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Impact Report

About Impact Report

In recent years, companies are required to independently solve social and environmental issues, and movements to evaluate the medium- to long-term growth potential of companies based on non-financial information in addition to the conventional evaluation indicators such as performance and financial information are spreading.
HCM also decided to issue impact report once a year, in principle, as the first J-REIT to raise funds through social finance in February 2019. This report shows the status of allocation of the funds and the actions by HCM and HAM, the Asset Management Company, to solve social issues.

Reporting period From November 1, 2023 to March 31, 2024
Issue period Once a year in principle (every June)

Investment Philosophy and Impact (Qualitative Targets)

Realization of a Society Where All People Can Live Vibrantly and with Peace of Mind

HCM aims to serve as a conduit between the nursing care and medical service industries in which social needs are expected to increase and the capital markets, based on the environmental awareness that upgrading and expansion of healthcare facilities is further required in order to respond to the growing demand for medical and nursing care services. In other words, HCM aims to realize a society where all people can live vibrantly and with peace of mind as well as secure stable revenue and achieve steady growth of assets under management by promoting appropriate maintenance and management and new supply of healthcare facilities through stable investment and ownership of healthcare facilities with the keywords of “nursing care," “medical service” and “health."

Ratio of Housing for the Elderly to the Elderly Population

Status of Supply of Healthcare Facilities

Although the supply of facilities and housing for the elderly is increasing every year in response to the growing demand for medical and nursing care service, the supply rate of paid nursing homes against the elderly population was 1.75% in 2021 and that of serviced housing for the elderly was only 0.75% in 2021.

[Supply Rate of Facilities and Housing for the Elderly Against the Elderly Population (Aged 65 Years or Older)]

(Source) Prepared by the Asset Management Company based on the “Overview of Survey on Social Welfare Facilities, etc.” of Ministry of Health, Labour and Welfare, “Information Provision System of Serviced housing for the elderly” on the website of the Senior Housing Association, and “Population Estimation” of the Ministry of Internal Affairs and Communications.

Change in the Acquisition Amount and Number of Healthcare Facilities in the J-REIT Market

As of the end of March 2024, the total acquisition amount of healthcare facilities was 353,181 million yen and the cumulative number of properties was 198 in the J-REIT market. Of these, the cumulative acquisition amount for HCM was 82,900 million yen (23.5%) and the cumulative number of properties for HCM was 53 (26.8%).

(Unit: million yen, property)

This table can scroll to the left or right.

Acquisition amount of healthcare facilities Number of healthcare facilities
Entire J-REIT market HCM Entire J-REIT market HCM
Acquisition
Price
Cumulative
acquisition
Price
Acquisition
Price
Cumulative
acquisition
Price
Number of
properties
Acquired
Cumulative
number of
Properties
Number of
properties
Acquired
Cumulative
number of
Properties
(Note1)
2001 0 0 0 0 0 0 0 0
2002 0 0 0 0 0 0 0 0
2003 0 0 0 0 0 0 0 0
2004 0 0 0 0 0 0 0 0
2005 0 0 0 0 0 0 0 0
2006 2,865 2,865 0 0 4 4 0 0
2007 5,600 8,465 0 0 4 8 0 0
2008 0 8,465 0 0 0 8 0 0
2009 0 8,465 0 0 0 8 0 0
2010 0 8,465 0 0 0 8 0 0
2011 0 8,465 0 0 0 8 0 0
2012 2,510 10,975 0 0 2 10 0 0
2013 1,980 12,955 0 0 2 12 0 0
2014 28,782 41,737 0 0 20 32 0 0
2015 63,411 105,148 23,683 23,683 40 72 16 16
2016 6,278 111,426 1,338 25,021 5 77 2 18
2017 18,417 129,843 15,483 40,504 10 87 7 25
2018 21,675 151,518 1,686 42,190 11 98 2 27
2019 38,900 190,418 22,691 64,881 13 111 8 35
2020 72,820 263,238 1,456 66,337 33 144 1(Note2) 36
2021 27,237 290,475 720 67,057 12 156 1 37
2022 33,702 324,177 13,450 80,507 23 179 11 48
2023 26,611 350,788 0 80,507 14 193 0 48
January
2024
0 350,788 0 80,507 0 193 0 48
February
2024
2,393 353,181 2,393 82,900 5 198 5 53
March
2024
0 353,181 0 82,900 0 198 0 53
(Source) Prepared by the Asset Management Company based on ARES J-REIT Databook (March 2024)
(Note1) The accumulated number of properties acquired by HCM is described, therefore, disposed properties aren’t included in the calculation.
(Note2) Verde Hotaka (land) is not included in the number of properties acquired as it is based on the properties already owned.

Properties Acquisition and Disposition during the Reporting Period (November 1, 2023 - March 31, 2024)

HCM newly acquired 5 properties (total acquisition price:2,393 million yen) in February 2023.

Acquisition date Property Name Property type Acquisition price
(million yen)
February 1, 2024 NOAH GARDEN Building A Paid nursing home 384
NOAH GARDEN Building B 280
NOAH GARDEN Villa 300
NOAH GARDEN Bloom View Serviced housing for the elderly 736
PD House Higashi-Osaka Paid nursing home 693
Total 2,393

HCM newly acquired one equity interest in silent partnership (investment price:98 million yen) in February 2023.

Acquisition date Property Name Property type Acquisition price
(million yen)
March 21, 2024 TK Equity Interest of HC
Syukugawa GK
PLAISANT GRAND Syukugawa 98
Total 98
[Change in Portfolio Status]
End of fiscal period ended July 2023 (End of 17th FP)
Number of properties 48
Total acquisition price 79.2 billion yen
Total appraisal value 88.7 billion yen
Average appraisal NOI yield 5.5%
Hospital real estate 2
Number of operators 16
Occupancy Rate 100.0%
Average remaining lease term 12.0 years

End of fiscal period ended March 2024 Comparison with End of 17th FP
Number of properties 53 +5
Total acquisition price 81.6 billion yen +2.3 billion yen
Total appraisal value 92.0 billion yen +3.2 billion yen
Average appraisal NOI yield 5.5% ±0pt
Hospital real estate 2 ±0
Number of operators 17 +1
Occupancy Rate 100.0% ±0pt
Average remaining lease term 11.8 years △0.2 years

Properties Acquisition during the Reporting Period (November 1, 2023 - March 31, 2024)

Paid nursing home

NOAH GARDEN Building A
  • A residential type paid nursing home opened in October 2010. On the same site, the company operates four residential facilities for the elderly with a total of 161 rooms, a home-visit care nursing office for regular round-the-clock and as-needed services, a home-visit nursing station, and day care services all in one facility.
  • Located in a quiet residential area of Hachiken, Nishi-ku, Sapporo-shi, it features 24-hour nursing care service, reasonable rates, and a large public bath with natural hot spring.
Acquisition date February 1, 2024
Acquisition price 384 million yen
Appraisal value 400 million yen
Appraisal NOI yield 6.3%
Location 4-5-20, Kyujonishi, Hachiken, Nishi-ku, Sapporo-shi, Hokkaido
Leasable area/
Site area(Note1)
1,578.76㎡/5,136.99㎡
Structure/
number of floors
RC, 4F
Number of rooms/
resident capacity
42 rooms, 42 people
Construction
completion
November 1995
occupancy rate 71.4%
Operator NOAH KONZER Co.,Ltd

Paid nursing home

NOAH GARDEN Building B
  • A residential type paid nursing home opened in October 2010. On the same site, the company operates four residential facilities for the elderly with a total of 161 rooms, a home-visit care nursing office for regular round-the-clock and as-needed services, a home-visit nursing station, and day care services all in one facility.
  • Located in a quiet residential area of Hachiken, Nishi-ku, Sapporo-shi, it features 24-hour nursing care service, reasonable rates, and a large public bath with natural hot spring.
Acquisition date February 1, 2024
Acquisition price 280 million yen
Appraisal value 292 million yen
Appraisal NOI yield 5.6%
Location 4-5-15, Kyujonishi, Hachiken, Nishi-ku, Sapporo-shi, Hokkaido
Leasable area/
Site area(Note1)
1,049.05㎡/5,136.99㎡
Structure/
number of floors
RC, 3F
Number of rooms/
resident capacity
37 rooms, 40 people
Construction
completion
September 1999
occupancy rate 85.0%
Operator NOAH KONZER Co.,Ltd

