フロンティア不動産投資法人

10

Basic Policy TABLE OF CONTENTS

MESSAGE TO UNITHOLDERS 1 INVESTMENT SUMMARY 1 18,548 1,743 211 116 212 31

INVESTMENT HIGHLIGHTS 8,000 17,693 17,845 17,960 17,296 20,000 18,441 18,548 6,000 14,437437 6,168 15,000 11,244 12,090 5,65858 4,000 4,303 10,000 2 2,000 9,543 1,985 1,053 2,511 2,610 1,241 1,334 3,067 1,593 3,470 3,587 3,667 1,909 1,953 1,970 2,245 2,950 2,967 5,000 0 0 2012 216 5,658 6,168 510 +9.0% 3,154 3,259 105 +3.3% 2,951 2,968 17 +0.6% 2,950 2,967 17 +0.6% 18,441 18,548 107 160,000 160,000-173,615 177,317 3,701 92,330 92,347 16 17 19 2 *1 99.9 100.0 - *2 41.0% 45.5% - *1 2 *2 LTV+-/-

2,000 1,500 1,231 1,596 1,743 1,000 917 948 967 999 648 648 669 500 0 6 6 7 8 9 10 11 12 17 19 16 12 13.6 14.0 13.7 13.1 12.8 13.1 12.8 13.6 14.1 15.0 3 8 4 5.1 5.6 5.9 4.7 5.1 5.8 6.3 5.4 5.0 5.5 0 20,000 15,000 10,000 5,000

OUR STRENGTH 4

Human Resources External Growth Internal Growth 5 10395 1,743

6 SHOP

1 2 3 7 4 *2141 100,000 80,000 60,000 40,000 20,000 62,091 51,716 45,947 34,657 36,935 37,601 87,393 103,191 0

8 EXTERNAL GROWTH

INTERNAL GROWTH SC 202 385 3 20122 5 3 100 15 100 9 212 214 214

FINANCIAL OVERVIEW 21630 43,700 39,530 83,230 LTV) *1 45.5 *2 22.6 *1 LTV=+-/- *2 =-/- 10 100,000 45.5% 5 50% 80,000 34.0% 35.2% 35.9% 37.5% 41.0% 41.0% 40% 60,000 30% 22.6% 40,000 14.3% 16.0% 20% 20,000 0 9.3% 8.3% 00% 0.0% 0.0% 0% 0.0% 05 0.5% 21% 2.1% 3.5% 35% 5.6% 9.0% 10% 0% 21813 S&P A+ A-1 Moody's A2 R&I AA-

2.2% 80 21.8% 60 37.8% 60% 40 23.2% 80% 20 21630 15.0% 0 1 5 10 15 20 75.3% 24.7% 47.4% 27.9% 24.7% 11 21813 *1 21813 30 21813 21813 1.40% 0.84% 2.25 6.41

PORTFOLIO MAP 5.3% 20.5% 44.6% 13.3% 16.3% 12 10 12 3 2 7 8 13 4 11 5 * * *1 SC:SC *2 SCSC

10 10 16 15 18 9 19 14 17 6 1 13 * * * * 1 20,100 11.5 19,700 77,547 100.0 6.7 2 18,100 10.4 24,200 148,666 100.0 8.6 3 11,000 6.3 9,570 63,036 100.0 10.7 4 9,300 5.3 10,500 79,504 100.0 13.6 5 4,810 2.8 4,910 17,095 100.0 15.6 6 1,490 0.9 1,630 6,640 100.0 7.3 7 2,130 1.2 2,500 11,176 100.0 3.9 8 24,800 14.2 25,500 154,766 100.0 3.3 9 3,100 1.8 3,150 6,455 100.0 2.8 10 1,940 1.1 1,850 4,678 100.0 18.3 11 3,178 1.8 3,040 79,447 100.0-12 23,200 13.3 21,800 122,107 100.0 1.4 13 7,300 4.2 6,090 4,605 98.1 2.5 14 3,560 2.0 3,420 5,212 100.0 4.6 15 19,900 11.4 21,700 98,714 100.0 1.3 16 2,600 1.5 2,600 24,019 100.0-17 3,100 1.8 3,280 1,199 100.0 10.7 18 11,600 6.7 11,600 53,374 100.0 5.6 19 3,100 1.8 3,060 8,785 100.0 4.3 174,308 100.0 180,100 967,035 100.0 5.5 * * * *

