orix jreit inc.orix jreit inc. 11th fiscal period: forecast vs. actual 2 * compared with forecast...
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ORIX JREIT Inc.ORIX JREIT Inc. 0
ORIX JREIT Inc.ORIX JREIT Inc.11th Fiscal Period Results (ended August 31, 2007)11th Fiscal Period Results (ended August 31, 2007)
October 22, 2007ORIX Asset Management Corporation
ORIX JREIT Inc.ORIX JREIT Inc.
Summary of Results for 11th Fiscal PeriodSummary of Results for 11th Fiscal Period (Ended August 31, 2007)(Ended August 31, 2007)
1
ORIX JREIT Inc.ORIX JREIT Inc.
11th Fiscal Period: Forecast vs. Actual
2
* Compared with forecast issued on April 19, 2007 in conjunction with release of business results for 10th fiscal period. The forecast was revised upward in a press release issued on September 11, 2007.
Revenue and income were higher than the initial forecast, due toRevenue and income were higher than the initial forecast, due to factors such as revenue from properties factors such as revenue from properties acquired in the 11th fiscal period (KN acquired in the 11th fiscal period (KN JiyugaokaJiyugaoka Plaza, Lunar Sendai) and increases in rental revenue from Plaza, Lunar Sendai) and increases in rental revenue from existing properties.existing properties.
・Revenue from properties acquired in 11th fiscal period (KN Jiyugaoka Plaza, Lunar Sendai) (+108 million yen)・Increase in rental revenue from existing properties
(+21 million yen)・Revenue from penalties (+25 million yen)・Decrease in repairs and maintenance costs
(+109 million yen)・Increase in interest income (+20 million yen)
・Difference from forecast for reversal of building managementassociation fees (-30 million yen)・Increase in loss on retirement (-51 million yen)・Increase in brokerage fees (-22 million yen)・Increase in interest expenses (-23 million yen)
11th Fiscal Period(Ended Aug. 31, 2007)ItemForecast Actual
Change
Operating revenues (million yen) 8,941 9,161 219
Operating income (million yen) 3,947 4,127 179
Net income (million yen) 3,108 3,284 175
Distribution per unit (yen) 13,792 14,572 780
Income-boosting factors
Income-decreasing factors
ORIX JREIT Inc.ORIX JREIT Inc.
Comparison of 10th and 11th Fiscal PeriodsIncome-boosting factors ・Full revenue from one property acquired in
10th fiscal period (+137 million yen)・Revenue from four properties acquired in
11th fiscal period (+276 million yen)・Increase in rental revenue from existing properties
(+172 million yen)
Item10th Fiscal
Period(Ended Feb. 28, 2007)
11th Fiscal Period
(Ended Aug. 31, 2007)
Change
Operating revenues (million yen) 8,477 9,161 683
Operating income (million yen) 3,865 4,127 261
Net income(million yen) 3,346 3,284 -62
Distribution per
unit (yen) 14,850 14,572 -278
・Loss of revenues from properties disposedin 10th fiscal period: loss on sale, loss on investment (-233 million yen) ・City planning taxes for properties acquired in 9th and 10th fiscal periods (-116 million yen)・Increase in interest expenses (-186 million yen)・Loss of extraordinary income from compensation received from OAM (-142 million yen)
Income-decreasing factors
Operating revenues and operating income were up, due to revenue Operating revenues and operating income were up, due to revenue from five properties acquired in the 10th from five properties acquired in the 10th and 11th fiscal periods, and increases in rental revenue from exand 11th fiscal periods, and increases in rental revenue from existing properties. Net income and distribution isting properties. Net income and distribution per unit were down, due to the loss of extraordinary income fromper unit were down, due to the loss of extraordinary income from compensation received from OAM.compensation received from OAM.
3
ORIX JREIT Inc.ORIX JREIT Inc.
Forecast of Results for 12th and 13th Fiscal Periods
Item 11th Fiscal Period(Ended Aug. 31, 2007)
Forecast for 12th Fiscal Period
(Ending Feb. 29, 2008)Change
(11th to 12th)Forecast for
13th Fiscal Period (Ending Aug. 31, 2008)
Change(12th to 13th)
Operating revenues(million yen) 9,161 9,554 393 9,675 120Operating income(million yen) 4,127 4,364 237 4,381 16Net income(million yen) 3,284 3,477 192 3,555 78No. of Investment Units issued (unit) 225,372 251,622 26,250 251,622 0Distribution per unit (yen) 14,572 13,818 -754 14,129 311
Change (11th to 12th) Change (12th to 13th)
Income-boosting factors
・Full revenue from four properties acquired in 11th fiscal period (+210 million yen)・Increase in rental revenue from existing properties
(+140 million yen)
・Increase in rental revenue from existing properties (+105 million yen)
・Loss of issuance costs for new investment units (+67 million yen)
Income-decreasing factors
・Increase in repairs and maintenance costs (-61 million yen)
・Posting of issuance costs for new investment units (-67 million yen)
・City planning taxes for four properties acquired in 11th fiscal period (-53 million yen)・Increase in repairs and maintenance costs
(-83 million yen)
Distribution per unit is forecasted to decrease compared with thDistribution per unit is forecasted to decrease compared with the 11th fiscal period, due to an increase in the e 11th fiscal period, due to an increase in the number of investment units issued with the additional offering onumber of investment units issued with the additional offering of 26,250 units. Moving forward, ORIX JREIT f 26,250 units. Moving forward, ORIX JREIT aims to improve the distribution per unit through acquisition ofaims to improve the distribution per unit through acquisition of additional properties. additional properties.
4
ORIX JREIT Inc.ORIX JREIT Inc.
Business Results and Growth StrategyBusiness Results and Growth Strategy
5
ORIX JREIT Inc.ORIX JREIT Inc.
Growth StrategyExternal Growth Strategy
● Acquire blue chip properties by capitalizing on synergy with ORIX Group
● Sustained investment emphasis on Greater Tokyo area and office properties
● Improve portfolio quality through acquisition of blue chip properties
Achieve steady growth in assets and secure stable revenues
Internal Growth Strategy
●● Secure a sound financial position by shifting to Secure a sound financial position by shifting to unsecured loans and longunsecured loans and long--term fixed interest rate term fixed interest rate loans, and spreading out maturity datesloans, and spreading out maturity dates
●● Improve financial mobility by diversifying the Improve financial mobility by diversifying the means of funds procurementmeans of funds procurement
●● Devise and implement sound and efficient capital Devise and implement sound and efficient capital strategiesstrategies
Financial Strategy
●● Maintain high occupancy rates by improving tenant Maintain high occupancy rates by improving tenant satisfactionsatisfaction
●● Raise rents by capitalizing on healthy market and Raise rents by capitalizing on healthy market and competitiveness of propertiescompetitiveness of properties
6
ORIX JREIT Inc.ORIX JREIT Inc.
