This page notifies of amendments to index calculations.

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

The amendment of AJPI & AJFI indices due to the data errors in some funds. (March 28, 2024)

Due to the data errors of individual properties (ex. acquisition date), some AJPI-related indices calculated in use of the relevant data from July 2019 to January 2020, from August 2020 to July 2021 and September 2022 to May 2023 have been amended.

In addition, due to the data errors of some funds (ex. additional investment during the period), some AJFI -related indices calculated in use of the relevant data from December 2021 to May 2023 have been amended.

The amendment of AJPI & AJFI indices due to the data errors in some funds. (September 28, 2023)

Due to the data errors of individual properties (ex. property type), some AJPI-related indices calculated in use of the relevant data from March 2014 to November 2022 have been amended.

In addition, due to the data errors of some funds (ex. additional investment during the period), some AJFI -related indices calculated in use of the relevant data from August 2016 to November 2022 have been amended.

The amendment of AJFI indices due to the modification of some past data regarding real estate appraisal values in some funds and the amendment of AJPI indices due to the modification of some past data regarding property types in some funds. (May 30, 2023)

Due to the modification of some past data regarding real estate appraisal values in some funds, some AJFI-related indices from June 2022 to July 2022 calculated in use of the relevant data have been amended.

In addition, due to the modification of some past data regarding property types in some funds which are different from the above, some AJPI-related indices from April 2016 to July 2022 regarding “Retail (Urban)” and “Retail (Suburban) ” calculated in use of the data have been amended.

There was no modification in AJPI for “All Properties” and each universe except for “Retail (Urban)” and “Retail (Suburban) ”.

The amendment of AJPI indices due to the modification of some past data regarding leasable area and Income from leasing, for commercial properties in some funds.

Due to the modification of some past data regarding leasable area and Income from leasing, of commercial properties in some funds, some AJPI-Related indice caluculated in use of the date from July 2021 to December 2021 have been amended.

As a result of this amendment, there was no modification in AJFI-related indices.

The amendment of AJFI indices due to the modification of some past data on the net incomes of some funds.

Due to the modification of some past data on the net incomes of some funds, some AJFI-Related indice caluculated in use of the date from June 2017 to November 2017 have been amended.

As a result of this amendment, there was no modification in AJPI-related indices.

The amendment of AJPI・AJFI indices due to the modification of some past data mainly in 2014

Some past data related to hotel properties mainly for 2014 were incorrect, so the data were modified. As a result, some indices related to hotel have been modified.

We corrected these errors in latest datebooks. AJPI indices not related to hotel and AJFI returns are not influenced by this amendment.

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.

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.

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.

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.

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