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-Monthly Report- March 2014

J-REIT Asset Size

Number of Properties:2,615(Last month 2,550)
Total assets(acquisition price):¥11,656.4 bn (Last month: ¥11,456.8 bn)
Total assets(appraised price):¥11,162.4 bn (Last month: ¥10,965.9 bn)
Investment corporations: 44 investment corporations (Last month 43 investment corporations)*as of February 28, 2014

The NOI cap rateremained level.
♦The Ministry of Land, Infrastructure, Transport and Tourism’s Trend Report of the Value of Intensively Used Land in Major Cities (Land Value LOOK Report) for the fourth quarter of 2013 says that land prices rose at a large number of points, especially in commercial districts in the three major metropolitan areas, reflecting investors’ increasing motivation to invest primarily due to monetary easing and that of 150 points of intensively used land in major cities, the land price rose at 122 points (compared with 107 points in the previous report), or over 80% of all points.
♦GENKAI Capital Management (head office: Fukuoka City) has decided to invest in a healthcare real estate fund management company investing in Asia that aims to be listed in the Singaporean market. The name of the fund managed by the company is Ezyhealthcare Trust. The fund aims to initially invest in assets worth 0.3 to 0.4 billion Australian dollars (27.0 billion to 36.0 billion yen) in Australia and healthcare facilities in Japan and to be listed in 2014. The fund plans to invest in countries across Asia, including China, in the future.
1. Trends of REITstockprices(February 2014)
♦Trends of Japanese stock market
The Japanese stock market declined sharply at the beginning of February, primarily reflecting a sense of caution over emerging economies, concern about the future of the U.S. economy, and the appreciation of the yen. Subsequently, the stock market rose moderately as the currencies of the emerging economies stabilized and the Bank of Japan decided to expand its Stimulating Bank Lending Facility. Towards the end of the month, the market was soft chiefly due to concern over China’s financial system and uncertainty over the situation in Ukraine, where the government collapsed.
The Nikkei Stock Average at the end of February was 14,841, down 0.49% from the end of January.
♦REIT Index
The J-REIT market declined at the beginning of February as investors became more risk averse, chiefly due to a sense of caution over emerging economies and concern about the future of the U.S. economy. Subsequently, the J-REIT market rose, reflecting positive factors, including a favorable supply-demand environment and FRB Chair Janet Yellen’s testimony to Congress that said that she will continue the existing monetary policy.
The Tokyo Stock Exchange REIT Index was 2,524.48 (including dividends) at the end of February, up 0.95% from the end of January.
2. NOI Cap Rate:5.5%(Last month 5.5%)

By area Minato,Chuo,Chiyoda:4.8%(Last month4.8%) Other major cities:6.4%(Last month 6.4%)

By asset type Office:5.2%(Last month5.3%) Residential:5.6%(Last month5.6%)

3. Acquisition Trends:67
(Last month 10)

4. Sales Trends: 2
(Last month 4)

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

Report for March 2014 (March 14, 2014)

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