Paid nursing home

NOAH GARDEN Villa
  • A residential type paid nursing home opened in May 2011. On the same site, the company operates four residential facilities for the elderly with a total of 161 rooms, a home-visit care nursing office for regular round-the-clock and as-needed services, a home-visit nursing station, and day care services all in one facility.
  • Located in a quiet residential area of Hachiken, Nishi-ku, Sapporo-shi, it features 24-hour nursing care service, reasonable rates, and a large public bath with natural hot spring.
Acquisition date February 1, 2024
Acquisition price 300 million yen
Appraisal value 314 million yen
Appraisal NOI yield 5.3%
Location 4-5-30, Kyujonishi, Hachiken, Nishi-ku, Sapporo-shi, Hokkaido
Leasable area/
Site area(Note1)
1,073.34㎡/5,136.99㎡
Structure/
number of floors
RC, 3F
Number of rooms/
resident capacity
28 rooms, 28 people
Construction
completion
April 2011
occupancy rate 67.9%
Operator NOAH KONZER Co.,Ltd

Serviced housing for the elderly

NOAH GARDEN Bloom View
  • A residential type paid nursing home opened in December 2013. On the same site, the company operates four residential facilities for the elderly with a total of 161 rooms, a home-visit care nursing office for regular round-the-clock and as-needed services, a home-visit nursing station, and day care services all in one facility.
  • Located in a quiet residential area of Hachiken, Nishi-ku, Sapporo-shi, it features 24-hour nursing care service, reasonable rates, and a large public bath with natural hot spring.
Acquisition date February 1, 2024
Acquisition price 736 million yen
Appraisal value 768 million yen
Appraisal NOI yield 5.1%
Location 4-5-14, Kyujonishi, Hachiken, Nishi-ku, Sapporo-shi, Hokkaido
Leasable area/
Site area(Note1)
2,079.81㎡/5,136.99㎡
Structure/
number of floors
RC, 4F
Number of rooms/
resident capacity
54 rooms, 54 people
Construction
completion
December 2013
occupancy rate 70.4%
Operator NOAH KONZER Co.,Ltd

Paid nursing home

PD House Higashi-Osaka
  • Opened in July 2022, this residential type paid nursing home has hardware and equipment specifications specifically designed for Parkinson's care, including a home nursing care office and a home nursing station, as well as a large rehabilitation room.
  • Located in an area that combines a certain living environment with a mix of detached houses, factories, and apartment buildings, etc., a 12-minute walk from Kawachi-Kosaka Station on the Kintetsu Nara Line.
Acquisition date February 1, 2024
Acquisition price 693 million yen
Appraisal value 738 million yen
Appraisal NOI yield 5.3%
Location 1-3-42, Nishidutsumihondorinishi, Higashiosaka-shi, Osaka
Leasable area/
Site area
1,792.59㎡/1,081.03㎡
Structure/
number of floors
RC, 3F
Number of rooms/
resident capacity
48 rooms, 48 people
Construction
completion
June 2022
occupancy rate (Note2) 97.9%
Operator SUNWELS Co., Ltd.

SUNWELS Co., Ltd.( New Operator )
Location 15-13, Ninomiyamachi, Kanazawa-shi, Ishikawa
Founded September 2006
Capital stock 35 million yen
Representative Ryotatsu Nawashiro
Facilities under 38 facilities, including 31 PD houses
Management (as of December 31, 2023)
Remarks
  • The company operates mainly nursing care facilities such as PD House, a paid nursing home specializing in Parkinson’s disease, as well as medical-specific residences and group homes.
  • Listed on the TSE Growth Market in June 2022. Engaging in joint research with universities and other collaborations with doctors and medical institutions in specialized fields.

(Note1) NOAH GARDEN Building A, NOAH GARDEN Building B, NOAH GARDEN Villa and NOAH GARDEN Bloom View are all located on the same site, indicated the total site area.
(Note2) Occupancy rates are based on interviews as of the end of February 2024.

Portfolio Map

Portfolio Map

Summary of Buildings and Their Leasing Status (as of the end of 18th FP:Output Indicators)

This table can scroll to the left or right.

