ケネディクス（4321）
Contents
1. 2015 12 1 REITT REIT2. 2013 7 4 022 183 241 12 943 5 540 2 335 183 99 0 2013 10 16 FE 2013 12 10 2013 12 hal j Sh ared Nesearch z http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 201
3. VOYAGE GROUP HD
4. NO1 NO1 NOI hal j Sh ared Nesearch ig http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 1995 4 2003 2005
5. 2015 3 hal j Sh ared Nesearch z http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 08 12 09 12 10 12 11 12 12 12 13 12 209 255 66 370 43 006 15 306 9
6. 08 6 12 12 14 12 26 700 13 813 28 546 59 900 21 600 41 100 347 200 90 800 133 600 134 900 21 640 82 800 177 600 41 982 23 700 26 100 6 500 11 200 95 100 56 000 85 300 SR 2007 12 19 4 2014 12 47 19 2008 12 2 1 776 2014 12 237 5H
7. 2014 10 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared GAMA SR
8. SR TAR Non Co Investment
9. 2008 2009 12 88 002 2010 12 5 4 475 2011 12 25 700 SPC 409 SPC SPC SPC
10. 2 0 REIT 1 0 1 1 AUM 1 5 REIT REIT REIT EFE AUM hal j Sh ared Nesearch ig http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28
11. 50 MEETS 2014 12 61 28 32 08 12 09 12 10 12 11 12 12 12 13 12 14 12 97 991 118 706 137 530 80 760 81 114 121 585 36 818 54 280 58 524 37 132 35 950 41 147 28 292 36 516 34 739 10 605 5 002 8 610 5 602 z 18 712 19 308 18 480 32 098 11 677 6 914 4 739 3 827 1 945 4 833 z 15 602 20 994 20 813 9 886 19 734
12. J GCA DIC TOKAIT
13. o hal j Sh ared Nesearch z http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 AUM Assets Under Management 1 4 2014 12 2014 12 47 1 52 9
14. 2013 12 HAROZA AUM 1 2 JKA 2012 12 1 1 4 963 463 J REIT 6 130 1 306 969 43 22 456 ADA 7 2 6 914 ADA 18 5 hal j Sh ared Nesearch z http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 7 233 ADA 0 2 3 900 ADA 6 8
15. SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 AUM REIT 0 60 10 0 AUMx0 609 x10 09 60
16. III SR MAR SR a j Sh ared Nesearch ig http
17. 2007 12 2008 12 2009 12 2010 12 AUM 18 2007 12 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 AUM AUM
18. 100 REIT 2013 10 REIT KFM KFM
19. Kenedix Field di REIT A un REIT Field SEA Mint
20. MG Aiming SBS KLab
21. AUM 0 60 4 0 50 1 0 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28
22. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 07 12 08 12 09 12 10 12 11 12 12 12 13 12 14 12 39 309 11 872 18 291 10 913 7 706 13 813 25 795 28 546 6 966 8 958 4 916 3 327 2 375 827 1 103 3 290 ERIA 243 895 209 255 66 370 43 006 15 306 9 953 14 950 12 114 63 909 43 006 15 306 9 953 14 950 12 114 2 461 17 536 14 956 8 959 8 793 7 149 4 770 9 018 9 928 MBE 307 766 245 041 98 536 62 712 30 161 28 536 49 763 50 588 143 147 45 131 48 716 57 245 29 842 31 089 37 618 34 49 877 1 828 2 587 2 686 2 680 2 489 53 461 71 511 82 927 53 721 49 941 83 050 153 166 530 534 241 157 309 961 MAMAS TRA 59 79 101 103 120 98 74 69 203 184 98 143 118 830 137 707 80 937 78 586 119 071 25 131 23 646 19 047 19 442
23. SPC Fo RAM 50
