Some historical facts have been revealed about the architecture currently called Kabutocho Heiwa No. 5 Building. I have reported and consider some historical facts such as the building name at the time of completion in 1923 was “Daiichi Bank Head Office Annex” and the architect who designed it was “Yoshitoki Nishimura”.

This discovery was useful in understanding architect Yoshitoki Nishimura and the history of the city of Nihonbashi Kabutocho.

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 The purpose of this research is to evaluate the economic value of certification of green buildings based on j-reit (Japan Real Estate Investment Trust) owned office buildings. In the recent years, assessment systems for the environmental performance of buildings are being widely used in Japan. Some analyses were conducted in Japan to investigate whether green building certificates have a positive influence on the contract rent. However we need to investigate profits and expenses of the real estate rent to clearly explain the economic benefits of green buildings.
 In this research, we analyze the office building annual data in Japan which was disclosed by J-REIT. Operating benefits and utilities costs of 657 buildings in January 2014 － December 2014 was analyzed. Regarding the objective office, the total leased area is under 50000 m² and each building was divided into green building certified or Non-certified. Subject green building certifications are Tokyo Top-Level Business Facility and CASBEE (Comprehensive Assessment System for Built Environment Efficiency).
 The net operating incomes of Top-Level Business Facility or CASBEE certified office buildings over 10000 m² of total building area are bigger than that of not certified office buildings. The utilities costs of Top-Level Business Facility certified office buildings are the same as that of not certified office buildings, but the utilities cost of CASBEE certified office buildings is bigger than that of not certified office buildings. The net operating incomes of CASBEE certified office buildings over 3000 m² and less than 10000 m² of total building area are bigger than that of not certified office buildings. The utilities costs of CASBEE certified office buildings over 3000 m² and less than 10000 m² are the same as that of not certified office buildings. The net operating incomes of expired CASBEE certified office buildings over 10000 m² of total building area are bigger than that of not certified office buildings. The utilities costs of expired CASBEE certified office buildings are the same as that of not certified office buildings. Using these results, the environmental performance of Top-Level Business Facility certified office buildings over 10000 m² of total building area and expired CASBEE certified office buildings over 10000 m² of the area, CASBEE certified office buildings over 3000 m² and less than 10000 m² of the area may be high in the value of the real estate.
 The utilities costs of buildings are not always related to the energy consumption, because an energy source, a type of contract and a contract fee are different in each building. In this survey, the primary energy consumption of CASBEE real estate buildings is correlated with the utilities cost of the buildings. The objective buildings do not install the regional air-conditioning.

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CASBEE認証、DBJ Green Building認証及びBELS認証3種の環境認証が賃貸事業収益に与える影響を究明した。しかし、オフィスビルの賃貸事業収益は、規模、新しさ、立地、成約時期、他の性能・設備など様々の要因も影響される。本報では延床面積、立地、築年数三点から環境認証有無と賃貸事業収益の関係を検討する。

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不動産賃貸事業収益が公開されている J-REIT のデータを用いて、全国の環境認証を取得したオフィスビルが経年により賃貸事業収益や費用がどのように変化するかを解析することを目的とし、環境認証有無が不動産価値へ与える影響を明らかにする。

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This study examines how financial performance in real estate companies of Japan are affected by ESG activities. Today, companies are expected to engage in social issues such as CSR, SDGs, and ESG. However, such activities may incur costs and reduce profit, thereby negative evaluation can be expected. This study focuses on GRESB, the only ESG evaluation system within the real estate sector, analyzing impact of GRESB participation through companies’ financial performance. The dataset consists of 198 listed real estate companies' financial information, categorized as Real Estate/REIT in the Tokyo Stock Exchange. I conducted the PSM (Propensity Score Matching) method using a number of Directors, Audit & Supervisory Board/Committee Members as governance variables and used total market capitalization as size variables. These variables were employed as covariates. I employed GRESB participation dummies as independent variables, and financial performance such as Dividend yield, PBR and ROE as dependent. After matching, 50 companies (25 pairs) were left. I performed a t-test on these two groups. From the results of analysis, I concluded that low PBR ratioed companies participate in GRESB to attract investor interest, to improve stock price, because the PBR ratios of GRESB participating companies are low, while non-participating companies are high.

