Portfolio Overview

As at 31 December 2019, AGT has 88 golf courses, with an appraisal value totally JPY 141,806 million. The majority, approximately 85%, of AGT's golf courses are located across the three largest metropolitan in Japan.

NUMBER OF GOLF COURSES AND APPRAISAL VALUE BY REGION


REVENUE, UTILISATION RATE & NOI BY REGIONS


Notes:
  1. Appraisals are conducted by independent real estate appraisers.
  2. Gross revenue is based on Japanese Generally Accepted Accounting Principles (J-GAAP) and includes play fees (which comprise of green fees and cart fees), caddy fees, restaurant revenue, membership fees and other revenues from the golf courses.
  3. Utilisation rate = Total no. of visitors per 18 holes/(Total operating days x 200 persons)
  4. NOI is derived by deducting merchandise and material expense, labour cost, other operating expenses from revenue and golf course management agreement (GCMA) fees.
  5. NOI Margin = NOI/Revenue
  6. NOI Yield = NOI/Appraisal Value