External Growth Record (Based on Total Acquisition Price)・End of phase for active turnover of properties to improve portfolio quality・Moving forward, ORIX JREIT will focus its energies on increasing asset size
through acquisition of blue chip properties
70
1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th
60
120
180
240
300
(Billion yen)
Properties held since IPOProperties acquired through synergy with ORIX groupProperties acquired through other channels
99.6 99.6 104.9 114.4141.5 153.2 148.9
176.7 174.8197.9
209.0235.6
At IPO
29.9
131.7
73.9
14.8 billion yenAve. 4.9 billion yen per period
67.9 billion yenAve. 16.9 billion yen per period
84.1 billion yenAve. 21.0 billion yen per period
64.4 billion yen to reach 300
billion yen level
03/9PO
05/9PO
07/10PO
●Total acquisition price of properties acquired between POs.
360
300
ORIX JREIT Inc.ORIX JREIT Inc.
Properties Acquired in 11th Period (Slide 1 of 3)
KN Jiyugaoka Plaza ■■ Excellent locationExcellent location・Three minute walk from Jiyugaoka Station on
Tokyu Toyoko Line and Oimachi Line
・Located in affluent commercial area and anticipated to generate stable tenant demand
■■ Valuable property featuring spacious Valuable property featuring spacious floor plans compared with surrounding floor plans compared with surrounding propertiesproperties
・Valuable property due to it relatively large size in comparison with many small properties in Jiyugaoka area
■■ Acquired from outside of ORIX GroupAcquired from outside of ORIX Group ・Acquired from seller outside of ORIX Group,
as ORIX JREIT steadily increases its asset size in spite of a tight market for property acquisition
Location (address)
13-6 Jiyugaoka2-chome, Meguro-ku, Tokyo
Acquisition date
May 30, 2007
Acquisition price
3.11 billion yen
Building completion
December 2001
No. of floors 5 stories
Lot size 575.54㎡Building floor area
1,272.60㎡8
ORIX JREIT Inc.ORIX JREIT Inc.
Properties Acquired in 11th Period (Slide 2 of 3)
■■ Situated in the heart of the Sendai Situated in the heart of the Sendai business districtbusiness district・ Situated in the Honcho area in the heart of the
Sendai business district, which also features prefectural government offices, city government offices and office buildings・ Popular area characterized by high leasing rates
and low office vacancy compared with other areas
■■Valuable property with excellent location Valuable property with excellent location and amenitiesand amenities・ Two-minute walk from Kotodai Koen Station and
three-minute walk from Hirose Dori Station, both on Sendai Municipal Subway line; within walking distance of JR Sendai Station・ Open location on corner bordered by three roads,
facing major arterial road・ Relatively recent construction compared with
surrounding properties, and boasts excellent building amenities
■■High yield compared with properties in High yield compared with properties in central Tokyocentral Tokyo・ Leasing net operating income (NOI) yield
anticipated at 5.4% at time of acquisition・ ORIX JREIT will strive to improve yield through
internal growth
Lunar Sendai
Location (address)
15-1 Honcho 2-chome, Aoba-ku, Sendai City, Miyagi
Acquisition date
June 28, 2007
Acquisition price 8.5 billion yen
Building completion
February 1998
No. of floors 14 stories,2 levels underground
Lot size 1,990.35㎡Building floor area
14,107.74㎡9
ORIX JREIT Inc.ORIX JREIT Inc.
Properties Acquired in 11th Period (Slide 3 of 3)
Nihonbashi Honcho 1-chome Bldg. Round-Cross Shinjuku 5-chome
Location (address)
9-13 NihonbashiHoncho-1chome, Chuo-ku, Tokyo
Building completion
March 2006
No. of floors
10 floors, 1 level underground
Acquisition date
March. 28, 2007 Lot size 825.67㎡
Acquisition price
10.5 billion yen Building floor area
6,929.65㎡
Location (address)
17-5 Shinjuku-5chome, Shinjuku-ku, Tokyo
Acquisition date
April 26, 2007
Acquisition price
4.5 billion yen
Building completion
October 2006
10 floors, 2 levels underground
Lot size 540.38㎡
Building floor area
4,447.82㎡
No. of floors
10
ORIX JREIT Inc.ORIX JREIT Inc.
Strengths of ORIX Group
11
Properties Developed by ORIX Real Estate (ORE)
Results from Real Estate Business of ORIX Group
0.0
15.0
30.0
45.0
60.0
FY03/05 FY03/06 FY03/07
Income Before Taxes from Real Estate
ORIX Group Total Income Before Taxes (Fiscal Year
Ended March 31, 2007)
23.928.6
51.2
(Billion yen)
INTAGE Akihabara Bldg.ORIX Nagoya Nishiki Bldg. ORIX Shinagawa Bldg.
Note: Properties shown here are not scheduled for acquisition by ORIX JREIT at the present time.
Total Income Before Taxes (Excluding Head
Office Account)332.6 billion yen
Major Projects of ORIX Real Estate (ORE)
Minato Mirai 21 Project
Osaka North Yard
Sakai Logistics Center
15%
51.2 billion yen
ORIX JREIT Inc.ORIX JREIT Inc.
Improving Portfolio Quality Through Acquisition of Blue Chip Properties
0.0
50.0
100.0
150.0
200.0
250.0
Disposed Aquired
(Billion yen)
Comparison of Total Acquisition Price
30.9(17 properties)
166.9(22 properties)
2.5
5.3
0.0
2.0
4.0
6.0
8.0
0
7,000
14,000
21,000
28,00012.1
10.4
0
3
6
9
12
15
Comparison of Portfolio Averages Per Property
Acquisition Price Property Size (Bldg Floor Area)* Building Age
2.1 times
1.5 times-1.7 years
(m2) (Years)
Ratio of Properties Acquired Through Synergy with ORIX Group
Ratio of Property Acquisi-tions Featuring New Construction (Less than Two Years Old)
Ratio of Office Properties Acquired in Greater Tokyo Area
82%82% 55%55%69%69%
15,734
23,638
11th Fiscal Period(Oct. 19, 2007)**
1st Fiscal Period(Aug. 31, 2002)
11th Fiscal Period(Oct. 19, 2007)**
1st Fiscal Period(Aug. 31, 2002)
11th Fiscal Period(Oct. 19, 2007)**
1st Fiscal Period(Aug. 31, 2002)
(Billion yen)
* Property size (building floor area) is based on entire floor area of property, and is not adjusted by share of ORIX JREIT holdings.** Release date of the results for the fiscal period. 12
ORIX JREIT Inc.ORIX JREIT Inc.
