DAIWA HOUSE REIT INVESTMENT CORPORATION October 8, 2015
Investment Corporation: Daiwa House Residential Investment Corporation 7th Floor, Nissei Nagatacho Building
2-4-8 Nagatacho, Chiyoda-ku, Tokyo Tetsuji Tada, Executive Director
(Code Number: 8984)
Asset Manager: Daiwa House Asset Management Co., Ltd. Koichi Tsuchida, CEO & President
Inquiries: Hirotaka Uruma, CFO & Director Finance & Corporate Planning Department
TEL: +81-3-3595-1265
Daiwa House Residential Investment Corporation ('DHI') announced a decision today by Daiwa House Asset Management Co., Ltd., the asset manager to which DHI entrusts the management of its assets (the 'Asset Manager'), to acquire asset ('Asset Scheduled for Acquisition') as follows.
Acquisition Rationale
DHI decided to acquire Castalia Kyoto Nishioji in order to enhance and diversify the portfolio and secure stable revenue over the medium to long term, etc. based on the investment policy set forth in DHI's Articles of Incorporation.
Acquisition Details
Asset Scheduled for Acquisition
Property name
Acquisition price
(planned) (Note 2)
Seller
Castalia Kyoto Nishioji (FORECITYNishioji) (Note 1)
¥973,000,000
Company engaged in general business in Japan (Note 3)
(Note 1) DHI is scheduled to change the property name of the asset above. Accordingly, the name after the change is shown with the name as of today shown in parentheses.
(Note 2) Excluding such amounts as expenses related to acquisition, amount equivalent to reimbursement of taxes and dues, etc., and amount equivalent to consumption taxes.
(Note 3) No name, etc. is shown as the seller has not consented to such disclosure. Please note that the seller does not constitute a party with particular vested interest in DHI or the Asset Manager.
Scheduled execution date of the sale and purchase agreement October 15, 2015
Scheduled acquisition date
November 2, 2015 or on a date agreed upon by the seller and DHI.
Acquisition funds Cash on hand
Method of settlement
Payment of entire amount upon delivery
Asset Scheduled for Acquisition Details
Name and Location, etc. of Respective Real Estate
Type of specified asset
Real estate
Present titleholder
Company engaged in general business in Japan (Note 1)
Trustee
N/A
Location
Lot number
100-1, Shichijyo Goshonouchi Minamimachi, Shimogyo-ku, Kyoto city, Kyoto Prefecture
Residence indication
100-1, Shichijyo Goshonouchi Minamimachi, Shimogyo-ku, Kyoto city, Kyoto Prefecture (Note 2)
Land
Form of ownership
Proprietary ownership
Site area
420.92m2
Zoning
Commercial zone
Building coverage ratio / Floor area ratio
80% / 500%
Building
Form of ownership
Proprietary ownership
Usage
Apartment complex
Total floor area
2,318.47m2
Structure / Number of floors
RC structure, 11F
Construction completion date
August 24, 2006
Overview of Leasing (as of August 31, 2015)
Total number of tenants
1
Monthly rent (incl. common area charges)
¥ 5,114 thousand
Number of leasable units
81
Deposits, guarantees, etc.
¥ 1,162 thousand
Number of leased units
78
Occupancy rate
96.2%
Leasable floor area
2,035.37m2
Leased floor area
1,958.42m2
Breakdown of Residential Unit Type
Type
As a percentage of total number of units
Property management company
Nakagawa Construction company (planned)
Compact Type
100%
Master lease company
Nakagawa Construction company (planned)
Family Type
0%
Master lease type
Pass-through type (planned)
Collateral
N/A
Engineering Report
Building investigation agency
Tokio Marine & Nichido Risk Consulting Co., Ltd.
Earthquake resistance investigation agency
Tokio Marine & Nichido Risk Consulting Co., Ltd.
