Tokyu Land CorporationToward a Beautiful Age -The Tokyu Group

Latest Quarterly Report (simple version)

-Quarterly Report- July 2010

Appraisal Cap Rate during acquisition:5.0%(*1: 5.3%)

Area Minato,Chuo,Chiyoda:4.9%(*1: 5.0%) Chiho:No acquisition(*1: 6.2%)

Asset type Office:4.5%(*1: 5.0%) Residential:5.3%(*1: 5.6%)

Office Minato,Chuo,Chiyoda:4.7%(*1: 5.0%) Chiho:No acquisition(*1:No acquisition)

Residential Minato,Chuo,Chiyoda:5.4%(*1: 5.5%) Chiho:No acquisition(*1: 6.2%)


-0.3P

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

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

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

Office Minato,Chuo,Chiyoda:5.3%(*1: 5.3%) Chiho:6.8%(*1: 6.9%)

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


+-0.0P

Rental/Tsubo Monthly 13,940 yen/Tsubo
Expense rate 25.0%
End of period total value index 2,341.81 Thousand yen/m2
Occupancy rate 94.4%
NOI Index Annual 38,820 yen/m2
NOI Cap Rate(compared to previous settlement):5.9%(*2: 5.9%)
Properties which have settled their latest accounts are selected and the value of the previous accounts are then compared.

Area Minato,Chuo,Chiyoda:5.1%(*2: 5.1%) Chiho:6.5%(*2: 6.4%)

Asset type Office:5.8%(*2: 5.8%) Residential:6.0%(*2: 6.0%)

Office Minato,Chuo,Chiyoda:5.2%(*2: 5.1%) Chiho:6.6%(*2: 6.6%)

Residential Minato,Chuo,Chiyoda:5.0%(*2: 5.2%) Chiho:6.5%(*2: 6.4%)


+-0.0P

Rental/Tsubo Monthly 13,250 yen/Tsubo
Expense rate 25.6%
End of period total value index 2,200.64 Thousand yen/m2
Occupancy rate 95.6%
NOI Index Annual 36,140 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 2010 Quarterly report(30-July-10)

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Enquiry

Tokyu Land Corporation
Appraisal Service Department Real Estate Investment Management Division
21-2 DOGENZAKA 1-CHOME,SHIBUYA-KU,TOKYO,150-0043 JAPAN
mailtlcjreits@tokyu-land.co.jp