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class=\"huto\">\u300c\u7a0e\u300d\u3068\u306f\u6cd5\u4eba\u7a0e\u53c8\u306f\u6240\u5f97\u7a0e\u306e\u3053\u3068<\/span><\/span>\u3067\u3059\u3002<\/p>\n<p>\u500b\u4eba\u3067\u4e0d\u52d5\u7523\u6295\u8cc7\u3059\u308b\u65b9\u3067\u306f\u3001\u4e0d\u52d5\u7523\u6240\u5f97\u306e\u8a08\u7b97\u4e0a\u3001\u4e0d\u52d5\u7523\u53ce\u76ca\u304b\u3089\u4e0d\u52d5\u7523\u7d4c\u8cbb\u3092\u63a7\u9664\u3057\u305f\u4e0d\u52d5\u7523\u6240\u5f97\u3092\u8a08\u7b97\u3057\u3001\u305d\u308c\u306b\u7a0e\u7387\u3092\u304b\u3051\u3066\u6240\u5f97\u7a0e\u3092\u7d0d\u3081\u307e\u3059\u3002<\/p>\n<p>\u5f53\u7136\u306a\u304c\u3089\u3001\u6700\u7d42\u306e\u5132\u3051\u306f\u6240\u5f97\u7a0e\u3092\u652f\u6255\u3063\u305f\u5f8c\u306e\u53ce\u76ca\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u305f\u3060\u3001\u4e0d\u52d5\u7523\u306e\u4fa1\u5024\u67fb\u5b9a\u306e\u5834\u5408\u3001\u4e00\u822c\u7684\u306b\u3053\u306e\u6240\u5f97\u7a0e\u3001\u6cd5\u4eba\u7a0e\u306f\u8003\u616e\u5916\u3068\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<p>\u7406\u7531\u3068\u3057\u3066\u306f\u3001\u6cd5\u4eba\u7a0e\u3001\u6240\u5f97\u7a0e\u306f\u305d\u306e\u6cd5\u4eba\u53c8\u306f\u500b\u4eba\u306b\u3088\u3063\u3066\u7a0e\u7387\u304c\u7570\u306a\u308b\u3053\u3068\u3084\u4f1a\u8a08\u4e0a\u3068\u306e\u6574\u5408\u6027\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u3053\u3053\u3067\u6ce8\u610f\u3057\u305f\u3044\u306e\u306f\u3001\u4e0d\u52d5\u7523\u4fa1\u5024\u5224\u65ad\u4e0a\u306e\u640d\u76ca\uff08\u53c8\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u306f\u6240\u5f97\u7a0e\u30fb\u6cd5\u4eba\u7a0e\u63a7\u9664\u524d\u306e\u7a0e\u524d\u306a\u306e\u3067\u3059\u304c\u3001<span class=\"yellow_line\"><span class=\"huto\">\u5b9f\u969b\u306b\u7a0e\u91d1\u3092\u3069\u306e\u7a0b\u5ea6\u652f\u6255\u3063\u3066\u624b\u5143\u306b\u3069\u306e\u7a0b\u5ea6\u300c\u30ab\u30cd\u300d\u304c\u6b8b\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3082\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u3068\u3063\u3066\u306f\u91cd\u8981\u306a\u30d5\u30a1\u30af\u30bf\u30fc<\/span><\/span>\u306a\u306e\u3067\u3001\u7a0e\u524d\u3068\u7a0e\u5f8c\u306e\u4e21\u65b9\u3092\u7768\u3093\u3060\u4fa1\u5024\u5224\u65ad\u304c\u5fc5\u8981\u3068\u3044\u3046\u3053\u3068\u3060\u3051\u7406\u89e3\u3044\u305f\u3060\u3051\u308c\u3070\u5341\u5206\u3067\u3059\u3002<\/p>\n<h2>\u30ec\u30d0\u30ec\u30c3\u30b8\u524d\u3068\u30ec\u30d0\u30ec\u30c3\u30b8\u5f8c<\/h2>\n<p>\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u918d\u9190\u5473\u306f\u3001\u501f\u5165\u91d1\uff08\