Corrected Indices History

This page notifies of amendments to index calculations. Where errors have occurred in individual property data, details are presented in the form of a table giving pre- and post-correction data for reference.

Readers are requested to take due care when referring to the indices.

Index published October 31, 2012-May 30, 2017 (referring to July 2012-February 2017),amended June 13, 2017

Due to the newly found errors on the Index calculation, AJFI-related indices since May 2004 have been amended retroactively. For example, AJFI quarterly returns have been modified by up to around 0.005%.

We corrected these errors in latest databooks.

In addition, due to the errors on the Index calculation, some of AJFI preliminary estimate figures during the period from September 2016 to February 2017 were not displayed. Now this errors was fixed.

As for AJPI, no errors have occurred and no AJPI related data have been amended.

About the amendment of the calculation logic for some figures on AJPI Flash(PDF)and AJFI Snap Shot(PDF)February 27, 2017

Due to errors on the calculation logic for some figures on AJPI Flash(PDF)and AJFI Snap Shot(PDF),we amended the following figures.

・The data of “1year return(at the time of the latest final figure date)”on AJPI Flash(PDF)
・The data of “Total return(Gross)”and “Total return (Net)”for one year and over one year on AJFI Snap Shot(PDF)

But there is no mistake on Database such as AJPI Databook and AJFI Databook etc.

About the calculation methodology in resuming disclosure of indices after some undisclosed period amended January 30, 2017

In the calculation of AJPI and AJFI including sub-indices, the policy are taken not disclosing indices in the period certain conditions on the number of funds or properties etc. aren’t satisfied.
At this time, the calculation methodology is changed, which is applied in resuming disclosure of indices after some undisclosed period
 The calculation methodologies applied in the past periods are as follows.

1. Indices published from February 29, 2016 to April 28, 2016
(The first disclosed figure after an undisclosed period)=
(the latest figure before the undisclosed period)×(1+monthly return from previous month)
2. Indices published from May 25, 2016 to December 26, 2016
(The first disclosed figure after an undisclosed period)=1000×(1+monthly return from previous month)
3. Indices published on January 30,2017
(The first disclosed figure after an undisclosed period)=
(the latest figure before the undisclosed period)×(1+monthly return from previous month)

Index published July 28, 2016-September 29, 2016 (referring to April-June 2016)

Due to a mistake in some data on fund closing date of a private fund, part of private fund date was mistakenly removed from the index universe. As a result, there existed some mistakes in AJFI Index, AJFI - Unlisted Funds and AJFI - Low LTV (under 40%) released from July 2016 to September 2016. So we corrected these errors in latest databooks.

Index published July 28, 2016 (referring to April 2016), amended August 30, 2016

Due to an error which removed properties with their real estate appraisal values disclosed at the end of accounting period just before J-REIT mergers from the universe of indices, there existed some mistakes in part of determined values of October 2015 concerning All Properties, Office and Residential. We corrected these errors in latest databooks.

Index published February 29, 2016-April 28, 2016 (referring to November 2015-January- 2016)

Due to errors being found in the individual real estate data used to calculate the index, the corrections have been made.

Index published September 30, 2015-March 30, 2016 (referring to January-June 2015)

Due to incorrect data of JAPAN HOTEL REIT, there were errors in the average rent price from January to June 2015. We corrected these errors in latest databooks.

Index published April 30, 2015 (referring to January 2015)

Due to lack of data of 15th period JAPAN HOTEL REIT, there were errors in the determined value of from January 2014 to September 2014. We corrected these errors in latest databooks.

Index published April 28, 2014-December 26, 2014 (referring to July 2013-June 2014)

Due to lack of data of 15th interim period and 14th period JAPAN HOTEL REIT, there were errors in the determined value of from July 2013 to March 2014. We corrected these errors in latest databooks.

Index published May 30, 2013 (referring to February 2013), amended June 7, 2013

Due to partly missing of Annual Returns on February 2013 in Former AJPI, the corrections have been made.

Index published February 28, 2013 (referring to November 2012), amended March 13, 2013

Due to errors being found in the individual real estate data used to calculate the index, the corrections have been made.

Index published March 25, 2011 (referring to December 2010), amended April 5, 2011

Due to errors being found in the individual real estate data used to calculate the index, the corrections indicated below have been made.

Property
Code
Name of J-REIT Property Name End
Terms
Item corrected Pre-correction Post-correction
8963098 Invincible Investment Corporation 藤和シティコープ浅間町 Dec. 2009 Ending Market Value 110,000,000 1,110,000,000
8963116 Invincible Investment Corporation ロックタウン須賀川 Dec. 2009 Ending Market Value 3,320,000,000 2,320,000,000

In accordance with those corrections, partial amendments have been made to the index.

Index published November 30, 2010 (referring to August 2010), amended November 30, 2010

The index published on November 30, 2010, was calculated using financial results data for BLife Investment Corporation based on an irregular 9-month fiscal period associated with a merger. Partial amendments have therefore been made to the published final figures for December 2009 and January 2010 and the quasi-final figures for February 2010.

Index published July 23, 2010 (referring to April 2010), amended July 23, 2010

In line with the change in policy on NOI announced at the end of June, the NOI figures for Nippon Commercial Investment Corporation have been changed retroactively to figures with depreciation expenses added back to income or losses from leasing after depreciation expenses.

