Tokyu REIT, Inc. · TSE:8957

Tokyu REIT — 4th period Earnings Presentation

48 slides from Tokyu REIT's earnings presentation, Sep 16, 2005

  1. Slide 1: 第4期（2005年7月期）決算説明資料 TOKYU REIT, Inc.

    第4期 第4期 （2005年7月期） （2005年7月期） 決算説明資料 決算説明資料 TOKYU TOKYU REIT, REIT, Inc. Inc. 8957 8957 http://www.tokyu-reit.co.jp/ http://www.tokyu-reit.co.jp/ 0

  2. Slide 2: Agenda / Appendix

    „ „ „ „ 4 „ „ „ „ „ „ Appendix 2005 9 16 1

  3. Slide 3: TOKYU REIT

    TOKYU REIT

  4. Slide 4: (1) (2) (3)

    3 (1) (2) (3) 2005 9 16 3

  5. Slide 5: „ REIT REIT REITs

    „ „ REIT REIT REITs REIT B REIT A 2005 9 16 4

  6. Slide 6: TOKYU REIT

    TOKYU REIT 2005 9 16 |

  7. Slide 7: : : 5,000m 5,000m 2 2 60% vs.

    „ „ ¾ ¾ „ „ ¾ ¾ 11 :: 40 40 ¾ ¾ :: 5,000m22 :: 5,000m „ „ ¾ ¾ :: 60% 60% vs. vs. 40% 40% „ „ „ „ Fiduciary Fiduciary „ „ „ „ 2005 9 16 6

  8. Slide 8: TOKYU REIT

    TOKYU REIT TOKYU REIT TOKYU REIT TOKYU REIT 2005 9 16 7

  9. Slide 9: TOKYU REIT

    TOKYU REIT 4

  10. Slide 10: Period highlights

    4 5 4 2005 7 5 2006 1 „ EPS: 13,798 „ EPS: 13,400 ¾ 3 13,045 5.8% ¾ +27,380 ¾ 13,300 2005 3 18 ¾ 9 4 45.3% 5 35.6% „ 3 „ ¾ ¾ PICASSO347 2005 8 2 9 2004 12 15 40 9 PICASSO347 2005 4 6 ¾ 5 99.4% 60 ¾ „ 450 2005 8 9 3 97.5% 4 99.1% 2005 9 16 9

  11. Slide 11: Financial summary

    5 (2006 1 ) 1 2 3 4 5 12 13 16 17 17 103,560 110,160 133,360 148,060 157,860 (A) 82,738 109,108 126,822 142,862 157,806 95.3 97.1 97.5 99.1 99.4 2,896 4,341 5,044 5,684 6,234 (B) 2,199 2,894 3,523 3,835 4,262 (B)/(A) 6.7 5.3 5.5 5.4 5.4 1,486 1,771 2,210 2,325 2,579 (C) 929 1,394 1,852 1,959 2,269 (

  12. Slide 12: PICASSO347 and portfolio yields

    ¾ 4 17 1,480 ¾ 3 NOI 5.51% ¾ 4 NOI 5.41% ¾ 17 1,578 ¾ 5 NOI 5.36% 3 4 5 5.51% 5.41% 5.36% 9.0% 8.0% 7.8% 7.9% 8.0% 7.6% 7.8% 7.6% 7.6% 7.4% 7.3% 7.2% 7.4% 7.1% 7.0% 6.2% 6.1% 6.1% 6.3% 6.0% 5.8% 6.1% 5.5% 5.9% 5.9% 5.9% 5.9% 6.0% 5.4% 5.3% 5.0% 5.1% 5.6% 5.7% 5.8% 5.5%5.3% 5.4% 5.5% 5.3% 4.7% 4.8% 4

  13. Slide 13: PICASSO347

    2005 9 16 QFRONT TOKYU REIT „ „ 2 4 TOKYU REIT PICASSO347 TOKYU REIT TOKYU REIT 12

  14. Slide 14: 98,000 98,000 142,000 142,000 169,380 50,117 50,117 77,860 7,860 98,019 511,403 511,403 548,310 548,310

    98,000 98,000 142,000 142,000 169,380 50,117 50,117 77,860 77,860 98,019 511,403 511,403 548,310 548,310 578,697 103,560 110,160 133,360 148,060 157,860 862 930 1,429 1,919 2,226 366 392 445 477 489 46 434 502 645 818 32 32 466 1,075 1,877 2,772 3,756 104,002 110,448 133,415 147,819 157,115 103,050