u30ed\u30fc\u30f3\uff09\u3092\u501f\u308a\u3066\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u639b\u3051\u3089\u308c\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u30ec\u30d0\u30ec\u30c3\u30b8\u3068\u306f\u3001\u4f4e\u3044\u501f\u5165\u91d1\u306b\u3066\u4e0d\u52d5\u7523\u6295\u8cc7\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u3053\u3068\u306b\u3088\u308a\u3001\u5b9f\u969b\u306b\u624b\u6301\u3061\u8cc7\u91d1\uff08\u30a8\u30af\u30a4\u30c6\u30a3\uff09\u306e\u5229\u56de\u308a\u3092\u4e0a\u3052\u308b\u3053\u3068\u3092\u8a00\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u3046\u8003\u3048\u308b\u3068\u30d5\u30eb\u30ed\u30fc\u30f3\u306e\u4f4f\u5b85\u30ed\u30fc\u30f3\u306f\u3001\u624b\u6301\u3061\u8cc7\u91d1\u6570\u4e07\u5186\u3067\u3001\u6295\u8cc7\u5229\u56de\u308a\u304c\u6570\uff05\u306b\u53ca\u3076\u4e0d\u52d5\u7523\u3092\u6295\u8cc7\u3067\u304d\u308b\u3068\u3044\u3046\u7a76\u6975\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u3060\u3068\u8003\u3048\u307e\u3059\u3002<\/p>\n<p>\u3061\u306a\u307f\u306b\u3001\u682a\u5f0f\u6295\u8cc7\u3082\u5b9f\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u5f8c\u306e\u3082\u306e\u3092\u8cb7\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<br \/>\n\u306a\u305c\u306a\u3089\u4f01\u696d\u306f\u901a\u5e38\u501f\u5165\u91d1\u3092\u8abf\u9054\u3057\u3066\u4f01\u696d\u904b\u55b6\u3057\u3066\u3044\u307e\u3059\u304b\u3089\u3002<\/p>\n<p>\u66f4\u306b\u8a00\u3048\u3070JREIT\u3082\u30ec\u30d0\u30ec\u30c3\u30b8\u5f8c\u306e\u5546\u54c1\u3067\u3059\u3002<\/p>\n<p>\u8a71\u3092\u73fe\u7269\u306e\u4e0d\u52d5\u7523\u306b\u623b\u3059\u3068\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u5834\u5408\u306f\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u524d\u306e\u7269\u4ef6\u81ea\u4f53\u306e\u5229\u56de\u308a\u3068\u30ec\u30d0\u30ec\u30c3\u30b8\u5f8c\u306e\u81ea\u5df1\u8cc7\u91d1\u30d9\u30fc\u30b9\u3067\u306e\u5229\u56de\u308a\u3092\u4e21\u7768\u307f\u3057\u306a\u304c\u3089\u6295\u8cc7\u3092\u3057\u3066\u3044\u304f\u3068\u3044\u3046\u8003\u3048\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<p>\u4e0d\u52d5\u7523\u4fa1\u683c\u304c\u5b89\u5b9a\u3057\u3066\u3044\u308b\u969b\u306b\u304a\u3044\u3066\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u6df1\u304f\u639b\u3051\u308b\u3068\u5927\u5132\u3051\u3067\u304d\u307e\u3059\u304c\u3001\u9006\u306b\u7d4c\u6e08\u304c\u60aa\u5316\u3057\u305f\u969b\u306e\u30ed\u30b9\u306f\u534a\u7aef\u306a\u304f\u30c7\u30ab\u3044\u3067\u3059\u3002<br \/>\n\uff08\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u6df1\u3044\u3068\u306f\u3001\u501f\u5165\u91d1\u3092\u30d1\u30f3\u30d1\u30f3\u306b\u501f\u308a\u308b\u3053\u3068\u3001\u6975\u7aef\u306a\u4f8b\u306f\u30d5\u30eb\u30ed\u30fc\u30f3\u3067\u3059\uff09<\/p>\n<p>\u3053\u306e\u3088\u3046\u306a\u4e0d\u52d5\u7523\u4fa1\u683c\u306e\u4e0b\u843d\u671f\u306b\u304a\u3044\u3066\u306f\u3001\u81ea\u5df1\u8cc7\u91d1\uff08\u30a8\u30af\u30a4\u30c6\u30a3\uff09\u304c\u5168\u640d\u3057\u3066\u3001\u66f4\u306b\u4e0b\u843d\u5206\u306e\u50b5\u52d9\u304c\u6b8b\u308b\u3068\u3044\u3046\u6700\u60aa\u306e\u72b6\u6cc1\u306b\u7f6e\u304b\u308c\u307e\u3059\u3002<\/p>\n<p><span class=\"yellow_line\"><span class=\"huto\">\u4e0d\u52d5\u7523\u8cc3\u8cb8\u4e8b\u696d\u8005\u306e\u7834\u7dbb\u306f\u5927\u4f53\u306b\u304a\u3044\u3066\u9ad8\u30ec\u30d0\u30ec\u30c3\u30b8\u306b\u3088\u308b\u7121\u7406\u306a\u4e0d\u52d5\u7523\u6295\u8cc7\u304c\u6b86\u3069<\/span><\/span>\u3067\u3059\u3002<\/p>\n<p>\u306a\u304a\u3001<span class=\"yellow_line\"><span class=\"huto\">\u4e0d\u52d5\u7523\u306e\u6295\u8cc7\u4fa1\u5024\u7b97\u5b9a\u306e\u5834\u5408\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u524d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u3066\u7b97\u5b9a<\/span><\/span>\u3057\u307e\u3059\u3002<\/p>\n<h2>NOI\u3068NCF<\/h2>\n<p>\u4e0a\u8a18\u3067\u8aac\u660e\u3057\u305f<span class=\"yellow_line\"><span class=\"huto\">\u30cd\u30c3\u30c8\u5229\u56de\u308a\u3092\u7d30\u5206\u5316\u3057\u3066\u628a\u63e1\u3057\u305f\u3082\u306e\u304cNOI\u3068NCF<\/span><\/span>\u3067\u3059\u3002<\/p>\n<p>\u305d\u308c\u305e\u308c\u306e\u5b9a\u7fa9\u3092\u5805\u82e6\u3057\u304f\u8aac\u660e\u3059\u308b\u3068<\/p>\n<div class=\"redbox\"><span class=\"huto\">NOI(Net Operating Income)<\/span><br \/>\n\u30fb\u4e0a\u8a18\u3067\u89e3\u8aac\u3057\u305f\u511f\u5374\u524d\u7d14\u53ce\u76ca\u3068\u307b\u307c\u540c\u3058<br \/>\n\u30fb\u6bce\u671f\u5b89\u5b9a\u7684\u306b\u5f97\u3089\u308c\u308b\u4e0d\u52d5\u7523\u904b\u55b6\u304b\u3089\u5f97\u3089\u308c\u308b\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/div>\n<div class=\"redbox\"><span class=\"huto\">NCF(Net Cash Flow)<\/span><br \/>\nNOI\u304b\u3089\u8cc7\u672c\u7684\u652f\u51fa\u3092\u63a7\u9664\u3057\u305f\u3082\u306e\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/div>\n<p>\u8cc7\u672c\u7684\u652f\u51fa\u3068\u306f\u4ef0\u3005\u3057\u3044\u8a00\u8449\u3067\u3059\u304c\u3001\u5efa\u7269\u8eaf\u4f53\u3092\u7dad\u6301\u3057\u3066\u3044\u304f\u306e\u306b\u5fc5\u8981\u306a\u5927\u898f\u6a21\u306a\u4fee\u7e55\u8cbb\u3068\u8003\u3048\u3066\u3082\u3089\u3063\u3066OK\u3067\u3059\uff08\u901a\u5e38\u3001\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