Investment Emphasis on Office Properties and Greater Tokyo Area
Office
Retail
Residential
Hotel
Logistics facility
Greater Tokyo Area and surrounding citiesTokyo and cities in surrounding prefectures of Kanagawa, Chiba and Saitama (including Yokohama, Kawasaki, Chiba, Kashiwa, Matsudo, Saitama, Tachikawa, Hachioji and Mitaka cities)
Other cities
(As of October 19, 2007)
82.1%
88.1%
Ratio of investment in officeoffice properties
・Building a portfolio that is strongly positioned to capitalize on recent healthy market conditions, through an investment emphasis on office properties and the Greater Tokyo area
Ratio of investment in Greater Tokyo Greater Tokyo area and surrounding citiesarea and surrounding cities
13
ORIX JREIT Inc.ORIX JREIT Inc. 14
Hotel
Reference: Investment in Non-Office Properties
Office88.1%
Ratio of overall portfolio by acquisition price
6.4%
Acquisition price 15.04 billion yen
No. of properties 1
Property name Cross Gate
Leasing NOI yield 6.8%
Retail Residential Logistics Facility
Non-office properties11.9%
・Leasing NOI* yield for non-office properties: 6.2% (compared with 5.7% for overall portfolio)
Portfolio Distribution (by Acquisition Price)
(As of October 19, 2007)
Ratio of overall portfolio by acquisition price
2.1%
Total acquisition price 4.983 billion yen
No. of properties 2
Property name Nihon JishoMinami Aoyama Bldg., CUBE Daikanyama
Leasing NOI yield 5.3%
Ratio of overall portfolio by acquisition price
1.7%
Total acquisition price 4.051 billion yen
No. of properties 3
Property name Park Axis Nishi Azabu Stage, Grand MaisonHakusan, SonetKami Ikebukuro
Leasing NOI yield 6.2%
Ratio of overall portfolio by acquisition price
1.7%
Acquisition price 4.0 billion yen
No. of properties 1
Property name KoshigayaLogistics Center
Leasing NOI yield 5.3%
* Leasing net operating income (NOI) = Leasing income + Depreciation costs
ORIX JREIT Inc.ORIX JREIT Inc.
Occupancy Rate Situation
Occupancy Rates
Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07
Office 98.3% 97.9% 97.8% 97.6% 97.9% 97.8%
Retail 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Residential 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Hotel 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Logistics facility 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Overall 98.6% 98.4% 98.3% 98.1% 98.3% 98.3%
100%
96%
92%
Low Occupancy Properties (Under 90%)at End of 11th Fiscal Period
Property Name Occupancy Rate, Leasing Status
Round-Cross Aoyama
・88.2% occupancy・Currently engaged in leasing activity
Round-Cross Shinjuku 5-chome
・86.8% occupancy・Lease already signed with new tenant (anticipate 100% occupancy by Nov. 31, 2007)
Round-Cross Kawasaki
・83.8% occupancy・Currently engaged in leasing activity
15
ORIX JREIT Inc.ORIX JREIT Inc.
Rent Situation
16
Existing Leases
New Leases Total
No. of leases XXXX 22) 20) 42)
(Previous fiscal period) (25) (12) (37)(Change)xxxxxxxxxxx (-3) (+8) (+5)
Leased area (m2) XX 11,066) 8,398) 19,464)(Previous fiscal period) (41,512) (5,197) (46,709)(Change)xxxxxxxxxxx (-30,446) (3,200) (-27,245)Net rent increase (monthly, thousand yen) 6,381) 17,286) 23,667)
(Previous fiscal period) (7,643) (15,416) (23,060)(Change)xxxxxxxxxxxx (-1,262) (+1,870) (+607)Range of increase (based on rate per tsubo) 29.2 -1.9% 60.7 -0.3% 60.7 - 0.3%
(Previous fiscal period) (21.0 -0.8%) (86.4 -13.2%) (86.4 - 0.8%)Average increase (based on rate per tsubo) 10.1% 37.6% 22.4%
(Previous fiscal period) (4.4%) (31.8%) (8.9%)(Change)xxxxxxxxxxx (+5.7%) (+5.8%) (+13.5%)
(m2)
4,894
14%12%2%
66%
21%
6%16% 22
%
72%
6%
5%
43%
47%
4%
14%
11%
75%
0.5%
49%
8th fiscal period (ended Feb. 28, 2006)
9th fiscal period (ended Aug. 31, 2006
10th fiscal period (ended Feb. 28, 2007)
11th fiscal period (ended Aug. 31, 2007)
Rent adjustment (monthly base)
(Thousand yen)
0
5,000
10,000
15,000
20,000
25,000
20,000
40,000
60,000
80,000
100,000
2,639
24%
Rent Adjustments (by Area) Rent Increases in 11th Fiscal Period
・121 leases renewed in 11th fiscal period, covering 79,976 m2
(116 leases renewed in 10th fiscal period, covering 95,787m2)・Table data includes leases commencing in 12th and 13th fiscal periods
* Rent increase by major tenant
21,149
23,455
Area Covered by Lease Renewals During Fiscal Period
Rent increase (lease renewals)Rent increase (new leases)No changeRent decrease
(21%)*
0
ORIX JREIT Inc.ORIX JREIT Inc.
Reference: Target for Rent Increases for the Next 12 Months
Lease renewals in 12th and 13th fiscal periods
Lease renewals in 14th fiscal period and beyond
74%
Leasable area265,574m2
• The graph shows the target for rent increases, based on renewal periods written into leases as of October 19, 2007.Since lease renewals do not always coincide with the renewal period specified in leases, the graph represents only a projection of rent increases. (Percentages in the graph are rounded to the nearest percentage point.)