  15. Slide 15: TOKYU REIT

    TOKYU REIT 14

  16. Slide 16: Asset growth and PICASSO347 acquisition

    – „ „ 1,578 1,578 „ „ 44 72.7 72.7 1 2 3 4 5 TOKYU REIT PICASSO347 PICASSO347 232.6 60% 40% 66.0 50.5 147.0 98.0 95.2 2,500 86.3 80 72.7 70 34.3 60 2,000 50 2,000 12.9 40 1,578 30 9.5 1,480 17 20 1,333 17 10 1,500 16 0 1,101 -10 1,035 13 12 -20 1,000 803 -30 11 -40 -50 -60 500 -70 -80 -90 0 -100 1 1

  17. Slide 17: PICASSO347

    PICASSO347 4 5 „ „ 33 „ „ „ „ 19 19 13 13 24 24 „ „ TOMORROWLAND TOMORROWLAND „ „ Cassina Cassina ixc ixc „ „ „ „ „ „ „ „ „ „ 2005 2005 44 66 60% 60% „ „ 2005 2005 88 22 40% 40% „ „ 245 245 17 4 6 60% 5 40% 100% 2005 9 16 16

  18. Slide 18: TOKYU REIT PICASSO347 TOKYU REIT

    TOKYU REIT TOKYU REIT PICASSO347 QFRONT 2 5 + 94.0 19 TOKYU REIT TOKYU REIT 2005 9 16 17

  19. Slide 19: Portfolio characteristics

    1 60: 40 m2 10,000 9,286 30,000 27,910 22,259 7,300 25,000 7,500 50.4 49.6 20,000 5,000 15,000 10,000 42.2 57.8 2,500 17 17 5,000 PICASSO347 PICASSO347 40% 40% 0 0 11 17 6 8 11 11 PICASSO347 40% PML NOI 17 7 31 7.0 14.0 13.2 7.0 6.0 6.1 6.0 5.7 11.2 6.0 12.0 6.0 5.0 10.0 5.0 4.0 8.0 4.0 3.0 6.0 3.0

  20. Slide 20: Tenant diversification

    2 274.0% 2,805 15 178.5% 21.6 147 15 645 466 15 46 PICASSO347 40% 19.7 11 11 Top 3 55 56.2 Top 5 71 17 17 4 .0 PICASSO347 57.5 PICASSO347 40% 40% 17 17 PICASSO347 40% 2.3% 11 Top 3 44 11 15 Top 5 60 15 44 2005 9 16 19

  21. Slide 21: Occupancy

    100.0 98.0 96.0 98.3% 99.1% 94.0 17 7 17 7 99.1 95.2% 92.0 16 3 90.0 15 9 16 1 16 4 16 7 16 10 17 1 17 4 17 7 1 2 3 4 4 7 8 4 3 3 16 17 25 4 2 1 17 18 78.9% 16 6 100 6.7% 100% 17 8 1 2005 9 16 20

  22. Slide 22: LTV and financing

    LTV 1. LTV „ 2. „ LTV „ „ „ 3. 1 1 2 2 3 4 3 5 „ „ LTV 100% 80% 54% R&I „ A+ 58% 69% 65% 60% 80% 87% 100% 100% 40% „ A : 46% S&P 20% 42% 20% 31% 35% 13% „ A-1 0% 11 11 22 22 33 44 33 55 Moody’ Moody’s „ A2 : 17 9 6 2005 9 16 21

  23. Slide 23: Debt structure

    „ „ „ „ 5.6% 7,898 8.3% 11,721 150,000 12.7% 12,441 142,000 142,000 6.9% 9,800 6.9% 9,800 12.8% 12,572 10.0% 9,800 120,000 10.0% 9,800 8.6% 12,244 7.4% 10,543 98,000 98,000 8.1% 7.6% 90,000 6.2% 10.6% 10.6% 6.9% 12.0% 11,784 11.7% 11,495 54.7% 77,698 57.2% 81,267 5.1% 9.9% 16.5% 22.3% 60,000 5.9% 9.