24. O REIT LE AUM AUM REIT 2014 12 63 39 R 27 7 REIT REIT E 35 7 REIT 27 6 3 4 REIT 2015 2
25. SR Inc SR Inc Shared Researchnh SR Inc SR Inc SR Inc
26. 7 REIT UFJ 1992 20 1985F 1985 UFJ 1992 1998 IH HH http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 2005 I
27. SR 2015 12 159 20 AUM 0 609 AUM 08 12 09 12 10 12 11 12 12 12 13 12 14 12 844 940 1 098 1 111 1 118 1 206 1 481 AUM 572 676 820 816 882 951 939 REIT 222 243 272 284 339 454 529 350 433 548 532 543 496 410 4 61 4 14 4 81 4 57 5 65 5 71 6 37 ESSE 0 55 0 44 0 44 0 41 0 51 0 47 0 43 AUM 0 81 0 61 0 59 0 56 0 64 0 60
28. AUM REIT 0 60 2015 12 1096
29. hal Shared Nesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 2013 10 2014 2 2014 4 2015 2 amp 2015 5 2015 5 27 2015 12 2015 2 10 2015 12 350 2015 5 336 SAORSA ena R
30. 2008 12 2010 12 AME 3 2012 12 2012 12 77 50 21 99 5 2014 12 2014 12 NA 32 61 28
31. 2018 12 177 651 2014 12 23 727 2014 12 12 114 ADA HESE 121 585 3 200 AJA 6 100 2 800 hal j Sh ared Nesearch ig http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 SPC Specific Purpose Company 40
32. SR 2006 12 AUM 2 TT 1
33. 2015 3 2 358 HERR COD o 70999417 SR 1
34. 2015 2 4 45 2 m 11 5 2 43 3 m 13 6 2 2015 1 3 5 Global Market Perspective2015 01 2011 4 20
35. 3 ROE ROE 2015 1 2015 1 5 ASEAN
36. REIT J REIT e SPC Special Purpose Company SPC GK TK Sh ared Nesearch ig http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
37. 2015 12 HEt 350 Fiat 450 e rn RETT SR 2015 5 25 2015 1 Kenedix Asia Pte Ltd 2 1009 2015 5 25 Sh afed escar ch ia http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a 4321 SR Research Report 2015 8 28 2015 5
38. REIT 2013 12 EXRIXA 9 393 ADA 65 3 2 085 ADA 2012 12 782 Commercial Mortgage Backed Securities 920 CMBS 730 MEE 2012 12 9 953 4 997 14 950 4 900 2012 12 12 316 427 11 889 45H
39. WARR a UU U 1 8801 1 8802 HAR AR UR
40. 100 REIT REIT 8972 REIT 3278 REIT 3453 J REIT REIT 8967 REIT 8956 2015 2 hal j Sh ared Nesearch ig http Awww sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 REIT KDO 2005 4 REIT
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43. GEAMA RRIPA E SR 563 975 66 8 116 187 13 8 43 812 5 2 36 364 4 3 84 000 9 9 08 12 09 12 595 763 63 496 153 427 16 3 49 108 5 2 34 729 3 7 106 876 11 4 RA RRA ARIE FRENOS RATES esearch lt http www sharedresearch jp 10 12 11 12 755 343 68 8 156 151 14 2 48 351 4 4 28 413 2 6 109 703 10 0 760 226 68 4 149 478 13 4 62 326 5 6 24 289 2 2 115 078 10 4 12 12 13 12 14 12 814 904 72 9 129 034 11 5 58 523 5 2 19 745 1 8 95 580 8 6 912 305 75 6 122 649 10 2 54 384 4 5 20 656 1 7 96 348 8 0 Copyright C Shared Research Inc All Rights Reserved 1 178 731 79 6 138 089 9 3 62 070 4 2 30 169 2 0 71 599 4 8 4321 SR Research Report 2015 8 28 2014 12
44. BA IE NO fas 609 2014 4 REIT http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 SW Strengths Weaknesses Strengths
