MonthlyⅠ．投資口の動向
Report January 2015
J-REIT Asset Size
Number of properties: 2,862 (Last month: 2,823)
Total assets (acquisition price) : ¥12,852.7bn (Last month: ¥12,657.0bn)
Total assets (appraised price) : ¥12,670.6bn (Last month: ¥12,444.5bn)
Investment corporations: 49 investment corporations(Last month: 48 investment corporations)(as of December 31, 2014)

The NOI cap rate remained level.
◆Sekisui House Reit, Inc was listed on the Tokyo Stock Exchange on December 3, 2014. With this, there
were six listings in 2014, which was equal to the number listed in 2013 and increased the number of listed
investment companies as of the year end to 49.
◆ It was publicly announced on January 6 that Kenedix Commerce Reit, Inc. would be listed on the Tokyo
Stock Exchange. The company is a type of REIT specializing in commercial facilities, whose assets aremanaged by Kenedix Real Estate Fund Management, Inc. (Chuo-ku, Tokyo). The listing is scheduled for
February 10.

I.

Trends of REIT stock prices (December 2014)◆Trends of Japanese stock market
Stock prices rose at the beginning of the month, reflecting expectations for improved business resultsfor domestic companies on the back of favorable U.S. economic indexes, the depreciation of the yen, etc.
In the middle of the month, while the general election had a limited impact on stock prices, with theruling party winning by a wide margin as expected, stock markets became volatile worldwide out ofconcern regarding a decline in crude oil prices and the depreciation of the Russian ruble, causing
Japanese stock prices to fall significantly. Stock prices fluctuated thereafter, due in large part to factors
originating from overseas, as shown in the rise in the response to the December 17 statement from theFederal Open Market Committee of the United States (FOMC), the fall that reflected the feeling ofuncertainty regarding the conditions in Russia and the Greek political situation towards the end of theyear, etc. In the end, transactions in 2014 closed at a lower price for the first time in four months.
The Nikkei Stock Average as of the end of the month stood at 17,450.77 yen (down 0.05% from the end of
the previous month).

◆REIT Index
The J-REIT temporarily showed signs of weakening, reflecting the global volatility of stock markets,
due to profit-taking early in the month, a decline in crude oil prices in the middle of the month, andconcern regarding the situation in Russia. However, the J-REIT remained steady as assets forinvestment that benefit most from the advantage of the continued downtrend of long-term interest rates
on the back of additional monetary easing initiated by BOJ. In the end, transactions in 2014 closed up forthe ninth consecutive month.
The Tokyo Stock Exchange REIT Index (including dividends) as of the end of the month stood at 3,273.60(up 4.26% from the end of the previous month).

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Tokyu Land Corporation

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

Monthly Report January 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: 4.7%)
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: 55 (Last month: 47)

IV. Sales Trends: 16(Last month:6)＋8＋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 January 2015 (January 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) 2013TOKYU LAND CORPORATION. All rights reserved.