Report date
September 2015
Report date
September 2015
Emergency repair expenses
0
Earthquake probable maximum loss
9.4%
Short-term repair expenses (within 1 year)
0
Soil environment investigation agency
Tokio Marine & Nichido Risk Consulting Co., Ltd.
Long-term repair expenses (next 12 years)
¥39,962 thousand
Report date
September 2015
Building replacement cost
¥577,500 thousand
Summary of engineering report
No matters were pointed out in particular.
Building Developer, Designer, Structural Designer, Building Contractor and Building Confirmation Agency
Building developer
NIHON ESLEAD CORPORATION
Building contractor
DAISUE CONSTRUCTION CO.,LTD.
Building designer
Ishizue Architect
Building confirmation agency
I-PEC
Structural designer
Ishizue Architect
Other Information
(Note 1) No name, etc. is shown as the company has not consented to such disclosure. Please note that the company does not constitute a party with particular vested interest in DHI or the Asset Manager.
(Note 2) The address of the property does not comply with residence indication.
Location Environment and Other Property Characteristics
The property is located approximately a four-minute walk from Nishioji Station on the JR Tokaido Main Line, meaning that JR Kyoto Station is one station, taking approximately two minutes, from the nearest station. In addition to being highly convenient in terms of commuting to work or school, the neighborhood and JR Nishioji Station vicinity has ample eating/drinking establishments and convenience stores, making convenience in terms of lifestyle also favorable. The location is thus one that can expect strong rental demand from mainly one-person households.
Matters of Special Note
The City implemented a new landscape policy in September 2007, changing the height limit of height control districts and thereby making the property's building kizon futekikaku (structures that conformed to the law when constructed but no longer conform to the law as a result of subsequent laws or amendments, but are not categorized as illegal structures). There is thus the possibility that a building of the same size and same height may not be able to be built in the event that the property's building is to be rebuilt in the future.
[Explanation of Entries in TableAbove]
The summary of the respective real estate in trust is the information as ofAugust 31, 2015, unless otherwise specified.
Explanation of 'Name and Location, etc. of Respective Real Estate'
'Present titleholder' is the parties that sold the real estate, etc. to DHI.
'Trustee' is the trustee or the party that is scheduled to become the trustee of the to-be-acquired asset.
'Location (Lot number)' is the lot number as indicated in the register, and 'Location (Residence indication)' is the residence indication of the asset to be acquired as indicated in the register (for properties without residence indication, the location of the building is as indicated in the register (only one location is indicated for properties that have several locations)).
'Form ofownership' for the land and building are the kind of rights held by the trustee for the asset scheduled for acquisition.
'Site area' for the land is the area of the land recorded in the register.
'Zoning' for the land is the zoning provided in Article 8, Paragraph 1, Item 1 of the City PlanningAct.
'Building coverage ratio' for the land is the ratio of the building area of the building to the site area as stipulated in Article 53 of the Building Standards Act and is the maximum figure of the building coverage ratio determined by city planning in accordance with the zoning, etc. (designated building coverage ratio). Designated building coverage ratios may be relaxed / increased, or decreased, since the building is a fireproof building in a fire prevention district, or for other reasons. Therefore it may differ from the actual building coverage ratio to be applied.
'Floor area ratio' for the land is the ratio of the total floor area of the building to the site area as stipulated in Article 52 of the Building Standards Act and is the maximum figure of the floor area ratio determined by city planning in accordance with the zoning, etc. (designated floor area ratio). Designated floor area ratios may be relaxed / increased, or decreased, since the width of the road adjacent to the site, or for other reasons. Therefore it may defer from the actual floor area ratio to be applied.
'Usage' for the building is the primary use out of the types recorded in the register.
'Total floor area' for the building is the sum total of the floor area recorded in the register.
'Structure / Number of floors' for thebuilding is the structure recorded in the register. 'Structure / Number of floors' entries use the following acronyms.
RC: Reinforced concrete structure SRC: Steel reinforced concrete structure S: Steel framed structure
'Construction completion date' for the building is when construction was completed as recorded in the register.