45. 2014 12 2015 12 e Kenedix Inc Singapore Representative Office e 34 Floor 77 Robinson Road Singapore 068896 2015 1 2014 12 2014 12 17 4 2014 12 17 2014 12 600 2015 12 2 300 2014 12
46. 6 406 ADA 31 3 3 375 3 866 2 206 3 930 43 7 4 844 ADA 144 0 la a ji Sh ared Nesearch ig http Awww sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 2013 12 40 589 106 615 13 951 23 727 54 541 82 888 52 5 2013 12 2 09 2014 12 1 4
47. 99 3 878 2015 3 ARRA KDO 2008 4 2009 4 2010 4 2011 4 2012 4 2013 4 2014 4 2014 10 GAA 212 848 218 999 235 769 246 456 286 866 292 553 336 163 369 954 68 67 70 71 83 83 89 94 230 520 238 745 251 566 261 928 303 284 308 172 355 167 388 169 124 973 124 973 133 129 133 129 147 153 147 153 166 261 176 632 200 000 200 000 233 550 233 550 286 550 286 550 332 540 355 010 KDO 5 201175 ARA 2011 onena ASEE 2013 12 2190 332540 909 166 260 2014 5 ARUBA 2014 6A DENA ASER 20144127 KDR 2011 11
48. 22 400 12 300 78 200 ADA 9 000 AJAMAS MA 102 800 2 200 75 99 73 600 2013 12 2013 12 REIT 2 2 2006 2 2013 9 5 A
49. SPC SPC 40 SPC SPC SPC SPC SPC SPC SPC 40 rc TT A BA O PERE D gt e
50. 163 600 2010 2009 J REIT 2010 J REIT 2011 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 2015 1 2014 12 J REIT 27 7 1 5 15 1 JKA 6 2 REIT 12 6 JKA 12 5
51. 2009 2008 12 312 610 5 2013 12 66 025 DF 4 89 0 93 2014 1 2 2013 12 40 589 106 615 1 38
52. a j Sh ared Nesearch ig http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved F pa 4321 SR Research Report 2015 8 28 2014 12 2013 12 2014 12 1009
53. ORERE ERARA ECN MRR T IER Fie ESR ALT hal j Sh ared Nesearch z http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28
54. 2003 8 Sa RI 2003 12 2004 12 2005 5 2005 5 REIT 2005 7 2010 7 2012 4 2013 10 3
55. 38 DNI 261 2013 12 Sh ared Nesearch ig http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 ZKA 5 800 700 AJA DNI 3 100 261 1 400 25 400 18 200 7 000 5 800 4 900 3 700 1 500 ADA 1 500 2013 10 15
56. REIT http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 RAA 2014 7 419 31
57. 2015 2 REIT 808 1 REIT CMBS REK 221 LTV loan to value 77 30 Ts ATARI RUC 2015 12 350 320 2015 5 336 2015 5 450 EH 9548 390 a j Sh ared Nesearch z http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved F pa 4321 SR Re
58. 2 957 30 9 Zit AUM 2 611 17 5 345 83 296 47 3 16 267 2 523 79 69 5 316 4321 SR Research Report 2015 8 28 118 10 850 14 662 2009 12 SMA 77 831 ADA 43 4 13 515 39 7 9 962 42
59. SPC SPC ab Shared jesearch is http Awww sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 07 12 08 12 09 12 10 12 11 12 12 12 13 12 14 12 EJ 1 48 778 56 864 54 553 23 737 6 181 10 545 2 787 9 379 2 35 962 9 438 10 980 15 333 5 674 31 276 8 947 50 797 FCF 1 2 84 740 66 302 43 573 8 404 11 855
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62. REIT 7 500 7 9 6 700 ADA 4 6 6 000 ADA 23 9 2012 12 3 500 2 800 2014 12
