JP2018041193A - Method and program for calculating profit index of real estate investment trust - Google Patents

Abstract

PROBLEM TO BE SOLVED: To provide a new index representing profitability of real estate for investment.SOLUTION: A computer calculates total rentable area of a property during a settlement term on the basis of property information and increase/decrease floor information, calculates a unit revenue a day by dividing a revenue at the settlement term by the total rentable area, compares the rentable area of the property on a day when an attention is paid (the day) with the rentable area of the property on the previous day among days included in the settlement term, calculates a smaller value as a rentable area common to the previous day, calculates a day-to-day increase/decrease rate by dividing the revenue on the day obtained by multiplying the rentable area common to the previous day by the unit revenue of the day by the revenue on the previous day obtained by multiplying the rentable area common to the previous day by the unit revenue of the previous day, sequentially exponentiates the day-to-day increase/decrease rates from the first day included in a prescribed period, and thereby calculates a profit index of real estate investment trust of each day included in the prescribed period of the property.SELECTED DRAWING: Figure 1

Description

  The present invention relates to a calculation method and program for a profit index related to a real estate investment trust.

  In recent years, real estate investment trusts (REITs) that purchase real estate such as commercial facilities, office buildings, logistics facilities, and housing complexes with funds collected from investors and distribute the rental income and profits to investors are attracting attention. ing. A Japanese version of a real estate investment trust is generally called J-REIT, and its investment securities are listed on a stock exchange and traded at a daily price (investment unit price) through a securities company.

  Since REIT investment securities are subject to trading in the same way as listed stocks, investors need some kind of index to be used as a reference when making investment decisions. The following indices are generally known as examples of such indices. The “TSE REIT Index” (registered trademark) is a market capitalization weighted index for all stocks of real estate investment trusts listed on the Tokyo Stock Exchange. Placed on March 31 (the closing price), the market capitalization of the day is 1000, and the subsequent market capitalization is indexed. “Adjusted PBR” is an index that determines whether investment securities are undervalued or overvalued. Net assets (NAV: NAV: adjusted by adding unrealized gains and losses) to net assets (book value) when calculating ordinary PBR Net Asset Value) The “FFO multiple” is an indicator that shows how many times the investment unit price is bought by FFO (Funds From Operation: net profit excluding gains on sale of real estate plus depreciation expenses). .

  There is also known a system for indexing the asset value of a real estate portfolio subject to investment securities based on the price of investment securities in real estate investment trusts displayed in real time such as stock prices (Patent Document 1).

JP 2004-295534 A

  If you want to analyze how the rent income fluctuates in the market cycle for each investment property (property) or for a specific region, etc. This is the desired rent for the vacant part of the property, and does not necessarily represent the actual rent income of the property. In addition, since the system described in Patent Document 1 is indexed based on the investment unit price of investment securities, the index does not directly reflect the change in rent income of investment real estate.

  ARES (registered trademark) J-REIT Property Database (https://jreit-pdb.ares.or.jp/pdb/) has a property information database owned by the listed J-REIT. It has been published. Therefore, although not limited, it is conceivable to obtain an index of rent income of real estate for investment by utilizing the data of operation results for each owned property or each specific region.

  In general, “(additional) acquisition” and “(partial) sale” may occur in individual investment properties during the period. Therefore, if you try to grasp the fluctuations in rent income of real estate properties simply and accurately, there will be no change in floor area (leasable area) over the long term, and there will be fluctuations in the settlement dates of real estate investment trusts depending on the real estate investment corporation. In order to eliminate the impact, it is necessary to analyze only properties that are continuously held by individual real estate investment corporations.

  For example, if we look at the changes in rent revenue of office buildings that J-REIT has continuously held in the central 5 wards from September 2005 to September 2015, there is no change in floor area and individual real estate investment There are only 43 samples that correspond to properties continuously held by corporations. Therefore, the number of property samples is insufficient to enable analysis of fluctuations in rent income by cluster divided according to property, usage such as offices and rental housing, specific regions, and other specific conditions. There's a problem.

  In view of the above problems, an object of the present invention is to propose a new index (a profit index related to a real estate investment trust) that represents the profitability of an investment property.

The following aspects [1] to [8] are included in the present invention.
[1]
Computer
Calculating the “total leasable area” for the settlement period of the property based on the property information including information on the property for the real estate investment trust and the floor information on the increase / decrease including information on the increase / decrease in the leasable area of the property;
Calculating the “unit revenue” for each day included in the settlement period of the property by dividing the revenue in the settlement period of the property by the total leasable area;
Compare the leasable area of the property on the day of interest (referred to as “the current day”) included in the settlement period with the leasable area of the property on the day before the day, and select the smaller value for the property. Calculating the rentable area common to the previous day of the day,
The “income of the day” obtained by multiplying the “rental area common to the previous day” by the “unit income” of the day, and the “unit income” of the previous day to the “rentable area common to the previous day”. By dividing by the “income of the previous day” obtained by multiplication, the step of calculating the rate of increase / decrease of the previous day of the “income of the day” of the property and the rate of increase / decrease of the previous day for each day are included in the predetermined period. And calculating a profit index related to the real estate investment trust for each day included in the predetermined period of the property by sequentially raising the power from the first day.
[2]
Computer
Calculating the “income of the day” and the “income of the previous day” for each of a plurality of properties and each day included in the property group;
For each day, adding the “income of the day” calculated for the plurality of properties;
For each day, summing the "income of the previous day" calculated for the plurality of properties;
For each day, a step of calculating a rate of drop in the “daily income” of the property group by dividing the “income of the day” after the summation by the “income of the previous day” after the summation. When,
Calculating a profit index related to the real estate investment trust of each day included in the predetermined period of the property group by sequentially increasing the rate of increase / decrease in the previous day for each day from the first day included in the predetermined period And the method according to [1].
[3]
The method according to [2], wherein the property group is a property group included in a predetermined region, a property group held by a predetermined real estate investment corporation, and / or a property group included in a predetermined building use.
[4]
The property information includes information regarding the property name, the investment corporation, the beginning and end of the fiscal year end, the leasable area at the end of the fiscal year, and rental business revenue,
The method according to any one of [1] to [3], wherein the increase / decrease floor information includes information on a date when the leasable area of the property has increased or decreased and an increase / decrease value thereof.
[5]
The step of calculating the “total leasable area”
If there is no increase or decrease in the leasable area of the property during the fiscal period based on the increase / decrease floor situation, the above-mentioned “total leasable area” is calculated by multiplying the leasable area at the end of the period by the number of days included in the fiscal period. ”, And
If there is a change in the leasable area of the property during the fiscal period based on the increase / decrease floor information, based on the date of the change, the increase / decrease value, and information on the leasable area at the end of the period, The step of calculating the “total leasable area” by adding the value obtained by multiplying the leasable area before increase / decrease by the number of days and the value obtained by multiplying the number of days after increase / decrease by the leasable area after increase / decrease is performed. The method according to [4], including:
[6]
The revenue is the rental business revenue of the property, and the revenue index is a rent index, or the revenue is a NOI (net revenue) of the property, and the revenue index is a net revenue index. [1] The method according to any one of [5].
[7]
Computer
Means for calculating the “total leasable area” for each settlement period based on property information including information on properties for real estate investment trusts and floor information including information on changes in the leasable area of the property;
Means for calculating the “unit revenue” for each day included in the settlement period of the property by dividing the revenue in the settlement period of the property by the total leasable area;
Compare the leasable area of the property on the day of interest (referred to as “the current day”) included in the settlement period with the leasable area of the property on the day before the day, and select the smaller value for the property. Means for calculating as “the rentable area common to the previous day” of the said day,
The “income of the day” obtained by multiplying the “rental area common to the previous day” by the “unit income” of the day, and the “unit income” of the previous day to the “rentable area common to the previous day”. Means for calculating the rate of increase / decrease of the previous day's “income of the day” of the property by dividing by “income of the previous day” obtained by multiplication, and the rate of increase / decrease of the previous day for each day included in the predetermined period A calculation program for a profit index related to a real estate investment trust to function as a means for calculating a profit index related to a real estate investment trust for each day included in the predetermined period of the property by sequentially raising power from the first day .
[8]
Computer
Means for calculating the “income of the day” and the “income of the previous day” for each of a plurality of properties included in the property group and for each day;
Means for summing the “income of the day” calculated for the plurality of properties for each day;
Means for summing the "income of the previous day" calculated for the plurality of properties for each day;
Means for calculating the rate of increase / decrease in the property day's “income of the day” by dividing the “income of the day” after the summation by the “income of the previous day” after the sum every day In addition, the profit index related to the real estate investment trust of each day included in the predetermined period of the property group is calculated by sequentially increasing the rate of increase / decrease in the previous day for each day from the first day included in the predetermined period. [7] The program according to [7] for further functioning as a means to perform.

