Latest Monthly Report(simple version):TOREIT

-Quarterly Report- Jul 2009

Appraisal Cap Rate during acquisition:4.5%(*1: 5.2%): Area Minato,Chuo,Chiyoda:4.1%(*1: 4.5%) Chiho:No acquisition(*1: 5.5%); Asset type Office:4.5%(*1: 5.1%) Residential:No acquisition(*1: 5.3%); Office Minato,Chuo,Chiyoda:4.1%(*1: 5.0%) Chiho:No acquisition(*1: 5.3%); Residential Minato,Chuo,Chiyoda:No acquisition(No acquisition) Chiho:No acquisition(*1: 5.7%)

NOI Cap Rate:5.6%(*1: 5.4%): Area Minato,Chuo,Chiyoda:4.9%(*1: 4.8%) Chiho:6.3%(*1: 6.1%); Asset type Office:5.4%(*1: 5.3%) Residential:5.7%(*1: 5.5%); Office Minato,Chuo,Chiyoda:4.8%(*1: 4.8%) Chiho:6.3%(*1: 6.2%); Residential Minato,Chuo,Chiyoda:5.0%(*1: 4.9%) Chiho:6.3%(*1: 6.1%)

Rental/Tsubo	Monthly 14,150 yen/Tsubo
Expense rate	23.8%
End of period total value index	2,566.54 Thousand yen/Tsubo

Occupancy rate	95.3%
ＮＯＩ Index	Annual 39,860 yen/m²

NOI Cap Rate(compared to previous settlement):5.7%(*2: 5.4%): Properties which have settled their latest accounts are selected and the value of the previous accounts are then compared.; Area Minato,Chuo,Chiyoda:4.9%(*2: 4.7%) Chiho:6.2%(*2: 5.8%); Asset type Office:5.4%(*2: 5.1%) Residential:5.9%(*2: 5.5%); Office Minato,Chuo,Chiyoda:4.8%(*2: 4.6%) Chiho:6.4%(*2: 6.0%); Residential Minato,Chuo,Chiyoda:5.2%(*2: 4.9%) Chiho:6.2%(*2:5.8%)

Rental/Tsubo	Annual 14,170yen/Tsubo
Expense rate	24.8%
End of period total value index	2,566.140 Thousand yen/Tsubo

Occupancy rate	95.0%
ＮＯＩ Index	Annual 39,500 yen/m²

*1: Previous review period

*2: Previous settlement

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

Jul 2009 Quarterly report(30-Jul-09)

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.

Tokyu Land Corporation
21-2 DOGENZAKA 1-CHOME,SHIBUYA-KU,TOKYO,150-0043 JAPAN

tlcjreits@tokyu-land.co.jp