63. 20 38 Y 2 030 2015 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 JLF 2009 1 2010 1 2011 1 2012 1 2013 1 2014 1 2015 1 100 215 115 805 143 240 143 240 158 600 192 339 194 893 24 26 28 28 30 36 36 BEE 103 743 121 858 145 523 144 759 160 617 193 278 197 785 82 021 82 021 97 559 97 559 97 559 113 559 113 559 122 300 122 300 148 000 148 000 148 000 166 000 830 000 2014 10 NTT 1 8933 30 4L
64. 2014 12 44 320 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 J REIT REIT 10
65. 2010 12 2012 12 2013 12 2014 12
66. 2011 2012 2013 2012 2015 5 o 2015 2013 2016 2017 2015 1 A
67. 2014 12 27 7 REIT 63 3 REIT REIT 35 7 REIT 27 6 AUM 08 12 09 12 10 12 11 12 12 12 13 12 14 12 349 8 432 8 548 5 531 9 542 6 496 3 410 3 41 4 46 0 50 0 47 9 48 6 41 1 27 7 172 0 162 3 161 8 152 2 92 7 97 0 132 5 20 4 17 3 14 7 13 7 8 3 8 0 8 9 REIT 322 4 344 8 387 7 427 3 482 4 613 0 937 7 38 2 36 7 35 3 38 5 43 2 50 8 63 3 REIT 222 0 243 3 271 8 284 1 339 2 454 4 528 9 26 3 25 9 24 8 25 6 30 3 37 7 35 7 REIT 100 4 101 4 115 8 143 2 143 2 158 6 408 8 11 9 10 8 10 5 12 9 12 8 13 1 27 6 844 3 939 9 1 097 9 1 111 3 1 117 7 1 206 3 1 480 6 SR
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69. SD 3 ASEAN 5 2014 11 6 2014 12 2 120 ADA 700 2015 12 688 2014 10 2014 10 3 REIT REIT escar ch is http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved v
70. AEk ESMAS 10 30 40 28 46 2014 7 2014 7 8 REIT able Fund REIT
71. 3 223 2 634 12 386 BAE 2011 12 64 155 126 270 2011 12 46 144 63 623 2011 12 AKEk 38 804 21 640 40 2 2011 12 ARO 32 09 Sh ared escar ch ig http Awww sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a Sh ared escar ch la httip www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved e 4321 SR Research Report 2015 8 28 07 12 08 12 09 12 10 12 11 12 12 12
72. 60 REIT 6 25 2 AUM 1 5 693 2014 12 HER 886 6 0 13 279 ADA 8 3 5 829 ADA E 22 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 5 257 ADA 31 3 3 913 ADA 37 59
73. 4321 08 12 337 404 40 0 176 180 20 9 143 135 17 0 100 438 11 9 87 179 10 3 09412 AR 375 070 39 9 180 767 19 2 182 728 19 4 116 642 12 4 84 696 9 0 10 12 11 12 426 620 495 943 38 9 44 6 225 021 205 691 20 5 18 5 199 604 185 605 18 2 16 7 145 159 144 225 13 2 13 0 101 557 79 932 9 2 7 2 12 12 553 820 49 5 161 038 14 4 185 851 16 6 163 321 14 6 53 757 4 8 SR Research Report 13 12 606 666 50 3 144 185 12 0 174 189 14 4 203 209 16 8 78 093 6 5 2015 8 28 14 12 771 593 52 1 254 816 17 2 187 946 12 7 209 752 14 2 56 551 3 8 WERE CORE DUZI RASMUS DER DOOR EREDURI
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75. SR REIT 2010 12 2011 12 2010 2011 AM AM 2012 12 2013 12 cd AAN REIT
76. REIT 2014 REIT 1 000 3RaT 1 000 LEA 5 M amp A 2014 3 2014 3 18 REITT
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78. 2014 11 4 844 CEST 07 12 08 12 09 12 10 12 11 12 12 12 13 12 14 12 BAP 48 778 56 864 54 553 23 737 6 181 10 545 2 787 9 379 63 679 48 973 54 759 18 188 1 984 5 353 10 691 5 085 SR 2009 12 2010 12 2011 12 2013 12
79. 2012 J REIT 2013 2 3 8 1 4 1995 4 2000 2 2001 7 2002 2 2002 8
80. REIT PASI 7 REIT http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 2015 12 1 2014 12 Z 2015 2 R