  The method and program for calculating the profit index related to a real estate investment trust according to an embodiment of the present invention eliminates the effect of fluctuations in the settlement date of the real estate investment trust, and the real estate investment trust is newly acquired or sold during the analysis period. Changes in the leasable area (floor area) can be incorporated into the analysis target.

It is a block diagram of the terminal for calculating a rent index. It is a figure which shows an example of property information. It is a figure which shows an example of increase / decrease floor information. It is a figure which shows an example of the property information to which the increase / decrease floor information was added. It is a flowchart which concerns on an example of the calculation method of a unit rent. It is a figure which shows an example of a database. It is a flowchart which concerns on an example of the calculation method of a rent index. It is a figure which shows an example of a database. It is explanatory drawing of an example of calculation of a unit rent and a rent index. It is explanatory drawing of an example of calculation of a unit rent and a rent index. It is explanatory drawing of an example of calculation of a unit rent and a rent index. It is explanatory drawing of an example of calculation of a unit rent and a rent index. It is a graph regarding Example 1 of this invention. It is a graph regarding Example 2 of this invention.

  The revenue index related to the real estate investment trust in the present invention is a “revenue index” based on the revenue generated by the property, and the “revenue index” includes the “rent index” based on the rental business revenue of the property and the “NOI (Net Operating System)”. “Net income index” based on “Income”, and “Index relating to general profit and loss items” based on various other general profit and loss items. In the following, the “rent index” will mainly be described as a profit index related to real estate investment trusts, but the calculation method and program for the profit index related to real estate investment trusts of the present invention are related to “net profit index” and “general profit / loss items in general”. The same applies to the “index” and the like.

  FIG. 1 is a block diagram of a terminal 10 for calculating a rent index (a profit index related to a real estate investment trust) according to an embodiment of the present invention. The terminal 10 is a general-purpose computer including a CPU, a memory, a hard disk (or a nonvolatile memory such as an SSD), a user interface, a network interface, and the like.

  The terminal 10 includes a property information input unit 11, an increase / decrease floor information input unit 12, a unit rent calculation unit 13, and a rent index calculation unit 14 as various functional units (means) realized by cooperation with installed software. Have. The terminal 10 also has a database 15 that summarizes various calculation results on the hard disk.

  The property information input unit 11, the increase / decrease floor information input unit 12, the unit rent calculation unit 13, and the rent index calculation unit 14 are software installed in the terminal 10 (for example, in Visual Basic (registered trademark) for Applications language of Microsoft Corporation). It may be a functional unit realized by an Excel file including a created macro function), or may be a functional unit realized by cooperation of a plurality of software. Each of these functional units (11 to 14) may be realized by hardware using a dedicated LSI such as an ASIC.

  The property information input unit 11 reads (inputs or receives) property information held by a listed real estate investment trust (J-REIT), develops it on a memory, and / or stores it on a hard disk. The property information is not limited, but is provided in CSV file format from the database 20 (https://jreit-pdb.ares.or.jp/pdb/) operated by the Japan Real Estate Securitization Association. It is.

  Property information is obtained by a user accessing the database 20 via the Internet and including necessary items (for each investment corporation, for each region of the property, for each predetermined settlement period, and other information necessary for analysis). May be acquired manually and read by the property information input unit 11, or the property information input unit 11 automatically accesses the database 20 in accordance with a predetermined program created in the SQL language or the like, You may make it acquire the property information containing the designated item.

  Here, the property information includes, but is not limited to, the property name (including the property code uniquely assigned to the property), the fiscal year end (the beginning and end of the fiscal year), the leasable area at the end of the term, and rental business revenue (others The item of profit / loss may be included in general). Other profit / loss items generally include loss from parking revenues and common service costs, taxes and public charges, building management consignment costs, repair costs, depreciation costs, etc., as well as necessary losses from necessary revenue items according to the purpose of the analysis. This includes items excluding items. In addition, the property information includes the name, area (land area / building area), building usage, construction date, type of specified asset, ownership type, acquisition date, etc. Date, management company / master leasing company, location (indication of residence), use area, acquisition price, partial sale amount, appraisal value at the time of acquisition (pricing point / appraisal value), period-end total leased area (in operation), accounting period Appraisal survey price (the time point used as the basis for the survey and the calculated price at the end of the period), the occupancy rate at the end of the period, the book value (the amount recorded on the balance sheet), the number of business days in the period, the rental business profit / loss, NOI, rental business expenses, capital expenditure, depreciation Includes one or more of the various values of amortization, NCF, expected maximum loss rate (PML) in earthquake risk analysis, replacement cost, and other general profit and loss items.

