Tokyu Land CorporationToward a Beautiful Age -The Tokyu Group

Latest Quarterly Report (simple version)

-Quarterly Report- July 2011

Appraisal Cap Rate during acquisition:5.5%(*1: 5.8%)

Area Minato,Chuo,Chiyoda:5.3%(*1: 4.9%) Chiho:6.2%(*1:6.3%)

Asset type Office:5.4%(*1: 4.9%) Residential:5.4%(*1: 6.0%)

Office Minato,Chuo,Chiyoda:No acquisition(*1: 4.7%) Chiho:No acquisition(*1: 5.8%)

Residential Minato,Chuo,Chiyoda: 4.8%(*1: 5.4%) Chiho:5.9%*1: 6.4%)


+0.1P

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

Area Minato,Chuo,Chiyoda:5.2%(*1: 5.2%) Chiho:6.4%(*1: 6.4%)

Asset type Office:5.7%(*1:5.8%) Residential:6.0%(*1: 5.9%)

Office Minato,Chuo,Chiyoda:5.1%(*1: 5.2%) Chiho:6.5%(*1:6.4%)

Residential Minato,Chuo,Chiyoda:5.4%(*1: 5.4%) Chiho:6.6%(*1: 6.5%)


+-0.0P

Rental/Tsubo Monthly 14,370 yen/Tsubo
Expense rate 27.0%
End of period total value index 2,397.48 Thousand yen/Tsubo
Occupancy rate 95.6%
NOI Index Annual 39,500 yen/m2
NOI Cap Rate(compared to previous settlement):5.7%(*2: 5.7%)
Properties which have settled their latest accounts are selected and the value of the previous accounts are then compared.

Area Minato,Chuo,Chiyoda:5.0%(*2: 5.2%) Chiho:6.3%(*2: 6.2%)

Asset type Office:5.7%(*2: 5.8%) Residential:5.6%(*2: 5.5%)

Office Minato,Chuo,Chiyoda:4.9%(*2: 5.2%) Chiho:6.5%(*2: 6.4%)

Residential Minato,Chuo,Chiyoda:5.1%(*2: 5.1%) Chiho:6.2%(*2: 6.1%)


+-0.0P

Rental/Tsubo Monthly 15,100 yen/Tsubo
Expense rate 25.6%
End of period total value index 2,575.98 Thousand yen/Tsubo
Occupancy rate 96.3%
NOI Index Annual 41,100 yen/m2

*1: Previous review period

*2: Previous settlement

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

July 2011 Quarterly report(29-July-11)

Unauthorized reproduction forbidden. While the company has adopted thoroughgoing measures when creating the "Tokyu Land Corporation J-REIT System" (TOREIT) and the contents in this survey, it is however, not responsible for the accuracy and completeness of the date. Users are advised to exercise discretion in evaluating the accuracy of the information provided in this survey when using it.

Enquiry

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