{"id":6958,"date":"2025-12-06T23:20:47","date_gmt":"2025-12-06T14:20:47","guid":{"rendered":"https:\/\/fin-toku.com\/?p=5837"},"modified":"2025-12-06T23:20:47","modified_gmt":"2025-12-06T14:20:47","slug":"reit-declining","status":"publish","type":"post","link":"https:\/\/kaji-toku.net\/finance\/reit-declining\/","title":{"rendered":"\u56fd\u5185\u4e0d\u52d5\u7523\u306f\u9ad8\u3044\u306e\u306b\u56fd\u5185\u30ea\u30fc\u30c8\u304c\u5b89\u3044\u672c\u5f53\u306e\u7406\u7531\u2500\u2500\u91d1\u5229\u30fb\u6295\u8cc7\u8cc7\u91d1\u30fb\u30aa\u30d5\u30a3\u30b9\u9700\u8981\u304b\u3089\u201c\u4e56\u96e2\u201d\u3092\u8aad\u307f\u89e3\u304f"},"content":{"rendered":"<p>\u300c\u90fd\u5fc3\u306e\u30de\u30f3\u30b7\u30e7\u30f3\u4fa1\u683c\u306f\u904e\u53bb\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u300d\u3068\u3044\u3046\u30cb\u30e5\u30fc\u30b9\u304c\u9023\u65e5\u5831\u3058\u3089\u308c\u308b\u4e00\u65b9\u3067\u3001\u6295\u8cc7\u5546\u54c1\u3067\u3042\u308b\u300cJ-REIT\uff08\u56fd\u5185\u4e0d\u52d5\u7523\u6295\u8cc7\u4fe1\u8a17\uff09\u300d\u306e\u4fa1\u683c\u306f\u4f4e\u8ff7\u304c\u7d9a\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u300c\u4e0d\u52d5\u7523\u306e\u4fa1\u5024\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u306a\u3089\u3001\u4e0d\u52d5\u7523\u306b\u6295\u8cc7\u3059\u308b\u30ea\u30fc\u30c8\u3082\u4e0a\u304c\u308b\u306f\u305a\u3067\u306f\uff1f\u300d<\/p>\n<p>\u3053\u308c\u304b\u3089\u8cc7\u7523\u5f62\u6210\u3092\u8003\u3048\u308b\u65b9\u306b\u3068\u3063\u3066\u3001\u3053\u306e\u52d5\u304d\u306f\u975e\u5e38\u306b\u4e0d\u53ef\u89e3\u306b\u6620\u308a\u307e\u3059\u3002SNS\u4e0a\u3067\u3082\u300c\u30ea\u30fc\u30c8\u306f\u5272\u5b89\u3060\u3068\u601d\u3063\u3066\u8cb7\u3063\u305f\u306e\u306b\u3001\u307e\u3060\u4e0b\u304c\u3063\u3066\u3044\u308b\u300d\u300c\u5b9f\u969b\u306e\u4e0d\u52d5\u7523\u4fa1\u683c\u3068\u52d5\u304d\u304c\u9055\u3044\u3059\u304e\u3066\u6016\u3044\u300d\u3068\u3044\u3063\u305f\u6238\u60d1\u3044\u306e\u58f0\u304c\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u5b9f\u306f\u3001\u79c1\u305f\u3061\u304c\u76ee\u306b\u3059\u308b\u300c\u30de\u30f3\u30b7\u30e7\u30f3\u4fa1\u683c\u300d\u3068\u300c\u30ea\u30fc\u30c8\u4fa1\u683c\u300d\u306e\u9593\u306b\u306f\u3001\u4fa1\u683c\u304c\u6c7a\u307e\u308b\u30eb\u30fc\u30eb\u306b\u5927\u304d\u306a\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u201c\u4e56\u96e2\uff08\u304b\u3044\u308a\uff09\u201d\u306e\u6b63\u4f53\u3092\u77e5\u3089\u305a\u306b\u300c\u306a\u3093\u3068\u306a\u304f\u5b89\u305d\u3046\u3060\u304b\u3089\u300d\u3068\u624b\u3092\u51fa\u3059\u3068\u3001\u601d\u308f\u306c\u640d\u5931\u3092\u62b1\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u306a\u305c\u3053\u306e\u306d\u3058\u308c\u73fe\u8c61\u304c\u8d77\u304d\u3066\u3044\u308b\u306e\u304b\u3001\u305d\u306e\u300c\u672c\u5f53\u306e\u7406\u7531\u300d\u30923\u3064\u306e\u8996\u70b9\uff08\u91d1\u5229\u30fb\u6d77\u5916\u8cc7\u91d1\u30fb\u9700\u8981\uff09\u304b\u3089\u5206\u304b\u308a\u3084\u3059\u304f\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h2>\u56fd\u5185\u4e0d\u52d5\u7523\u306f\u9ad8\u5024\u306a\u306e\u306b\u3001\u306a\u305c\u56fd\u5185\u30ea\u30fc\u30c8\u306f\u5b89\u3044\u306e\u304b\uff1f\u201c\u4e56\u96e2\u201d\u304c\u8d77\u304d\u308b\u69cb\u9020<\/h2>\n<p>\u5b9f\u7269\u306e\u4e0d\u52d5\u7523\u5e02\u5834\u306f\u6d3b\u6cc1\u306a\u306e\u306b\u3001\u30ea\u30fc\u30c8\u5e02\u5834\u306f\u51b7\u3048\u8fbc\u3093\u3067\u3044\u308b\u3002\u3053\u306e\u73fe\u8c61\u3092\u7406\u89e3\u3059\u308b\u306b\u306f\u3001\u307e\u305a\u4e21\u8005\u306e\u300c\u4fa1\u683c\u306e\u6c7a\u307e\u308a\u65b9\u300d\u306e\u9055\u3044\u3092\u77e5\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3>\u5b9f\u7269\u4e0d\u52d5\u7523\u3068\u30ea