14 PORTFOLIO CHARACTERISTICS 17.9% 30.4% 51.7% 77.3% 22.7% 33.5% 19.9% 10.7% 11.9% 12.4% 11.7% 37.1% 7.8% 4.7% 7.7% 10.7% 31.9% *

PORTFOLIO OVERVIEW 16 463 463 15 20410 10km

16 PORTFOLIO OVERVIEW 2

17

PORTFOLIO OVERVIEW WV SAKAE 18

UT STORE HARAJUKU 19

INVESTMENT BREAKDOWN 投資主 投資口状況 投資主の状況 口数ベース 投資主の状況 人数ベース 126 119 口 160,000 120,000 16,746 (10.5%) 14,739 (9.2%) 25,667 (16.0%) 25,520 (16.0%) 18,170 (11.4%) 18,818 (11.8%) 179 112 128 185 名 8,000 6,000 7,885 80,000 53,308 (33.3%) 53,170 (33.2%) 46,109 (28.8%) 47,753 (29.8%) 4,000 40,000 2,000 0 0 第10期末 合計160,000口 20 8,170 第9期末 合計160,000口 金融機関 個人 その他 投信会社 その他の国内法人 第10期末 合計8,309名 外国法人等 第9期末 合計8,595名 個人 その他 金融機関 証券会社含む その他の国内法人 外国法人等 投資口価格の推移 相対価格 10.0% 250% 本投資法人投資口価格 東証REIT指数 配当利回り 右軸 次期予想ベース 200% 8.0% 150% 6.0% 100% 4.0% 50 8月 11月 2月 平成16年 平成17年 2.0% 5月 8月 11月 2月 5月 平成18年 *本投資法人の投資口価格はＩＰＯ価格を100%としています *東証REIT指数は平成16 年 8月9日の終値を100%としています 8月 11月 2月 平成19年 5月 8月 11月 2月 平成20年 5月 8月 11月 2月 5月 平成21年 出所 ＱＵＩＣＫ 東京証券取引所

REIT STRUCTURE / ASSET MANAGER * 21

INVESTOR COMMUNICATION 22 http://www.frontier-reit.co.jp

INVESTOR COMMUNICATION 23

1. 1 24 6 7 8 9 10 196 1912 206 2012 216 3,587 3,667 4,303 5,658 6,168 3,587 3,667 4,303 5,658 6,168 1,618 1,673 1,969 2,504 2,909 1,394 1,438 1,706 2,189 2,528 1,968 1,993 2,333 3,154 3,259 1,954 1,971 2,246 2,951 2,968 1,953 1,970 2,245 2,950 2,967 99,694 123,605 173,615 97,648 1.8% 60,535 0.1% 2.1%24.0%40.5% 60,552 70,478 92,330 0.0%16.4%31.0% 177,317 2.1% 92,347 0.0% 58,582 58,582 68,233 89,379 89,379 110,400 110,400 125,000 160,000 160,000 1 548,331 548,486 563,826 577,066 577,172 1,953 1,970 2,245 2,950 2,967 1 17,693 17,845 17,960 18,441 18,548 1 17,693 17,845 17,960 18,441 18,548 1 1 2 0 0 0 0 0 2.0 4.1 3.2 6.5 2.0 4.0 3.3 6.5 2.0 4.0 3.4 6.9 2.0 3.9 3.6 7.2 1.7 3.4 3.2 6.5 3 62.0 60.7 57.0 53.2 52.1 1.11.33.73.81.1 181 184 182 184 181 4 100.0 99.9 99.9 100.0 100.0 10 11 12 17 19 5 573,158.85 652,606.61 774,713.77 904,875.25 967,035.27 6 12 13 14 2142 2346 7 100.0 100.0 100.0 100.099.9 100.0100.0 847 852 1,008 1,297 1,430 8 24 16 31 157 NOI8 Net Operating Income 3,039 3,081 3,605 4,765 5,071 FFO9 Funds from Operations 2,800 2,822 3,253 4,247 4,398 1FFO10 25,365 25,567 26,027 26,549 27,488