81. KFM KENEDIX KFM A A KENEDIX KENEDIX KENEDIX KENEDIX Pto A Wilma REIT 8972 3278 3453 8967 gy Feoi i ak ie idas iii iii ies i Po EE FA 2015 3 4 6428 48918 Y 3 8788 HB 1 457 8088 9 2 0308 2 3588 Po 1 301 292 2 2 664 1 300 725 2069 1 820 2 x rr er E E ii 99 100
82. REIT 1RR e NOI Net Operating Income NOI Net Operating Income NOI NO1 2 3
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88. 4 800 ADA 43 9 1 950 ADA 55 3 2015 12 1 750 ADA 36 0 2015 12 10 SR
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102. 4321 SR Research Report 2015 8 28 1009 2014 10 3 150 amp 4 REIT 2014 8 2014 8 7 2014 12 2014 12 25 000 21 000 SMA 7 400 5 200 5 500 4 100 4 000 3 000 ZFA
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125. C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 3 850 ADA 95 4 1 799 ANDA E 146 5 3 824 ADA 92 3 3 748 7 595 ADA E 99 7 6 304 90 4 1 70 800 912 3 776 57 600 1 2014 12 12 114 ORo AES Ed 1 340
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128. 10 609 ADA 7 0 7 184 27 9 5 881 8 8 1 921 74 0 596 3 531 12 3 AUM 3 446 12 0 hal j Sh ared Nesearch ig http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 13 1 7 331 5 129 2 202 ADA 877 2
129. 100 KPM PM KPM KDE 2015 12 2015 2 10 2015 12 SAF 50 ADA KPM10096 2015 8 FE 2015 7 14 2015 6 AUM 2015 12 2 2015 6 AR AUM 886 1 5 693 AUM 990 1 383 lt AUM gt iF ikii 14 806 AT LL
130. 16 524 12 316 11 889 22 387 188 320 300 429 422 360 461 485 1 920 1 153 869 672 548 548 548 803 29 566 26 412 21 647 24 626 22 391 16 625 16 710 29 775 1 490 236 117 105 412 870 20 38 9 48 65 63 105 973 1 510 275 59 165 170 3 338 3 832 30 743 28 108 120 066 143 515 160 264 97 733 98 635 152 679 338 509 273 149 218 603 206 228 190 426 126 270 148 398 203 268 477 554 436 348 492 134 594 625 87 467 89 387 83 954 30 543 38 910 18 763 10 771 13 365 18 453 11 641 7 098 5 617 2 203 1 958 1 888 4 277 106 397 101 582 91 488 36 508 41 665 20 855 13 253 18 267 150 801 113 417 69 082 93 081 70 856 44 857 55 252 93 247 822 592 3 506 5 490 6 468 4 486 5 551 6 402 151 623 114 009 72 588 98 571 77 324 49 343 60 803 99 649 as 258 020 215 591 164 077 135 080 118 990 70 199 74 056 117 916 EXT 14 546 14 591 23 787 31 322 31 322 31 322 40 237 40 237 14 805 14 850 24 046 31 581 31 581 31 581 40 496 28 782 FERRE 30 821 18 439 5 2 594 1 289 11 593 9 605 6 967 19 652 10 819 7 784 11 080 10 518 5 247 3 028 8 035 80 488 57 558 54 525 71 147 71 435 56 071 74 341 85 351 243 418 208 701 65 934 42 658 14 814 9 819
131. 19 734 5 116 7 224 7 841 8 878 6 476 10 852 1 789 3 543 4 145 4 356 2 949 4 084 1 789 3 564 4 174 4 551 2 841 3 771 21 28 195 108 312 SR Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 08 12 09 12 10 12 11 12 12 12 13 12 14 12 137 431 77 831 38 589 19 486 20 957 22 456 26 212 22 413 13 514 11 411 10 609 9 401 11 077 13 519 16 267 8 433 7 331 6 931 5 837 6 914 8 147 5 316 225 2 202 2 464 2 328 4 878 6 406 10 850 18 438 2 542 1 313 10 128 1 985 4 844 a 4 613 4 138 4 807 4 568 5 653 5 708 6 365 20 6 30 6 42 1 43 1 60 1 51 5 47 1 b 6 145 5 080 4 080 3 678 3 563 4 162 5 371 a b 1 532 942 727 890 2 090 1 546 994 a b 0 75 0 81 1 18 1 24 1 59 1 37 1 19 SR
