MonthlyⅠ．投資口の動向
Report March 2015
J-REIT Asset Size
Number of properties: 2,951 (Last month: 2,872)
Total assets (acquisition price) : ¥13,161.3bn (Last month: ¥12,922.7bn)
Total assets (appraised price) : ¥13,071.4bn (Last month: ¥12,773.7bn)
Investment corporations: 50 investment corporations(Last month: 49 investment corporations)(as of February 28, 2015)

The NOI cap rate remained level.
◆On February 27, the Land Price Research Division of the Land Economy and Construction andEngineering Industry Bureau of the Ministry of Land, Infrastructure, Transport and Tourism published aTrend Report of the Prices of Intensively Used Land in Major Cities: Land Price LOOK Report. The report
reveals that in the fourth quarter of 2014 (October 1 to January 1), of 150 intensively used districts inmajor cities, the land price rose in 125 districts (compared with 124 districts in the previous report). The
percentage of districts where the land price rose remained high. According to the report’s analysis, land
prices continued to rise, chiefly reflecting investors’ strong willingness to invest in real estate on theback of monetary easing, among other factors, and demand for condominiums in districts that areconvenient for living.
◆Sumitomo Mitsui Banking Corporation, Ship Healthcare Holdings, Inc., and NEC Capital Solutions
Limited announced that on February 17, the Tokyo Stock Exchange approved the listing of the investment
unit of Healthcare & Medical Investment Corporation. Healthcare & Medical Investment Corporation isscheduled to be listed on March 19.

I.

Trends of REIT stock prices (February 2015)◆Trends of Japanese stock market
From the beginning to the middle of the month, the stock market was strong, except for temporary falls
due to the debt crisis in Greece and concern over the situation in Ukraine, mainly reflecting favorable
employment statistics in the United States and an improvement in domestic economic indicators. In lateFebruary, stock prices continued to rise due to favorable factors, including the extension of financial
assistance to Greece, the Ukraine ceasefire agreement, and an increase in the public pension fund’s
stock investment in its portfolio.
The Nikkei Stock Average as of the end of the month stood at 18,797.94 yen (up 6.36% from the end ofthe previous month).

◆ Trends of REIT Index
From the second half of January through the first half of February, the J-REIT market was on adownward trend, reflecting a continued upward trend in long-term domestic interest rates and concern
over a deterioration in the supply-demand balance due to public stock offerings by J-REITs. In the latter
half of the month, the J-REIT market started to rise as long-term domestic interest rates were stabilized
and stock prices rose. At the end of the month, the market was higher than at the end of the previousmonth.
The Tokyo Stock Exchange REIT Index (including dividends) at the end of the month stood at 3,306.03(up 1.39% from the end of the previous month).

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Tokyu Land Corporation

Report for March 2015 (March 15, 2015)

1All rights reserved. We have made every possible effort to prepare the information that Tokyu Land Corporation J-REIT
System (TOREIT) and this survey provides. However, we do not guarantee the accuracy and completeness of theinformation. Users of the information are requested to determine the accuracy of the information for themselves.
Copyright (C) 2007-2015TOKYU LAND CORPORATION. All rights reserved.

Monthly Report March 2015
II. NOI Cap Rate: 5.4% (Last month: 5.4%)±0.0 P◆By area
Minato-ku, Chuo-ku, Chiyoda-ku: 4.6% (Last month: 4.6%)
Other major cities: 6.1% (Last month: 6.2%)◆By asset type
Office: 5.2% (Last month: 5.2%) Residential: 5.4% (Last month: 5.4%)

III. Acquisition Trends: 82 (Last month: 16)

IV. Sales Trends: 3(Last month:6)+66－3

The red number shows a rise, the yellow numbers
show remaining level, and the green numbershows a decline from the previous month.

Tokyu Land Corporation

Report for March 2015 (March 15, 2015)2

All rights reserved. We have made every possible effort to prepare the information that Tokyu Land Corporation J-REIT
System (TOREIT) and this survey provides. However, we do not guarantee the accuracy and completeness of theinformation. Users of the information are requested to determine the accuracy of the information for themselves.
Copyright (C) 2007-2015TOKYU LAND CORPORATION. All rights reserved.