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Asset Manager: Securities Code: 3292
http://www.aeon-jreit.co.jp/en/
2nd Fiscal Period Ended January 2014
Materials for Investor Meeting
March 18, 2014
AEON Reit Management Co., Ltd.
AEON REIT Investment Corporation
Table of Contents
2
I. Overview of Operations in 2nd Fiscal Period ended January 31, 2014
1. Summary of Financial Results for 2nd Fiscal Period Ended January 31, 2014 ――――― P. 4
2. Topic 1: Overview of Initial Public Offering ――――――――――――――――――― P. 5
3. Topic 2: Investment Unit Price Performance and Market Reaction ――――――――― P. 6
4. Topic 3: Portfolio Data ――――――――――――――――――――――――――――― P. 7
5. Performance of Properties in Portfolio (1) ―――――――――――――――――――― P. 8
6. Performance of Properties in Portfolio (2) ―――――――――――――――――――― P. 9
7. Performance of Properties in Portfolio (3) ―――――――――――――――――――― P. 10
8. Environmental Initiatives ――――――――――――――――――――――――――― P. 11
9. Financial Highlights ――――――――――――――――――――――――――――― P. 12
10. FY2014 External Environment and Industry Trends ――――――――――――――――― P. 13
11. Forecast for 3rd Fiscal Period Ending July 31, 2014 and 4th Fiscal Period Ending January 31, 2015 ― P. 14
12. Roadmap for Growth ―――――――――――――――――――――――――――――― P. 15
II. AEON REIT’s Investment Strategy
1. Basic Philosophy ――――――――――――――――――――――――――――――― P. 17
2. Basic Policy ――――――――――――――――――――――――――――――――― P. 18
3. A Highly Stable Portfolio Centered on the AEON Group’s Large-Scale Retail Properties ―― P. 19
4. A Growth Strategy that Leverages the AEON Group’s Collective Capabilities ―――――― P. 20
5. Strategic Cash Management and a Stable Financial Position ―――――――――――― P. 21
6. Framework for Maximizing Unitholder Value ―――――――――――――――――――― P. 22
Appendix ――――――――――――――――――――――――――― P. 23
I. Overview of Operations in 2nd
Fiscal Period Ended January
31, 2014
Summary of Financial Results for 2nd Fiscal Period Ended January 31, 2014
4
Results for 2nd Fiscal Period and Variance from Forecast
Reference Information
2nd Period Results 2nd Period Forecast 1 Difference Main Reasons for Difference
Operating Revenues 2,773 2,773 - -
Operating Income 1,201 1,155 +46 +47 Decrease in repair expenses
-1 Increase/decrease in other costs
Ordinary Income 761 414 +347
+194 Change in accounting treatment of IPO-related
expenses
+70 Decrease in IPO-related expenses
+35 Decrease in borrowing costs
Net Income 759 413 +346 (same as above)
Distributions per Unit
(yen) 686 322 +364 -
Total Assets ¥171,644 million NOI from Leasing Activities ¥2,445 million
Interest-bearing Debt ¥67,000 million Units Outstanding 950,000
Security Deposits, etc. ¥7,411 million Net Assets per Unit ¥102,108
LTV (LTV excluding security deposits) 43.4% (39.0%) Unit Price (March 14, 2014 closing price)
¥123,100
Note 1: November 22, 2013 news release, “Notice Concerning Forecasts for the Fiscal Periods Ending January 31, 2014 and July 31, 2014”
(Millions of yen except per unit amounts)
Topic 1:Overview of Initial Public Offering
Offering Structure: Global offering
Japanese public offering +
international offering (Reg S)
Listing Market: Tokyo Stock Exchange
Listing Date November 22, 2013
Total Number of
Units Offered:
945,000 units
Japanese public offering 739,350
International offering 160,650
Secondary offering
through over-allotment 45,000
Issue Price: ¥105,000
Total Value of
Offering: ¥99.2 billion
Domestic/Overseas
Ratio: 83% domestic:17% overseas
5
Offering Summary
1,400
1,450
1,500
1,550
1,600
1,650
100,000
110,000
120,000
130,000
140,000
150,000
11/22 11/27 12/2 12/5 12/10 12/13 12/18 12/24 12/27 1/7 1/10 1/16 1/21 1/24 1/29 2/3 2/6 2/12 2/17 2/20 2/25 2/28 3/5 3/10 3/13
イオンリート投資口価格(左軸) 東証REIT指数(右軸)
Topic 2:Investment Unit Price Performance and Market Reaction
1,400
1,450
1,500
1,550
1,600
1,650
100,000
110,000
120,000
130,000
140,000
150,000
11/22 11/27 12/2 12/5 12/10 12/13 12/18 12/24 12/27 1/7 1/10 1/16 1/21 1/24 1/29 2/3 2/6 2/12 2/17
イオンリート投資口価格(左軸) 東証REIT指数(右軸)
(円) (pt)AEON REIT Investment Corporation (ARI) made a solid debut on the J-REIT market on November 22, opening at 115,000 yen, 9.52%
above the issue price of 105,000 yen.
The AEON Group is the leading retail group in Japan in terms of operating revenue, and plans to leverage its experience in its home
market to develop shopping centers in Asia. The group hopes to use its management prowess to become Asia’s number-one regional
retailer. To reach that goal, it is taking on new initiatives, including the launch of the first J-REIT to include an overseas asset in its portfolio.
“We wanted to create a REIT that could grow with the AEON Group,” said a source at ARI.
ARI is the fourth J-REIT IPO since the start of FY 2013. Some investors and underwriters had voiced concerns about the impact on the
rebounding J-REIT market, noting that some IPOs were trading below their opening prices. But the reaction from one investment trust
representative was that AEON REIT is “an IPO that will stimulate the J-REIT market, like we saw with the listings of GLP J-REIT and
Nippon Prologis REIT, partly because of its scale.” It remains to be seen whether this IPO can lead to expansion of the J-REIT market
overall.
