External Growth Strategy

Expand AUM without Significantly Changing Area Diversification


Acquire High Yielding Properties Using Various Acquisition Methods

■ Sourcing properties located in Tokyo 23 wards mainly from the Sponsor Group
■ Securing properties by acquiring silent partnership equity interest (bridge fund*)
   with a first refusal right on its properties
■ Direct acquisition from third party utilizing ADR’s dominant position in the market

(*as of January 31, 2019*)
Property acquisitions since merger Sponsor group Bridge fund* Other Total
Number of properties 27 42 52 121
Total acquisition price 48.9 billion yen 52.4 billion yen 72.8 billion yen 174.2 billion yen
Acquisition ratio 28.1% 30.1% 41.8% 100.0%

*Bridge fund scheme

Increasing AUM

AUM (number of properties)

(Note)  The amount is the total of property acquisition price.

Number of Leasable Units