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Real Estate Business Top Message Top Top Interview Top Review of Operations: Real Estate Business Top Message Top Top Interview Top We provide a full line of real estate services from brokerage to securitization and invest- Financial Highlights ment management. Naoya Shoji Officer in charge of Real Estate Business Sumitomo Mitsui Trust Bank, Limited Topics 1. Business Outline Special Feature Our Real Estate Business has a large number of real We are actively working to develop the environmentally estate specialists, such as real estate appraisers and fi rst- friendly property business, which is expected to grow in class registered architects, providing a full line of services tandem with the tightening of environmental regulations from brokerage to securitization and investment manage- pertaining to real estate. ment in response to the real estate-related transaction Furthermore, we deploy highly skilled personnel with needs of a wide range of clients, including large corpora- expertise in real estate in the major offices of the Retail tions, domestic and foreign investors, and individuals. Financial Services Business and the Wholesale Financial In our real estate transaction services covering real es- Services Business, and encourages these units to work in tate brokerage, consulting and real estate securitization collaboration with the Real Estate Business. Review of Operations arrangement, we provide distinctive services that are un- We will continue our efforts to provide clients with total like those of other companies through consulting based solutions that only a trust bank can offer, and instill in them on wide information networks and signifi cant expertise. In a sense of security and trust. our real estate investment management covering manage- ment of J-REITs (Japanese Real Estate Investment Trusts) • Real Estate Business Model and private real estate funds, we draw on our real estate Real Estate information gathering capabilities and critical appraisal Transaction Services (Brokerage, Consulting, skills to provide investors with information and propose Securitization Arrangement) products. In our real estate infrastructure services, which Through consulting based on wide information networks Management Structure and significant expertise, we provide distinctive include real estate appraisal services and real estate trusts, services that are unlike those of other companies. we have been streamlining our operations to improve the Real Estate Real Estate Investment Management Infrastructure Services operational structure and provide high-quality services. (Management of J-REITs, (Real Estate Trusts, Private Real Estate Funds) Appraisal Services) Through the flexible coordination of these services, all We take advantage of our real estate information We have undertaken the rationalization of possible opportunities can be explored. gathering capabilities and critical appraisal skills to operations to improve our operational provide investors with information and make structure and provide high-quality services. product proposals. Corporate Data 38 Sumitomo Mitsui Trust Holdings, Inc. 2013 Annual Report Review of Operations: Real Estate Business Top Interview Top Top Message Top 2. Product and Service Outline Real Estate Transaction Services Financial Highlights Real Estate Brokerage We take advantage of our vast experience and an extensive network to implement various procedures, ranging from survey of properties to price negotiations and the transfer of ownership for a wide range of properties, including offi ce and condominium sites, factories, and commercial facilities. Sumitomo Mitsui Trust Realty Co., Ltd., under the umbrella of Sumitomo Mit- sui Trust Bank, Limited (“SMTB”), takes the central role in real estate broker- age for housing for individuals and small-sized commercial properties. Special Feature Consulting on Effective Use of Real Estate and in Construction Topics We take maximum advantage of know-how accumulated in overall real estate operations to provide various real estate consulting services to help clients effectively utilize their land and buildings. In our CRE (Corporate Real Estate) consulting service, we review real es- tate property holdings and utilization strategies that are consistent with cli- ents’ corporate strategies, and analyze client-owned properties to propose Review of Operations strategies for making the most effi cient real estate investments in order to enhance corporate value. We are also making active efforts to provide comprehensive construction consulting services, ranging from project planning to post-construction building management, as well as consulting services on environmentally friendly building construction that cover energy conservation, landscape considerations, ways for extending the life of a building, and the incorpora- tion of recycling systems. Management Structure Corporate Data Sumitomo Mitsui Trust Holdings, Inc. 2013 Annual Report 39 Review of Operations: Real Estate Business Top Message Top Top Interview Top Real Estate Securitization Arrangement Real estate securitization has been widely used as a real estate investment tool as part of a company’s fi nancial strategies. As a pioneer that has been actively involved in real estate securitization since the early stage of securiti- zation, SMTB provides one-stop real estate securitization services covering the identification of client needs; the evaluation of real estate properties; arrangement (coordinating related parties and building a structure for secu- ritization); fund-raising for equity-tranche; fund-raising for debt-tranche; and Financial Highlights real estate management and operation after securitization. • Real Estate Securitization Schemes and the Role of SMTB Originators ▼ Corporate (Owners of Business SPC Debt Investors Original Assets Departments (Special Purpose Company) (Real Estate)) Topics Special Feature Real Estate Liabilities Finance Department Providing Loans, etc. Lease Real Estate Assets such as Custody Business Real Estate, etc. Department Real Estate Transfers Investments Capital Equity Investors Real Estate Business Review of Operations Arrangement Solution Department, Arrangement Each Real Estate Each Department Business Department of SMTB Management Structure Corporate Data 40 Sumitomo Mitsui Trust Holdings, Inc. 2013 Annual Report Review of Operations: Real Estate Business Top Interview Top Top Message Top Real Estate Investment Management Real Estate Investment Advisory Services We are developing business related to real estate investment advisory servic- Financial Highlights es. This includes providing investment information services for investors, as well as determining the composition of and offering real estate investment products. We provide investors with comprehensive management services com- bining various real estate-related functions, and with information and in- vestment advice utilizing our analytical capabilities regarding investment market trends, and the investment values and risks of structured real estate fi nance products. Regarding J-REITs (Japanese Real Estate Investment Trusts), we provide advice on the acquisition and management of assets for investment, and Special Feature support stable growth of J-REIT investment companies. We not only un- Topics dertake general administrative services and asset custody procedures on behalf of the client, but also provide various support services based on past achievements and the know-how of SMTB, which has developed REIT products serving as the sponsor. • Flow of Real Estate Investment Consulting Services Review of Operations Real Estate Investment Consulting Collecting Property Information UÊIntroducing properties eligible for investment Drafting Business Plans Offices, commercial facilities, Property Surveys houses, distribution facilities, UÊSupporting real estate hotels, properties with UÊSupporting property surveys investment fund schemes development opportunities Surveying prices Advising on fund concepts Analyzing markets Proposing schemes Conducting different types of Management Structure Corporate Data Drafting schedules due diligence Advising on revenue and Checking the investment’s expense plans eligibility and legality The Stages of Property Sales and Real Estate Investment Property Acquisitions and Investment Recovery Investment UÊSupporting property sales UÊSupporting property Proposing sales methods acquisitions Undertaking sales procedures Negotiating acquisition Searching for buyers prices and terms Negotiating sales prices and Supporting the preparation terms of statutory documents Asset Management and Closely examining and Administration preparing property materials Checking documentation UÊAsset administration Checking securitization The Group administers only assets put into our trust. The Group strictly separates administrative operations. Sumitomo Mitsui Trust Holdings, Inc. 2013 Annual Report 41 Review of Operations: Real Estate Business Top Message Top Top Interview Top Real Estate Infrastructure Services Real Estate Trusts In order to meet the growing need for trust services in the real estate se- curitization market, we are promoting the rationalization of operations us- ing a real estate total management system (“SMART”) and enhancing our business structure. We have also been improving computer system func- tions to meet client needs, launching a service in January 2008 that allows Financial Highlights investors and other clients to make inquiries about accounting information via the Internet. • Real Estate Total Management System’s Internet
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