(Abstract of Thomson Reuters DealWatch article by Miho Ozawa)
Equity Market Pointer: AEON REIT, a New Retail Industry J-REIT, Makes Steady Market Debut (DealWatch 11/22/2013)
Added to TSE REIT Index
(Added on 12/30 at 12/27
closing price)
6
AEON REIT Investment Unit Price and TSE REIT Index
Market Reaction
AEON REIT investment unit price (left scale) TSE REIT Index (right scale)
イオンレイクタウンmori
イオンモール倉敷
イオンモール水戸内原
イオンモール熊本
イオンモール直方
イオン相模原
イオンモール鈴鹿
イオンモール綾川
イオンモール日吉津
イオンモール加西北条
その他
SRSC
RSC
北海道・東北
関東
東海・北陸・中部
近畿
中国・四国
九州
Topic 3:Portfolio Data
7
Portfolio properties 16
Total acquisition cost2 ¥158.3bn
Book value at end of period ¥158.4bn
Appraisal value4 ¥166.9bn
Average building age1 10.0 years
Average remaining lease term3 19.8 years
Properties with master
lease contracts 100%
Unrealized profits (Appraisal value – book value
at end of period)
+¥8.5bn
Portfolio Highlights
Distribution of Portfolio
Notes:
1. Calculated as the weighted average age of the building based on the purchase price as of January 31, 2014
2. The purchase price is the amount paid (the purchase price in the sales contract) excluding miscellaneous costs (brokerage commissions, taxes and dues, etc.) required to purchase the property.
3. Remaining lease term as of January 31, 2014
4. Appraisal value as of January 31, 2014
7.6%
38.8%
11.3%
4.6%
21.7%
16.0%
13.4%
11.3%
10.4%
8.9%
7.1%
6.5%
6.1%
5.5%
4.9%
4.6%
21.4%
Property Area Investment
Hokkaido/Tohoku
Kanto
Tokai/Hokuriku/Chubu
Kinki
Chugoku/Shikoku
Kyushu
AEON LakeTown mori
AEON MALL Kurashiki
AEON MALLMitouchihara
AEON MALL Kumamoto
Kumamoto AEON MALL Nogata
AEON Sagamihara
AEON MALL Suzuka
AEON MALL Ayagawa
AEON MALL Hiezu
AEON MALL Kasai-Hojo
Others
Performance of Properties in Portfolio (1)
The properties in our portfolio have stable sales and occupancy rates
Actual End-Tenant Occupancy Rate2 in 16-property Portfolio
YoY Sales Comparison1 of End Tenants in 16-property Portfolio
8
Notes:
1. The total amount of sales of end tenants of the 16 portfolio properties for the four periods of March-May, June-August, September-November and December-February each year as a percentage of sales for the
same periods of the previous year
2. The percentage of total rentable area in the 16 portfolio properties that is actually occupied by end tenants (including area in which end tenants have committed to opening stores)
3. Year-over-year comparisons of sales and the actual occupancy rates shown above are data based on interviews of master lease companies. The percentage of properties with master lease contracts is 100%.
4. Year-over-year comparisions of sales and the actual occupancy rates shown above have been rounded to the nearest tenth of a percent.
2011
Mar-May
2011
June-Aug.
2011
Sept-Nov. 2011-2012
Dec-Feb. 2012
Mar-May
2012
June-Aug. 2012
Sept-Nov.
2012-2013
Dec-Feb.
2013
Mar-May
2013
June-Aug. 2013
Sept-Nov.
2011
May
2011
August
2011
November
2012
February 2012
May
2012
August
2012
November
2013
February
2013
May
2013
August
2013
November
Performance of Properties in Portfolio (2)
Notes:
1. Rental revenues and other revenues received by the master lease company from end tenants
2. The rental revenues figures above are data based on interviews of master lease companies.
3. The rental revenues figures above have been rounded to the nearest tenth of a percent.
Rental Revenues at Master Lease Companies1 of 16 Properties in Portfolio
9
March 2011-Feb. 2012
(12-month period) ¥42.9 billion
(YoY) 102.3%
March 2012-Feb. 2013
(12-month period) ¥44.7billion
(YoY) 104.3%
March-Nov. 2013
(9-month period) ¥33.6billion
(YoY) 103.1%
97 106 107
118 109 110 107
121 112 113 110
95.5% 102.9% 105.4% 105.1%
112.9%
103.1% 99.4%
102.7% 102.5% 103.2% 103.6%
0%
20%
40%
60%
80%
100%
120%
0
20
40
60
80
100
120
140
160
180
200
平成23年
3~5月
平成23年
6~8月
平成23年
9~11月
平成23年
12~翌2月
平成24年
3~5月
平成24年
6~8月
平成24年
9~11月
平成24年
12~翌2月
平成25年
3~5月
平成25年
6~8月
平成25年
9~11月
(Billions of yen) 賃貸収益実績(億円) 前年対比指数 Rental revenues (billions of yen) Indexed YoY comparison
2011
June-Aug.
2011
Mar-May
2011
Sept-Nov.
2011-2012
Dec-Feb.
2012
Mar-May
2012
June-Aug. 2012
Sept-Nov.
2012-2013
Dec-Feb. 2013
Mar-May
2013
June-Aug.
2013
Sept-Nov.
Notes:
1. Sales of each property for June-November 2013 are expressed as a percentage of sales for the same period in 2012.
2. The year-over-year sales index above presents data based on interviews of master lease companies.
3. The figures in the year-over-year sales index above have been rounded to the nearest tenth of a percent.
Distribution of Indexed Sales Growth of End Tenants by Property1
Percentage of properties with sales index of 100% or higher: 62.5%
Average of 16
properties in ARI
portfolio
102.5%
AEON LakeTown mori/kaze
AEON MALL Mitouchihara
AEON MALL Meiwa
Expanded area
Sales vs.
same period
of previous
year
<90%
90%
~95%
95%
~100%
100%
~105%
105%
~110% >110%
% of total 0.0% 0.0% 37.5% 43.8% 12.5% 6.3%
Representative Portfolio Properties
10
Performance of Properties in Portfolio (3)
With approximately 550 tenants and the
largest total floor space in Japan, mori and
kaze are the AEON Group’s flagship shopping
centers and its biggest sales generators.
In April 2011, LakeTown Outlet (which is not
part of our portfolio) opened on the lot
between the two shopping centers, and sales
at both mori and kaze have risen steadily.
A floor area expansion in December 2012
brought in new fashion stores offering quality
and trendy apparel. The expansion increased
the total number of stores to 190 and the
length of the property to 330 meters, and
further expanded the commercial area. This
mall has a dominant presence as one of the
largest shopping centers in the north Kanto
region, and is the only one in Mito City with
floor area on the scale of 80,000 m2.
This property reopened on November 1,
2013, after the largest-scale renovation since
its original opening.