26%
12%
3%5%
Leases currently under negotiation or scheduled for negotiation
Already budgeted
Target rent increase in 12th and 13th fiscal periods
1%
5%
17
ORIX JREIT Inc.ORIX JREIT Inc.
Leasing NOI* and Leasing NOI Yield (Based on Acquisition Price)
0
3,000
6,000
9,000
第7期 第8期 第9期 第10期 第11期3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
Decrease in property cap rate at acquisition
5.3
5.75.75.45.55.8
6.26.15.95.95.8
4.5
4.2
5.0
4.8
0
3,000
6,000
9,000
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
18*Leasing Net operating income (NOI) = Leasing income + Depreciation costs
(%)(Million yen)
Leasing NOI yield, all properties Leasing NOI yield of 32 properties continuously held from end of 6th fiscal period through to end of 11th fiscal period
NOI yield of newly acquired properties in initial fiscal period of acquisition (based on discounted cash flow method for appraisal value at acquisition)
Leasing NOI, all properties
Sustained emphasis on Greater Tokyo area and office properties, as segments with strong potential
Increase yield of continuously held properties through internal growth
Focus energies on achieving further internal growth, by capitalizing on competitiveness of properties and healthy market
Strike balance between increasing asset size and sustaining/improving yields
7th(August 2005)
8th(February 2006)
9th(August 2006)
10th(February 2007)
11th(August 2007) (Fiscal period)
ORIX JREIT Inc.ORIX JREIT Inc.
Appraisal Value
19
-2.3 -3.2 -4.2 -5.0
2.45.9
17.0
-5.4 -3.9 -3.6
-2.4 -3.0 -3.7 -3.6 -3.5-2.6 -2.1
1.43.0
8.2
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
-5.0%
-2.5%
0.0%
2.5%
5.0%
7.5%
10.0%
12.5%
15.0%
17.5%
Unrealized gain Unrealized gain loss ratio
1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th
33.2 billion yen14.3%
11th1 Unrealized gain is calculated by subtracting the book value from the appraisal value (both as of the end of the fiscal period).2 Unrealized gain loss ratio is calculated by dividing the unrealized gain by the book value (both as of the end of the fiscal period).
(Billion yen)
Fiscal period 1st(End of
Aug 2002)
2nd(End of
Feb 2003)
3rd(End of
Aug 2003)
4th(End of
Feb 2004)
5th(End of
Aug 2004)
6th(End of
Feb 2005)
7th(End of
Aug 2005)
8th(End of
Feb 2006)
9th(End of
Aug 2006)
10th(End of
Feb 2007)
11th(End of
Aug 2007)
Number of properties 39 40 41 46 49 46 47 39 41 40 44Appraisal value (billion yen) 98.8 103.1 111.4 137.2 148.4 145.2 173.5 176.9 203.3 224.4 266.2Book value (billion yen) 101.1 106.3 115.7 142.3 153.8 149.1 177.2 174.4 197.4 207.3 232.9Unrealized gain (billion yen) 1 -2.3 -3.2 -4.2 -5.0 -5.4 -3.9 -3.6 2.4 5.9 17.0 33.2Unrealized gain loss ratio (%) 2 -2.4 -3.0 -3.7 -3.6 -3.5 -2.6 -2.1 1.4 3.0 8.2 14.3
(Fiscal period)
ORIX JREIT Inc.ORIX JREIT Inc. 20
0
70
140
210
280
350
1st 2nd3rd 4th 5th 6th 7th 8th 9th10th 11th
0
10
20
30
40
50
60
70
80Total acquisition price LTV
Issuance of Additional Investment Units
Offering method Public offering in Japan and sales of issued and outstanding units in Japan to provide for over-allotment
No. of units offered 26,250 units (including 1,250 units from over-allotment)
Offer price 668,360 yen per unit (at 2.0% discount rate)
Issue price 645,854 yen
Aggregate proceeds from offering
Approx. 16.9 billion yen (including approx. 0.8 billion yen from over-allotment)
Date of resolution authorizing issuance Tuesday, September 11, 2007
Pricing date Tuesday, September 25, 2007
Closing date Wednesday, October 3, 2007 (Tuesday, October 30, 2007 for over-allotment)
48.6%
41.6%
52.4%
31.9%
48.1%
41.0%
235.6 billion yen
Manage LTV at 40-50%
42.1 billion
yen capacity
for property
acquisition
07/10PO
99.6 billion yen
Proceeds of offering used for repayment of debts→ Significantly improves financial position and secures mobility
for external growth
Before Public Offering
After Public Offering*
Loan-to-value (LTV) ratio 48.1% -7.1% 41.0%
Capacity for property acquisition (up to 50% LTV)
8.9 billion yen +33.2 billion yen 42.1 billion yen
Reference: ORIX JREIT acquired 84.1 billion yen in properties (averaging 22.0 billion yen per fiscal period) in the two years since its previous public offering, through to the end of the 11th fiscal period
(%)
0
2,000
4,000
6,000
8,000
10,000
0
200
400
600
800
1,000
1,200
1,400
03/9PO
05/9PO
07/10PO
(Unit)
02/6/12 04/1 05/1 06/1 07/103/1 07/10/16
Approx. 280.0
billion yen
Trading volume
Investment unit price
02/6IPO
* Assumes that all 1,250 units to provide for over-allotment are purchased by the third party.
05/9PO
(Billion yen)
(Fiscal period)
(Thousand yen)
03/9PO
ORIX JREIT Inc.ORIX JREIT Inc.
Financial SituationS&P Long-term credit rating: A- Short-term credit rating: A-2 Outlook: StableR&I Issuer rating: A+ Rating outlook: Stable
Credit ratings
21* Ratio of long-term fixed interest rate loans is calculated by dividing fixed interest rate long-term borrowings by all interest-bearing debt (all as of the current date).