  In addition, the property information input unit 11 reads property information including items other than the four items of the property name (including property code), the fiscal year end (date of the beginning and end of the term), the leasable area at the end of the term, and the rental business revenue. Then, the information of the four items may be extracted as at least necessary information.

FIG. 2 is a diagram illustrating an example of property information input by the property information input unit 11. The property information illustrated in Fig. 2 includes property code, property name, owned investment corporation that owns the property, the fiscal year end, the beginning and end of the fiscal year end, the leasable area at the end of the fiscal year (m ² ), and the fiscal year end. The total value of rental business revenue (yen) is included.

The increase / decrease floor information input unit 12 determines the leasable area of the property during the fiscal period (including the beginning and end of the period) from the website of the real estate investment corporation (two websites 30A and 30B are illustratively shown in FIG. 1). Information about floor changes that are disclosed when there is an increase / decrease, including property name (property code), date of increase / decrease, and increase / decrease value (or area after increase / decrease) of leasable area (m ² ) Read the increase / decrease floor information.

  The increase / decrease floor information may be acquired by the user accessing the websites 30A and 30B via the Internet to acquire the increase / decrease floor information and allowing the increase / decrease floor information input unit 12 to read the increase / decrease floor information. The increase / decrease floor information may be acquired by automatically accessing the websites 30A and 30B according to a predetermined program created by the input unit 12 in the SQL language or the like. The information source for acquiring the increase / decrease floor information is not limited to the real estate investment corporation website. If there is information about increase / decrease in the database 20, the information may be used, or information such as a website disclosing other real estate investment information may be used as the increase / decrease floor information.

For example, the user may access the websites 30A and 30B of the real estate investment corporations A and B, and acquire the increase / decrease floor information 301 and 302 from each of them (FIG. 3). Although not limited to the increase / decrease floor information 301 and 302, as shown in FIG. 3, the property code, property name, date of increase / decrease of leasable area, and increase / decrease value of leased area handled by each of the real estate investment corporations A and B Information (or an area after increase / decrease) (m ² ) may be included.

  Further, the increase / decrease floor information input unit 12 adds the increase / decrease floor information to the property information read by the property information input unit 11 and develops the property information to which the increase / decrease floor information is added on the memory and / or on the hard disk. You may make it memorize | store. FIG. 4 shows an example of property information to which a corresponding property code and corresponding increase / decrease floor information is added, although not limited thereto. For example, to add floor change information, search the property information for the property code corresponding to the property code of the floor increase / decrease information, search the range where the change date is included in the beginning and end of the corresponding line, and include The corresponding information of the increase / decrease floor information may be added to the columns of “increase / decrease date” and “increase / decrease value of leasable area”.

  Furthermore, in the property information with added floor information, the floor increase / decrease floor input unit 12 sequentially lowers the row to be processed from the first row (excluding the header) in the column “End of period leasable area”, The value of the row to be processed is different from the value of the immediately preceding row (early settlement period), and the values in the “Increase / decrease date” and “Increase / decrease value of leasable area” columns of the row to be processed If there is no (that is, there is no increase / decrease floor information), set the “increase / decrease date” of the row to be processed to the middle day of the accounting period and set the “increase / decrease value of leasable area” to the value of “leasable area at the end of period”. May be set to a difference from the “term leasable area” in the previous row. In other words, according to the property information, if there is a change in the “leasable area at the end of period” in consecutive settlement periods within the same property, but it is not possible to obtain information about the floor changes, it can be leased on the middle of the settlement period. It is better to consider that the area has increased or decreased.

The unit rent calculation unit 13 is based on the property information read by the property information input unit 11 and the increase / decrease floor information read by the increase / decrease floor information input unit 12, and the rent per 1 m ^{2 of} each property (referred to as “unit rent”). ) Is calculated.

In the present invention, “unit rent”, which is a rent per 1 m ² per day, is adopted to grasp the profitability of the property. Reasons for this include the acquisition of new properties, the sale of existing properties, the additional acquisition of leasable area or the partial sale of the property, and the actual rental income (reflected as “rental business revenue” in the property information) ), But this is because the actual rental income has changed due to the change in floor area, and the profitability of the property does not necessarily change.

First, the unit rent calculation unit 13 uses individual property information based on the property information to appropriately reflect the scale (increase / decrease value) and timing (increase / decrease date) of the leasable area change that occurred during the fiscal period. Calculate the “total leasable area including time” (m ² · day) for each accounting period. That is, based on the property information and the increase / decrease floor information, the unit rent calculation unit 13 determines that the leasable area at the end of the period included in the property information (m ² ) × the number of days in the settlement period ( If there is an increase / decrease, calculate the product of how many days each leasable area before and after the increase / decrease, and add them together to calculate the total leasable area including time (m ² · day) Is calculated. For example, if there was a change in the leasable area once during the fiscal period, add the product of the leasable area before the change and the number of days before the change, and the product of the leasable area after the change and the number of days after the change. Calculate “total leasable area including time” (m ² · day).

The unit rent calculation unit 13 divides the amount of “rental business revenue” (yen) included in the property information by the “total leasable area including time” (m ² · day) calculated as described above. The “rent per 1 m ² per day” of the property is calculated. This “rent per 1 m ² per day” does not reflect the size of the property (leasable area). Therefore, the unit rent calculation unit 13 multiplies this value by the leasable area for each day of the property to calculate the daily rent (yen) that takes into account the size of the property and the change in the rentable area. Can do. If such a calculation is expanded to an analysis target property group (for example, an arbitrary property group included in a certain region or an arbitrary property group held by a real estate investment corporation), such a property group (portfolio) It is also possible to calculate the total rent per day.

  In the present invention, the rent per unit leasable area is taken into consideration not for each settlement period but for each day (daily) mainly for the following reasons. In general, when reflecting the acquisition or sale of real estate properties (all or a part), it is possible for each property to be bought and sold at any date during the fiscal year from the beginning of the fiscal year to the end of the fiscal year. . Also, even if they belong to the same closing period, evaluating early and late transactions during the closing period (for example, processing all transactions on the middle of the closing period) There is a risk of lack. Furthermore, if the real estate investment corporation to which the property belongs is different, generally the end of the fiscal year is different, and many real estate investment corporations have a semi-annual settlement when trying to forcibly integrate data on multiple real estate investment corporations. For this reason, each year is divided into the first half and the second half, and the work of summarizing the settlement data that landed in that half year is performed, so it is likely that the grasp of fluctuations in profitability will become quite rough.