\u30fc\u30c8\u5e02\u5834\u306f\u300c\u4fa1\u683c\u304c\u6c7a\u307e\u308b\u30eb\u30fc\u30eb\u300d\u304c\u9055\u3046<\/h3>\n<p>\u79c1\u305f\u3061\u304c\u666e\u6bb5\u30cb\u30e5\u30fc\u30b9\u3067\u76ee\u306b\u3059\u308b\u300c\u30de\u30f3\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u9ad8\u9a30\u300d\u306f\u3001\u4e3b\u306b\u300c\u5b9f\u9700\uff08\u5b9f\u969b\u306b\u4f4f\u307f\u305f\u3044\u30fb\u8cb7\u3044\u305f\u3044\u4eba\uff09\u300d\u3068\u300c\u4f9b\u7d66\uff08\u58f2\u308a\u51fa\u3055\u308c\u308b\u7269\u4ef6\u6570\uff09\u300d\u306e\u30d0\u30e9\u30f3\u30b9\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002\u5efa\u7bc9\u8cc7\u6750\u306e\u9ad8\u9a30\u3084\u3001\u5bcc\u88d5\u5c64\u306b\u3088\u308b\u8cfc\u5165\u610f\u6b32\u304c\u4fa1\u683c\u3092\u62bc\u3057\u4e0a\u3052\u3066\u3044\u308b\u306e\u304c\u73fe\u72b6\u3067\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3001J-REIT\uff08\u30ea\u30fc\u30c8\uff09\u306f\u300c\u91d1\u878d\u5546\u54c1\u300d\u3067\u3059\u3002\u682a\u5f0f\u3068\u540c\u3058\u3088\u3046\u306b\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u58f2\u8cb7\u3055\u308c\u308b\u305f\u3081\u3001\u4fa1\u683c\u306f\u300c\u305d\u306e\u4e0d\u52d5\u7523\u304c\u3069\u308c\u3060\u3051\u53ce\u76ca\uff08\u914d\u5f53\uff09\u3092\u751f\u3080\u304b\u300d\u3068\u3044\u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\/>\n\u300c\u4eca\u306f\u91d1\u5229\u304c\u4f4e\u3044\u3051\u308c\u3069\u3001\u6765\u5e74\u306f\u4e0a\u304c\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u300d<\/p>\n<p>\u3053\u3046\u3057\u305f\u672a\u6765\u306e\u61f8\u5ff5\u3092\u5148\u53d6\u308a\u3057\u3066\u4e0b\u843d\u3057\u3066\u3044\u308b\u306e\u304c\u3001\u73fe\u5728\u306e\u30ea\u30fc\u30c8\u5e02\u5834\u306e\u7279\u5fb4\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n<blockquote>\n<p><strong>\u53c2\u8003\u30c7\u30fc\u30bf<\/strong><br \/>\n    \u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u5354\u4f1a\uff08ARES\uff09\u306e\u30ec\u30dd\u30fc\u30c8\u7b49\u3067\u306f\u3001J-REIT\u5e02\u5834\u5168\u4f53\u304c\u4fdd\u6709\u4e0d\u52d5\u7523\u306e\u9451\u5b9a\u8a55\u4fa1\u984d\u306b\u5bfe\u3057\u3066\u5272\u5b89\u306a\u6c34\u6e96\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff09\u306b\u3042\u308b\u72b6\u6cc1\u304c\u6307\u6458\u3055\u308c\u3066\u3044\u307e\u3059\u3002<br \/>\n    \u51fa\u5178\uff1a<a href=\"https:\/\/www.ares.or.jp\/\" target=\"_blank\" rel=\"noopener\">\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u5354\u4f1a\uff0fARES J-REIT View<\/a>\uff0f2024\u5e74\u78ba\u8a8d<\/p>\n<\/blockquote>\n<h2>\u30ea\u30fc\u30c8\u5b89\u5024\u306e\u6700\u5927\u8981\u56e0\u306f\u300c\u91d1\u5229\u4e0a\u6607\u300d\u2500\u2500\u5229\u56de\u308a\u7af6\u4e89\u3068\u501f\u5165\u30b3\u30b9\u30c8<\/h2>\n<p>\u4eca\u56de\u306e\u30ea\u30fc\u30c8\u4fa1\u683c\u4f4e\u8ff7\u306e\u6700\u5927\u306e\u72af\u4eba\u306f\u300c\u91d1\u5229\u300d\u3067\u3059\u3002\u30cb\u30e5\u30fc\u30b9\u3067\u805e\u304f\u300c\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\u300d\u3084\u300c\u65e5\u9280\u306e\u653f\u7b56\u5909\u66f4\u300d\u306f\u3001\u79c1\u305f\u3061\u306e\u4f4f\u5b85\u30ed\u30fc\u30f3\u3060\u3051\u3067\u306a\u304f\u3001\u30ea\u30fc\u30c8\u4fa1\u683c\u306b\u30c0\u30a4\u30ec\u30af\u30c8\u306a\u6253\u6483\u3092\u4e0e\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3>\u300c\u56fd\u50b5\u300d\u306e\u5229\u56de\u308a\u304c\u4e0a\u304c\u308b\u3068\u3001\u300c\u30ea\u30fc\u30c8\u300d\u306e\u9b45\u529b\u304c\u8584\u308c\u308b\u4ed5\u7d44\u307f<\/h3>\n<p>\u6295\u8cc7\u5bb6\u306f\u5e38\u306b\u300c\u30ea\u30b9\u30af\u300d\u3068\u300c\u30ea\u30bf\u30fc\u30f3\u300d\u3092\u5929\u79e4\u306b\u304b\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li><strong>\u65e5\u672