Property
number
Property name Structure/
No. of floors
(Note 1)
Construction
completion
(Note 2)
leasable
area
(㎡)
(Note 3)
Leased
area
(㎡)
(Note 4)
No. of
tenants
(companies)
(Note 5)
Operational
rate (%)
(Note 6)
Paid nursing
home‐1
AQUAMARINE Nishinomiyahama RC/5F May 18, 2007 5,274.54 5,274.54 2 100.0
Paid nursing
home‐2
Bonsejour Chitose-funabashi RC/B1・6F Mar. 8, 1988 2,342.17 2,342.17 1 100.0
Paid nursing
home‐3
Bonsejour Hino RC/3F May 2, 1990 1,984.17 1,984.17 1 100.0
Paid nursing
home‐4
Bonsejour Musashi-shinjo RC/4F Feb. 21, 1985 1,710.43 1,710.43 1 100.0
Paid nursing
home‐5
Medical Rehabilitation Home Bonsejour Hadanoshibusawa RC/5F Jul. 17, 1991 3,435.79 3,435.79 1 100.0
Paid nursing
home‐7
ASHEIM Hikarigaoka RC/3F Mar. 6, 2006 3,628.60 3,628.60 1 100.0
Paid nursing
home‐8
ASHEIM Bunkyohakusan RC/8F Feb. 27, 2007 2,507.25 2,507.25 2 100.0
Paid nursing
home‐9
SOMPO CARE La vie Re Machidaonoji RC/B1・6F Oct. 29, 2007 7,720.17 7,720.17 1 100.0
Paid nursing
home‐10
SOMPO CARE La vie Re Azamino RC/B1・5F Mar. 1, 2004 5,789.25 5,789.25 1 100.0
Paid nursing
home‐11
SAWAYAKA Tachibanakan RC/B1・6F Oct. 31, 2005 5,652.94 5,652.94 1 100.0
Paid nursing
home‐12
SAWAYAKA Mekarikan RC/4F Nov. 15, 2005 4,720.46 4,720.46 1 100.0
Paid nursing
home‐13
SAWAYAKA Tagawakan RC/3F Jan. 20, 2006 2,366.20 2,366.20 1 100.0
Paid nursing
home‐14
GOOD TIME HOME Fudo-mae RC/B1・5F Mar. 18, 1992 3,400.20 3,400.20 1 100.0
Paid nursing
home‐15
Rehabilitation Home Bonsejour Yotsugi RC/5F Mar. 28, 1989 1,962.89 1,962.89 1 100.0
Paid nursing
home‐16
Medical Home Bonsejour Itami SRC/11F
(exclusively‐
owned portion)
Mar. 3, 1989 2,129.87 2,129.87 1 100.0
Paid nursing
home‐17
Kobe Gakuentoshi Building RC/B1・9F Jan. 7, 2009 12,636.48 12,636.48 1 100.0
Paid nursing
home‐18
GreenLife Moriguchi S・RC/9F Sep. 6, 2006 8,356.85 8,356.85 1 100.0
Paid nursing
home‐19
Hapine Kobe Uozaki Nibankan S/B1・4F Mar. 31, 2010 1,772.89 1,772.89 1 100.0
Paid nursing
home‐20
Granda Tsuruma-Yamato RC・S/5F Mar. 6, 1998 3,427.08 3,427.08 1 100.0
Paid nursing
home‐21
Smiling Home Medice Adachi RC/4F Nov. 16, 2005 3,870.98 3,870.98 2 100.0
Paid nursing
home‐22
AIKOEN ICHIBANKAN Building S/5F Feb. 4, 2010 4,311.20 4,311.20 3 100.0
Paid nursing
home‐23
Hanakotoba Minami RC/7F Feb. 24, 2010 1,710.68 1,710.68 1 100.0
Paid nursing
home‐24
Hanakotoba Miura RC/4F Jun. 27, 2007 1,959.64 1,959.64 1 100.0
Paid nursing
home‐25
SOMPO CARE La vie Re Hama-Kawasaki RC/4F
(exclusively‐
owned portion)
Mar. 8, 2007 4,060.21 4,060.21 5 100.0
Paid nursing
home‐26
Hanakotoba Shin-Yokohama RC/9F Mar. 15, 2004 5,230.23 5,230.23 1 100.0
Paid nursing
home‐27
Hanakotoba Shin-Yokohama II RC/B1・7F Apr. 25, 2007 1,837.29 1,837.29 1 100.0
Paid nursing
home‐28
Hanakotoba Odawara RC/4F Sep. 16, 2009 2,203.42 2,203.42 1 100.0
Paid nursing
home‐29
Verde Minowa ①S/5F
②S・RC/8F
①Nov. 20, 2003
②Feb. 28, 1974
11,098.17 11,098.17 1 100.0
Paid nursing
home‐30
Verde Hotaka ①S・SRC/5F
②S/2F
①Sep. 29, 1982
②Jul. 1, 1989
6,352.86 6,352.86 1 100.0
Paid nursing
home‐31
Sunny Life Kita-Shinagawa S/3F Sep. 20, 2018 2,135.54 2,135.54 1 100.0
Paid nursing
home‐32
Sunny Life Kamakura S/5F Sep. 19, 2014 3,817.91 3,817.91 1 100.0
Paid nursing
home‐33
Nichii Home Nishikokubunji S/3F Sep. 29, 1990 1,559.99 1,559.99 1 100.0
Paid nursing
home‐34
SOMPO CARE La vie Re Kobe-ikawadani RC・S/4F Apr. 24, 2009 3,824.54 3,824.54 1 100.0
Paid nursing
home‐35
SOMPO CARE Sompo no ie Sayama S/3F Aug. 15, 2005 1,997.87 1,997.87 1 100.0
Paid nursing
home‐36
Royal Kawaguchi RC/3F Oct. 1, 2008 3,484.02 3,484.02 1 100.0
Paid nursing
home‐37
NOAH GARDEN LEGEND RC/4F Oct. 10, 2015 2,736.89 2,736.89 1 100.0
Paid nursing
home‐38
NOAH GARDEN L Grace RC/4F Oct. 27, 2017 2,075.25 2,075.25 1 100.0
Paid nursing
home‐39
NOAH GARDEN Season Bell RC/5F Dec. 10, 2019 4,602.26 4,602.26 1 100.0
Paid nursing
home‐40
Heartland Kawaguchi Meiseien RC/6F Jan. 30, 2006 3,885.90 3,885.90 1 100.0
Paid nursing
home‐41
Rehabilitation Home Granda Minamiurawa S/3F Jul. 15, 2011 2,373.25 2.373.25 1 100.0
Paid nursing
home‐42
Madoka Minamiurawa S/3F Apr. 11, 2005 1,918.98 1,918.98 1 100.0
Paid nursing
home‐43
Nichii Maison Inage RC/4F Feb. 9, 2008 4,700.07 4,700.07 1 100.0
Paid nursing
home‐44
Hanakotoba Oppama S/5F Jul. 23, 2011 1,899.46 1,899.46 1 100.0
Serviced
housing
for the
elderly ‐1
SOMPO CARE Sompo no ie S Awajiekimae RC/12F Jun. 12, 2009 5,745.15 5,745.15 1 100.0
Serviced
housing
for the
elderly ‐2
SOMPO CARE Sompo no ie S Kobekamisawa S/9F Jun. 11, 2009 4,058.35 4,058.35 1 100.0
Serviced
housing
for the
elderly ‐3
NOAH GARDEN CASA RICH RC/5F Mar. 27, 2015 4,986.98 4,986.98 1 100.0
Medical service
‐related facilities
‐1
Niigata Rehabilitation Hospital ①RC/3F
②S/5F
①Apr. 20, 1990
②Feb. 28, 2001
13,476.55 13,476.55 1 100.0
Complex of paid
nursing homes,
medical service
related facilities,
etc.‐1
SHIP Senri Building RC/B1・11F Sep. 5, 2008 24,813.85 24,813.85 1 100.0
Total 217,545.72 217,545.72 57 100.0
(Note 1) “Structure/No. of floors”indicates information provided in the real estate registry of the building of each owned asset. “S” refers to steel structure, “RC” refers to reinforced concrete structure, “SRC” refers to steel‐reinforced concrete structure, “B” refers to basement floor and “F” refers to floors above ground.
(Note 2) “Construction completion” indicates the date of new construction provided in the real estate registry of the building of each owned asset.
(Note 3) “Leasable area” indicates figures based on the lease agreement of each building.
(Note 4) “Leased area” indicatesthe areas out of the leasable area for which actual lease agreements have been concluded and are leased.
(Note 5) “No. of tenants” indicates the number of tenants of each building based on the lease agreements. For the section of healthcare facilities in which the trustee of each owned asset and HCM conclude a lease agreement (master lease agreement) with an aim to have HCM sublease to the master lease company (section of paid nursing home with nursing care for Smiling Home Medice Adachi), the master lease company (operator) is counted as a tenant, and accordingly indicated as the number of tenants; while for the propertiessubject to pass‐through master lease agreement where rentsfrom end tenants are received intact, in principle, the total number of end tenantsis indicated as the number of tenants. However, for the sections that are not subject to the lease agreement (master lease agreement) between the trustee and HCM, the number of lessees leasing a building from the trustee is counted as the number of tenants and indicated accordingly.
(Note 6) ”Occupancy rate” indicates the leased area as a percentage of the leasable area of each owned asset as of January 31, 2024, and is rounded to one decimal place.

Overview of Facilities and Housing for the Elderly (as of the end of 18th FP:Output Indicators)

This table can scroll to the left or right.

