Tokyu Land CorporationToward a Beautiful Age -The Tokyu Group

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-Quarterly Report January 2015

Appraisal Cap Rate during acquisition:5.1% on average (5.4% last quarter)

Area Minato,Chuo,Chiyoda wards:4.3%(4.5% last qtr.) Other major cities5.5%(5.7% last qtr.)

Asset type Office:4.8%(4.8% last qtr.) Residential:5.2%(5.0% last qtr.)

Office Minato,Chuo,Chiyoda wards:4.3%(4.1% last qtr.) Other major cities:5.3%(5.4% last qtr.)

Residential Minato,Chuo,Chiyoda wards: 4.5%(4.7% last qtr.) Other major cities:5.5%(5.6% last qtr.)


NOI Cap Rate:5.4% on average(5.5% last qtr.)

Area Minato,Chuo,Chiyoda wards:4.7%(4.7% last qtr.) Other major cities:6.2%(6.3% last qtr.)

Asset type Office:5.2%(5.2% last qtr.) Residential:5.4%(5.5% last qtr.)

Office Minato,Chuo,Chiyoda wards:4.5%(4.5% last qtr.) Other major cities:6.3%(6.3% last qtr.)

Residential Minato,Chuo,Chiyoda wards:4.8%(4.9% last qtr.) Other major cities:6.2%(6.3% last qtr.)


Rent level ¥12,750/tsubo/mon.
Expense ratio 26.4%
Qtr.-end total amount index ¥2,268,860/tsubo
Occupancy rate 97.0%
NOI Index ¥34,240/sq. meters/yr.
NOI Cap Rate(compared to previous settlement):5.4%(previously 5.5%)
Properties whose accounts were settled between July and September 2014 are selected and the values of the previous accounts are then compared.

Area Minato,Chuo,Chiyoda wards:4.6%(previously 4.7%) Other major cities:6.2%(previously 6.3%)

Asset type Office:5.1%(previously 5.2%) Residential:5.4%(previously 5.5%)

Office Minato,Chuo,Chiyoda wards:4.4%(previously 4.5%) Other major cities:6.3%(previously 6.4%)

Residential Minato,Chuo,Chiyoda wards:4.8%(previously 4.8%) Other major cities:6.2%(previously 6.4%)


Rent level ¥12,540/tsubo/mon
Expense ratio 24.8%
Quarter-end total amount index ¥2,326,000/tsubo
Occupancy rate 97.0%
NOI Index ¥34,670/sq. meters/yr.

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

Report for January 2015 (January 31, 2015)

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Tokyu Land Corporation