TAILIEUCHUNG - Guidelines for Appraising Overseas Investment Real Estate

Internal Rate of Return (IRR) is the discount rate at which the Present Value of future cash flows equals the initial capital invested (. the discount rate at which the Net Present Value of a series of cash flows equals 0) expressed as a percentage. An IRR less than your targeted rate of return suggests you are paying too much for the property to get your targeted rate of return An IRR greater than your target rate of return suggests you could pay more for the property and still get your targeted rate of return | Guidelines for Appraising Overseas Investment Real Estate The following is a rush translation. Guideline Objectives These guidelines specify standard appraisal procedures for Japanese real estate appraisers the only profession that is licensed and registered by the government by law. Hereinafter Japanese Appraisers to appraise overseas real estate for investment purposes. As the globalization of the real estate market progresses cross-border real estate investment is gaining momentum. In addition real estate investment trust REIT markets have been set up in the past few years and international competition in real estate markets is heightening rapidly. In Japan s domestic market there are no regulations that prohibit Japanese REITs J-REITs from acquiring overseas properties. The Tokyo Stock Exchange however has established criteria for J-REIT listing that prohibits the acquisition of overseas properties. This prohibition is said to be partly due to the lack of standards for overseas property valuation for Japanese Appraisers. Further the domestic real estate industry is actively looking into investing in overseas real estate assets from the perspective of diversifying the risks of portfolios concentrated in domestic real estate investment. The establishment of appropriate guidelines for appraising overseas properties is thus expected to promote the further healthy growth of real estate markets. With the recent changes in the global real estate market stated above these guidelines specify standards for Japanese Appraisers to perform appropriate collaborative or joint appraisals with overseas real estate appraisers protecting the interests of investors and enhancing the reliability of appraisals. - 1 - I. Basic Procedures for Appraising Overseas Properties A. When a Japanese Appraiser is to appraise overseas properties he she may travel to the country in which the property to be valued is located to perform a property appraisal on his her own or perform a .

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