．投資口の動向
MonthlyⅠReport
June 2015
J-REIT Asset Size
Number of properties: 3,033 (Last month: 3,012)
Total assets (acquisition price) : ¥13,587.9bn (Last month: ¥13,433.6bn)
Total assets (appraised price) : ¥13,686.0bn (Last month: ¥13,489.3bn)
Investment corporations: 51 investment corporations(Last month: 51 investment corporations)(as of May 31, 2015)

The NOI cap rate remained level.
◆On May 27, the conclusion of a merger agreement between three investment corporations associatedwith Nomura Real Estate Development (Nomura Real Estate Master Fund, Inc., Nomura Real Estate
Office Fund, Inc., and Nomura Real Estate Residential Fund, Inc.) was announced. The name of the newinvestment corporation after the merger will be Nomura Real Estate Master Fund, Inc. The date ofincorporation of the new investment corporation will be October 1. The new company will be one of thelargest comprehensive REITs in Japan.
◆Samty Co., Ltd. (Yodogawa-ku, Osaka) announced that the listing of the investment units of Samty
Residential Investment Corporation was approved by the Tokyo Stock Exchange on May 29. The
scheduled date of listing is June 30. The investment corporation will invest in rental housing, hotels, andhealthcare facilities.

I.

Trends of REIT stock prices (May 2015)◆Trends of Japanese stock market
In the first half of May, the stock market was adjusted temporarily in reaction to a fall in overseas stock
markets and a rise in long-term interest rates in Europe. However, as these overseas indicators werestabilized, the Japanese stock market started to rise again. In the latter half, export-oriented stocks
climbed, reflecting the fact that the interim GDP for the January-March quarter of 2015 that wasannounced on May 20 exceeded analysts’ expectations, as well as the weakening of the yen due tointerest-rate hike speculation in the United States. The Nikkei Stock Average rose for the last 11
consecutive business days of the month.
The Nikkei Stock Average as of the end of the month stood at 20,563.15 yen (up 5.34% from the end of
the previous month).
◆ Trends of REIT Index
From the beginning through the middle of the month, the J-REIT index was soft, reflecting concern
over a rise in long-term interest rates worldwide and over deterioration in the supply-demand balance
due to a number of public stock offerings. In late May, the yen weakened and the stock market rosesignificantly, but the J-REIT index, which gains less from a weaker yen, climbed only slightly. The index
fell slightly from the end of the previous month.
The Tokyo Stock Exchange Rate Index (including dividends) at the end of the month stood at 3,257.97(down 0.29% from the end of the previous month).

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Tokyu Land Corporation

Report for June 2015 (June 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 June 2015
II. NOI Cap Rate: 5.3% (Last month: 5.3%)±0.0 P◆By area
Minato-ku, Chuo-ku, Chiyoda-ku: 4.5% (Last month: 4.6%)
Other major cities: 6.0% (Last month: 6.1%)◆By asset type
Office: 5.1% (Last month: 5.1%) Residential: 5.2% (Last month: 5.3%)

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

IV. Sales Trends: 9(Last month:6)＋3

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 (June 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.