April 12, 2024
To the media and press
Tokyu Land Corporation

Tokyu Land expands rental housing business in the US-Newly joins projects through preferred equity in three metropolitan areasTokyu Land Corporation (Headquarters: Shibuya-ku, Tokyo; President and CEO: Hiroaki Hoshino; “Tokyu Land”
below) hereby announces that it has newly joined rental housing projects in mid-development and mid-operationconsisting of a total of 956 units spread across three properties (“Three Properties” below) in three metropolitan
areas in the United States (the Washington D.C. metropolitan area, the San Jose metropolitan area and theDenver metropolitan area) through Tokyu Land’s local subsidiary Tokyu Land US Corporation (Headquarters:
State of California, United States; President: Tadashi Yoshimi; “TLUS” below).
Through TLUS, which it established in 2012, Tokyu Land has participated in projects based in Los Angeles
and New York in recent years, particularly "Value-add property investment" *. With its new participation in theprojects in question through preferred equity** in the Three Properties, the company is endeavoring to expand
its business in the United States.
Moreover, including the Three Properties, Tokyu Land is a part of rental housing projects for a total of twentyfive properties spanning 5,768 units and one lease project for a 64,000-m2 office in the United States as of thetime of this press release. When projects that have been sold or recovered are included, the company has hadinvolvement in approximately 9,000 lease residence units (student apartments included) cumulatively.
*"Value-add property investment": Projects that elevate the real estate value of existing properties by boosting
their profitability through physical infrastructure improvements such as renovations and non-physicalinfrastructure improvement such as operational revisions.
**Preferred equity projects: Projects through which participants can receive stable dividends with priority overstandard equity while having involvement in the project as preferred equity contributors. In current conditions
in which interest rates have been especially persistent, investment opportunities have also been on the rise.
Tokyu Land has been accelerating initiatives for these projects to meet project partner needs as well as due totheir promise of attractive risk-return.

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■Overview of each property1) Hyattsville/Washington D.C. metropolitan area (mid-development/285 units)
This rental housing property in mid-development is located in the City of Hyattsville, Prince George’s County,
State of Maryland. In addition to being in the commuting radius of metropolitan Washington D.C., the nearby
area contains a concentration of commercial properties, with the University of Maryland located roughly 3 km
to the north. The property is anticipated to be a target of demand largely from DINKS households who work inthe metropolitan or nearby area.

Location
Site area
Lease area
Year built/Construction
Use/Total number ofunits

Hyattsville, MDApprox. 13,000 m2Approx. 22,000 m2
2024 (tent.)/6-story reinforced
concreted and wooden construction
Rental housing/285 units

2) Milpitas/San Jose metropolitan area (mid-operation/371 units)
This lease residence property in mid-operation is located in the City of Milpitas, Santa Clara County, State ofCalifornia. Located in the immediate vicinity of the property is Milpitas Station on the Bay Area Rapid Transit
Line. The commercial zone also contains a major food supermarket as an anchor tenant, and will attract leasedemand from DINKS households and families who work in San Jose’s city center, Silicon Valley and other
employment areas.

Location
Site area
Lease area
Year built/Construction
Use/Total number ofunits

Milpitas, CAApprox. 23,000 m2
Approx. 35,000 m2
2019/7-story reinforced concretedand wooden construction
Rental housing/371 units

3) Aurora/Denver metropolitan area (mid-operation/300 units)
This lease residence property in mid-operation is located in the City of Aurora, Arapahoe County, State ofColorado. In addition to having a collection of large-scale medical facilities located nearby, the property alsooffers superior access to downtown Denver, the Denver Technological Center and Denver International Airport.
As such, DINKS households who work nearby, in the Denver city center, at the airport, etc. constitute its maintarget.

2Location
Site area
Lease area
Year built/Construction
Use/Total number ofunits

Aurora, COApprox. 33,000 m2
Approx. 22,000 m2
2022/4- and 5-story reinforced
concreted and wooden construction
Rental housing/300 units■Tokyu Land’s United States business
Having established a local corporation in 2012, Tokyu Land develops its United States business in leaseresidence assets that can be anticipated to grow stably with a particular focus on "value-add property
investment"that enhance value through renovations and development projects. The company’s proactive

efforts to promote its business in the United States include participation in its first large-scale officeredevelopment project in about 50 years in central New York.

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■ Location of properties in projects with Tokyu Land participation

SeattlePortland

United States

New York
Washington D.C.