Explanation of 'Overview of Leasing'
'Overview of Leasing' numerical figures and information are based on information as of August 31, 2015 and have been derived based on numerical figures and information granted us from the previous owner of the asset scheduled for acquisition.
'Total number of tenants' enters the number of tenants as 1 if there is a master lease agreement concluded with the sublessee. In the foregoing case, the number of leased units is calculated on the assumption that consent for the sublessee to become the lessor has been obtained from all end-tenants. The entry is 1 tenant when 1 party leases multiple rental units.
'Number of leasable units' is the number of units of the asset scheduled for acquisition that is leasable as ofAugust 31, 2015.
'Number of leased units' is the number of units for which a lease agreement has been concluded with an end-tenant for he asset scheduled for acquisition as ofAugust 31, 2015.
'Leasable floor area' is the floor area of the real estate in trust that is leasable based on information as ofAugust 31, 2015.
'Leased floor area' is the sum total of the floor area of the asset scheduled for acquisition entered in the lease contract concluded with end-tenants as of August 31, 2015. However, where there is clearly an error in the lease contract entry, that based on information received from the previous titleholder of the acquired asset, completion drawings, etc. is shown.
'Monthly rent (incl. common area charges)' is, in principle, in the case where the master lease type is the pass-through type, the sum total amount of the monthly rent (including common area charges, but excluding the monthly use fees for parking space, trunk room and other ancillary facilities and consumption taxes etc.) entered in the lease contract, etc. concluded between the master lease company or the titleholder of the real estate / real estate in trust and end-tenants. In addition, in the case where the master lease type is the
rent-guaranteed type, it is the sum total amount of the guaranteed amount of monthly rent (including common area charges, but excluding the monthly use fees for parking space, trunk room and other ancillary facilities and consumption taxes, etc.) entered in the rent-guaranteed lease contract concluded between the master lease company and the titleholder of the real estate / real estate in trust or the rent-guaranteed sublease contract concluded between the master lease company and the sublessee to which the master lease company is blanket subleasing. However, in the case where agreements of different master lease types are concluded, it is the sum total amount of the monthly rent of the pass-through type and monthly rent of the rent-guaranteed type. Amounts are rounded down to the nearest thousand yen.
'Deposits, guarantees, etc.' is, in principle, in the case where the master lease type is the pass-through type, the sum total of the balance of the deposits, guarantees, etc. that must be returned to end-tenants based on the lease agreement concluded between the master lease company or the titleholder of the real estate / real estate in trust and end-tenants, rounded down to the nearest thousand yen. However, in the case where there is a portion that need not be returned due to special provisions for non-refundable deposits, amortization ofdeposits, etc. in lease agreements, the amount after deducting the concerned amount is shown. In addition, in the case where the master lease type is the rent-guaranteed type, it is the balance of the deposits, guarantees, etc. based on the rent-guaranteed lease contract concluded between the master lease company and the titleholder of the real estate / real estate in trust or the rent-guaranteed sublease contract concluded between the master lease company and the sublessee to which the master lease company is blanket subleasing. However, in the case where agreements of different master lease types are concluded, it is the sum total amount of thedeposits, guarantees, etc. of the pass-through type and deposits, guarantees, etc. of the rent-guaranteed type. Amounts are rounded down to the nearest thousand yen.
'Occupancy rate' is the ratio of leased floor area to leasable floor area of the asset scheduled for acquisition, rounded to one decimal place.
'Property management company' is the property management company that, as of today, is delegated property management services for the asset scheduled for acquisition.
'Master lease company' is the lessee that has a blanket lease agreement concluded with the Present titleholder for the purpose of subleasing to third parties.
'Master lease type' is 'Pass-through type' when the master lease agreement concluded is not one based on payment of a guaranteed amount of rent, while it is 'Rent-guaranteed type' when the master lease agreement concluded is one based on payment of a guaranteed amount of rent. With 'Pass-through type,' rent is received only when subleasing actually takes place.