With 28 new tenant shops and the renovation
of 48 shops (55% of the total including
relocated and remodeled shops), the mall has
been revitalized with appealing and
competitive tenants, primarily restaurants and
household goods stores.
0 0
6
7
2
1
0
1
2
3
4
5
6
7
8
90%未満 90%~95% 95%~100% 100%~105% 105%~110% 110%以上
Sales Trends of Individual Properties for
June-November 2013
AEON Mall Kasai-Hojo received “Gold” certification in recognition of its environmental and other sustainability initiatives.
SMBC Sustainable Building Assessment Loan, which is formulated according to the proprietary criteria originally prepared by Sumitomo Mitsui Banking Corporation and CSR Design and
Landscape, is a financing product based on the assessment of buildings owned or constructed by companies for such factors as 1) the environmental performance on energy, water and
materials and other issues, 2) initiatives on risk management necessary for securing sustainability, including earthquake resistance, disaster prevention, business continuity planning (BCP) and
business continuity management (BCM), and 3) management policy and implementation to promote 1) and 2).
Environmental Initiatives
First retail facility to earn “Gold” certification based on the SMBC Sustainable Building
Assessment Loan
11
Appraisal:
AEON Group’s groupwide environmental policy
Performance management initiatives such as reduction of energy consumption
Communication with stakeholders
Greening of rooftops & premises and improvement of local parkland and grass parking
Establishment of sub meters and user manuals for measuring energy in operations
Placement of management personnel and periodic inspection and maintenance
Ongoing initiatives to reduce power consumption such as installing rooftop solar panels
and converting to LED indirect lighting
Using the experience gained from supplying food to local communities after the 2011
Great East Japan Earthquake to improve the disaster resilience of buildings and fulfill a
role as a storage facility for emergency supplies
Total interest-
bearing debt 67.0 billion
Average time to
maturity 5.2 years
Average interest
rate on borrowings 0.92%
Lender Amount (billions of yen)
Term Interest rate Breakdown
Mizuho Bank
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Trust Bank
Bank of Tokyo-Mitsubishi UFJ
The Norinchukin Bank
Mizuho Trust & Banking Co., Ltd.
Mitsubishi UFJ Trust & Banking
Corporation
Resona Bank, Limited
AEON BANK, LTD.
Development Bank of Japan
The Hyakugo Bank, Ltd.
Hiroshima Bank, Ltd.
The Mie Bank, Ltd.
The 77 Bank, Ltd.
The Chiba Bank, Ltd.
67.0
4.0 Short-term Floating (base rate2 + 0.25%)
9.0
Long-term
Floating (base rate2 + 0.25%)
27.0 Effective fixed rate3
0.78125%
22.0 Effective fixed rate3
1.17250%
5.0 Effective fixed rate3
1.76375%
Japan Credit Rating Agency, Ltd. (JCR)
Long-term Issuer Rating AA-
Notes: 1. LTV = Total interest-bearing debt plus tenant leasehold and guarantee deposits received (including tenant leasehold and guarantee deposits received in trust) / Total assets × 100
2. Refers to the three-month Japanese yen TIBOR released by the Japanese Bankers Association; provided, however, that if there is no corresponding time period, it refers to the
straight-line method as reasonably set by the agent.
3. While funds are borrowed at floating rates, the interest rates are fixed in effect by entering into interest rate swap agreements to hedge interest rate risk.
The figures are the weighted average interest rates calculated after taking into consideration the effect of interest rate swaps.
Financial Highlights
LTV1 43.4%
Ratio of fixed-rate debt 80.6%
Ratio of long-term debt 94.0%
Bank consortium led by Mizuho Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank
12
Interest-Bearing Debt
Debt Snapshot
Credit Rating
Long-term, Stable Debt Structure
40
90
270
220
50
第1期(~25/7)
第3期(~26/7)
第5期(~27/7)
第7期(~28/7)
第9期(~29/7)
第11期(~30/7)
第13期(~31/7)
第15期(~32/7)
第17期(~33/7)
第19期(~34/7)
第21期(~35/7)
第23期(~36/7)
その他(Billions of yen)
Distribution of Maturities
Fixed rate 80.6%
Floating rate 19.4% Long-term 94.0%
Short-term 6.0%
(period) 1st 3rd 5th 7th 9th 11th 13th 15th 17th 19th 21st 23rd
4.0
9.0
27.0
22.0
5.0
External Environment and Industry Trends
13
The effects of Abenomics (economic policies, quantitative easing and forward guidance by the BoJ) are reflected in the depreciation
of the yen and the rising stock market, as well as an upturn in exports and capital investments. Despite concerns about consumer
sentiment due to the impending consumption tax hike and a projected rise in long-term interest rates, we anticipate improvement or
stability overall at both the macroeconomic and microeconomic levels.
The competitive landscape of the retail industry is changing dramatically due to factors such as the growth of e-
commerce, industry realignment through M&A and consolidation, and the expansion of food sales by convenience stores
and drugstores.
As for consumer spending, although consumer sentiment is showing some signs of improvement, budget-consciousness
remains strong and people are becoming increasingly selective about where they shop.
The AEON Group is pursuing a strategy of shifting to four growth areas – Asian markets, urban markets, senior-oriented
markets and digital markets – as it seeks to become the number-one retail group in Asia by 2020.
Example: The opening of AEON MALL Makuhari New City in
December 2013. This new flagship mall is based on an
omni-channel concept combining “products, activities and
the Internet” in a total floor area of approximately 400,000 m2.
AEON MALL Makuhari New City
External Environment (Macroeconomic & Retail Environment)
Industry Trends
Forecast for 3rd Fiscal Period Ending July 31, 2014 and 4th Fiscal Period
Ending January 31, 2015
14
Jan. 2014 Period
Results (millions of yen)
July 2014 Period
Forecast (millions of yen)
Change
(vs. previous
period)
Jan. 2015 Forecast (millions of yen)
Change
(vs. previous
period)
Operating
Revenues 2,773 7,420 +167.5% 7,421 0.0%
Operating
Income 1,201 2,807 +133.6% 2,791 -0.6%
Ordinary Income 761 2,335 +206.8% 2,329 -0.2%
Net Income 759 2,331 +206.8% 2,323 -0.3%
Distributions per
Unit (yen) 686 2,450 +1,764 2,440 -10
2nd Period NOI Yield
(annualized basis) (1) 7.9% 3rd period NOI yield
forecast (annualized basis)(note)
6.9% 4th period NOI yield
forecast (annualized basis)(note)
6.9%
Main Factors in
Change in Distributions
Effect from operation for a full period +1,435 yen
Decrease in IPO-related expenses +217 yen
Increase in leasing business profit due to
operation of Taman property for full period +7 yen
Increase in repair expenses -20 yen
Decrease in borrowing costs +10 yen
Increase in other expenses -7 yen
3rd Fiscal Period Distribution (comparison with 2nd fiscal period result)
4th Fiscal Period Distribution (comparison with 3rd fiscal period forecast)
Property we plan to acquire in the 3rd fiscal period:
AEON Taman Universiti
Shopping Centre
(pending approval by Malaysian
authorities)
Note: The performance forecast above is presented as of March 14, 2014. Future purchases or sales of real estate or other assets, trends in the real estate market, or other changes in the conditions affecting AEON REIT
may cause actual results to differ materially from the forecast figures. The performance forecast above is not a guarantee of the amounts of distributions.