c\u56fd\u50b5\uff1a<\/strong> \u56fd\u304c\u7834\u7dbb\u3057\u306a\u3044\u9650\u308a\u5143\u672c\u304c\u623b\u308b\u300c\u5b89\u5168\u8cc7\u7523\u300d\u3002\u5229\u56de\u308a\u306f\u4f4e\u3044\u3002<\/li>\n<li><strong>J-REIT\uff1a<\/strong> \u4fa1\u683c\u5909\u52d5\u30ea\u30b9\u30af\u304c\u3042\u308b\u300c\u30ea\u30b9\u30af\u8cc7\u7523\u300d\u3002\u305d\u306e\u5206\u3001\u9ad8\u3044\u5229\u56de\u308a\u304c\u671f\u5f85\u3055\u308c\u308b\u3002<\/li>\n<\/ul>\n<p>\u3053\u308c\u307e\u3067\u65e5\u672c\u306e\u56fd\u50b5\u5229\u56de\u308a\u306f\u307b\u307c\u30bc\u30ed\uff05\u3067\u3057\u305f\u3002\u305d\u306e\u305f\u3081\u3001\u5229\u56de\u308a\u304c3\u301c4\uff05\u3042\u308b\u30ea\u30fc\u30c8\u306f\u975e\u5e38\u306b\u9b45\u529b\u7684\u3067\u3057\u305f\u3002<br \/>\n\u3057\u304b\u3057\u3001\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3001\u56fd\u50b5\u3067\u30821\uff05\u524d\u5f8c\u306e\u5229\u56de\u308a\u304c\u5f97\u3089\u308c\u308b\u3088\u3046\u306b\u306a\u308b\u3068\u3001\u6295\u8cc7\u5bb6\u306f\u3053\u3046\u8003\u3048\u307e\u3059\u3002\u300c\u308f\u3056\u308f\u3056\u30ea\u30b9\u30af\u306e\u3042\u308b\u30ea\u30fc\u30c8\u3092\u8cb7\u308f\u306a\u304f\u3066\u3082\u3001\u5b89\u5168\u306a\u56fd\u50b5\u3067\u3044\u3044\u306e\u3067\u306f\u306a\u3044\u304b\uff1f\u300d<\/p>\n<p>\u3053\u306e\u5fc3\u7406\u304c\u50cd\u304d\u3001\u30ea\u30fc\u30c8\u304c\u58f2\u3089\u308c\u3084\u3059\u304f\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<h3>\u501f\u91d1\u306e\u91d1\u5229\u8ca0\u62c5\u304c\u5897\u3048\u3001\u6295\u8cc7\u5bb6\u306b\u914d\u308b\u5229\u76ca\u304c\u524a\u3089\u308c\u308b<\/h3>\n<p>\u30ea\u30fc\u30c8\u306e\u904b\u55b6\u6cd5\u4eba\u306f\u3001\u6295\u8cc7\u5bb6\u304b\u3089\u96c6\u3081\u305f\u304a\u91d1\u3060\u3051\u3067\u306a\u304f\u3001\u9280\u884c\u304b\u3089\u591a\u984d\u306e\u501f\u91d1\uff08\u501f\u5165\u91d1\uff09\u3092\u3057\u3066\u4e0d\u52d5\u7523\u3092\u8cfc\u5165\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3092LTV\uff08\u501f\u5165\u91d1\u6bd4\u7387\uff09\u3068\u547c\u3073\u3001\u591a\u304f\u306e\u30ea\u30fc\u30c8\u3067\u8cc7\u7523\u306e40\u301c50\uff05\u7a0b\u5ea6\u3092\u501f\u91d1\u3067\u307e\u304b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u91d1\u5229\u304c\u4e0a\u304c\u308b\u3068\u3001\u3053\u306e\u501f\u91d1\u306e\u8fd4\u6e08\u5229\u606f\u304c\u5897\u3048\u307e\u3059\u3002<\/p>\n<ul>\n<li><strong>\u91d1\u5229\u4e0a\u6607 \u2192 \u652f\u6255\u3046\u5229\u606f\u304c\u5897\u3048\u308b \u2192 \u624b\u5143\u306b\u6b8b\u308b\u5229\u76ca\u304c\u6e1b\u308b \u2192 \u6295\u8cc7\u5bb6\u3078\u306e\u300c\u5206\u914d\u91d1\u300d\u304c\u6e1b\u308b<\/strong><\/li>\n<\/ul>\n<p>\u5206\u914d\u91d1\u304c\u6e1b\u308c\u3070\u3001\u6295\u8cc7\u5546\u54c1\u3068\u3057\u3066\u306e\u9b45\u529b\u306f\u3055\u3089\u306b\u4e0b\u304c\u308a\u307e\u3059\u3002\u3053\u306e\u300c\u5c06\u6765\u306e\u6e1b\u914d\u30ea\u30b9\u30af\u300d\u3092\u5acc\u6c17\u3057\u3066\u3001\u4fa1\u683c\u304c\u62bc\u3057\u4e0b\u3052\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3>\u91d1\u5229\u306e\u5f71\u97ff\u306f\u300c\u5b9f\u7269\u4e0d\u52d5\u7523\u300d\u3088\u308a\u3082\u300c\u30ea\u30fc\u30c8\u300d\u306b\u65e9\u304f\u30c0\u30a4\u30ec\u30af\u30c8\u306b\u51fa\u308b<\/h3>\n<p>\u300c\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u3001\u30de\u30f3\u30b7\u30e7\u30f3\u4fa1\u683c\u3082\u4e0b\u304c\u308b\u306e\u3067\u306f\uff1f\u300d\u3068\u601d\u3046\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u78ba\u304b\u306b\u9577\u671f\u7684\u306b\u306f\u305d\u306e\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u5b9f\u7269\u4e0d\u52d5\u7523\u306f\u500b\u4eba\u306e\u300c\u4f4f\u3080\u5834\u6240\u304c\u5fc5\u8981\u300d\u3068\u3044\u3046\u5b9f\u9700\u306b\u652f\u3048\u