AJPI is a monthly performance index calculated using the following formulae, which takes 1000 at December 31, 2001 (the reference date)

Formula |
Present month's AJPI = previous month's AJPI x (1 + present month's AJPI monthly return) AJPI income return + AJPI capital return = AJPI total return |
---|---|

AJPI monthly index is based on the "NCREIF Property Index" in the US in terms of calculation method and the index is Beginning Market Value-weighted average monthly return of the properties. The AJPI consists of three sets of figures: (1) the AJPI income index, calculated using AJPI monthly income return; (2) the AJPI capital index, calculated using AJPI monthly capital return; and (3) the AJPI total index figure calculated using AJPI monthly total return. |

AJPI Quarterly Return is calculated based on a rate of change in AJPI per quarter.

Formula |
| ||||
---|---|---|---|---|---|

The AJPI quarterly return consists of AJPI quarterly income return, AJPI quarterly capital return, and AJPI quarterly total return, each of which is presented as the non-annualized return for the relevant quarter. Of the three AJPI quarterly return indices, AJPI quarterly income return and AJPI quarterly capital return are calculated to represent the quarterly rate of change in the AJPI. Meanwhile, AJPI quarterly total return is defined as the sum of AJPI quarterly income return and AJPI quarterly capital return. |

AJPI Annual Return is calculated based on a rate of change in AJPI per quarter.

Formula |
| ||||
---|---|---|---|---|---|

The AJPI annual return consists of AJPI quarterly income return, AJPI quarterly capital return, and AJPI quarterly total return. AJPI annual income return and AJPI annual capital return are calculated to represent the quarterly rate of change in the AJPI. Meanwhile, AJPI annual total return is defined as the sum of AJPI annual income return and AJPI annual capital return. |

Formula |
| ||||
---|---|---|---|---|---|

In regards to the real estate owned by the respective funds, monthly data gained when assuming the simple average data at the end of the previous year and at the end of the current year are to be continued every month during the current fiscal period and then calculate the monthly data by taking the weighted average using the leasable area of individually owned real estate for each month (denominator). |

Formula |
| ||||
---|---|---|---|---|---|

In respect to the real estate owned by each J-REIT, the index value, calculated using the actual value of the income from the leasing business in the current year and the total leased area at the end of the current year, is assumed to be maintained each month during the current year. Based on this, monthly data consisting of the weighted average on the basis of the total leased area of the individually owned real estate for each month is calculated. (Note 1) Half-year data is converted into monthly data.(Note 2) Rent is calculated as the amount including common expenses. In addition, income from parking lots, etc. is included in the case of same properties. Please note that, since the ratio of income from parking lots, etc. to income from leasing is 2-4%, this index calculated on the basis of numerical values including such also has a fluctuation band of about 2-4%. |