132. 2013 12 17 830 74 341 ADA 2012 12 56 071 50 1 44 4 DE 0 93 1 25 2012 7 2014 2 191 67 19 19 8 7 8 3 79 CMBS 63 2 10 59 7 096 6 19 3 1 46 3 1 2 10 9 2 3 EM F 10 0 3 32 99 1 64 2012 12 2012 12 20 957 ADA 7 5 5 837 A HA E 15 8 ESA A 2 328 ADA E 5 5 10 128 2011 12
133. 41 821 6 160 41 418 91 886 44 094 37 809 17 481 14 461 37 108 9 036 44 320 A 1 411 2 263 1 447 1 350 1 392 960 1 320 B 116 30 19 473 1 641 1 113 565 2 672 94 279 C 156 932 34 717 142 767 23 276 27 844 4 995 4 537 2 867 FCF NI A B C 142 386 25 248 107 119 20 540 29 394 4 306 4 264 85 248 SR 2009 12 2012 12 2013 12
134. 79 6 450 45 5 7 382 40 1 3 870 3 144 6 3 3 078 17 9 48 296 8 433 8 209 95 89 225 12 827 1 456 17 046 18 438 ADA 10 850 ADA 2010 12 FUMA 38 589 ADA 50 4
135. 8 3 315 3 729 2695 3780 5565 2 940 21 3 558 45 121 67 9 21 2 64 5 39 9 51 3 584 67 0 59 1 1 075 1 203 1179 1914 1 3345 1 330 20 9 36 5 22 7 33 8 25 1 10 6 20 9 129 22 4 29 6 16 2 26 7 2240 2525 iie 1866 4219 1 610 21 5 66 9 6 4 3 8 88 3 36 2 43 6 27 0 28 9 28 8 50 8 32 4 11989 1882 1391 1144 3 824 1 450 42 3 52 4 754 21 2 92 3 23 0 38 7 20 1 26 5 17 7 46 0 29 2 3 310 1594 1041 1101 6 304 1 630 188 3 68 7 478 3 90 5 2 3 64 4 17 1 19 8 75 9 32 8 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 14 12 15 12 EJ Q2 13 519 8 505 15 200 4 513 8 500 1 927 2 700
136. 9 807 3 709 1 089 1 662 494 688 718 1 572 ES 37 3 69 6 6 6 426 2 21 5 7 5 26 3 40 0 14 662 10 850 18 438 2 542 1 313 10 128 1 985 4 844 6 000 62 6 174 0 144 0 23 9 10 6 7 9 23 7 6 6 6 7 48 3 8 8 18 5 27 8 SR 2008 12 SMA 137 431 ADA 0 4 22 413 ADA E 38 7 17 393 34 3 11 829 50 2 12 328 33 8 6 764
137. 953 14 950 12 114 73 395 15 887 7 126 5 174 42 373 5 095 11 181 6 939 14 305 19 256 18 621 79 183 26 133 17 257 15 306 9 953 3 769 23 646 19 047 19 442 16 524 12 316 11 889 22 387 132 013 68 141 26 219 6 775 5 682 9 393 7 712 17 799 7 586 3 060 1 895 608 2 418 3 069 11 829 4 661 2 317 1 608 447 490 592 12 327 7 382 1 921 378 173 946 1 232 254 68 784 518 446 41 764 6 764 596 91 1 220 40 114 386 3 662 254 301 299 935 465 SR 2014 12 30 2 NE REIT
138. Y 2 12 000 6 000 REIT 3 000 REIT 0 2014 12 2015 6 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 2015 6 25 REIT 2015 5 12 REIT 60 2015 6 25 2015 6 12 3 amp Sh ared escar ch ig http www sharedresearch jp Copyright C Shared Resea
