TOKYU REIT, Inc.
Fiscal Period Ended January 2024
(41st Fiscal Period)
FINANCIAL RESULTS PRESENTATION

Aiming to be a 100-year REIT

TSE: 8957

https://www.tokyu-reit.co.jp/eng/

Futako Tamagawa Rise

Table of Contents

1. Financial Results Overview and Forecast

3. Sustainability Measures

Executive Summary

4

External Certification, Green Finance, etc.

27

Trend and Guidance for Distribution per Unit

5

Environmental Measures

28

Financial Results Overview (FP ended Jan. 2024 (FP 41))

6Social Contribution

29

Financial Results Forecast (FP ending Jul. 2024 (FP 42) and FP ending Jan. 2025 (FP 43))

7

Governance (1)30

Variable Factors of Distribution per Unit

8

Governance (2)31

2. Investment Performance Results and Future Outlook

4. Investment Management Strategy

Property Disposition (FP ended Jul. 2023 (FP 40) - FP ending Jul. 2024 (FP 42))

10

Investment Policy

33

Property Replacement Results and Forecast (1) (FP ended Jan. 2019 to FP ending Jul. 2024)

11

Long-Term Investment Management Strategy (Surf Plan)

34

Property Replacement Results and Forecast (2) (FP ended Jan. 2019 to FP ending Jul. 2024)

12

Investment Strategy Through Sponsor Collaboration (Capital Re-investment Model)

35

Portfolio Occupancy Status

13

Sponsor Collaboration

36

Results and Forecasts of Move-Ins and Move-Outs of Tenants

14

Status of Tenant Move-Ins and Move-Outs at Major Properties

15

Rental Revenue Results

16

Overview of Tokyu Corporation

38

Rental Revenue Outlook

17

Major Properties Owned by Tokyu Corporation and Its Subsidiaries

39

Rent Gap and Percentage of Tenants Facing Rent Revision

18

Status of Redevelopment Around Shibuya Station (1)40

Office Rent Gap

19

Status of Redevelopment Around Shibuya Station (2)41

Status of Electricity Charges

20

Results and Schedule of Construction Work

21

Interest-Bearing Debt Status

22

Status of Appraisal Value (at the End of Fiscal Period)

23

Change in NAV

24

Property Replacement and Utilization of Funds from Sales

25

Prepared on March 14, 2024

5. About Our Sponsor

6. Appendix

42－1

Main Notes・List of Abbreviations of Properties・
Terms Used in the Material◼

Main Notes

Tokyo Nissan Taito Building◼

◼
30% of quasi-co-ownership interest was disposed on July 31, 2023,
30% of quasi-co-ownership interest on January 31, 2024, and 40% of
quasi-co-ownership interest on February 29, 2024.

List of Abbreviations of Properties
Abbreviation

Name of Property
QFRONTQFRONT

Lexington Aoyama

Lexington

Aoyama Oval Building

OVAL

TOKYU REIT Omotesando Square

Miyashita Koen

Omotesando

Meguro Higashiyama Building

Meguro Higashiyama

TOKYU REIT Shibuya Udagawa-cho
SquareUdagawa

Maison Peony Toritsudaigaku

Toritsudaigaku

cocoticocotiSTYLIO FIT Musashikosugi

Musashikosugi

CONZE Ebisu

CONZE

Futako Tamagawa Rise

Futako Tamagawa

TOKYU REIT Shimokitazawa Square

Shimokitazawa

REVE Nakameguro(land with leasehold interest)

Nakameguro

TOKYU REIT Jiyugaoka Square

Jiyugaoka

Tokyu Nampeidai-cho Building

Nampeidai

Yokohama Yamashita-cho Building(Barneys New York Yokohama)

Yokohama Yamashita

Tokyu Sakuragaoka-cho Building

Sakuragaoka

Resona Maruha Building

Resona Maruha

Tokyo Nissan Taito Building

Taito

Ryoshin Harajuku Building

Harajuku

TOKYU REIT Kamata Building

KamataBeacon Hill Plaza(Ito-Yokado Noukendai Store)

Beacon Hill PlazaTOKYU REIT Toranomon Building

TR Toranomon

Tokyu Saginuma Building

Saginuma

Tokyu Ikejiri-ohashi Building

Ikejiri-ohashi

TOKYU REIT Hatchobori Building

Hatchobori

Kojimachi Square

Kojimachi

Tokyu Saginuma 2 Building

Saginuma 2

TOKYU REIT Shinjuku Building

Shinjuku

TOKYU REIT Kiba Building

Kiba

Akihabara Sanwa Toyo Building

Akihabara

KALEIDO Shibuya Miyamasuzaka

KALEIDOTOKYU REIT Shibuya R Building

Shibuya R

Tokyu Toranomon Building

Tokyu Toranomon

TOKYU REIT Shinjuku 2 Building

Shinjuku 2

Daikanyama Forum

Daikanyama

Tokyu Bancho Building

BanchoSetagaya Business SquareSBS

OKI System Center(Land with leasehold interest)
Akasaka 4-chome Building (Tokyu
Agency Inc. Head Office Building)

OKI(Land with leasehold interest)

Tokyu Ginza 2-chome Building

Ginza 2-chome

TOKYU REIT Ebisu Building

Ebisu

Shibuya Dogenzaka Sky Building

Dogenzaka Sky

OKI Shibaura Office

ShibauraPrepared on March 14, 2024

LTV based on total assets

Interest-Bearing Debt / Total Assets

LTV based on appraisal
value(Balance of Interest-Bearing Debt at the End of Period + Balance ofSecurities Deposit without Reserved Cash at the End of Period) / (Appraisal
Value (at the End of Period))

Unrealized Gain/Loss

The balance after deducting the book value from the appraisal value of
properties at the end of the period

NAV= Unitholders’ capital + Reserve for reduction entry (after appropriation of
net income) ± Unrealized gains/losses= Net Assets – Scheduled amount of distribution ± Unrealized gains/losses

NOI Yield

NOI / Acquisition Price

RH (Rent Holiday)

A type of contract where tenants are exempted from rent payments during a
specific period other than the time of move-in among contract types where
tenants are exempted from rent payment for a certain period after occupancy
in lease agreements.

Occupancy rate after
deduction of free-rent(FR) area

Occupancy rate after deduction of FR area are the figures gained after
dividing the total leased area calculated by deducting the FR target area fromcontract-based operating area as of the end of each period by the total
leasable area.

Long-Term Investment
Management Strategy(Surf Plan)

An idea to secure capital gains while replacing properties and achieve
improvement of portfolio quality through a value and contrarian investment
approach that eyes the cyclicality of real estate prices. (refer to page 34)

Capital Re-investment
Model

An idea to aim for ceaseless value enhancement in investment targeted area
through sponsor collaboration in line with stages of life of property. (refer topage 35)

Greater SHIBUYA(extensive Shibuya area)

Within a 2.5-km radius of Shibuya Station.

Tokyu Corporation andits subsidiaries“Tokyu Corporation and its subsidiaries” refers to any entity that falls under
the following 1 to 3:
1. Tokyu Corporation
2. A subsidiary of Tokyu Corporation
3. A tokutei mokuteki kaisha (TMK) or special purpose entity (SPE) that wasestablished based on the intention of Tokyu Corporation or a subsidiary of
Tokyu Corporation and where the share of investment by silent
partnership or other investment shares in that entity by the respective
company exceeds 50%.

Related parties

Tokyu Corporation and its subsidiaries, Affiliates of Tokyu Corporation

Tsubo

1 tsubo is approximately 3.305 m2

Abbreviation

Name of Property
TOKYU REIT Shibuya Miyashita
Koen Building

TOKYU REIT Akasaka Hinokicho
Building
Shonan Mall Fill
(Land with leasehold interest)

Terms Used in the Material

Akasaka Hinokicho
ShonanAkasaka 4-chome*Please refer to the end of this material for notes.

21. Financial Results Overview and
Forecast
The Fiscal Period Ended January 2024 (FP 41)

QFRONT3

1. Financial Results Overview and Forecast

Executive Summary
Period Ended Jan. 2024 (FP 41) Actual
External GrowthGain on sale ofreal estate, etc.

Property Disposition

Property Disposition

Taito (30%)(+12 million yen)

Operating income
Finance (Note 1)
Net income[per unit]
Reversal of reserve for
reduction entry

1,729 million yen(+434 million yen)[per unit]
Reversal of reserve for reduction
entry of replaced property[per unit]
Distribution per unit(-1,729 million yen)

Period-end occupancy rate: 99.3% (-0.7pts)

Period-end occupancy rate: 97.0% (-2.3pts)

Main factors of increase/decrease from the previous fiscal period

Main factors of increase/decrease from the previous fiscal period

Main factors of increase/decrease from the previous fiscal period[Existing properties]
・ Move-ins and move-outs of tenants (Tokyu Toranomon) (Note 2):+79 million yen
・ Move-ins and move-outs of tenants(excluding Tokyu Toranomon) (Note 2): +60 million yen[Existing properties]
・ Increase in repair and maintenance costs at QFRONT:-212 million yen
・ Increase in fixed property tax and city planning tax:
-100 million yen
・ Miscellaneous income (restoration costs, etc.):+254 million yen[Disposed properties][Existing properties]
・ Miscellaneous income (restoration costs, etc.): -268 million yen
・ Move-ins and move-outs of tenants: -122 million yen
・ Decrease in repair and maintenance costs at QFRONT:+215 million yen[Disposed properties]・ (Current period/previous period) Taito NOI: ‐83 million yen

5,372 million yen(+146 million yen)

4,843 million yen(+160 million yen)

5,236 million yen(-135 million yen)

5,128 million yen(+284 million yen)・ (Previous period) Taito NOI: -9 million yen

5,063 million yen(-173 million yen)

3,266 million yen(-1,862 million yen)Interest expenses: +3 million yen

Interest expenses: -0 million yen

Interest expenses: +11 million yen(Average interest rate: 0.77% (-))

(Average interest rate: 0.78% (+0.01pts))(Average interest rate: 0.79% (+0.01pts))

4,410 million yen(+150 million yen)

4,693 million yen(+282 million yen)

2,818 million yen(-1,874 million yen)

4,511 yen(+153 yen)

4,800 yen(+289 yen)

2,883 yen(-1,917 yen)

440 million yen(+440 million yen)

450 yen(+450 yen)ーー[per unit]
Provision of reserve for reduction
entry of replaced property－

Period-end occupancy rate: 100.0% (+1.5pts)[Disposed properties]・ (Current period/previous period) Taito NOI (Note 3):‐36 million yen

NOI

Period Ending Jan. 2025 (FP 43) Forecast
New property sales and purchases were not incorporated
upon the preparation of financial results forecast

Taito (40%)

1,295 million yen

Internal Growth

Period Ending Jul. 2024 (FP 42) Forecast

804 million yen(+151 million yen)

1,089 million yen(+284 million yen)－(-1,089 million yen)

823 yen(+155 yen)

1,114 yen(+291 yen)－(-1,114 yen)

60 million yen(+1 million yen)

62 million yen(+1 million yen)

64 million yen(+1 million yen)

61 yen(+1 yen)

63 yen(+1 yen)

65 yen(+2 yen)

3,750 yen(ー)

3,750 yen(ー)

3,400 yen(-350 yen)

* Figures in parentheses are comparison with previous fiscal period.
(Note 1) Borrowings and investment corporation bonds.
(Note 2) Rental revenues due to move-ins and move-outs of tenants (including common area charges).
(Note 3) Excluding the impact of rental revenues due to move-ins and move-outs of tenants and upward rent revisions.
Prepared on March 14, 2024

4

1. Financial Results Overview and Forecast

Trend and Guidance for Distribution per Unit
Distribution per unit

Gain on sale, etc. per unit (Note)

Reversal of reserve for reduction
Reversal of reserve for reduction
entry per unit
entry of replaced property per unit
Distribution per unit (excluding gain on sale, etc.
per unit (Note), reversal of reserve for reduction
Advanced property acquisitions inentry per unit and reversal of reserve for reduction
the property replacement scheme
entry of replaced property per unit)

(yen)

4,000
3,500
3,000

3,099
2,739

323

2,923

3,298
315

40

3,551

3,760

3,621

Period of extension work of
Tokyu Toranomon Building(Period of revenue decrease)

3,950

1,526

1,636

3,750

3,750

3,750

644

501

654

3,200 yen

2,000

3,225

3,395

2,739

2,776

2,883

2,983

End of Jul.

End of Jan.

End of Jul.

End of Jan.

End of Jul.

End of Jan.

2018

2019

2019

2020

2020

2021

(FP 30)(FP 31)(FP 32)(FP 33)(FP 34)(FP 35)

3,400
Distribution
floor

450
61

1,687 59

2,500

1,500

4,040

3,400 yen

365

326

4,005

63

3,400 yen

65

3,621
3,047

3,188

End of Jan.

End of Jul.

2023

2023

(FP 39)(FP 40)

2,424

2,369

2,353

End of Jul.

End of Jan.

End of Jul.

2021

2022

2022

(FP 36)(FP 37)(FP 38)

1,000

3,033

2,883

End of Jan.

End of Jul.

End of Jan.

2024

2024

2025

(FP 41)(FP 42)(FP 43)

Forecast

Forecast

End of Jan.
2025
(FP 43)
Forecast

5000(Note) Gain on sale of real estate, etc. per unit - Provision of reserve for reduction entry per unit - Provision of reserve for reduction entry of replaced property per unit.

(Reference) Change in/Forecast of Balance of Reserve for Reduction Entry Per Unit andBalance of Reserve for Reduction Entry of Replaced Property Per Unit

Reserve for
reduction entry
per unit
Reserve for
reduction entryof replaced
property perunit
Prepared on March 14, 2024

Reversed due to the depreciation forthe building of Futako Tamagawa Rise

(Unit: yen)

End of Jul.
2019
(FP 32)End of Jan.
2020
(FP 33)End of Jul.
2020
(FP 34)End of Jan.
2021
(FP 35)End of Jul.
2021
(FP 36)End of Jan.
2022
(FP 37)

End of Jul.
2022
(FP 38)End of Jan.
2023
(FP 39)End of Jul.
2023
(FP 40)End of Jan.
2024
(FP 41)

End of Jul.
2024
(FP 42)
Forecast

Provision

－

364

393

416

－

－

433

－

－

－

－

－

Reversal

－

－

－

－

－

－

－

－

－

－

－

450

Balance

368

733

1,126

1,542

1,542

1,542

1,976

1,976

1,976

1,976

1,976

1,525

3,283

－

3,003

667

823

1,114

－

－

－

－

59

61

63

65

3,283

3,283

6,286

6,894

7,655

8,706

8,640

Provision
Reversal
Balance

－

－

－

－

－

5

1. Financial Results Overview and Forecast

Financial Results Overview (FP ended Jan. 2024 (FP 41))
Income Statement (P/L) and Distribution per Unit◼

(Unit: million yen)
FP endedJan. 2024
Actual(FP 41)

Item

Operating revenues

FP ended
Jul. 2023
Actual(FP 40)ChangeFP endedJan. 2024
Forecast(FP 41)as of Sep. 14, 2023

Change

(A)

8,962

8,924

38

9,011

-48

7,667

7,638

29

7,713

-45

7,213

7,097

115

7,202

10

Other rental revenues

454

540

-86

510

-56

Gain on sale of real estate, etc.

1,295

1,282

12

1,297

-2

－

3

-3

－

4,119

4,241

-121

3,247

3,369

-122

Rental revenues

Construction fee
Operating expenses(C)

Expenses from real estate lease business
Expenses
NOI<Comparison with Previous Fiscal Period>
Revenues from real estate lease business
Rental revenues+29 million yen+115 million yen-59 million yen• Disposition of property (Taito)• Tokyu Toranomon(Move-in into extended building, etc.)• OVAL+75 million yen• Meguro Higashiyama+14 million yen• Dogenzaka Sky+12 million yen－• Miyashita Koen

-11 million yen

4,270

-150

Other rental revenues-86 million yen

3,391

-143

• Utilities income-60 million yen+51 million yen• Miscellaneous income-18 million yen

Gain on sale of real estate, etc.

+12 million yen

Expenses from real estate lease business
Expenses-122 million yen-116 million yen

(D)

2,295

2,411

-116

2,438

-143

(B) - (D)

5,372

5,226

146

5,274

97

950

956

-6

947

2

2

1

0

5

-2

• Repair and maintenance costs-57 million yen

872

871

0

879

-6

• Utilities expenses-40 million yen

717

711

6

710

6

• Brokerage fee-14 million yen

Depreciation
Loss from the retirement of fixed assets
Other operating expenses
Investment management fee
Operating income

Breakdown of Major Differences

Operating
Revenues(B)

Revenues from real estate lease business◼

OperatingExpenses<Comparison with Forecast>

4,843

4,682

160

4,740

102

Non-operating revenues

2

8

-6

0

1

Non-operating expenses

434

430

3

437

-3

• UdagawaInterest expenses

369

366

3

370

-1

• Miyashita Koen

-3 million yen

Other rental revenues-56 million yen• Utilities income-56 million yen(A) - (C)

36

36

0

37

-0

Ordinary income

Interest of investment corporation bonds

4,411

4,261

150

4,303

107

Net income

4,410

4,260

150

4,302

107

(¥)

4,511

4,357

153

4,401

110

(¥)

823

667

155

711

111

(¥)

61

59

1

61

－

Net income per unit (EPS)Information
per unit

OthersAmount of provision of reserve
for reduction entry of replaced
property per unit
Amount of reversal of reserve
for reduction entry of replaced
property per unit
Distribution per unit (DPU)

(¥)

3,750

3,750

－

3,750

－

Occupancy rate

(%)

100.0

98.5

1.5pts99.9

0.1ptsNOI yield (Note)

(%)

4.33

4.26

0.07pts

4.25

0.08pts(Note) Based on the average balance of assets during the period (acquisition price).
Prepared on March 14, 2024

Operating
Revenues

OperatingExpenses

Revenues from real estate lease business
Rental revenues-45 million yen+10 million yen+3 million yen• Ancillary facility income-9 million yen• Miscellaneous income+9 million yen

Gain on sale of real estate, etc.

-2 million yen

Expenses from real estate lease business
Expenses-143 million yen-143 million yen• Utilities expenses-64 million yen• Repair and maintenance costs-38 million yen• Outsourcing expenses-26 million yen

61. Financial Results Overview and Forecast

Financial Results Forecast (FP ending Jul. 2024 (FP 42) and FP ending Jan. 2025 (FP 43))
Forecast of Income Statement (P/L) and Distribution per Unit◼

(Unit: million yen)

Item

Operating revenues

FP endingJul. 2024
Forecast(FP 42)as of Mar. 15, 2024

FP endedJan. 2024
Actual(FP 41)

Change(PoP)FP endingJan. 2025
Forecast(FP 43)as of Mar. 15, 2024

Change
(PoP)

8,962

9,632

669

7,593

-2,039

(B)

7,667

7,903

235

7,593

-309

7,213

7,141

-71

7,048

-93

Other rental revenues

454

761

307

545

-215

Gain on sale of real estate, etc.

1,295

1,729

434

－

-1,729

4,119

4,504

384

4,327

-177

3,247

3,622

375

3,525

-96

(D)

2,295

2,666

371

2,530

-136

(B) - (D)

5,372

5,236

-135

5,063

-173

950

950

0

990

39

2

5

2

5

－

872

882

9

801

-80

Rental revenues

Operating expenses(C)

Expenses from real estate lease business
Expenses
NOI
Depreciation
Loss from the retirement of fixed assets
Other operating expenses
Investment management fee
Operating income(A) - (C)Non-operating revenues
Non-operating expenses

717

720

2

656

-63

4,843

5,128

284

3,266

-1,862

2

0

-1

0

0

434

434

0

446

Breakdown of Major Differences<FP Ending Jul. 2024 (FP 42) Comparison with Previous Fiscal Period>
Operating
Revenues(A)

Revenues from real estate lease business◼

Revenues from real estate lease business
Rental revenues-71 million yen• Disposition of property (Taito)-116 million yen• Futako Tamagawa-23 million yen• Akihabara• Tokyu Toranomon(Move-in into extended building, etc.)
Other rental revenues• Miscellaneous income(restoration costs, etc.)• Utilities income
OperatingExpenses+235 million yen-22 million yen+72 million yen+307 million yen+253 million yen+63 million yen

Gain on sale of real estate, etc.