Explanation of 'Breakdown of Residential Unit Type'
'Breakdown of Residential Unit Type' is based on the following classification. Exclusive-use floor area
Compact Type 60m2 or less Family Type More than 60m2
'As a percentage of total number of units' is the ratio of the number of leasable units of the residential unit type to the number of leasable units of the asset scheduled for acquisition, rounded to one decimal place. Accordingly, the sum total of the entered percentages does not necessarily add up to 100.0%.
Explanation of 'Engineering Report'
'Engineering Report' is based on the entries in the engineering report prepared for the asset scheduled for acquisition. The pointed matters that will be resolved until acquisition are excluded from 'Matters of Special Note'.
'Earthquake probable maximum loss' represent the probable maximum loss from an earthquake as being the amount of probable loss of damage that may result from an earthquake having 0.21% annual exceedance probability (475-year return period) expressed as a percentage (%) of the replacement cost (Note).
Explanation of 'Other Information'
'Other Information' provides an explanation of matters that need to be noted with respect to the entries of the items in the summary of
the asset scheduled for acquisition.
Explanation of 'Location Environment and Other Property Characteristics'
'Location Environment and Other Property Characteristics' is, in principle, based on the entries of real estate appraisal reports for the
asset scheduled for acquisition.
Explanation of 'Matters of Special Note'
Significant limitations or restrictions by laws, ordinances, rules and regulations
Significant burdens or limitations pertaining to rights, etc.
Significant cases where there are buildings, etc. crossing the boundaries of real estate in trust and cases where there are issues with boundary confirmation, etc.; and related arrangements, etc.
Significant agreements, arrangements, etc. made with co-owners or condominium unit owners
Seller Profile
The seller is a company engaged in general business in Japan. No name, etc. is shown as the seller has not consented to such disclosure. Please note that the seller does not constitute a party with
particular vested interest in DHI or the Asset Manager.
Broker Profile
No name, etc. is shown as the broker has not consented to such disclosure. Please note that the broker does not constitute a party with particular vested interest in DHI or the Asset Manager.
Status of Property Owners, etc.
Entry is omitted since the property is not acquired from a party with particular vested interest in DHI or the Asset Manager.
Matters Concerning Earthquake Resistance, etc.
Of the to-be-acquired asset, DHI outsourced the examination/confirmation of earthquake-resistant structure content, including structural calculation documents, to a professional third party institution (Tokio Marine & Nichido Risk Consulting Co., Ltd.) and has received a statement that no willful alteration of the structural calculation documents by the building designer is suspected of the building of the to-be-acquired asset.
DHI has received a statement concerning the structural design and it is judged that the design is generally in accordance with the provisions of earthquake resistance of the Building Standards Act and its ordinances for enforcement, etc.
In addition, in the course of due diligence upon property acquisition, DHI has earthquake risk analyses conducted separate to the investigation of examination/confirmation conducted by the confirmation and investigation agencies. The analyses are based on a design drawing review, ground survey, etc. using structural drawings, structural calculation documents and other materials.
Future Prospects
Please refer to 'Financial Report for the 19th Fiscal Period' announced today.
Summary of Real Estate Appraisal
Real Estate Portfolio List after Acquisition of Property
Area
(Note 1)
Property No.
