MonthlyⅠ．投資口の動向
Report February 2015
J-REIT Asset Size
Number of properties: 2,872 (Last month: 2,862)
Total assets (acquisition price) : ¥12,922.7bn (Last month: ¥12,852.7bn)
Total assets (appraised price) : ¥12,773.7bn (Last month: ¥12,670.6bn)
Investment corporations: 49 investment corporations(Last month: 49 investment corporations)(as of January 31, 2015)

The NOI cap rate remained level.
◆ According to the Ministry of Land, Infrastructure, Transport and Tourism’s Current Survey of Orders
Received for Construction (big 50 constructors) for 2014, the value of contracts in the domestic private
sector in 2014 declined 9.7% year on year, to 8,047.7 billion yen, a decline from a year ago for the firsttime in five years. The major factor is believed to be the effect of a reaction to a spike in demand before
the consumption tax hike. The total value of orders received, including public works, rose 2.8% year onyear, to 12,840.0 billion yen, an increase for the fifth consecutive year.
◆ With Kenedix Retail REIT Corporation listed on the Tokyo Stock Exchange on February 10, 2015, thenumber of listed investment corporation has become 50.

I.

Trends of REIT stock prices (January 2015)◆Trends of Japanese stock market
In the first half of the month, stock prices declined, reflecting factors originating from overseas,
including a fall in crude oil prices, uncertainty over the Greek political situation, and the Swiss Central
Bank’s scrapping of the cap on the Swiss franc’s value against the euro. In the latter half, the stock
market was mostly steady chiefly due to the European Central Bank’s decision to carry out quantitativeeasing, the stabilization of markets in Europe after the election in Greece, and expectations of strong
corporate earnings at Japanese companies. At the end of January, the stock market was higher than thatin the previous month.
The Nikkei Stock Average as of the end of the month stood at 17,674.39 yen (up 1.28% from the end of
the previous month).

◆ Trends of REIT Index
While the stock market fell due to negative factors overseas in the first half of the month, the J-REIT
market was on an upward trend, reflecting the continued downward trend in long-term interest rates. In
the second half, the J-REIT market was on a downward trend due to a rise in long-term interest rates andconcern over a deterioration in the supply-demand balance caused chiefly by J-REITs’ public stockofferings. The J-REIT market fell month on month, albeit slightly, for the first time in ten months.
The Tokyo Stock Exchange REIT Index (including dividends) the end of the month stood at 3,260.64(down 0.40% from the end of the previous month).

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Tokyu Land Corporation

Report for February 2015 (February 15, 2015) 1

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) 2013TOKYU LAND CORPORATION. All rights reserved.

Monthly Report February 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: 6.2% (Last month: 6.2%)◆By asset type
Office: 5.2% (Last month: 5.2%) Residential: 5.4% (Last month: 5.4%)

III. Acquisition Trends: 16 (Last month: 55)

IV. Sales Trends: 6(Last month:16)

－39
－10

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

Tokyu Land Corporation

Report for February 2015 (February 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) 2013TOKYU LAND CORPORATION. All rights reserved.