1-12-1, Dogenzaka, Shibuya-ku,
Tokyo 150-0043, JAPANMarch 15, 2024

FINANCIAL REPORTFOR THE FISCAL PERIOD ENDED JANUARY 2024
TOKYU REIT, Inc. is listed on the Tokyo Stock Exchange with the securities code number 8957.
URL: https://www.tokyu-reit.co.jp/eng/
Contact: Tokyu Real Estate Investment Management Inc. (Investment Management Company)
Yoshitaka Kimura, Representative Director & President, Chief Executive Officer
Tatsumi Yamagami, Representative Director & Executive Vice President, Chief Financial Officer
Tel: +81-3-5428-5828
Planned date of filing Securities Report: April 26, 2024
Planned start of dividend payments: April 16, 2024
Supplementary documents for results: YES
Results briefing (for institutional investor and analysts): YES
This financial report has been prepared in accordance with Japanese accounting standards and Japanese law.
Figures have been rounded down to eliminate amounts of less than one million yen.

PERFORMANCE FOR THE FISCAL PERIOD ENDED JANUARY 2024 (August 1, 2023 – January 31, 2024)(1) Business Results

Percentage change shows the increase and decrease ratio to the previous period.

Operating Revenues(Millions of Yen)

Operating Income(%)(Millions of Yen)

Ordinary Income(%)(Millions of Yen)(%)

Period Ended
January 2024

8,962

0.4

4,843

3.4

4,411

3.5

Period Ended
July 2023

8,924

-21.2

4,682

-36.1

4,261

-38.1

Net Income
per Unit

Return on
Unitholders’Equity (ROE)

Ordinary
Income toTotal Assets

Ordinary
Income toOperating
Revenues

(Yen)

(%)

(%)

(%)

Net Income(Millions of Yen)(%)

Period Ended
January 2024

4,410

3.5

4,511

3.6

1.8

49.2

Period Ended
July 2023

4,260

-38.1

4,357

3.5

1.8

47.7

Distribution
per Unit

Total
Distributions

Distribution
in Excess of
Earnings per
Unit

Total
Distributions
in Excess of
Earnings

PayoutRatio

Distribution
Ratio toUnitholders’Equity(Yen)(Millions of Yen)

(Yen)

(Millions of Yen)

(%)

(%)

(2) Distributions

Period Ended
January 2024

3,750

3,666

-

-

83.1

3.0

Period Ended
July 2023

3,750

3,666

-

-

86.1

3.0

Note: The payout ratio is calculated by the following formula.
Payout Ratio=Total Distributions/Net Income×100
Distribution per unit for the fiscal period ended January 2024 is calculated by dividing by the total number of units
issued and outstanding the amount obtained after adding ¥60 million of reversal of reserve for reduction entry of
replaced property to net income and subtracting ¥804 million of provision of reserve for reduction entry of replaced
property from unappropriated retained earnings.
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TOKYU REIT, Inc.

Distribution per unit for the fiscal period ended July 2023 is calculated by dividing by the total number of units issued
and outstanding the amount obtained after adding ¥58 million of reversal of reserve for reduction entry of replaced
property to net income and subtracting ¥652 million of provision of reserve for reduction entry of replaced property
from unappropriated retained earnings.
(3) Financial Position
Total Assets

Net Assets

Unitholders’ Capital to
Total Assets

Net Assets
per Unit(Millions of Yen)

(Millions of Yen)

(%)

(Yen)

Period Ended
January 2024

241,413

123,56251.2

126,393

Period Ended
July 2023

241,453

122,81750.9

125,631

Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at the endof Period(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

(4) Cash Flows

Period Ended
January 2024

5,912

-682

-3,6659,615

Period Ended
July 2023

7,582

-359

-3,948

8,050

FORECAST OF RESULTS FOR THE FISCAL PERIOD ENDING JULY 2024 (February 1, 2024 – July 31, 2024)
AND THE FISCAL PERIOD ENDING JANUARY 2025 (August 1, 2024 – January 31, 2025)
Percentage change shows the increase and decrease ratio to the previous period.