31.9 39.0 41.5 48.141.1
Outstanding Debts, Loan-to-Value Ratio
120
0,60
0,30
(Billion yen)Outstanding debts Loan-to-value ratio
1.621.541.511.56
1.26
End of 9th fiscal period
End of 10th fiscal period
As ofOct. 19, 2007
End of 8th fiscal period
1
0,(年)Years left onmaturing loans
Averageborrowing rate
77.9
65.759.1 75.6 79.5
55.7
33.5
60.7
92.391.0
100
180160
140
120
Ratio of long-term fixed interest rate loans (excluding scheduled repayments within next 12 months)
Ratio of unsecured loans
0,9020
60(%)
56.677.1
85.6111.9
Ratio of Long-Term Fixed Interest Rate Loans* and Unsecured Loans
(%)
End of 9th fiscal period
End of 10th fiscal period
As of Oct. 19, 2007
End of 8th fiscal period
2
3
4
0 0
0.5
1.0
1.5
2.0
0
(%)(Year)
2.2 2.22.6
2.9
0
130
120
110
10
Maturity Schedule for Outstanding Loans (as of Oct. 19, 2007)
2007 2008 2009 2010 2011 2012 2013
(Billion yen)
110
18.615.0 14.0
17.0
23.0
7.0
Average Years Left on Maturing Loans, Average Borrowing Rate
95.6
End of 11th fiscal period
End of 11th fiscal period
2.9
1.0
40
0
End of 9th fiscal period
End of 10th fiscal period
As ofOct. 19, 2007
End of 8th fiscal period
End of 11th fiscal period
(Year)
ORIX JREIT Inc.ORIX JREIT Inc.
AppendixAppendix
22
ORIX JREIT Inc.ORIX JREIT Inc.
Operating Situation9th Fiscal Period 10th Fiscal Period 11th Fiscal Period 12th Fiscal Period *1
Total leasable area (m2) (1) 243,848 246,153 265,574 265,574YoY(%) 116.7 100.9 107.9 100.0
Area covered by lease cancellation (m2) (2) 9,643 3,599 10,926 4,983Lease cancellation rate (%) (2)/(1) 3.9 1.5 4.1 1.9Area covered by new leases (m2) (3) 11,810 4,927 11,532 Leased area adjustment after new leases (m2) (3)-(2) 2,167 1,328 606 Occupancy rate (at end of fiscal period) (%) 96.5 98.3 98.3Average monthly lease rate per m2—[offices only] (yen) 4,998 [5,566] 5,042 [5,596] 5,294 [5,865]
YoY of all properties [offices only] -180 [188] +44 [30] +252 [269]Net operating income (NOI, million yen) *2 5,433 5,778 6,497Net operating Income (NOI) yield (%) 5.5 5.7 5.7Appraisal value of 32 properties owned at end of 6th fiscal period *3 (million yen) 126,870 131,918 142,706
YoY(%) 102.3 104.0 108.2Total acquisition price of properties owned at end of fiscal period (million yen) 197,986 209,015 235,625
YoY(%) 113.2 105.6 112.7
*1 Total leasable area for 12th fiscal period is based on figures for end of 11th fiscal period, since there are no scheduled acquisitions as of October 19, 2007. Area covered by lease cancellation includes all leases scheduled for cancellation during the 12th fiscal period, as of October 19, 2007.
*2 Net operating income (NOI) = Leasing income + Depreciation costs + Retirement costs
*3 Based on appraisal value of 32 properties continuously held from end of 6th fiscal period through end of 11th fiscal period.23
ORIX JREIT Inc.ORIX JREIT Inc.
Financial Highlights7th period 8th period 9th period 10th period 11th period
Operating revenue (million yen) 7,373 8,130 8,894 8,477 9,161
Operating income (million yen) 3,431 4,016 4,271 3,865 4,127
Net income (million yen) 2,882 3,442 3,664 3,346 3,284
Unitholders’ capital (million yen) 85,821 120,860 120,860 120,860 120,860
No. of investment units issued (unit) 175,372 225,372 225,372 225,372 225,372
Net assets value (million yen) 88,703 124,302 124,525 124,207 124,144
Total assets (million yen) 197,039 193,898 216,458 225,361 253,135
Net assets value per unit (yen) 505,805 551,545 552,533 551,121 550,843
Distribution per unit (yen) 16,437 15,274 16,261 14,850 14,572
24
14,57214,85016,261
15,27416,437
175,372
225,372 225,372 225,372 225,372
0
3,000
6,000
9,000
12,000
15,000
18,000
7th 8th 9th 10th 11th
0
50,000
100,000
150,000
200,000
250,000
300,000
Distribution per unit (Rh) No. of investment units issued
Distribution per UnitDistribution per Unit
(yen) (Unit)
7,3738,130
8,894 8,4779,161
3,431 4,016 4,2713,865
4,127
3,664 3,2842,882 3,442 3,346
0
2,000
4,000
6,000
8,000
10,000
7th 8th 9th 10th 11th
Operating revenues Operating income Net income
Operating Results Operating Results
(million yen)
ORIX JREIT Inc.ORIX JREIT Inc.
Notes:1 “Acquisition price” means the selling price stated in the sales contract. The price does not include consumption tax and other expenses relating to
issuance (selling fees, public charges)2 The figures for Aoyama Suncrest Bldg., Round-Cross Tsukiji, Carrot Tower, Toyo MK Bldg., DT Gaien, Seafort Square Center Bldg., Neo-City Mitaka,
Grand Maison Hakusan, Sonet Kami Ikebukuro show the value of the portion owned by ORIX JREIT 3 “Ratio” shows the ratio of the acquisition price of individual properties under management vs. total acquisition price4 “Ratio” is rounded up to one digit below decimal point. Total “acquisition price ratio” may not equal to the sum of the individual values due to rounding5 Properties acquired in 11th period are highlighted in red. Nihonbashi Honcho 1-chome bldg. was acquired on Mar 28, 2007, Round-Cross Shinjuku 5-
chome was acquired on Apr 26 2007, KN Jiyugaoka Plaza was acquired on May 30 2007, and Lunar Sendai was acquired on Jun 28 2007.6 Following properties have been renamed as follows:
Date of Change Former Name New NameApr 1 2007 Landic Minami Azabu Bldg. Round-Cross Minami AzabuMay 1 2007 Landic Akasaka 2 Bldg. Round-Cross AkasakaMay 1 2007 Landic Nagai Bldg. Round-Cross TsukijiJun 1 2007 Nikko Ichiban-cho Bldg. Round-Cross Ichi-banchoAug 1 2007 Nikko Moto Yoyogi Bldg. Round-Cross Moto YoyogiAug 1 2007 Landic Mita Bldg. 2 Round-Cross Mita
7 Acquisition price (JPY 4,000 mn) for 1 property by OJR WAY (Koshigaya Logistic Center) accounts for 1.7% of total acquisition (JPY 235,625mn).8 The financial statements approved by the boards on Oct 19, 2007. This procedure was based on Law Concerning Investment Trusts and Investment
Corporations of Japan9 GFA is as of Aug 31, 2007
Portfolio summaryThe assets under management are as follows as of Oct 19, 2007.
