MonthlyⅠ．投資口の動向
Report April 2015
J-REIT Asset Size
Number of properties: 2,986 (Last month: 2,951)
Total assets (acquisition price) : ¥13,285.6bn (Last month: ¥13,161.3bn)
Total assets (appraised price) : ¥13,265.8bn (Last month: ¥13,071.4bn)
Investment corporations: 51 investment corporations(Last month: 50 investment corporations)(as of March 31, 2015)

The NOI cap rate remained level.
◆The official announcement of land prices (as of January 1, 2015) has been published. For the nationalaverage, the data regarding the land prices for the year that started in January 2014 showed a shrinking
rate of decline for residential areas, and the conversion from a decline to a leveling off for commercial
areas for the first time in seven years. As for the average of land prices in the three metropolitan areas,
the data showed a continued rise for both residential and commercial areas. In addition, on a semiannual
basis, the land price trend in the three metropolitan areas showed that both residential and commercial
land prices rose at a comparable rate in the first half and second half of the year.
◆ The Healthcare & Medical Investment Corporation was listed on the Tokyo Stock Exchange on March19, 2015. Due to this, the number of listed investment companies became 51.

I.

Trends of REIT stock prices (March 2015)◆Trends of Japanese stock market
Early on in the month in the stock market there was an upside limitation due to factors including a senseof caution towards stock prices that has continued to rise since the beginning of the year. However, fromthe middle of the month, stock prices rose significantly supported by favorable impressions given by thestrengthening of shareholder-oriented attitudes by large companies, the report regarding wage
increases and others. As the end of the month approached, a sense of caution towards high stock prices
again became stronger, which was made worse by negative factors such as political unrest in Yemen. As
a result, stock prices gradually levelled off and March trading finished.
The Nikkei Stock Average as of the end of the month stood at 19,206.99 yen (up 2.18% from the end of
the previous month).
◆ Trends of REIT Index
In the beginning of the month, the J-REIT market was on a downward trend due to higher domestic
long-term interest rates and concern over the deteriorated supply-demand balance triggered by publicstock offerings by J-REITs, among other factors. In the middle of the month, the J-REIT market started torise due to the decline in domestic long-term interest rates and higher stock prices, as well as theupward trend in land prices confirmed by an official announcement of land prices. At the end of themonth, the J-REIT market tended to weaken as concern over the deteriorating supply-demand balance
due to public stock offerings relapsed. As a result, March transactions were lower than the end of theprevious month for the first time in two months.
The Tokyo Stock Exchange REIT Index (including dividends) at the end of the month stood at 3,241.62(down 1.95% from the end of the previous month).

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Tokyu Land Corporation

Report for April 2015 (April 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 April 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: 6.1% (Last month: 6.1%)◆By asset type
Office: 5.1% (Last month: 5.2%) Residential: 5.3% (Last month: 5.4%)

III. Acquisition Trends: 41 (Last month:82)

IV. Sales Trends: 6(Last month:3)－41＋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 April 2015 (April 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.