2 25 S&P A+ A-1 Moodys A2 R&I AA-

3 1 16512 400 400 200 200 2 1687 102,000 102,400 54,136 54,336 3 1698 8,000 110,400 4,246 58,582 4 20324 14,600 125,000 9,650 68,233 5 20724 35,000 160,000 21,146 89,379 6 26 6 7 8 9 10 196 1912 206 2012 216 1,340,000 1,180,000 905,000 776,000 619,000 1,070,000 742,000 630,000 428,000 443,000 4 6 19 1 1 19 6 30 7 19 7 1 191231 8 20 1 1 20 6 30 9 20 7 1 201231 10 21 1 1 21 6 30 1,953,339 1,970,131 2,245,067 2,950,598 2,967,709 32 43 67 38 29 1,953,307 1,970,088 2,245,000 2,950,560 2,967,680 1 17,693 17,845 17,960 18,441 18,548 1,953,307 1,970,088 2,245,000 2,950,560 2,967,680 1 17,693 17,845 17,960 18,441 18,548 1 5

27 21 1231

6 28

2. 1 6 19630 7 191231 8 20630 9 201231 10 21630 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 110,400 110,400 125,000 160,000 160,000 58,582 58,582 68,233 89,379 89,379 4,982 5,131 4,932 8,595 8,309 2 14,600 9.13 13,669 8.54 12,755 7.97 12,678 7.92 8,221 5.14 5,891 3.68 4,551 2.84 4,064 2.54 3,882 2.43 3,595 2.25 83,906 52.44 29 3 3,000 1,800 1,800 9,000 4 UFJ

3. 1 9201231 2 3% 1021630 2 3% 1 25,522 14.7 25,384 14.3 54,446 31.4 54,045 30.5 1 35,114 20.2 49,659 28.0 39,122 22.5 38,936 22.0 154,205 88.8 168,025 94.8 19,410 11.2 9,292 5.2 173,615 100.0 177,317 100.0 2 30 1 2 2 3 4 18,328 77,547.22 77,547.22 100.0 12.4 16,526 148,666.78 148,666.78 100.0 11.6 10,317 63,036.3063,036.30 100.0 100.0 7.7 8,267 79,504.88 79,504.88 100.0 6.3 4,824 17,095.4717,095.47 100.0 100.0 3.7 1,407 6,640.60 6,640.60 100.0 0.9 2,066 11,176.34 11,176.34 100.0 1.4 23,794 154,766.57 154,766.57 100.0 12.5 3,057 6,455.43 6,455.43 100.0 1.6 1,939 4,678.10 4,678.10 100.0 1.2 3,256 79,447.76 79,447.76 100.0 1.9 22,987 122,107.16 122,107.16 100.0 12.1 WV SAKAE 7,267 4,605.88 4,518.29 98.1 3.8 3,562 5,212.70 5,212.70 100.0 1.8 19,700 98,714.90 98,714.90 100.0 11.4 2,626 24,019.93 24,019.93 100.0 1.3 UT STORE HARAJUKU 3,212 1,199.23 1,199.23 100.0 1.2 11,758 53,374.72 53,374.72 100.0 5.8 3,120 8,785.30 8,785.30 100.0 1.4 168,025 967,035.27966,947.68 100.0 100.0 100.0