+434 million yen

Expenses from real estate lease business
Expenses+375 million yen+371 million yen• Repair and maintenance costs+266 million yen• Taxes and public dues

+88 million yen• Utilities expenses+15 million yen<FP Ending Jan. 2025 (FP 43) Comparison with Previous Fiscal Period>
Operating
Revenues

12

Revenues from real estate lease business
Rental revenues-309 million yen-93 million yen• Disposition of property (Taito)-12 million yen• OVAL-65 million yen• Shibuya R-44 million yen• cocoti-23 million yen

Interest expenses

369

368

-0

380

11

Interest of investment corporation bonds

36

36

-0

37

0

Ordinary income

4,411

4,694

282

2,819

-1,874• Akihabara-22 million yen

Net income

4,410

4,693

282

2,818

-1,874• Omotesando+20 million yen

(¥)

4,511

4,800

289

2,883

-1,917

(¥)

－

－

－

450

450

(¥)

823

1,114

291

－

-1,114

(¥)

61

63

1

65

2

Distribution per unit (DPU)

(¥)

3,750

3,750

－

3,400

-350

Occupancy rate

(%)

100.0

99.3

-0.7pts

97.0-2.3pts

Net income per unit (EPS)Information
per unit

OthersAmount of reversal of reserve
for reduction entry per unit
Amount of provision of reserve
for reduction entry of replaced
property per unit
Amount of reversal of reserve
for reduction entry of replaced
property per unit

NOI yield (Note)

(%)

4.33

(Note) Based on the average balance of assets during the period (acquisition price).
Prepared on March 14, 2024

4.31 -0.02pts

4.13-0.18pts

OperatingExpenses• Futako Tamagawa+18 million yen

Other rental revenues• Miscellaneous income(restoration costs, etc.)• Utilities income-215 million yen

Gain on sale of real estate, etc.

-1,729 million yen

Expenses from real estate lease business
Expenses-268 million yen+50 million yen-96 million yen• Repair and maintenance costs-136 million yen-217 million yen• Utilities expenses+34 million yen• Brokerage fee+30 million yen

71. Financial Results Overview and Forecast

Variable Factors of Distribution per Unit◼

Breakdown of Distribution per Unit by Variable Factor* Figures indicated in the boxes are actual/guided distribution per unit.

Period Ending July 2024 (FP 42) Forecast

Period Ended January 2024 (FP 41) Actual(Unit: yen)・ Move-ins and move-outs+143

・ Other increase/decrease in agreements+25

・ Decrease in miscellaneous income-19・ Decrease in utilities income-56

Period Ending January 2025 (FP 43) Forecast

・ Increase in miscellaneous income+260・ Move-ins and move-outs+106・ Increase in utilities income+73
・ Other increase/decrease in agreements
-15
・ RH
-42
・ Increase in repair and maintenance costs

・ Decrease in miscellaneous
income・ Move-ins and move-outs
・ RH
・ Increase in utilities income-274

・ Decrease in repair and maintenance costs+57

・ Increase in fixed property tax and city planning tax -102

・ Decrease in utilities expenses+33

・ Increase in depreciation-35

・ Decrease in brokerage fee+14・ Increase in utilities expenses-27

・ Increase in outsourcing expenses-21

・ Increase in non-deductible consumption tax-3-3・ Increase in investment management fee-6・ Increase in investment management fee

・ Increase in interest expenses-3+1,769・ Decrease in investment+64
management fee
・ Decrease in non-deductible+22
consumption tax
・ Increase in interest-11
expenses
Reversal of reserve for
reduction entry
Reversal of reserve for
reduction entry of replaced
property+369-1,3113,750-13-1,324 -50

-461

3,750

・ (Current period/previous period) Taito
Provision of reserve for reduction
entry of replaced property
Reversal of reserve for reduction
entry of replaced property-21

Provision of reserve for reduction
entry of replaced property
Reversal of reserve for reduction
entry of replaced property+59

Gain on sale ofProperty

Change inChange in(FP 40)real estate, etc.

disposition

revenues fromexpenses from

Actual(previous(Note)

real estate

real estatelease businesslease business(Note) NOI after Depreciation

Other

-14

・ (Current period/previous period) Taito-667

Jul. 2023

Prepared on March 14, 2024

+450
+65

+84

-21

period)

-125
+27
+52

・ Decrease in repair and+222
maintenance costs
・ Increase in outsourcing-11
expenses・ Increase in brokerage fee-31・ Increase in utilities expenses-36
・ Increase in depreciation-42+1,324+91-274

Gain on sale ofProperty

Change inChange inreal estate, etc.

(FP 41)real estate, etc.

disposition

revenues fromexpenses from

Actual(previous(Note)

real estate

real estatelease businesslease business

+93

-7

Provision of reserve for reduction
entry of replaced property
Reversal of reserve for reduction
entry of replaced property
Other

+69

-302
・ (Previous period) Taito+61

Jan. 2024-1,769-50-823

Gain on sale ofperiod)

3,750

-7

3,400

-1,114+63

Gain on sale ofJul. 2024

Gain on sale ofProperty

Change inChange inreal estate, etc.

(FP 42)

real estate, etc.

disposition

revenues fromexpenses from(FP 43)

Forecast(previous(Note)

real estate

real estate

Forecast

lease businesslease businessperiod)Other

Jan. 2025*Move-ins and move-outs, upward rent revision, downward rent revision, RH and other increase/decrease in agreements indicate
the rental revenues including common area charges (excluding income from parking lots, warehouses, billboards, etc.).

8

2.2．運用実績と見通し
Investment Performance Resultsand Future Outlook

東急虎ノ門ビル
Tokyu Toranomon
Building

92. Investment Performance Results and Future Outlook

Property Disposition (FP ended Jul. 2023 (FP 40) - FP ending Jul. 2024 (FP 42))
Aimed to level incremental distributions and secured funds for future
external growth by disposing over three fiscal periods

Disposition

Overview of property
Jul. 31, 2023
(30% quasi-coownership interest)

Disposition dateTokyo Nissan Taito
Building

Buyer(Office)Gain on sale of realestate, etc.
Of which, provisionof reserve for
reduction entry of
replaced property
Prepared on March 14, 2024

Feb. 29, 2024
(40% quasi-coownership interest)

Domestic godo kaisha (GK)Disposition price

2,385 million yen

2,385 million yen

3,180 million yen

Difference between the disposition
price and the book value (Note 1)

1,288 million yen

1,301 million yen

1,738 million yen

NOI(NOI yield) (Note 2)

279 million yen per annum(3.5%)NOI after depreciation(NOI yield after depreciation) (Note 2)

175 million yen per annum(2.2%)

Occupancy rate (Note 3)

100.0%

Completion date

September 1992

Location

Taito-ku, Tokyo◼ Effect of Disposition(Unit: million yen)Jan. 31, 2024
(30% quasi-coownership interest)◼ Use of Proceeds from Sale

FP ended Jul.
2023
(FP 40)
ActualFP ended Jan.
2024
(FP 41)
ActualFP ending Jul.
2024
(FP 42)
Forecast

Total

1,282

1,295

1,729

4,307

652

804

1,089

2,546

Out of sales proceeds, 6,167 million yen (Note 4) will beheld as cash on hand for property acquisitions targeted
to be made by the fiscal period ending July 2024.
(Note 1) Difference between the disposition price and estimated book value as ofthe disposition date (as of July 14, 2023) is indicated.
(Note 2) The actual results from February 2022 to January 2023. Yields are
based on disposition price.
(Note 3) As of the end of the fiscal period ended January 2024 (FP 41).
(Note 4) Sum of the book value as of the disposition date, the actual amountof provision of reserve for reduction entry of replaced property andthe estimated amount is indicated.

102. Investment Performance Results and Future Outlook

Property Replacement Results and Forecast (1) (FP ended Jan. 2019 to FP ending Jul. 2024)
Acquisition (Note 1)

Name of property

Acquisition
price

NOI
(yield)(Unit: million yen)

Disposition (Note 1)
NOI after
depreciation(yield)TOKYU REIT
Ebisu Building

4,500

147
(3.3%)

130(2.9%)REVE Nakameguro(land with leaseholdinterest)

1,150

39
(3.4%)

39(3.4%)

Shibuya Dogenzaka
Sky Building

8,100

290
(3.6%)

265(3.3%)

Tokyu Bancho Building(additional acquisition)

1,040

36
(3.5%)

27(2.6%)TOKYU REIT
Shimokitazawa Square

2,257

69
(3.1%)

46(2.1%)FP ended Jan. 2020
(FP 33)
ActualTOKYU REIT
Jiyugaoka Square
(49%)

1,548

63
(4.1%)FP ended Jul. 2020
(FP 34)
ActualTOKYU REIT
Jiyugaoka Square
(51%)

1,611

OKI Shibaura Office

FP ended Jan. 2019
(FP 31)
ActualFP ended Jul. 2019
(FP 32)
ActualFP ended Jan. 2021
(FP 35)
ActualFP ended Jul. 2021
(FP 36)
ActualDisposition
price

NOI
(yield)NOI after
depreciation(yield)Gain on saleof real estate,etc.

Of which,provision ofreserve for
reduction entry

316

ー

TOKYU REIT
Kiba Building

4,250

216
(5.1%)

147(3.5%)KALEIDO Shibuya
Miyamasuzaka

7,780

277
(3.6%)

240(3.1%)

60(3.9%)TOKYU REIT
Akasaka Hinokicho
Building (49%)

2,352

94
(4.0%)

65(4.1%)

62(3.9%)TOKYU REIT
Akasaka Hinokicho
Building (51%)

2,448

11,900646(5.4%)

598(5.0%)OKI System Center(Land with leaseholdinterest) (40%)

2,740

STYLIO FIT
Musashikosugi

1,500

62
(4.2%)

34(2.3%)TOKYU REIT
Shibuya Miyashita Koen
Building

6,000

186
(3.1%)

158(2.6%)(Note 2)

(Note 1) Figures exclusive of special items from the actual income and expenditure are indicated for the acquired properties. Actual results
for the two fiscal periods before the disposition are indicated for the disposed properties (two fiscal periods before the first
disposition for TOKYU REIT Akasaka Hinokicho Building). Yield is based on acquisition/disposition price.
(Note 2) 3.6% quasi-co-ownership interest of the trust beneficiary interest (95.1% compartmentalized ownership interest)

Prepared on March 14, 2024

Name of property

39ー(Note 3)(Note 4)78
(3.3%)

664

356

98
(4.0%)

81(3.3%)

703

384

103
(3.8%)

103(3.8%)

764

407(Note 3) Gain on exchange of real estate, etc.
(Note 4) Reduction entry in exchange stipulated in Article 50 of the Corporation Tax Act has been implemented. Of the difference between the disposition
price and the book value of the property disposed through exchange (KALEIDO Shibuya Miyamasuzaka), 2,665 million yen, which is the limiting
amount for reserve for reduction entry, has been deducted from the book value of the two properties acquired through exchange (Shibuya
Dogenzaka Sky Building and Tokyu Bancho Building (additional acquisition)).

11

2. Investment Performance Results and Future Outlook

Property Replacement Results and Forecast (2) (FP ended Jan. 2019 to FP ending Jul. 2024)
Acquisition (Note 1)

Disposition (Note 1)
Gain on saleof real estate,
etc.

323
(4.2%)

323(4.2%)

664

4,250

133
(3.1%)

110(2.6%)

91

SetagayaBusiness Square

22,750974(4.3%)

527(2.3%)

3,374

OKI System Center(Land with leaseholdinterest) (30%)

2,055

77
(3.8%)

77(3.8%)570

ー

OKI System Center(Land with leaseholdinterest) (30%)

2,055

77
(3.8%)

77(3.8%)

570

ー

Akasaka 4-chome
Building(Tokyu Agency Inc.
Head Office Building)

9,820

260
(2.7%)

224(2.3%)

1,452

423

Tokyu Ginza
2-chome Building

8,970

250
(2.8%)

184(2.1%)

4,585

FP ended Jul. 2023
(FP 40)
ActualTokyo Nissan
Taito Building
(30%)

2,385

83
(3.5%)

52(2.2%)

1,282

FP ended Jan. 2024
(FP 41)
ActualTokyo Nissan
Taito Building
(30%)

2,385

83
(3.5%)

52(2.2%)

1,295

FP ending Jul. 2024
(FP 42)
Forecast

Tokyo Nissan
Taito Building
(40%)

3,180

111
(3.5%)

70(2.2%)

1,729

10 properties

85,1203,169(3.7%)

2,353(2.8%)

18,107

Acquisition
price

Aoyama Oval
Building

18,600NOI(yield)(Unit: million yen)
470
(2.5%)NOI after
depreciation(yield)Name of property

449(2.4%)

Shonan Mall Fill
(Land with leaseholdinterest)

7,700

Daikanyama ForumOf which,provision ofreserve for
reduction entry

NOI after
depreciation(yield)Name of property

FP ended Jan. 2022
(FP 37)
ActualFP ended Jul. 2022
(FP 38)ActualFP ended Jan. 2023
(FP 39)ActualTotal
Prepared on March 14, 2024

Meguro Higashiyama
Building

Futako Tamagawa
Rise

12 properties

8,100

20,20086,507319(3.9%)

967(4.8%)

3,365(3.9%)

287(3.6%)

703(3.5%)

2,865(3.3%)

Disposition
price

NOI
(yield)428(Note 2)ー
2,781
(Note 2)2,935
(Note 2)652
(Note 2)804
(Note 2)

1,089
(Note 2)

10,264(Note 1) Figures exclusive of special items from the actual income and expenditure are indicated for the acquired properties. Actual results for the two fiscal periods before the disposition are indicated for the disposed properties (two fiscal periods before
the first disposition for OKI System Center (land with leasehold interest) and Tokyo Nissan Taito Building). Yield is based on acquisition/disposition price.
(Note 2) Provision of reserve for reduction entry of replaced property.

12

2. Investment Performance Results and Future Outlook

Portfolio Occupancy Status◼

Occupancy Rate (Entire Portfolio, Office, Retail)
97.9%
97.8%

98.0%
96.3%

100.0%
98.5%
98.4%
98.4%

96.6%

96.8%

100.0%
100.0%

100.0%

100.0%

99.3%
99.1%

97.0%

95.7%

95.8%
Entire Portfolio

Average occupancy rate of entire portfolio during the period (Note)

91.2%

OfficeJan. 2023 (FP 39) Actual Jul. 2023 (FP 40) Actual Jan. 2024 (FP 41) Actual

94.0%

90.0%

98.2%

99.3%

RetailEnd of Jan. 2022

End of Jul. 2022

End of Jan. 2023

End of Jul. 2023

End of Jan. 2024

End of Jul. 2024

End of Jan. 2025

(FP 37)(FP 38)(FP 39)(FP 40)(FP 41)(FP 42)(FP 43)

Forecast

Forecast◼

Occupancy Rate of Office (occupancy rate based on contracted area, occupancy rate after deduction of free-rent (FR) area)
100.0%
98.4%

97.9%
1.7pts

95.7%

96.2%

4.6pts

3.5pts

99.1%

1.6pts

99.1%

98.4%

3.0pts

94.9%

92.8%

90.0%
2.1pts

95.8%

91.1%

Office occupancy rate based on contracted area

87.9%
End of Jan. 2022

End of Jul. 2022

End of Jan. 2023

End of Jul. 2023

End of Jan. 2024

End of Jul. 2024

End of Jan. 2025

(FP 37)(FP 38)(FP 39)(FP 40)(FP 41)(FP 42)(FP 43)

Forecast

Forecast(Note) Average occupancy rate of entire portfolio during the period is a simple average of the month-end occupancy rate of the entire portfolio in each period.
Prepared on March 14, 2024

13

2. Investment Performance Results and Future Outlook

Results and Forecasts of Move-Ins and Move-Outs of Tenants
Area of Tenant Turnover (Retail, Office)◼

Move-out◼

Move-ins and move-outs at OfficeMove-ins and move-outs at Retail( )・・・Ratio of area of tenant turnover against the total leasable area of the portfolio(FP 38)-5,098（3.3％）

Actual(Note 1)

Omotesando

256-4,7242,936

Move-in

169.80 m2

Move-out

169.80 m2

Occupancy rate as of the end of period

100.0%

Move-in55.84 m2

Move-out-

Area of vacant rooms as of the end of period

1,531 4,725(Note 2)（3.0％）

RetailJul. 2022

Period Ended Period Ending Period Ending
Jan. 2024
Jul. 2024
Jan. 2025(FP 41)(FP 42)(FP 43)
ActualForecast
Forecast

Property
nameMove-in-374

Status of Tenant Turnover (Retail, Office) (Note 5)

Udagawa

Area of vacant rooms as of the end of period
Occupancy rate as of the end of period-1,717Jan. 2023

-197

617

-1,915（1.1％）(FP 39)Actual6,010-2,219 -1,803（1.3％）(Note 3)(FP 40)
Actual

-558

-169

2,831

2,374 5,708

ActualMove-in

669.81 m2-

Move-inAkihabara

1,253

Move-out
Area of vacant rooms as of the end of period

1,187

Occupancy rate as of the end of period(Note 2)Move-in

2,997（1.8％）

Shibuya R

Move-out
Area of vacant rooms as of the end of period
Occupancy rate as of the end of period-1,031
Jul. 2024-1,031（0.6％）(FP 42)

Tokyu
Toranomon

0（-）
OfficeForecast

Jan. 2025(FP 43)-7,905（4.9％）

Forecast(Note 4)

-12,000-8,000-7,905-4,000

4,124

0

8,000

(m2)

(Note 1) Excluding the area vacated in Akasaka 4-chome, which has been disposed.
(Note 2) For the extended portion of Tokyu Toranomon.
(Note 3) The area of tenant turnover of Taito is the value after conversion of quasi-coownership interest as of the end of each fiscal period.
(Note 4) Excluding the area vacated in Taito, which has been disposed.
(Note 5) Move-ins and Move-outs areas do not include the warehouse space.
(Note 6) The values after conversion with 47.5% quasi-co-ownership interest of the
97.1% compartmentalized ownership interest of the trust beneficiary interest.

Miyashita
Koen

100.0%--

100.0%

100.0%--

100.0%

100.0%

・The section vacated in Nov. 2023 was occupied in Dec. 2023.

・The section vacated in May 2023 was occupied in Sep. 2023.

100.0%-

2

2

100.0%-

1,291.72 m2
100.0%-

100.0%

56.06 m2
55.87 m2

Area of vacant rooms as of the end of period

100.0%

100.0%

・ The section scheduled to be vacated in Aug. 2024 is
expected to be occupied in Oct. 2024.
・ The section scheduled to be vacated in Oct. 2024 is expected
to be occupied in Dec. 2024.

--

100.0%of the fiscal period ended Jul. 2023 after the extension work,
one was occupied in Sep. 2023 and the other in Oct. 2023.

・ The section vacated in Aug. 2023 was occupied in Jan. 2024.

295.21 m2
705.23 m2
2

100.0%

410.02 m
90.1%

-

-

100.0%

100.0%

・ The section scheduled to be vacated in Oct. 2024 is expected
to be occupied in Dec. 2024.
・ The section scheduled to be vacated in Jan. 2025 is expected
to be vacant at the end of the fiscal period ending Jan. 2025.

2

Move-in

413.46 m

Move-out

413.48 m2

Occupancy rate as of the end of period

100.0%

Move-in47.79 m2

1,511.02 m2-

OVAL(Note 6)

・Of the three sections scheduled to be vacated in May 2024,
two are expected to be occupied in Dec. 2024 and one is
expected to be vacant at the end of the fiscal period ending
Jan. 2025.

- ・ Of the two sections that were in leasing activity as of the end
100.0%

Move-in

Area of vacant rooms as of the end of period

1,291.72 m2

100.0%

Move-out

Area of vacant rooms as of the end of period

44.66 m99.0%

sections, and one was occupied in Oct. 2023 and the otherin Dec. 2023.

2

100.0%

Move-out

100.0%- 1,026.91 m2

100.0%

・The two sections vacated in May 2021 were occupied in Nov.
2023.

- ・The section vacated in Jul. 2023 was divided into two

1,031.74 m2-

Occupancy rate as of the end of periodMove-out

22.90 m2

5,909.01 m2

Area of vacant rooms as of the end of period

31.85 m2

31.85 m2 4,401.41 m2

Occupancy rate as of the end of period

Prepared on March 14, 2024

100.0%--

Area of vacant rooms as of the end of period-- 1,062.98 m
100.0%
76.0%

1,187.18 m

Occupancy rate as of the end of period

12,000-Move-inMove-in

DogenzakaSky

100.0%

Move-out

Occupancy rate as of the end of period

4,124（2.5％）

4,000

Ebisu

100.0%

Move-out

Occupancy rate as of the end of period(Note 2)（3.4％）(Note 3)-728
（0.4％）(FP 41)-

Area of vacant rooms as of the end of period(Note 3)Jan. 2024

331.11 m2

Occupancy rate as of the end of period

Kojimachi(Note 3)556

Move-inMove-out
Area of vacant rooms as of the end of period

502

-416

Jul. 2023

CONZE

9,697
(Note 2) （5.7％）
3,069

100.0%-

Remark

99.6%

99.6%

48.2%

・ The section vacated in Sep. 2023 was occupied in Jan. 2024.
・The section vacated in Dec. 2023 was occupied in Dec. 2023.