Property number Property name Type of facility Operator No. of
rooms
(rooms)
(Note 1)
Capacity
(persons)
(Note 1)
No. of
residents
(persons)
(Note 1)
Occupancy
rate
(%)
(Note 2)
Preparation date of
Property Disclosure
Statement of
Important Matters
(Note 3)
Paid nursing
home‐1
AQUAMARINE Nishinomiyahama Paid nursing home GREEN LIFE Co.,Ltd. 90 100 100 100.0 July 1, 2023
Paid nursing
home‐2
Bonsejour Chitose‐funabashi Paid nursing home Benesse Style Care Co., Ltd. 42 47 41 87.2 July 1, 2023
Paid nursing
home‐3
Bonsejour Hino Paid nursing home Benesse Style Care Co., Ltd. 56 58 58 100.0 November 1, 2023
Paid nursing
home‐4
Bonsejour Musashi‐shinjo Paid nursing home Benesse Style Care Co., Ltd. 46 49 41 83.7 May 1, 2023
Paid nursing
home‐5
Medical Rehabilitation Home Bonsejour Hadanoshibusawa Paid nursing home Benesse Style Care Co., Ltd. 100 101 93 92.1 April 1, 2023
Paid nursing
home‐7
ASHEIM Hikarigaoka Paid nursing home AS PARTNERS Co., Ltd 83 89 72 80.9 October 1, 2023
Paid nursing
home‐8
ASHEIM Bunkyohakusan Paid nursing home AS PARTNERS Co., Ltd 50 52 48 92.3 October 1, 2023
Paid nursing
home‐9
SOMPO CARE La vie Re Machidaonoji Paid nursing home Sompo Care Inc. 163 169 140 82.8 July 1, 2023
Paid nursing
home‐10
SOMPO CARE La vie Re Azamino Paid nursing home Sompo Care Inc. 145 145 136 93.8 July 1, 2023
Paid nursing
home‐11
SAWAYAKA Tachibanakan Paid nursing home Sawayaka Club Co., Ltd. 104 104 102 98.1 October 1, 2023
Paid nursing
home‐12
SAWAYAKA Mekarikan Paid nursing home Sawayaka Club Co., Ltd. 95 95 75 78.9 September 1, 2023
Paid nursing
home‐13
SAWAYAKA Tagawakan Paid nursing home Sawayaka Club Co., Ltd. 60 60 57 95.0 September 1, 2023
Paid nursing
home‐14
GOOD TIME HOME Fudo‐mae Paid nursing home JAPAN LIFEDESIGN Inc. 61 67 57 85.1 January 1, 2023
Paid nursing
home‐15
Rehabilitation Home Bonsejour Yotsugi Paid nursing home Benesse Style Care Co., Ltd. 61 65 53 81.5 September 1, 2023
Paid nursing
home‐16
Medical Home Bonsejour Itami Residential type paid nursing home Benesse Style Care Co., Ltd. 62 64 53 82.8 May 1, 2023
Paid nursing
home‐17
Kobe Gakuentoshi Building Paid nursing home GREEN LIFE Co.,Ltd. 131 138 128 92.8 July 1, 2023
Paid nursing
home‐18
GreenLife Moriguchi Paid nursing home GREEN LIFE Co.,Ltd. 155 189 189 100.0 June 1, 2023
Paid nursing
home‐19
Hapine Kobe Uozaki Nibankan Paid nursing home GREEN LIFE Co.,Ltd. 47 47 47 100.0 July 1, 2023
Paid nursing
home‐20
Granda Tsuruma‐Yamato Paid nursing home Benesse Style Care Co., Ltd. 73 90 67 74.4 October 1, 2023
Paid nursing
home‐21
Smiling Home Medice Adachi Paid nursing home GREEN LIFE HIGASHI NIHON Co., Ltd. 82 82 79 96.3 July 1, 2023
Paid nursing
home‐22
AIKOEN ICHIBANKAN Building Paid nursing home Medical Corporation AIKOKAI 90 90 86 95.6 June 1, 2023
Paid nursing
home‐23
Hanakotoba Minami Paid nursing home Proud Life Inc. 50 50 48 96.0 January 1, 2024
Paid nursing
home‐24
Hanakotoba Miura Paid nursing home Proud Life Inc. 53 54 53 98.1 November 1, 2023
Paid nursing
home‐25
SOMPO CARE La vie Re Hama‐Kawasaki Paid nursing home Sompo Care Inc. 58 58 52 89.7 April 1, 2023
Paid nursing
home‐26
Hanakotoba Shin‐Yokohama Paid nursing home Proud Life Inc. 136 136 122 89.7 November 1, 2023
Paid nursing
home‐27
Hanakotoba Shin‐Yokohama II Paid nursing home Proud Life Inc. 29 30 27 90.0 September 1, 2023
Paid nursing
home‐28
Hanakotoba Odawara Paid nursing home Proud Life Inc. 60 65 64 98.5 October 1, 2023
Paid nursing
home‐29
Verde Minowa Paid nursing home Verde Corporation 174 206 194 94.2 July 1, 2023
Paid nursing
home‐30
Verde Hotaka Paid nursing home Verde Corporation 121 174 167 96.0 July 1, 2023
Paid nursing
home‐31
Sunny Life Kita‐Shinagawa Paid nursing home Kawashima Corporation 66 66 59 89.4 December 1, 2023
Paid nursing
home‐32
Sunny Life Kamakura Residential type paid nursing home Kawashima Corporation 128 128 126 98.4 July 1, 2023
Paid nursing
home‐33
Nichii Home Nishikokubunji Paid nursing home Nichii Carepalace Company 46 46 44 95.7 December 1, 2023
Paid nursing
home‐34
SOMPO CARE La vie Re Kobe-ikawadani Paid nursing home Sompo Care Inc. 80 80 70 87.5 July 1, 2023
Paid nursing
home‐35
SOMPO CARE Sompo no ie Sayama Paid nursing home Sompo Care Inc. 50 50 50 100.0 July 1, 2023
Paid nursing
home‐36
Royal Kawaguchi Paid nursing home SENIOR LIFE SUPPORT Co.,Ltd 56 56 53 94.6 October 1, 2023
Paid nursing
home‐37
NOAH GARDEN LEGEND Residential type paid nursing home Noah Konzer Co.,Ltd. 70 70 46 65.7 August 31, 2023
Paid nursing
home‐38
NOAH GARDEN L Grace Residential type paid nursing home Noah Konzer Co.,Ltd. 51 51 38 74.5 July 1, 2023
Paid nursing
home‐39
NOAH GARDEN Season Bell Residential type paid nursing home Noah Konzer Co.,Ltd. 136 136 101 74.3 July 1, 2023
Paid nursing
home‐40
Heartland Kawaguchi Meiseien Paid nursing home Meisho Co., Ltd. 97 100 83 83.0 May 1, 2023
Paid nursing
home‐41
Rehabilitation Home Granda Minamiurawa Paid nursing home Benesse Style Care Co., Ltd. 58 60 58 96.7 November 1, 2023
Paid nursing
home‐42
Madoka Minamiurawa Paid nursing home Benesse Style Care Co., Ltd. 54 54 46 85.2 April 1, 2023
Paid nursing
home‐43
Nichii Maison Inage Residential type paid nursing home Nichii Carepalace Company 85 95 58 61.1 April 1, 2023
Paid nursing
home‐44
Hanakotoba Oppama Paid nursing home Proud Life Inc. 59 59 55 93.2 November 1, 2023
Serviced
housing
for the
elderly ‐1
SOMPO CARE Sompo no ie S Awajiekimae Serviced housing for the elderly Sompo Care Inc. 137 137 115 83.9 October 1, 2023
Serviced
housing
for the
elderly ‐2
SOMPO CARE Sompo no ie S Kobekamisawa Serviced housing for the elderly Sompo Care Inc. 85 85 85 100.0 October 1, 2023
Serviced
housing
for the
elderly ‐3
NOAH GARDEN CASA RICH Serviced housing for the elderly Noah Konzer Co.,Ltd. 115 115 81 70.4 July 1, 2023
Complex of paid
nursing homes,
medical service
related facilities,
etc.‐1
SHIP Senri Building
(Note 4)
Paid nursing home・Medical service-related facilities GREEN LIFE Co.,Ltd. 181 200 200 100.0 April 1, 2023
Total - - 4,031 4,262 3,817 89.6 -
(Note 1) “No. of rooms,” “Capacity” and “No. of residents” indicate figures based on figures stated in Property Disclosure Statement of Important Matters
(hereinafter the “Property Disclosure Statement of Important Matters”) of paid nursing homes provided by the operators.
(Note 2) “Occupancy rate” indicates the occupancy rate obtained by dividing the number of residents by capacity, rounded to one decimal place.
(Note 3) “Preparation date of Property Disclosure Statement of Important Matters” indicatesthe date of application, reference date or preparation date stated on the document.
(Note 4) SHIP Senri Building is a property with a hospital and paid nursing home, and the above table provides an overview of the facilities related to its paid nursing home.

Overview of Medical Service-Related Facilities (as of the end of 18th FP:Output Indicators)

Property number Medical service‐related facilities‐1
Property name Niigata Rehabilitation Hospital
Operator Medical Corporation AIKOKAI Date of June 1990
(established as Oyama Hospital, the precursor)
Type of facility Hospital Authorized number
of beds
168 beds
(general beds: 108 beds/convalescent‐
stage beds: 60 beds)
Subject of
medical
treatment
Rehabilitation, orthopedic surgery,
internal medicine, neurology, dental &
dental and oral surgery
Facility certification Training facilities certified by the Japanese
Association of Rehabilitation Medicine
Facility criteria
(Hospitalization
fee)
2nd floor (48 beds)
Hospitalization fee of hospital ward for comprehensive community care 1
3rd floor (60 beds)
Basic hospitalization fee for general hospital ward (acute hospitalization fee 4)
Medical management fee for comprehensive community care 1
4th floor (60 beds)
Hospitalization fee of hospital ward for rehabilitation at recovery stage 1
External
evaluation
Hospital certified by Japan Council for Quality Health Care (Certification number: JC1424-4) 3rdG:Ver.2.0
Property
number
Complex of paid nursing homes,medical service related facilities,etc.‐1
Property name SHIP Senri Building (Senri‐Chuo Hospital) (Note)
Operator Medical Corporation Kyowakai Date of
establishment
October 2008
Type of facility Hospital Authorized number
of beds
400 beds (400 general beds)
Subject of
medical
treatment
Rehabilitation, orthopedics,
neurosurgery,surgery,internal medicine
and neurology
Facility certification Training facilities certified by the Japanese
Association of Rehabilitation Medicine
Facility criteria
(Hospitalization fee)
West 6th floor (25 beds) Palliative care hospital ward hospitalization fee 2
West 5th floor (50 beds) Facilities for the disabled, etc. 2 10:1 Basic hospitalization fee
West 4th floor (50 beds) Facilities for the disabled, etc. 2 10:1 Basic hospitalization fee
West 3rd floor (50 beds) Facilities for the disabled, etc. 2 10:1 Basic hospitalization fee
West 2nd floor (50 beds) Recovery phase rehabilitation ward hospitalization fee 1
East 6th floor (25 beds) Facilities for the disabled, etc. 2 10:1 Basic hospitalization fee
East 5th floor (50 beds) Facilities for the disabled, etc. 2 10:1 Basic hospitalization fee
East 4th floor (50 beds) Facilities for the disabled, etc. 2 10:1 Basic hospitalization fee
East 3rd floor (50 beds) Recovery phase rehabilitation ward hospitalization fee 1
External
evaluation
Hospital certified by Japan Council for Quality Health Care (Certification number: JC2382) 3rdG:Ver.2.0
(Note) SHIP Senri Building is a property with a hospital and paid nursing home, and the above table provides an overview of the facilities related to its hospital.

