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I would like to move on now to an overview of investments in SPCs.
We included consolidated SPCs when we described investments in SPCs. However, since the number of consolidated SPCs increased, we are separating on-balance-sheet SPCs and off-balance-sheet SPCs from the presentation of results as of September 30, 2010.
As mentioned, the Company consolidated four SPCs and six buildings in the current fiscal year. Total assets and nonrecourse loans of the consolidated SPCs were ¥124.0 billion and
¥75.0 billion, respectively.
As a result, equity investments in off-balance-sheet SPCs at the end of September stood at
¥193.6 billion. Through the investments, the Company had total assets of ¥778.0 billion and nonrecourse loans of ¥560.0 billion.
Of the total assets of the off-balance-sheet SPCs, assets in operation at the end of September were ¥313.0 billion. The Company aims to hold those assets for long periods for stable revenues. The main assets are the relatively new properties that the Company has developed in central Tokyo.
The Company had temporarily owned assets of ¥31.0 billion. These were primarily "bridge investments" that were planned to be sold to funds or assets acquired to be resold to third parties. Compared with assets in operation, many commercial facilities in the suburbs and the provinces are included in temporarily owned assets.
There were large-scale projects, including Shinjuku Times Square and projects in Ginza and Omotesando, whose total assets were ¥383.0 billion. Assets at the planning stage were the Kasumigaseki Tokyu Building, the Minamiaoyama 3-chome project, and another project, with total assets of ¥51.0 billion.
For reference, the balance sheets of our off-balance-sheet SPCs after the three buildings were consolidated in the second half is shown on the right.
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