Operating
Revenues

Operating
IncomeOrdinary
IncomeNet
IncomeDistribution
per Unit

Distribution
in Excess of
Earnings
per Unit

(Yen)

(Yen)

(Millionsof Yen)(%)(Millionsof Yen)(%)(Millionsof Yen)(%)(Millionsof Yen)(%)

Period Ending
July 2024

9,632

7.5

5,128

5.9

4,694

6.4

4,693

6.4

3,750

-

Period Ending
January 2025

7,593

-21.2

3,266

-36.3

2,819

-39.9

2,818

-39.9

3,400

-

Reference: Estimated net income per unit for the Fiscal Period Ending July 2024: ¥4,800
Estimated net income per unit for the Fiscal Period Ending January 2025: ¥2,883
Total number of investment units issued and outstanding for the Period Ending July 2024: 977,600 units
Total number of investment units issued and outstanding for the Period Ending January 2025: 977,600 units
Note:

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Distribution per unit for the fiscal period ending July 2024 is assumed to be distributed through reversal of partof the reserve for reduction entry of replaced property (¥62 million) after subtracting provision of reserve for
reduction entry of replaced property (¥1,089 million) from net income.
Distribution per unit for the fiscal period ending January 2025 is assumed to be distributed through reversal ofpart of the reserve for reduction entry (¥440 million) and part of the reserve for reduction entry of replaced
property (¥64 million) in addition to net income.

TOKYU REIT, Inc.

OTHERS(1) Changes in Account Policies, changes in accounting estimates, and restatement of accounting errors
Changes according to revision of account standard: No
Changes according to another reason: No
Changes in accounting estimates: No
Restatement of accounting errors: No(2) Total number of investment units issued and outstanding
The total number of investment units issued and outstanding is 977,600 units as of January 31, 2024 and 977,600 units asof July 31, 2023.
No investment unit is held by TOKYU REIT itself as of January 31, 2024 and July 31, 2023.
Note 1: Status of auditing procedure
This summary of financial results is not subject to audit procedures by certified public accountant or audit firm.
Note 2: Forecasts for operating revenues, operating income, ordinary income, net income, distribution per unit anddistribution in excess of earnings per unit may differ significantly from actual results due to changes in operating
conditions and a variety of factors. Accordingly, TOKYU REIT does not guarantee any distribution amount.
Forecasts presented in this document are based on “Assumptions for Forecasts for the Fiscal Period Ending July2024 and the Fiscal Period Ending January 2025” identified in the separate reference attached.

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TOKYU REIT, Inc.

Assumptions for Forecasts for the Fiscal Period Ending July 2024
and the Fiscal Period Ending January 2025
Forecasts for operating revenues, operating income, ordinary income, net income, distribution per unit and distribution in excessof earnings per unit for the fiscal period ending July 2024 and the fiscal period ending January 2025 are based on the following
preconditions and assumptions. If major discrepancies between the following assumptions and initial forecast are found, and if they
may cause a certain level of change in forecast figures displayed above, a revised forecast shall be drafted and announced
immediately.
Property portfolio