Change in timing of planned acquisition of Taman property -5 yen
Increase in other operating expenses (IR, attorney fees, etc.) -62 yen
Decrease in borrowing costs +154 yen
Change in accounting treatment of IPO-related expenses -37 yen
For reference:
Main factors in change in distribution forecast for 3rd period from original forecast
announced November 22, 2013
Note: Calculated by replacing net operating income (NOI) after subtracting real estate leasing expenses (excluding depreciation and amortization and losses on disposal of fixed assets) from real
estate rental revenue in the operating period after the listing with the annualized equivalent and dividing by the total purchase cost of properties owned. NOI yield forecasts for the 3rd and 4th
fiscal periods are based on the same assumptions as the performance forecasts above.
Roadmap for Growth
15
Medium-to-Long-Term Asset Scale Targets
By realizing a mutually beneficial relationship with our sponsor, we will aim for assets of ¥300 billion
after three years and ¥500 billion after five years.
Key Measures
●External growth using the AEON Group’s pipeline
●Strategic cash management using internal reserves
●Expansion of overseas investment and diversification of types and regions of properties
●Management of leverage with LTV in the 40-50% range
End of 2nd period 3 years after listing 5 years after listing
At time of listing
¥158.3 billion
¥300 billion
¥500 billion
Note: The figures above are targets made at the present time and may not be realized due to future events or the market environment.
II. AEON REIT’s
Investment Strategy
Basic Philosophy
17
AEON REIT invests primarily in retail and related properties1 that are an integral part of the communities in
which they are located. We believe that these properties and facilities form the backbone of the local communities
and their retail business infrastructure.
Our mission is to contribute to the betterment of individual lives and local communities through investment in
retail and related properties. In doing so, we seek to generate stable revenues and achieve the steady growth of
our asset portfolio over the medium to long term.
Note 1. Refers to retail facilities, logistics facilities and related facilities. Retail facilities refers to facilities containing retail businesses and other merchandising businesses,
entertainment and amusement facilities and other facilities that attract customers (including parking lots and equipment and systems for logistics). Logistics facilities refers to
warehouses and other storage facilities for distribution and transport of merchandise and other goods.
Basic Policy
We will aim to maximize value for unitholders by building a mutually beneficial relationship between REIT and
AEON Group.
18
A growth strategy based on a mutually beneficial relationship between REIT and AEON Group1
Note 1. Refers to the group comprising the holding company AEON Co., Ltd. and its 227 consolidated subsidiaries and 24 equity-method affiliates (as of February 28, 2014).
Type
Investment percentage1
Domestic Overseas
85% or more No more than 15%
Large-scale
retail
property
SRSC
(Super regional shopping center)2
80% or more RSC
(Regional shopping center)3
CSC
(Community shopping center)4
Other retail
property
NSC
(Neighborhood shopping center)5
No more than 20%
SM
(Supermarket)6
Logistics facility No more than 10%
A Highly Stable Portfolio Centered on the AEON Group’s Large-Scale Retail Properties
Investment Areas Investment Targets
ASEAN7
region, China and other
countries/regions with good medium to
long-term economic growth prospects
In principal, retail properties that are leased
in their entirety under master lease
contracts to the AEON Group, which
manages and operates the properties
Overseas Investment Targets
19
Investment Properties Centered on Large-Scale Retail Properties and Investment Ratios
Notes:
1. Calculated based on purchase price.
2. Larger commercial area than regional shopping centers. A super regional-type shopping center having a number
of anchor tenants and a shopping mall forming a complex of over 200 specialty stores.
3. A regional-type shopping center having a general merchandise or other similar store as the anchor tenant and a
complex of over 50 specialty stores.
4. A retail property having a general merchandise store, a discount store, a large grocery supermarket or another
similar store as the anchor tenant, and a complex of approximately 20-50 specialty stores.
5. A small-scale retail property serving a small commercial area, having a grocery supermarket or another similar
store as the anchor tenant and a complex of approximately 10-30 specialty stores generally selling household
goods.
6. A grocery supermarket mainly selling high purchase frequency commodities such as food and household goods.
Note 7: Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos,
Myanmar and Cambodia
AEON REIT Investment Corporation
AEON Reit Management Co., Ltd.
Stable growth of our portfolio over the medium to long term
Sponsor
AEON CO., LTD.
Pipeline support companies
Shopping center
management providers
AEON Retail Co., Ltd.
AEON Mall Co., Ltd.
Overseas support companies
AEON CO. (M) BHD.
Integrated capability of AEON Group
A Growth Strategy that Leverages the AEON Group’s Collective Capabilities
20
Sponsor support to leverage integrated capability of AEON Group
Sponsor support agreement 1
Trademark license agreement 3
Pipeline support agreement1
Shopping center
management agreement1
Memorandum of
understanding on
investments in properties
in Malaysia2
Notes:
1. The sponsor support agreement, pipeline support agreement and shopping center management agreement are
valid for three years from October 17, 2013. The agreements will be automatically renewed with identical terms and
conditions for successive three-year periods unless either party gives written notice of termination to the other party
at least three months prior to the date of expiration.
2. No period of validity is stated in the memorandum of understanding, which is not a legally binding document.
3. The period of validity is August 7, 2013 to July 31, 2014. The agreement will be automatically renewed with identical
terms and conditions for successive one-year periods unless either party gives written notice of termination to the
other party at least one month prior to the date of expiration.