・ The section that was vacant since the acquisition date was
occupied in Sep. 2023.
・ The section vacated in Sep. 2023 is expected to be occupied
in Aug. 2024.
・ Of the 12 sections scheduled to be vacated in Jan. 2025, six
are expected to be occupied in Jan. 2025.
・ Excluding warehouse sections, one section is expected to bevacant at the end of the fiscal period ending Jul. 2024.
・ Excluding warehouse sections, seven sections are expected
to be vacant at the end of the fiscal period ending Jan. 2025.

14

2. Investment Performance Results and Future Outlook

Status of Tenant Move-Ins and Move-Outs at Major Properties
1

2

Akihabara Sanwa Toyo
Building

Period Ended
Jan. 2024(FP 41) Actual-

13
sections

69.5%

23.0%

Percentage oftenant move-in

1
section

0.6%-

7
sections

17.8%

76.0%

99.0%

Occupancy rate as ofthe end of period

99.6%

99.6%

48.2%

76.0%

75.3%

Period-end occupancy
rate after deduction of
free-rent (FR) area

99.6%

99.6%

30.4%

Occupancy rate as ofthe end of period

100.0%

Period-end occupancy
rate after deductionof free-rent (FR) area

100.0%

23.3%
2
sections

Period Ending
Period Ending
Jul. 2024
Jan. 2025(FP 42) Forecast (FP 43) Forecast
-

-

-

10.8%

-

-

Occupancy rate as ofthe end of period

100.0%

100.0%

100.0%

Period-end occupancy
rate after deductionof free-rent (FR) area

93.7%

100.0%

100.0%

Shibuya Dogenzaka
Sky Building

Period Ending
Period Ending
Jul. 2024
Jan. 2025(FP 42) Forecast (FP 43) Forecast

0.3%

-

2
sections

Period Ended
Jan. 2024(FP 41) Actual
1
section-

Percentage oftenant move-in

Aoyama Oval Building
Percentage oftenant move-out

Percentage oftenant move-in

Period Ended
Jan. 2024(FP 41) Actual

4

-

-

Tokyu Toranomon
Building

Prepared on March 14, 20243
sections

Percentage oftenant move-out

Percentage oftenant move-out

3

Period Ending
Period Ending
Jul. 2024
Jan. 2025(FP 42) Forecast (FP 43) Forecast<Operational Status of Aoyama Oval Building (Note)>
Major tenants, etc. are scheduled to move out in the fiscal period ending
January 2025 (FP 43).

Strong demand in the Shibuya area has been confirmed.
Leasing based on a targeted rent level continues to be implemented.
Total leasable area: 8,499 m2■ Scheduled Move-Outs

Period Ended
Period Ending
Period Ending
Jan. 2024
Jul. 2024
Jan. 2025(FP 41) Actual (FP 42) Forecast (FP 43) Forecast

Percentage oftenant move-out--

2sections

17.1%

Percentage oftenant move-in--

1
section

7.1%

Occupancy rate as ofthe end of period

100.0%

100.0%

90.1%

Period-end occupancy
rate after deductionof free-rent (FR) area

100.0%

100.0%

82.9%(1) August 2024 Retail

Leasing
51.8%

Expected to be occupied 6.9%
Contracted 10.8%

1 section (1,248 m2)(2) January 2025 Office 12 sections (4,660 m2)■ Current Status of Leasing･ Of (2), contracts for move-ins with nodowntime have already been concluded for 2
sections (920 m2).
･ For other sections, application forms havealready been received for multiple sections.
･ Aim for an early retenanting and an
improvement in rent level.

Continue to be occupied
30.4%* Occupancy rate as of the end of period and period-end occupancy rate after deduction of free-rent (FR) area are the occupancy rates of all leasable area including warehouse space.
Percentages of tenants moving in/out do not include the warehouse space.
(Note) Ratio against the total leasable area as of the end of the fiscal period ending January 2025. The status of the contracted area is as of March 2024.

15

200

2. Investment Performance Results and Future Outlook

Rental Revenue Results◼

Breakdown of Increase/Decrease in Rental Revenues
Period Ended January 2024 (FP 41)(Unit: million yen)

RetailOffice・ Taito-48-4・ Lexington-4・ Omotesando-4・ Kojimachi
・ Miyashita
Koen
・ Taito・ Meguro
Higashiyama
Residence-23

・ Toritsudaigaku

-4

-11

Complex・ Futako
Tamagawa

-8
-5

-4

Retail・ Lexington
・ cocoti
・ Shimokitazawa
・ Udagawa
Office・ Tokyu
Toranomon
・ OVAL・ Meguro
Higashiyama
・ Kojimachi

Upwardrent revision
2.5%(2 sections)Lease renewal atsame rent
74.4%(25 sections)

+79

+19
+17
+12

・ Akihabara・ Dogenzaka Sky
Residence・ Toritsudaigaku

+10
+10

Downward
rent revision
23.1%(1 section)

Office・ OVAL+13

Jan. 2024

Complex・ Futako Tamagawa

+4

+25

+1

+11

6,766
◼

6,654

Jan. 2024

2024年1月期（第41期）(FP 41)

Increase/decrease rate

-7.4％

Increase/decrease rate

-4.1％

Amount ofincrease/decrease
due to revision-1.8 million yen

Amount ofincrease/decrease
due toreplacement-0.3 million yen

Analysis of Increase/Decreasein Monthly Rent (Retail)
Tenantreplacement

Office-48

・ Tokyu Toranomon

-4

-73

Move-out

Replacement at
higher rent
73.5%
(2 sections)Lease renewal atsame rent
100.0%(6 sections)

Other

Jan. 2024（FP 40）increase/decrease（FP 41）

Actualin agreements

ActualPrepared on March 14, 2024

Replacement at
higher rent
39.9%
(4 sections)

2024年1月期（第41期）(FP 41)

Rent revision

Property Disposition

Tenantreplacement

Replacement at
lower rent
60.1%
(4 sections)

+26

-4

Jul. 2023

Analysis of Increase/Decreasein Monthly Rent (Office)Rent revision

+14
+5
+3
+3

・ TR Toranomon

+214

600

400

・ Udagawa

Office

000

800

◼

Move-in

Upward revision

Downward revision

Replacement at
lower rent
26.5%
(1 section)

Jan. 2024

Jan. 2024

2024年1月期（第41期）(FP 41)

2024年1月期（第41期）(FP 41)

Increase/decrease rateーIncrease/decrease rate

-9.5％

Amount ofincrease/decrease
due to revisionーAmount ofincrease/decrease
due toreplacement-0.5 million yen

16

2. Investment Performance Results and Future Outlook

Rental Revenue Outlook◼

Breakdown of Increase/Decrease in Rental Revenues
Period Ending January 2025 (FP 43)

Period Ending July 2024 (FP 42)(Unit: million yen)

Retail・ Omotesando
Office・ Akihabara
・ Miyashita Koen
Complex

Office-22-8・ Futako
Tamagawa

-5

6,766

・ OVAL

Office・ Tokyu
Toranomon+6Complex-8・ Futako
Tamagawa

+147
-104

Office・ Taito

-9
-43

-67
-49
-22

-22

・ Dogenzaka Sky-13

・ Kojimachi

6,701
-41

+33

-11

-15

+1

+26

+19
+4
-23
+10
+7

+16 6,611-155

Retail-104

Office・ OVAL・ Shibuya R・ Akihabara

Retail・ Omotesando
・ CONZE
・ cocoti
Office・ Shinjuku-4・ CONZE+15

・ Omotesando+8

Office・ Tokyu
Toranomon
・ Kojimachi+81

・ Miyashita Koen

+14

+16

Retail・ Omotesando
・ CONZE
・ cocoti
Office・ Shinjuku
・ Kojimachi
・ TR Toranomon

Office・ Taito

-13
-10
-4

-11

-5
-4
+5

・ Futako
Tamagawa

Residence・ Toritsudaigaku

Office・ Miyashita Koen
・ Kojimachi
・ Shibuya R・ Tokyu
Toranomon
Complex

Complex+6+6+4・ Futako
Tamagawa

+16

+3

+5

+3

Complex・ Futako
Tamagawa
Jan. 2024

Property（FP 41）

Disposition

ActualMove-out

Move-in+4
Downward

Increase/

Other

Jul. 2024

Property

revisiondecreaseincrease/（FP 42）

Disposition

due to RH

decrease in

Forecastagreements
Prepared on March 14, 2024

Move-out

Move-in

UpwardIncrease/

Other

Jan. 2025

revisiondecreaseincrease/（FP 43）due to RH

decrease in

Forecastagreements17

2. Investment Performance Results and Future Outlook

Rent Gap and Percentage of Tenants Facing Rent Revision◼

Change in Rent Gap◼

<Rate of Gap between Average Contracted Rent and New Market Rent>

Percentage of Tenants Facing
Rent Revision
RetailTenants facing

Unit Price (¥/Month/Tsubo)
50,0000.7%＋16.7% Largest positive gap

New market rent (Retail)Average contracted rent (Retail)New market rent (Office)

Average contracted rent (Office)rent revision

8.3%

within one year

7.6%
7.8%

Average
Rent RevisionTerm
5.71 years

-4.4%
-3.7%
40,00083.9%

Total rent gap (monthly)-11 million yen－13.4%
Largest negative gap

30,000Jul. 2024

Jan. 2025

Jul. 2025

Jan. 2026(FP 42)(FP 43)(FP 44)(FP 45) onward＋22.4% Largest positive gap

OfficeTenants facing
rent revision

within one year

8.8%

-4.8%
-3.0%

29.6%

20,000Total rent gap (monthly)
53.2%-21 million yen－29.4%

Average
Rent RevisionTerm
4.02 years

Largest negative gap
10,000End of

End of

End of

End of

End of

End of

End of

20.8%

17.2%
End of

End of

End of

End of

End of

End of

End of

End of

End of

End of

End of

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Jul. 2024

Jan. 2025

Jul. 2025

Jan. 2026(FP 42)(FP 43)(FP 44)(FP 45) onward* In calculating the average contracted rent, vacant spaces have not been included.
* In calculating the average contracted rent and new market rent, retail (suburban) held at the end of FP ended January 2017 (end of FP 27) or before (Beacon Hill Plaza, Saginuma and
Saginuma 2) have not been included.

* Calculated by dividing monthly rent for tenants facing rent revision by totalmonthly rent by asset class.

* Both the average contracted rent and new market rent include common area charges (excludes income from parking, warehousing, billboards, etc.).

* Average rent revision term is calculated by weighted average based on monthly
rent at the end of January 2024 (FP 41).

* New market rent (Office) is the value of rents appraised by CBRE K.K. by property.
* New market rent (Retail) is prepared by Tokyu REIM based on various reports and other materials.

Prepared on March 14, 2024

* Rent includes common area charges (excludes income from parking,warehousing, billboards, etc.).

18

2. Investment Performance Results and Future Outlook

Office Rent Gap
Breakdown of Monthly Office Rent (by rent gap)◼

(Unit: million yen)
500

0

709

<By Renewal Period>(million yen)

450

0

0

0

Under -10%

Under -10%400

-10% ~ 0%

0%

203

0%

Contracted rent>New market rent: 43.0%

0% ~ +10%377-10% ~ 0%350

0% ~ +10%102

Over +10%

Over +10%

300

101
47

250

0

126

Contracted rent= New market rent: 17.9%

200

0

87

147
150

0

189
Contracted rent<New market rent: 39.1%

0

100

62

50

87
0

0

End2024年1月期末
of Jan. 2024
（第41期末）(FP 41)*Rent Gap [%] = (New market rent - Contracted rent) ÷ Contracted rent
*Rent includes common area charges (excludes income from parking, warehousing,billboards, etc.).
*Rent appraised by CBRE K.K. on each property is adopted as new market rent.
Prepared on March 14, 2024

8
2

20
19
11
Jul. 2024(FP 42)

9

59
69

18.4%

121

21
24

22

10
17
13
21

Jan. 2025(FP 43)

Jul. 2025(FP 44)

61.7%

98

28.5%

37.1%

41
Jan. 2026(FP 45)
onward*Prepared based on the contracted rent of each tenant and the rent appraised by CBRE
K.K. on each property in the fiscal period ended January 2024 (FP 41) in office buildings(excluding Taito) owned at the end of the fiscal period ended January 2024 (FP 41).

19

2. Investment Performance Results and Future Outlook

Status of Electricity Charges
Countermeasures Taken to Date
Against Soaring Electricity Charges◼

１

Change in Balance of Electricity Charges (Note 4)◼
(million yen)

IncomeExpenses (common area)

Reviewed the billing method for tenants
466<Breakdown by Payment Method of Electricity Charges (Note 1) >Directcontract
20.6%

Realized therevision fromfixed type to
fixed andvariable type

Fixed
34.5%

Passthrough13.3%

Fixed and variable
60.8%

After revision (as of the end of the

fiscal period ended July 2022)

fiscal period ended January 2024)

Fixed and variable

268

382

374
313

292 292

192

225

76

67

Jan. 2022(FP 37)

379

364

326

344

312

102

101

91

Jul. 2022(FP 38)Jan. 2023(FP 39)Jul. 2023(FP 40)Jan. 2024(FP 41)

Jul. 2024(FP 42)
Forecast

Jan. 2025(FP 43)
Forecast

97

91

Charge = fixed unit price × electricity consumption

Balance11
million yen-0million yen-76
million yen-53
million yen-68
million yen-24million yen-10million yen

Charge = fixed unit price × electricity consumption + fuel cost adjustment
charges (Note 3) + renewable energy power generation promotion surcharge (Note 3)

Impactper unit

11 yen-0 yen-78 yen-54 yen-69 yen-24 yen-10 yenPass-throughThe pass-through method is applied to charge the amount charged by powercompanies

Direct contract

Tenants directly conclude contracts with power companies(Reference) Billing form of electricity charges to TOKYU REIT by power companies
Electricity charges (Note5)

Passed on to tenants by raising the fixed unit price charged
to tenants
Basic fee

<Image of Revision of Fixed Unit Price >Previous
fixed unit
price

Realized an upwardrevision for the fixed unit
price portion in contracts
with tenants paying fixedand variable charges

17 properties

Amount of
upward revision

Previous
fixed unit
price

(Note 2)

３

280

442

403

290

Before revision (as of the end of the
Fixed

389

Passthrough
13.0%(Note 2)

432

427

Fixed
Direct 6.5%
contract
19.6%

10 properties
Fixed and variable
31.6%

２

Expenses (exclusive area)

Promotion of energy-saving measures at common areas

Fee based on meterrate system(Unit price of electricity charge ×electricity consumption)

Fuel cost adjustment charges andrenewable energy power generation
promotion surcharge (Note 3)(Note 1) Based on leased area. Futako Tamagawa Rise, residential and vacant sections are not included in the calculation.
(Note 2) Number of properties revised with one or more tenants during the period from August 2022 to January 2024.
(Note 3) “Fuel cost adjustment charges” is the amount obtained by multiplying the unit price of fuel cost adjustment
charges by electricity consumption, and “renewable energy power generation promotion surcharge” is the amountobtained by multiplying the unit price of renewable energy power generation promotion surcharge by electricity
consumption.
(Note 4) Residences are not included in the aggregation. Expenses (common area) and expenses (exclusive area) are thefigures obtained by prorating the electricity charges to TOKYU REIT according to the electricity consumption ateach property (some actual figures may be calculated using the forecasted electricity consumption due to thetiming of billing).
(Note 5) Introduction costs are charged separately for properties introduced with 100% renewable energy.

Prepared on March 14, 2024

20

2. Investment Performance Results and Future Outlook

Results and Schedule of Construction Work◼

Change in Depreciation, Repair and Maintenance Expenses and Capital Expenditure(Unit: million yen)
3,000

Depreciation

2,500

Repair and maintenance expenses

Capital expenditure

2,379

2,000

Extension
work of
Tokyu
Toranomon
Building

1,500

1,746

1,602

1,000

500

950

956

861

820

Construction
work atQFRONT 950

1,062

990

1,118

447

422

375

395

178
0

◼

Jul. 2022

Jan. 2023

Jul. 2023

Jan. 2024

Jul. 2024(FP 38)(FP 39)(FP 40)(FP 41)(FP 42)(FP 43)

Forecast

Forecast

Results of Main Construction Work Conducted in
the Fiscal Period Ended January 2024 (FP 41)◼

Jan. 2025

Schedule of Main Construction Work to Be Conducted in the Fiscal
Periods Ending July 2024 (FP 42) and January 2025 (FP 43)(Unit: million yen)
Breakdown
Property nameItem of construction work

Shinjuku 2

Renovation of restroom, etc.
Renewal of sprinkler

OVAL

Total

101
62
37

Repair andCapitalmaintenanceexpenditure
expenses
7
10
-

93
52

Implementation
Property nameperiodPeriod Ending
July 2024(FP 42)37

QFRONT

Renewal of cooling tower

CONZE

Renewal of air-conditioning
facility

24

0

24

FutakoTamagawa

Renewal of air-conditioning
facility

16

0

16

Prepared on March 14, 2024

Equipment
renewal/renovation, etc.
Renewal of air-conditioning
facility

Total

825

120

705

500

87

413

Renovation of restroom, etc.

99

8

91

Dogenzaka Sky Renovation of restroom, etc.

95

6

88

143

-

143

131

-

131

Dogenzaka Sky Renovation of restroom, etc.