u3067\u306f\u7a4d\u7acb\u3057\u307e\u3059\uff09\u3002<\/p>\n<p>NOI\u3068NCF\u306e\u9055\u3044\u306b\u3064\u3044\u3066\u306f\u3001\u4e00\u822c\u306e\u6295\u8cc7\u5bb6\u306e\u65b9\u306f\u7121\u8996\u3057\u3066\u3082\u3044\u3044\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u9867\u554f\u4f1a\u793e\u306b\u52e4\u52d9\u3059\u308b\u65b9\u306f\u77e5\u3089\u306a\u3044\u3068\u6065\u3092\u304b\u304d\u307e\u3059\u3002<\/p>\n<p>\u3042\u3068J-REIT\u306b\u6295\u8cc7\u3059\u308b\u65b9\u306f\u3001\u9451\u5b9a\u8a55\u4fa1\u66f8\u3092\u8aad\u3081\u308b\u57fa\u790e\u77e5\u8b58\u3068\u3057\u3066\u77e5\u3063\u3066\u304a\u3044\u305f\u307b\u3046\u304c\u3044\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n<h2>\u5185\u90e8\u53ce\u76ca\u7387IRR<\/h2>\n<p>\u3053\u3053\u307e\u3067\u3001\u3044\u308d\u3093\u306a\u5229\u56de\u308a\u3092\u898b\u3066\u304d\u307e\u3057\u305f\u304c\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u3067\u6700\u3082\u91cd\u8981\u306a\u5229\u56de\u308a\u6982\u5ff5\u3067\u3042\u308bIRR\u3092\u3053\u3053\u3067\u306f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<p><span class=\"yellow_line\"><span class=\"hutoaka\">IRR\u7684\u601d\u8003\u306f\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u9650\u3089\u305a\u3001\u6295\u8cc7\u306e\u4e16\u754c\u3067\u306f\u6975\u3081\u3066\u91cd\u8981<\/span><\/span>\u3067\u3059\u3002\u5168\u3066\u8d64\u6587\u5b57\u3067\u5f37\u8abf\u3057\u305f\u3044\u3050\u3089\u3044\u3067\u3059\u3002<\/p>\n<p>IRR(Internal Rate of return)\u3068\u306f\u65e5\u672c\u8a9e\u3067\u5185\u90e8\u53ce\u76ca\u7387\u3068\u8a33\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u306e\u8a33\u304c\u30a4\u30b1\u3066\u3044\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u76f4\u8a33\u3059\u304e\u307e\u3059\u7b11<\/p>\n<p>IRR\u3092\u5805\u82e6\u3057\u304f\u5b9a\u7fa9\u3059\u308b\u3068\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"redbox\"><span class=\"huto\">IRR(Internal Rate of return)<\/span><br \/>\n\u6295\u8cc7\u671f\u9593\u4e2d\u306eIncome Gain(Loss)\u3068\u7269\u4ef6\u3092\u518d\u5ea6\u58f2\u5374\u3057\u305f\u5834\u5408\u306eCapital Gain(Loss)\u3092\u7dcf\u5408\u3057\u305f\u6700\u7d42\u7d50\u679c\u3068\u3057\u3066\u306e\u5229\u56de\u308a<\/div>\n<p>\u4f8b\u3048\u3070\u3001NET\u5229\u56de\u308a\u304c\u9ad8\u3044\u7269\u4ef6\u3067\u3082\u3001\u7269\u4ef6\u4fa1\u683c\u304c\u305a\u308b\u305a\u308b\u3068\u4e0b\u843d\u3059\u308b\u5834\u5408\u306f\u3001\u6700\u7d42\u7684\u306b\u640d\u3059\u308b\u3068\u3044\u3046\u306e\u306f\u611f\u899a\u7684\u306b\u5206\u304b\u308a\u307e\u3059\u306d\u3002<\/p>\n<p>