Invesco Office J-REIT Investment Corporation (3298)
Supplemental Information Regarding “Notice Concerning Amendments to Asset
Management Guideline of the Asset Management Company (Adding rules
regarding acquisition and cancellation of own investment units)” released on
April 21, 2017
Invesco Global Real Estate Asia Pacific, Inc.
April 21,2017
http://www.invesco-reit.co.jp/
Investment unit buy back – An effective capital policy to
improve investor value(Note1)

The acquisition and cancellation of undervalued investment units trading below the
book value per unit (Note 2) (BPU) price will have the following benefits:
① Increase net income
①per
1口当たり利益の向上
unit and DPU
Assuming that net income and
the total available dividend
remains unchanged,
decreasing the number of
issued investment units will:

Increase the net income
per unit

Increase the dividend per
unit (DPU)
② Return profit to
② 投資主への利益還元
investors

Return profit to investors
by an efficient use of
available cash in hand

Expected to have a more
permanent effect on
increasing DPU (due to the
decrease in issued number
of investment units). This
is considered to be
preferable to a temporary
return of profit through a
distribution of excess
earnings.
③ Efficient use of available
③ 効率的な手元現金の活用
cash in hand

Acquiring investment units
might be regarded as an
efficient way of utilizing
available cash in hand,
depending on the situation of
real estate market (ie. in
circumstances where assets
offering attractive yields are
decreasing).
 Effective capital policy to improve investor value
(Note1) As the date hereof, Invesco Office J-REIT, Inc. (hereinafter referred to as the “Investment Corporation”) has not decided to acquire investment units. The
acquisition of investment units will only be conducted after taking into consideration the market environment, the trend of investment unit price, and the
strategy described in the Asset Management Guidelines. The Investment Corporation does not guarantee that it will conduct an acquisition of its investment
units in future.
2
(Note2) BPU stands for book-value per unit and calculated by dividing net asset stated on balance sheet by number of issued investment units.
Financial effect of the acquisition and cancellation of
investment units
 Increase in DPU amount by decreasing issued number of investment units
(Example)(Note)
Net income (Total amount of dividend)
: 1,000,000,000 yen
(Before conducting acquisition and cancellation
of investment units)
Issued numbers of investment unit
DPU： 1,000,000,000 yen ÷ 1,000,000 units
Numbers of acquisition and cancellation
of investment units
: 1,000,000
＝ 1,000yen
: 10,000 units
(After conducting acquisition and cancellation
of investment units)
Issued number of investment unit
: 990,000
DPU： 1,000,000,000 yen ÷
990,000 units ≒ 1,010 yen
If there is no changes to net income and total amount of dividend before and
after conducting the acquisition and cancellation of investment units, the DPU
is expected to increase in accordance with the decrease in the issued number
of investment units and result in an improvement in investor value.
(Note)
The numbers mentioned herein are notional and are shown to explain the effect of acquisition and cancellation of investment units. These numbers
3
do not indicate the Investment Corporation’s current or expected performance.
Funding of investment unit buy back
 The main sources of capital for acquisition of investment units are:
(1) Cash in hand generated from the gap between depreciation
expenses and capital expenditure(Note1)
(2) Excess funds generating from asset disposition(Note2)
＜Reference Example of the case for the Investment Corporation ＞
Cash in hand generated from the gap between depreciation
expenses and capital espenditure
（approximately 1.38 billion yen in accumulated total）
（milliion yen）
800
700
600
500
377
400
300
301
238
234
Capital expenditure (2)
233
200
Depreciation expenses
(1)
Cash in hand ((1)-(2))
100
0
FP1
FP2
FP3
FP4
FP5
(Note1) Depreciation expenses are costs by which property and equipment are depreciated over the remaining period of use and recorded as expenses in
profit/ loss statement. Given depreciation expenses are not funded by cash, the amount of depreciation expenses remain as cash in hand. In
contrast, capital expenditure, which is the expenses paid to repair property and equipment is not recorded as profit/loss and is funded by the
payment of cash. As a result, the difference between the actual capital expenditure and depreciation expenses remains as cash in hand.
(Note2) The Investment Corporation does not have any intention to sell its own asset to make funds for acquisition of investment units.
4
Reference Information
（As of the end of March, 2017）
Asset size（Total acquisition price）
:161.9billion yen
Asset size（Total asset）
:178.9 billion yen（As the end of February, 2017）
Cash
:approximately 2 billion yen
Total market value
:81.2 billion yen
Average traded volume in the 5th fiscal period（liquidity）:430 million yen
Estimated DPU for the 6th fiscal period（including profit from disposition of asset）
:3,523 yen（yield rate 7.07%）
Adjusted estimated DPU for the 6th fiscal period（Note1）
:2,687 yen（yield rate 5.40%）
P/NAV（Note2）
:0.87x（NAV per unit :114,252 yen）
P/BPU（Note3）
:1.00x （BPU 99,544 yen（Note4））
(Note1)
(Note2)
(Note3)
(Note4)
Based on the assumption that the disposing Harumi Island Triton Square Office Tower Z (Triton Square Z) and acquiring Kinshicho Prime Tower in the
beginning of the 6th fiscal period and excluding the profit from the disposition of Triton Square Z. Each numbers mentioned herein are for reference
purpose only and they may differ from the actual estimated DPU.
P/NAV is calculated by dividing investment unit price (the closing price as of March 31, 2017) by NAV per unit (calculated by dividing net asset value,
which includes unrealized gain generating from the gap between book-value and appraisal value of investment assets, by issued number of
investment units).
P/BPU is calculated by dividing investment unit price (the closing price as of March 31, 2017) by net asset value (book value) .
Calculated based on the net asset value as of the end of the 5th fiscal period ended October, 2016.
5
Disclaimer
 This material is solely intend to provide information regarding the Investment
Corporation and is not prepared for the purpose of soliciting securities or specific
investment products. When purchasing investment units, please make inquiries
to the securities companies. Investors must make their definitive decisions upon
their own responsibility and judgement.
 Unless otherwise stated, the information (including opinions) in this material is as
of the date on the cover page and subject to change without notice depending
upon market or other conditions. Any information does not guarantee or indicate
the tendencies, figures or the results in the future.
 There is no assurance regarding the accuracy, certainty and consistency of the
information contained in this material.
 The contents of this material are subject to correction, amendment or abolition
without prior notice.
 Quotation, duplication or reproduction of all or part of this material without the
prior consent of the Investment Corporation or Invesco Global Real Estate Asia
Pacific, Inc. is strictly prohibited.