Earnings Performance (as of the end of 18th FP:Output Indicators)

(Unit: thousands of yen)

This table can scroll to the left or right.

Property name 18th FP (from August 1,2023, to January 31, 2024)
Operating revenue from
real estate leasing
Operating expenses from
real estate leasing
NOI
(Note 3)
Rent
revenue
Other
revenue
Property
tax
Outsourcing
expenses
Repair
expenses
Insurance
expenses
Depreciation Other,
net
AQUAMARINE Nishinomiyahama Not disclosed
(Note 2)
25,048 4,264 2,100 354 236 17,693 400 59,987
Bonsejour Chitose‐ funabashi 5,629 1,831 225 - 122 3,048 401 21,381
Bonsejour Hino 5,086 1,247 214 - 93 3,130 400 19,472
Bonsejour Musashi‐ shinjo 4,128 1,030 167 - 82 2,447 400 16,161
Medical Rehabilitation Home Bonsejour Hadanoshibusawa 8,410 1,810 213 - 168 5,817 400 21,091
ASHEIM Hikarigaoka 20,275 3,820 381 1,183 212 11,864 2,811 37,338
ASHEIM Bunkyohakusan 13,388 2,580 381 - 129 8,882 1,414 37,981
SOMPO CARE La vie Re Machidaonoji 51,799 6,038 780 3,533 392 40,655 400 93,855
SOMPO CARE La vie Re Azamino 32,536 4,686 780 1,768 285 24,617 400 77,303
SAWAYAKA Tachibanakan 23,834 2,668 1,200 - 370 19,195 400 47,217
SAWAYAKA Mekarikan 23,059 2,980 1,200 - 273 18,205 400 43,380
SAWAYAKA Tagawakan 7,890 1,106 1,200 - 119 5,064 400 12,871
GOOD TIME HOME Fudo‐mae 16,438 3,061 600 1,730 182 10,465 400 45,026
Rehabilitation Home Bonsejour Yotsugi 4,940 949 223 - 80 3,286 400 20,719
Medical Home Bonsejour Itami 6,553 1,402 371 - 120 4,260 400 13,940
Kobe Gakuentoshi Building 55,305 9,585 900 2,501 641 41,277 400 112,372
GreenLife Moriguchi 43,428 7,137 1,363 4,840 418 27,828 1,839 104,399
Hapine Kobe Uozaki Nibankan 10,205 1,391 1,200 556 100 6,557 400 23,852
Granda Tsuruma‐ Yamato 7,364 1,934 618 - 152 4,260 400 27,051
Smiling Home Medice Adachi 16,077 3,327 540 - 177 11,632 400 60,763
AIKOEN ICHIBANKAN Building 8,599 2,549 838 - 112 4,698 400 21,693
Hanakotoba Minami 9,222 1,561 600 800 79 5,781 400 27,159
Hanakotoba Miura 10,088 1,558 600 1,022 88 6,418 400 16,730
SOMPO CARE La vie Re Hama‐Kawasaki 19,832 3,491 2,770 - 206 12,963 400 45,482
Hanakotoba Shin‐ Yokohama 14,808 4,443 900 272 249 8,543 400 55,647
Hanakotoba Shin‐ Yokohama II 6,573 2,547 600 840 92 2,093 400 10,332
Hanakotoba Odawara 9,061 1,395 600 100 99 6,466 400 25,004
Verde Minowa 28,218 5,268 1,020 - 508 21,021 400 56,711
Verde Hotaka 27,313 2,258 1,020 - 249 23,385 400 46,196
Sunny Life Kita‐ Shinagawa 10,195 2,804 600 - 119 6,270 400 45,575
Sunny Life Kamakura 13,397 2,746 720 679 179 8,672 400 38,174
Nichii Home Nishikokubunji 5,101 1,236 660 495 92 2,216 400 18,108
SOMPO CARE Lavie Re Kobeikawadani 13,487 2,943 750 852 189 8,350 400 32,125
SOMPO CARE Sompo no ie Sayama 5,402 1,448 750 - 103 2,700 400 16,197
Royal Kawaguchi 12,313 2,831 1,647 1711 180 5,539 403 30,425
NOAH GARDEN LEGEND 10,200 1,987 300 - 129 7,615 167 24,415
NOAH GARDEN L Grace 7,774 1,748 300 - 101 5,458 166 17,705
NOAH GARDEN Season Bell 14,747 2,366 720 - 213 11,047 400 40,921
Heartland Kawaguchi Meiseien 15,665 2,853 720 - 223 11,466 400 51,181
Rehabilitation Home Granda Minamiurawa 7,563 1,777 480 96 135 4,875 200 25,379
Madoka Minamiurawa 6,571 1,100 480 1,500 108 3,182 200 18,960
Nichi Maison Inage 14,643 3,127 900 1,030 210 8,974 400 40,531
Hanakotoba Oppama 6,346 2,076 600 - 103 3,166 400 12,884
SOMPO CARE Sompo no ie S Awajiekimae 27,786 4,896 510 428 298 21,253 400 57,925
SOMPO CARE Sompo no ie S Kobekamisawa 17,653 2,918 510 732 183 12,908 400 35,545
NOAH GARDEN CASA RICH 18,574 3,825 300 - 236 14,044 166 46,248
Niigata Rehabilitation Hospital 28,396 9,642 1,030 - 387 16,837 500 78,320
SHIP Senri Building 81,182 28,043 1,500 - 1,182 50,055 400 340,675
Total 2,438,353 2,427,916 10,436 832,122 168,303 37,088 27,027 10,426 566,201 23,076 2,172,432
(Note 1) All figures indicated are rounded down to the nearest thousand yen.
(Note 2) “Real estate lease business revenue,” “rent revenue” and “other revenue” of each property are not disclosed as consent for disclosure has not been obtained from tenants. The total is the sum of amounts received as rent for the current fiscal period based on the lease agreements.
(Note 3) “NOI” = Real estate lease business revenue – real estate lease business expenses + depreciation and amortization

Summary of Appraisal Report (as of the end of 18th FP:Output Indicators)

This table can scroll to the left or right.