130

9

120

Shinjuku

Renewal of air-conditioning
facility

114

-

114

OVAL

OA floor replacement

102

-

102

QFRONT
Shinjuku 2

Akihabara
Period Ending
January 2025
(FP 43)Item of construction work

(Unit: million yen)
Breakdown
Repair andCapitalmaintenanceexpenditure
expenses

Sakuragaoka

Construction work for movein into 1F and 2F
Renewal of power receiving
and transforming equipment21

2. Investment Performance Results and Future Outlook

Interest-Bearing Debt Status◼

Major Financial Indices◼

End of Jan. 2024
(FP 41)

End of Jul. 2023
(FP 40)104.5 billion yen

104.5 billion yenーTotal borrowings(Green loans)

93.5 billion yen(13.0 billion yen)

93.5 billion yen(9.5 billion yen)ー(+3.5 billion yen)

Total investment corporation
bonds(Green bonds)

11.0 billion yen(6.0 billion yen)

11.0 billion yen(6.0 billion yen)

ー
(ー)

0.77%

0.77%

ー

Total interest-bearing debt

Average interest rate
Average duration

ChangeRatingJCR

4.37 years

4.60 years-0.23 years

100.0%

100.0%ーLong-Term: AA‐ (Stable)

A+ (Stable)

Breakdown by Repayment/Redemption Dates of Interest-Bearing Debt
(as of the End of Jan. 2024 (FP 41))(billion yen)
◼

0.80%

0.71%

10.0
100

80
8.0

3.0

1.06%

60
6.0

0.62%

43.3%

43.3%

ー

LTV based on appraisal value

34.2%

34.6%

-0.4pts

Long-term debt financed/borrowed
during period ended Jan. 2024 (FP 41)

0.70%

Acquisition capacity
LTV based on appraisal value:50%
LTV based on total assets:
50%

0.65%

Investment corporation bonds

3.0

0.62%

◼
(years)(Year)

6.0
5.0

100.7 billion yen

98.3 billion yen+2.3 billion yen

32.4 billion yen

32.4 billion yen-0.0 billion yen

20
2.0

4.60 years

Average interest rate (right axis)

4.37 years

0.77%

1.24%

6.3

5.7

5.0

6.0

0.77%

0.77%

（％）

1.2

0.78%

3.94 years

0.8

0.79%

3.0

0.6

2.0

0.4

1.0

0.2

-1%

1.07%

6.0 3.0

0.97%
1.04% 2.5

1.7 1.5-3%

3.0 2.5

1.0

1.00%

1.0
-5%

Jan.
2024
(FP 41)

1.0
4.25 years

4.0
0.80%

5.5 5.7

1%

0.72%

9.7

0

Average duration of interest-bearing debt (left axis)

4.77 years

7.0

Red: Weighted average interest rate
(excluding short-term debt)

2.5

Change in Average Interest Rate and Average
Duration of Interest-Bearing Debt

4.69 years

7.5

0.68%

0.62%

9.4

5.5 5.0 0.63%

Jul.
2024
(FP 42)Jan.
2025(FP 43)

Jul.
2025(FP 44)Jan.
2026(FP 45)

Jul.
2026(FP 46)Jan.
2027(FP 47)

Jul.
2027(FP 48)Jan.
2028(FP 49)Jul.
2028(FP 50)Jan.
2029(FP 51)

Jul.
2029(FP 52)Jan.
2030(FP 53)Jul.
2030(FP 54)Jan.
2031(FP 55)Jul.
2031(FP 56)Jan.
2032(FP 57)Jan.
2033(FP 59)Jul.
2033(FP 60)Jan.
2040(FP 73)

Procurement of long-term debt (FP ended Jan. 2024 (FP 41))・ Mizuho Bank

¥2.0 bn（3 years; 0.78%） Green⇐ ¥2.0 bn（6.5 years; 0.62%）

・ Nippon Life Insurance¥1.5 bn（8 years; 1.47%） Green⇐ ¥1.5 bn（5.5 years; 0.60%）

・ The Norinchukin Bank

¥1.0 bn（8 years; 1.31%）⇐ ¥1.0 bn（6.5 years; 0.64%）

・ Sumitomo Mitsui Trust Bank ¥1.0 bn（3 years; 0.82%）⇐ ¥1.0 bn（6.5 years; 0.62%）

Scheduled repayment of long-term debt (FP ending Jul. 2024 (FP 42))0.0

End of

End of

End of

End of

End of

End ofEndof Jul.
End
of2023Jan.
End
of Jul.
End
of Jan.
End
of Jul.
End
Jan.
Jul. 2022
Jul. 2024
Jan. of
2025
Jan.
Jul. 2023
Jan. 2024
2022(FP(FP 40) 2024
(FP 41) 2024
(FP 42) 2025
(FP (FP38) 38) 2023
(FP 42)(FP (FP43) 43)(FP39)39) 2023
(FP 40)(FP 41)
Forecast
Forecast
Forecast
Forecast
Prepared on March 14, 2024

0.0

3%

Long-term debt

0.54%

40
4.0

5%

Long-term debt repaid
during period ended Jan. 2024 (FP 41)

1.58%

LTV based on total assets

Limit of commitment lines: ¥18.0 bn

1.0

0.66%

0.53%

Long-term fixed-rate ratio

R&I

・ Development Bank of Japan¥5.0 bn（10 years; 1.58%）

Scheduled repayment of long-term debt (FP ending Jan. 2025 (FP 43))
・ MUFG Bank

¥2.5 bn（6.5 years; 0.63%）

22

2. Investment Performance Results and Future Outlook

Status of Appraisal Value (at the End of Fiscal Period)◼

Appraisal Value
End of Jan. 2024
(FP 41)
Number ofproperties

End of Jul. 2023
(FP 40)31 properties

Change31 properties-

318.7 billion yen

319.6 billion yen-0.8 billion yen

Book value

230.2 billion yen

231.8 billion yen-1.5 billion yen

88.5 billion yen

Book value (billion yen)
Ratio of unrealized gains over book value

4,000

Appraisal value

Unrealized gains

Changes in Appraisal Value, Book Value andRatio of Unrealized Gains Over Book Value◼

87.8 billion yen+0.7 billion yen

Appraisal value (billion yen)
50.0%

41.1%

39.5%

37.7%
307.1

304.1

3,000

38.5%

37.9%

321.4

319.6

40.0%

318.7
30.0%

20.0%

217.9

233.4

217.7

231.8

230.2
10.0%

2,000

0.0%

Unrealized gains
over book value

38.5％

37.9％

+0.6 pts

Cap rate

3.19%

3.20%

-0.01 pts

-10.0%

1,000-20.0%-30.0%◼

Status of Changes

Appraisal
value(Number of Properties)

End of Jan. 2024
(FP 41)

End of Jul. 2023
(FP 40)ChangeIncrease

10

12

-2

Unchanged

16

12

+4

Decrease

57-2Increase

11

2

+9

Unchanged

1

1

-

0

◼

-40.0%End of

End of

End of

End of

End ofJan. 2022

Jul. 2022

Jan. 2023

Jul. 2023

Jan. 2024(FP 37)(FP 38)(FP 39)(FP 40)(FP 41)

Change in Cap Rate
Entire portfolio

Greater SHIBUYA Area

RetailOffice(Breakdown)

NCF

Cap rate

Prepared on March 14, 2024

3.53%
3.36%

3.38%

3.37%

3.26%

3.28%

3.30%
3.20%

Decrease

19

28

-9

3.12%

Decrease

8

20

-12

2.99%

Unchanged

23

11

+12

Increase

-

-

-

3.10%

3.09%

2.99%

2.98%

3.27%
3.19%

3.00%

3.00%

2.89%

2.88%

End ofJul. 2023(FP 40)End ofJan. 2024(FP 41)2.80%
End ofJan. 2022(FP 37)

End ofJul. 2022(FP 38)End ofJan. 2023(FP 39)* Please refer to page 46 for details of appraisal value.

23

00
00
00
00
00
00
00
00
00
00
00
00
00
00
00

2. Investment Performance Results and Future Outlook

Change in NAV
NAV of TOKYU REIT will continue to increase with the growth in value of the investment area centering on Greater SHIBUYA Area◼

Change in NAV(Unit: million yen)
Unrealized gains
Reserve for reduction entry/reserve for reduction entry of replaced property (after appropriation of net income)Unitholders’ capital
NAV per unit

195,547 yen

198,120 yen

199,076 yen

193,682

194,617

191,167

205,944 yen<Breakdown of Unrealized Gains

209,749 yen

211,318 yen

211,695 yen

213,209 yen

205,050

206,584

206,953

208,433

201,331

End of Jan. 2024 (FP 41)>
Other
15 properties
31.3 billion yen

79,586

82,62981,69488,53787,802

88,02689,42986,133

35.4%

Greater
SHIBUYA Area
16 properties
57.1 billion yen

31 properties
in total
Unrealized gains

64.6%

88.5 billion yen

110,479

110,479

110,479

110,479

8,078

5,142

4,718

1,508

1,508

1,101

110,479

110,479

110,479

9,416

8,672
110,479

End of Jul. 2020 End of Jan. 2021 End of Jul. 2021 End of Jan. 2022 End of Jul. 2022 End of Jan. 2023 End of Jul. 2023 End of Jan. 2024
(FP 34)(FP 35)(FP 36)(FP 37)(FP 38)(FP 39)(FP 40)(FP 41)<Top 5 Properties with the Largest Unrealized Gains in Greater SHIBUYA Area>

Ranking

Property name<Top 5 Properties with the Largest Unrealized Gains in Other Area>

Appraisal Value atthe End of Period

Unrealized gains

Ranking

Property nameAppraisal Value atthe End of Period

Unrealized gains

1

QFRONT

38.0 billion yen

24.6 billion yen

1Tokyu Toranomon

25.0 billion yen

7.9 billion yen

2

Sakuragaoka

12.4 billion yen

6.1 billion yen

2

Shinjuku

13.5 billion yen

4.8 billion yen

3

Udagawa

12.5 billion yen

5.9 billion yen

3

TR Toranomon

14.3 billion yen

4.5 billion yen

4Shibuya R

10.1 billion yen

4.8 billion yen

4Bancho16.2 billion yen

3.6 billion yen

5

Nampeidai

7.8 billion yen

3.8 billion yen

5Kamata5.9 billion yen

2.2 billion yen

Prepared on March 14, 2024

24

2. Investment Performance Results and Future Outlook

Property Replacement and Utilization of Funds from Sales
Property Replacement
Properties located in Greater SHIBUYAArea and Tokyu Areas

Properties located in Central Tokyo(mainly office buildings)
Proactively promote property replacement based on
the “Long-Term Investment Management Strategy (Surf Plan)”Promote the exchange of properties with the sponsor based on the“Capital Re-investment Model”
Acquisition

Disposition

Acquisition

Acquisition
Disposition

OKI System Center(Land with leasehold interest)

OKI Shibaura
OfficeShibuya
Dogenzaka
Sky Building

Tokyu Bancho
Building(Additional
acquisition) (Note)

KALEIDO Shibuya
Miyamasuzaka(Note) 3.6% quasi-co-ownership interest of the trust
beneficiary interest (95.1% compartmentalized
ownership interest).

Use of Funds from Sales and Capital Gain

Acquisition of
new properties

Prepared on March 14, 2024

Funds from
sales

Capital gain

Determined by taking
various factors into accountsuch as the real estate
trading environment, EPS
improvement effect, trend ofinvestment unit price andLTV level.

Determined based on
the DPU level andpossibility of future
re-investments

Buy-back ofinvestment units
Repayment ofborrowings

Internal reserve(Provision of reserve for
reduction entry)

Distribution25

3. Sustainability Measures

Futako Tamagawa Rise Block II-a26

3. Sustainability Measures

External Certification, Green Finance, etc.
Green Finance Framework

External Certification and Evaluation◼ GRESB◼ MSCI ESG Ratings

GRESB Real Estate Assessment
4 StarGreen Star
(9th consecutive year)

GRESB Public Disclosure
A Level(Highest Rating)

BBB◼

Green Eligibility Criteria

1. Green buildings• DBJ Green Building Certification (5, 4 or 3 Stars)• CASBEE Certification (Rank S, A or B+)• BELS Certification (5, 4 or 3 Stars)• LEED Certification (Platinum, Gold or Silver)◼ Environmental Certification

Acquisition ratio of environmental certification (Note),
Number of properties certified

1

49.6%

1
0
0
0

31.5%

14
properties
14物件

54.1%

53.3%

53.2%

14
properties
14物件

14
properties
14物件

15
15物件
properties

15

5

0

0

0
22/1期末
End
of
Jan.
2022
（第37期末）(FP 37)22/7期末End ofJul. 2022（第38期末）(FP 38)23/1期末End ofJan. 2023（第39期末）(FP 39)23/7期末End ofJul. 2023（第40期末）(FP 40)• Renovation work intending to improve the number of stars or rank by one ormore for any of the environmental certifications listed in 1
• Renovation work capable of reducing energy consumption, greenhouse gas
emission or water consumption by 30% or more
• Introduction or acquisition of facilities related to renewable energy

24/1期末End of（第41期末）Jan. 2024

Target (Tokyu REIM)
Increase the acquisition ratio ofenvironmental certification (Note)of the owned properties to 70%
or more by fiscal 2025

(FP 41)

BELS Certification◼

External Evaluation
Obtained the top rank (Green 1 [F]) in the Green Finance Framework evaluation
by Japan Credit Rating Agency, Ltd. (JCR)◼

Procurement (balance as of the end of the fiscal period ended Jan. 2024)
Total: 19.0 billion yen (green bond: 6.0 billion yen, green loan: 13.0 billion yen)

* As of the end of February 2024, the acquisition ratio ofenvironmental certification was 55.4% (15 properties).

CASBEE Real Estate
Assessment Certification

2. Renovation work, etc.

20

10

7
properties
7物件* The use by TOKYU REIT of any MSCI ESG RESEARCH
LLC or its affiliates (“MSCI”) data, and the use of
MSCI logos, trademarks, service marks or index
names herein, do not constitute a sponsorship,endorsement, recommendation, or promotion of
TOKYU REIT by MSCI. MSCI services and data are theproperty of MSCI or its information providers, and areprovided “as-is” and without warranty. MSCI names
and logos are trademarks or service marks of MSCI.

LEED Certification

Task Force on Climate-related Financial Disclosures (TCFD)(Tokyu REIM)• Endorsed TCFD recommendations and joined the TCFD Consortium(August 2022)

Rank S: 3 properties
Rank A: 10 properties★★: 1 property

Gold: 1 property(Note) Based on total floor space (excluding land with leasehold interest). Even when a certification is acquired only
for a certain use at properties including multiple uses, the area for which environmental certification is
acquired is calculated based on the total floor area of the said property. The figures are calculated by using
the exclusive area based on ownership ratio when part of the ownership interest is held at buildings undercompartmentalized ownership and the total floor area or exclusive area based on ownership ratio when part ofthe ownership interest is held at co-owned properties.
Prepared on March 14, 2024

• Analyzed the impact of climate change on businesses based on multiple scenarios(less than 1.5℃・less than 2℃, 4℃). Identified and assessed the risks andopportunities for business activities, and implemented disclosure in line with the
TCFD recommendations (March 2023)

27

3. Sustainability Measures

Environmental Measures
Reduction of Energy Consumption and Greenhouse Gas(“GHG”) Emissions / Reduction of Water Consumption
and Waste◼

◼

Ratio of properties introduced 100% renewable energy (Note 3)
78.2% (27 properties)

Setting of Environmental Performance Targets• Greenhouse gas emission intensity (Note 1)
46.2% reduction from the level for fiscal 2019 in fiscal 2030
Achieve carbon neutrality by fiscal 2050◼

Major Construction Work Related to Reduction of Energy
Consumption(fiscal period ended Jul. 2023 (FP 40) & fiscal period ended Jan. 2024 (FP 41) )• Renewal of air conditioning equipment: 7 properties Reduction of electricity consumption(Omotesando, CONZE, Taito, TR Toranomon,<Progress rate of switching to LED at
exclusively owned office areas (Note 4)>
Akihabara, Dogenzaka Sky, Futako Tamagawa)• Energy consumption intensity and water consumption intensity (Note 1)
5% reduction from the level for fiscal 2019 by fiscal 2024
• Waste recycling rate (Note 2)
Maintain the level of fiscal 2019 or higher by fiscal 2024◼

Introduction of 100% Renewable Energy• Renovation of restrooms: 3 properties Water-saving(Shinjuku 2, Ebisu, Futako Tamagawa)Environmental Performance Data
FY2022

vs. FY2019

264,635-114,229(-30.2%)

Scope 1

78

70

Scope 2161

-5,306

Scope 3

1,358

-12,206

Consumption rate
(t-CO₂/m2)

0.009-0.082(-90.4%)

Water consumption(m³)

142,675-47,151(-24.8%)Waste discharge (Note 2)
(t)

928

-1,837(-66.4%)

Greenhouse gas
emissions(t-CO₂)* Please refer to TOKYU REIT’s website for other items (https://www.tokyu-reit.co.jp/eng)(Note 1) The figures for greenhouse gas, energy and water are counted for each fiscal year from February to January of
the following year.
(Note 2) The figures for waste are counted for each fiscal year from April to March of the following year.
Prepared on March 14, 2024

89.3%

80.3%
67.4%

<FY2022 (Feb. 2022 - Jan. 2023)>

Energy consumption
(GJ)

86.5%

◼

電気使用量の削減

Introduction of Green Leases

Reduction of electricity consumption• Green lease introduction rate: 78.3% (Note 5)
22/7期末End of◼

Preserving Biodiversity

23/1期末End of23/7期末End of24/1期末End ofJul. 2022 （第39期末）Jan. 2023 （第40期末）Jul. 2023 （第41期末）Jan. 2024（第38期末）(FP 38)(FP 39)(FP 40)(FP 41)• Developed “open areas with water andgreenery,” including rooftop greening of alarge-scale facility as part of our aim topursue urban development in harmony withthe surrounding area’s abundant naturalenvironment(Futako Tamagawa)• Acquisition of JHEP certification(Futako Tamagawa)(Note 3) Based on total floor area of properties under management excluding land with leasehold interest. The figures
are calculated by using the exclusive area based on ownership ratio when part of the ownership interest is heldat buildings under compartmentalized ownership and the total floor area or exclusive area based on ownership
ratio when part of the ownership interest is held at co-owned properties.
(Note 4) Based on total leasable area.
(Note 5) The figure is the percentage of green leases among newly signed leases (including amendment memorandums)
during the fiscal period ended January 2024 (FP 41) based on the number of leases (excluding Futako
Tamagawa and residential sections).

28

3. Sustainability Measures

Social Contribution◼

Initiatives for Social Consideration

Initiatives for the Officers and Employees of theInvestment Management Company

Initiatives for Local Communities

Allocation and Development of Personnel
Sufficient in Both Quality and Quantity

Regional disaster prevention base
(Futako Tamagawa Rise)

Training program◼

Implemented various training for all officers andemployees

Secured stockpiles and conducted training to accommodate
people who have difficulty returning home in preparationfor emergencies©Futako Tamagawa Rise◼

• Compliance training: 8 times(actual results for fiscal 2022)

Held an event to enjoy learning about disaster preparedness(Futako Tamagawa Rise)• Diversity training (2023)• Training by job grade (2023)

Held an event for local residents to learn about preparing for disasters◼

◼

Established the roof garden as a venue for learning (Futako Tamagawa Rise)At the roof garden, various events such as wildlife observation sessions and vegetablegardening workshops are held◼

◼

Regularly implement disaster prevention drills at owned
properties

Implementation of training for tenant employees(Futako Tamagawa Rise)

Tenant satisfaction survey (Futako Tamagawa Rise)
Conducted satisfaction surveys targeting all tenant
employees for the purpose of improving tenant satisfaction

Disclosure of Information to Stakeholders◼

Supported self-development of officers and employees with enhanced subsidy
programs for acquiring and maintaining qualifications• Major qualifications
6 Real Estate Appraisers
1 Certified public accountant
29 Real Estate Notaries
1 First-Class Architect
9 ARES Certified Masters
2 Second-Class Architects
5 Certified Building Administrators
1 AML/CFT Officer, etc.
7 Certified Rental Property Managers• No. of people who utilized the subsidy programs for acquiring and maintaining
qualifications: 12 (actual results for fiscal 2022)©Futako Tamagawa Rise

Creation of a Healthy Organizational Culture and Work
Environment

Implementation of disaster prevention drills

Conducted training to improve tenant employees’
customer service capabilities◼

Support for the acquisition of qualifications◼

Installed disaster-relief vending machines(6 properties: 8 machines)

Improvement of Safety and Comfortof TenantsIssued “Sustainability Report 2022”

Diversity training (2023)◼

Development of comfortable work environment• Ratio of female officers and employees, and ratio of female managers:
48% and 39%• Percentage of employees taking annual paid holiday:
75.8% / Average overtime hours: 20 hours (actual results for fiscal 2022)• Enrichment of childcare and nursing care leave system,
short-time work system, etc.
• Establishment of health committee:
Appointment of industrial physician, interview with officers and employees• Implementation of stress check for officers and employees:
Consultation rate: 93.3% (actual results for fiscal 2022)• Established in-house rules on remote work/shortened working
hours and staggered working hours• Promoted the use of NewWork(Note) (satellite office)• Implemented renovation work of the office space at the Investment
Management Company with an aim to promote communication andimprove comfort, etc.
Office (after renovation)(Note) Jointly used satellite shared office for corporations operated by Tokyu Corporation.
Prepared on March 14, 2024

29

3. Sustainability Measures

Governance (1)◼ Governance Structure of TOKYU REIT

Involvement of independent outside board members

Tokyu REIM
(Investment management company)
Accounting Auditor: PricewaterhouseCoopers Japan LLC

Accounting Auditor: ERNST & YOUNG SHINNIHON LLC

General Meeting of Unitholders

Shareholders’ Meeting
Legal Advisor

AuditorsMori Hamada & Matsumoto LPC

TOKYU REIT’s Board of Directors
Executive Director (Note 1): Yoshitaka Kimura
Supervisory Director (Note 2):

Administrative
FunctionsOutsourcing
Asset Custody
Outsourcing

Maruhito Kondo,
Takashi Aikawa

Investment Management
Outsourcing

Administrative
FunctionsOutsourcing

Investment Management Company

Tokyu REIM

Auditor Office
General Administrator
Asset Custodian

Mitsubishi UFJ Trust and Banking
Corporation
General Administrator of Investment
Corporation Bonds

Investment Committee

Sustainability Promotion Committee

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
The Norinchukin Bank

Board of Directors

Compliance andRisk Management Committee

President and Chief Executive Officer (CEO)Executive Vice President

Executive Officer,
Chief Compliance Officer (CCO)(Note 1) Substitute Executive Director:
Tatsumi Yamagami (appointed in April 2023)(Note 2) Substitute Supervisory Director:
Minako Matsumoto (appointed in April 2023)

Status of Board of Directors’ Meetings Held (Ended Jan. 2024 (FP 41))

Disclosure Committee

Executive Officer,
Chief Investment Officer (CIO)

Executive Officer,
Chief Financial Officer (CFO)• 10 meetings held (1.6 meetings per month)• 19 resolutions and 62 reports in total (1.9 resolutions and 6.2 reports per meeting in average)• Attendance
Yoshitaka Kimura (Executive Director) 100%
Maruhito Kondo (Supervisory Director) 100%
Takashi Aikawa (Supervisory Director) 100%
General Administrator 100%

Cooperation between Supervisory Directors and Accounting Auditor• Accounting Auditor and directors of TOKYU REIT meet each period to exchange information• Financials (Ended Jan. 2024 (FP 41)) audited by:Company: PricewaterhouseCoopers Japan LLC (Note 3)
Name: Takeshi Yamaguchi (1 period), Takashi Yabutani (2 periods)*( ) indicates number of continuous audit periods to date
(Note 3) PricewaterhouseCoopers Arata LLC changed its name to PricewaterhouseCoopers Japan LLC on December 1, 2023
Prepared on March 14, 2024

Asset
Transaction

Portfolio
Management

Business Planning＆ Development

Finance and IRGeneralAdministration

Compliance
OfficeBoard of Directors
Function: Decision-making on fundamentally important issues concerning management strategy andbusiness execution
Members: Representative director and president, representative director and executive vicepresident, 3 full-time directors, and 2 part-time directors from sponsor and 2 part-time
auditors
Compliance and Risk Management Committee
Function: Advisory body to the board of directors on compliance and risk management and relatedparty transactions
Members: 2 part-time directors, and 2 external committee members
Investment Committee
Function: Advisory body to the board of directors on investment decisions
Members: Representative director and president (committee chairman), representative director andexecutive vice president, 3 directors and 1 real estate appraiser30

3. Sustainability Measures

Governance (2)◼ Investment Management Fee◼ Measures Against Conflicts of Interest

Incentive system in which “the Investment Management Company isin the same boat as unitholders”
Investment management fee is linked to “appraisal value of assets,” “cash flow” and“investment unit price,” which are the three indexes indicating unitholder value, andacquisition incentive fees, etc. that are not recorded in the income statement are not
adopted.