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 This paper aims to clarify procurement and construction process of Dependent Housing and private dwelling and buildings in occupied Osaka prefecture by the research of official documents in Japan and the United States.

 At the end of the war, modern architectures remained in the non-war-damaged areas of central Osaka. Unexpectedly, in Osaka, which became the base of the occupation army next to Kyoto in western Japan, they were requested on a large scale. In the procurement of buildings, the situation of disaster and hygiene and the scale of facilities were emphasized. The use of the requisitioned building was changed as needed, but 25 cases were not released until 1952.

 Privately owners have appealed to the Governor of Osaka Prefecture about the situation in which many properties are not returned even if the Treaty of San Francisco was concluded. As a result, the governor requested the Ministry of Foreign Affairs to release privately-owned buildings and private dwelling. The army facilities in Osaka city have been moved from the city center to several "suburbs". The "suburbs" recognized by the occupation forces were Sakai, Otsu, Amagasaki, and Nara.

 Former military grounds were requisitioned in the earliest days of occupation for example land around Osaka Castle, Kanaoka Camp in Sakai City. Because of the existence of the former Army National Land in Osaka Prefecture, it was possible to secure a vast site. In Hyogo prefecture, there was no former military grounds near the port of Kobe, lands for private owners were required, and the sacrifice of requisition in each city was different.

 The privately-owned requisitioned dwellings in Osaka Prefecture were located in the Hokusetsu area (Minoo, Ikeda) for the 5th Air Force, the suburbs of Osaka City area (Sumiyoshi, Abeno) and the Senboku area (Sakai, Takaishi) for the 25th Infantry Division. The Hamadera residential area and Ueno Shiba residential area, which were formed in Sakai city in the early Showa era, were requisitioned for the largest number of dwellings in Osaka prefecture.

 The "Hamadera Park DH" for the 25th division of the 8th army was constructed in Osaka Prefecture Hamadera Park ( in Sakai City and Takaishi City) from Sep. 1946 to Jan. 1948. This was the design supervision of the Osaka Prefecture Special Construction Division as Dependent Housing, and the construction of Obayashi, Zenitaka, and Asanuma groups. The 8th army 323th technical unit also conducted on-site instruction. It was used as the DH of Itami Air Force Base after 1952. Although the release movement was launched against the long-term entry of Japanese people to Hamadera Park, the decision to completely return it was delayed in Feb. 1958 when the return of Itami Air Base was decided.

 Consistent and enthusiastic negotiations with the Ministry of Foreign Affairs by Osaka Prefecture have come to fruition. While the relationship between Osaka City and suburban residential areas outside the city remained unchanged during the occupation period, it became clear that the scope of the "suburbs" expanded and the army moved to other prefectures.

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 This paper aims to clarify procurement and construction process of East Camp and Rokko Heights in occupied Kobe by the research of official documents in Japan and the United States.

 At the start of the occupation, a lot of non-war-damaged buildings built in Kobe in the Taisho and early Showa eras were requisitioned by the occupation forces. For example, they were private residences that were not damaged by the war, built in high-class residential areas and suburban residential areas in Kobe from the Taisho era to the early Showa era.

 East Camp was constructed by requisitioning the war-damaged areas that had rejected pre-war commercial clusters. The unit dormitories were laid out in a space structure that utilized the lots created by the land readjustment project of the Meiji period. 61 Quonset Huts made of tin and 64 wooden prefabricated dormitories were constructed, and the officer lived in the latter. 6 unburned buildings in the camp were requisitioned and a church, dispensary and recreation hall were built. On the other hand, the Ono Hachiman Shrine and Kotokuji Temple located in the camp escaped requisition. East Camp was released in April 1953, and the Kobe City relocation land clearance project started, and the project proceeded promptly to establish the foundation of the current commercial business district.