Property
number
Property name Appraisal company Appraisal
value
(millions
of yen)
Summary of Appraisal Report (Note 1) Appraisal
NOI
yield
(%)
(Note 4)
Direct capitalization
method
DCF method Appraisal
NOI
(millions
of yen)
(Note 3)
Indicated
value
(millions
of yen)
Capitalization
rate (%)
Indicated
value
(millions
of yen)
Discount
rate
(%)
(Note 2)
Termina
capitalization
rate (%)
Paid nursing
home‐1
AQUAMARINE Nishinomiyahama Rich Appraisal Institute Co.,Ltd. 2,140 2,150 5.1 2,130 4.8 5.3 117 6.0
Paid nursing
home‐2
Bonsejour Chitose‐funabashi The Tanizawa Sogo Appraisal Co., Ltd. 997 1,020 4.3 987 4.4 4.5 48 5.9
Paid nursing
home‐3
Bonsejour Hino The Tanizawa Sogo Appraisal Co., Ltd. 834 849 4.7 827 4.8 4.9 43 6.0
Paid nursing
home‐4
Bonsejour Musashi‐shinjo The Tanizawa Sogo Appraisal Co., Ltd. 643 653 5.1 638 5.2 5.3 39 6.8
Paid nursing
home‐5
Medical Rehabilitation Home Bonsejour Hadanoshibusawa The Tanizawa Sogo Appraisal Co., Ltd. 850 864 5.0 844 5.1 5.2 47 6.5
Paid nursing
home‐7
ASHEIM Hikarigaoka Japan Real Estate Institute 1,590 1,600 4.5 1,580 4.3 4.6 76 5.5
Paid nursing
home‐8
ASHEIM Bunkyohakusan Japan Real Estate Institute 1,790 1,800 4.1 1,770 3.9 4.2 74 5.2
Paid nursing
home‐9
SOMPO CARE La vie Re Machidaonoji Japan Real Estate Institute 4,230 4,250 4.4 4,200 4.2 4.5 192 5.3
Paid nursing
home‐10
SOMPO CARE La vie Re Azamino Japan Real Estate Institute 3,560 3,590 4.2 3,530 4.0 4.3 156 5.1
Paid nursing
home‐11
SAWAYAKA Tachibanakan Japan Real Estate Institute 1,630 1,650 5.2 1,610 5.0 5.4 93 6.1
Paid nursing
home‐12
SAWAYAKA Mekarikan Japan Real Estate Institute 1,480 1,490 5.4 1,460 5.2 5.6 85 6.2
Paid nursing
home‐13
SAWAYAKA Tagawakan Japan Real Estate Institute 405 408 5.4 401 5.2 5.6 25 6.4
Paid nursing
home‐14
GOOD TIME HOME Fudo‐mae Japan Real Estate Institute 2,100 2,110 4.1 2,080 3.9 4.2 91 5.2
Paid nursing
home‐15
Rehabilitation Home Bonsejour Yotsugi The Tanizawa Sogo Appraisal Co., Ltd. 905 922 4.6 897 4.7 4.8 47 5.7
Paid nursing
home‐16
Medical Home Bonsejour Itami The Tanizawa Sogo Appraisal Co., Ltd. 557 566 5.1 553 5.2 5.3 38 7.5
Paid nursing
home‐17
Kobe Gakuentoshi Building Daiwa Real Estate Appraisal Co., Ltd. 4,800 4,870 4.3 4,770 4.1 4.5 226 5.2
Paid nursing
home‐18
GreenLife Moriguchi Daiwa Real Estate Appraisal Co., Ltd. 4,850 4,930 4.2 4,820 4.0 4.4 220 5.3
Paid nursing
home‐19
Hapine Kobe Uozaki Nibankan Daiwa Real Estate Appraisal Co., Ltd. 1,050 1,070 4.3 1,040 4.1 4.5 48 5.2
Paid nursing
home‐20
Granda Tsuruma‐ Yamato The Tanizawa Sogo Appraisal Co., Ltd. 1,030 1,040 4.7 1,020 4.8 4.9 52 5.2
Paid nursing
home‐21
Smiling Home Medice Adachi The Tanizawa Sogo Appraisal Co., Ltd. 2,490 2,530 4.4 2,470 4.5 4.6 118 5.2
Paid nursing
home‐22
AIKOEN ICHIBANKAN Building The Tanizawa Sogo Appraisal Co., Ltd. 824 826 5.0 823 5.1 5.2 43 5.5
Paid nursing
home‐23
Hanakotoba Minami Japan Real Estate Institute 1,210 1,220 4.3 1,200 4.1 4.4 55 5.1
Paid nursing
home‐24
Hanakotoba Miura The Tanizawa Sogo Appraisal Co., Ltd. 670 679 4.6 666 4.7 4.8 34 5.6
Paid nursing
home‐25
SOMPO CARE La vie Re Hama‐ Kawasaki JLL Morii Valuation & Advisory K.K. 1,850 1,880 4.5 1,820 4.3 4.7 89 5.2
Paid nursing
home‐26
Hanakotoba Shin‐ Yokohama Japan Real Estate Institute 2,520 2,540 4.0 2,500 3.8 4.1 109 5.2
Paid nursing
home‐27
Hanakotoba Shin‐ Yokohama II Japan Real Estate Institute 382 385 5.0 379 4.8 5.2 21 5.8
Paid nursing
home‐28
Hanakotoba Odawara The Tanizawa Sogo Appraisal Co., Ltd. 962 979 4.8 955 4.9 5.0 49 5.6
Paid nursing
home‐29
Verde Minowa Daiwa Real Estate Appraisal Co., Ltd. 1,770 1,780 4.8 1,760 4.6 5.0 106 6.5
Paid nursing
home‐30
Verde Hotaka Daiwa Real Estate Appraisal Co., Ltd. 1,590 1,610 5.2 1,580 5.0 5.4 90 6.8
Paid nursing
home‐31
Sunny Life Kita‐ Shinagawa Daiwa Real Estate Appraisal Co., Ltd. 2,130 2,170 4.1 2,110 3.9 4.3 90 4.9
Paid nursing
home‐32
Sunny Life Kamakura The Tanizawa Sogo Appraisal Co., Ltd. 1,650 1,680 4.3 1,640 4.4 4.5 76 5.3
Paid nursing
home‐33
Nichii Home Nishikokubunji Daiwa Real Estate Appraisal Co., Ltd. 793 808 4.1 786 3.9 4.3 36 5.0
Paid nursing
home‐34
SOMPO CARE Lavie Re Kobeikawadani Rich Appraisal Institute Co.,Ltd. 1,300 1,320 4.3 1,290 4.1 4.5 63 4.9
Paid nursing
home‐35
SOMPO CARE Sompo no ie Sayama Rich Appraisal Institute Co.,Ltd. 646 656 4.7 642 4.5 4.9 32 5.4
Paid nursing
home‐36
Royal Kawaguchi Daiwa Real Estate Appraisal Co., Ltd. 1,360 1,380 4.1 1,350 3.9 4.3 62 4.9
Paid nursing
home‐37
NOAH GARDEN LEGEND The Tanizawa Sogo Appraisal Co., Ltd. 930 940 5.0 920 5.1 5.2 48 5.6
Paid nursing
home‐38
NOAH GARDEN L Grace The Tanizawa Sogo Appraisal Co., Ltd. 670 680 5.0 670 5.1 5.2 35 5.6
Paid nursing
home‐39
NOAH GARDEN Season Bell The Tanizawa Sogo Appraisal Co., Ltd. 1,550 1,560 4.9 1,540 5.0 5.1 78 5.8
Paid nursing
home‐40
Heartland Kawaguchi Meiseien Japan Real Estate Institute 2,280 2,300 4.1 2,260 3.9 4.2 100 5.0
Paid nursing
home‐41
Rehabilitation Home Granda Minamiurawa Rich Appraisal Institute Co.,Ltd. 1,110 1,120 4.1 1,100 3.9 4.2 49 4.8
Paid nursing
home‐42
Madoka Minamiurawa Rich Appraisal Institute Co.,Ltd. 883 893 4.1 878 3.9 4.2 39 4.8
Paid nursing
home‐43
Nichii Maison Inage Rich Appraisal Institute Co.,Ltd. 1,670 1,700 4.6 1,660 4.4 4.8 83 5.5
Paid nursing
home‐44
Hanakotoba Oppama The Tanizawa Sogo Appraisal Co., Ltd. 512 515 4.4 511 4.5 4.6 25 5.1
Serviced
housing
for the
elderly-1
SOMPO CARE Sompo no ie S Awajiekimae Japan Real Estate Institute 2,390 2,420 4.7 2,360 4.5 4.9 116 6.0
Serviced
housing
for the
elderly-2
SOMPO CARE Sompo no ie S Kobekamisawa Japan Real Estate Institute 1,440 1,460 4.8 1,420 4.6 5.0 72 6.0
Serviced
housing
for the
elderly-3
NOAH GARDEN CASA RICH The Tanizawa Sogo Appraisal Co., Ltd. 1,750 1,780 5.0 1,740 5.1 5.2 91 5.6
Medical service
‐ related facilities
‐1
Niigata Rehabilitation Hospital Japan Real Estate Institute 2,270 2,280 6.5 2,260 6.3 6.7 152 7.3
Complex of paid
nursing homes,
medical service
related facilities,
etc.‐1
SHIP Senri Building The Tanizawa Sogo Appraisal Co., Ltd. 14,500 14,700 4.4 14,400 4.5 4.6 677 5.2
Total 89,543 90,623 - 88,847 - - 4,379 5.5
(Note 1) “Appraisal value” is based on the appraisal report with January 31, 2024, as the appraisal date.
(Note 2) “Discount rate” represents a yield used to discount net cash flow during an analysis period and terminal value at the end of an analysis period back to present value, and figures used by respective appraisal organizations are shown.
(Note 3) “Appraisal NOI” indicates net operating income obtained by direct capitalization method stated in the real estate appraisal report with January 31, 2024, as the appraisal date and is rounded down to the nearest million yen. In addition, NOI is revenue before deducting depreciation and differs from NCF (net cash flow), which is the amount calculated by adding the gain on investment from security deposits, etc. to NOI and deducting capital expenditures. The same shall apply hereinafter in this document.
(Note 4) “Appraisal NOI yield” is calculated by the formula below and rounded down to one decimal place. In the column of total appraisal NOI yield, the average appraisal NOI yield, which is calculated by dividing the total appraisal NOI of the respective real estate in trust by the total acquisition price, is shown (rounded down to the first decimal place). Appraisal NOI yield = Appraisal NOI of the respective real estate in trust / Acquisition price of the respective real estate in trust

Capital Expenditures of Assets Under Management (as of the end of 18th FP:Output Indicators)