3089\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u4fa1\u683c\u304c\u4e0b\u304c\u308b\u307e\u3067\u306b\u306f\u6570\u5e74\u5358\u4f4d\u306e\u6642\u9593\u304c\u304b\u304b\u308a\u307e\u3059\uff08\u4fa1\u683c\u306e\u9045\u884c\u6027\uff09\u3002<\/p>\n<p>\u4e00\u65b9\u3067\u30ea\u30fc\u30c8\u306f\u3001\u30af\u30ea\u30c3\u30af\u4e00\u3064\u3067\u58f2\u8cb7\u3067\u304d\u308b\u8a3c\u5238\u5e02\u5834\u306b\u3042\u308b\u305f\u3081\u3001\u91d1\u5229\u30cb\u30e5\u30fc\u30b9\u304c\u51fa\u305f\u305d\u306e\u77ac\u9593\u306b\u4fa1\u683c\u304c\u53cd\u5fdc\u3057\u307e\u3059\u3002\u3053\u306e\u30b9\u30d4\u30fc\u30c9\u611f\u306e\u9055\u3044\u304c\u3001\u5192\u982d\u306e\u300c\u4e0d\u52d5\u7523\u306f\u9ad8\u3044\u306e\u306b\u30ea\u30fc\u30c8\u306f\u5b89\u3044\u300d\u3068\u3044\u3046\u306d\u3058\u308c\u3092\u751f\u3093\u3067\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<blockquote>\n<p><strong>\u8981\u70b9\u6574\u7406\uff1a\u91d1\u5229\u3068\u30ea\u30fc\u30c8\u306e\u30b7\u30fc\u30bd\u30fc\u95a2\u4fc2<\/strong><br \/>\n    \u30fb\u91d1\u5229\u304c\u4e0a\u304c\u308b \u2934<br \/>\n    \u30fb\u501f\u5165\u30b3\u30b9\u30c8\u5897\u30fb\u76f8\u5bfe\u7684\u306a\u5229\u56de\u308a\u9b45\u529b\u306e\u4f4e\u4e0b<br \/>\n    \u30fb\u30ea\u30fc\u30c8\u4fa1\u683c\u306f\u4e0b\u304c\u308b \u2935<br \/>\n    \u203b\u4e00\u822c\u7684\u306b\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u306f\u30ea\u30fc\u30c8\u306b\u3068\u3063\u3066\u9006\u98a8\u3068\u3055\u308c\u307e\u3059\u304c\u3001\u540c\u6642\u306b\u300c\u597d\u666f\u6c17\u306b\u3088\u308b\u8cc3\u6599\u4e0a\u6607\u300d\u304c\u4f34\u3048\u3070\u4fa1\u683c\u306f\u56de\u5fa9\u3057\u307e\u3059\u3002\u73fe\u5728\u306f\u300c\u8cc3\u6599\u4e0a\u6607\u300d\u3088\u308a\u3082\u300c\u91d1\u5229\u4e0d\u5b89\u300d\u304c\u52dd\u3063\u3066\u3044\u308b\u72b6\u614b\u3068\u8a00\u3048\u307e\u3059\u3002<br \/>\n    \u51fa\u5178\uff1a<a href=\"https:\/\/www.jsda.or.jp\/\" target=\"_blank\" rel=\"noopener\">\u65e5\u672c\u8a3c\u5238\u696d\u5354\u4f1a\u300cJ-REIT\u306e\u4ed5\u7d44\u307f\u300d<\/a>\uff0f<a href=\"https:\/\/www.fsa.go.jp\/policy\/nisa2\/\" target=\"_blank\" rel=\"noopener\">\u91d1\u878d\u5e81\u300cNISA\u7279\u8a2d\u30b5\u30a4\u30c8\u300d<\/a>\u7b49\u3067\u57fa\u790e\u7684\u306a\u4ed5\u7d44\u307f\u3092\u78ba\u8a8d<\/p>\n<\/blockquote>\n<h2>\u6d77\u5916\u6295\u8cc7\u5bb6\u306e\u8cc7\u91d1\u6d41\u51fa\u304c\u30ea\u30fc\u30c8\u3092\u62bc\u3057\u4e0b\u3052\u308b\u2500\u2500\u201c\u58f2\u308a\u624b\u306e\u8ad6\u7406\u201d\u304c\u4fa1\u683c\u3092\u6c7a\u3081\u3066\u3044\u308b<\/h2>\n<p>\u300c\u65e5\u672c\u306e\u4e0d\u52d5\u7523\u306a\u306e\u3060\u304b\u3089\u3001\u65e5\u672c\u4eba\u304c\u8cb7\u3063\u3066\u3044\u308b\u306e\u3067\u306f\uff1f\u300d\u3068\u601d\u308f\u308c\u304c\u3061\u3067\u3059\u304c\u3001\u5b9f\u306fJ-REIT\u5e02\u5834\u306e\u58f2\u8cb7\u30b7\u30a7\u30a2\u306e6\u301c7\u5272\u306f\u300c\u6d77\u5916\u6295\u8cc7\u5bb6\u300d\u304c\u5360\u3081\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<br \/>\n\u5f7c\u3089\u304c\u65e5\u672c\u5e02\u5834\u304b\u3089\u8cc7\u91d1\u3092\u5f15\u304d\u63da\u3052\u3066\u3044\u308b\u3053\u3068\uff08\u58f2\u308a\u8d8a\u3057\uff09\u304c\u3001\u4fa1\u683c\u4f4e\u8ff7\u306e\u5927\u304d\u306a\u8981\u56e0\u3067\u3059\u3002<\/p>\n<h3>\u65e5\u672c\u306e\u30ea\u30fc\u30c8\u5e02\u5834\u3092\u52d5\u304b\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u5b9f\u306f\u300c\u6d77\u5916\u52e2\u300d<\/h3>\n<p>\u6d77\u5916\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\uff08\u5e74\u91d1\u57fa\u91d1\u3084\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306a\u3069\uff09\u306b\u3068\u3063\u3066\u3001J-REIT\u306f\u4e16\u754c\u4e2d\u306b\u6570\u3042\u308b\u6295\u8cc7\u5148\u306e\u4e00\u3064\u306