3 1 2 3 125 18,328 19,700 830 75 16,526 24,200 102 101 10,317 9,570 121 8,267 10,500 27 4,824 4,910 235 1,407 1,630 60 1 2,066 2,500 119 23,794 25,500 118 3,057 3,150 824 1,939 1,850 53711 3,256 3,040 817 22,987 21,800 WV SAKAE 271 7,267 6,090 51 3,562 3,420 31691 19,700 21,700 316921 2,626 2,600 UT STORE HARAJUKU 108 3,212 3,280 1421 11,758 11,600 125 3,120 3,060 168,025 180,100 31

32 9 2071201231 1 2 3 4 10 211121630 1 2 3 4 1 100.0 764 13.5 1 100.0 766 12.4 1 100.0 717 12.7 1 100.0 717 11.6 1 100.0 10 100.0 481 8.5 1 100.0 10 100.0 474 7.7 1 100.0 389 6.9 1 100.0 389 6.3 2 14 100.0 94.3 235 4.2 2 100.0 16 100.0 228 3.7 1 100.0 53 0.9 1 100.0 53 0.9 1 100.0 84 1.5 1 100.0 84 1.4 1 100.0 773 13.7 1 100.0 773 12.5 1 100.0 99 1.8 1 100.0 99 1.6 1 100.0 71 1.3 1 100.0 71 1.2 1 100.0 118 2.1 1 100.0 118 1.9 1 100.0 745 13.2 1 100.0 744 12.1 WV SAKAE 4 98.1 238 4.2 4 98.1 235 3.8 1 100.0 112 2.0 1 100.0 112 1.8 1 100.0 664 11.8 1 100.0 703 11.4 1 100.0 74 1.3 1 100.0 78 1.3 UT STORE HARAJUKU 1 100.0 32 0.6 1 100.0 76 1.2 1 100.0 355 5.8 1 100.0 84 1.4 21 42 100.0 99.9 5,658 100.0 23 46 100.0 100.0 6,168 100.0 4 10 259 10,000 9,990 41 10,376 386 10,000 9,990 41 10,376 386

4. 1 GHP ITV 2112 2112 2112 2112 2112 2112 2112 2112 2112 2112 2 32 1 7 5 2110 2110 2 1 52 2 33 21 1 21 1 21 4 21 6 21 5 21 5 21 4 21 6 21 4 21 6 21 1 21 3 138 4 157 1 1 5 1 5 3 6 19 1 1 19 6 30 7 19 7 1 191231 8 20 1 1 20 6 30 9 20 7 1 201231 10 21 1 1 21 6 30 100 100 100 100 200 100 100 100 100 200 200

5. 1 9 20 7 1 201231 10 21 1 1 21 6 30 a 218,008 271,406 1 124,621 172,188 2 93,387 99,218 b 7,906 8,680 c 35,229 18,952 d 6,600 6,600 e 46,713 75,920 314,458 381,560 2 34 UFJ 1 3 201216 10,100,000 1.02905 21616 5 2 201219 7,500,000 0.97045 21630 6 201219 7,500,000 7,500,000 1.03116 211221 2 21616 6,600,000 0.89364 22616 2 21630 1,500,000 0.82394 22630 2 201219 3,800,000 1.35167 21420 2 21413 1,500,000 0.89808 21713 2 21420 3,800,000 0.78587 21721 2 201015 3,000,000 1.14250 21115 3 201219 1,000,000 1,000,000 1.46552 211221 2 21115 2,000,000 0.85634 21731 2 21115 1,000,000 1.33667 22115 2 21218 1,000,000 0.96175 21818 3 3 201216 2,000,000 1.13380 21616 7 201219 1,700,000 1,700,000 1.48250 211119 2 201219 700,000 1.33762 21310 2 201219 1,000,000 1,000,000 1.46552 211221 2 21610 700,000 0.76364 21910 2 2 UFJ 201219 2,200,000 1.34083 21313 40,500,000 29,300,000

