．投資口の動向
MonthlyⅠReport
MayMay 2015
J-REIT Asset Size
Number of properties: 3,012 (Last month: 2,986)
Total assets (acquisition price) : ¥13,433.6bn (Last month: ¥13,285.6bn)
Total assets (appraised price) : ¥13,489.3bn (Last month: ¥13,265.8bn)
Investment corporations: 51 investment corporations(Last month: 51 investment corporations)(as of April 30, 2015)

The NOI cap rate Declined.
◆On May 1, 2015, the Monetary Affairs Department of the Bank of Japan published a review titled“Quantitative and Qualitative Monetary Easing: Assessing the Impact in the Two Years since theIntroduction of Easing (Bank of Japan Review)”. According to this review, the “quantitative andqualitative monetary easing” introduced in April 2013 lowered real interest rates by slightly less than 1
percentage point, while the actual improvements in economic activity and prices were mostly in line withthe mechanisms assumed for “quantitative and qualitative monetary easing.” On the other hand, thereview stated decline in the consumer price index, stemming mainly from the recent decline in crude oilprices, and how it would influence people’s inflation forecasts needed to be carefully monitored.

I.

Trends of REIT stock prices (April 2015)◆Trends of Japanese stock market
Early in the month, stock prices rose, mainly reflecting the healthy trends in overseas stock prices andJapan Post Bank’s announcement of its intention to increase its investment in stocks. During trading
hours on April 10, the Nikkei Stock Average recovered to the 20,000 level for the first time in 15 years.
Stock prices continued to fluctuate in high territories from the middle of the month, but as trading closed
at the end of April, stock prices fell significantly. This decline was mainly due to disappointment over thedrop in stock prices in the United States and Europe, as well as the BOJ’s decision to refrain fromenacting additional monetary easing measures.
The Nikkei Stock Average as of the end of the month stood at 19,520.01 yen (up 1.63% from the end ofthe previous month).
◆ Trends of REIT Index
The REIT index declined at the beginning of the month, mainly due to profit-taking sales, but started topick up later on the back of improvements in external factors such as an increase in stock prices.
Because of the fluctuating stock prices in high territories, the J-REIT index remained largely unchanged
from the middle of the month. Toward the end of the month, a sense of deadlock grew amid the lack of
immediate news. As a result, April transactions were slightly higher than the end of the previous month.
The Tokyo Stock Exchange REIT Index (including dividends) at the end of the month stood at 3,267.36.

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Tokyu Land Corporation

Report for May 2015 (May 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 May 2015
II. NOI Cap Rate: 5.3% (Last month: 5.4%)－0.1 P◆By area
Minato-ku, Chuo-ku, Chiyoda-ku: 4.6% (Last month: 4.6%)
Other major cities: 6.1% (Last month: 6.1%)◆By asset type
Office: 5.1% (Last month: 5.1%) Residential: 5.3% (Last month: 5.3%)

III. Acquisition Trends: 32 (Last month:41)－9

IV. Sales Trends: 6(Last month:6)±0

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

Tokyu Land Corporation

Report for May 2015 (May 15, 2015)

2All 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.