b\u904e\u304e\u307e\u305b\u3093\u3002\u5f7c\u3089\u306f\u975e\u5e38\u306b\u30b7\u30d3\u30a2\u306b\u300c\u4eca\u3001\u4e16\u754c\u306e\u3069\u3053\u306b\u304a\u91d1\u3092\u7f6e\u304f\u306e\u304c\u4e00\u756a\u52b9\u7387\u7684\u304b\u300d\u3092\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n<p>\u65e5\u672c\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u300c\u5229\u56de\u308a\u304c4%\u3082\u3042\u3063\u3066\u304a\u5f97\u3060\u300d\u3068\u611f\u3058\u3066\u3082\u3001\u6d77\u5916\u6295\u8cc7\u5bb6\u304c\u300c\u65e5\u672c\u5e02\u5834\u306f\u3082\u3046\u5132\u304b\u3089\u306a\u3044\u300d\u3068\u5224\u65ad\u3057\u3066\u5927\u91cf\u306b\u58f2\u308a\u6ce8\u6587\u3092\u51fa\u305b\u3070\u3001\u4fa1\u683c\u306f\u6297\u3048\u305a\u306b\u4e0b\u304c\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002\u73fe\u5728\u306e\u5b89\u5024\u306f\u3001\u3053\u306e\u300c\u58f2\u308a\u5727\u529b\u300d\u304c\u300c\u8cb7\u3044\u9700\u8981\u300d\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u72b6\u614b\u3067\u3059\u3002<\/p>\n<h3>\u5186\u5b89\u30fb\u91d1\u5229\u5dee\u306b\u3088\u308b\u8cc7\u91d1\u30b7\u30d5\u30c8\u306e\u4ed5\u7d44\u307f<\/h3>\n<p>\u306a\u305c\u6d77\u5916\u6295\u8cc7\u5bb6\u306f\u58f2\u3063\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u7406\u7531\u306f\u30b7\u30f3\u30d7\u30eb\u306b\u300c\u91d1\u5229\u5dee\u300d\u3067\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u56fd\u50b5\u306a\u3069\u306e\u5b89\u5168\u8cc7\u7523\u30674\u301c5%\u306e\u5229\u56de\u308a\u304c\u5f97\u3089\u308c\u308b\u72b6\u6cc1\u3060\u3068\u3057\u307e\u3059\u3002\u65e5\u672c\u306e\u30ea\u30fc\u30c8\u3067\u30ea\u30b9\u30af\u3092\u53d6\u3063\u30664%\u306e\u5229\u56de\u308a\u3092\u5f97\u308b\u3088\u308a\u3082\u3001\u6bcd\u56fd\u3067\u5b89\u5168\u306b\u904b\u7528\u3057\u305f\u65b9\u304c\u5408\u7406\u7684\u3067\u3059\u3002<br \/>\n\u3055\u3089\u306b\u300c\u5186\u5b89\u300d\u3082\u5f71\u97ff\u3057\u307e\u3059\u3002\u30c9\u30eb\u30d9\u30fc\u30b9\u3067\u8cc7\u7523\u8a55\u4fa1\u3092\u3059\u308b\u5f7c\u3089\u306b\u3068\u3063\u3066\u3001\u5186\u306e\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u3053\u3068\u306f\u3001\u305d\u306e\u307e\u307e\u8cc7\u7523\u76ee\u6e1b\u308a\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u300c\u91d1\u5229\u304c\u4f4e\u304f\u3001\u901a\u8ca8\u3082\u5f31\u3044\u65e5\u672c\u300d\u304b\u3089\u8cc7\u91d1\u3092\u629c\u304d\u3001\u4ed6\u306e\u56fd\u3078\u79fb\u3059\u52d5\u304d\u304c\u52a0\u901f\u3057\u305f\u306e\u3067\u3059\u3002<\/p>\n<h3>\u6295\u8cc7\u4fe1\u8a17\uff08ETF\uff09\u306e\u89e3\u7d04\u58f2\u308a\u304c\u62db\u304f\u300c\u9023\u9396\u5b89\u300d<\/h3>\n<p>\u3082\u3046\u4e00\u3064\u3001\u5e02\u5834\u7279\u6709\u306e\u30c6\u30af\u30cb\u30ab\u30eb\u306a\u8981\u56e0\u3068\u3057\u3066\u300cETF\uff08\u4e0a\u5834\u6295\u8cc7\u4fe1\u8a17\uff09\u306e\u58f2\u308a\u300d\u304c\u3042\u308a\u307e\u3059\u3002<br \/>\n\u9280\u884c\u3084\u8a3c\u5238\u4f1a\u793e\u304c\u904b\u7528\u3059\u308b\u30d1\u30c3\u30b1\u30fc\u30b8\u5546\u54c1\uff08ETF\uff09\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3059\u308b\u3068\u3001\u305d\u306eETF\u3092\u69cb\u6210\u3057\u3066\u3044\u308b\u500b\u5225\u306e\u30ea\u30fc\u30c8\u9298\u67c4\u3082\u3001\u6a5f\u68b0\u7684\u306b\u58f2\u3089\u3056\u308b\u3092\u5f97\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u300c\u826f\u3044\u7269\u4ef6\u3092\u6301\u3063\u3066\u3044\u308b\u30ea\u30fc\u30c8\u300d\u3067\u3042\u3063\u3066\u3082\u3001\u5e02\u5834\u5168\u4f53\u306e\u8cc7\u91d1\u629c\u3051\u306b\u3088\u3063\u3066\u5341\u628a\u4e00\u7d61\u3052\uff08\u3058\u3063\u3071\u3072\u3068\u304b\u3089\u3052\uff09\u306b\u58f2\u3089\u308c\u3066\u3057\u307e\u3046\u3002\u3053\u308c\u304c\u3001\u512a\u826f\u9298\u67c4\u307e\u3067\u5024\u4e0b\u304c\u308a\u3057\u3066\u3044\u308b\u80cc\u666f\u3067\u3059\u3002<\/p>\n<blockquote>\n<p><strong>\u30ad\u30fc\u30ef\u30fc\u30c9\uff1a\u30b0\u30ed\u30fc\u30d0\u30eb\u8cc7\u91d1\u306e\u9006\u6d41<\/strong><br \/>\n    \u4e16\u754c\u7684\u306a\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u3067\u306f\u3001\u8cc7\u91d1\u306f\u300c\u4f4e\u91d1\u5229\u56fd\uff08\u65e5\u672c\uff09\u300d\u304b\u3089\u300c\u9ad8\u91d1\u5229\u56fd\uff08\u7c73\u56fd\u306a\u3069\uff09\u300d\u3078\u6d41\u308c\u307e\u3059\u3002J-REIT\u306e\u56de\u5fa9\u306b\u306f\u3001\u3053\u306e\u8cc7\u91d1\u306e\u6d41\u308c\u304c\u5909\u308f\u308b\uff08\u7c73\u56fd\u306e\u5229\u4e0b\u3052\u3084\u65e5\u672c\u306e\u91d1\u5229\u6b63\u5e38\u5316\u306b\u3088\u308b\u683c\u5dee\u7e2e\u5c0f\uff09\u3053\u3068\u304c\u30ab\u30ae\u3068\u306a\u308a\u307e\u3059\u3002<br \/>\n    \u51fa\u5178\uff1a<a href=\"https:\/\/www.jpx.co.jp\/\" target=\"_blank\" rel=\"noopener\">\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\u300c\u6295\u8cc7\u90e8\u9580\u5225\u58f2\u8cb7\u72b6\u6cc1\u300d<\/a>\uff0f\u5404\u8a3c\u5238\u4f1a\u793e\u30de\u30fc\u30b1\u30c3\u30c8\u30ec\u30dd\u30fc\u30c8\u7b49\u3092\u53c2\u7167<\/p>\n<\/blockquote>\n<h2>\u30aa\u30d5\u30a3\u30b9\u9700\u8981\u306e\u4f4e\u8ff7\u30fb\u7a7a\u5ba4\u7387\u4e0a\u6607\u2500\u2500\u53ce\u76ca\u4e0d\u5b89\u304c\u30ea\u30fc\u30c8\u4fa1\u683c\u3092\u91cd\u304f\u3059\u308b<\/h2>\n<p>\u91d1\u878d\u3084\u30de\u30cd\u30fc\u306e\u8a71\u3060\u3051\u3067\u306a\u304f\u3001\u30ea\u30fc\u30c8\u306e\u8db3\u5143\u3067\u3042\u308b\u300c\u4e0d\u52d5\u7523\u8cc3\u8cb8\u696d\u300d\u3068\u3057\u3066\u306e\u5b9f\u529b\u306b\u3082\u61f8\u5ff5\u304c\u751f\u3058\u3066\u3044\u307e\u3059\u3002\u7279\u306bJ-REIT\u5e02\u5834\u3067\u6700\u3082\u6bd4\u7387\u304c\u9ad8\u3044\u300c\u30aa\u30d5\u30a3\u30b9\u30d3\u30eb\u300d\u306e\u4e0d\u8abf\u304c\u3001\u5168\u4f53\u30e0\u30fc\u30c9\u3092\u91cd\u304f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3>\u30ea\u30e2\u30fc\u30c8\u30ef\u30fc\u30af\u5b9a\u7740\u304c\u30aa\u30d5\u30a3\u30b9\u7cfb\u30ea\u30fc\u30c8\u306b\u4e0e\u3048\u305f\u885d\u6483<\/h3>\n<p>\u30b3\u30ed\u30ca\u798d\u3092\u7d4c\u3066\u3001\u591a\u304f\u306e\u4f01\u696d\u3067\u30ea\u30e2\u30fc\u30c8\u30ef\u30fc\u30af\u3084\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30ef\u30fc\u30af\u304c\u5b9a\u7740\u3057\u307e\u3057\u305f\u3002\u300c\u5168\u54e1\u304c\u51fa\u793e\u3057\u306a\u3044\u306a\u3089\u3001\u3053\u3093\u306a\u306b\u5e83\u3044\u30aa\u30d5\u30a3\u30b9\u306f\u3044\u3089\u306a\u3044\u300d\u3068\u3001\u8cc3\u8cb8\u5951\u7d04\u9762\u7a4d\u3092\u7e2e\u5c0f\u3057\u305f\u308a\u3001\u89e3\u7d04\u3057\u305f\u308a\u3059\u308b\u52d5\u304d\u304c\u7d9a\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u6771\u4eac\u90fd\u5fc3\u3067\u306f2023\u5e74\u304b\u30892025\u5e74\u306b\u304b\u3051\u3066\u5927\u898f\u6a21\u306a\u30aa\u30d5\u30a3\u30b9\u30d3\u30eb\u306e\u65b0\u898f\u4f9b\u7d66\uff08\u5927\u91cf\u7ae3\u5de5\uff09\u304c\u91cd\u306a\u308a\u307e\u3057\u305f\u3002<br \/>\n\u300c\u501f\u308a\u305f\u3044\u4f01\u696d\u306f\u6e1b\u3063\u3066\u3044\u308b\u306e\u306b\u3001\u65b0\u3057\u3044\u30d3\u30eb\u306f\u3069\u3093\u3069\u3093\u5efa\u3064\u300d\u3068\u3044\u3046\u9700\u7d66\u306e\u7de9\u307f\u304c\u8d77\u304d\u3066\u304a\u308a\u3001\u53e4\u3044\u30d3\u30eb\u3084\u7af6\u4e89\u529b\u306e\u4f4e\u3044\u30d3\u30eb\u304b\u3089\u30c6\u30ca\u30f3\u30c8\u304c\u6d41\u51fa\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3>\u300c\u7a7a\u5ba4\u300d\u304c\u5897\u3048\u308b\u3068\u3001\u79c1\u305f\u3061\u306e\u53d7\u3051\u53d6\u308b\u300c\u5206\u914d\u91d1\u300d\u306f\u3069\u3046\u306a\u308b\u304b<\/h3>\n<p>\u7a7a\u5ba4\u7387\u306e\u4e0a\u6607\u306f\