Tokyu Land CorporationToward a Beautiful Age -The Tokyu Group

Latest Quarterly Report (simple version)

-Quarterly Report April 2015

Appraisal Cap Rate duri ng acquisition:5.0% on average (5.1% last quarter)

Area Minato,Chuo,Chiyoda wards:4.5%(4.3% last qtr.) Other major cities5.7%(5.5% last qtr.)

Asset type Office:4.7%(4.8% last qtr.) Residential:4.7%(5.2% last qtr.)

Office Minato,Chuo,Chiyoda wards:4.4%(4.3% last qtr.) Other major cities:5.4%(5.3% last qtr.)

Residential Minato,Chuo,Chiyoda wards: 4.6%(4.5% last qtr.) Other major cities:5.3%(5.5% last qtr.)


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

Area Minato,Chuo,Chiyoda wards:4.6%(4.7% last qtr.) Other major cities:6.1%(6.2% last qtr.)

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

Office Minato,Chuo,Chiyoda wards:4.5%(4.5% last qtr.) Other major cities:6.2%(6.3% last qtr.)

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


Rent level ¥12,720/tsubo/mon.
Expense ratio 26.4%
Qtr.-end total amount index ¥2,284,080/tsubo
Occupancy rate 97.0%
NOI Index ¥34,130/sq. meters/yr.
NOI Cap Rate(compared to previous settlement):5.3%(previously 5.4%)
Properties whose accounts were settled between October and December 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:6.1%(previously 6.2%)

Asset type Office:5.2%(previously 5.3%) Residential:5.4%(previously 5.5%)

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

Residential Minato,Chuo,Chiyoda wards:4.8%(previously 4.9%) Other major cities:6.1%(previously 6.2%)


Rent level ¥12,780/tsubo/mon
Expense ratio 27.8%
Quarter-end total amount index ¥2,337,360/tsubo
Occupancy rate 96.7%
NOI Index ¥34,910/sq. meters/yr.

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

Report for April 2015 (April 30, 2015)

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Tokyu Land Corporation