Latest Monthly Report(simple version):TOREIT

-Quarterly Report- Oct 2009

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

NOI Cap Rate:5.8%(*1: 5.6%): Area Minato,Chuo,Chiyoda:5.1%(*1: 4.9%) Chiho:6.4%(*1: 6.3%); Asset type Office:5.7%(*1: 5.4%) Residential:5.8%(*1: 5.7%); Office Minato,Chuo,Chiyoda:5.2%(*1: 4.8%) Chiho:6.7%(*1: 6.3%); Residential Minato,Chuo,Chiyoda:5.1%(*1: 5.0%) Chiho:6.5%(*1: 6.3%)

Rental/Tsubo	Monthly 14,070 yen/Tsubo
Expense rate	24.5%
End of period total value index	2,447.48 Thousand yen/Tsubo

Occupancy rate	94.7%
ＮＯＩ Index	Annual 39,550 yen/m²

NOI Cap Rate(compared to previous settlement):5.8%(*2: 5.6%): 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: 4.9%) Chiho:6.7%(*2: 6.3%); Asset type Office:5.9%(*2: 5.5%) Residential:5.8%(*2: 5.6%); Office Minato,Chuo,Chiyoda:5.3%(*2: 4.9%) Chiho:6.9%(*2: 6.4%); Residential Minato,Chuo,Chiyoda:5.1%(*2: 5.0%) Chiho:6.7%(*2:6.4%)

Rental/Tsubo	Annual 14,660yen/Tsubo
Expense rate	25.5%
End of period total value index	2,475.940 Thousand yen/Tsubo

Occupancy rate	94.6%
ＮＯＩ Index	Annual 41,020 yen/m²

*1: Previous review period

*2: Previous settlement

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

Oct 2009 Quarterly report(31-Oct-09)

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

tlcjreits@tokyu-land.co.jp