-Monthly Report- April 2015

J-REIT Asset Size

Number of Properties:2,984(Last month2,951)
Total assets(acquisition price):¥13,285.6bn (Last month: ¥13,161.3bn)
Total assets(appraised price):¥13,265.8bn(Last month: ¥13,071.4bn)
Investment corporations: 50 investment corporations (Last month 49 investment corporations)(as of March 31, 2015)

The NOI cap rateremained level.

◆The official announcement of land prices (as of January 1, 2015) has been published. For the national average, the data regarding the land prices for the year that started in January 2014 showed a shrinking rate of decline for residential areas, and the conversion from a decline to a leveling off for commercial areas for the first time in seven years. As for the average of land prices in the three metropolitan areas, the data showed a continued rise for both residential and commercial areas. In addition, on a semiannual basis, the land price trend in the three metropolitan areas showed that both residential and commercial land prices rose at a comparable rate in the first half and second half of the year.
◆ The Healthcare & Medical Investment Corporation was listed on the Tokyo Stock Exchange on March 19, 2015. Due to this, the number of listed investment companies became 51.

1. Trends of REIT stock prices(March 2015)

◆Trends of Japanese stock market
Early on in the month in the stock market there was an upside limitation due to factors including a sense of caution towards stock prices that has continued to rise since the beginning of the year. However, from the middle of the month, stock prices rose significantly supported by favorable impressions given by the strengthening of shareholder-oriented attitudes by large companies, the report regarding wage increases and others. As the end of the month approached, a sense of caution towards high stock prices again became stronger, which was made worse by negative factors such as political unrest in Yemen. As a result, stock prices gradually levelled off and March trading finished. The Nikkei Stock Average as of the end of the month stood at 19,206.99 yen (up 2.18% from the end of the previous month).

◆ Trends of REIT Index
In the beginning of the month, the J-REIT market was on a downward trend due to higher domestic long-term interest rates and concern over the deteriorated supply-demand balance triggered by public stock offerings by J-REITs, among other factors. In the middle of the month, the J-REIT market started to rise due to the decline in domestic long-term interest rates and higher stock prices, as well as the upward trend in land prices confirmed by an official announcement of land prices. At the end of the month, the J-REIT market tended to weaken as concern over the deteriorating supply-demand balance due to public stock offerings relapsed. As a result, March transactions were lower than the end of the previous month for the first time in two months. The Tokyo Stock Exchange REIT Index (including dividends) at the end of the month stood at 3,241.62 (down 1.95% 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 April 2015 (April 15, 2015)

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Tokyu Land Corporation
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tlcjreits@tokyu-land.co.jp