Strategic Cash Management and a Stable Financial Position
(1) Investment contributing to an
increase in income
(2) Measures aimed at stabilizing
financial position
(3) Capital strategies that protect
unitholder interests
a. Appropriation of funds to acquire new properties
b. Investing in revitalization of property to boost
revenues and competitiveness
c. Reduction in the cost of our debt by repayment
of interest-bearing debt
d. Distributions in excess of retained earnings
e. Increased capital efficiency through unit buy-
backs1
In the large-scale retail properties that we target for investment, the depreciation expense accounts for a large percentage of the property value.
By deploying retained earnings in an amount equal to the depreciation expense, we plan to increase capital efficiency and stabilize cash flow.
21
Strategic Cash Management
Stable Financial Position
Note 1. Our articles of incorporation provide that we may repurchase our investment units under certain circumstances. This provision in our articles of incorporation will become effective on the date on
which the amendments to the Act on Investment Trusts and Investment Corporations, which were enacted by the Japanese Diet on June 12, 2013, come into force.
Growth
driven by
efficient use
of capital
Policies
LTV2 Maintain a LTV ratio of 40-50%
Extension of debt maturities & fixing of interest rates Set loan terms according to the status of cash flows based on tenant lease terms and content
Mix of lenders Achieve appropriate diversification of different lender financial institutions, primarily megabanks
Note 2. LTV = Total interest-bearing debt plus tenant leasehold and guarantee deposits received (including tenant leasehold and guarantee deposits received in trust) / Total assets × 100
Framework for Maximizing Unitholder Value
Drafting of proposal
by the responsible
department
Approval by the
Compliance Officer
Deliberation and
resolution by the
Investment
Committee*
Deliberation and
resolution by the
Compliance
Committee*
Report to the Asset
Manager’s Board of
Directors and AEON
REIT
*An outside expert must attend the meeting and agree in order for the
resolution to pass.
Returned
Dropped or instructions given
to modify content
Dropped or instructions given
to modify content
Management fee
structure Calculation Method
Manage-
ment fee
Management
fee I Total assets × 0.3% × (Number of operating days / 365日)
Management
fee II DPU before deducting Management fee II × NOI × 0.001%
Acquisition fee Purchase price × 0.5% [Related party transactions:
Purchase price × 0.25%]
Disposition fee Disposition price × 0.5% [Related party transactions: no
disposition fee paid]
22
Transparent Decision-Making Process
Alignment of Interests with the AEON Group Introduction of an Asset Management Fee Structure Linked to
Distributions per Unit
• Ownership of investment units by AEON Group
• Co-ownership of properties with AEON Group
Ownership interest 19.0% (as of January 31, 2014)
Co-owned properties 2 (as of January 31, 2014)
Appendix
・ Statements of Income for 2nd Fiscal Period
(Ended January 31, 2014) ・ Balance Sheets for 2nd Fiscal Period (As of
January 31, 2014) ・ Portfolio ・ Unitholder Information at End of 2nd Fiscal
Period (January 31, 2014)
Balance Sheets for 2nd Fiscal Period (as of January 31, 2014)
24
Assets 2nd Fiscal Period (as of January 31, 2014)
Amount
(thousands of yen)
Percentage of Total
Assets (%)
Current assets
Cash and deposits 2,615,345 1.5%
Cash and deposits in trust 4,364,553 2.5%
Prepaid expenses 337,789 0.2%
Deferred tax assets 36 0.0%
Consumption taxes receivable 4,490,071 2.6%
Total current assets 11,807,796 6.9%
Noncurrent assets
Property and equipment
Buildings in trust 88,798,718 51.7%
Structures in trust 659,388 0.4%
Land in trust 50,903,990 29.7%
Construction in progress in trust 117,448 0.1%
Total property and equipment 140,479,545 81.8%
Intangible assets
Leasehold rights in trust 18,045,526 10.5%
Total intangible assets 18,045,526 10.5%
Investments and other assets
Long-term prepaid expenses 1,107,588 0.6%
Lease and guarantee deposits 10,000 0.0%
Total noncurrent assets 159,642,661 93.0%
Deferred assets
Investment unit issuance expenses 194,098 0.1%
Total deferred assets 194,098 0.1%
Total assets
171,644,556
100.0%
Liabilities 2nd Fiscal Period (as of January 31, 2014)
Amount
(thousands of yen)
Percentage of Total
Assets (%)
Current liabilities
Accounts payable, trade 46,775 0.0%
Accounts payable, other 149,417 0.1%
Short-term borrowings 4,000,000 2.3%
Accrued expenses 20,327 0.0%
Income taxes payable 1,343 0.0%
Other current liabilities 11,816 0.0%
Total current liabilities 4,229,681 2.5%
Long-term liabilities
Long-term debt 63,000,000 36.7%
Leasehold and security deposits in trust 7,411,389 4.3%
Total long-term liabilities 70,411,389 41.0%
Total liabilities 74,641,070
43.5%
Net assets
Unitholders’ equity
Unitholders’ capital 96,351,350 56.1%
Retained earnings - 0.0%
Unappropriated retained earnings 652,135 0.4%
Total unitholders’ equity 97,003,485 56.5%
Total net assets 97,003,485 56.5%
Total liabilities and net assets 171,644,556 100.0%
Operating revenues 2nd Fiscal Period (as of January 31, 2014)
Amount
(thousands of yen)
Percentage of Operating
Revenues (%)
Rental revenues 2,773,937 100.0%
Total operating revenues 2,773,937 100.0%
Operating expenses
Property-related expenses 1,439,883 51.9%