Type Area Name of building AddressGFA(㎡) Year Built
AcquisitionPrice
(JPY mn)Ratio(%)
Aoyama Suncrest Bldg. Minato-ku, Tokyo 2,769.48 Sep-79 3,356 1.4Round-Cross Ichiban-cho Chiyoda-ku, Tokyo 3,300.66 Mar-94 3,900 1.7Beside Shirogane Minato-ku, Tokyo 2,088.58 Sep-89 1,300 0.6Round-Cross Aoyama Minato-ku, Tokyo 3,191.00 Oct-86 4,529 1.9Round-Cross Akasaka MitsukeMinato-ku, Tokyo 1,323.28 Feb-88 1,650 0.7Nihonbashi East Bldg. Chuo-ku, Tokyo 2,270.04 Oct-89 1,720 0.7Round-Cross Minami Azabu Minato-ku, Tokyo 3,172.76 May-92 1,394 0.6Round-Cross Akasaka Minato-ku, Tokyo 2,786.32 Oct-78 2,624 1.1Round-Cross Mita Minato-ku, Tokyo 2,298.23 May-90 1,748 0.7Shiba Daimon Bldg. Minato-ku, Tokyo 2,588.50 Oct-88 2,195 0.9Round-Cross Tsukiji Chuo-ku, Tokyo 3,996.89 May-92 3,378 1.4Orix Jimbo-cho Bldg. Chiyoda-ku, Tokyo 3,211.50 Mar-97 4,177 1.8Orix Shiba 2-chome Bldg. Minato-ku, Tokyo 6,753.13 Jan-03 7,500 3.2Aoyama 246 Bldg. Minato-ku, Tokyo 2,403.32 Nov-90 5,200 2.2Orix Akasaka 2-chome Bldg. Minato-ku, Tokyo 10,350.35 Nov-04 21,860 9.3Nihonbashi Honcho1-chome Bldg. Chuo-ku, Tokyo 5,099.70 Mar-06 10,500 4.5
Carrot Tower Setagaya-ku, Tokyo 6,939.10 Nov-96 5,479 2.3Toyo MK Bldg. Koto-ku, Tokyo 9,805.80 Apr-97 5,270 2.2Round-Cross Moto Yoyogi Shibuya-ku, Tokyo 7,723.68 Apr-92 5,091 2.2Round-Cross Nishi Shinjuku Shinjuku-ku, Tokyo 1,248.18 Jun-99 2,650 1.1Beside Kiba Koto-ku, Tokyo 4,824.68 Aug-91 2,450 1.0DT Gaien Shibuya-ku, Tokyo 2,567.50 Feb-90 2,430 1.0Yoyogi Forest Bldg. Shibuya-ku, Tokyo 1,912.42 Jun-87 1,473 0.6Orix Ikebukuro Bldg. Toshima-ku, Tokyo 5,539.92 Jul-02 9,577 4.1Orix Shinjuku Bldg. Shinjuku-ku, Tokyo 6,207.76 May-03 8,300 3.5Round-Cross Shinjuku Shibuya-ku, Tokyo 4,736.17 Oct-05 8,020 3.4Seafort Square Center Bldg. Shinagawa-ku, Tokyo 22,007.87 Jun-92 18,000 7.6Round-Cross Kamata Ohta-ku, Tokyo 7,900.10 Feb-94 5,640 2.4Round-CrossShinjuku 5-chome Shinjuku-ku, Tokyo 3,089.29 Oct-06 4,500 1.9
KN Jiyugaoka Plaza Meguro-ku, Tokyo 1,231.44 Dec-01 3,110 1.3
Toky
o ce
ntra
l 3 w
ards
Oth
er T
okyo
war
ds
Offi
ce s
ecto
r
Type Area Name of building AddressGFA(㎡) Year Built
AcquisitionPrice
(JPY mn)Ratio(%)
Neo-City Mitaka Mitaka-City, Tokyo 4,622.21 Sep-93 2,200 0.9
Round-Cross Kawasaki Kawasaki-City,Kanagawa 5,519.91 Jan-93 4,130 1.8
Nagoya Itochu Bldg. Nagoya-City, Aichi 11,204.85 Feb-81 4,500 1.9Round-Cross Shinsaibashi Osaka-City, Osaka 16,470.72 Apr-86 13,600 5.8ORIX Koraibashi Bldg. Osaka-City, Osaka 6,857.61 Jul-04 5,560 2.4ORE Nagoya Fushimi Bldg. Nagoya-City, Aichi 12,216.13 Feb-04 10,040 4.3Lunar Sendai Sendai-City, Miyagi 9,954.82 Feb-98 8,500 3.6
210,183.90 207,551 88.1
Toky
oce
ntra
l3
war
ds Nihon JishoMinami Aoyama Bldg. Minato-ku, Tokyo 997.36 Nov-97 2,548 1.1
Oth
erTo
kyo
war
ds
CUBE Daikanyama Shibuya-ku, Tokyo 899.82 Jan-03 2,435 1.0
1,897.18 4,983 2.1
Toky
oce
ntra
l3
war
ds Park AxisNishi Azabu Stage Minato-ku, Tokyo 1,337.31 Apr-00 1,219 0.5
Grand Maison Hakusan Bunkyo-ku, Tokyo 1,160.17 May-93 455 0.2Sonet Kami Ikebukuro Toshima-ku, Tokyo 5,853.00 Feb-97 2,377 1.0
8,350.48 4,051 1.7
Gre
ater
Toky
oar
ea Cross Gate Yokohama-City,Kanagawa 25,942.59 Sep-00 15,040 6.4
25,942.59 15,040 6.4
Gre
ater
Toky
oar
ea Koshigaya Logistics Center Koshigaya-City,Saitama 19,200.00 Jan-06 4,000 1.7
19,200.00 4,000 1.7Total 265,574.15 235,625 100
Hot
else
ctor
Logi
stic
sse
ctor
Logistics sector Total
Hotel sector Total
Office sector Total
Retail sector Total
Res
iden
tial
sect
or
Residential sector Total
Ret
ail s
ecto
r
Oth
erTo
kyo
war
ds
Offi
ce s
ecto
r
Oth
er a
reas
Gre
ater
Toky
o ar
ea
25
ORIX JREIT Inc.ORIX JREIT Inc.
Portfolio Map
26
ORIX JREIT Inc.ORIX JREIT Inc.