1 21219 6,000,000 1.63000 24220 2 21218 2,200,000 1.61464 231216 3 UFJ 21615 2,200,000 1.89000 25617 2 UFJ 21216 2,000,000 1.62000 24116 2 21316 2,000,000 1.81000 26315 42 14,400,000 40,500,000 43,700,000 3 35 6. 1 21.1.13 11,600 21.2.18 3,100 14,700 2

3 2 3 21.1.13 11,600 12,600 21.2.18 3,100 3,120 14,700 15,720 4 14,700,000 3,100,00021.1% 3,100,00021.1% 3,100,00021.1% 36 3 A B 5BA 116,000 116,000 100.0% 4 201,335 75,605 37.6% 5

7. 1 2 3 4 16 5 12 200 200 200 200 1 16 5 12161231 200 100 0.2 2 17 1 1 17 6 30 200 100 0.2 3 17 7 1 171231 200 100 0.2 4 18 1 1 18 6 30 200 100 0.2 5 18 7 1 181231 200 100 0.2 6 19 1 1 19 6 30 200 100 0.2 7 19 7 1 191231 200 100 0.2 8 20 1 1 20 6 30 200 100 0.2 9 20 7 1 201231 200 100 0.1 1021 1 1 21 6 30 200 100 0.1 37 8.

38 201231 21630 16,279,866 5,513,114 1 2,620,835 3,688,768 42,277 11,966 31,086 31,892 186 10 409,031 33,534 19,383,283 9,279,287 30,824,832 30,889,010 1,715,373 2,304,218 1 29,109,458 28,584,791 876,433 876,433 105,044 138,848 1 771,388 737,585 21,624 21,624 4,844 5,925 1 16,780 15,698 1 50,071,182 50,091,613 34,282,125 39,957,033 5,300,454 6,069,714 1 28,981,671 33,887,318 862,440 943,115 193,610 219,839 1 668,829 723,276 253,773 253,773 57,287 67,612 1 196,486 186,160 13,706 15,211 456 1,306 1 13,249 13,904 1 44,376,225 53,784,705 4,174 154,209,447 168,025,053 367 347 367 347 10,401 10,376 11,901 2,334 22,302 12,711 154,232,117 168,038,112 173,615,401 177,317,400

201231 21630 290,044 631,000 40,500,000 29,300,000 1 80,000 10,658 38,960 136,896 165,938 666 630 725,286 835,074 7,123 2,627 41,670,675 31,054,232 14,320,000 152 1 18,654,949 18,439,079 1 20,891,434 21,091,745 67,720 64,635 39,614,105 53,915,613 81,284,781 84,969,846 2 89,379,610 89,379,610 2,950,598 2,967,709 2,950,598 2,967,709 92,330,208 92,347,319 411 234 411 234 92,330,620 92,347,554 173,615,401 177,317,400 39

40 20 7 1 201231 21 1 1 21 6 30 1 2 5,636,670 6,139,290 1 21,539 29,641 5,658,210 6,168,932 1 2 2,189,705 2,528,282 218,008 271,406 7,906 8,680 35,229 18,952 6,600 6,600 46,713 75,920 2,504,163 2,909,842 3,154,047 3,259,089 6,777 5,486 375 1,521 708 1,531 3,712 3,664 1,961 863 92 16,101 10,593 162,521 301,020 55,832 285 218,639 301,020 2,951,509 2,968,662 2,951,509 2,968,662 1,087 814 108 175 978 990 2,950,530 2,967,671 67 38 2,950,598 2,967,709

20 7 1 201231 21 1 1 21 6 30 1 68,233,100 89,379,610 21,146,510 21,146,510 89,379,610 89,379,610 2,245,067 2,950,598 2,245,000 2,950,560 2,950,530 2,967,671 705,530 17,111 2,950,598 2,967,709 2,245,067 2,950,598 2,245,000 2,950,560 2,950,530 2,967,671 705,530 17,111 2,950,598 2,967,709 70,478,167 92,330,208 21,146,510 2,245,000 2,950,560 2,950,530 2,967,671 21,852,040 17,111 92,330,208 92,347,319 150 411 261 177 261 177 411 234 150 411 261 177 261 177 411 234 70,478,318 92,330,620 21,146,510 2,245,000 2,950,560 2,950,530 2,967,671 261 177 21,852,301 16,933 92,330,620 92,347,554 41