<Investment Management Fee Structure and Remuneration>
Remuneration

Base 1(Linked to asset
valuation)

Base 2

Criteria for calculation

Reason for adoption
Asset value at the end of previous period ✕ 0.125%(0.120% for the portion exceeding 200 billion yen and 300 billion
yen or less)(0.115% for the portion exceeding 300 billion yen)

Remuneration
Ended Jan. 2024
(FP 41)(Linked to cash flow)

Incentive Fee(Linked to investment
unit price)

It will motivate the increase in investment unit price and efforts on
the overall asset management business such as finance, IR,governance and compliance in addition to the normal asset
management business will be enriched

Rules on Related-Party Transactions
Self-Imposed Rules for Transactions with Related Parties<Acquisition/Disposition>• Upon disposition: Disposition price ≧ Appraisal value by third party¥392 mn• Obtain second opinion on appraisal value from third party<Property Management>• Obtain opinion on reasonableness of fee levels from third party andperformance check<Leasing>¥324 mn

Motivating the increase of distributions through the increase in rent
revenue and reduction of expenses(Average investment unit price in current period - Highest average
investment unit price over all previous periods) ✕ number of units ✕0.4%

Development of self-imposed rules on transactions with relatedparties and measures to avoid conflicts of interest throughmultiple checks.

• Upon acquisition: Acquisition price ≦ Appraisal value by third party

It will be linked not to the total investment amount but to the total
asset valuation and motivates the enhancement of asset value evenafter the acquisition of properties
Standard cash flow in current period (Note) ✕ 6.0%
(5.7% for the portion exceeding 5.0 billion yen and 7.5 billion yen orless)(5.4% for the portion exceeding 7.5 billion yen)

Strict rules support sponsor collaboration• Appropriate conditions set on market level and proactive disclosureof leasing conditions

Double Checks for Due ProcessNot
occurredInvestment Management
Company Level
Deliberation by Compliance andRisk Management Committee(including two external members)

REIT Level
Prior approval of the Board of
Directors (only by two
independent supervisory
directors)(Note) Standard cash flow is obtained by subtracting an amount equivalent to 50% each of profit or loss from the sale of specified assets
and profit or loss from the valuation of specified assets from net income before income taxes, plus depreciation and amortizationof deferred assets.
* Apart from the above, TOKYU REIT pays predetermined fees, etc. to an asset custodian, general administrators, property managementcompanies, and an independent auditor, among others.

Prepared on March 14, 2024

Conflict-of-interest prevention system and proactive andtimely disclosure of content of transactions31

4. Investment Management Strategy

Aoyama Oval Building32

4. Investment Management Strategy

Investment Policy
Investment in “Highly Competitive Properties” in “Areas with Strong Growth Potential”◼

Areas with Strong Growth Potential◼

・ Investment limited to the Tokyo Metropolitan Area
・ Concentrated investment in Tokyo’s central five wards where
office demand concentrates and in areas along Tokyu rail lines
where the population continues to be on an upward trend(85% or more of investments are conducted in these areas)
Holding ratio based on acquisition priceInvestment areas

Focusedinvestment
areas

Other

As of the end of
Jan. 2024 (FP 41)

・ Focus on location
Office:Primarily located within a seven-minute walk from the nearest station
Retail:Various surveys and analysis in many aspects including purchasing power
potential of the trade zone, growth potential, compatibility of tenants with thetrade zone, and status of competition are conducted
Residences:
Primarily located within a ten-minute walk from the nearest station

・ Use of target properties
1. OfficeTokyo Central 5 Wards
85% or more

100%

Tokyu Areas
Tokyo Metropolitan Area
centering on Tokyo,
Kanagawa, Saitama andChiba Prefectures excluding
Tokyo Central 5 Wards andTokyu Areas

Highly Competitive Properties

2. Retail3. Residences
4. Complexes that include one of the 1. to 3. above (Note 1)

・ Minimum investment amount per property
15% or lowerー

Demographics in areas served by Tokyu's railway lines(Total population)

4.0 billion yen, in principle, except for the following cases (Note 2)
Tokyu Areas(including Shibuya Ward)

Tokyo Central 5 Wards(excluding Shibuya Ward) (Note 3)

Land with leaseholdinterest

1.0 billion yen

2.0 billion yen

1.0 billion yen

・ Earthquake resistanceControl earthquake risks due to investment limited to regions through portfolio PML(at 10% or lower)<Total return orientation>
In addition to income gains of each period, also focus on future property
value (terminal value) stability and liquidity

Source: National Population Census (2000 - 2020)
National Institute of Population and Social
Security Research (2018 estimates)

Prepared on March 14, 2024

(Note 1) When a hotel is included in the complex, the hotel portion shall, in principle, meet the following
criteria.
1. A lease agreement which can reduce business/operational risks of the hotel (e.g., fixed rent +sales-linked rent, etc.) shall be concluded.
2. The tenant (the body operating the hotel) shall be Tokyu Corporation and its subsidiaries or shallpossess operational skills equivalent to those of Tokyu Corporation and its subsidiaries.
(Note 2) The portfolio shall maintain 80% or higher ratio of properties with the investment amount perproperty of 4 billion yen or larger.
(Note 3) Chiyoda, Chuo, Minato and Shinjuku wards, and other major commercial and retail districts of Tokyo.

33

4. Investment Management Strategy

Long-Term Investment Management Strategy (Surf Plan)
Value & Contrary
Through a value and contrarian investment approach(Note) that focuses on the cyclicalityof real estate prices, TOKYU REIT secures capital gains while replacing properties andachieves improvement of portfolio quality(rejuvenating average age of properties, etc.).

＋
2nd phase

3rd phase

4th phaseReal Estate
Price
Acquire0○
Preparation
Phase

Sell properties acquired in 1st phase

Sell properties acquired in 1st-2nd phases

Sell properties acquired in 1st-3rd phases*No assumption of short-term trading*No assumption of short-term trading*No assumption of short-term trading○

Acquisition
Phase

△

○

△

Sales-andReplacement
Phase

Preparation
Phase

○

Acquisition
Phase

△

○

△

Sales-andReplacement
Phase

Preparation
Phase

○

Acquisition
Phase

△

△

Sales-andReplacement
Phase

Preparation
Phase○ Public Offering－△ Capital Gain

(Note) It is not intended for TOKYU REIT to engage in short-term trading in property investments.

Prepared on March 14, 2024

34

4. Investment Management Strategy

Investment Strategy Through Sponsor Collaboration (Capital Re-investment Model)
Continuous value enhancement of portfolio with overlap of investment target area of sponsor and TOKYU REIT
Capital Re-investment

Investment
Capital Market

Rules on Related-Party
Transactions

ReturnProperties

Properties
andProceeds

Third Parties
Proceeds

Tokyu Corporation (sponsor)
Re-investment mainly in TOKYU REIT’s
target areas• Railway network enrichment and safety measures• Office, retail and residential real estate development

Lower vacancy rate, shorten downtime,higher rent, lower cap rate, etc.

in Tokyu Areas• Shibuya Station area redevelopment

Maintain and enhance the portfolio
value of TOKYU REIT

Improve the added value and population/town
visitors’ growth in TOKYU REIT’s target areas

Sponsor Collaboration in Line with Stages of Life of Property (medium to long term)
Aim for ceaseless value enhancement in investment targeted area through division of roles with sponsor

Property value

Increase of property value

Quality development of Tokyu Areas
leveraging know-how of sponsor group

Aging and change inexternal environment

Flow of time

Decrease
Owner

Sponsor

TOKYU REIT

Sponsor

TOKYU REIT

Stages of property

Development

Management

Redevelopment

Management

TOKYU REIT―

Attracting prime tenants
Effective renovations―

Attracting prime tenants
Effective renovations

SponsorEnhancement of added value of
Tokyu Areas throughproperty development

Re-investment of funds fromsales in Tokyu Areas, etc.

Enhancement of added value of
Tokyu Areas throughredevelopment

Re-investment of funds fromsales in Tokyu Areas, etc.

Division of roles

Prepared on March 14, 2024

35

4. Investment Management Strategy

Sponsor Collaboration◼

Status of Pipeline Support◼

TOKYU REIT owns preferential negotiation rights to acquire
properties owned by the sponsor at the time of their disposal

Acquired from
non-sponsor

Acquired throughsponsor support

58%(219.0 billion yen)68%
(256.9 billion yen)

Third party
121.4 billion yen
32%

Total
Acquisition Price

Pipeline support
159.4 billion yen
42%

Aims for enhancement of asset value by attracting
tenants and making strategical investments throughcollaboration with Tokyu Group

Aoyama Oval Building
Trust beneficiary interest of 97.1%
compartmentalized ownership interestis owned jointly with Tokyu
Corporation
TOKYU REIT
Own 47.5% quasi-co-ownershipinterest
Tokyu Corporation
Own 52.5% quasi-co-ownershipinterest

378.4
billion yen
Reference or
brokerage by groupcompanies
52.2 billion yen
14%

Collaboration Cases

Tokyu Bancho Building
Warehousing
45.2 billion yen
12%Trust beneficiary interest of 95.1%
compartmentalized ownership interestis owned jointly with Tokyu
Corporation
TOKYU REIT◼

Own 52.6% quasi-co-ownershipinterest

Example of Capital Re-investment Model

Tokyu Corporation

Tokyu Saginuma Building
1978 : Developed by sponsor
2003 : Acquired from sponsor
2011 : Renewal (GMS→NSC)
2016 : Transferred to sponsor
Current status : Redevelopment aroundstation is in progress

Own 47.4% quasi-co-ownershipinterest

Futako Tamagawa Rise
TOKYU REIT,
Tokyu Corporation,
Tokyu Land Corporation
Jointly hold compartmentalized
ownership with Tokyu Corporation,
Tokyu Land Corporation, etc.

Prepared on March 14, 2024

36

5. About Our Sponsor

Tokyu Bancho Building37

5. About Our Sponsor

Overview of Tokyu Corporation◼ Tokyu Corporation• With Shibuya as its base, Tokyu Corporation develops
railway businesses on 9 lines with a total length of 110.7
km in the metropolitan area in the southwestern part ofTokyo and Kanagawa which are used by 2.70 million
people per day (Note 1) (second-largest number of users
among major private railways following Tokyo Metro).

＜ Tokyu Areas ＞• Tokyu Corporation develops and owns many properties
mainly in the Tokyu Areas and develops businesses invarious fields that are closely related to daily living.

◼ Tokyu Areas
Advantage① High population and population density② Several popular areas with demographics that are
expected to grow
③ Size of area economic zones
Area: 492 km2Population: 5.51 million (including foreign nationals)(Accounts for 15% of Tokyo Metropolitan Area
(Tokyo and three surrounding prefectures)) (Note 2)
Population density: 11,200 persons/km2(Tokyo: 6,288 persons/km2)
Per capita taxable income : 1.5 times the national average (Note 3)

Source: Created by processing administrative area data and railroad data from the Ministry of Land, Infrastructure,
Transport and Tourism's National Land Data Download Site. （https://nlftp.mlit.go.jp/ksj/）

Size of consumption spending in areas servedby Tokyu’s railway lines (estimated): 8.6 trillion yen (Note 4)(Note 1)
(Note 2)
(Note 3)(Note 4)

Result of fiscal 2022.
Basic Resident Register as of January 1, 2022.
Personal income indicator for fiscal 2021.
“Average consumption expenditure of all households” of Tokyo’s wards, Yokohama City and Kawasaki City.

Prepared on March 14, 2024

38

5. About Our Sponsor

Major Properties Owned by Tokyu Corporation and Its Subsidiaries
Tokyu Corporation owns and develops many rental properties along its railway lines

New Airport Line:
Ota Ward and TOKYU RAILWAYS Co., Ltd. established Haneda Airport Line Co., Ltd. in October 2022 as the founder of the third sector that plays aleading role in the development of the New Airport Line.
Prepared on March 14, 2024

39

5. About Our Sponsor

Status of Redevelopment Around Shibuya Station (1)Redevelopment of Greater SHIBUYA (extensive Shibuya area) is in progress mainly by the Tokyu Group◼ Image of the area around Shibuya Station after completion(around 2027)
SHIBUYA STREAM
Opened in Sep. 2018

SHIBUYA AXSH
Scheduled to open in thefirst half of fiscal 2024
Shibuya Hikarie
Opened in Apr. 2012

Shibuya Sakura Stage
Completed in Nov. 2023

SHIBUYA SCRAMBLE SQUARE (Phase I)
East building
Opened in Nov. 2019SHIBUYA SCRAMBLE SQUARE (Phase II)
Central building/West building
Scheduled to open in fiscal 2027 (Note)
Scramble crossing

Shibuya FUKURAS
Opened in Nov. 2019
Shibuya Mark City

Provided by: Shibuya area management(Note) The schedule may be changed in the future.

TOKYU REIT owns 16 properties in Greater SHIBUYA(extensive Shibuya area) where redevelopment is in progress
Acquisition Price: 130.3 billion yen* Some properties are only partially owned by TOKYU REIT or Tokyu Corporation and its subsidiaries.
* As of the date of this presentation, TOKYU REIT has no plan to acquire properties owned by Tokyu Corporation and its subsidiaries,
and properties planned by the Tokyu Group.
Prepared on March 14, 2024

Appraisal Value: 178.2 billion yen

QFRONT

Omotesando

Lexington

Nampeidai

Sakuragaoka

CONZE

Ikejiri-ohashi

OVAL

Shibuya R

Ebisu

Udagawa

cocotiMiyashita
Dogenzaka
Koen
Skyand Meguro Higashiyama, Nakameguro40

5. About Our Sponsor

Status of Redevelopment Around Shibuya Station (2)１

SHIBUYA SCRAMBLE
SQUARE

Phase I (East building)Opened in November 2019

Phase II(Central building/West building)
Scheduled to open in fiscal
2027 (Note)

2

SHIBUYA AXSH

3

Shibuya Sakura Stage

Scheduled to open in the first half of fiscal 2024

Provided by: SHIBUYA SCRAMBLE SQUARE

Completed in November 2023

Provided by: Tokyu Land Corporation

Provided by: Shibuya 2-Chome 17 District Urban
Redevelopment Association

4

Shibuya Upper West
Project

Scheduled for completion in fiscal 2027

Image by Proloog / Copyright: Snøhetta
Provided by: Tokyu Corporation

Implementing
body

Tokyu Corporation,
East Japan Railway Company,
Tokyo Metro Co., Ltd.

Implementing
body

Shibuya 2-Chome 17 District Urban
Redevelopment Association(Members: Tokyu Corporation, etc.)

Implementing
body

Shibuya Station Sakuragaoka-guchi Area Urban
Redevelopment Association(Member: Tokyu Land Corporation)

Implementing
body

Tokyu Corporation,
L Catterton Real Estate,
Tokyu Department Store

Usage

Office, store, observation
facility, parking lot, etc.

Usage

Office, store, parking lot, etc.

Usage

Office, store, residence, church, serviced apartment,
parking lot, etc.

Usage

Retail, hotel, residence, etc.

Major tenants<Office>
CyberAgent, Inc.,
MIXI, Inc., WeWork

Floors

B4/23F

FloorsBlock A: B4/39F
Block B: B1/30F
Block C: 4F

Floors

B4/34F

FloorsEast building:Central building:West building:B7/47F
B2/10F
B5/13F(Note) The schedule may be changed in the future.
Prepared on March 14, 2024

41

6. Appendix

Meguro Higashiyama Building42

6. Appendix

Portfolio Summary (1)◼

Portfolio Overview
Number ofproperties

Occupancy rate

Number oftenants

Leasable area

Acquisition priceNOI yield after
depreciation

NOI yield (Note 1)(Note 1) (Note 2)

Retail8100.0％

23,911 m2

5267.3 billion yen

4.36%

3.77%

Office19100.0％

119,730 m2

166

153.6 billion yen

4.28%

3.51%

Residence2

100.0％

2,682 m227

2.7 billion yen

3.97%

2.56%

Complex1

100.0％

18,919 m2

146

20.2 billion yen

4.69%

3.38%

Land withleasehold interest

1

100.0％

497 m21

1.1 billion yen

3.40%

3.40%

Sum total

31

100.0%

165,741 m2

392

244.9 billion yen

4.33%

3.56%

(Note 1) Based on acquisition price.

End of Jan. 2024
(FP 41)

End of Jul. 2023
(FP 40)Weighted Average
Property Age

24.9 years

24.4 years

Portfolio PML (Note 3)

3.4%

3.4%

(Note 2) NOI yield after depreciation is obtained by subtracting depreciation and loss from the retirement of fixed assets from NOI.
(Note 3) Probable Maximum Loss (PML) refers to the expected maximum damages caused by earthquakes.
The amount and percentage of damages in the event of the occurrence of the largest earthquake that is expected to happen once in 475
years are used by TOKYU REIT.
Calculations are done after conducting assessment of building conditions of individual properties, conformity to architectural design,assessment of ground conditions of the relevant site and assessment of seismic performance.
Damages in this instance refer to property damage and do not include secondary damages such as loss of life and damages to surrounding
facilities. In addition, damages are limited to structural damage and damages to facilities and the building’s interior and exterior, and do notcover damages caused by earthquake fire which started within the property and fire damage from surrounding facilities.

<Leasable Area by Use>
Land with leasehold interest

Percentage of fixed rent: 95.2％
Percentage of sales-linked rent: 4.8%

0.3%

Residence

1.6%<Rental Revenues by Use>

Complex

11.4%

Retail
14.4%<Locations Within Walking Distance from Station>(Note 1)

Land with leasehold interest
0.3%

Residence

Complex

0.9%

9.6%

5 minutes

Percentage of fixed rent: 100％or more17.6%

Retail
28.2%

7,213

165,741 m2

Office72.2%

4 minutes

Within a

1 minute

8.1%

3-minute walk

41.9%

million yen

from station

Office3 minutes

61.0%

21.9%

74.4％
2 minutes
10.6%

Prepared on March 14, 2024

43

6. Appendix

Portfolio Summary (2)Portfolio Data◼

<Area Ratio><Land / Building Ratio><Property Ratio>

Based on acquisition price

Based on book value

Based on appraisal value

Tokyo Central<Composition Ratio for
NOI of Each Property>

Land with

5 Wards

80.5%

Real Estate

Tokyu Areas
Tokyu Areas

Tokyo Central(excl. Shibuya Ward)

4 Wards

19.5%

leasehold interest(excl. land)

64.7%

QFRONTQFRONT

0.5%

9.0%

11.9%

14.2%

Tamagawa

Toranomon

8.9%

7.8%

(Chiyoda, Chuo,

35.3%

cocoti

Ratio ofTop 5 Properties

7.3%

Top 5 Properties

39.2%

FutakoOthers60.8%

Tamagawa

Others

6.4%

63.5%

Shibuya Ward
45.2%

(excl. land with leasehold interest)

7.0%
Shibaura

36.5%

6.1%
Tokyu
Toranomon

OVAL

Land

cocoti

Ratio of

Minato andShinjuku wards)

Futako

Tokyu

5.5%

5.7%

85.3%

◼

Major Tenants◼

Tenant nameBusiness
category

1

OKI Electric Industry Co., Ltd.