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u30662\u3064\u306e\u75db\u624b\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<ol>\n<li><strong>\u8cc3\u6599\u53ce\u5165\u306e\u6e1b\u5c11\uff1a<\/strong> \u5358\u7d14\u306b\u5bb6\u8cc3\u304c\u5165\u3063\u3066\u3053\u306a\u3044\u90e8\u5c4b\u304c\u5897\u3048\u308b\u305f\u3081\u3001\u58f2\u4e0a\u304c\u6e1b\u308a\u307e\u3059\u3002<\/li>\n<li><strong>\u8cc3\u6599\u306e\u5024\u4e0b\u3052\u5727\u529b\uff1a<\/strong> \u7a7a\u5ba4\u3092\u57cb\u3081\u308b\u305f\u3081\u306b\u300c\u5bb6\u8cc3\u3092\u4e0b\u3052\u3066\u3067\u3082\u5165\u3063\u3066\u3082\u3089\u3046\u300d\u5fc5\u8981\u304c\u51fa\u3066\u304d\u307e\u3059\u3002<\/li>\n<\/ol>\n<p>\u3053\u308c\u304c\u7d9a\u304f\u3068\u3001\u30ea\u30fc\u30c8\u306e\u5229\u76ca\u304c\u5727\u8feb\u3055\u308c\u3001\u7d50\u679c\u3068\u3057\u3066\u6295\u8cc7\u5bb6\u3078\u306e\u300c\u5206\u914d\u91d1\u300d\u304c\u6e1b\u984d\u3055\u308c\u307e\u3059\u3002\u4eca\u306e\u30ea\u30fc\u30c8\u4fa1\u683c\u306e\u5b89\u3055\u306f\u3001\u3053\u306e\u300c\u5c06\u6765\u3001\u5206\u914d\u91d1\u304c\u6e1b\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u300d\u3068\u3044\u3046\u30b7\u30ca\u30ea\u30aa\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<h3>\u3072\u3068\u304f\u304f\u308a\u306b\u306f\u3067\u304d\u306a\u3044\uff1f\u7269\u6d41\u30fb\u4f4f\u5b85\u30fb\u30db\u30c6\u30eb\u306a\u3069\u7a2e\u985e\u5225\u306e\u6e29\u5ea6\u5dee<\/h3>\n<p>\u305f\u3060\u3057\u3001\u3059\u3079\u3066\u306e\u30ea\u30fc\u30c8\u304c\u30c0\u30e1\u306a\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u3053\u304c\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n<ul>\n<li><strong>\u30aa\u30d5\u30a3\u30b9\u7cfb\uff1a<\/strong> \u4e0a\u8a18\u306e\u901a\u308a\u3001\u9700\u7d66\u60aa\u5316\u3067\u53b3\u3057\u3044\u898b\u65b9\u304c\u591a\u3044\u3002<\/li>\n<li><strong>\u30db\u30c6\u30eb\u7cfb\uff1a<\/strong> \u89b3\u5149\u9700\u8981\u306e\u5fa9\u6d3b\uff08\u30a4\u30f3\u30d0\u30a6\u30f3\u30c9\uff09\u306b\u3088\u308a\u3001\u5bbf\u6cca\u5358\u4fa1\u304c\u4e0a\u304c\u308a\u7d76\u597d\u8abf\u306a\u9298\u67c4\u3082\u3002<\/li>\n<li><strong>\u4f4f\u5c45\uff08\u30de\u30f3\u30b7\u30e7\u30f3\uff09\u7cfb\uff1a<\/strong> \u666f\u6c17\u306b\u5de6\u53f3\u3055\u308c\u306b\u304f\u304f\u3001\u5bb6\u8cc3\u3082\u5e95\u5805\u3044\u305f\u3081\u5b89\u5b9a\u7684\u3002<\/li>\n<li><strong>\u7269\u6d41\u65bd\u8a2d\u7cfb\uff1a<\/strong> \u901a\u8ca9\u62e1\u5927\u3067\u9700\u8981\u306f\u3042\u308b\u304c\u3001\u4f9b\u7d66\u904e\u591a\u306e\u61f8\u5ff5\u3082\u4e00\u90e8\u3067\u51fa\u3066\u3044\u308b\u3002<\/li>\n<\/ul>\n<p>\u30cb\u30e5\u30fc\u30b9\u3067\u306f\u300c\u30ea\u30fc\u30c8\u5168\u4f53\u300d\u304c\u4e0b\u304c\u3063\u3066\u3044\u308b\u3088\u3046\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u4e2d\u8eab\u3092\u898b\u308b\u3068\u300c\u30aa\u30d5\u30a3\u30b9\u3078\u306e\u4e0d\u5b89\u300d\u304c\u5168\u4f53\u3092\u5f15\u3063\u5f35\u3063\u3066\u3044\u308b\u5074\u9762\u304c\u5f37\u3044\u306e\u3067\u3059\u3002<\/p>\n<blockquote>\n<p><strong>\u30c7\u30fc\u30bf\u3067\u898b\u308b\u7a7a\u5ba4\u7387<\/strong><br \/>\n    \u90fd\u5fc35\u533a\u306e\u30aa\u30d5\u30a3\u30b9\u7a7a\u5ba4\u7387\u306f\u3001\u8cb8\u3057\u624b\u512a\u4f4d\u306e\u76ee\u5b89\u3068\u3055\u308c\u308b\u300c5%\u300d\u30e9\u30a4\u30f3\u3092\u610f\u8b58\u3059\u308b\u653b\u9632\u304c\u7d9a\u3044\u3066\u3044\u307e\u3059\u3002\u30aa\u30d5\u30a3\u30b9\u306e\u300c2025\u5e74\u554f\u984c\uff08\u5927\u91cf\u4f9b\u7d66\uff09\u300d\u306e\u5f71\u97ff\u3092\u5e02\u5834\u306f\u614e\u91cd\u306b\u898b\u6975\u3081\u3066\u3044\u307e\u3059\u3002<br \/>\n    \u51fa\u5178\uff1a<a