Diversification of Portfolio (Slide 1 of 2)
Average acquisition price of properties Property size *
100億円以上26.72%
10億円未満7.16%
Acquisition price Building age
End of 1st period(Aug. 31, 2002)
15-20yr6.2%
10-15yr
29.6%
5-10yr
24.8%
Under 5yr19.0%
Over 20yr20.4% Under 5yr
35.1%
5-10yr
18.1%
10-15yr14.3%
15-20yr19.8%
Over 20yr12.8%
1 to5 billion yen
50.2%
Under 1 billion yen7.2%
5 to 10 billion yen
15.9%
Over 10 billion yen26.7%
Over 10 billion yen37.8%
5 to10 billion yen31.5%
1 to5 billion yen
30.6%
Under 1 billion yen0.2%
End of 11th period(Oct. 19, 2007)
Over 15,000m2
33.2%
13,000m2 to
58.0%15,000m2
Under 3,000m2
8.8%Over 15,000m2
40.3%
13,000m2 to
46.0%
15,000m2
Under 3,000m2
13.6%
Average10.4 yr
Average12.1 yr
Average15,734
m2
Average23,638
m2
Average2.55 billion yen
Average5.35 billion yen
Sold after IPO Acquired after IPO(incl. anticipated acquisition)
1.82
7.59 (Billion yen)
End of 1st period(Aug. 31, 2002)
End of 11th period(Oct. 19, 2007)
End of 1st period(Aug. 31, 2002)
End of 11th period(Oct. 19, 2007)
27*Property size (building floor area) is based on entire floor area of property, and is not adjusted by share of ORIX JREIT holdings.
ORIX JREIT Inc.ORIX JREIT Inc.
Diversification of Portfolio (Slide 2 of 2)
Tokyo central 3 wards
34.3%Other Tokyo 23 wards
37.0%
Greater Tokyo
10.8%
Other cities
17.9%
Area Type
Investment style
Office79.4%
Retail1.5%
Residential4.1%
Hotel15.1%
Tokyo central 3 wards
45.8%
34.8%
Other Tokyo 23 wards
17.3%Greater Tokyo
Other cities2.1%
Hotel Logistics
Office88.1%
Retail2.1%
6.4% 1.7%
1st Fiscal Period(As of Aug. 31, 2002)
End of 11th period(As of Oct. 19, 2007)
1st Fiscal Period(As of Aug. 31, 2002)
End of 11th period(As of Oct. 19, 2007)
Residential1.7%
Basic100.0%
Basic98.3%
OJR WAY1.7%
1st Fiscal Period(As of Aug. 31, 2002)
End of 11th period(As of Oct. 19, 2007)
28
ORIX JREIT Inc.ORIX JREIT Inc.
Major Tenants
Major 10 tenants at the end of the 11th period (Reference: Major 10 tenants at the end of the 10th period)
1 Fujita Kanko Co.,Ltd Hotel Cross Gate 19,744.39 7.6
2 Nondisclosed - - 19,200.00 7.4
3 ITOCHU Corporation Wholesale Nagoya Itochu Bldg. 9,200.22 3.5
4 NIKE JAPAN CORP. Wholesale Seafort square Center Bldg. 8,832.49 3.4
5 FUJITSU CHUBU SYSTEMS LIMITED
Software Development
ORE Nagoya Fushimi Bldg. 7,466.70 2.9
6 Nondisclosed - - 7,387.13 2.8
7 Housing Kousan Co.,Ltd. Real Estate Sonet Kami Ikebukuro 5,853.00 2.2
8 Nondisclosed - - 5,060.30 1.9
9Asunaro Aoki Construction Co., Ltd.
Construction
ORIX Shiba2-chome Bldg. 4,906.46 1.9
ORIX Shinjuku Bldg. 894.26 0.3
ORIX Shinjuku Bldg. 554.05 0.2
ORIX Koraibashi Bldg. 468.92 0.2
Cross Gate 2,655.04 1.0
92,222.96 35.3Total
Leased area(m2)
Ratio of all leased areas (%)
10 ORIX Corporation Finance
Tenant name Sector Property name
1 19,744.39 8.2
2 Nondisclosed 19,200.00 7.9
3 9,200.22 3.8
4 8,832.49 3.7
5 Nondisclosed 7,387.13 3.1
6 6,936.80 2.9
7 5,853.00 2.4
8 Nondisclosed 5,060.30 2.1
9Asunaro Aoki Construction Co., Ltd. 4,906.46 2.0
894.26 0.4
554.05 0.2
468.92 0.2
2,655.04 1.1
91,693.06 37.9Total
Leased area(m2)
Ratio of all leased areas (%)
10 ORIX Corporation
Tenant name
Fujita Kanko Co.,Ltd
ITOCHU Corporation
NIKE JAPAN CORP.
FUJITSU CHUBU SYSTEMS LIMITED
Housing Kousan Co.,Ltd.
29
ORIX JREIT Inc.ORIX JREIT Inc.
Seismic risk-Portfolio PML
30
PML% of replacement
Replacement cost(billion yen)
Tokyo central 3 wards
Aoyama Suncrest Bldg. 11 2.40Round-Cross Ichi-bancho Bldg. 11 1.60Beside Shirogane 13 1.06Round-Cross Aoyama 11 1.05Round-Cross Akasaka Mitsuke 12 0.41Nihonbashi East Bldg. 16 0.90Round-Cross Minami Azabu 8 0.99Round-Cross Akasaka 18 0.74Round-Cross Mita 16 0.82Shiba Daimon Bldg. 14 0.80Round-Cross Tsukij 13 1.52ORIX Jimbo-cho Bldg. 11 1.12ORIX Shiba 2-chome Bldg. 13 2.00Aoyama 246 Bldg. 14 0.70ORIX Akasaka 2-chome Bldg. 12 3.79Nihonbashi Honcho 1-chome Bldg. 14 1.94
Other Tokyo wards
Carrot Tower 4 24.00Toyo MK Bldg. 13 3.43Round-Cross Moto Yoyogi 10 3.56Round-Cross Nishi Shinjuku 13 0.40Beside Kiba 12 1.55DT Gaien 11 1.40Yoyogi Forest Bldg. 13 0.71ORIX Ikebukuro Bldg. 10 1.40ORIX Shinjuku Bldg. 12 1.95Round-Cross Shinjuku 14 1.40Seafort Square Center Bldg. 9 40.11Round-Cross Kamata 14 2.66Round-Cross Shinjuku 5-chome 12 1.07KN Jiyugaoka Plaza 14 0.34
Greater Tokyo Neo City Mitaka 9 4.40Round-Cross Kawasaki 17 1.94
Other cities Nagoya Itochu Bldg. 17 4.08Round-Cross Shinsaibashi 13 4.82ORIX Koraibashi Bldg. 3 2.21ORE Nagoya Fushimi Bldg. 3 3.74Lunar Sendai 7 4.12
Tokyo central 3 wards Nihon Jisho Minami Aoyama Bldg. 10 0.18Other Tokyo wards CUBE Daikanyama 10 0.19Tokyo central 3 wards Park Axis Nishi Azabu Stage 10 0.39Other Tokyo wards Grand Maison Hakusan 13 0.59
Sonet Kami Ikebukuro 11 2.30Hotel sector Greater Tokyo Cross Gate 4 12.34Logistics sector Greater Tokyo Koshigaya Logistics Center 12 1.70
Residential sector
Name of building
Seismic risk analysis
Retail sector
Office sector
Portfolio PML: 6.6%
PML shows the estimated costs to recover buildings in the event of an earthquake. The figures are based on the probability of an earthquake that may occur every 475 years, and shows the percentage of construction costs to replacement value. This seismic risk analysis was done by Shimizu Kensetsu.