In accordance with those corrections, partial amendments have been made to the index.

Index published June 30, 2010 (referring to March 2010), amended June 30, 2010

Of the NOI (Net Operating Income) of the individual real estate used to calculate the index published May 31, the data of Nippon Commercial Investment Corporation for the 8th period was different from the value in its disclosed material, as depreciation expenses had been added to the value written as the NOI in the disclosed material. Therefore, the data was amended to the NOI in the disclosed material. In association with this amendment, some indices will be changed.

As Nippon Commercial Investment Corporation presents income or losses from leasing after depreciation expenses as NOI in its disclosures, we currently use the NOI value in the disclosed material without modification for the calculation of the index. The amendment above was made in compliance with this policy.

However, as a result of considering the policy in light of the purpose of the NOI assumed for the calculation of the index of the ARES, we have judged that it is more reasonable to use income or losses from leasing before depreciation expenses as the NOI.

In line with this judgment, we plan to change the policy when publishing the index in July, so that for properties owned by Nippon Commercial Investment Corporation, we will retroactively use the value that adds depreciation expenses to income or losses from leasing after depreciation expenses as the NOI in calculating the Index, instead of the value (income or losses from leasing after depreciation expenses) that Nippon Commercial Investment Corporation publishes as the NOI.

Due to errors being found in the individual real estate data used to calculate the index, the corrections indicated below have been made.

Property
Code
Name of J-REIT Property Name End
Terms
Item corrected Pre-correction Post-correction
8953008 Japan Retail Fund Investment Corporation ならファミリー Feb. 2008 Ending Market Value 37,534,900,000 32,535,400,000
8953008 Japan Retail Fund Investment Corporation ならファミリー Aug. 2008 Ending Market Value 37,534,900,000 32,535,400,000
8953008 Japan Retail Fund Investment Corporation ならファミリー Feb. 2009 Ending Market Value 37,534,900,000 32,535,400,000
8953008 Japan Retail Fund Investment Corporation ならファミリー Aug. 2009 Ending Market Value 37,534,900,000 32,535,400,000
8953008 Japan Retail Fund Investment Corporation ならファミリー Feb. 2010 Ending Market Value 37,534,900,000 32,535,400,000
8953041 Japan Retail Fund Investment Corporation イオンモール伊丹テラス Feb. 2009 Additional Acquisition Price 814,000,000 810,000,000
8964013 Frontier Real Estate Investment Corporation WV SAKAE Dec. 2009 Leasable area 4,605.88 4,606.18
8964013 Frontier Real Estate Investment Corporation WV SAKAE Dec. 2009 Total leased area 4,605.88 4,606.18

In accordance with those corrections, partial amendments have been made to the index.

Index published May 31, 2010 (referring to February 2010), amended June 15, 2010

Due to errors being found in the individual real estate data used to calculate the index, the corrections indicated below have been made.

Property
Code
Name of J-REIT Property Name End
Terms
Item corrected Pre-correction Post-correction
3234001 MORI HILLS REIT INVESTMENT CORPORATION アーク森ビル Jan. 2009 Additional Acquisition Price 22,000,000,000 5,500,000,000
8951025 Nippon Building Fund Inc. 中野坂上サンブライトツイン Jun. 2002 Additional Acquisition Price 546,000,000 546,136,262
8951025 Nippon Building Fund Inc. 中野坂上サンブライトツイン Jun. 2007 Additional Acquisition Price 32,161,058,913 31,615,058,913
8951025 Nippon Building Fund Inc. 中野坂上サンブライトツイン Jun. 2008 Additional Acquisition Price 32,317,345,716 156,286,803
8951029 Nippon Building Fund Inc. 中目黒GTタワー Dec. 2005 Additional Acquisition Price 10,093,000,000 9,800,000,000
8951031 Nippon Building Fund Inc. 札幌エルプラザ Dec. 2005 Additional Acquisition Price 1,209,405,514 970,000,000
8953008 Japan Retail Fund Investment Corporation ならファミリー Feb. 2008 Additional Acquisition Price 5,134,465,000 134,965,000
8955004 Japan Prime Realty Investment Corporation 新麹町ビル Dec. 2004 Additional Acquisition Price 750,000,000 200,000,000
8987012 Japan Excellent, Inc. 川崎日進町ビルディング Dec. 2008 Additional Acquisition Price 430,000,000 300,000,000

In accordance with those corrections, partial amendments have been made to the index.

Index published May 6, 2010 (referring to January 2010), amended May 31, 2010

In the new system adopted on May 6, 2010, a programming mistake has been found in the item CI (Capital Improvemet or Expenditures) that the data on additional acquisition of property had been calculated as the acquisition price difference.

We have therefore made changes to the data published on May 30, 2010, to be based on timely disclosures, and consequently some of the indices have been changed.

Due to errors being found in the individual real estate data used to calculate the index, the corrections indicated below have been made.

Property
Code
Name of J-REIT Property Name End
Terms
Item corrected Pre-correction Post-correction
8952058 Japan Real Estate Investment Corporation MMパークビル Sep. 2009 Capital Improvement 3,528,000 -
8967015 Japan Logistics Partners Ltd. 八千代物流センター Jan. 2010 Total leased area 13,214.39 13,221.98

In accordance with those corrections, partial amendments have been made to the index.