．投資口の動向
MonthlyⅠReport
July 2015
J-REIT Asset Size
Number of properties: 3,061 (Last month: 3,033)
Total assets (acquisition price) : ¥13,683.6bn (Last month: ¥13,587.9bn)
Total assets (appraised price) : ¥13,810.4bn (Last month: ¥13,686.0bn)
Investment corporations: 52 investment corporations(Last month: 51 investment corporations)(as of June 30, 2015)

The NOI cap rate remained level.
◆Kenedix, Inc. (Chuo-ku, Tokyo) announced that the listing of the investment units of Japan Senior
Living Investment Corporation was approved by the Tokyo Stock Exchange on June 25. Japan Senior
Living Investment Corporation is a J-REIT that focuses on healthcare facilities and invests primarily insenior living facilities, such as private-pay senior-citizen facilities, and in medical facilities, including
hospitals and medical malls. The scheduled date of listing is July 29.
◆ On June 16, 2015, MID REIT Inc. changed its business name to MCUBS MidCity Investment Corp.

ⅠTrends of REIT stock prices (July 2015)◆Trends of Japanese stock market
In the first half of June, the yen weakened, reflecting growing interest-rate hike speculation in the UnitedStates by the end of the year. However, the stock market declined due to the message given by Bank ofJapan Governor Haruhiko Kuroda directed at checking the weakening of the yen. In the latter half of themonth, the stock market fluctuated wildly, reflecting the clash of optimistic and pessimistic views on theGreece debt crisis. On June 24, the Nikkei Stock Average rose to 20,868 yen, exceeding the highest pointin the IT bubble period, but towards the end of the month, plummeted following the failure of the talks
over financial assistance to Greece.
The Nikkei Stock Average as of the end of the month stood at 20,235.73 yen (down 1.59% from the end of
the previous month).
◆ Trends of REIT Index
In the first half of June, the J-REIT index was soft, reflecting concern over a rise in long-term interest
rates in Japan and other countries, as well as concern over the deterioration in the supply-demandbalance due to new listings and public stock offerings. In the latter half, stock markets in Japan andother countries were affected by the Greece debt crisis, fluctuating more sharply as they moved up anddown. This wild fluctuation was reflected in the J-REIT index, which also moved up and down. Towards
the end of the month, the index fell sharply, just as was seen in the stock market.
The Tokyo Stock Exchange REIT Index (including dividends) at the end of the month stood at 3,157.69(down 3.08% from the end of the previous month).

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Tokyu Land Corporation

Report for June 2015 (Juｌｙ 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 July 2015
II. NOI Cap Rate: 5.2% (Last month: 5.3%)－0.1 P◆By area
Minato-ku, Chuo-ku, Chiyoda-ku: 4.5% (Last month: 4.5%)
Other major cities: 6.0% (Last month: 6.0%)◆By asset type
Office: 5.1% (Last month: 5.1%) Residential: 5.2% (Last month: 5.2%)

III. Acquisition Trends: 32(Last month:30)＋2

IV. Sales Trends: 4(Last month:9)－5

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 June 2015 (Juｌｙ 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.