NOF SHIBUYA KOEN DORI BUILDING 05 411 2017 262 82 11,670.40 637.08 25,260.48 5,358.55 03 ITOPIA NIHONBASHI- HONCHO BUILDING ISUZU SHIBA BUILDING 06 71 23 83 71 3,196.31 2,074.65 29,430.67 11,425.20 13 14
07 NF SHINAGAWA NF BUILDING 25 3,240.30 10,077.02 635 TT TT LANDIC TOYO- CHO BUILDING 8,926 18,051.08 11 81 7 08 SURUGADAI PLAZA BUILDING B TECHNOPORT KAMATA B RIDGE 12 512 81 1,056.92 5,782.27 161 111 9,429.59 3,483.90 21,516.54 09 KANDA IWAMOTO- CHO TOSEI BUILDING FARET TACHIKAWA CENTER SQUARE 13 816 9 773.32 4,698.97 362 122 4,454.59 6,865.80 10 SEIWA SHINJUKU BUILDING SHIN- YOKOHAMA NIKKO BUILDING 14 327 545.87 3,160.05 1516 1,320 11,149.99 81 91 15 16
15 NF UTSUNOMIYA NF BUILDING 11 1,545.13 10,479.63 KOBE KAIGAN BUILDING 18 3 1,451.31 10,292.93 102 161 16 NOMURA OSAKA BUILDING NOMURA HIROSHIMA BUILDING 19 815 3,136.56 23,522.82 223 1,319.15 11,950.37 122 92 17 NOMURA YOTSUBASHI BUILDING 44 1,865.34 16,845.87 152 17 18
20 19 300173 100% 15124 15228 181679 15617 18 15723 28
1. 1 2 3 164 1610 174 4,531 6,656 7,106 4,531 6,656 7,106 2,217 3,725 3,877 1,847 3,154 3,159 2,313 2,930 3,228 1,528 2,607 2,682 1,526 2,606 2,681 147,946 173,545 208,003 61,000 64,500 96,500 73,233 94,774 94,849 71,706 92,168 92,168 148,600 184,650 184,650 1 492,820 513,266 513,672 1,526 2,606 2,681 1 10,273 14,114 14,520 1 10,273 14,114 14,520 1 12 % 1.12.8 1.63.1 1.42.8 23 % 2.15.2 2.85.6 2.85.7 4 % 49.5 54.6 45.6 5 % 41.2 37.2 46.4 268 184 181 % 99.9 100.0 99.9 15 18 19 180,793.50 194,673.65 236,904.67 264 277 287 % 93.3 94.4 98.1 666 949 1,023 22 511 484 NOINet Operating Income6 3,350 4,451 4,970 FFOFunds from Operation7 2,193 3,555 3,719 1FFO8 14,757 19,255 20,142 121002 1151258 2 21148151251643021843181 321002 115125 2 41002 51002 6NOI 7FFO 21 81FFOFFO 2. 1587124 8959 26198 J-REIT 3 173JAL330.8 174 191,8461512 1.8 3.798.1% 22
173JAL 161220019030 220 1731 1 2 2100 3. 5 15 8 7 400 400 200 200 1 1512 4 148,200 148,600 71,506 71,706 2 16 519 35,000 183,600 19,866 91,572 3 16 616 1,050 184,650 595 92,168 4 11500,000 21500,000482,500 31588,000567,600 4165191567,600 174174117418 175144,000175241,320 17627229,970124,610,212 6. 4. 1 2 3 164 1610 174 715,000 779,000 798,000 505,000 591,000 678,000 6715 11 114,520 1 15 8 7 16 430 2 16 5 1 161031 3 1611 1 17 430 1,526,651 2,606,196 2,681,225 83 46 107 1,526,567 2,606,150 2,681,118 1 10,273 14,114 14,520 1,526,567 2,606,150 2,681,118 1 10,273 14,114 14,520 1 5. J-REIT LTV LTV 23 24
6. 3174 175144,00017524 1,320324 44,000 32,594,408,000 1740,782 31,496,828,000 1715,837 1751 1751 317417512 1762917630 176 29 1,320 944,904,840 1715,837 17524 1751 11335 31 1 1111 1 1 9 112 1 1,502.94 1,275.70 1 10,055.13 10,869.912 1 601031 63331 3 26 26 6,817.76 8,284.03 97.3% 100.0% 5,050 9,500 1741 17630 17512 17630 1751 175117524 1. 1 2 3 16430 161031 17430 2,000,000 2,000,000 2,000,000 148,600 184,650 184,650 71,706 92,168 92,168 14,658 15,522 13,954 2. 174 3 % 811 12,897 6.98 262 10,414 5.64 113 8,657 4.69 812 6,127 3.32 111 6,003 3.25 577 5,020 2.72 1520 4,819 2.61 811 4,224 2.29 79 3,731 2.02 11 3,726 2.02 65,618 35.54 1 2 52.70m 2 3177 25 1781 26
