Tokyu Land CorporationToward a Beautiful Age -The Tokyu Group

Latest Monthly Report (simple version)

-Quarterly Report- Apr 2010

Appraisal Cap Rate during acquisition:5.3%(*1: 5.7%)

Area Minato,Chuo,Chiyoda:5.0%(*1: 5.3%) Chiho:6.2%(*1: 6.0%)

Asset type Office:5.0%(*1: 5.1%) Residential:5.6%(*1: 5.8%)

Office Minato,Chuo,Chiyoda:5.0%(*1: 5.5%) Chiho:No acquisition(*1:4.3%)

Residential Minato,Chuo,Chiyoda:5.5%(*1: 5.0%) Chiho:6.2%(*1: 6.3%)


-0.4P

NOI Cap Rate:5.9%(*1: 5.8%)

Area Minato,Chuo,Chiyoda:5.2%(*1: 5.2%) Chiho:6.6%(*1: 6.5%)

Asset type Office:5.9%(*1: 5.8%) Residential:5.9%(*1: 5.9%)

Office Minato,Chuo,Chiyoda:5.3%(*1: 5.3%) Chiho:6.9%(*1: 6.7%)

Residential Minato,Chuo,Chiyoda:5.1%(*1: 5.1%) Chiho:6.6%(*1: 6.6%)


+0.1P

Rental/Tsubo Monthly 13,750 yen/Tsubo
Expense rate 25.3%
End of period total value index 2,313.72 Thousand yen/Tsubo
Occupancy rate 93.8%
NOI Index Annual 38,290 yen/m2
NOI Cap Rate(compared to previous settlement):5.9%(*2: 5.8%)
Properties which have settled their latest accounts are selected and the value of the previous accounts are then compared.

Area Minato,Chuo,Chiyoda:5.2%(*2: 5.2%) Chiho:6.8%(*2: 6.6%)

Asset type Office:6.1%(*2: 5.9%) Residential:5.8%(*2: 5.8%)

Office Minato,Chuo,Chiyoda:5.4%(*2: 5.3%) Chiho:7.0%(*2: 6.8%)

Residential Minato,Chuo,Chiyoda:5.1%(*2: 5.1%) Chiho:6.9%(*2: 6.7%)


+0.1P

Rental/Tsubo Monthly 14,330 yen/Tsubo
Expense rate 24.8%
End of period total value index 2,394.910 Thousand yen/Tsubo
Occupancy rate 93.6%
NOI Index Annual 39,970 yen/m2

*1: Previous review period

*2: Previous settlement

Cap rate (month to month basis) Rise in Red, Flat in Orange, Down in Green.

Apr 2010 Quarterly report(30-Apr-10)

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Enquiry

Tokyu Land Corporation
21-2 DOGENZAKA 1-CHOME,SHIBUYA-KU,TOKYO,150-0043 JAPAN
mailtlcjreits@tokyu-land.co.jp