-Monthly Report- June 2015

J-REIT Asset Size

Number of Properties:3,033(Last month3,012)
Total assets(acquisition price):¥13,587.9bn (Last month: ¥13,433.6bn)
Total assets(appraised price):¥13,686.0bn(Last month: ¥13,489.3bn)
Investment corporations: 51 investment corporations (Last month 51 investment corporations)(as of May 31, 2015)

The NOI cap rateremained level.

◆On May 27, the conclusion of a merger agreement between three investment corporations associated with Nomura Real Estate Development (Nomura Real Estate Master Fund, Inc., Nomura Real Estate Office Fund, Inc., and Nomura Real Estate Residential Fund, Inc.) was announced. The name of the new investment corporation after the merger will be Nomura Real Estate Master Fund, Inc. The date of incorporation of the new investment corporation will be October 1. The new company will be one of the largest comprehensive REITs in Japan.

◆Samty Co., Ltd. (Yodogawa-ku, Osaka) announced that the listing of the investment units of Samty
Residential Investment Corporation was approved by the Tokyo Stock Exchange on May 29. The
scheduled date of listing is June 30. The investment corporation will invest in rental housing, hotels, and
healthcare facilities.

1. Trends of REIT stock prices(May 2015)

◆Trends of Japanese stock market
In the first half of May, the stock market was adjusted temporarily in reaction to a fall in overseas stock markets and a rise in long-term interest rates in Europe. However, as these overseas indicators were stabilized, the Japanese stock market started to rise again. In the latter half, export-oriented stocks climbed, reflecting the fact that the interim GDP for the January-March quarter of 2015 that was announced on May 20 exceeded analysts’ expectations, as well as the weakening of the yen due to interest-rate hike speculation in the United States. The Nikkei Stock Average rose for the last 11 consecutive business days of the month. The Nikkei Stock Average as of the end of the month stood at 20,563.15 yen (up 5.34% from the end of the previous month).

◆ Trends of REIT Index
From the beginning through the middle of the month, the J-REIT index was soft, reflecting concernover a rise in long-term interest rates worldwide and over deterioration in the supply-demand balancedue to a number of public stock offerings. In late May, the yen weakened and the stock market rosesignificantly, but the J-REIT index, which gains less from a weaker yen, climbed only slightly. The indexfell slightly from the end of the previous month.
The Tokyo Stock Exchange Rate Index (including dividends) at the end of the month stood at 3,257.97(down 0.29% 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 June 2015 (June 15, 2015)

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