Portfolio Overview

Snapshot

As of Jun. 24, 2020

# of acquired properties
28properties
Total acquisition price
¥ 51.9billion
Total appraisal value
¥ 56.9billion
Avg. occupancy rate
99.9%
Appraisal NOI yield
5.1%
Appraisal NOI yield after depreciation
4.6%
Remaining lease term
10.8years
  • Avg. occupancy rate refers to the occupancy rate of the total leasable area of all assets under management on May 31, 2020 rounded off to one decimal place.
  • Appraisal NOI yield before depreciation is net operating income used in the DCF analysis in the appraisal report divided by the acquisition price (appraisal date: January 31, 2020). The appraisal date of tonarie Yamatotakada, tonarie Toga・Mikita and LIFE Daisen (leasehold land) is October 31, 2019.
    Appraisal NOI yield after depreciation is net operating income after depreciation used in the DCF analysis in the appraisal report divided by the acquisition price (appraisal date: January 31,2020).
    These figures are rounded off to one decimal place.
  • Remaining lease term is the average remaining lease term of all leasable space as at May 31, 2020.
    This figure is rounded off to one decimal place.

Portfolio Diversification

As of Jun. 24, 2020

Asset type
(acquisition price basis)

Remaining lease term
(acquisition price basis)

Sourcing channel
(acquisition price basis)

Geographical dispersion
(acquisition price basis)

Leasehold land tenants
(based on number of tenants)

Ratio of sponsor-developed properties
(acquisition price basis)

  • Sourced through bridge fund refers to assets that were either warehoused on another balance sheet or purchased from a bridge fund.
  • Sponsor-developed properties refer to land or buildings purchased by the sponsor either directly or through TK equity, and has either converted the land into leasehold land or has constructed a building and found a tenant for it.
  • Sponsor rebrand refers to properties that were purchased and subsequently renovated into commercial facilities that are consistent with the sponsor’s branding concept. Property renovations include construction costs (in excess of 10 million yen), lease-up with new tenants, and changing the name of the facility.

Historical asset size

As of Jan. 31, 2020

(million yen)
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