 Rokko Heights, which was the DH for the occupation army's family (dependents), had land development as soon as it requisitioned a private house. The property of the Kobe Keizai University (Kobe University) was requisitioned, and 106 houses 225 units were constructed on 228,000 m² of the current Rokkodai-cho, Nada-ku, which surrounds the university, and 28 facilities including requisition properties were constructed. The Kobe University, Kobe city and Hyogo prefecture argued against the Kobe Base regarding the construction of DH on Rokko and Tsurukabuto, and proposed other candidate sites. However, the army didn't give in to the nearby sanitary environment and the distance between the work bases (Kobe and Nishinomiya), and used the university facilities jointly for more than five years.

 The features of the layout plan of Rokko Heights were curved roads using slope landforms, pedestrian separation by roundabout and cul-de-sac, and secured parking space and Service Area and Family Court. As for the flat type of DH, “B” type was used in Upper Sight and “A” type was used in Lower Sight. The elevation of the slope and the level of occupational position were correlated. In addition, through the survey, authors confirmed the Rokko Heights original "N" type which is slightly wider than the conventional flat type standard. Arrangements based on the standards were also applied to the finish of the outer wall, the form of the roof, and the coating of roof tiles. After the DH area was released in 1958, the entire building, including incidental facilities, was completely removed, and the university facilities were integrated and developed by the negotiation between Kobe University and the prefecture.

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 In late '90s, property securitization techniques brought in Japan from US to compliment deteriorated financing function of commercial banks due to huge bad loans. Now, property securitization market has been growing to roughly 30 trillion yen industry based on property value. In this paper, impacts by such movement of property securitization on compliance of existing building, which is deeply related to safe performance, are discussed.
 Disclosures in two major fields related to property securitization were scrutinized. One is disclosure by FSA about critical issues witnessed in the inspections on financial institutions and Financial Instruments Business Operators, which includes J-REITs' operating company. In those disclosures, total 4, 784 problematic operations through the inspection against regulated entities were scrutinized. Dozens of cases violating building compliance, largely regarding property trustees' operation, were sorted out. Against serious inappropriate operations in relation to transaction with building violation, FSA imposed administrative punishment on four entities. FSA's supervision would suppress potential inappropriate transactions relating to building violation. However the effective area of such suppression is limited to securitization transaction only and grandfathered infractions were out of scope in the FSA's inspection. Over the last two consecutive years, such building issues haven’t been described in FSA’s report, and then it’s expected that financial institutions appropriately improved their operation about those issues.
 And the other one is disclosure of property acquisition by J-REITs. In total 3,567 disclosures of property acquisition were scrutinized and 251 building violations by 190 properties were sorted out. Grandfathered infractions were out of scope. Intentional violations were found in these disclosures much more than the problems that need rectification by wear-and-tear or breakdown. In subsequent disclosures, with several exceptions, these issues were deleted or rectifications were described. Building violations were smaller on the buildings purchased from securitization vehicle than other in sellers' case. And the result was consistent with the assumption of operational improvement in financial institution but it wasn't significantly different by chi-square test.
 One previous study of Periodic Building Equipment Inspection Report, focusing on occurrence frequency of issues regarding emergency lighting equipment and mechanical smoke ventilation equipment, revealed that frequency of failure/infraction of emergency lighting equipment was roughly twice as much as one of smoke discharger. In contrast, in this study of J-REITs' disclosure, smoke discharger issue was roughly twice as much as emergency lighting equipment. Building equipment issues were likely caused by deterioration. But in case the issue was caused by inappropriate space use due to tenant-friendly works, smoke discharger issues are more likely. Tennant could be additional hurdle to take corrective actions. It is expected that's why number of smoke discharger related disclosures are larger than emergency lighting equipment one.
 Because the fundamental purpose of those disclosures by FSA or J-REITs isn't describing all the building details, there is limitation to sort out detail information of building issues. So this research couldn't get numerically perfect evidence to quantify the securitization effect, but it partly reveals expected positive effect on building compliance. The research will continue by utilizing other data in J-REITs and Periodic Building Equipment Inspection Report.

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