ORIX JREIT Inc.ORIX JREIT Inc.
Cash ManagementDepreciation/CAPEX/Cash balance CAPEX/Repairs and maintenance costs
0
0.2
0.4
0.6
0.8
1.0
7th 8th 9th 10th 11th
Repairs and maintenance costs
CAPEX(Billion yen)
0
0.5
1.0
1.5
2.0
7th 8th 9th 10th 11th0
7.0
14.0
21.0
(Billion yen)
Depreciation (Lh)CAPEX (Lh)Cash and cash equivalent (Rh)* (Billion yen)
Depreciation 1.11 1.18 1.35 1.42 1.58CAPEX 0.71 0.48 0.65 0.12 0.19Cash and cash equivalent* 17.94 17.33 16.96 16.90 12.72
* Cash and deposits - fixed deposits longer than three months
CAPEX 0.71 0.48 0.65 0.12 0.19Repair cost 0.17 0.12 0.21 0.16 0.13Total 0.89 0.61 0.86 0.29 0.33
31
ORIX JREIT Inc.ORIX JREIT Inc.
Investors and Investment Units (Slide 1 of 2)Unit price and volume trends Major unit holders
(As of August 31, 2007)
Note: Ratio of ownership is rounded down to the second decimal place.
1.563,517The Hiroshima Bank, Ltd.
2.505,656AIG Star Life Insurance Co., Ltd.General account
1.864,205American Life Insurance Company GAL
7.6717,293ORIX Life Insurance Corporation
6.9315,635NikkoCiti Trust and Banking Corporation (Investment accounts)
7.7517,488Japan Trustee Services Bank, Ltd.(Trust accounts)
8.6019,403The Master Trust Bank of Japan, Ltd.(Trust accounts)
No. of units held/units outstanding
No. of unitsName
50.00112,693Total
2.846,421The Bank of New York Treaty JASDAQ Account
4.059,147The Nomura Trust and Banking Co., Ltd. (Investment accounts)
6.1813,928Trust and Custody Services Bank, Ltd.(Securities investment trust accounts)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
0
200
400
600
800
1,000
1,200
1,400
Trading volume (Lh) Unit price (Rh)
2005/3/1 2005/9 2006/3 2006/9 2007/3 2007/8/31
(Thousand yen)(Units)
7th 8th 9th 10th 11th
32
ORIX JREIT Inc.ORIX JREIT Inc.
17.16%(38,670)
14.42%(32,507)
59.48%(134,041)
56.11%(126,458)
2.26%(5,091)
2.40%(5,418)
24.33%(54,826)
23.84%(53,733)
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
96.66%(13,753)
96.91%(15,661)
0.62%(100)
0.75%(106)
1.44%(233)
1.47%(209)
1.12%(160)
1.03%(167)
Retail and others Financial institution (incl. securities brokers)
Other corporation Overseas
10th periodTotal (16,161)
11th periodTotal (14,228)
10th periodTotal (225,372)
11th periodTotal (225,372)
Investors and Investment Units (Slide 2 of 2)
Breakdown of financialinstitutions
Breakdown by number of investors
Bank 23 0.14% 22 0.15% 19,200 8.52% 16,812 7.46%Trust Bank 12 0.07% 12 0.08% 61,187 27.15% 77,556 34.41%Life Insurance 12 0.07% 12 0.08% 31,819 14.12% 27,597 12.25%Fire and Marine Insurance 4 0.02% 3 0.02% 6,906 3.06% 4,102 1.82%Other Financial 31 0.19% 34 0.24% 5,709 2.53% 6,052 2.69%Securities Brokers 18 0.11% 23 0.16% 1,637 0.73% 1,922 0.85%
Total 100 0.62% 106 0.75% 126,458 56.11% 134,041 59.48%
Number of investors10th 11th
Number of units10th 11th
Breakdown by number of units
33
ORIX JREIT Inc.ORIX JREIT Inc. 34
Asset Management Company: ORIX Asset Management Corporation
(Financial products transaction license, Director of Kanto Local Finance Bureau, Registration No. 315; Member of The Investment Trusts Association)
The contents of this document, including summary notes, quotes, data and other information, are provided solely for informational purpose and are not intended for the purpose of soliciting investment in, or as a recommendation to purchase or sell, any specific products. Please be aware that matters described herein may change or cease to exist without prior notice of any kind. This document contains forward-looking statements, including anticipations of future results, based on current assumptions and beliefs in the light of currently available information and resources. Risks and uncertainties, both known and unknown, including those relating to the future performance of the property market in Japan, interest rate fluctuations, competitive scenarios, and changing regulations or taxations, may cause ORIX JREIT’s actual results, performance, achievements and financial performance to be materially different from those as explicitly or implicitly expressed in this document. With respect to any and all terms in this document, the information provided is intended to be thorough. However, no absolute assurance or warranties are given with respect to the accuracy or completeness thereof. Neither ORIX JREIT nor ORIX Asset Management Corporation shall be liable for any errors, inaccuracies, losses or damages, or for any actions taken in reliance thereon, or undertake any obligation to publicly update the information contained in this document after the date of this document.