Operatingrevenues

OperatingexpensesNon-operating
expenses
Interest-Bearing
Debt

Total number ofinvestment units
issued andoutstanding

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Preconditions and Assumptions
・Regarding the 31 properties owned by TOKYU REIT as of January 31, 2024, it is assumed that 40%
quasi-co-ownership interest in Tokyo Nissan Taito Building will be disposed on February 29, 2024.
・Revenues from real estate lease business are calculated in consideration of rent level, occupancy rate, etc.
fluctuation factors in light of recent real estate market conditions, state of negotiations with tenants,
presence of competitive properties in the area, etc. In addition, there is assumed to be no payment delay
or nonpayment by tenants.
・Gain on sale of real estate, etc. of ¥1,729 million in the fiscal period ending July 2024 resulting from thedisposition of Tokyo Nissan Taito Building is projected.
・Occupancy Rates as of the end of the fiscal period ending July 2024 and the fiscal period ending January2025 are projected to be 99.3% and 97.0%, respectively.
・Outsourcing expenses for the fiscal period ending July 2024 and the fiscal period ending January 2025 areprojected to be ¥541 million and ¥552 million, respectively.
・Repair, maintenance and renovation expenses for the fiscal period ending July 2024 and the fiscal period
ending January 2025 are projected to be ¥395 million and ¥178 million, respectively. In an aim to improvethe competitiveness of properties and the satisfaction of tenants under management, etc., constructions
scheduled in the future will be implemented with priority. Actual repair, maintenance and renovation
expenses for each fiscal period may, however, differ significantly from estimated amounts due tounforeseen circumstances or emergencies and the others.
・Property and other taxes, such as fixed property tax and city planning tax, on real estate TOKYU REIT
possesses, are calculated based on the amount expected to be imposed in each fiscal period (PeriodEnding July 2024: ¥764 million / Period Ending January 2025: ¥761 million).
Fixed property tax and other taxes paid as part of the purchase prices to the seller upon the property
acquisition were not recorded as expenses but included in the relevant property acquisition costs.
・Depreciation and amortization expenses, including associated costs and additional capital expenditure in
the future, are calculated based on the straight-line method (Period Ending July 2024: ¥950 million /Period Ending January 2025: ¥990 million).
・Expenses from real estate lease business other than those listed above are calculated in consideration offluctuation factors based on results in past fiscal periods.
・Operating expenses other than expenses from real estate lease business (investment management fees andasset custodian fees, etc.) for the fiscal period ending July 2024 and the fiscal period ending January 2025
are expected to be ¥882 million and ¥801 million, respectively.
・Interest expenses for the fiscal period ending July 2024 and the fiscal period ending January 2025 are
expected to be ¥405 million and ¥417 million, respectively. Interest expenses include interest expense
and interest expense on investment corporation bonds.
・The balance of interest-bearing debt as of January 31, 2024, is ¥104,500 million (long-term debt of¥93,500 million and investment corporation bonds of ¥11,000 million). As for long-term debt of ¥5,000
million due for repayment in the fiscal period ending July 2024 and long-term debt of ¥2,500 million due
for repayment in the fiscal period ending January 2025, it is assumed that they will be entirely refinanced.
・Balance of interest-bearing debt as of the end of the fiscal period ending July 2024 and the fiscal period
ending January 2025 are projected to be ¥104,500 million (long-term debt of ¥93,500 million andinvestment corporation bonds of ¥11,000 million).
・LTVs as of the end of the fiscal period ending July 2024 and the fiscal period ending January 2025 areprojected to be 43.1% and 43.3%, respectively.
(LTV: Interest-bearing debt (forecast) / total assets (forecast))
・It is assumed that there will be no additional issuance of investment units to the 977,600 units issued andoutstanding as of March 15, 2024, through the end of the fiscal period ending January 2025.

TOKYU REIT, Inc.

Distribution perunit

Distribution inexcess of earnings
per unit
Other

・Distribution per unit is calculated based on the distribution policy stipulated in the Articles ofIncorporation. Calculations are based on a 100% distribution of retained earnings.
・Forecasts are based on the assumption that, as for the capital gain projected from the disposition ofTokyo Nissan Taito Building, ¥1,089 million of the ¥1,729 million in capital gains projected, which is to
be posted in the fiscal period ending July 2024, is retained through application of the “Special Provisions
for Taxation in Cases of Repurchase of Specified Assets” (Article 65-7 of the Act on Special Measures
Concerning Taxation) for provision of reserve for reduction entry of replaced property as stipulated in
the “Ordinance on Accountings of Investment Corporations.”
・Distribution for the fiscal period ending July 2024 is assumed to be distributed through reversal of part of
the reserve for reduction entry of replaced property (¥62 million).
・Distribution for the fiscal period ending January 2025 is assumed to be distributed through reversal ofpart of the reserve for reduction entry (¥440 million) and part of the reserve for reduction entry of
replaced property (¥64 million).
・It is possible that the distribution per unit could change due to various factors, including changes in assets
under management, changes in rental revenue accompanying changes in tenants, etc., and unexpectedmaintenance and repairs.
・TOKYU REIT does not currently anticipate distribution in excess of earnings per unit.

・Forecasts are based on the assumption that any major revisions to regulatory requirements, accounting
standards and taxation will not impact forecast figures.
・Forecasts are based on the assumption that there will be no major unforeseen changes to economic trends
and in real estate and other markets.

This notice may contain forward-looking statements, such as current plans, strategies, and future performance. These forward-looking statements are based on judgments obtained from currently available
information. Please be advised that, for a variety of reasons, actual results may differ materially from those discussed in the forward-looking statements. Events that might affect actual results include, but are notlimited to, fluctuations of the real estate market in Japan, general conditions of the Japanese economy, competitive pressures and relevant regulations.
This notice is a translation of the original document in Japanese and is prepared solely for the convenience of non-Japanese speakers. There is no assurance as to the accuracy of the English translation. The original
Japanese notice shall prevail in the event of any discrepancies between the translation and the Japanese original.

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