href=\"https:\/\/www.miki-shoji.co.jp\/\" target=\"_blank\" rel=\"noopener\">\u4e09\u9b3c\u5546\u4e8b\u300c\u30aa\u30d5\u30a3\u30b9\u30de\u30fc\u30b1\u30c3\u30c8\u30c7\u30fc\u30bf\u300d<\/a>\u7b49\u3092\u78ba\u8a8d<\/p>\n<\/blockquote>\n<h2>\u56fd\u5185\u30ea\u30fc\u30c8\u306f\u4eca\u5f8c\u3069\u3046\u306a\u308b\uff1f\u91d1\u5229\u30fb\u5e02\u6cc1\u30fb\u9700\u7d66\u304b\u30893\u3064\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u63d0\u793a<\/h2>\n<p>\u3053\u3053\u307e\u3067\u300c\u5b89\u304f\u306a\u3063\u3066\u3044\u308b\u7406\u7531\u300d\u3092\u898b\u3066\u304d\u307e\u3057\u305f\u304c\u3001\u6295\u8cc7\u5bb6\u304c\u6700\u3082\u6c17\u306b\u306a\u308b\u306e\u306f\u300c\u3053\u308c\u304b\u3089\u3069\u3046\u306a\u308b\u306e\u304b\u300d\u3068\u3044\u3046\u70b9\u3067\u3057\u3087\u3046\u3002\u5e02\u5834\u3067\u8b70\u8ad6\u3055\u308c\u3066\u3044\u308b3\u3064\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>\u30b7\u30ca\u30ea\u30aa\u2460 \u91d1\u5229\u5b89\u5b9a \u2192 \u30ea\u30fc\u30c8\u7de9\u3084\u304b\u56de\u5fa9<\/h3>\n<p>\u6700\u3082\u671f\u5f85\u3055\u308c\u3066\u3044\u308b\u30e1\u30a4\u30f3\u30b7\u30ca\u30ea\u30aa\u3067\u3059\u3002\u65e5\u9280\u306e\u5229\u4e0a\u3052\u30da\u30fc\u30b9\u304c\u7de9\u3084\u304b\u306b\u306a\u308a\u3001\u300c\u91d1\u5229\u306f\u3053\u308c\u4ee5\u4e0a\u6025\u9a30\u3057\u306a\u3044\u300d\u3068\u3044\u3046\u5b89\u5fc3\u611f\u304c\u5e83\u304c\u308c\u3070\u3001\u6295\u8cc7\u5bb6\u306f\u623b\u3063\u3066\u304d\u307e\u3059\u3002<\/p>\n<p>\u300c\u5229\u56de\u308a\u304c4\u301c5%\u53d6\u308c\u308b\u306a\u3089\u3001\u56fd\u50b5\u3088\u308a\u9b45\u529b\u7684\u3060\u300d\u3068\u3044\u3046\u518d\u8a55\u4fa1\u304c\u9032\u307f\u3001\u904e\u5ea6\u306a\u5b89\u5024\u304b\u3089\u9069\u6b63\u4fa1\u683c\u3078\u3068\u4fee\u6b63\u3055\u308c\u3066\u3044\u304f\u30d1\u30bf\u30fc\u30f3\u3067\u3059\u3002<\/p>\n<h3>\u30b7\u30ca\u30ea\u30aa\u2461 \u666f\u6c17\u60aa\u5316 \u2192 \u30aa\u30d5\u30a3\u30b9\u7a7a\u5ba4\u7387\u60aa\u5316\u3067\u4f4e\u8ff7\u7d99\u7d9a<\/h3>\n<p>\u8b66\u6212\u3059\u3079\u304d\u30b7\u30ca\u30ea\u30aa\u3067\u3059\u3002\u91d1\u5229\u4e0a\u6607\u306b\u3088\u3063\u3066\u4f01\u696d\u306e\u696d\u7e3e\u304c\u60aa\u5316\u3057\u3001\u30aa\u30d5\u30a3\u30b9\u89e3\u7d04\u304c\u3055\u3089\u306b\u5897\u3048\u308b\u30b1\u30fc\u30b9\u3067\u3059\u3002<br \/>\n\u3053\u306e\u5834\u5408\u3001\u3044\u304f\u3089\u30ea\u30fc\u30c8\u4fa1\u683c\u304c\u5b89\u304f\u898b\u3048\u3066\u3082\u3001\u300c\u5206\u914d\u91d1\u305d\u306e\u3082\u306e\u304c\u6e1b\u308b\u300d\u305f\u3081\u3001\u682a\u4fa1\u306e\u56de\u5fa9\u306b\u306f\u6642\u9593\u304c\u304b\u304b\u308a\u307e\u3059\u3002\u7279\u306b\u30aa\u30d5\u30a3\u30b9\u7cfb\u30ea\u30fc\u30c8\u306b\u3068\u3063\u3066\u306f\u53b3\u3057\u3044\u51ac\u306e\u6642\u4ee3\u304c\u7d9a\u304f\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3>\u30b7\u30ca\u30ea\u30aa\u2462 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\/>\n\u307e\u305f\u3001\u5272\u5b89\u306b\u306a\u308a\u3059\u304e\u305fJ-REIT\u3092\u72d9\u3063\u3066\u3001\u4f01\u696d\u8cb7\u53ce\u3084M&#038;A\u304c\u6d3b\u767a\u5316\u3059\u308b\u3053\u3068\u3067\u3001\u5e02\u5834\u5168\u4f53\u304c\u6d3b\u6027\u5316\u3059\u308b\u5c55\u958b\u3082\u4e00\u90e8\u3067\u4e88\u60f3\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<h2>\u500b\u4eba\u6295\u8cc7\u5bb6\u306f\u3069\u3046\u5411\u304d\u5408\u3046\u3079\u304d\u304b\uff1f\u2500\u2500\u4e2d\u7acb\u7684\u306b\u8003\u3048\u308b\u5224\u65ad\u8ef8<\/h2>\n<p>\u6700\u5f8c\u306b\u3001\u79c1\u305f\u3061\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u3053\u306e\u72b6\u6cc1\u3067\u3069\u3046\u884c\u52d5\u3059\u3079\u304d\u304b\u3001\u640d\u3092\u907f\u3051\u308b\u305f\u3081\u306e\u5224\u65ad\u8ef8\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>\u30a4\u30f3\u30ab\u30e0 vs 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