3. 4. UFJ UFJ 1751 UBS 174181751 1. 2 161031 1 %2 3 17430 1 %2 112,766 65.0 146,658 70.5 20,720 11.9 20,531 9.9 18,327 10.6 18,216 8.8 151,815 87.5 185,406 89.1 21,730 12.5 22,597 10.9 173,545 100.0 208,003 100.0 1 22100.0% 2. 310 %1 %1 38,704 31,804.67 31,014.36 97.5 23.9 JAL 34,082 42,084.11 42,084.11 100.0 2 20,565 19,233.28 18,903.62 98.3 11.1 14,527 18,051.61 18,051.61 100.0 10.8 NOF3 12,389 3,420.16 3,420.16 100.0 3.3 10,298 8,165.08 8,165.08 100.0 4.2 TT 7,358 18,218.17 18,218.17 100.0 2 B 6,429 13,683.46 13,101.11 95.7 5.6 6,363 16,977.79 15,708.42 92.5 6.5 NF 5,431 7,850.99 7,850.99 100.0 3.6 156,149 179,489.32 176,517.63 98.3 76.04 12 2 317321NOF 4JALTT 27 28
3. 1 (2) 262 39,400 JAL 411 30,940 71 20,500 58 14,900 NOF3 2017 14,000 23 10,200 NF 25 5,470 512 5,310 816 3,240 327 2,350 146,310 TT 635 7,660 B 161 6,740 362 3,650 1516 3,470 21,520 NF 11 3,140 815 6,820 44 4,340 34 3,200 223 1,960 19,460 187,290 1 3174 250.1% 317321NOF 4 2H16.5.1H16.10.31 3H16.11.1H17.4.30 1 % 2 % 2 1 % 2 % 2 87 96.5 1,727 26.0 86 97.5 1,701 23.9 JAL 1 100.0 3 3 12 98.3 797 12.0 12 98.3 785 11.1 14 98.8 737 11.1 14 100.0 767 10.8 NOF4 2 80.3 39 0.6 3 100.0 238 3.3 9 84.6 250 3.8 11 100.0 298 4.2 NF 5 100.0 258 3.9 5 100.0 254 3.6 1 100.0 3 3 1 100.0 3 3 7 88.2 125 1.9 8 100.0 133 1.9 5 100.0 62 0.9 5 100.0 101 1.4 142 95.9 146 99.2 4,687 5 66.0 TT 1 100.0 3 3 1 100.0 3 3 B 11 85.3 399 6.0 12 95.7 394 5.6 16 100.0 232 3.5 16 100.0 226 3.2 3 100.0 3 3 3 100.0 3 3 31 95.7 32 98.8 1,076 5 15.2 NF 26 96.1 170 2.6 26 96.1 169 2.4 23 85.9 475 7.1 23 92.5 463 6.5 16 95.2 315 4.7 17 97.1 312 4.4 24 83.7 191 2.9 28 91.1 190 2.7 15 91.4 207 3.1 15 93.9 205 2.9 104 90.0 1,359 20.4 109 94.1 1,341 18.9 277 94.4 6,656 100.0 287 98.1 7,106 5 5 100.0 1 1 1 22 3 417321NOF 5 4. 3 1 11 2 39,500 39,500 478 39,500 39,500 478 1 2 5. 3. 3 29 30
1. 3 1 17 7 1712 17 5 18 9 17 5 20 3 1711 18 4 AHU 17 6 1711 NOF 11 17 1 2 17 5 1711 18 1 17 8 18 1 17 8 1711 17 1 17 7 1 150.1% 217321NOF 435 435 190 2 2 100 100 250 50 52 56 189 5 5 2. 33 34843110 595 (1 16 9 17 3 17 2 17 3 17 4 17 4 1 1611 1612 1611 17 3 NOF 17 1 2 17 1 1611 17 4 177 52 19 18 19 22 174 484 150.1% 217321NOF 3. 1 15 8 7 16 430 2 16 5 1 161031 3 1611 1 17 430 184 548 218 487 524 33 124 239 184 548 833 1. 2 16 5 1 161031 3 1611 1 17 430 459,359 576,611 272,174 301,208 187,185 199,788 75,614 18,295 20,535 45,555 46,866 4,800 4,800 43,632 69,094 571,642 717,907 31 32