Electric equipment2

Rakuten Group, Inc.

3

ServiceTokyu Corporation

Real estate

Property nameShibaura

Futako Tamagawa (Note 2) Mar. 31, 2024 (Note 3)

Culture Convenience Club Co., Ltd. Other financial business

5

Sansan, Inc.

6

FUJITSU LIMITEDElectric equipment

7

Relo Group, Inc.

Other financial business8

Japan Post Insurance Co., Ltd.

Ratio
(Note 1)

18,102.32

10.9%

12,278.49

7.4%

Nampeidai

Dec. 31, 2031

7,148.18

4.3%

Sakuragaoka

Dec. 31, 2031

3,878.36

2.3%

Nakameguro

Sep. 26, 2068

497.02

0.3%

Futako Tamagawa (Note 2) Mar. 31, 2025

134.780.1%

Dec. 14, 2039

4,502.93

2.7%

QFRONT
4

Expiration dateMar. 31, 2030

Leased area
(m²)

Futako Tamagawa (Note 2) Aug. 31, 2025

907.95

0.5%

OVAL (Note 4)

Dec. 31, 2024

4,660.28

2.8%

KamataSep. 30, 2024 (Note 3)

4,593.33

2.8%

Shinjuku

Jul. 31, 2024 (Note 3)

1,955.57

1.2%

Shinjuku 2

Mar. 31, 2025

1,683.22

1.0%

TR Toranomon

Apr. 30, 2024 (Note 3)

3,553.89

2.1%

cocotiNov. 30, 2024

1,584.79

1.0%

Omotesando

Apr. 30, 2024

1,317.44

0.8%

Nov. 30, 2027

2,374.36

1.4%

Total of top 10 tenants in leased area

69,172.91

41.7%

Total leased area as of end of Jan. 2024 (FP 41 (31 properties))

165,709.27

100.0%

Service9

THINK FITNESS Corporation

10

PCI Holdings, Inc.

Insurance
Service

Other financial business Tokyu Toranomon(Note 1) “Ratio” indicates ratio of tenant’s leased areas to total leased area of 31 properties held as of the end of the fiscal period ended Jan. 2024 (FP 41).
(Note 2) The leased area at Futako Tamagawa is based on the percentage of co-ownership interest of the acquired compartment under compartmentalized
ownership.
(Note 3) Expiration date of contract for largest leased area among multiple leased areas is indicated.
(Note 4) Leased area for the 47.5% quasi-co-ownership interest of trust beneficiary interest of the 97.1% compartmentalized ownership interest isindicated for the tenant of OVAL.

Prepared on March 14, 2024

Distribution of Tenants by Business Category(based on leased area) Government office: 0.6% Others: 3.2%

Of which, 18.8% is
QFRONT tenants

Apparel:
22.3%

Electricity/gas: 0.7%
Transport: 1.6%
Construction: 2.1%
Information/communications:
2.5%
Retail: 3.0%

Service:27.2%

Wholesale:

6.1%

Others:45.0%

RetailFitness:
13.9%

Real estate:
12.9%

Restaurants:
10.0%

OfficeFinance/insurance:
18.9%

Manufacturing:
21.1%

Information/communications: 4.4%
Education: 2.1%
Hospital: 2.3%

44

6. Appendix

NOI Yield for Each Property (Ended Jan. 2024 (FP 41))
Overall

4.33％

4.36％

RetailOffice

4.28％

Residence

3.97％(Unit: million yen)
Name of Property

QFRONT
Lexington
Omotesando
Udagawa
cocotiCONZE
Shimokitazawa
Jiyugaoka
Retail Total
Nampeidai
Sakuragaoka
Taito
KamataTR Toranomon
Ikejiri-ohashi
Kojimachi
Shinjuku
Akihabara
Shibuya R
Tokyu Toranomon
Shinjuku 2
Bancho
Ebisu
Dogenzaka Sky
Shibaura
Miyashita Koen
OVAL
Meguro Higashiyama
Office Total
Toritsudaigaku
Musashikosugi
Residence Total
Futako Tamagawa
Complex Total
NakameguroLand with leasehold interest Total
Total
Prepared on March 14, 2024

Acquisition
price

Ended
Jan. 2024(FP 41)
NOI

15,100
4,800
5,770
6,600
24,500
5,116
2,257
3,160
67,303
4,660
6,620
1,780
4,720
10,177
5,480
9,030
9,000
4,600
5,270
18,5502,750
13,780
4,500
8,100
11,9006,000
18,6008,100
153,617
1,200
1,500
2,700
20,20020,2001,150
1,150
244,971

482
113
125
209
376
73
35
62
1,479
143
201
93
149
239
157
147
224
128
181
296
52
270
67
150
326
86
260
163
3,341
22
31
54
477
477
19
19
5,372

NOI
yield

6.34%
4.71%
4.30%
6.28%
3.05%
2.86%
3.14%
3.95%
4.36%
6.11%
6.04%
5.98%
6.29%
4.67%
5.71%
3.24%
4.95%
5.53%
6.83%
3.17%
3.81%
3.90%
2.96%
3.68%
5.44%
2.87%
2.78%
4.00%
4.28%
3.76%
4.14%
3.97%
4.69%
4.69%
3.40%
3.40%
4.33%

Contribution
to NOI
0.0%

Complex4.69％

Land withleasehold interest 3.40％

Overall average:
4.33％

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

8.98%
2.12%
2.33%
3.89%
7.01%
1.37%
0.67%
1.17%
27.54%
2.67%
3.75%
1.74%
2.79%
4.46%
2.94%
2.75%
4.18%
2.39%
3.38%
5.51%
0.98%
5.04%
1.25%
2.80%
6.07%
1.61%
4.85%
3.04%
62.20%
0.42%
0.58%
1.01%
8.88%
8.88%
0.37%
0.37%
100.00%45

6. Appendix

Appraisal Value by Property (End of Fiscal Period)(Unit: million yen)

Use

Name of Property

QFRONT
Lexington
Omotesando
Udagawa
cocotiCONZE
Shimokitazawa
Jiyugaoka

RetailRetail Total (8 properties)
Nampeidai
Sakuragaoka
Taito (Note 5)
KamataTR Toranomon
Ikejiri-ohashi
Kojimachi
Shinjuku
Akihabara
Shibuya R
Tokyu Toranomon
Shinjuku 2
Bancho
Ebisu
Dogenzaka Sky
Shibaura
Miyashita Koen
OVAL
Meguro Higashiyama

OfficeOffice Total (19 properties)
Residence

Toritsudaigaku
Musashikosugi

Residence Total (2 properties)
Futako Tamagawa
Complex
Complex Total (1 property)
Land with leasehold
Nakamegurointerest
Land with leasehold interest Total (1 property)
End of Jan. 2024 (FP 41) Total (31 properties)

Acquisition Book value
Price

Unrealized
gains/
losses

Unrealized
gains/
losses overbook value(Note 1)

Ended Jan. Ended Jul.
2024
2023
(FP 41)(FP 40)

NCF cap rate
(Direct cap rate) (Note 2) (Note 3)

NCF(Direct capitalization method)

Appraisal Value

Ended Jan. Ended Jul.
2024
2023
(FP 41)(FP 40)ChangeEnded Jan. Ended Jul.
2024
2023
(FP 41)(FP 40)ChangeAppraiser(Note 4)
Change(pts)

15,100
4,800
5,770
6,600
24,500
5,116
2,257
3,160
67,303
4,660
6,620
1,780
4,720
10,177
5,480
9,030
9,000
4,600
5,270
18,5502,750
13,780
4,500
8,100
11,9006,000
18,6008,100
153,617
1,200
1,500
2,700
20,20020,20013,367
4,673
5,613
6,535
20,701
4,684
2,207
3,174
60,957
4,004
6,253
1,444
3,689
9,732
5,353
8,210
8,693
4,532
5,249
17,086
2,891
12,566
4,630
5,728
12,094
5,974
18,696
8,393
145,227
1,179
1,446
2,626
20,276
20,276

24,632
1,786
2,806
5,964
2,698
515
52
365
38,822
3,865
6,146
1,111
2,280
4,567
1,106
1,889
4,806
2,227
4,850
7,913
388
3,633
109
2,911
1,605
275
-396
-153
49,138
220
173
393
123
123

284.3%
138.2%
150.0%
191.3%
113.0%
111.0%
102.4%
111.5%
163.7%
196.5%
198.3%
177.0%
161.8%
146.9%
120.7%
123.0%
155.3%
149.2%
192.4%
146.3%
113.4%
128.9%
102.4%
150.8%
113.3%
104.6%
97.9%
98.2%
133.8%
118.7%
112.0%
115.0%
100.6%
100.6%

38,0006,460
8,420
12,50023,400
5,200
2,260
3,540
99,7807,870
12,4002,556
5,970
14,3006,460
10,10013,5006,760
10,10025,0003,280
16,2004,740
8,640
13,7006,250
18,3008,240
194,366
1,400
1,620
3,020
20,40020,40038,0006,460
8,340
12,50023,400
5,210
2,260
3,530
99,7007,880
12,4002,512
5,950
14,3006,360
10,20013,5006,600
10,10024,5003,280
16,0004,740
8,640
13,6006,100
18,5008,240
193,402
1,400
1,630
3,030
20,40020,400

‐
‐
80
‐
‐
-10
‐
10
80
-10
‐
44
20
‐
100
-100
‐
160
‐
500
‐
200
‐
‐
100
150
-200
‐
964
‐
-10
-10
‐
‐

936
202
255
394
700
177
84
122
2,875
262
388
95
228
465
260
307
430
241
320
735
107
515
143
282
598
186
507
283
6,361
45
59
105
771
771

940
202
253
395
699
177
86
122
2,878
262
388
93
227
464
262
308
444
233
318
735
111
520
143
282
602
188
507
283
6,380
45
60
105
770
770

-3
0
2
-0
1
-0
-1
-0
-3
-0
-0
1
0
1
-1
-0
-14
7
1
-0
-3
-5
-0
0
-4
-1
-0
-0
-18
0
-0
-0
1
1

2.50%
3.10%
3.00%
3.10%
2.90%
3.30%
3.60%
3.40%
2.88%
3.30%
3.10%
3.70%
3.80%
3.20%
4.00%
3.00%
3.10%
3.50%
3.10%
2.90%
3.20%
3.10%
3.00%
3.20%
4.30%
2.90%
2.70%
3.40%
3.27%
3.20%
3.60%
3.48%
3.70%
3.70%

2.50%
3.10%
3.00%
3.10%
2.90%
3.30%
3.70%
3.40%
2.89%
3.30%
3.10%
3.70%
3.80%
3.20%
4.10%
3.00%
3.20%
3.50%
3.10%
3.00%
3.30%
3.20%
3.00%
3.20%
4.40%
3.00%
2.70%
3.40%
3.30%
3.20%
3.60%
3.48%
3.70%
3.70%

‐
‐
‐
‐
‐
‐
-0.10
‐
-0.01
‐
‐
‐
‐
‐
-0.10
‐
-0.10
‐
‐
-0.10
-0.10
-0.10
‐
‐
-0.10
-0.10
‐
‐
-0.03
‐
‐
‐
‐
‐

J
J
J
V
D
D
D
V

1,150

1,162

57

105.0%

1,220

1,220

‐

39

39

-

3.20%

3.20%

‐

J

1,150

1,162

57

105.0%

1,220

1,220

‐

39

39

-

3.20%

3.20%

‐

244,971

230,248

88,537138.5%

318,786

317,752

1,034

10,153

10,173

-20

3.19%

3.20%

-0.01

(Note 1) The figures in “Unrealized gains/losses over book value” indicate figures obtained by the following formula: Appraisal value/Book value.
(Note 2) The figures in “Retail Total,” “Office Total,” and “Residence Total” indicate figures obtained by the following formula: Sum of NCF (Direct Capitalization Method) of subject properties/Sum of appraisal values of subject properties.
(Note 3) “Complex Total” and “Land with leasehold interest Total” indicate the figures for Futako Tamagawa and Nakameguro, respectively.
(Note 4) J: Japan Real Estate Institute, V: Japan Valuers Co., Ltd., D: Daiwa Real Estate Appraisal Co., Ltd.
(Note 5) The figures for 40% quasi-co-ownership interest are indicated as 30% quasi-co-ownership interest was disposed during the fiscal period ended July 2023 (FP 40) and 30% quasi-co-ownership interest during the fiscal period ended
January 2024 (FP 41).
* Appraisal Value is determined by using several methodologies including the direct capitalization approach and DCF approach. Therefore, the Appraisal Value may differ from the above NCF figures divided by the NCF Cap Rate.
The change in NCF and change in NCF Cap Rate may differ from the change in the Appraisal Value.
Prepared on March 14, 2024

J
J
J
J
J
D
J
D
V
V
J
D
D
V
V
D
D
V
J
J
D
D

46

6. Appendix

List of Sources of Funds for Interest-Bearing Debt◼

Borrowings and Investment Corporation Bonds

Interest
AmountTerm
Maturity
Debt Origination
Rate
Date
(¥ million)(%)(year)
Due Date
Period5,000 1.57750
Feb. 25, 2014
Feb. 26, 2024
42nd
Development Bank of Japan
5,000 1.26125
10.0
Jun. 25, 2015
Jun. 25, 2025
44th
5,000 0.90880
Jan. 25, 2018
Jan. 25, 2028
49th
2,500 0.62827
6.5
Sep. 26, 2024
43rd
Mar. 26, 2018
MUFG Bank
2,500 0.65250
7.0
Mar. 26, 2025
44th
500 0.68569
7.5
Jun. 25, 2018
Dec. 25, 2025
45th
Dai-Ichi Life Insurance
2,000 0.90260
10.0
Jul. 31, 2018
Jul. 31, 2028
50th
Mizuho Bank
1,700 0.72652
7.5
Nov. 12, 2018
May 12, 2026
46th
The Norinchukin Bank
3,000 0.60380
Jan. 28, 2019
Jan. 28, 2027
47th
2,000 0.56116
May 27, 2019
May 27, 2027
MUFG Bank
1,500 0.46789
8.0
Jun. 25, 201948th
400 0.48124
Jun. 28, 2027
Jun. 28, 2019
Sumitomo Mitsui Trust Bank
400 0.50641
1,400 0.46876
8.5
Aug. 29, 2019
MUFG Bank
Feb. 29, 2028
50th
2,000 0.55395
8.3
Nov. 19, 2019
Mizuho Bank
500 0.64089
9.0
Dec. 25, 2019
Dec. 25, 2028
51st
Dai-Ichi Life Insurance
1,000 0.82000
12.0
Jan. 27, 2020
Jan. 27, 2032
57th
MUFG Bank
1,500 0.60137
8.5
Dec. 25, 2028
51stJun. 25, 2020
Development Bank of Japan
4,000 0.67380
10.0
Jun. 25, 2030
54th
Mitsui Sumitomo Insurance
500 0.49250
7.0
Jun. 29, 2027
48th
Jun. 29, 2020
The Norinchukin Bank
500 0.55000
Jun. 29, 2028
50th
8.0
Sumitomo Mitsui Trust Bank
2,700 0.53896
Dec. 25, 2028
51st
MUFG Bank
2,000 0.57127
8.5
Dec. 25, 2020
Jun. 25, 2029
52nd
Sumitomo Mitsui Trust Bank
2,700 0.59776
9.0
Dec. 25, 2029
53rd
Mitsui Sumitomo Insurance
1,000 0.48880
7.0
Jun. 26, 2028
50th
Jun. 25, 2021
Mizuho Bank
1,000 0.66140
9.0
Jun. 25, 2030
54th
Dai-Ichi Life Insurance
1,000 0.47000
7.0
Jul. 31, 2028
50th
LongNippon Life Insurance
500 0.61130
9.0
Jul. 30, 2030
54th
Jul. 30, 2021
Term
Dai-Ichi Life Insurance
1,500 0.78000
12.0
Jul. 29, 2033
60th
Mizuho Bank
800 0.64577
MUFG Bank
1,600 0.63943
7.5
Oct. 22, 2021
Apr. 23, 2029
52nd
1,600 0.64830
Sumitomo Mitsui Trust Bank
3,500 0.51005
4.0
Dec. 27, 2021
Dec. 29, 2025
45th
Nippon Life Insurance
1,500 0.60055
5.5
Jan. 31, 2022
Jul. 30, 2027
48th
500 0.56880
4.0
Feb. 25, 2026
46th
Mizuho Trust & Banking
Feb. 25, 2022
500 0.78815
8.0
Feb. 25, 2030
54th
3,000 0.62630
4.0
May 25, 2022
May 25, 2026
46th
Sumitomo Mitsui Trust Bank
2,000 0.62329
4.5
Jan. 27, 2027
47th
Jul. 27, 2022
Shinkin Central Bank
2,000 0.77489
7.5
Jan. 28, 2030
53rd
Sumitomo Mitsui Trust Bank
1,500 0.56282
3.5
Aug. 05, 2022
Jan. 30, 2026
45th
Mizuho Bank
1,700 1.10315
8.0
Nov. 11, 2022
Nov. 11, 2030
55th
Daido Life Insurance (Green)
500 0.91500
6.0
Dec. 26, 2022
Dec. 26, 2028
51st
Shinkin Central Bank (Green)
1,000
0.81130
4.0
Jan. 29, 2027
47th
Mitsui Sumitomo Insurance (Green)
1,000
Jan. 30, 2023
Syndicate of lenders arranged by
5,000 0.97750
7.0
Jan. 30, 2030
53rd
MUFG Bank (Green) (Note)
Daido Life Insurance (Green)
1,500 0.95125
5.0Mar. 10, 2023
Mar. 10, 2028
50th
MUFG Bank
500 0.58500
3.0
Jun. 29, 2026
46th
Mizuho Trust & Banking
1,500 1.03690
8.0
Jun. 27, 2023
Jun. 27, 2031
56th
Development Bank of Japan
1,000 1.25250
10.0
Jun. 27, 2033
60th
500 0.83036
5.5
Jul. 31, 2023
Jan. 31, 2029
51st
Nippon Life Insurance (Green)
1,500 1.47065
8.0
Oct. 10, 2023
Oct. 10, 2031
57th
Sumitomo Mitsui Trust Bank
1,000 0.82000
Nov. 27, 2023
Nov. 27, 2026
47th
3.0
Mizuho Bank (Green)
2,000 0.78000
Dec. 27, 2023
Dec. 28, 2026
47th
The Norinchukin Bank
1,000 1.31065
8.0
Jan. 25, 2024
Jan. 26, 2032
57th
Total Long-Term Borrowings
93,500Total Borrowings
93,5001,000 0.54000
10.0
Oct. 24, 2029
53rd
#6 Investment Corporation Bond
Oct. 24, 2019
1,000 1.00000
20.0
Oct. 24, 2039
73rd
#7 Investment Corporation Bond
3,000 0.51000
10.0
Oct. 29, 2020
Oct. 29, 2030
55th
#8 Investment Corporation Bond
Bonds
#9 Investment Corporation Bond
3,000 0.36000
5.0
Oct. 14, 2022
Oct. 14, 2027
49th
(Green)#10 Investment Corporation Bond
3,000 1.07400
10.0
Jan. 23, 2023
Jan. 21, 2033
59th
(Green)Total Investment Corporation Bonds
11,000Total Interest-Bearing Debt
104,500(Note) The syndicate of lenders consists of The Bank of Fukuoka, The Yamagata Bank, THE HACHIJUNI BANK, Kansai Mirai
Bank, The Bank of Kyoto, The 77 Bank, The Chiba Bank, JOYO BANK, and THE NISHI-NIPPON CITY BANK.