Therefore, it is considered that the handling of these data with the concept of “period” (financial period) is inflexible and impossible, and it is desirable to process all of them with “day”. For this reason, in the present invention, the “rent per 1 m ² per day” is used as the unit rent, and based on this, the rent index calculation unit 14 uses the rent index (the rate of decline from the previous day) as an indicator of the profitability of the property. Calculate the power of rate). In this way, after calculating the rent (unit rent) per 1 m ² per day for each individual property, these are combined to determine the rise and fall. Thus, the minimum unit of calculation (ie unit rent) ) Is small, it is also easy to derive a rent index for properties belonging to different real estate investment corporations.

Here, although not limited thereto, an example of a method for calculating the rent per unit of 1 m ² (ie, unit rent) per day by the unit rent calculation unit 13 will be described with reference to FIG.

First, in S501, the unit rent calculation unit 13 starts from the first line (excluding the header) of the property information to which the increase / decrease floor information is added, in order of “total rent including time” of the settlement period of the line to be processed (focused). “Area” (m ² · day) is calculated. The unit rent calculation unit 13 stores the calculated value temporarily in the memory, or adds a column to the end of the property information and appends it to that column in the processed row. Also good.

  “Total leasable area including time” does not have a value in the column of “Increase / decrease value of leasable area” or “Increase / decrease value of leasable area” when there is no increase / decrease in leasable area during the accounting period. ) By multiplying the number of days in the closing period by the “term leasable area” of the row to be processed. On the other hand, if there is an increase / decrease in leasable area during the fiscal period, the number of days before and after the increase / decrease during the fiscal period is calculated based on the values in the columns of `` Increase / Decrease Date '' and `` Increase / Decrease Value of Leasable Area '' in the row to be processed Calculate “multiple leasable area including time” by multiplying each day by the leasable area before and after the corresponding increase / decrease. For example, in the example of the table shown in FIG. 4, the “total leasable area including time” in the third row (A building, settlement period 3) increases the leasable area during the settlement period. The number of days from the previous day of the change date (May 1, 2008) to the beginning of the term (February 1, 2008) from the rentable area at the end of the period (6647) to the increase / decrease value of the leasable area (+3918) Multiplied by the value obtained by subtracting the number of days from the end of the period (July 31, 2008) to the date of change (May 1, 2008) and the value of the leasable area at the end of the period (6647) It can be calculated by adding the value.

Next, in S502, the unit rent calculation unit 13 sets the value (yen) in the column of “rental business revenue” in the row to be processed as “total leasable area including time” calculated in S501 (m ² · day). By dividing by “unit rent”, “unit rent” (yen / m ² ) for each day included in the settlement period is calculated. The unit rent calculation unit 13 may store the calculated unit rent value for each property as a database including a day, a rentable area of each day, and a column of unit rent. FIG. 6 shows an example of such a database.

  In S503, the unit rent calculation unit 13 determines whether or not the processed row is the last row of the property information (that is, whether or not calculation of “unit rent” has been completed for all target rows of the property information). judge. If it is not the last line (No in S503), the line to be processed is the next line, and the process returns to S501. If it is the last line (Yes in S503), the unit rent calculation unit 13 calculates the unit rent. The calculation process ends.

In this way, the unit rent calculation unit 13 calculates the rent per unit of 1 m ² per day (unit rent) based on the property information and the increase / decrease floor information.

The rent index calculation unit 14 calculates the “leasable area common to the previous day” (m ² ) of the (target) day to be processed (referred to as “the current day”), and calculates the day calculated by the unit rent calculation unit 13 "Unit rent" (yen / m ² ) obtained by multiplying the "rental value on that day" (yen) by multiplying the "rental area common to the previous day" by the "unit rent" on the previous day Divide by "Rent on the previous day" (yen) to calculate the rate of increase / decrease (%) compared to the previous day. The rate of increase / decrease (%) on the previous day is a power of a predetermined period (for example, from the acquisition date of the property to the present), and the “rent index of real estate investment trust” (or simply “ Rent index ").

As a comparison between the rent on the day and the rent on the previous day, the reason why the “rentable area common to the previous day (m ² )” is adopted is mainly for the following reasons.

If the rentable area of each day is applied directly to “rent per 1 m ² per day” (ie, unit rent), the effects of property acquisition, disposal, and floor changes will be directly reflected in the total rent. . That is, even if the “rent per 1m ² per day” indicating profitability is the same, if the floor area of the day is larger than the previous day, the product of “rent per 1 m ² per day” and the floor area of each day The daily total rent will be higher on the current day than on the previous day. In order to prevent this problem, the present invention provides a certain rule for adopting the leasable area applied to the calculation. That is, “the rentable area of each property on the two days that are subject to the comparison of the rate of rise and fall is the lesser of both days.” )That's what it means.

As an example, if the unit rent on the previous day is I ₀ , the rentable area on the previous day is F ₀ , the unit rent on the current day is I ₁ , and the rentable area on the current day is F ₁ , the rent income on the previous day (the rent value on the previous day) Becomes I ₀ × F ₀ , and the rent income amount on the day (rent value on the day) becomes I ₁ × F ₁ . Here, in the case of floor expansion, since F ₁ > F ₀ , even if I ₀ = I ₁ (that is, even if the unit rent indicating profitability is the same), I ₁ × F ₁ > It becomes I ₀ × F ₀ , and the amount of income increases. However, since the “unit rent” that indicates profitability has not changed, it is inappropriate for changes to occur between these two days when judging profitability. There is a need to.

Considering the increase in leasable area, F ₁ = F ₀ + ΔF _0-1 , so F ₀ can be considered as the “common” floor area for both days (in this case). Conversely, if the leased floor area decreases due to partial sales, etc., the area that is “common” on both days is not the large area that existed until the previous day, but the smaller area that remains “on the day”. In this way, in the present invention, it is possible to eliminate the influence of the level difference of the leasable area around the “floor increase / decrease day” by aligning the areas of both days that are the calculation target of the rate of increase / decrease in the previous day. .

  As such a calculation method, Irving Fisher's chain index formula is known. However, the problem with this formula is always the “scale of the previous day” (the “number of shares” in the original formula, This is based on “floor area”. If this is applied as it is in the present invention, there will be a problem that the value of “today” appears based on the floor area of “previous day” even when there is no “today” balance due to the complete sale of the property. Therefore, in the present invention, by comparing the area of `` whichever is smaller '' on the previous day and the current day, even if all the properties are sold on the same day, the leasable area for comparison is zero, This is practically out of the scope of calculation, and this problem can be avoided.