139. 13 12 14 12 15 12 138 025 137 431 77 831 38 589 19 486 20 957 22 456 26 212 21 600 410 496 0 4 43 4 50 4 49 5 7 5 7 2 16 7 17 6 101 476 115 018 64 316 27 177 8 876 11 556 11 378 12 693 8 100 36 549 22 413 13 514 11 411 10 609 9 401 11 077 13 519 13 500 63 3 38 7 39 7 15 6 7 0 11 4 17 8 22 0 0 1 26 5 16 3 17 4 29 6 54 4 44 9 49 3 51 6 62 5 5 686 6 145 5 080 4 080 3 678 3 563 4 162 5 371 6 000 4 1 4 5 6 5 10 6 18 9 17 0 18 5 20 5 27 8 30 863 16 267 8 433 7 331 6 931 5 837 6 914 8 147 7 500 65 6 47 3 48 2 13 1 5 5 15 8 18 5 17 8 7 9 22 4 11 8 10 8 19 0 35 6 27 9 30 8 31 1 34 7 1519 446 312 692 711 259 275 697 6 261 11 397 8 521 5 821 5 177 3 768 2 312 2 438 3 320 5 758 4 233 4 543 3 929 2 782 1 561 1 541 26 120 5 316 225 2 202 2 464 2 328 4 878 6 406 6 700 58 7 79 6 95 8 878 7 11 9 5 5 109 5 31 3 4 6 18 9 3 9 0 3 5 7 12 6 11 1 21 7 24 4 31 0 141 1 160 249 75 537 925 146 3 669 0 11 804 17 046 2 667 707 12 386 2 291 6 146
140. 14 3 2014 4 Q4 2013 Q4 2014 nd Hong Kong Toranto Chicago Tororto Hong Kong Singapore Houston Washington DE Shanghal Washington DC Mexico City Boston Los Angeles Berlin Boston Los Angeles Berlin Siocktvolm Franikdurn Checa Sydney Mew York AA FE en seda ori m Hew York San Franclaco z San Franciaco 7 Dalias Pr rola Capital value Capital values Capital Value Capital Values Sanul growth siowng P falling Tokyo Ba a growth slowing f falling inh Landen Stockholm Seoul Capital value Gro acceleraling Capital values bolloming cul Capital Value growth acceleratina Capital Values Saa Paula bottoming nul SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28
141. 14 12 HESY 2013 12 REIT REIT 2014 3 REIT REIT 2014 12 1 4 806 EH 2 743 6 254 3 511 4 103 860
142. 14 356 11 489 ANTAS 238 268 202 804 153 036 123 624 109 766 63 620 66 023 106 615 117 902 124 276 84 617 53 860 49 322 41 980 37 676 23 727 120 366 78 528 68 419 69 764 60 444 21 640 28 347 82 888 198 899 190 932 134 745 112 711 102 060 49 807 40 228 78 069 SR 2008 6 433 886 312 610 RETIT http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28
143. 2014 12 27 79 REIT 63 3 REIT 35 7 REIT 27 6 AUM REIT AUM http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 2014 12 22 7 REI
144. 28 13 12 14 12 AMA 108 400 44 900 21 900 17 300 16 800 21 000 77 831 38 589 19 486 20 957 22 456 26 212 28 2 14 1 11 0 21 1 33 7 24 8 18 000 8 600 7 600 6 700 4 550 5 200 8 433 7 331 6 931 5 837 6 914 8 147 53 2 14 8 8 8 12 9 52 0 56 7 13 200 3 300 3 700 3 400 2 900 4 100 225 2 202 2 464 2 328 4 878 6 406 98 3 33 3 33 4 31 5 68 2 56 2 200 400 2 000 1 700 1 000 3 000 18 438 2 542 1 313 10 128 1 985 4 844 9319 0 735 5 34 4 695 8 98 5 61 5 SR 2009 12 2010 12
145. 32 223 648 709 788 382 669 546 832 542 SR AUM1 325 EH 2014 12 Zita AUM REIT REIT REIT REIT
146. 5 4 844 8 000 144 0 65 2 SR 14 12 15 12 GEAM 13 519 15 200 5 825 8 500 1 093 2 700 2 864 3 600 686 1 000 638 900 542 300 880 1 000 539 800 340 200 6 812 5 700 4 335 2 200 1 232 900 1 219 2 000 25 600 SR 2015 12 FIXA 23 100 11 9 15 200 ADA 12 4 8 500 ADA 4 3
147. 5 8 28 10 4 39 3 82 2 81 2 77 SBI 2 74 UFJ 1 95 1 82 1 63 hai 1 24 SR 2014 12 HER 2007 12 2013 12 2014 12 7 2015 12 4 0
148. 6 212 ADA 16 7 13 519 ADA E 22 0 8 147 ADA 17 8 8 654 ADA 19 6 6 365 ADA 11 5 4 347 ADA 11 5 SMA 7 712 ADA 17 9 3 069 ADA E 26 9 2 680 ADA 28 5 ERASE FIA 10 852 ADA 67 6 4 084 ADA 38 5 18 2 556 ADA 39 8
