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February 2017 Monthly Report

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Number of Visitors (thousands) Utilization Rate1
  Actual YoY
Change2
3 Year
Average
Change3
Actual YoY Change
Percentage
Point (ppt)4
3 Year
Average
Percentage
Point (ppt)
Change5
Apr 491 +0.1% +0.2% 77.9% -0.3 ppt -0.2 ppt
May 572 -4.0% -1.0% 87.2% -3.6 ppt -0.8 ppt
Jun 492 -5.4% -3.0% 77.8% -4.2 ppt -2.1 ppt
Jul 541 +11.9% +8.6% 82.5% +8.3 ppt +6.3 ppt
Aug 497 -1.8% -0.2%; 76.4% -1.2 ppt +0.1 ppt
Sep 477 -4.6% -6.3% 75.3% -4.6 ppt -5.6 ppt
Oct 541 -2.3% 4.4% 82.4% -2.0 ppt +2.7 ppt
Nov 498 -0.9% -2.7% 80.9% +0.9 ppt -0.3 ppt
Dec 473 -1.8% +3.7% 75.9% -0.4 ppt +1.3 ppt
Jan 371 +6.8% +5.0% 67.9% +1.9 ppt +3.9 ppt
Feb 334 -6.9% +10.1% 66.3% +0.2 ppt +2.1 ppt
Mar            
TOTAL 5,287 -1.0% +1.2% 77.3% -0.5 ppt -0.6 ppt
1Q 1,555 -3.2% -1.3% 81.0% -2.7 ppt -1.0 ppt
2Q 1,515 +1.7% +0.7% 78.1% +0.9 ppt +0.3 ppt
3Q 1,512 -1.7% +1.7% 79.7% -0.5 ppt +1.2 ppt
4Q            

All of the above information are obtained from Accordia Golf Co., Ltd. as the manager of the 89 golf courses (including golf course related assets relating to such golf courses) located in Japan in the portfolio (the "Initial Portfolio") of Accordia Golf Trust ("AGT"). The information is on a best estimates basis and unaudited.

In February 2017, the number of visitors was 334 thousand and utilisation rate was 66.3%

Appendix: 3 Year Average6

  Number of Visitors (thousands) Utilization Rate
Apr 490 78.1%
May 578 88.0%
Jun 507 79.9%
Jul 498 76.2%
Aug 499 76.3%
Sep 509 80.9%
Oct 518 79.7%
Nov 512 81.2%
Dec 456 76.0%
Jan 353 64.0%
Feb 303 64.2%
Mar 452 74.2%
1Q 1,574 82.1%
2Q 1,505 77.8%
3Q 1,486 78.5%
4Q 1,108 67.9%

Note: Data calculated is based on 89 golf courses in AGT's portfolio

  1. Utilization Rate = Total number of visitors per 18 holes / (Total operating days x 50 (flights) x 4 (persons)). Total operating days exclude closed days under specific circumstances such as typhoon and snow, among other factors
  2. Year-on-Year (YoY) Change = (Current month data - corresponding month of the previous year) / corresponding month of the previous year
  3. 3 Year Average Change = (Current month data - previous 3 Year Average) / previous 3 Year Average
  4. 3 Year-on-Year (YoY) Change Percentage Point (ppt) = Current month data - corresponding month of the previous year
  5. 3 Year Average Percentage Point Change = Current month data - previous 3 Year Average
  6. 3 Year Average = Average data of the corresponding month(s) of the previous 3 years