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Historical Chart of Total Assets
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In 2002, JRF started off with 4 properties and 44 billion yen in assets. At that time we proclaimed our goals to be “200 billion yen in assets within 3 years of being listed, and 400 billion yen within 5 years,” and we achieved both goals ahead of schedule. In the August 2011 period the total value of our assets was 621.3 billion yen.
A commercial facility grows obsolescent as the years pass. At present, when we have more than 600 billion yen in assets, the stability of our rental income is such that it would not be affected even if we temporarily closed one or two properties to renovate them. Moreover, for one or two properties, in order to replace the tenants there, we can afford to wait a while to find particularly desirable tenants. Since we have exceeded a certain size, we are able to make medium- and long-term plays while obtaining stable profit in the near term.
|
Fiscal
Period
Ended
|
Total Assets
(mn Yen)
|
| Aug. 11 |
621,377 |
| Feb. 11 |
625,312 |
| Aug. 10 |
666,843 |
| Feb. 10 |
578,829 |
| Aug. 09 |
588,500 |
| Feb. 09 |
578,674 |
|
Number of Existing
Properties |
Acquisition
Price
(mn Yen) |
Total Book Value
(I) |
Total Appraisal Value
(II) |
Difference
(II-I） |
| 59 |
624,254 |
597,570 |
566,765 |
-30,805 |
| 59 |
624,254 |
601,341 |
568,969 |
-32,372 |
| 59 |
624,254 |
605,601 |
565,952 |
-39,649 |
| 50 |
571,229 |
554,789 |
512,641 |
-42,148 |
| 50 |
571,107 |
559,203 |
517,981 |
-41,222 |
| 48 |
561,927 |
553,619 |
537,350 |
-16,269 |
|
Leasable Area and Occupancy Rate
|
JRF is one of the largest in terms of having the most commercial floors for rent in Japan.
In addition, we have a highly stable fund whose portfolio’s occupancy rate has consistently exceeded 99% ever since our listing.
|
| Fiscal Period Ended |
Leasable
Area（m²） |
Number of
Tenants *1 |
Occupancy
Ratio(%) *2 |
NOI Yield(%) |
| Aug. 11 |
2,717,104.48 |
576 |
99.6 |
5.1 |
| Feb. 11 |
2,717,223.91 |
530 |
99.1 |
5.1 |
| Aug. 10 |
2,759,561.15 |
523 |
99.6 |
5.1 |
| Feb. 10 |
2,530,352.95 |
478 |
99.5 |
5.1 |
| Aug. 09 |
2,531,279.32 |
410 |
99.7 |
5.1 |
| Feb. 09 |
2,525,167.01 |
373 |
99.7 |
5.2 |
|
| *1 The number of tenants is based on end tenants. |
| *2 The occupancy ratio is calculated by simple average method. |
Revenue Performance by Property (Growth-type properties only)
as of Oct. 2011
|
A growth-type property is a property that we believe offers potential growth in property value and cash flow by linking a portion of our rental revenues to the business performance of certain tenants, with fixed minimum rents or scheduled minimum rent increases, as well as through active property management to improve tenant quality and occupancy rates. These graphs are the sales performance of growth type properties. |
2009
2010
2011
* Change in gross sales only shows properties whose total sales are comparable.
* Data in Revenue Perfomance by Property of Oyama Yuen Harvest Walk is excluded amount of sales in part of tenant which have large scale up and down by season.