Asset management fees 102,131 3.7%
Asset custody fee and administrative service
fees 16,994 0.6%
Directors’ compensation 3,600 0.1%
Other operating expenses 9,560 0.3%
Total operating expenses 1,572,171 56.7%
Operating income 1,201,765 43.3%
Non-operating income
Interest income 91 0.0%
Total non-operating income 91 0.0%
Non-operating expenses
Interest expenses 116,352 4.2%
Borrowing expenses 99,301 3.6%
Public offering expenses 207,250 7.5%
Amortization of investment unit issuance costs 17,645 0.6%
Total non-operating expenses 440,549 15.9%
Ordinary income 761,307 27.4%
Income before income taxes 761,307 27.4%
Net income 759,991 27.4%
Loss carried forward (107,855) (3.9%)
Unappropriated retained earnings 652,135 23.5%
25
Statements of Income for 2nd Fiscal Period (Ended January 31, 2014)
Portfolio
Property
number
Property name
Address
Type of
ownership
Annual
contracted rent
(Millions of yen)
Portfolio
composition
(%)
Leasable area
(㎡)
Acquisition price
(Millions of yen)
Book value1
(Millions of yen)
Appraisal value1
(Millions of yen)
Capitalization
rate2
(%)
PML
(%)
SRSC-1 AEON LakeTown mori 2-8 Azuma-cho, Koshigaya-shi, Saitama Trust beneficiary
interest 1,371 13.4 160,387.00 21,190 21,159 22,100 5.2 2.0
SRSC-2 AEON LakeTown kaze 4-21-1 Azuma-cho, Koshigaya-shi, Saitama Trust beneficiary
interest 661 4.3 127,183.81 6,730 6,719 7,040 5.6 1.7
RSC-1 AEON Mall Morioka 4-7-1 Maegata, Morioka-shi, Iwate Trust beneficiary
interest 678 3.4 98,968.59 5,340 5,353 5,590 6.9 11.1
RSC-2 AEON MALL Ishinomaki 4-101, Akanedaira, Ishinomaki-shi, Miyagi Trust beneficiary
interest 710 4.2 60,682.20 6,680 6,701 7,010 6.3 3.9
RSC-3 AEON MALL Mitouchihara 135, Aza Nishi, Nakahara-cho, Mito-shi, Ibaraki Trust beneficiary
interest 1,448 10.4 159,997.49 16,460 16,448 17,200 6.3 0.7
RSC-4 AEON MALL Ota 81, Ishihara-cho, Ota-shi, Gunma Trust beneficiary
interest 954 4.3 93,165.27 6,860 6,880 7,820 6.6 4.8
RSC-5 AEON Sagamihara Shopping Center 2-10-1, Kobuchi, Minami-ku, Sagamihara-shi, Kanagawa Trust beneficiary
interest 841 6.5 75,056.62 10,220 10,237 10,300 5.5 13.4
RSC-6 AEON MALL Ogaki 2-100, Sotono, Ogaki-shi, Gifu Trust beneficiary
interest 660 3.1 64,246.26 4,950 4,950 5,210 6.8 9.2
RSC-7 AEON MALL Suzuka 4-1-2, Shonohayama, Suzuka-shi, Mie Trust beneficiary
interest 893 6.1 125,236.10 9,660 9,690 10,100 6.3 7.5
RSC-8 AEON MALL Meiwa 1223, Nakamura, Meiwa-cho, Taki-gun, Mie Trust beneficiary
interest 430 2.1 44,193.80 3,290 3,311 3,550 6.8 4.6
RSC-9 AEON MALL Kasai-Hojo 308-1, Hojo-cho, Kasai-shi, Hyogo Trust beneficiary
interest 658 4.6 48,229.25 7,230 7,238 7,610 6.9 10.7
RSC-10 AEON MALL Hiezu 1160-1, Hiezu, Hiezu-son, Saihaku-gun, Tottori Trust beneficiary
interest 852 4.9 102,045.24 7,780 7,772 8,170 6.9 8.0
RSC-11 AEON MALL Kurashiki 1, Mizue, Kurashiki-shi, Okayama Trust beneficiary
interest 1,484 11.3 157,274.78 17,890 17,875 18,700 6.2 0.5
RSC-12 AEON MALL Ayagawa 822-1, Kayahara, Ayagawa-cho, Ayauta-gun, Kagawa Trust beneficiary
interest 922 5.5 113,149.07 8,740 8,727 9,190 6.5 0.6
RSC-13 AEON MALL Nogata 2-1-1, Yunohara, Nogata-shi, Fukuoka Trust beneficiary
interest 1,091 7.1 151,969.51 11,250 11,262 12,700 6.4 0.1
RSC-14 AEON MALL Kumamoto 2232, Aza Nagaike, Oaza Uejima, Kashima-machi,
Kamimashiki-gun, Kumamoto
Trust beneficiary
interest 1,170 8.9 101,132.38 14,060 14,080 14,700 6.2 6.2
Total 14,823 100.0 1,682,917.37 158,330 158,407 166,990 - 1.4
26
Notes:
1.As of January 31, 2014.
2.Capitalization rate using the direct capitalization method.
3. Each property undergoes a seismic risk analysis to forecast the loss rate related to damage from the recurrence of an earthquake during a 475 year period. The number as a whole is not an average, but rather the value for the
portfolio PML.
Unitholder Information at End of 2nd Fiscal Period (January 31, 2014)
27
Unitholders by Type
Major Unitholders
Number of units
(950,000)
Number of
unit holders
(21,376)
Individuals and others Financial institutions (including financial instruments firms) Other domestic corporations Foreign corporations
Unitholder name Number of units % of total
1 AEON Co., Ltd. 180,095 19.0%
2 Japan Trustee Services Bank, Ltd. (trust account) 138,375 14.6%
3 The Nomura Trust & Banking Co., Ltd. (trust account) 48,237 5.1%
4 Trust & Custody Services Bank, Ltd. (securities investment trust account) 45,636 4.8%
5 The Master Trust Bank of Japan, Ltd. (trust account) 44,010 4.6%
6 Sumitomo Mitsui Trust Bank, Limited 27,150 2.9%
7 Nomura Bank (Luxembourg) S.A. 20,270 2.1%
8 Mizuho Bank, Ltd. 20,000 2.1%
9 Century Tokyo Leasing Corporation 20,000 2.1%
10 The Bank of New York, Non-Treaty JASDEC Account 19,364 2.0%
Total 563,137 59.3%
The AEON Group is drawing on its experience in Japan to develop
retail properties in major cities in Asia as well.
The AEON Group has the highest operating revenues1 in the
Japanese retail industry, and the retail facilities it operates have
grown to 16,375 stores and locations, including alliance partners.2
The AEON Group’s multiple businesses include financial services, shopping
center development and service businesses, which complement its core
retail business centered on general merchandise stores.
Synergy generated by combining these highly competitive businesses helps
drive further growth.
AEON Group Profile
1,892
The AEON Group manages retail properties encompassing 16,375 stores as of February 28, 2013.