\u9006\u306b\u3001NET\u5229\u56de\u308a\u304c\u6975\u7aef\u306b\u4f4e\u304f\u3066\u3082\u3001\u30d0\u30d6\u30eb\u304c\u767a\u751f\u3057\u3066\u7269\u4ef6\u4fa1\u683c\u304c\u5f53\u521d\u4fa1\u683c\u306e\u500d\u3067\u58f2\u308c\u305f\uff01\u306a\u3069\u306e\u30b1\u30fc\u30b9\u3067\u306f\u5927\u5132\u3051\u3067\u304d\u307e\u3059\u3088\u306d\u3002<\/p>\n<p>\u3053\u3053\u3067\u4f8b\u793a\u3057\u305f\u524d\u8005\u306e\u30b1\u30fc\u30b9\u304cIRR\u304c\u4f4e\u3044\u30b1\u30fc\u30b9\u3001\u5f8c\u8005\u306e\u5834\u5408\u304cIRR\u304c\u9ad8\u3044\u30b1\u30fc\u30b9\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u3053\u3067\u96e3\u3057\u3044\u306e\u306f\u3001<span class=\"yellow_line\"><span class=\"huto\">\u5f53\u305f\u308a\u524d\u3067\u3059\u304c\u5c06\u6765\u306e\u4fa1\u683c\u306f\u8ab0\u3082\u5206\u304b\u3089\u306a\u3044<\/span><\/span>\u3068\u3044\u3046\u3053\u3068\u3002 <\/p>\n<p>\u305f\u3060\u3057\u3001<span class=\"yellow_line\"><span class=\"huto\">\u4e00\u5b9a\u7a0b\u5ea6\u306e\u5408\u7406\u7684\u306a\u4e88\u60f3\u3092\u3059\u308b\u3053\u3068\u306f\u53ef\u80fd<\/span><\/span>\u3060\u3068\u8003\u3048\u307e\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u3070\u5c06\u6765\u7684\u306b\u4eba\u53e3\u6e1b\u5c11\u304c\u4e88\u60f3\u3055\u308c\u3066\u3044\u308b\u5730\u65b9\u306e\u7acb\u5730\u304c\u30a4\u30de\u30a4\u30c1\u306e\u4e2d\u53e4\u30a2\u30d1\u30fc\u30c8\u306f\u3069\u3046\u3067\u3057\u3087\u3046\uff1f<\/p>\n<p>\u5c06\u6765\u4fa1\u683c\u306f\u78ba\u5b9f\u306b\u4e0b\u304c\u308b\u3053\u3068\u304c\u4e88\u60f3\u3067\u304d\u307e\u3059\u3088\u306d\u3002<\/p>\n<p>\u3053\u3053\u3067\u30a2\u30d1\u30de\u30f3\u6295\u8cc7\u5bb6\u306e\u6210\u529f\u8005\u306e\u672c\u3092\u8aad\u3093\u3067\u3053\u308c\u304b\u3089\u5730\u65b9\u306b\u53c2\u5165\u3057\u3066\u3044\u304f\u65b9\u306f\u3001\u76f8\u5fdc\u306e\u76ee\u5229\u304d\u304c\u5fc5\u8981\u306a\u306e\u3067\u5206\u304b\u3063\u3066\u3044\u305f\u3060\u3051\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3067\u3001\u7d20\u4eba\u306f\u3084\u306f\u308a\u90fd\u5fc3\u306e\u7bc9\u6d45\u306e\u4f4e\u5229\u56de\u308a\u30de\u30f3\u30b7\u30e7\u30f3\u306b\u6295\u8cc7\u3059\u3079\u304d\u3060\u3068\u3044\u3046\u306e\u304c\u79c1\u500b\u4eba\u306e\u8003\u3048\u3067\u3059\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4eca\u56de\u306f\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u6307\u6a19\u306b\u3064\u3044\u3066\u300c\u5229\u56de\u308a\u300d\u3092\u4e2d\u5fc3\u3068\u3057\u3066\u8003\u3048\u3066\u3044\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002 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