Property Name
Acquisition Date (planned) (Note 2)
Acquisition Price (planned) (Note 3)
Investment Ratio (Note 4)
Residential
Area 1
1001
Qiz Ebisu
March 22, 2006
7,650
3.0%
1002
CastaliaAzabujuban Shichimenzaka
March 22, 2006
4,500
1.8%
1003
Castalia Shibakoen
March 22, 2006
2,630
1.0%
1004
Castalia Ginza
March 22, 2006
2,520
1.0%
1005
Castalia Hiroo
March 22, 2006
2,220
0.9%
1006
Castalia Nihonbashi
March 22, 2006
1,200
0.5%
1007
Castalia Hacchobori
March 7, 2007
2,300
0.9%
1008
CastaliaAzabujuban
June 21, 2007
2,910
1.1%
1009
CastaliaAzabujubanⅡ
June 21, 2007
2,690
1.0%
1010
Castalia Shinjuku Natsumezaka
June 21, 2007
1,865
0.7%
1011
Castalia GinzaⅡ
June 21, 2007
1,800
0.7%
1012
Castalia Shibuya Sakuragaoka
June 21, 2007
1,400
0.5%
1015
Castalia NishiAzabu Kasumicho
April 1, 2010
2,143
0.8%
1016
Castalia Ochanomizu
April 1, 2010
1,770
0.7%
1017
Castalia Sangubashi
April 1, 2010
1,393
0.5%
1018
Castalia Suitengu
April 1, 2010
1,279
0.5%
1019
Castalia SuitenguⅡ
April 1, 2010
1,138
0.4%
1020
Castalia Shintomicho
April 1, 2010
932
0.4%
1021
Castalia ShintomichoⅡ
April 1, 2010
825
0.3%
1022
Castalia Harajuku
April 1, 2010
887
0.3%
1023
Castalia Yoyogi Uehara
April 1, 2010
608
0.2%
1024
Castalia Sendagaya
April 1, 2010
555
0.2%
1025
Castalia Shinjuku 7 chome
April 1, 2010
464
0.2%
1027
Castalia Ningyocho
April 1, 2010
947
0.4%
1028
Castalia NingyochoⅡ
April 1, 2010
1,070
0.4%
1029
Castalia Shin-Ochanomizu
April 1, 2010
914
0.4%
1030
Castalia Higashi NihonbashiⅡ
April 1, 2010
1,370
0.5%
1031
Castalia Jinbocho
April 1, 2010
1,160
0.5%
1032
Castalia ShintomichoⅢ
April 1, 2010
675
0.3%
1033
Castalia Shinjuku Gyoen
April 1, 2010
2,720
1.1%
1034
Castalia Takanawadai
April 1, 2010
860
0.3%
1035
Castalia Higashi NihonbashiⅢ
April 1, 2010
666
0.3%
1036
Castalia Shinjuku GyoenⅡ
April 1, 2010
486
0.2%
1037
Castalia ShintomichoⅣ
April 1, 2010
400
0.2%
1038
Castalia TakanawadaiⅡ
April 1, 2010
1,190
0.5%
1039
Castalia MinamiAzabu
April 1, 2010
642
0.3%
1040
Castalia GinzaⅢ
April 1, 2010
2,880
1.1%
1041
Castalia Kayabacho
April 1, 2010
2,707
1.1%
1042
Castalia Takanawa
April 1, 2010
7,430
2.9%
1043
Castalia Higashi Nihonbashi
April 1, 2010
3,520
1.4%
1045
Castalia Shinjuku
April 1, 2010
2,950
1.2%
1046
Castalia Ichigaya
June 29, 2010
940
0.4%
1047
Shibaura Island Bloom Tower
October 18, 2011
7,580
3.0%
1048
Castalia Hatsudai
December 19, 2011
2,030
0.8%
1049
Castalia Hatsudai II
September 27, 2013
1,900
0.7%
1050
Castalia Ebisu
September 27, 2013
1,420
0.6%
Subtotal
92,136
35.9%
Area 2
2001
Castalia Meguro Kamurozaka
December 20, 2005
4,500
1.8%
2002
IPSE Toritsudaigaku
March 22, 2006
648
0.3%
2004
Castalia Yukigaya
March 7, 2007