149. 6 775 5 682 9 393 7 712 96 1 87 5 67 9 34 8 27 1 41 8 29 4 5 116 7 224 7 841 8 880 6 476 10 852 0 0 6 6 18 7 40 2 42 4 28 8 41 4 22 413 13 514 11 411 10 609 9 401 11 077 13 519 4 613 4 138 4 807 4 568 5 653 5 708 6 365 20 6 30 6 42 1 43 1 60 1 51 5 47 1 17 799 7 586 3 060 1 895 608 2 418 3 069 79 4 56 1 26 8 17 9 6 5 21 8 22 7 1 789 3 543 4 145 4 356 2 949 4 084 0 0 13 2 31 0 39 1 46 3 26 6 30 2 SR 2014 12 47 196 REIT
150. 8 or 47 EEE 51 A 5 ae a E e Ea 55 rE Pl Es CA Pee MU o O O o O EEEE E 57 TEE IE A E En o A 57 o E 59 A e Pe So S E 60 e eo E A EE 70 o E A 70 NE 70 SE Eo o RE 72 j Sh ared Scar ch is http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared TA TADA 4321 SR Research Report 2015 8 28 07 12 08 12 09 12 10 12 11 12 12 12 13 12 14 12 15 12 138 025 137 431 77 831 38 589 19 486 20 957 22 456 26 212 23 100 410 4 0 4 43 4 50 4 49 5 7 5 7 2 16 7 11 9 36 549 22 413 13 514 11 411 10 609 9 401 11 077 13 519 15 200 63 3 38 7 39 796 15 6 7 0 11 4 17 8 22 0 12 4 26 5 16 3 17 4 29 6 54 4 44 9 49 3 51 6 65 8 30 863 16 267 8 433 7 331 6 931 5 837 6 914 8 147 8 500 65 6 47 3 48 2 13 1 5 5 15 8 18 5 17 8 4 3 22 4 11 8 10 8 19 0 35 6 27 9 30 8 31 1 36 8 26 120 5 316 225 2 202 2 464 2 328 4 878 6 406 7 500 58 7 79 6 95 8 878 7 11 9 5 5 109 5 31 3 17 1 18 9 3 9 0 3 5 7 12 6 11 1 21 7 24 4 32 5 14 662 10 850 18 438 2 542 1 313 10 128 1 985 4 844 8 000
151. A 61 8 2014 12 21 157 52 59 6 46 69 6 731 30 458 27 889 54 999 hal j Sh ared Nesearch z http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4321 SR Research Report 2015 8 28 2015 12 14 12 15 12 26 212 23 100 16 7 11 9 ES 12 693 7 900 13 519 15 200 22 0 12 4 51 6 65 8 5 372 6 700 20 5 29 0 8 147 8 500 17 8 4 3 31 1 36 8 6 406 7 500 31 3 17 1 24 4 32
152. EIT REIT 4 REIT REIT REIT 1 AUM 1 5 664 857 3 481 622 REIT 6 633 1 344 AUM 196 115 5 722 REIT 2014 2015
153. rch Inc All Rights Reserved a 4321 SR Research Report 2015 8 28 P 14 12 15 12 15 12 1 20 1 3Q 1 20 1 3Q 1 4Q Gx 5 141 14 488 19 741 26 212 8 307 13 279 57 5 23 100 10 7 79 1 63 4 16 7 61 6 8 3 11 9 3 315 7 044 9739 135519 5565 8 505 56 0 15 200 21 3 374 26 4 22 0 67 9 20 7 12 4 64 5 48 6 493 51 6 67 0 64 0 65 8 1 1075 2278 3457 5371 1345 2675 39 9 6 700 20 9 28 7 26 6 29 0 251 17 4 24 7 20 9 157 17 5 20 5 16 2 20 1 29 0 2 240 4765 6 281 8147 4219 5 829 68 6 8 500 21 5 420 26 3 178 88 3 22 3 4 3 43 6 32 0 318 311 508 43 9 36 8 1 989 3 871 5 262 6 406 3 824 5 274 70 3 7 500 42 3 47 0 53 6 31 3 923 36 2 17 1 38 7 26 7 26 7 244 46 0 39 7 32 5 3 310 4904 5 945 4844 6 304 7 934 99 2 8 000 188 3 134 3 161 5 144 0 905 61 8 65 2 64 4 33 8 30 1 18 5 75 9 59 7 34 6 14 12 15 12 46 30 46 30 5 141 9347 57253 6471 8 307 4 972 10 7 171 4 31 6 37 6 61 6 46
154. search Report 2015 8 28 1 211 2014 12 295 9 2014 12 52 7 21 6196 12 4 8 19 E 4 REIT 39 E 76 0 17 CMBS 34 4 17 28 3 TH 1 1 1 1 7 2014 2012 12 2015 5
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