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Asset Acquisition Strategy

An Acquisition Strategy Aimed at Growing Asset Value

At JLF, priority one is placed on enhancing unitholder value. We aim to grow the portfolio’s asset value by leveraging our discerning eye for properties as Japan’s first dedicated logistics REIT and making investments with careful consideration paid to property quality, price and acquisition timing.

Unrealized gain margin* on the portfolio: 39.2%(As of Jul. 31, 2017)

* Unrealized gain margin = {(Appraisal value - Book value) ÷ Book value} X 100

Unrealized gain History

(million yen)

Acquisition Strategy Aligned with the Market Environment

1. Sustained acquisitions during normal times

Leveraging our sponsor network and our asset management firm’s own channels, we strive to continue to make property acquisitions with careful consideration paid to property quality, price and acquisition timing.

Types of Investments
Type Characteristics and Examples Objective
Income
Generating
Properties
Large,
multi-tenant
・Building specs meet broad range of demand.
・Rampways or other structures provide direct truck access to each floor.
・Mid- to long-term use by multiple tenants.
・During inflationary phases, replace tenants to pursue opportunities to raise rent.
Stable
Build a strong
portfolio capable of
handling a diverse
range of risks
Semi-Multi
Or
Single
Tenant
・Building specs accommodate tenant needs for ease of use.
・Reduced leasing risk resulting from property versatility (intervals between posts, ceiling height, floor load, and other characteristics that appeal to a broad range of tenants).
・Long-term use by a single tenant.
・In deflationary periods, avoid downside risk to rents by keeping tenants in place.
Leveraging our discerning
eye to create external
growth opportunities
・Participate in and acquire third-party development properties*
・Selective investments in properties in regional cities
・Joint investments with leasing companies (land ownership)
・Acquire properties with future value enhancement potential (renovations or OBR)
・Secure acquisition opportunities through forward commitments or investment stakes in silent partnerships.
Stable
Secure sustainable
opportunities to
acquire properties
through appropriate
pricing.
Glowth
Leverage differentiation
strategy to pursue
extra returns.
*Participation in and acquisition of third-party development properties
① Leverage JLF’s know-how in development projects pursued by third parties = Introduce high-quality properties that meet JLF’s investment standards into the portfolio
② JLF leverages its strong financial standing to provide the developer with an exit after construction is complete = Reduces third party’s development risk

Acquire quality properties at appropriate prices

2. Contrarian acquisitions during times of financial crisis

During times when the funding environment is harsh, JLF can leverage its access to debt financing rooted in its strong financial standing to pursue the acquisition of quality core assets for its portfolio.

<Examples>

過去の実績


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