Portfolio Overview

As at 31 March 2017, AGT has 89 golf courses, with an appraisal value totally JPY 150.89 billion. The majority, approximately 70%, of AGT's golf courses are located across the three largest metropolitan in Japan.

TABLE 1: NUMBER OF GOLF COURSES AND APPRAISAL VALUE BY REGION FOR FY2017


TABLE 2: REVENUE, UTILISATION RATE & NOI BY REGIONS


Notes:
  1. Based on the real estate appraisals as at 31 December 2016 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 a J-GAAP 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 not 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
  5. NOI Margin = NOI/Revenue
  6. NOI Yield = NOI/Appraisal Value