1,110
0.4%
2005
Castalia Yutenji
June 21, 2007
1,450
0.6%
2006
Castalia Otsuka
June 21, 2007
1,480
0.6%
2007
Castalia Kikukawa
June 21, 2007
817
0.3%
2008
Castalia Meguro
April 1, 2010
844
0.3%
2009
Castalia OtsukaⅡ
April 1, 2010
1,040
0.4%
2010
Castalia Jiyugaoka
April 1, 2010
1,200
0.5%
2011
Castalia Mejiro
April 1, 2010
988
0.4%
2012
Castalia Ikebukuro
April 1, 2010
2,570
1.0%
2013
Castalia Kaname-cho
April 1, 2010
1,140
0.4%
2014
Castalia Tower Shinagawa Seaside
April 1, 2010
7,380
2.9%
2015
Castalia Yakumo
April 1, 2010
857
0.3%
2016
Castalia Togoshiekimae
April 1, 2010
1,560
0.6%
2018
Castalia HonjoAzumabashi
April 1, 2010
996
0.4%
2019
Castalia Kitazawa
April 1, 2010
742
0.3%
2020
Castalia Monzennakacho
April 1, 2010
503
0.2%
2023
Castalia Kamiikedai
April 1, 2010
198
0.1%
2024
Castalia Morishita
April 1, 2010
832
0.3%
2025
Castalia Wakabayashi koen
April 1, 2010
776
0.3%
2026
CastaliaAsakusabashi
April 1, 2010
792
0.3%
2027
Castalia Iriya
April 1, 2010
546
0.2%
2028
Castalia Kita Ueno
April 1, 2010
2,641
1.0%
2029
Castalia MorishitaⅡ
April 1, 2010
686
0.3%
2030
Castalia Minowa
April 1, 2010
1,430
0.6%
2031
Castalia Oyamadai
April 1, 2010
533
0.2%
2032
Castalia Nakano
April 1, 2010
1,060
0.4%
2033
Castalia Yoga
April 1, 2010
923
0.4%
2034
Castalia Sumiyoshi
April 1, 2010
948
0.4%
2035
Castalia MonzennakachoⅡ
April 1, 2010
2,160
0.8%
2036
Castalia Oshiage
April 1, 2010
1,100
0.4%
2037
Castalia Kuramae
April 1, 2010
1,260
0.5%
2038
Castalia Nakanobu
June 29, 2010
1,790
0.7%
2039
Royal Parks Toyosu
November 1, 2010
7,360
2.9%
2040
Castalia Togoshi
November 1, 2010
1,770
0.7%
2041
Castalia Ooimachi
June 30, 2011
1,181
0.5%
2042
Castalia Omori
August 2, 2011
1,500
0.6%
2043
Castalia Mishuku
October 7, 2011
1,900
0.7%
2044
CastaliaArakawa
March 28, 2012
1,660
0.6%
2045
Castalia OmoriⅡ
March 29, 2012
2,370
0.9%
2046
Castalia Nakameguro
November 29, 2012
3,800
1.5%
2047
Castalia Meguro Chojyamaru
September 27, 2013
2,030
0.8%
2048
Castalia Meguro Takaban
September 27, 2013
1,750
0.7%
2049
Castalia Omori III
September 27, 2013
1,520
0.6%
2050
Morino Tonari
July 1, 2014
1,020
0.4%
2051
Castalia Meguro Tairamachi
September 26, 2014
1,165
0.5%
2052
Royal Parks SEASIR
May 1, 2015
4,350
1.7%
2053
Castalia Honkomagome
May 1, 2015
1,520
0.6%
Subtotal
82,396
32.1%
Area 3
3001
Cosmo Heim Musashikosugi
March 22, 2006
1,674
0.7%
3002
Castalia Tsurumi
June 21, 2007
666
0.3%
3003
Castalia Funabashi
April 1, 2010
704
0.3%
3006
Castalia Nishi Funabashi
April 1, 2010
783
0.3%
3007
Castalia Maihama
April 1, 2010
670
0.3%
3008
Castalia Ichikawamyoden
April 1, 2010
671
0.3%
3010
Castalia Urayasu
April 1, 2010
592
0.2%
3011
