-Monthly Report- February 2015

J-REIT Asset Size

Number of Properties:2,872(Last month2,862)
Total assets(acquisition price):¥12,922.7bn (Last month: ¥12,852.7bn)
Total assets(appraised price):¥12,773.7bn(Last month: ¥12,670.6bn)
Investment corporations: 49 investment corporations (Last month 49 investment corporations)(as of January 31, 2015)

The NOI cap rateremained level.

◆ According to the Ministry of Land, Infrastructure, Transport and Tourism’s Current Survey of Orders Received for Construction (big 50 constructors) for 2014, the value of contracts in the domestic private sector in 2014 declined 9.7% year on year, to 8,047.7 billion yen, a decline from a year ago for the first time in five years. The major factor is believed to be the effect of a reaction to a spike in demand before the consumption tax hike. The total value of orders received, including public works, rose 2.8% year on year, to 12,840.0 billion yen, an increase for the fifth consecutive year.
◆ With Kenedix Retail REIT Corporation listed on the Tokyo Stock Exchange on February 10, 2015, the number of listed investment corporation has become 50.

1. Trends of REIT stock prices(January 2015)

◆Trends of Japanese stock market In the first half of the month, stock prices declined, reflecting factors originating from overseas, including a fall in crude oil prices, uncertainty over the Greek political situation, and the Swiss Central Bank’s scrapping of the cap on the Swiss franc’s value against the euro. In the latter half, the stock market was mostly steady chiefly due to the European Central Bank’s decision to carry out quantitative easing, the stabilization of markets in Europe after the election in Greece, and expectations of strong corporate earnings at Japanese companies. At the end of January, the stock market was higher than that in the previous month. The Nikkei Stock Average as of the end of the month stood at 17,674.39 yen (up 1.28% from the end of the previous month).

◆ Trends of REIT Index While the stock market fell due to negative factors overseas in the first half of the month, the J-REIT market was on an upward trend, reflecting the continued downward trend in long-term interest rates. In the second half, the J-REIT market was on a downward trend due to a rise in long-term interest rates and concern over a deterioration in the supply-demand balance caused chiefly by J-REITs’ public stock offerings. The J-REIT market fell month on month, albeit slightly, for the first time in ten months. The Tokyo Stock Exchange REIT Index (including dividends) the end of the month stood at 3,260.64 (down 0.40% from the end of the previous month).

The red number shows a rise,the orange numbers show remaining level, andthe green number shows a decline from the previous month.

Report for February 2015 (February 15, 2015)

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