Business spanning
14 countries
GMS (general merchandise store)
SM (supermarket)
DS (discount store)
Home center
Convenience store
Specialty store
Drugstore
Other retail store
Financial service
Service business
Other business
Total 16,375 stores/locations
598
1,708
152
123
4,463*
3,664
3,146
589
531
1,394
7
*The number of stores and office locations,
including consolidated subsidiaries and equity-
method affiliates
Consolidated operating
revenue
¥5,685.3 bn
Number of group employees
360,000
Malaysia
26
9
22
34
27
Japan
537
1,627
130
123
2,168
3,609
3,146
560
248
1,353
Myanmar
28
South Korea
1
Kazakhstan 1
Laos
1 India
1
Indonesia
6
Australia
1
Philippines
337
2
China
35
14
49
55
29
30 11
4 Vietnam 16 3 1
Cambodia 1
Thailand
58 204 3 1
Business Operations Spanning 14 Countries Synergy from Multiple Businesses
Retail
business
Development
business
Service
business
Financial
services
business
Synergy
creation
General merchandise
stores
Supermarkets
Discount stores
Drugstores/pharmacies
Strategic retail stores
Total of 14,353 stores
(as of Feb. 2013)
AEON Mall AEON Town AEON Ipoh Station 18
Shopping Centre
(Malaysia)
157 malls in Japan and overseas (as of February 28, 2013)
AEON DELIGHT AEON Fantasy
AEON Card AEON’s
e-money
(WAON)
AEON Bank
Cardholders
31.85 million Credit card shopping
volume
¥3,561.5 billion (as of March 31, 2013)
Cards issued
31.0 million Transaction volume
¥1,200.0 billion (as of Feb. 28, 2013)
Number of accounts
3.06 million Deposits
¥1,220.1 billion (as of March 31, 2013)
Number of
consolidated
subsidiaries: 227
Notes:
1. Based on retail sales rankings published in the Nikkei Asian Review (6/26/2013)
2. Management results as of February 28, 2013
(1) The AEON Group’s development capabilities as Japan’s leading
shopping center developer
The AEON Group operates 598 general merchandise stores
nationwide. These stores, with their wide selection of merchandise,
and the specialty stores of shopping malls help to enhance the appeal
of retail properties.
Anchor tenants with
strong foot traffic
(general
merchandise stores)
With its own logistics functions covering all of Japan, the AEON Group
has acquired expertise in efficient supply chain management Strategic logistics
management
A Business Model Combining the Retail and Shopping Center Development Businesses
(2) Major large-scale retail properties developed by the AEON Group (including
properties it plans to develop) The AEON Group’s general merchandise stores use strategic logistics
management to drive down costs, and their large selection of merchandise makes
them competitive as strong anchor tenants.
AEON Retail Co., Ltd. is the AEON Group’s core company in the retail business.
Based on the experience and know-how acquired through its retail and shopping
center development businesses, the AEON Group is able to develop retail
properties in various configurations best suited for each site.
AEON Mall Co., Ltd. is the AEON Group’s core company in the shopping center
development business.
The AEON Group’s Development Capabilities in Large-Scale Retail Properties
Note 1. As of October 17, 2013
1
Properties to
be purchased
AEON MALL Ogaki (Gifu Pref.)
AEON MALL Suzuka (Mie Pref.)
AEON MALL Meiwa (Mie Pref.)
Major shopping centers
developed by AEON Group
AEON MALL Takaoka (Toyama Pref.)
AEON MALL Kakamigahara (Gifu Pref.)
AEON MALL Okayama (Okayama Pref.)
Tokai/Hokuriku
Chugoku/Shikoku
AEON MALL Odaka (Aichi Pref.)
AEON MALL Kurashiki (Okayama Pref.)
AEON MALL Hiezu (Shimane Pref.)
AEON MALL Hiroshimafuchu (Hiroshima Pref.)
AEON MALL Ayagawa (Kagawa Pref.)
AEON MALL Kochi (Kochi Pref.)
Kyushu
AEON MALL Yahatahigashi (Fukuoka Pref.)
AEON MALL Nogata (Fukuoka Pref.)
AEON MALL Fukuoka (Fukuoka Pref.)
AEON MALL Fukutsu (Fukuoka Pref.)
AEON MALL Kumamoto (Kumamoto Pref.)
AEON MALL Sapporo Hiraoka (Hokkaido Pref.)
AEON MALL Morioka (Iwate Pref.)
AEON MALL Moriokaminami (Iwate Pref.)
Hokkaido/Tohoku
AEON MALL Ishinomaki (Miyagi Pref.)
AEON MALL Natori (Miyagi Pref.)
AEON MALL Niigataminami (Niigata Pref.)
AEON MALL Mitouchihara (Ibaraki Pref.)
AEON MALL Tsukuba (Niigata Pref.)
AEON MALL Ota (Niigata)
Kanto/Koshinetsu
AEON MALL Makuhari New City (Chiba Pref.)
AEON MALL Kisarazu (Chiba Pref.)
AEON LakeTown kaze・mori (Saitama Pref.)
AEON MALL Urawa-Misono (Saitama Pref.)
AEON MALL Hanyu (Saitama Pref.)
AEON Sagamihara Shopping Center (Kanagawa Pref.)
Kinki
AEON MALL KYOTO (Kyoto Pref.)
AEON MALL Kyoto Katsuragawa (Kyoto Pref.)
AEON MALL Osaka Dome City (Osaka Pref.)
AEON MALL Dainichi (Osaka Pref.)
AEON MALL Rinkusennan (Osaka Pref.)
AEON MALL Kashihara (Nara Pref.)
AEON MALL Wakayama (Wakayama Pref.)
AEON MALL Kasai-Hojo (Hyogo Pref.)
Major shopping centers currently under development
(openings planned) by the AEON Group
AEON MALL Okayama
AEON MALL Kyoto Katsuragawa
AEON MALL Makuhari New City
China/ASEAN region
Properties to be purchased
Major shopping centers currently under development
(openings planned) by the AEON Group
Long Bien
Hanoi, Vietnam
AEON MALL Kagoshima (Kagoshima Pref.)