2. 3 %1 UFJ 875,000 875,000 16927 700,000 350,000 0.47917 161129 350,000 350,000 UFJ 1,000,000 1,000,000 3,000,000 15128 500,000 0.49750 16128 1,000,000 1,000,000 1,000,000 16226 2,000,000 0.50000 17226 UFJ 4,750,000 4,750,000 17317 3,800,000 1,900,000 0.48833 17517 1,900,000 1,900,000 1,500,000 500,000 161129 500,000 0.47833 171129 500,000 500,000 1,000,000 17317 500,000 0.47000 18226 500,000 14,000,000 24,500,000 1,000,000 2,500,000 1 16226 2,000,000 ) 1,500,000 500,000 0.60000 18226 7,500,000 14,000,000 32,000,000 1,000,000 2,500,000 16226 2,000,000 0.60000 18226 1,500,000 500,000 UFJ 2,000,000 2,000,000 2,000,000 2,000,000 1,000,000 1,000,000 2,000,000 2,000,000 15128 1,000,000 1,000,000 1.14500 18128 2,000,000 2,000,000 1,000,000 1,000,000 500,000 500,000 1,000,000 1,000,000 15128 2,000,000 1,000,000 2,000,000 1,000,000 1.04500 18128 17228 2,000,000 0.65000 19828 UFJ 1,000,000 1,000,000 3,000,000 16128 500,000 1,000,000 1.00625 19128 1,000,000 1,000,000 UFJ 1,500,000 1,500,000 1,500,000 1,500,000 16226 500,000 2,500,000 500,000 2,500,000 1.22500 20226 1,000,000 1,000,000 500,000 500,000 16226 3,000,000 3,000,000 1.05250 20226 UFJ 2,000,000 2,000,000 2,000,000 2,000,000 15128 1,000,000 1,000,000 1.66750 20128 1,000,000 1,000,000 2,000,000 2,000,000 2,000,000 2,000,000 15128 1,000,000 1,000,000 1,000,000 1,000,000 1.51625 20128 1,000,000 1,000,000 16226 3,000,000 3,000,000 1.77500 22226 16226 1,000,000 1,000,000 1.50625 22226 17317 1,000,000 1.75250 25226 50,500,000 54,500,000 64,500,000 86,500,000 16 33 34 2 2 2 2 3. 3 1. JAL 17318 33,080 33,080 2. 3. JAL 17318 33,080 30,940 33,080 30,940 23 344 1611117430 1 % 1 17316 5,000 1.85 27316 12 2 17316 5,000 2.47 32316 12 10,000 1 2
4. 3 A BA B 658,655 396,868 60.3% 221 0.0% 115,591 75.6% 152,919 6,551 4.3% 992,400 992,400 100.0% 7,634 7,634 100.0% 45,000 45,000 100.0% 78,563 47,789 60.8% 17,537 22.3% 20 3 3 12 3 22,734 227,984 298 12 31,631 JAL 554 19,151 NOF3 5,971 NF 5,663 3,998 2,074 B 8,150 5,254 4,338 13,876 8,651 6,274 TT 2,061 NF 4,489 1 2 317321NOF 1. 2. 3. 1. 17224 17426 12 UFJ UFJ 2. 5. 35 36
17430 % 161031 %. 4,826,415 7,303,972 16,541,136 13,913,477 115,898 128,967 52,380 14,049 21 17 399,402 86,494 58,081 22,021,750 10.6 21,418,565 12.3. 1. 59,388,326 49,872,975 2,529,407 56,858,918 1,549,249 48,323,725 102,812 101,452 49,078 53,733 30,631 70,820 458,346 394,475 59,233 399,112 35,669 358,805 11,239 3,548 1,089 10,150 86 3,462 128,077,281 103,058,350 7,557 96 185,406,754 89.1 151,815,262 87.5 2. 2,079 1,762 2,079 0.0 1,762 0.0 3. 9,610 10,780 10,780 478,527 299,192 498,917 0.3 309,972 0.2 185,907,752 89.4 152,126,996 87.7. 74,275 74,275 0.0 208,003,777 100.0 173,545,562 100.0. 318,384 322,474 24,500,000 14,000,000 1 7,500,000 508,602 505,171 285,234 230,670 1,017 938 18,599 1,282,244 1,041,675 130 1,040 34,395,613 16.5 16,120,570 9.3. 10,000,000 54,500,000 50,500,000 13,779,930 11,851,123 478,527 299,192 78,758,458 37.9 62,650,315 36.1. 113,154,072 54.4 78,770,886 45.4 92,168,480 44.3 92,168,480 53.1. 17430 % 161031 % 2,681,225 2,606,196 2,681,225 1.3 2,606,196 1.5 94,849,705 45.6 94,774,676 54.6 208,003,777 100.0 173,545,562 100.0 37 38
