Portfolio Overview

AGT capitalises on its quality golf course related asset portfolio to provide Unitholders a unique portfolio and an opportunity to invest in the golf sector. The majority of AGT's golf courses are located across the three largest metropolitan areas in Japan.

As at 31 March 2016, AGT has 89 golf courses, with a total appraisal value of JPY 150.98 billion(1). 70% of the portfolio are located in the three largest metropolitan areas in Japan (see table 1 below):

TABLE 1: NUMBER OF GOLF COURSES AND APPRAISAL VALUE BY REGION AS AT 31 DECEMBER 2015


TABLE 2: REVENUE, UTILISATION RATE & NOI BY REGIONS


Notes:
  1. Based on the real estate appraisals as at 31 December 2015 by the Independent Real Estate Appraisers
  2. Revenue includes play fees (green fees and cart fees), caddy fees, restaurant charges, membership fees and other revenues from the golf course and on JGAAP basis
  3. Utilisation rate = Total no. of visitors per 18 holes/(Total operating days x 200 persons)
  4. Net Operating Income ("NOI") = Revenue - Merchandise and Material Expense - Labour Cost - Other Operating Expenses. NOI as indicated above has deducted certain items such as depreciation and amortisation and the golf course management fee to be paid to the Sponsor under the golf course management agreement and on JGAAP basis
  5. NOI Margin = NOI/Revenue
  6. NOI Yield = NOI/Appraisal Value