17th FP (Ending July 2023) Actual

Name of real estate
(Location)
Purpose Period Construction
costs
(thousands
of yen)
Verde Minowa
(Kawaba-mura, Tone-gun, Gunma)
Renovation of the exterior wall of the South Building From: May 2023
To: July 2023
62,457
SOMPO CARE La vie Re Machidaonoji
(Machida-shi, Tokyo)
Renewal of air conditioners in common areas From: May 2023
To: May 2023
16,280
SAWAYAKA Tagawakan
(Tagawa-shi, Fukuoka)
Rooftop waterproofing From: April 2023
To: May 2023
9,728
Other real estate 107,701
Total 196,167

18th FP (Ending January 2024) Actual

Name of real estate
(Location)
Purpose Period Construction
costs
(thousands
of yen)
SOMPO CARE La vie Re Machidaonoji
(Machida-shi, Tokyo)
Renewal of air conditioners in common areas From: Oct. 2023
To: Oct. 2023
29,494
SHIP Senri Building
(Toyonaka-shi, Osaka)
Renovation of hot water piping From: Oct. 2023
To: Jan. 2024
28,466
GreenLife Moriguchi
(Moriguchi-shi, Osaka)
Renewal of two boilers From: Oct. 2023
To: Nov. 2023
14,300
Nichii Home Nishikokubunji
(Kokubunji-shi, Tokyo)
Roof repair From: Nov. 2023
To: Dec. 2023
8,514
Other real estate 106,889
Total 187,664

19th FP (Ending July 2024) Plan

Name of real estate
(Location)
Purpose Period Estimated construction costs
(thousands of yen)
Total
Amount
Payment
during
period
Total
amount
already
paid
SHIP Senri Building
(Toyonaka-shi, Osaka)
Renewal of ventilating facilities From: May. 2024
To: Jun. 2024
50,000 - -
Hanakotoba Odawara
(Odawara-shi, Kanagawa)
Renovation of exterior walls and rooftop waterproofing From: Feb. 2024
To: Jul. 2024
47,700 - -
Royal Kawaguchi
(Kawaguchi-shi, Saitama)
Renewal of air conditioners in common areas From: Jun. 2024
To: Jul. 2024
27,000 - -
SOMPO CARE Lavie Re Kobeikawadani
(Kobe-shi, Hyogo)
Renewal of air conditioners in common From: Jun. 2024
To: Jul. 2024
23,000 - -
Hanakotoba Oppama
(Yokosuka-shi, Kanagawa)
Renewal of LED lighting in common areas From: Jun. 2024
To: Jul. 2024
6,000 - -

Company Profile of Operators (as of the end of 18th FP:Output Indicators)

Operator
name
Headquarters
location
Representative Founded Capital
stock
or total
assets
(millions
of yen)
Attribute
GREEN LIFE Co., Ltd. 3-20-8 Kasuga, Suitashi, Osaka Representative
Director
Nobuyuki Tamai
May
1994
50 Consolidated subsidiary of Ship Healthcare Holdings Inc. which is listed on the TSE Prime Market
GREEN LIFE HIGASHI NIHON Co., Ltd. 1-4-16, Yaesu, Chuoku, Tokyo Representative
Director
Nobuyuki Tamai
July
2003
50 Consolidated subsidiary of Ship Healthcare Holdings Inc. which is listed on the TSE Prime Market
Sompo Care Inc. 4-12-8 HigashiShinagawa, Shinagawa-ku, Tokyo Representative
Director
Ken Endo
May
1997
3,925 Consolidated subsidiary of Sompo Holdings, Inc., which is listed on the TSE Prime Market
Kyowakai Medical Corporation 1-7-13, Hiuchi, Kawanishi-shi, Hyogo Director
Toru Kitagawa
August
1982
6,920
Benesse Style Care Co., Ltd. 2-3-1, Nishi-Shinjuku, Shinjuku-ku, Tokyo Representative
Director
Shinya Takiyama
September
1995
100 Consolidated subsidiary of Benesse Holdings, Inc., which is listed on the TSE Prime Market
Proud Life Inc. 1-2-4,Isago, Kawasaki-ku,Kawasaki-shi, Kanagawa Representative
Director
Hiroshi Sonoda
July
2006
3 Consolidated subsidiary of Sony Group Corporation, which is listed on the TSE Prime Market
Sawayaka Club Co.,Ltd. 2-10-10 Kumamoto, Kokurakita-ku,Kitakyushu-shi, Fukuoka Representative
Director
Fumiharu Uchiyama
December
2004
100 Consolidated subsidiary of UCHIYAMA HOLDINGS Co., Ltd., which is listed on the TSE Standard Market
Kawashima Corporation 248-2, Higashiinohara, Kimitsu-shi, Chiba Representative
Director
Teruo Kawashima
September
1990
50 Unlisted company
Verde Corporation 839-4, Kamishiba, Misatomachi, Takasakishi, Gunma Representative
Director
Tomoyuki Higuchi
June
1970
30 Unlisted company
Medical Corporation AIKOKAI 761 Kizaki, Kita-ku, Niigata-shi, Niigata Director
Hiromu Ikeda
November
1993
344 A medical corporation which belongs to NSG Group with sales of over 120 billion yen (Note 2)
AS PARTNERS Co.,Ltd. 2-2, Kanda surugadai, Chiyoda-ku, Tokyo Representative
Director
Takeshi Uemura
November
2004
122 Unlisted company
JAPAN LIFEDESIGN Inc. 1-7-1, Akasaka, Minato-ku, Tokyo Representative
Director
Shosetsu Ito
April
2004
340 Unlisted company Capital partnership with Nomura Real Estate Holdings, Inc.
Nichii Carepalace Company 4-6, Kandasurugadai, Chiyoda-ku,Tokyo Representative
Director
Yukio Akiyama
June
1964
80 Unlisted company Consolidated subsidiary of NICHIIGAKKAN CO., LTD.
SENIOR LIFE SUPPORT Co.,Ltd 2-5-24, Aoki, Kawaguchi-shi, Saitama Representative
Director
Hidenori Shimane
November
2006
30 Affiliated company of ZENSHO HOLDINGS Co.,Ltd., which is listed on the TSE Prime Market
NOAH KONZER Co.,Ltd 14-1-32, Nanajou, Hiragishi, Toyohira-ku, Sapporo-shi, Hokkaido Representative
Director
Akihiro Wakatsuki
February
1979
100 Unlisted company
Meisho Co., Ltd. 4-3-5, Hokima, Adachi-ku,Tokyo Representative
Director
Chiyoshi Fujita
August
1998
10 Unlisted company
(Note 1) “Headquarters location,” “Representative,” “Founded” and “Capital stock or total assets” are based on the information in the registry as of July 5, 2023. Only one person is described in the "Representative," "Capital stock or total assets" is rounded off to the nearest million yen.
(Note 2) Indicates the actual figures in September 2022 based on NSG Groupʼs website.

Various Issues Derived from Declining Birthrate and Aging Population

Progress in Population Decline and Aging

Japanʼs population of elderly people aged 65 or older is estimated to be 36 million and 23 thousand (as of September 15,2023), representing 29.1% of the total population, which makes it the most aged society in the world. Due to the population aged 65 or older growing while the total population is decreasing and the birthrate declining, the aging rate will continue to increase, with the National Institute of Population and Social Security Researchʼs “Population Projection for Japan (2023 Projection)” estimating that it will reach 33.9% in 2038, resulting in a society where one in three citizens are aged 65 years or older. As the proportion of people aged 75 or older in particular continues to rise, the caregiver labor shortage caused by the declining birthrate and the increase in care needs due to the aging of society are starting to have a major impact on the medical and care industries.

[Outlook for Change in Total Population and Aging Rate]

(Source) Created by HAM based on the Ministry of Internal Affairs and Communications Statistics Bureau 2020 Census and the National Institute of Population and Social Security Researchʼs “Population Projection for Japan (2023 Projection)”
(Source) Website of the Ministry of Internal Affairs and Communications Statistics Bureau, Statistics Topics No. 132, “A Statistical View of Japanʼs Elderly Population: On the Occasion of Respect-for-the-Aged Day”
[Change in Number of Births and Birth Rate]

(Source) “Demographic Statistics (2022)“ of Ministry of Health, Labour and Welfare

Growing Demand for Nursing Care Services and Change in Medical Services

With the aging of the population, it is forecast that the number of people eligible to receive nursing care will continue to increase and that it will become more difficult than ever to take care of members in the same household due to the declining birthrate and change in family structure. In order to respond to the increasing needs for nursing care, it is necessary to secure caregivers and promote the supply of healthcare facilities. It is expected that the number of deaths due to aging will increase and the number of people who spend their final days at homes and facilities for the elderly other than medical institutions will increase rapidly. In the future, the role of facilities for the elderly, etc. by caregivers will be emphasized, and cooperation between medical services (in-home medical care) at homes and facilities for the elderly by medical institutions and institutions related to medical service and nursing care will be required.

