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Page 19 gives a summary of the appraisal values at the end of the period ended May 2018.
As shown inside the bold frame in the middle of the chart, the appraisal values at the end of the period ended May 2018 increased by ¥5.2 billion from the end of the previous period, owing to improvement in property’ earnings and expenses by internal growth and decline in cap rates.
Unrealized losses are generated in properties acquired through the 5th PO and in those in which earnings and expenses worsened due to increased property tax. Although, we are convinced that an unrealized gain over ¥74 billion in the entire portfolio characterizes one of API’s features and its strengths.
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