Category

LenderPrepared on March 14, 2024

Investment
Corporation
Bonds

Development Bankof Japan¥11,000 mn(10.5%)¥20,000 mn(19.1%)

Syndicate loan

¥5,000 mn (4.8%)

Daido Life Insurance¥2,000 mn (1.9%)

Mitsui Sumitomo
Insurance¥2,500 mn (2.4%)

Mizuho Trust &Banking¥2,500 mn (2.4%)

Interest-Bearing Debt

Shinkin Central
Bank¥3,000 mn (2.9%)¥104,500 mn

Nippon Life
Insurance¥4,000 mn (3.8%)

The NorinchukinBank¥4,500 mn (4.3%)

MUFG Bank¥18,400 mn(17.6%)

Dai-Ichi Life Insurance¥5,500 mn(5.3%)

Mizuho Bank
¥7,700 mn(7.4%)◼

Sumitomo Mitsui
Trust Bank
¥18,400 mn(17.6%)

List of Commitment Line Limits<Secure level to cover planned annual repayment amount>
LenderAmountDevelopment Bank of Japan¥8,000 mn

Sumitomo Mitsui Trust Bank

¥5,200 mn

MUFG Bank¥3,200 mn

Mizuho Bank

¥1,600 mn

Total¥18,000 mn

47

6. Appendix

Unitholders◼

Percentage Share of Investment Units Held by Owner TypeTop 20 Unitholders◼

◼ Financial institutions◼ Other domestic corporations ◼ Foreign corporations, etc. ◼ Individuals/Others(including financial
金融機関（金融商品取引業者含む）
その他国内法人
外国法人等
個人・その他
instruments dealers)

2024年1月期末

End of Jan. 2024
（第41期末）(FP 41)

66.3%

6.9%

17.4%

9.3%

Unitholders

No. ofunits held

Ownership
ratio (%)

1

Custody Bank of Japan, Ltd. (Trust account)

302,01030.89

2The Master Trust Bank of Japan, Ltd.
(Trust account)

144,09614.74

3

Tokyu Corporation

49,0005.01

44,528

4.55

18,707

1.91

4

End ofJul. 2023
2023年7月期末(FP 40)（第40期末）End of2023年1月期末
Jan. 2023(FP 39)（第39期末）2022年7月期末
End ofJul. 2022（第38期末）(FP 38)End of2022年1月期末
Jan. 2022（第37期末）(FP 37)

5

68.6%

6.8%

68.4%

6.6%

67.3%

6.6%

68.0%

15.7%

16.2%

17.0%

6.8%

16.0%

8.9%

8.8%

9.1%

9.2%

<Reference> Percentage Share of Investment Units Held by
Owner Type for All J-REITs
Aug.
2023
2023年8月(60 J-REITs)（60銘柄）

57.3%

8.2%

Source: Japan Exchange Group, Inc. “REIT Investor Survey (August 2023)”
Prepared on March 14, 2024

25.2%

The Nomura Trust and Banking Co., Ltd.
(Investment Trust account)
STATE STREET BANK WEST CLIENT-TREATY
505234

6

JP MORGAN CHASE BANK 385781

12,7891.31

7

JP MORGAN CHASE BANK 385771

12,423

1.27

8

JP MORGAN CHASE BANK 380072

9,151

0.94

9

SMBC Nikko Securities Inc.

9,024

0.92

10

STATE STREET BANK AND
TRUST COMPANY 505103

8,489

0.87

11

MetLife Insurance K.K.

7,400

0.76

12

Japan Securities Finance Co., Ltd.

7,328

0.75

13

JP MORGAN CHASE BANK 385794

7,267

0.74

14

The Hachijuni Bank, Ltd.

6,522

0.67

15

Mizuho Securities Co., Ltd.

6,028

0.62

16

Custody Bank of Japan, Ltd. (Trust account 4)

5,762

0.59

17

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

5,599

0.57

18

SSBTC CLIENT OMNIBUS ACCOUNT

5,402

0.55

19

The Bank of Kyoto, Ltd.

5,217

0.53

20

The Chukyo Bank, Limited

5,174

0.53

Total Units Held by Top 20 Unitholders

671,916

68.73

Outstanding Units

977,600

100.00

9.3%

100％

48

6. Appendix

Track Records (1) (Occupancy Rate and Rent)◼

Occupancy Rate

100.0%(End of Jan. 2024)

100%

99.3%
(End of Jul. 2024
(Forecast))

98%

95.9%

96%

97.0%
(End of Jan. 2025
(Forecast))

95.3%

94%
92%
90%
TOKYU REIT (Actual)

TOKYU REIT (Forecast)Tokyo Central 5 Wards (Office)Tokyo 23 Wards (Office)

88% Jul. 2003 End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul. End of Jul.
2004
(FP 2)

2005(FP 4)

2006(FP 6)

2007(FP 8)

2008(FP 10)2009(FP 12)

2010(FP 14)2011(FP 16)2012(FP 18)2013(FP 20)2014(FP 22)2015(FP 24)2016(FP 26)2017(FP 28)2018(FP 30)2019(FP 32)2020(FP 34)2021(FP 36)2022(FP 38)End of Jan.
2024
(FP 41)

Source: Office Market Data Book (CBRE K.K.)◼

Average Rent

50,000

Unit Price (¥/Month/Tsubo)

42,65440,00030,00021,30921,217

24,95523,82521,01418,04020,00010,00042,15618,004

14,659RetailOffice23,243
20,330Total

0End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan. End of Jan.
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
(FP 1)(FP 3)(FP 5)(FP 7)(FP 9)(FP 11)(FP 13)(FP 15)(FP 17)(FP 19)(FP 21)(FP 23)(FP 25)(FP 27)(FP 29)(FP 31)(FP 33)(FP 35)(FP 37)(FP 39)(FP 41)* In calculating the above unit price, vacant spaces are not factored in.
* Includes common area charges and excludes income from parking, warehouses, etc.
Prepared on March 14, 2024

49

6. Appendix

Track Records (2) (Unrealized Gains/Losses and NAV)◼

Unrealized Gains/Losses and Unrealized Gains/Losses over Book Value
Unrealized Gains/Losses over Book Value

Unrealized Gains/Losses (billion yen)
1,000
100
800
80

87.8
885
878 88.5

50.0%

600
60

40.0%
38.5%
37.9%
30.0%

400
40

20.0%

200
20
00
-20
-200

◼

89.4
894

Unrealized Gains/Losses (left axis)
Unrealized Gains/Losses over Book Value (right axis)

41.1%

10.0%

-0.9%
-0.9
-9

End ofJan. 2004(FP 1)

0.0%

End ofJan. 2005(FP 3)End ofJan. 2006(FP 5)End ofJan. 2007(FP 7)End ofJan. 2008(FP 9)End ofJan. 2009(FP 11)

End ofJan. 2010(FP 13)End ofJan. 2011(FP 15)End ofJan. 2012(FP 17)

End ofJan. 2013(FP 19)End ofJan. 2014(FP 21)

End ofJan. 2015(FP 23)End ofJan. 2016(FP 25)End ofJan. 2017(FP 27)

End ofJan. 2018(FP 29)End ofJan. 2019(FP 31)

End ofJan. 2020(FP 33)End ofJan. 2021(FP 35)End ofJan. 2022(FP 37)

Net Assets per Unit/NAV

250,000

150,000
100,000

End ofJan. 2024(FP 41)-10.0%

211,695
121,881
213,209
122,643(yen)◼ Net Assets per Unit (excluding scheduled amount of distribution)◼ NAV per Unit

200,000

End ofJan. 2023(FP 39)102,280
100,337

50,0000
End ofJan. 2004(FP 1)◼

End ofJan. 2005(FP 3)End ofJan. 2006(FP 5)End ofJan. 2007(FP 7)End ofJan. 2008(FP 9)End ofJan. 2009(FP 11)

End ofJan. 2010(FP 13)End ofJan. 2011(FP 15)End ofJan. 2012(FP 17)

End ofJan. 2013(FP 19)End ofJan. 2014(FP 21)

End ofJan. 2015(FP 23)End ofJan. 2016(FP 25)End ofJan. 2017(FP 27)

End ofJan. 2018(FP 29)End ofJan. 2019(FP 31)

End ofJan. 2020(FP 33)End ofJan. 2021(FP 35)End ofJan. 2022(FP 37)

End ofJan. 2023(FP 39)End ofJan. 2024(FP 41)

Adjusted NAV Multiple
1.6
1.37

1.4

Adjusted NAV Multiple = Average Price of Investment Unit (Closing)/Adjusted NAV per Unit Reflecting Unrealized Gains/Losses (End of Period)

1.2 1.06
1.0
0.8
0.6

0.68
End ofJan. 2004(FP 1)End ofJan. 2005(FP 3)End ofJan. 2006(FP 5)End ofJan. 2007(FP 7)End ofJan. 2008(FP 9)End ofJan. 2009(FP 11)

End ofJan. 2010(FP 13)End ofJan. 2011(FP 15)End ofJan. 2012(FP 17)

End ofJan. 2013(FP 19)0.88
End ofJan. 2014(FP 21)

End ofJan. 2015(FP 23)End ofJan. 2016(FP 25)End ofJan. 2017(FP 27)

End ofJan. 2018(FP 29)End ofJan. 2019(FP 31)

End ofJan. 2020(FP 33)End ofJan. 2021(FP 35)End ofJan. 2022(FP 37)

End ofJan. 2023(FP 39)0.84

End ofJan. 2024(FP 41)* Investment unit price, Net Assets per Unit and NAV per Unit stated in this document have been adjusted, taking into account the split of investment units (five-for-one split) conducted on February 1, 2014, for pre-split figures.

Prepared on March 14, 2024

50

6. Appendix

Track Records (3) (Change in Asset Size, LTV and Interest-Bearing Debt)
Change in Asset Size◼

(Unit: billion yen)
Retail240

OfficeResidence

Complex

Disposition

Land with leasehold interest

248.6

246.3
244.9

71.4

67.3 67.3* Based on acquisition price

210
180
150
120
90

80.3

60

33.8

153.6

2.7

30

1.1 20.2 20.2 1.1

10.6
IPO
End of Jul.
Sep. 10,
2004
2003(FP 2)End of Jan.
2004
(FP 1)-30-60-1.3 -1.3

End of Jul.
2005
(FP 4)End of Jul.
2006
(FP 6)End of Jul.
2007
(FP 8)

Disposition of
Yokohama Yamashita

End of Jul.
2008
(FP 10)End of Jul.
2009
(FP 12)End of Jul.
2010
(FP 14)

Disposition of Resona
Maruha and Harajuku

End of Jul.
2011
(FP 16)End of Jul.
2012
(FP 18)End of Jul.
2013
(FP 20)End of Jul.
2014
(FP 22)End of Jul.
2015
(FP 24)End of Jul.
2016
(FP 26)End of Jul.
2017
(FP 28)End of Jul.
2018
(FP 30)End of Jul.
2019
(FP 32)End of Jul.
2020
(FP 34)60%

Interest-bearing debt (right axis)

53.4%

53.2%

End of Jul.
2021
(FP 36)End of Jul.
2022
(FP 38)End of Jul. End of Jan.
2024
2023
(FP 41)(FP 40)

Disposition of Kiba
Disposition of KALEIDO
Disposition of Akasaka Hinokicho
Disposition of Saginuma and Hatchobori
Disposition of OKI (land withleasehold interest) (40%)
Disposition of Saginuma 2
Disposition of Daikanyama, SBS, Shonan and
OKI (land with leasehold interest) (30%)
Disposition of OKI (land with leaseholdinterest) (30%) and Akasaka 4-chome
Disposition of Ginza 2-chome

Disposition of Beacon Hill Plaza

LTV Based on Total Assets, LTV Based on Appraisal Valueand Interest-Bearing Debt

LTV based on total assets (left axis)

Disposition of Taito (30% each)(Unit: million yen)
LTV based on appraisal value (left axis)

105,600

120,000
104,500 104,500

48.9%

50%

47.9%

80,00050,50043.3%
43.3% 40,000

40%

34.6%
30.6%

30%

2.7

2.7

46.4

0

◼

154.9

163.7

End of Jan. End of Jan. End of Jan.
2004
2005
2006
(FP 1)(FP 3)(FP 5)

Prepared on March 14, 2024

31.2%

End of Jan. End of Jan. End of Jan.
2007
2008
2009
(FP 7)(FP 9)(FP 11)

34.2%
End of Jan. End of Jan. End of Jan.
2010
2011
2012
(FP 13)(FP 15)(FP 17)

End of Jan. End of Jan. End of Jan.
2013
2014
2015
(FP 19)(FP 21)(FP 23)End of Jan. End of Jan. End of Jan.
2016
2017
2018
(FP 25)(FP 27)(FP 29)End of Jan. End of Jan.
2019
2020
(FP 31)(FP 33)End of Jan. End of Jan. End of Jan.
2021
2022
2023
(FP 35)(FP 37)(FP 39)End of Jan.
2024
(FP 41)

051

6. Appendix

Track Records (4) (Investment Unit Price, Distribution Yield, 10-Year JGB Yield and Distribution)◼

Investment Unit Price, Distribution Yield and 10-Year JGB Yield
360,000

(yen)

（％） 8

Investment Unit Price (left axis)

Highest price after listing: ¥294,000(May 31, 2007)

320,000

7

Distribution Yield (right axis)
10-year JGB Yield (right axis)

280,000

6

240,000

5

200,000

4

160,000

3

120,000
80,000◼

1

Lowest price after listing: ¥67,900(November 28, 2011)

40,00002

End of January 2024 (FP 41)
Closing price:¥172,000

IPO End of Jan.
2004
(FP 1)End of Jan.
2005
(FP 3)End of Jan.
2006
(FP 5)End of Jan.
2007
(FP 7)End of Jan.
2008
(FP 9)End of Jan.
2009
(FP 11)

End of Jan.
2010
(FP 13)End of Jan.
2011
(FP 15)0

End of Jan.
2013
(FP 19)End of Jan.
2012
(FP 17)

End of Jan.
2014
(FP 21)

End of Jan.
2015
(FP 23)End of Jan.
2016
(FP 25)End of Jan.
2017
(FP 27)

End of Jan.
2018
(FP 29)End of Jan.
2019
(FP 31)

End of Jan.
2020
(FP 33)End of Jan.
2021
(FP 35)End of Jan.
2022
(FP 37)

End ofJan. 2023(FP 39)End ofJan. 2024(FP 41)-1

Distribution per Unit

5,000
16,000(Unit: yen)

15,8894,432
4,005 4,040
3,950
3,760
3,750 3,750 3,750
3,621
3,551
3,400
3,298

4,000

3,000

2,835
2,846
2,759
2,609
2,424

3,312 3,256
3,101

3,072
2,885
2,836

3,099
2,923
2,746
2,739
2,586
2,695
2,631
2,564
2,6502,650
2,517
2,451
2,403

2,647
2,621
2,519
2,409
2,341
2,229

(Note)

2,000

1,000

0

End of Jan.
2004
(FP 1)End of Jan.
2005
(FP 3)End of Jan.
2006
(FP 5)End of Jan.
2007
(FP 7)End of Jan.
2008
(FP 9)End of Jan.
2009
(FP 11)

End of Jan.
2010
(FP 13)End of Jan.
2011
(FP 15)End of Jan.
2012
(FP 17)

End of Jan.
2013
(FP 19)End of Jan.
2014
(FP 21)

End of Jan.
2015
(FP 23)End of Jan.
2016
(FP 25)End of Jan.
2017
(FP 27)

End of Jan.
2018
(FP 29)End of Jan.
2019
(FP 31)

End of Jan.
2020
(FP 33)End of Jan.
2021
(FP 35)End of Jan.
2022
(FP 37)

End ofJan. 2023(FP 39)(Note) Official distribution per unit in the 1st period was ¥1,897 (adjusted for five-for-one split) based on the actual operating period of 144 days, but the recalculated distribution per unit of ¥2,424 based on 184
operating days is used in the above graph for the sake of comparison with figures from the 2nd period and thereafter.
* Investment unit price and distribution per unit stated in this document have been adjusted, taking into account the split of investment units (five-for-one split) conducted on February 1, 2014, for pre-split figures.
Prepared on March 14, 2024

End of
End of
End ofJan. 2024 Jul. 2024 Jan. 2025
(FP 41) (FP 42) (FP 43)
Forecast Forecast

52

6. Appendix

Market Summary◼

Forecast of New Market Rents and Vacancy Rates for Office Properties(as announced on June 7, 2023)

Rent Index

Vacancy Rate

180

10.0%

8.9%

170

Rent index for Tokyo Central 5 Wards (2010 = 100)

9.0%

8.7%

149

6.3% 6.5%

6.6%

6.8%

7.0%

7.2%

130

145

131
127

4.0%

6.0%

4.0%

109

100

103
92 91

90

95

99

113
1.9%

110
1.6%

109

Source: CBRE K.K.
* All Grades. Vacancy is a count of properties that areavailable for immediate occupancy at the time of thecount.

2.0%
106

104

5.7
5.6

Nagoya
名古屋

3.1%

100

3.5
2.9

Forecast

4.5%

120

120
2.6%

4.7
4.7

Osaka
大阪

4.7%

114

4.2
4.1

5 Wards
Tokyo

3.6%

110

2.4

Central
主要5区

5.5%

101
99

◼

97

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

0.0%

Ratio of Office Buildings Owned
by Grade(Based on acquisition price)

Source: Materials announced by Office Market Trends Research Committee (Japan Real Estate Institute and Miki Shoji Co., Ltd.)on June 7, 2023.

Grade A12%
Other
32%
Grade B
56%

Prepared on March 14, 2024

6

2.0

東京23区
23 Wards

6.5%

140

Shibuya/

Tokyo

8.0%
7.3%

150

2
3 2023年12月
45
2022年12月
December2022
December
2023

1 (%)
（％）

渋谷・恵比寿Ebisu

Vacancy rate for Tokyo Central 5 Wards

8.1%

160

Vacancy Rate by Market (Office)◼

* As of the end of Jan. 2024 (FP 41),
TOKYU REIT doesn’t own Grade A officebuildings.
* Grade A
Buildings with a total floor area of
10,000 tsubos or more, typical floor areaof 500 tsubos or more and aged lessthan 15 years
Grade ABuildings with a total floor area of 7,000
tsubos or more, typical floor area of 250
tsubos or more and complying with the
new earthquake resistance standard
Grade B
Buildings with a total floor area of 2,000
tsubos or more and less than 7,000
tsubos, typical floor area of 200 tsubos
or more and complying with the newearthquake resistance standard53

6. Appendix

Portfolio Map＜Tokyo Central 5 Wards＞＜Tokyo Metropolitan Area＞

1

QFRONT

8

TOKYU REIT Jiyugaoka Square

15

Kojimachi Square

22

TOKYU REIT Ebisu Building

29

STYLIO FIT Musashikosugi

2

Lexington Aoyama

9

Tokyu Nampeidai-cho Building

16

TOKYU REIT Shinjuku Building

23

Shibuya Dogenzaka Sky Building

30

Futako Tamagawa Rise

3

TOKYU REIT Omotesando Square

10

Tokyu Sakuragaoka-cho Building

17

Akihabara Sanwa Toyo Building

24

OKI Shibaura Office

31

REVE Nakameguro(land with leasehold interest)

4

TOKYU REIT Shibuya Udagawa-cho Square

11

Tokyo Nissan Taito Building (Note)

18

TOKYU REIT Shibuya R Building

25

TOKYU REIT Shibuya Miyashita Koen Building

5

cocoti12

TOKYU REIT Kamata Building

19

Tokyu Toranomon Building

26

Aoyama Oval Building

6

CONZE Ebisu

13

TOKYU REIT Toranomon Building

20

TOKYU REIT Shinjuku 2 Building

27

Meguro Higashiyama Building

7

TOKYU REIT Shimokitazawa Square

14

Tokyu Ikejiri-ohashi Building

21

Tokyu Bancho Building

28

Maison Peony Toritsudaigaku

RetailOfficeResidence

Complex

Land with leasehold interest*Please refer to next page onward for details of each property.
Prepared on March 14, 2024

Properties contributed by sponsors(Note) 30% of quasi-co-ownership interest was disposed on July 31, 2023, 30% of quasi-co-ownership interest on January 31, 2024,
and 40% of quasi-co-ownership interest on February 29, 2024.