Castalia Minamigyotoku
April 1, 2010
543
0.2%
3012
Castalia MinamigyotokuⅡ
April 1, 2010
385
0.2%
3013
Castalia Nogeyama
April 1, 2010
325
0.1%
3017
Castalia Ichikawa
April 1, 2010
461
0.2%
3018
Royal Parks Hanakoganei
October 7, 2011
5,300
2.1%
3019
Castalia Musashikosugi
September 27, 2013
1,680
0.7%
3020
Royal Parks Wakabadai
March 28, 2014
4,360
1.7%
3021
Pacific Royal Court Minatomirai Urban Tower
May 1, 2015
9,100
3.5%
3022
L-Place Shinkoyasu
May 1, 2015
1,720
0.7%
3023
Royal Parks Musasikosugi
May 1, 2015
1,060
0.4%
Subtotal
30,694
12.0%
Area 4
4001
Castalia Shinsakae
December 20, 2005
1,920
0.7%
4008
Aprile Tarumi
April 1, 2010
1,340
0.5%
4009
Crest Kusatsu
April 1, 2010
3,004
1.2%
4010
Castalia Sakaisuji Honmachi
April 1, 2010
1,490
0.6%
4011
Castalia Shin-Umeda
April 1, 2010
1,376
0.5%
4012
CastaliaAbeno
April 1, 2010
4,368
1.7%
4014
Castalia Sakae
April 1, 2010
1,010
0.4%
4015
Castalia Nipponbashi Kouzu
April 1, 2010
3,570
1.4%
4016
Castalia Maruyama Urasando
April 1, 2010
411
0.2%
4017
Castalia Maruyama Omotesando
April 1, 2010
1,740
0.7%
4018
Castalia Higashi Hie
April 1, 2010
960
0.4%
4019
Castalia Tower Nagahoribashi
April 1, 2010
3,400
1.3%
4020
Castalia Sannomiya
April 1, 2010
1,230
0.5%
4021
Castalia Kotodaikoen
April 1, 2010
481
0.2%
4022
Castalia Ichibancho
April 1, 2010
783
0.3%
4023
Castalia Omachi
April 1, 2010
656
0.3%
4024
Castalia Uemachidai
April 1, 2010
2,190
0.9%
4025
Castalia Tower Higobashi
April 1, 2010
2,670
1.0%
4026
Big Tower Minami Sanjo
November 1, 2010
1,740
0.7%
4027
Castalia Fushimi
January 14, 2011
2,260
0.9%
4028
Castalia Meieki Minami
August 1, 2011
720
0.3%
4029
Castalia Yakuin
September 26, 2011
930
0.4%
4030
Castalia Mibu
December 22, 2011
1,193
0.5%
4031
Castalia Tsutsujigaoka
September 3, 2012
1,209
0.5%
4032
Castalia Ohori Bay Tower
March 25, 2013
2,910
1.1%
4033
Royal Parks Namba
March 29, 2013
2,830
1.1%
4034
Castalia Shigahondori
June 26, 2013
1,730
0.7%
4035
Castalia Kyoto Nishioji
November 2, 2015 (planned)
973
0.4%
Subtotal
49,093
19.2%
Subtotal
254,319
99.2%
Residential
Area 3
6001
Urban Living Inage
June 24, 2013
930
0.4%
6002
Aburatsubo Marina HILLS
September 1, 2014
1,100
0.4%
(Residential properties for the elderly)
Subtotal
2,030
0.8%
Total
256,349
100.0%
(Note 1) Under 'Area,' 'Area 1' refers to the 5 major wards of Tokyo (Chiyoda, Chuo, Minato, Shibuya and Shinjuku Wards), 'Area 2' refers to the wards of Tokyo excluding 'Area 1,' 'Area 3' refers to the Tokyo metropolitan area (Tokyo (excluding 'Areas 1' and 'Area 2')), Kanagawa, Saitama and Chiba Prefectures), and 'Area 4' refers to other cities (areas with populations of approximately 100,000 people or more).