Next, if the rentable area of “Tomorrow” is F ₂ on the day following the increase / decrease date (the current day), and F ₁ = F ₂ , the area common to both days is The same is true for F ₁ = F ₂ . Also, yesterday's area F ₀ is not included in the comparison because it is not included in “both days” in the calculation of the rate of increase / decrease on the previous day. Thus, since the floor area F ₁ (= F ₂ ) after the change is adopted on the day after the increase / decrease date, the influence of the leasable area after the increase / decrease is reflected in the whole. That is, the increase (or decrease) in the “leasable area share” of the property in the property group is reflected.

From the above, if there is no change in profitability and the leasable area has simply increased or decreased, there will be no difference in the total rent due to the increase or decrease in the leasable area, and the floor share after the increase or decrease will be It is reflected and can be processed in accordance with the actual situation (again, if I ₁ = I ₂ , the total rent also does not change and the index remains flat from “previous day” to “tomorrow”).

  Here, although not limited thereto, an example of a method for calculating a rent index of a property by the rent index calculation unit 14 will be described with reference to FIG.

In S701, the rent index calculation unit 14 performs processing in order from the first row of the database (for example, the table shown in FIG. 6) having the daily unit rent and the leasable area calculated by the unit rent calculation unit 13. Compare the “leasable area” of the current day with the “leasable area” of the line above the line to be processed (the previous day). Set as “possible area” (m ² ). If there is no data for the previous day due to new acquisition of the property, etc., the leasable area common to the previous day will be 0 (m ² ), and if the property is sold in the middle of the accounting period, it can be rented on the day after the sale date Since the area is 0 (m ² ), the rentable area common to the previous day is also 0 (m ² ).

In S702, the rent index calculation unit 14 multiplies the “rental area common to the previous day” (m ² ) by the “unit rent” (yen / m ² ) of the previous day to obtain “rent income from the previous day” (yen). Calculate “multiple rentable area common to the previous day” and “unit rent” on that day to calculate “rent income on that day” (yen).

  In S <b> 703, the rent index calculation unit 14 calculates the rate of increase (decrease rate compared to the previous day) (%) with respect to the previous day by dividing “rent income on the current day” by “rent income on the previous day”. When “rent income on the previous day” or “rent income on the day” is 0 (when a property is newly acquired or sold, etc.), the rate of decline from the previous day is treated as 0% (flat). The values calculated in S701 to S703 may be stored for each day by adding a column to the database shown in FIG.

  In S704, the rent index calculation unit 14 determines whether or not the processed line is the last line in the database. If the processed line is not the last line (No in S704), the line to be processed is set as the next line. The process returns to S701, and if it is the last line (Yes in S704), the process proceeds to S705.

  In S <b> 705, the rent index calculation unit 14 determines whether the calculation of the rate of increase / decrease for each day has been completed for all properties to be processed. Usually, all the properties included in the property information acquired from the database 20 may be used. In addition, a property group included in a predetermined area designated by the user in advance, a property group corresponding to a predetermined building use, a property group held by a predetermined real estate investment corporation, or the like may be the target property.

  In S706, the rent index calculation unit 14 creates the database 15 for each property (or for each real estate investment corporation or each region of the property) using the rate of increase / decrease on the previous day corresponding to each day. FIG. 8 is an example of such a database 15 without limitation.

  In S707, the rent index calculation unit 14 selects the first day to the last day of the period according to the conditions specified by the user (for example, for each property, for each real estate investment corporation, for each region, for each building use, etc.) and for the period. The rent index for each day included in the period is calculated by raising the rate of increase / decrease of the previous day until each day. The rent index calculation unit 14 may create a database of the calculated results. The rent index calculation unit 14 may create a graph with the rent index on the vertical axis and the period (day) on the horizontal axis so that the transition of the rent index can be easily understood by the user.

  Here, in S707, when calculating a rent index for a property group including a plurality of properties, the rent index calculation unit 14 determines that “the rent of the day” for each of the plurality of properties included in the property group and for each day. “Revenue” and “Rent income on the previous day” are calculated (or read from the database 15), and “Rent income on the current day” and “Rent income on the previous day” calculated for the plurality of properties are summed up for each day. After that, the rent index calculation unit 14 divides the “rent income on the current day” after the summation by the “rent income on the previous day” after the summation, so that the day before the “rent income on the current day” of the property group. Calculate the rate of increase / decrease and create a database. Then, the rent index calculation unit 14 sequentially increases the rate of increase / decrease in the previous day from the first day included in the predetermined period to thereby increase the real estate investment trust for each day included in the predetermined period of the property group. Calculate the profit index for.

  In this way, the rent index calculation unit 14 calculates the rent index for each property for each day based on the property information and the increase / decrease floor information.

In general, in the method of calculating the profit index related to the real estate investment trust according to one embodiment of the present invention, the computer
A step of calculating the “total leasable area” for the settlement period of the property based on the property information including information on the property for the real estate investment trust and the floor information on the increase / decrease including information on the increase / decrease in the leasable area of the property (S501) )When,
Calculating the “unit income” for each day included in the settlement period of the property by dividing the revenue of the property in the settlement period by the total leasable area (S502);
Compare the leasable area of the property on the day of interest (referred to as “the current day”) included in the settlement period with the leasable area of the property on the day before the day, and select the smaller value for the property. The step of calculating as “the rentable area common to the previous day” of the day of (S701),
The “income of the day” obtained by multiplying the “rental area common to the previous day” by the “unit income” of the day, and the “unit income” of the previous day to the “rentable area common to the previous day”. Steps (S702 to S703) of calculating the rate of increase / decrease of the property on the previous day by dividing by the revenue of the previous day obtained by multiplication (S702 to S703);
Calculating a profit index related to the real estate investment trust for each day included in the predetermined period of the property by sequentially increasing the rate of increase / decrease in the previous day for each day from the first day included in the predetermined period ( S707) is executed.

  Next, the calculation of the unit rent and the rent index will be further described using simple examples shown in FIGS. 9 to 12 ([Description 1] and [Description 2]).

[Description 1]
A simple example will be described in which Real Estate Investment Corporation X purchases Property X at the beginning of the closing period 1, expands the floor during the closing period, and sells the Property X during the next closing period 2 (FIG. 9). ).

  In the example shown in FIG. 9, the settlement period 1 of the property X held by the real estate investment corporation X (the beginning is April 1, the end is April 10) to the settlement period 2 (the beginning is April 11, the end is 4) The calculation of the unit rent and rent index for the month of 20) will be explained.