Denver
Bay Area

Atlanta

Metropolitan areas
Lease residence
Office/other■ Main projects with Tokyu Land participation□ 425 Park Avenue
Location
New York, NY
Use
Offices/shops□ Prato at Midtown
Location
Atlanta, GA
Use
Lease
residences/
342 units4□ Dockside Apartments
Location
Kent, WAUse
Lease
residences/
344 units

■ Other projects with Tokyu Land participation■ Record of past participation

Location

Use

Total units

Location

Use

Total units

Castro Valley, CA

Lease residences

110 units

Diamond Bar, CA

Lease residences

204 units

Oakland, CA

Lease residences

282 units

Fullerton, CA

Lease residences

323 units-

Pleasant Hill, CA

Lease residences

221 unitsLa Mesa, CA

Lease residences

230 units

Suisun City, CA

Lease residences

240 units

Norwalk, CA

Lease residences

192 units

Littleton, CO

Lease residences

248 unitsSouth Gate, CA

Lease residences

244 units

Washington, DC

Lease residences

51 units

Charlotte, NC

Lease residences

426 units

Smyrna, GA

Lease residences

360 units

Houston, TX

Lease residences

1,326 units

Aloha, OR

Lease residences

146 units

Houston, TX

Lease residences

254 units

Portland, OR

Lease residences

182 units

Seattle, WA

Lease residences

98 units

Tigard, OR

Lease residences

227 unitsWest Lafayette, IN

Student apartments

229 units

Burien, WA

Lease residences

146 units

Irvine, CA

Offices-Des Moines, WA

Lease residences

223 units

Pasadena, CA

Offices-Des Moines, WA

Lease residences

152 units

New York, NY

Offices/shops

Lynnwood, WA

Lease residences

126 units

Fort Worth, TX

Logistics facility

Lynnwood, WA

Lease residences

164 units

Milton, WA

Lease residences

338 units

Milton, WA

Lease residences

181 units

Renton, WA

Lease residences

357 units

Renton, WA

Lease residences

120 units

Seattle, WA

Lease residences

252 units

5-■Strategic investment overseas by Tokyu Land
In its strategic investment efforts to cultivate new fields, Tokyu Land views progress in globalization as anopportunity to expand its business, and is pushing forward the development of its business overseas with aparticular focus on the United States and Asia.
Tokyu Land’s overseas business got off the ground in 1973 when the company initiated residential landdevelopment in Guam. With a project record of nine countries spanning the United States and Asia, it isparticipating in 51 projects spread across six sites (As of April 1, 2024). In the United States, Tokyu Land isdeveloping its business with a primary focus on valued projects that enhance value through renovations, andis building a prime lease asset portfolio. In Asia, since entering the Indonesian market in 1975, the company
has contributed to the community through independently-led residential development efforts that takeadvantage of the development knowhow that it cultivated in Japan. In recent years, Tokyu Land has turned its
focus to the growth potential of the entire Asian region, and is expanding its business domain to China as wellas the countries of Southeast Asia.

25 projects in 8 countries*
Independent development record:Approx. 7,500 units

26 projects in 7 metropolitan areas
Lease area in operation: Approx.
550,000 m2*The number of countries is the actual value.

United StatesChina(Los Angeles)

Tokyu Land Coporation (Shanghai) Ltd.

(New York)

Thailand(Bangkok)

Palau

Singapore

China
Thailand (Bangkok)
Singapore
Palau
Indonesia (Jakarta)

Indonesia(Jakarta)

Overseas business site map

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As of April 1, 2024

■ Initiatives for environmental management and DX that Tokyu Fudosan Holdings is striving for under
its GROUP VISION 2030 long-term vision
Tokyu Fudosan Holdings announced “GROUP VISION 2023,” its long-term vision, in 2021. With “WE ARE GREEN,”
an expression of its aim to realize its ideal shape by the year 2023 through diverse green power, as its slogan, thecompany continues to tackle environmental management and DX as its basic policies.
As Tokyu Fudosan Holdings’ core enterprise, Tokyu Land is actively pursuing a myriad of initiatives with the aim ofbecoming an environmentally advanced company. At the end of 2022, it completed the changeover of its offices andfacilities held* to 100% renewable energy.
*Certain joint projects, etc. excluded
SDGs Contributed To

Tokyu Fudosan Holdings’ “GROUP VISION 2030”
https://www.tokyu-fudosan-hd.co.jp/english/group-vision-2030/
Tokyu Fudosan Holdings’ “Medium-Term Management Plan 2025”
https://www.tokyu-fudosan-hd.co.jp/english/ir/mgtpolicy/mid-term-plan/7