(Note 2) 'Acquisition Date (planned)' is entered as the effective date of the merger (April 1, 2010) for properties that were held by the former New City Residence Investment Corporation.
(Note 3) 'Acquisition Price (planned)' is excluding such amounts as expenses related to acquisition, reimbursement of taxes and dues, etc., and consumption taxes. For properties that were held by the former New City Residence Investment Corporation, the price at which the properties were succeeded at the time of the merger (the appraisal value as of February 28, 2010) is shown. Amounts are rounded to thenearest million yen.
(Note 4) 'Investment Share' is the ratio of the acquisition price to the total amount of acquisition prices, rounded to one decimal place.
Photograph of the Property Planned for Acquisition
(Note) Replacement cost: Refers to the expenses that will be incurred if the existing building is to be newly constructed at the time of investigation.
'Special Notation' presents matters recognized to be of importance in terms of the rights, use, etc. of assets, as well as matters recognized to be of importance in consideration of the degree of impact on the appraised value, profitability and appropriation of assets, including the following matters.
Real estate appraiser | Morii Appraisal & Investment Consulting, Inc. | Date of value opinion: August 31, 2015 Date of appraisal: September 30, 2015 | |||||
Item | Content | Details | |||||
Final opinion of value | 1,000,000,000 yen | ||||||
A. Value indicated by the cost approach | 708,000,000 yen | ||||||
Land ratio | 53.4% | ||||||
Building ratio | 46.6% | ||||||
B. Value indicated by the income approach | 1,000,000,000 yen | ||||||
1. Value indicated by the income approach based on the direct capitalization method | 1,020,000,000 yen | ||||||
(1) Total revenue | 69,716,000 yen | ①＋②＋③＋④＋⑤-⑥ | |||||
① Rent income | 60,422,000 yen | ||||||
② Common area charges income | 5,832,000 yen | ||||||
③ Utilities expenses income | 1,625,000 yen | ||||||
④ Parking space income | 2,016,000 yen | ||||||
⑤ Other income | 3,641,000 yen | ||||||
⑥ Losses from vacancies, etc. | 3,820,000 yen | ||||||
(2) Total expenses | 15,316,000 yen | Sum total of a. to h. | |||||
a. Maintenance and management expenses | 2,912,000 yen | ||||||
b. Utilities expenses | 2,586,000 yen | ||||||
c. Repair expenses | 2,243,000 yen | Including restore expenses | |||||
d. Property management fee | 1,621,000 yen | ||||||
e. Leasing fee | 1,888,000 yen | ||||||
f. Taxes and dues | 3,289,000 yen | ||||||
g. Non-life insurance expenses | 127,000 yen | ||||||
h. Other expenses | 650,000 yen | ||||||
(3) Operating income from property leasing | 54,400,000 yen | (1) − (2) | |||||
(4) Operating revenue from deposits/guarantees, etc. | 96,000 yen | ||||||
(5) Capital expenditures | 2,350,000 yen | Based on an assessment (taking into consideration the engineering report) | |||||
(6) Net operating income | 52,146,000 yen | (3) + (4) − (5) | |||||
(7) Cap rate | 5.1% | ||||||
2. Value indicated by the income approach based on the DCF method | 988,000,000 yen | ||||||
Discount rate | 4.9% | ||||||
Terminal cap rate | 5.3% | ||||||
Other matters the real estate appraiser considered for appraisal | After considering the characteristics of the approaches applied, the contents in the processes of application, etc. the final opinion of value was decided by employing the value indicated by the income approach and using the value indicated by the cost approach as reference. | ||||||
* This press release (original Japanese version) is to be distributed to the Kabuto Club (the press club of the Tokyo Stock Exchange); the Ministry of Land, Infrastructure, Transport and Tourism Press Club; and the Ministry of Land, Infrastructure, Transport and Tourism Press Club for Construction Publications.
* URLof the DHI's website: http://daiwahouse-resi-reit.co.jp/eng/
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