Real Estate Investment Corporation X purchased Property X (leasable area is 10m ² ) at the beginning of the fiscal period 1 (April 1) and expanded the floor on April 4 of the fiscal period 1 (rentable after expansion) Suppose that the property X is all sold (the leasable area is 0 m ² ) on April 18 of the accounting period 2 on an area of 20 m ² . The property information provided from the database 20 read by the property information input unit 11 has a “term end leasable area” of 20 m ² and a “rental business revenue” of 100,000 yen for the term end 1 It is assumed that the information that “leasable area” is 0 m ² and “rental business revenue” is 90000 yen is included. In addition, the increase / decrease floor information provided by the real estate investment corporation 30A etc. read by the increase / decrease floor information input unit 12 has an increase / decrease date of April 4th, an increase / decrease value of the leasable area is +10 m ² , and property X Suppose that the increase / decrease date related to the sale is April 18, and that the increase / decrease value of the leasable area is −20 m ² is included.

(1-1) Calculation of total leasable area (m ² · day) The unit rent calculation unit 13 determines the “total leasable area including time” (m ² · day) and closing period 2 Calculate the total leasable area including time (m ² · day). The leasable area has increased in the middle of the accounting period 1 (April 4), and the property X has been sold in the middle of the accounting period 2 (April 18). The unit rent calculation unit 13 calculates the “total leasable area including time” (m ² · day) for each settlement period from the following formula based on the property information and the increase / decrease floor information.
(Financial period 1) 10m ² × 3 days + 20m ² × 7 days = 170m ² · day (Fiscal year 2) 20m ² × 7 days = 140m ² · day

(1-2) Calculation of rent (unit rent) (yen / m ² · day) per 1 m ² per day The unit rent calculation unit 13 calculates “rental business revenue” (100,000) for the fiscal period 1 extracted from the property information. Yen) and “Rental revenues” (90,000 yen) for fiscal period 2 are divided by “total leasable area including time” for fiscal periods 1 and 2 calculated in (1) above, respectively. The rent (unit rent) per 1 m ² per day for each day of (yen / m ² ) is calculated.
Unit rent for each day of the accounting period 1 (April 1 to 10):
100,000 yen / 170 m ² · day = 588.2 yen / m ²
Unit rent for each day of accounting period 2 (April 11-20):
90000 yen / 140m ² · day = 642.9 yen / m ²
From this calculation result, it is understood that the profitability of the property X is improved in the accounting period 2.

(1-3) Calculation of the leasable area common to the previous day (m ² ) The rent index calculation unit 14 rents the rentable area (m ² ) on the current day and the rent on the previous day for each day of the accounting periods 1 and 2. The area (m ² ) is compared, and the smaller area (that is, the area common to both days) is calculated as the rentable area common to the previous day of the day. However, since property X is not held on the day before the beginning of the fiscal year end (April 1) (March 31), the leasable area (10m ² ) and the previous day (April 1) The area common to the leasable area (0 m ² ) on March 31 is 0 m ² . In addition, since Property X is not held on the sale date (April 18) in accounting period 2, the leasable area (10m ² ) on the sale date (April 18) and the previous day (April 17) The common area with the rentable area (20 m ² ) is 0 m ² . In this manner, as shown in the table of FIG. 9, the rent index calculating unit 14 calculates “a leasable area common to the previous day” (m ² ) for each day of the settlement periods 1 and 2.

(1-4) Calculation of the rate of decline (%) from the previous day The rent index calculation unit 14 calculated by multiplying the “rental area common to the previous day” (m ² ) by “unit rent” on that day. Divide “rent income on the day” (yen) by “rent income on the previous day” (yen) calculated by multiplying the “rentable area common to the previous day” (m ² ) by “unit rent” on the previous day. By doing so, the “rate of drop from the previous day” (%) is calculated. For example, as in April 1, when the “rent income on the previous day” and “rent income on the current day” are both 0, the rate of increase / decrease in the previous day is treated as 0% (flat).

(1-5) Calculation of the rent index The rent index calculation unit 14 continues to raise the rate of increase / decrease from the previous day from the beginning of the accounting period 1 (April 1) to the end of the accounting period 2 (April 20). For each day, calculate the rent index. For example, the value of the rent index on April 6 is a value (100) obtained by raising the rate of increase / decrease from the previous day from April 1 to 6, and the value of the rent index on April 20 is April 1 This is a value (109) obtained by raising the rate of increase / decrease from the previous day to the 20th.

[Description 2]
Real Estate Investment Corporation X purchases Property X at the beginning of the closing period X1, expands the floor during the closing period, sells the Property X during the next closing period X2, and Real Estate Investment Corporation Y before the closing period Y1 A simple example in the case where the property Y is continuously held through the accounting periods Y1 to Y3 will be described (FIGS. 10 to 12). For example, it is assumed that the properties X and Y are located in the same area, but the real estate investment corporations owned are different, and the analysis is performed in a situation where the settlement periods are different.

  In the example shown in FIG. 10, the settlement period X1 of the property X held by the real estate investment corporation X (the beginning is April 1, the end is April 10) to the settlement period X2 (the beginning is April 11, the end is 4) The calculation of the unit rent on the 20th of the month is the same as [Explanation 1], and the explanation is omitted. Closing period Y1 of property Y owned by real estate investment corporation Y (the beginning is March 29, the end is April 7), the closing period Y2 (the beginning is April 8, and the end is April 17), and the settlement The calculation of the unit rent and rent index for the period Y3 (the beginning is April 18 and the end is April 27) will be described.

Real Estate Investment Corporation Y has been holding property Y before the closing date Y1 (leasable area is 150m ² ), and has been reduced to the beginning of the closing date Y2 (April 8) (100m after floor reduction) ² ) The floor was increased on April 9 (150m ² after the floor was increased), and the floor was decreased again on April 11 (100m ² after the floor was decreased), and the floor was increased again on April 14 (the floor was increased). The floor is assumed to be 150 m ² ). In the property information provided from the database 20 read by the property information input unit 11, the “Yearly leasable area” of the settlement period Y1 of the property Y is 150 m ² , “Rental revenue” is 1000000 yen, and the settlement period Y2 of "year-end rentable area" is 150m ^2, "rental income" is the yen 900,000, "the end of rentable area" is 150m ² of the fiscal year Y3, the information of the "rental income" is ¥ 900,000 Suppose it was included. In addition, the floor information provided by the real estate investment corporation 30A, etc. read by the floor area information input unit 12 has an increase / decrease date of April 8, 9, 11, and 14 and an increase / decrease in the leasable area value -50M ^{2 respectively, + 50m 2, -50m 2,} + 50m includes information to be ² to have (see Table in Figure 10).

