-Monthly Report- March 2015

J-REIT Asset Size

Number of Properties:2,951(Last month2,872)
Total assets(acquisition price):¥13,161.3bn (Last month: ¥12,922.7bn)
Total assets(appraised price):¥13,071.4bn(Last month: ¥12,773.7bn)
Investment corporations: 49 investment corporations (Last month 49 investment corporations)(as of February 28, 2015)

The NOI cap rateremained level.

◆On February 27, the Land Price Research Division of the Land Economy and Construction and Engineering Industry Bureau of the Ministry of Land, Infrastructure, Transport and Tourism published a Trend Report of the Prices of Intensively Used Land in Major Cities: Land Price LOOK Report. The report reveals that in the fourth quarter of 2014 (October 1 to January 1), of 150 intensively used districts in major cities, the land price rose in 125 districts (compared with 124 districts in the previous report). The percentage of districts where the land price rose remained high. According to the report’s analysis, land prices continued to rise, chiefly reflecting investors’ strong willingness to invest in real estate on the back of monetary easing, among other factors, and demand for condominiums in districts that are convenient for living.
◆Sumitomo Mitsui Banking Corporation, Ship Healthcare Holdings, Inc., and NEC Capital Solutions Limited announced that on February 17, the Tokyo Stock Exchange approved the listing of the investment unit of Healthcare & Medical Investment Corporation. Healthcare & Medical Investment Corporation is scheduled to be listed on March 19.

1. Trends of REIT stock prices(February 2015)

◆Trends of Japanese stock market From the beginning to the middle of the month, the stock market was strong, except for temporary falls due to the debt crisis in Greece and concern over the situation in Ukraine, mainly reflecting favorable employment statistics in the United States and an improvement in domestic economic indicators. In late February, stock prices continued to rise due to favorable factors, including the extension of financial assistance to Greece, the Ukraine ceasefire agreement, and an increase in the public pension fund’s stock investment in its portfolio. The Nikkei Stock Average as of the end of the month stood at 18,797.94 yen (up 6.36% from the end of the previous month).

◆ Trends of REIT Index From the second half of January through the first half of February, the J-REIT market was on a downward trend, reflecting a continued upward trend in long-term domestic interest rates and concern over a deterioration in the supply-demand balance due to public stock offerings by J-REITs. In the latter half of the month, the J-REIT market started to rise as long-term domestic interest rates were stabilized and stock prices rose. At the end of the month, the market was higher than at the end of the previous month. The Tokyo Stock Exchange REIT Index (including dividends) at the end of the month stood at 3,306.03 (up 1.39% 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 March 2015 (March 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