Tan Phu Celadon
Ho Chi Minh City, Vietnam
Phnom Penh
Phnom Penh, Cambodia
Kulai
Kulai, Johor, Malaysia
AEON Taman Universiti Shopping Centre
Johor Bahru, Johor, Malaysia
Tianjin Meijiang
Xiqing, Tianjin, China
Suzhou Industrial Park
Suzhou, Jiangsu, China
Suzhou Wuzhong
Suzhou, Jiangsu, China
Wuhan Olympic Garden
Wuhan, Hubei, China
Guangdong Qing He
Guangzhou, Guangdong, China
BSD
Banten, Tangerang, Indonesia
29
The AEON Group’s Competitiveness as a Retail Business
The AEON Group’s Competitiveness (Development Capabilities)
as a Shopping Center Developer
AEON Group’s
share of large-
scale shopping
centers in
Japan with floor
area more than
50,000 m2
All 110 shopping
centers in Japan with
floor area >50,000 m2
Large-scale shopping centers developed
and managed by the AEON Group
(51 properties)
(as of December 31, 2012)
Floor area of 50,000 m2 is
slightly larger than the 46,755
m2 building area of Tokyo
Dome
Seek a balanced mix of 1) national chain stores, 2) local retailers and stores
new to the area, and 3) AEON Group tenants
Create attractive environments conducive to comfortable, enjoyable
shopping
AEON shopping center tenants from some 9,000 companies (approximately
30,000 stores) make up the AEON Doyutenkai (store association)
Tenant support is available for AEON Doyutenkai members
Many potential tenants of large-scale shopping centers exist within the AEON Group
The AEON Group’s Management Capabilities in Large-Scale Retail Properties
Note 1 : Shown in the chart are the names of some of the retail stores of companies that are AEON Doyutenkai members as of October 2013; however, these stores are not necessarily tenants in all of the properties we own.
Selected Tenants belonging to AEON Doyutenkai1
Ladies/Mens/Kids
Ladies/Mens/Kids
Family apparel
Family apparel
Ladies/Mens
Ladies
Ladies
H&M
ZARA
Uniqlo
Global Work
AZUL by moussy
OPAQUE.CLIP
Green Parks Topic
Handbags
Shoes
Brand shop
Accessories
Jewelry
Leather items
Eyewear
SAC’S BAR
ASBee
Happiness
to you by THE KISS
Kanda
Alzuni
JINS
Household goods/interior
Interior & general merchandise
Clothing & household goods
Home fashion products
Aromatherapy goods/healing cafe
Miscellaneous goods & books
Character merchandise
Afternoon Tea
HOME & LIVING
Francfranc
MUJI
one's
Tree of Life
Village Vanguard
Disney Store
Culture school
Cooking school
Amusement
Aesthetic salon
Bank
Clinic
JEUGIA Culture Center
ABC Cooking Studio
Molly Fantasy
Takano Yuri Beauty Clinic
AEON Bank
Internal medicine /
ophthalmology / dental /
blood donation room
Fast food
Cafe
Ice cream
Beef tongue
Pizza
Ramen noodles
McDonald’s
Starbucks
Komeda Coffee
Baskin-Robbins
Rikyu
Pizza Salvatore Cuomo
Taishoken Ramen Shop Koji
A mall-type regional shopping center refers to a regional
shopping center in a low-rise (2-4 story) building with at least
two anchor stores (general merchandise stores, department
stores, large specialty stores, etc.) at either end, which are
connected by a specialty store mall.
Cinema
Sporting goods
Consumer electronics
Toys & baby products
Lifestyle stores
Furniture & interior decoration
Household goods
AEON Cinemas
Sports Authority
Yamada Denki Tecc Land
Toys “R” Us
Vivre GENE
Ambience
R.O.U
Pets & animal hospital
Books and magazines
DVDs & CDs
Sporting goods
Sports bikes
Drugstore
Craft and hobby shop
AEON Pet ・AEON Animal Hospital Miraiya Shoten
TSUTAYA
Murasaki Sports
Y’sRoad
Hac Drug
Meister by Yuzawaya
Apparel Shoes & Accessories
Miscellaneous Goods Entertainment & Amusement
Services
Home Restaurants Food
・Laura Ashley
・Talbots
・Taka-Q
・MALE&Co.
・m.f.editorial
・ikka
・LBC market
・Branshes
・TOPVALU
COLLECTION
・ASBee
・Greenbox
・Feminine Café
・Nustep
・Claire’s
・Andrew’s Ties
・AEON Bank
・AEON Insurance Service
・AEON Compass
・Magic Machine
・Riat!
・ZWEI
・AEON Sports Club
“The Space”
・AEON Culture Club
・AEON Cinemas
・Molly Fantasy
・Caférrant
・AEON Liquor ・Cantevole
・Origin Bento
・Ohitsu Gohan
Shirokujichu
・Mugi no Ka
・HERB&SPICE
・Gourmetdor
・Wagurume
・Ryuryumen
・HAC Drug
・Megapetro
・Laura Ashley Home
・AEONBIKE
・AEON Pet
・Sports Authority
・Miraiya Shoten
・Scrum
・R.O.U
・Pandora House
・Cosmeme
・The Body Shop
・AEON Body
30
AEON Group’s Approach to Tenant Leasing
Leading Tenant Leasing Capabilities to Raise the
Competitiveness of Large-Scale Retail Properties
Diverse Tenants Managed by AEON Group Companies Enable
Leasing Flexibility
Anchor tenant Anchor tenant
Specialty store mall
AEON (General merchandise store/supermarket)
Fashion Shoes & accessories
Services Miscellaneous products Restaurants & food court
Lifestyle goods
Large specialty stores
Disclaimer
― These materials contain forward-looking statements with respect to the future business results, plans, and management
targets and strategies of AEON REIT Investment Corporation (AEON REIT). These forward-looking statements are based on
assumptions made at the present time about future events and the operating environment. There is no guarantee that these
assumptions are correct. Various factors could cause actual future results to differ materially from those expressed or implied
by the forward-looking statements contained herein.
― While all reasonable measures have been taken to ensure that the information presented herein is correct, AEON REIT makes
no assurance or guarantee as to the accuracy or completeness of that information. The contents of the information may be
changed or eliminated without notice.
― These materials include analyses, judgments and other views of AEON REIT and AEON Reit Management Co., Ltd. made at
the present time. There are other views that differ from these, and furthermore, AEON REIT and AEON Reit Management Co.,
Ltd. may change these views in the future.
― These materials are provided for the sole purpose of presenting general information and explaining the management
strategies of AEON REIT, and are not intended as a solicitation to purchase AEON REIT’s investment units, nor to enter into
any other financial instruments transaction agreement. When making investments, investors are advised to use their own
judgment and discretion.
Asset Manager: AEON Reit Management Co., Ltd. (Registration of financial instruments business: Kanto Local Finance Bureau, Director-General (Financial Instruments), No. 2668)
Contact Information
Please direct inquiries to:
AEON Reit Management Co., Ltd.
Finance and Planning Department
TEL: 03-5283-6360
31
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