(2-1) Calculation of total leasable area (m ² · day) The unit rent calculation unit 13 calculates “total leasable area including time” (m ² · day) for the settlement period Y1 to Y3 of property Y. To do. The unit rent calculation unit 13 calculates the “total leasable area including time” (m ² · day) for each settlement period from the following formula based on the property information and the increase / decrease floor information.
(Fiscal year end Y1) 150 m ² × 10 days = 1500 m ² · day (Financial term Y2) 100 m ² × 4 days +150 m ² × 6 days = 1300 m ² · day (Financial term Y3) 150 m ² × 10 days = 1500 m ² · day

(2-2) Calculation of rent per 1m ² per day (unit rent) (yen / m ² · day) The unit rent calculation unit 13 is “rental business revenue” for the fiscal period Y1 to Y3 extracted from the property information. (1000000 Yen, 900000 Yen, 900000 Yen, respectively) are divided by the “total leasable area including time” for the settlement periods Y1 to Y3 calculated in (1) above, and 1 for each day of the settlement periods Y1 to Y3. Calculate the rent (unit rent) (yen / m ² ) per 1 m ² per day.
Unit rent for each day of the fiscal year end Y1 (March 29-April 7):
1000000 yen / 1500 m ² · day = 666.7 yen / m ²
Unit rent for each day of the fiscal year end Y2 (April 8-17):
900000 yen / 1300m ² · day = 692.3 yen / m ²
Unit rent for each day of the fiscal year end Y3 (April 18-27):
900,000 yen / 1500 m ² · day = 600 yen / m ²
From this calculation result, the profitability of the property Y is improved in the closing date Y2 compared to the closing date Y1, but the profitability of the property Y is decreased in the closing date Y3 compared to the closing dates Y1 to Y2. .

(2-3) Calculation of the leasable area common to the previous day (m ² ) The rent index calculation unit 14 is able to rent the rentable area (m ² ) on the current day and the rent on the previous day for each day of the fiscal year end Y1 to Y3. The area (m ² ) is compared, and the smaller area (that is, the area common to both days) is calculated as the “leasable area common to the previous day” on the corresponding day. In this way, as shown in the table of FIG. 11, the rent index calculation unit 14 calculates the “leasable area common to the previous day” (m ² ) for each day of the settlement periods Y1 to Y3.

(2-4) Calculation of the rate of decline (%) from the previous day The rent index calculation unit 14 calculated by multiplying the “rental area common to the previous day” (m ² ) by “unit rent” on that day. Divide “rent income on the day” (yen) by “rent income on the previous day” (yen) calculated by multiplying the “rentable area common to the previous day” (m ² ) by “unit rent” on the previous day. By doing so, the “rate of drop from the previous day” (%) is calculated.

(2-5) Calculation of the rent index The user wants to know the changes in the rent index in this area because the property X and Y are real estates located in the same area. In this case, the rent index calculation unit 14 adds up the “rent revenue on the previous day” of the corresponding property X and “rent revenue on the previous day” of the property Y for each day, and similarly adds up the “rent revenue on the day”. Then, the rent index calculation unit 14 calculates “the rate of increase / decrease in the previous day” (%) for each day by dividing the “rent income on the current day” after the summation by the “rent income on the previous day”, The rent index for each day is calculated by increasing the power of the period (March 29 to April 20 in the example of FIG. 12). The graph of FIG. 12 is a graph showing the transition of the rent index in this example.

  Example 1 in which J-REIT was analyzed using the method and program for calculating the rent index of the real estate investment trust of the present invention will be described (FIG. 13).

  FIG. 13 is a graph comparing the changes in the rent index of J-REIT calculated using the method and program for calculating the rent index of the real estate investment trust of the present invention with the TSE REIT index and an index based on the average offered rent. . The vertical axis of the graph in FIG. 13 is each index (100 is set based on September 30, 2005), and the horizontal axis is the day from September 30, 2005 to June 30, 2015. . In FIG. 13, reference numeral 1301 indicates the transition of the rent index of the J-REIT calculated using the method and program for calculating the rent index of the real estate investment trust of the present invention, reference numeral 1302 indicates the transition of the TSE REIT index, and Reference numeral 1303 indicates the transition of the index based on the average offered rent.

  According to a general understanding, the average offered rent 1303 is the desired rent for the vacant part of the property (the offered rent), and the movement of income including the existing rent is considered to be slower than this. In addition, the TSE REIT index 1302 is expected to fluctuate ahead of expectations and more greatly in response to movements in the rent of the property because investors respond to the improvement in profitability.

  The characteristic of the J-REIT rent index 1301 is that when the market around 2006 was booming, the J-REIT rent index 1301 rose slowly but behind the average rent index 1303 However, when the market recovers after 2013, there is no noticeable increase in the rent index 1301 of J-REIT. In other words, after 2013, the rent for the vacant part of the rental property has risen, but the rental income of the entire property has not increased, and the rent revision for the existing rental has progressed rapidly. It is guessed that it is not.

  A second embodiment in which J-REIT is analyzed using the method and program for calculating the rent index of the real estate investment trust of the present invention will be described.

  In the second embodiment, the property information of J-REIT is acquired from the database 20 in a form including the information of the item “building use”, and four items of “office”, “residential”, “retail”, and “logistics” are acquired. Focusing on “rental revenues” of properties owned by leading brands in the sector, we calculated and compared the rent index (Figure 14).

  The vertical axis of the graph shown in FIG. 14 is the value of the rent index for each sector, and the horizontal axis is the date from January 2005 to January 2015. In FIG. 14, reference numeral 1400 is a graph that displays changes in the rent indexes of four sectors, and reference numeral 1410 is a graph that displays changes in the values obtained by integrating the rent indexes of the four sectors. Reference numeral 1401 denotes a rent index of a property belonging to the “office” sector, reference numeral 1402 denotes a rent index of a property belonging to the “residential” sector, and reference numeral 1403 denotes a rent index of a property belonging to the “retail” sector. The reference numeral 1404 indicates a rent index of a property belonging to the “logistics” sector.

  Among the four sectors, the profitability of the properties belonging to the “office” 1401 and “retail” 1403 sectors fluctuated greatly, and the profitability of the properties belonging to the “residential” 1402 and “logistics” 1404 sectors initially moved significantly. After that, it was found that there was almost no fluctuation and it was stable.

  A line 1411 of a graph 1410 is obtained by integrating the rent indexes of the four sectors and imitating an integrated REIT. There were many strong sectors during the fund bubble period, and individual indices were slightly up, but the integrated rent index itself did not decline significantly even when the market began to decline. The monthly rent index was slightly positive compared to the original (January 2005). From this result, it has been found that the movement to merge the specialized REITs that have been seen in recent years is rational from the viewpoint of profitability.

  In addition, according to one embodiment of the present invention, J-REIT should be the subject of analysis of changes in rent revenue of office buildings that are continuously held in the central 5 wards from September 2005 to September 2015. The number of properties that can be used is 376, and the number of samples is approximately nine times that of the number of properties (43 buildings) that have no change in floor area and are continuously owned by individual real estate investment corporations under the same conditions. It was found that it could be incorporated into the subject.