42 1. 2. 20 7 1 201231 239 247 814 615 3. 20724 20724 736,890 736,890 4. 5. 21 1 1 21 6 30

20 7 1 201231 1319330 1619330 21 1 1 21 6 30 201231 1. 9,685,221 224,444 11,508 16,146,401 25,925,269 513,464 132,076 949 32,595,934 85,235,270 9,065,270 19,794,318 28,859,589 2. 674 50,000 21630 1. 380,427 9,489,907 214,476 10,762 16,146,401 24,943,326 466,387 126,081 901 28,549,272 80,327,944 8,859,682 19,690,343 28,550,026 2. 674 43 20 7 1 201231 1. A. 5,636,670 21,539 5,658,210 B. 163,785 520,352 13,106 153,223 1,297,295 41,941 2,189,705 C.AB 3,468,505 2. 20724 51,774 2,795 21 1 1 21 6 30 1. A. 6,139,290 29,641 6,168,932 B. 197,341 712,934 14,028 119,347 1,430,414 54,215 2,528,282 C.AB 3,640,649 20 7 1 201231 1. 2,000,000 160,000 21 1 1 21 6 30 1.

20 7 1 201231 1. 24 162 186 186 2. 39.39 39.38 0.02 0.03 3. 2025 20430 39.3939.33 21 1 1 21 6 30 1. 10 10 10 152 152 152 2. 39.33 39.32 0.02 0.03 44 20 7 1 201231 1. 6746 6749 6746 20724 9.13 2 UT STORE HARAJUKU SCSCM 3,560,000 93,000 664,974 50,062 SCMSC 14,766 21 1 1 21 6 30 1. 6749 2 SCSCM 3,100,000 116,000 703,845 75,605 15,408

20 7 1 201231 2. 67410 6,900,000 7,350,000 1,700,000 21 1 1 21 6 30 2. 1,400,000 1,400,000 1,700,000 20 7 1 201231 1 577,066 1 18,959 1 21 1 1 21 6 30 1 577,172 1 18,547 1 20 7 1 201231 21 1 1 21 6 30 2,950,530 2,967,671 2,950,530 2,967,671 155,625 160,000 45 20 7 1 201231 21 1 1 21 6 30

20 7 1 201231 21 1 1 21 6 30. 2,950,598,131 2,967,709,544. 2,950,560,000 2,967,680,000 1 18,441 18,548. 38,131 29,544 37 6715 10090 160,000 2,950,560,000 37 37 6715 10090 160,000 2,967,680,000 37 46

47

20 7 1 201231 21 1 1 21 6 30 48 2,951,509 2,968,662 1,297,295 1,430,414 7,153 7,008 162,521 301,020 3,712 42,277 30,311 6,467 8,760 106,663 171,723 7,614 12,035 24,309 9,314 106,703 25,566 385,286 4,212,104 5,407,909 7,173 7,167 144,581 284,013 1,363 1,098 4,073,334 5,129,964 22,771,800 84,608 14,174,840 14,992,160 215,870 215,870 799,090 1,254,496 344,213 1,341,306 544,524 897,116 544,524 462,500 36,711,228 15,636,851 118,300,000 22,500,000 90,700,000 33,700,000 14,400,000 21,146,510 2,246,594 2,936,455 46,499,915 263,544 13,862,021 10,243,342 4,141,563 18,003,585 1 18,003,585 7,760,242

20 7 1 201231 3 21 1 1 21 6 30 20 7 1 201231 21 1 1 21 6 30 1. 201231 1. 21630 16,279,866 5,513,114 2,620,835 3,688,768 897,116 1,441,640 18,003,585 7,760,242 49

UFJ 0120-232-711 0120-244-479