[Change in the Number of People Eligible to Receive Nursing Care by Degree of Nursing Care Required]

(Source) “Nursing Care Insurance Business Status Report“ of Ministry of Health, Labour and Welfare
Annual Death Toll and Place of Death

(Source) KPMG Healthcare Japan Co., Ltd
(Note) CAGR (compound average growth rate) is the annual average growth rate obtained using the geometric mean per year based on the growth rate over multiple years.

Healthcare Facilities Requiring the Promotion of Supply

In the Basic Housing Policy (National Plan) approved by the Cabinet on March 19, 2021, the goal is to form and develop communities where diverse generations support each other and the elderly can live in good health and peace of mind, and a target was set to raise the ratio of senior housing to the senior population from 2.5% in 2018 to 4% by 2030.

Ratio of Housing for the Elderly as a Percentage of the Elderly Population

(Note) Resident capacity is estimated based on the outcome indicator for the ratio of housing for the elderly as a percentage of the elderly population. In the plan, Housing for elderly means paid nursing home, serviced housing for the elderly, group homes and Geriatric health services facilities.
[Capacity and Number of Users of Facilities and Housing for the Elderly]

(Source) Prepared by the Asset Management Company based on the “Statistics on the Actual Status of Nursing Care Benefits, etc.“ and “Survey on Social Welfare Facilities, etc.“ of Ministry of Health, Labour and Welfare, “Information Provision System of serviced housing for the elderly “ on the website of the Senior Housing Association.
(Note) The number of users is shown for facilities covered by public aid providing long-term care to the elderly, Long-term care health facilities, long-term care medical facility and long-term daily care for dementia patients in communal living situation (Group homes).
(Reference) Environmental Improvement for Upgrading and Expanding Healthcare Facilities

In the “Japan Revitalization Strategy-JAPAN is BACK-” dated June 14, 2013, the government announced its policy to “enact a guideline concerning acquisition and management of housing for the elderly, etc. for the utilization of healthcare REITs with an aim to utilize private fund” as part of urban development to enable the elderly, etc. to walk and live safely. Following this policy, the Ministry of Land, Infrastructure, Transport and Tourism enacted the “Guideline related to the utilization of healthcare REITs targeting housing for the elderly, etc.” on June 27, 2014, and the “Guideline related to REITs targeting hospital real estate” on June 26, 2015, and guidelines for utilizing healthcare REITs were established. In addition, in the Action Plan for a New Form of Capitalism Follow-up (approved by the Cabinet on June 7, 2022), the government has set a target of "reviewing the guidelines for the utilization of healthcare REITs during FY2022 with the aim of increasing the total assets of REITs, etc. to about 40 trillion yen by around 2030 in order to form a high-quality stock of real estate, etc." In response to this, the "Guideline related to the utilization of healthcare REITs targeting housing for the elderly, etc." was revised on March 28, 2023 to contribute to the acquisition of healthcare facilities by REITs, and a handbook explaining the contents of the guideline was created. As a measure to spread healthcare REITs, seminars targeting related business operators jointly held by the Financial Services Agency, the Ministry of Land, Infrastructure, Transport and Tourism, the Tokyo Stock Exchange, and the Association For Real Estate Securitization have been held several times a year, and efforts by the public and private sectors are being made.

Various Issues in Nursing Care

Personnel Shortage in the Nursing Care Industry

In fiscal 2022, the jobs-to-applicants ratio for nursing care-related occupations was 3.71 times, which is higher than that for all occupations.

Based on information such as the projected volume of nursing care services in the 8th Nursing Care Insurance Business Plan, the number of required nursing care personnel, as estimated by prefectural governments, will be shortage of approximately 690 thousand in fiscal 2040.

[Jobs-to-Applicants Ratio (All Industries and Nursing Care-Related Occupations) and Unemployment Rate]

(Source) Ministry of Health, Labour and Welfare, “Job Placement Service Statistics,” and Ministry of Internal Affairs and Communications, “Labor Force Survey”
[Needs for Nursing Care Human Resources Towards 2040]

(Source) Ministry of Health, Labour and Welfare, “Number of Nursing Care Personnel Required Based on 8th Nursing Care Insurance Business Plan – Appendix 1”

Abuse of the Elderly in Nursing Care

Abuse of the elderly in nursing care is also a major issue. There are various reasons for abuse, but there are many cases in which abuse is caused by the heavy burden of nursing care, and there is a need to expand nursing care services responding to the need to reduce the burden of caregivers.

In addition, although the number of cases of abuse in nursing care facilities smaller than that of abuse by families, there are certain number of abuse in nursing care facilities, nursing care business operators are taking actions toward workers at nursing care facilities including improvement of the knowledge on abuse and holding trainings and preparing manuals with an aim to prevent abuse and inappropriate care.

[Change in the Number of Cases of Elderly Abuse]

(Source) “Survey Results on the Status of Response Based on the “Act on the Prevention of Elder Abuse, Support for Caregivers of Elderly Persons and Other Related Matters“ in Fiscal 2019“ of Ministry of Health, Labour and Welfare

Actions by the Government and Local Governments

Further Increase in Social Security Benefits (Medical and Nursing Care)

With the progress in aging population and declining birthrate, social security benefits in Japan are forecast to increase significantly, which is a major issue.

[Future Outlook for Social Security Benefits Towards 2040]

(Source) “Future Outlook for Social Security Towards 2040“ of the Cabinet Secretariat, Cabinet Office, Ministry of Finance, Ministry of Health, Labour and Welfare

Establishment of Regional Comprehensive Care System

With the further increase in demand for medical and nursing care after 2025 when the baby boomers will be 75 or older, the government (Ministry of Health, Labour and Welfare) is promoting the construction of a regional comprehensive care system that integrally provides housing, medical service, nursing care, prevention and life support to enable the elderly to continue living in familiar areas until the end of their lives to the maximum extent possible with an aim to maintain the dignity of the elderly and support independent life.

It is believed that the extension of healthy life expectancy and a society that supports the elderly by utilizing not only public services but also the power of the community can be realized with the regional comprehensive care system in accordance with the actual circumstances of each region, leading to the securement of the sustainability of the social security system.

Establishment of Regional Healthcare Vision and Promotion of Differentiation and Coordination of Medical Functions

There is a need to respond to the increasing and diversifying demand for medical and nursing care services within limited medical resources as well as establish a system that effectively and efficiently provides high-quality and appropriate medical care. The “Regional Healthcare Vision“ has been institutionalized by the “Act for Securing Comprehensive Medical and Long-term Care in the Community“ aiming to establish a medical care provision system that can even withstand the super-aged society (Note ).

Regional Healthcare Vision is an initiative to realize an efficient medical care provision system by estimating the number of beds required in 2025 for each of the four medical functions based on the future population projections and promoting functional differentiation of hospital bed and coordination of hospitals through consultation by local medical staff.

(Note) “Super-aged society” refers to a society in which the elderly population aged 65 or older (aging rate) accounts for 21% or more of the total population
(Source) Created by HAM based on Ministry of Health, Labour and Welfareʼs “Regional Healthcare Vision.

Initiatives to Prevent Abuse of the Elderly

Various initiatives are being taken by the government and local governments to prevent abuse of the elderly.

  • Establishment of elder abuse prevention networks (e.g., "early detection and monitoring network" of community welfare volunteers and residents, "intervention support network of relevant professional organizations" of administrative agencies and legal professionals, etc.)
  • Conducted annual surveys based on the "Act on Prevention of Elder Abuse and Support for Caregivers of Elderly Persons".
  • Development of abuse response manual
  • Establish a system of cooperation and collaboration with related organizations, private organizations, etc.
  • Publicize the name of the response desk and the names of the elder abuse response cooperators, etc.

Improvement of the environment for securing nursing care personnel

In order to meet the ever-increasing demand for nursing care services, the government will take measures to "improve compensation for nursing care workers," "secure and develop diverse human resources," "prevent turnover, promote retention, and improve productivity," "make the nursing care workforce more attractive," and "improve the environment for accepting foreign personnel.

(Source) Ministry of Health, Labour and Welfare the Social Security Council Materials

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