(Other embodiments)
The present invention is not limited to the embodiments and examples specifically described above. The rent index calculation method and program method of the real estate investment trust of the present invention described above are not limited to “rental business revenue” (that is, the unit rent or rent index is calculated), but also the NOI, settlement period The same can be applied to profit / loss items in general. In other words, by replacing the value of the "Rental Income" for various values of income and expense items generally occur in NOI and fiscal year-end in the above description, "Net income of one day 1m ² per (NOI)" (Unit net revenue) Ya By calculating “general value of profit / loss items per 1 m ² per day”, “net income index” and “index related to profit / loss items in general” can be calculated as profit indexes related to real estate investment trusts.

  In addition, calculate the average value of “unit rent” that indicates the profitability of a group of properties grouped in a certain category (for example, the same region, the same building use, the same period, etc.), and examine the daily trends. Also good.

  In addition, the realization of the rent index calculation method and program of the real estate investment trust of the present invention is not limited to the case where only one terminal 10 is used, and another terminal executes a part of the functional unit of the terminal 10. It may be. In addition, other functional units realize some of the functions of the property information input unit 11, the increase / decrease floor information input unit 12, the unit rent calculation unit 13, and the rent index calculation unit 14 of the terminal 10, Also good. For example, the unit rent calculation unit 13 does not calculate the “leasable area common to the previous day” or does not provide the property information input unit 11 and the increase / decrease floor information input unit 12, and the unit rent calculation unit 13 and the rent index calculation unit 14 may have these functions. Further, each function of the terminal 10 may be executed by an application server on the cloud.

10 Terminal 11 Property information input unit 12 Increase / decrease floor information input unit 13 Unit rent calculation unit (unit revenue calculation unit)
14 Rent Index Calculation Department (Revenue Index Calculation Department)
15 Database 20 Database 30A, 30B Server

Claims (8)

Computer
Calculating the “total leasable area” for the settlement period of the property based on the property information including information on the property for the real estate investment trust and the floor information on the increase / decrease including information on the increase / decrease in the leasable area of the property;
Dividing the revenue in the settlement period of the property by the “total leasable area” to calculate “unit revenue” for each day included in the settlement period of the property;
Compare the leasable area of the property on the day of interest (referred to as “the current day”) included in the settlement period with the leasable area of the property on the day before the day, and select the smaller value for the property. Calculating the rentable area common to the previous day of the day,
The “income of the day” obtained by multiplying the “rental area common to the previous day” by the “unit income” of the day, and the “unit income” of the previous day to the “rentable area common to the previous day”. A step of calculating a rate of increase / decrease of the “income of the current day” of the property by dividing by “income of the previous day” obtained by multiplication;
Calculating a profit index related to a real estate investment trust for each day included in the predetermined period of the property by sequentially increasing the rate of increase / decrease in the previous day for each day from the first day included in the predetermined period; To calculate a profit index related to real estate investment trusts. Computer
Calculating the “income of the day” and the “income of the previous day” for each of a plurality of properties and each day included in the property group;
For each day, adding the “income of the day” calculated for the plurality of properties;
For each day, summing the "income of the previous day" calculated for the plurality of properties;
For each day, a step of calculating a rate of drop in the “daily income” of the property group by dividing the “income of the day” after the summation by the “income of the previous day” after the summation. When,
Calculating a profit index related to the real estate investment trust of each day included in the predetermined period of the property group by sequentially increasing the rate of increase / decrease in the previous day for each day from the first day included in the predetermined period The method of claim 1, further comprising:   The method according to claim 2, wherein the property group is a property group included in a predetermined region, a property group held by a predetermined real estate investment corporation, and / or a property group included in a predetermined building use. The property information includes information regarding the property name, the investment corporation, the beginning and end of the fiscal year end, the leasable area at the end of the fiscal year, and rental business revenue,
The method according to any one of claims 1 to 3, wherein the increase / decrease floor information includes information regarding a date when the leasable area of the property has increased / decreased and an increase / decrease value thereof. The step of calculating the “total leasable area”
If there is no increase or decrease in the leasable area of the property during the fiscal period based on the increase / decrease floor situation, the above-mentioned “total leasable area” is calculated by multiplying the leasable area at the end of the period by the number of days included in the fiscal period. ”, And
If there is a change in the leasable area of the property during the fiscal period based on the increase / decrease floor information, based on the date of the change, the increase / decrease value, and information on the leasable area at the end of the period, The step of calculating the “total leasable area” by adding the value obtained by multiplying the leasable area before increase / decrease by the number of days and the value obtained by multiplying the number of days after increase / decrease by the leasable area after increase / decrease is performed. 5. The method of claim 4, comprising: The revenue is the rental business revenue of the property, and the revenue index is a rent index, or the revenue is a NOI (net revenue) of the property, and the revenue index is a net revenue index. The method of any one of Claims 1-5. Computer
Means for calculating the “total leasable area” for each settlement period based on property information including information on properties for real estate investment trusts and floor information including information on changes in the leasable area of the property;
Means for calculating the “unit revenue” for each day included in the settlement period of the property by dividing the revenue in the settlement period of the property by the “total leasable area”;
Compare the leasable area of the property on the day of interest (referred to as “the current day”) included in the settlement period with the leasable area of the property on the day before the day, and select the smaller value for the property. Means for calculating as “the rentable area common to the previous day” of the said day,
The “income of the day” obtained by multiplying the “rental area common to the previous day” by the “unit income” of the day, and the “unit income” of the previous day to the “rentable area common to the previous day”. Means for calculating the rate of increase / decrease of the previous day's “income of the day” of the property by dividing by “income of the previous day” obtained by multiplication, and the rate of increase / decrease of the previous day for each day included in the predetermined period A calculation program for a profit index related to a real estate investment trust to function as a means for calculating a profit index related to a real estate investment trust for each day included in the predetermined period of the property by sequentially raising power from the first day . Computer
Means for calculating the “income of the day” and the “income of the previous day” for each of a plurality of properties included in the property group and for each day;
Means for summing the “income of the day” calculated for the plurality of properties for each day;
Means for summing the "income of the previous day" calculated for the plurality of properties for each day;
Means for calculating the rate of increase / decrease in the property day's “income of the day” by dividing the “income of the day” after the summation by the “income of the previous day” after the sum every day In addition, the profit index related to the real estate investment trust of each day included in the predetermined period of the property group is calculated by sequentially increasing the rate of increase / decrease in the previous day for each day from the first day included in the predetermined period. The program according to claim 7, further causing it to function as a means for performing.