54

6. Appendix

Portfolio List (1)Property contributed by sponsor

Name of Property

1

QFRONT

Property contributed by sponsor

2

Property contributed by sponsor

Lexington
Aoyama3

TOKYU REIT
Omotesando
Square4

TOKYU REIT
Shibuya Udagawacho Square5

cocoti6

CONZE Ebisu

Udagawa-cho,Shibuya-ku, Tokyo

5-chome Minami-Aoyama,
Minato-ku, Tokyo

4-chome Jingumae,
Shibuya-ku, Tokyo

Udagawa-cho,Shibuya-ku, Tokyo

1-chome Shibuya,
Shibuya-ku, Tokyo

2-chome Ebisu-Minami,
Shibuya-ku, Tokyo

Nearest Station

Approx. 1-minute walk from
Shibuya Station on the JR
Yamanote and other lines

Approx. 5-minute walk from
Omotesando Station on theTokyo Metro Ginza Line andother lines

Approx. 2-minute walk from
Omotesando Station on theTokyo Metro Ginza Line andother lines

Approx. 2-minute walk from
Shibuya Station on the JR
Yamanote and other lines

Approx. 1-minute walk from
Shibuya Station on the JR
Yamanote Line, Tokyu Toyoko
Line, Tokyo Metro Fukutoshin
Line and other lines

Approx. 2-minute walk from
Ebisu Station on the Tokyo
Metro Hibiya Line and otherlines

Acquisition Date

September 10, 2003

September 11, 2003

September 10, 2003

March 1, 2004

April 6, 2005
August 2, 2005
(Additional acquisition)

October 31, 2006

Acquisition Price

15,100 million yen

4,800 million yen

5,770 million yen

6,600 million yen

Appraisal Value(at the End of Fiscal
Period)38,000 million yen

6,460 million yen

8,420 million yen

776.59 m2

Address

Total Land Area
Total Floor Area

784.26 m2[Land included in the property trust
totals: 728.30 m²]

6,675.52 m2[Exclusive area: 4,804.46 m²]

24,500 million yen* Total price including those ofadditional acquisitions

5,116 million yen

12,500 million yen

23,400 million yen

5,200 million yen

1,259.21 m2

679.27 m2

1,705.35 m2

562.07 m2

2,342.21 m2

3,321.20 m2[Building1] 1,473.10 m2[Building2] 56.39 m2

11,847.87 m2

2,789.35 m2

Structure / Floors

SRC/S
B3/8F

S/RC
B1/4F

S/SRC
B1/4F

[Building1] S, 3F[Building2] S, 2F

S/SRC
B2/12F

S/SRC
B1/9F

Completion Date(building age)

October 1999
(24.3 years）

January 1998
(26.1 years）

October 1985
(38.3 years)[Building1]
July 1998 (25.5 years)[Building2]
June 1995 (28.6 years)

September 2004
(19.3 years)

March 2004
(19.9 years)

Environmental
Certification

CASBEE Real Estate
Certification: Rank A

CASBEE Real Estate
Certification: Rank Sーー

CASBEE Real Estate
Certification: Rank A

CASBEE Real Estate
Certification: Rank S

Prepared on March 14, 2024

55

6. Appendix

Portfolio List (2)Property contributed by sponsor

Name of Property

7

TOKYU REIT
Shimokitazawa
Square8

TOKYU REIT
Jiyugaoka
Square9Property contributed by sponsor

Tokyu
Nampeidai-cho
Building

10

Tokyu
Sakuragaokacho Building

Property contributed by sponsor

11

Tokyo Nissan
Taito Building(Note)

12

TOKYU REIT
Kamata Building

6-chome Daita,
Setagaya-ku, Tokyo

2-chome Jiyugaoka,
Meguro-ku, Tokyo

Nampeidai-cho,Shibuya-ku, Tokyo

Sakuragaoka-cho,Shibuya-ku, Tokyo

2-chome Motoasakusa,
Taito-ku, Tokyo

5-chome Kamata,Ota-ku, Tokyo

Nearest Station

Approx. 3-minute walk from
Shimo-Kitazawa Station on
the Keio Inokashira Line
Approx. 5-minute walk from
Shimo-kitazawa Station on
the Odakyu Odawara Line

Approx. 2-minute walk from
Jiyugaoka Station on the
Tokyu Toyoko Line andOimachi Line

Approx. 7-minute walk from
Shibuya Station on the JR
Yamanote Line and otherlines

Approx. 5-minute walk from
Shibuya Station on the JR
Yamanote Line and otherlines

Approx. 3-minute walk from
Inaricho Station on theTokyo Metro Ginza Line

Approx. 3-minute walk from
Kamata Station on the JR
Keihin Tohoku Lineand other lines

Acquisition Date

April 26, 2019

September 11, 2003

September 11, 2003

September 11, 2003

September 10, 2003

Address

October 1, 2019[49% quasi-co-ownership interest]

March 4, 2020
[51% quasi-co-ownership interest]

Acquisition Price

2,257 million yen

3,160 million yen

4,660 million yen

6,620 million yen

1,780 million yen

4,720 million yen

Appraisal Value(at the End of Fiscal
Period)2,260 million yen

3,540 million yen

7,870 million yen

12,400 million yen

2,556 million yen

5,970 million yen

Total Land Area

489.27 m²

575.54 m²

2,013.28 m²

1,013.03 m²

1,718.45 m²

1,642.86 m²

Total Floor Area

1,306.55 m²

1,272.60 m²

7,003.88 m²

6,505.39 m²

11,373.20 m²

10,244.51 m²

Structure / Floors

RC
B1/4F

SRC
5F

S/SRC
B2/5F

SRC
B3/9F

SRC
B2/10F

S/SRC
B1/9F

Completion Date(building age)

June 2008(15.6 years)

December 2001
(22.2 years)

July 1992(31.5 years)

June 1987(36.7 years)

September 1992
(31.4 years)

February 1992
(32.0 years)

Environmental
Certification

CASBEE Real Estate
Certification: Rank A

CASBEE Real Estate
Certification: Rank A

CASBEE Real Estate
Certification: Rank S

ーCASBEE Real Estate
Certification: Rank AーPrepared on March 14, 2024

(Note) 30% of quasi-co-ownership interest was disposed on July 31, 2023, 30% of quasi-co-ownership interest
on January 31, 2024, and 40% of quasi-co-ownership interest on February 29, 2024.

56

6. Appendix

Portfolio List (3)Property contributed by sponsor

Name of Property

13

TOKYU REIT
Toranomon
Building

14

Tokyu
Ikejiri-ohashi
Building

Property contributed by sponsor

15

Kojimachi
Square16

TOKYU REIT
Shinjuku
Building

17

Akihabara
Sanwa Toyo
Building

18

TOKYU REIT
Shibuya R
Building

Nibancho, Chiyoda-ku,
Tokyo

4-chome Shinjuku,
Shinjuku-ku, Tokyo

3-chome Soto-Kanda,
Chiyoda-ku, Tokyo

3-chome Shibuya,
Shibuya-ku, Tokyo

Approx. 5-minute walk fromIkejiri-ohashi Station on the
Tokyu Den-en-toshi Line

Approx. 1-minute walk from
Kojimachi Station on theTokyo Metro Yurakucho Line

Approx. 1-minute walk from
Shinjuku-Sanchome Station on
the Tokyo Metro Marunouchi
Line and other lines
Approx. 4-minute walk from
Shinjuku Station on the JR
Yamanote Line and other lines

Approx. 1-minute walk from
Suehirocho Station on theTokyo Metro Ginza Line

Approx. 2-minute walk from
Shibuya Station on the JR
Yamanote Line and other lines

March 28, 2008

March 19, 2010

March 26, 2010

October 29, 2010

August 16, 2013

* Total price including those ofadditional acquisitions

5,480 million yen

9,030 million yen

9,000 million yen

4,600 million yen

5,270 million yen

14,300 million yen

6,460 million yen

10,100 million yen

13,500 million yen

6,760 million yen

10,100 million yen

2,382.67 m²

1,269.24 m²

1,113.87 m²

795.33 m²[Area owned by TOKYU REIT:
10,882.65 m²]

7,619.56 m2

6,803.47 m2

8,720.09 m²

5,704.69 m²

Structure / Floors

SRC/RC
B2/9F

SRC
7F

S/RC
B1/7F

SRC
10F

SRC
B1/8F

SRC
*Parking space: S
B1/9F

Completion Date(building age)

April 1988
(35.8 years)

October 1989
(34.3 years)

January 2003
(21.0 years)

May 2003(20.7 years)

September 1985
(38.4 years)

March 1990
(33.8 years)

Environmental
Certificationー

BELS Certification: ★★

CASBEE Real Estate
Certification: Rank A

CASBEE Real Estate
Certification: Rank Aーー

Address

Nearest Station

3-chome Toranomon,
Minato-ku, Tokyo

Approx. 1-minute walk from
Kamiyacho Station on theTokyo Metro Hibiya Line3-chome Higashiyama,
Meguro-ku, Tokyo

December 15, 2004
September 21, 2007
Acquisition Date

(Additional acquisition)

October 26, 2007

(Additional acquisition)

January 21, 2015

(Additional acquisition)

Acquisition PriceAppraisal Value(at the End of Fiscal
Period)Total Land Area

Total Floor Area

Prepared on March 14, 2024

10,177 million yen

1,728.38 m²[Co-ownership interest:
86.116%]

15,343.73 m2

1,077.45 m²[Area owned by TOKYU REIT: 819.41 m²]

7,289.38 m²[Including parking spaces (41.18 m²)]
[Area owned by TOKYU REIT:
4,403.69 m²]

57

6. Appendix

Portfolio List (4)Property contributed by sponsor

Name of Property

Address

Nearest Station

Acquisition Date

19

Tokyu
Toranomon
Building

Property contributed by sponsor

20

TOKYU REIT
Shinjuku 2
Building

Appraisal Value(at the End of Fiscal
Period)Total Land Area

Tokyu Bancho
Building

22

TOKYU REIT
Ebisu Building

23

Shibuya
Dogenzaka Sky
Building

24

OKI Shibaura
Office1-chome Toranomon,
Minato-ku, Tokyo

4-chome Shinjuku,
Shinjuku-ku, Tokyo

Yonbancho, Chiyoda-ku,
Tokyo

3-chome Higashi,
Shibuya-ku, Tokyo

Maruyamacho, Shibuya-ku,
Tokyo

4-chome Shibaura,
Minato-ku, Tokyo

Approx. 1-minute walk from
Toranomon Hills Station on
the Tokyo Metro Hibiya Line
Approx. 3-minute walk from
Toranomon Station on theTokyo Metro Ginza Line

Approx. 1-minute walk from
Shinjuku-Sanchome Stationon the Tokyo Metro
Marunouchi Line and otherlines
Approx. 4-minute walk from
Shinjuku Station on the JR
Yamanote Line and otherlines

Approx. 3-minute walk from
Ichigaya Station on the JR
Chuo Line and other lines

Approx. 3-minute walk from
Ebisu Station on the JR
Yamanote Line and Tokyo
Metro Hibiya Line

Approx. 5-minute walk from
Shibuya Station on the Keio
Inokashira Line
Approx. 3-minute walk from
Shinsen Station on the Keio
Inokashira Line

Approx. 8-minute walk from
Tamachi Station on the JR
Yamanote Line and otherlines

October 30, 2015

March 24, 2016
March 28, 2019

August 1, 2018

March 28, 2019

September 28, 2020

August 16, 2013
January 9, 2015

(Additional acquisition)

June 30, 2022

(Extended portion)

Acquisition Price

21

Property contributed by sponsor

18,550 million yen(Additional acquisition)

13,780 million yen* Total price including those ofadditional acquisitions

2,750 million yen*Total price including that ofadditional acquisition

4,500 million yen

8,100 million yen

11,900 million yen

25,000 million yen

3,280 million yen

16,200 million yen

4,740 million yen

8,640 million yen

13,700 million yen

2,016.83 m²

270.05 m²

478.40 m²

721.34 m²

4,646.65 m²

2,603.30 m²

5,644.91 m²

18,102.32 m²

2,754.18 m²[Land included in the property
trust totals: 2,573.80 m²]

15,834.55 m²[Exclusive ownership area ofcompartments undercompartmentalized ownership
pertaining to property trust:
11,431.09 m²]

Total Floor Area

14,033.73 m²

2,006.13 m²

Structure / Floors

S
10F

S
10F

S
11F

S/SRC
B1/7F

SRC
B1/11F

SRC
B2/12F

Completion Date(building age)

April 2010 (13.8 years)
June 2022 (1.6 years)

December 1991
(32.1 years)

September 2011(12.3 years)

April 1992
(31.8 years)

March 1988
(35.9 years)

June 1982(41.6 years)

Environmental
Certification

CASBEE Real Estate
Certification: Rank AーCASBEE Real Estate
Certification: Rank A

ー

ー

ー

Prepared on March 14, 2024

(Extended portion)

58

6. Appendix

Portfolio List (5)Property contributed by sponsor

Name of Property

Address25

TOKYU REIT Shibuya
Miyashita Koen
Building

1-chome Shibuya,
Shibuya-ku, Tokyo

26

Aoyama Oval Building

5-chome Jingumae,
Shibuya-ku, Tokyo

27

Meguro Higashiyama
Building

1-chome Higashiyama,
Meguro-ku, Tokyo

28

Maison Peony
Toritsudaigaku

29

STYLIO FIT
Musashikosugi

1-chome Nakane,
Meguro-ku, Tokyo

2-chome, Kamimaruko-sannocho,
Nakahara-ku, Kawasaki-shi,
Kanagawa

Nearest Station

Approx. 1-minute walk from
Shibuya Station on the JR Yamanote
Line, Tokyu Toyoko Line, Tokyo
Metro Fukutoshin Line and otherlines

Approx. 4-minute walk from
Omotesando Station on the Tokyo
Metro Ginza Line and other lines

Approx. 6-minute walk from NakaMeguro Station on the Tokyu Toyoko
Line and Tokyo Metro Hibiya Line

Approx. 1-minute walk from
Toritsu-daigaku Station on the
Tokyu Toyoko Line

Approx. 5-minute walk from Mukaigawara
Station on the JR Nambu Line
Approx. 9-minute walk from Musashikosugi Station on the JR Yokosuka Line,
Shonan-Shinjuku Line and Sotetsu Linethrough service
Approx. 12-minute walk from Musashikosugi Station on the Tokyu Toyoko Lineand Meguro Line

Acquisition Date

March 29, 2021

December 10, 2021

March 24, 2022

November 15, 2017

January 20, 2021

Acquisition Price

6,000 million yen

18,600 million yen

8,100 million yen

1,200 million yen

1,500 million yen

Appraisal Value(at the End of Fiscal
Period)6,250 million yen

18,300 million yen

8,240 million yen

1,400 million yen

1,620 million yen

1,572.38 m²

245.61 m²

676.26 m²

8,540.29 m²

950.36 m²

2,320.12 m²

4,702.82 m²

Total Land Area

364.74 m²

Total Floor Area

2,568.30 m²

Structure / Floors

S
12F

S/SRC
B2/16F

SRC/S/RC
8F

RC
10F

RC
7F

Completion Date(building age)

April 2008(15.8 years)

October 1988
(35.3 years)

March 1995
(28.9 years)

August 2014(9.5 years)

April 2020
(3.8 years)

Environmental
Certification

CASBEE Real Estate
Certification: Rank A

ー

ー

ー

ー

[Land included in the property trust totals:
4,602.60 m²]

28,629.19 m²

Prepared on March 14, 2024

[Exclusive ownership area ofcompartments under compartmentalized
ownership pertaining to property trust:
20,801.49 m²]

59

6. Appendix

Portfolio List (6)Property contributed by sponsor

Name of Property

30

Futako Tamagawa Rise

31

REVE Nakameguro(land withleasehold interest)

1 & 2-chome Tamagawa, Setagaya-ku, Tokyo

1-chome Kamimeguro,
Meguro-ku, Tokyo

Nearest Station

Approx. 1-minute walk from Futako-Tamagawa Station on the Tokyu
Den-en-toshi Line and Oimachi Line

Approx. 4-minute walk fromNaka-Meguro Station on the
Tokyu Toyoko Line and Tokyo
Metro Hibiya Line

Acquisition Date

January 31, 2023

September 27, 2018

Acquisition Price

20,200 million yen

1,150 million yen

Appraisal Value(at the End of Fiscal
Period)20,400 million yen

1,220 million yen

Address(Block I-b)

Total Land Area

Land area: 13,416.66 m²
Percentage of site rights of the acquired portion: 1,098,663/10,000,000(Block II-a) Land area: 28,082.83 m²
Percentage of site rights of the acquired portion: 126,480/1,000,000(Block II-b) Land area: 3,472.03 m²
Percentage of site rights of the acquired portion: 21,160/1,000,000(Block III) Land area: 296.51 m²
Percentage of site rights of the acquired portion: 4,516/94,273

497.02 m²(Block I-b)

Total Floor Area

Entire building: 99,137.30 m²
Exclusive area of compartments under compartmentalized ownership pertaining to the acquisition:
77,290.76 m²[Of such area, the acquired ownership interest is 10.7% (Retail: 3.2%, Office: 7.4%)](Block II-a) Entire building: 154,232.18 m²
Exclusive area of compartments under compartmentalized ownership pertaining to the acquisition:
118,463.13 m²[Of such area, the acquired ownership interest is 12.7% (Retail: 5.4%, Hotel: 0.5%, Office: 6.8%)](Block II-b) Entire building: 7,502.36 m²
Exclusive area of compartments under compartmentalized ownership pertaining to the acquisition:
3,277.59 m²[Of such area, the acquired ownership interest is 4.5% (Retail)](Block III) Entire building: 1,385.49 m²
Exclusive area of compartments under compartmentalized ownership pertaining to the acquisition:
566.94 m²[Of such area, the acquired ownership interest is 7.5% (Retail)]ー

Structure / Floors(Block I-b) S/RC/SRC, B3/16F(Block II-b) RC, B1/3FーCompletion Date(building age)

(Block I-b) November 2010 (13.2 years) (Block II-a) June 2015 (8.7 years)(Block II-b) April 2010 (13.8 years) (Block III) April 2010 (13.8 years)ーEnvironmental
Certification

LEED Certification: Gold (ND, NC), etc.

ーPrepared on March 14, 2024

(Block II-a) RC, B3/30F(Block III) RC/S, 2F

60

6. Appendix

Overview of Investment Management Company◼ Company Overview
Name : Tokyu Real Estate Investment Management Inc.
Address : Shibuya Mark City West 11F, 1-12-1 Dogenzaka
Shibuya-ku, Tokyo
Established : June 27, 2001
Paid-in Capital : 300 million yen(Number of shares issued and outstanding: 6,000)◼ IR Activities
Costs of TOKYU REIT’s IR activities are borne by Tokyu REIM
<Major activities conducted from February 2023 to January 2024>
Targeting domestic institutional investors (meetings: 132)
・ Domestic financial results roadshow
・ Conference targeting institutional investors

Representative : Representative Director and President, Chief Executive
Officer Yoshitaka Kimura
Shareholders and: Tokyu Corporation 100%
ratio of shareholding
Number of employees : 50 (Excludes part-time officers and employees)◼ TOKYU REIT Website (https://www.tokyu-reit.co.jp/eng/)
The latest information including distribution information, portfolio data
and materials on financial results in addition to an overview of TOKYUREIT and its investment policy are posted here.

Targeting domestic individual investors (2)・ Daiwa Securities
・ Daiwa Securities

Daiwa J-REIT Caravan 2023 (Fukuoka)
Daiwa J-REIT Caravan 2023 (Nagoya)Targeting foreign institutional investors (meetings: 33)
・ Overseas financial results roadshow
・ Visiting properties
・ Conference targeting institutional investors

Daiwa J-REIT Caravan 2023 (Nagoya)Prepared on March 14, 2024

61

Disclaimer
This document is solely intended to provide information and is not intended to solicit securities or special product transactions.
Information provided in this material is not requested in the Financial Instruments and Exchange Act, Acts on Investment Trusts and Investment
Corporations and Government Orders pertaining to them, Cabinet Office Orders, regulations as well as listing regulation of Tokyo Stock Exchange andRegulation of Investment Trusts Association, etc. and are not disclosure documents or management reports based on them.
In addition to information on TOKYU REIT, Inc. (“TOKYU REIT”), this document includes charts and data prepared by Tokyu Real Estate Investment
Management Inc. (“Tokyu REIM”) based on data/index and other information released by third parties. Also, analyses, judgments and other views of
Tokyu REIM on such information at the moment are included in this document. TOKYU REIT and Tokyu REIM assume no responsibility for theaccuracy of data, indexes and other information released by third parties.
The information contained in this document is not audited and there is no assurance regarding the accuracy and certainty of the information.
Analyses, judgments and other non-factual views of Tokyu REIM merely represent views of Tokyu REIM as of the preparation date. Different views
may exist and Tokyu REIM may change its views in the future.

This document contains 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 materiallyfrom those discussed in the forward-looking statements. Events that might affect actual results include, but are not limited to, fluctuations of the realestate market in Japan, general conditions of the Japanese economy, competitive pressures and relevant regulations.
Numbers for the same item may be different from other disclosure materials due to difference in rounding.
Dates indicated in this document may differ from business days for the convenience of preparing charts.
Although much attention has been paid to the inclusion of all relevant information in this document, there may be errors and omissions. Therefore,
they are subject to correction or amendment without prior notice.
Information without any special description is that as of January 31, 2024.
This document 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 document shall prevail in the event of any discrepancies between thetranslation and the Japanese original.

Prepared on March 14, 2024

62