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 at the present quarter ended AJPI at the previous quarter ended − 1) × 100(%)

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.

( Present month's AJPI Year-ago month's AJPI − 1) × 100(%)

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.

Total leased area Total leasable area × 100(%)

The Average Occupancy Rate of each month is calculated as the total-leased-area weighted average of the each real estate’s occupancy rate which is assumed to be the simple average of those at the ends of the current and previous accounting periods. The current accounting period means the period that include the month.

Gross rental income from leasing business Total leased area

The Average Monthly Rent of each month is calculated as the total-leased-area weighted average of the each real estate’s monthly rent which is assumed to be the monthly average of the actual value of the income from the leasing business in the current accounting period. The current accounting period means the period of each real estate fund that include the month.

• Income data is converted into monthly data.
• 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%.