. 1. 6,339,782 5,849,377 766,379 7,106,161 100.0 807,083 6,656,460 100.0 2. 3,159,291 3,154,267 576,611 459,359 67,401 63,850 4,800 4,800 69,094 3,877,199 54.6 43,632 3,725,909 56.0 3,228,961 45.4 2,930,551 44.0. 1. 115 116 4,085 27,182 1,424 119,736 1,192 6,817 0.1 20,037 167,073 2.5 2. 1611 1 17 430 % 389,039 353,647 26,630 14,855 97,614 47,367 40,120 25,424 553,564 7.8 49,401 490,537 7.4 2,682,215 37.7 2,607,087 39.2 2,682,215 37.7 2,607,087 39.2 1,040 961 16 5 1 161031 3 1,036 0.0 12 974 0.0 2,681,178 37.7 2,606,113 39.2 46 83 2,681,225 2,606,196 % 1 2 1611 1 17 430 365 245 315 315 1020 3 3 16 5 1 161031 365 245 311 310 1020 3 16519 165 19 714,000 714,000 39 40
1611 1 17 430 16 5 1 161031 41 42 3 4 5 (1) (2) (3) (4) 184,884 1 6 20,000,000 19,000,000 1,000,000 2 2,000,000 184,650 31 513,672 4676 50,000 5 172117430 1 6 20,000,000 3,500,000 16,500,000 2 2,000,000 184,650 31 513,266 4676 50,000 5 1681161031 17430 161031
1611 1 17 430 16 5 1 161031 17430 161031 A 4,890,846 1,448,935 6,339,782 135,003 562,230 69,141 3 766,379 7,106,161 B 658,655 152,919 479,820 575,823 20,581 110,900 1,023,298 137,292 3,159,291 3,159,291 CAB 3,946,869 A 4,458,746 1,390,630 5,849,377 129,459 609,820 67,542 261 807,083 6,656,460 B 632,668 156,533 485,569 670,998 21,877 127,002 949,432 110,185 3,154,267 3,154,267 CAB 3,502,193 1 21 21 21 2 % 39.39 39.37 0.02 0.04 1611 1 17 430 1751 44,00017524 1,320 324 1 44,000 32,594,408,000 1740,782 31,496,828,000 1715,837 1751 1751 2 1,320 944,904,840 1715,837 17524 1751 1 17 17 17 2 % 39.39 39.38 0.03 0.04 16 5 1 161031 43 44
1611 1 17 430 16 5 1 161031 1 2,681,225,265 2,681,118,000 14,520 107,265 2,606,196,654 2,606,150,100 14,114 46,554 341 267 15 10090 2,681,118,000 342 341 267 15 10090 2,606,150,100 342 45 46
1611 1 17 430 16 5 1 161031. 2,682,215 2,607,087 1,023,261 949,432 604 14,855 115 116 415,669 353,647 13,068 22,097 399,402 2,145,478 4,090 82,896 64,581 72,856 18,599 18,599 240,568 55,507 910 136,337 66,743 38,625 3,835,799 6,165,580 115 116 361,105 332,799 961 1,429 3,473,848 5,831,467. 34,556,712 25,610,057 98 351 347,061 895,966 2,275,868 1,147,673 10,214 32,638,218 25,358,701 1611 1 17 430 1611 1 17 430 3 17430 4,826,415 16,541,136 21,367,552 16 5 1 161031 16 5 1 161031 161031 7,303,972 13,913,477 21,217,449. 21,000,000 3,500,000 10,500,000 11,500,000 10,000,000 89,130 20,461,980 2,596,397 1,513,445 29,314,472 22,448,534 47. 150,102 2,921,300. 21,217,449 18,296,148. 21,367,552 21,217,449 3859 1294 48
UFJ UFJ UFJ FAQ Englishhttp://www.nre-of.co.jp/english/ http://www.nre-of.co.jp/ 410 21 410 8959 43UFJ 137-8081 71011 UFJ0120-232-711 UFJ MAP 4 PICK UP 1 6 12 7 10 49 50