  24. Slide 24: Management initiatives

    „ „ PICASSO347 PICASSO347 40% 40% 44 „ „ „ „ „ „ 77 2,000 2,000 „ „ „ „ „ „ „ „ 44 „ „ PICASSO347 PICASSO347 „ „ TOKYU TOKYU REIT REIT „ „ PICASSO347 PICASSO347 CapEx Control CapEx Control „ „ „ „ „ „ „ „ „ „ „ „ „ „ PML PML „ „ 21.6 21.6 „ „ „ „ „ „ „ „ „ „ „ „ 2005 2005 44 „ 2005 „ 2005 99 „ „ „ „

  25. Slide 25: TOKYU REIT

    TOKYU REIT 24

  26. Slide 26: REIT

    REIT REIT NCF 2005 9 16 25

  27. Slide 27: IRR

    2 12 3.10% % „ 4 2 12 8.52% 103,560 3.10% „ IRR 5.42% NCF „ „ 12 IRR 2005 9 16 26

  28. Slide 28: Appendix

    TOKYU REIT Appendix 27

  29. Slide 29: Period overview

    2004 8 2005 8 44,000 28,000 12.00% 1.50% 14,200 12,500 13,500 13,100 12,500 13,100 2 145.7 1 98.0 LTV 38.40% 37.30% LTV 53.90% 46.30% 80% 78.90% 1.31% 1.18% 293 409 2,000 4.8% 1,300 4.7% 2,000 680 147,000 169,380 28,709,296 21,346,060 1,304,968,000 990,535,000 75 25 65 35 2004 7 1 2005 7 6 2004 7 20

  30. Slide 30: Income statement

    4 2005 7 5,684 100.0% 5,044 100.0% 639 5,232 92.0% 4,629 91.8% 602 4,768 83.9% 4,196 83.2% 571 276 244 50 97 1.7% 84 1.7% 12 366 6.5% 347 6.9% 18 452 8.0% 415 8.2% 36 397 7.0% 359 7.1% 38 54 1.0% 55 1.1% 1 2,777 48.9% 2,322 46.0% 454 1,848 32.5% 1,521 30.2% 327 473 8.3% 444 8.8% 29 421 7.4% 380 7.5%

  31. Slide 31: Balance sheet

    4 2005 7 1,624 11,436 608 140 162,180 147,230 14,949 224 66 314 13,318 12,773 544 148,861 134,457 14,404 15,163 895 82,360 67,518 14,842 29,500 15,500 14,000 2,141 35,000 35,000 1 15,000 2 15,777 15,245 531 1,000 11 13,295 2,083 1,772 310 36,342 434 634 79,819 79,712 106 111 421 77,860 77,860 71 92

  32. Slide 32: Distributions and debt

    17 7 31 10 2005 8 25 0.47000 50 2005 9 25 49 9 9 2005 12 15 9 9 0.48000 15 90 15 2006 4 6 15 15 295 - - - 50 40 1.11625 2007 6 25 40 40 1.38875 2008 6 25 10 1.23875 50 1.68875 2009 6 25 50 10 10 1.92750 2010 6 25 10 40 2.03000 2012 6 25 350 - - - 645 - - - 1.06932% 2005 9 16 31

  33. Slide 33: 2005 3,480 2,254 1,225 1,960 1,853 15,163 591 400 992 895 15,275 18,910 3,635

    4 2005 7 3,480 2,254 1,225 1,960 1,853 106 928 801 126 15,163 591 400 992 895 15,275 18,910 3,635 15,332 23,768 8,435 531 5,940 5,408 95 95 474 987 512 15,000 12,153 16,850 4,697 1,000 14,000 9,500 23,500 27,742 27,742 1,846 1,391 454 358 194 164 3,000 2,805 194 3,359 3,000 358 2005 9 16 32

  34. Slide 34: TOKYU REIT

    4 TOKY U TOKY U TOKY U REIT TOKY U REIT REIT REIT 2005 9 16 33

  35. Slide 35: Forecast income statement

    5 2006 1 6,234 100.0% 5,684 100.0% 550 5,729 91.9% 5,232 92.0% 496 5 5,261 84.4% 4,768 83.9% 493 108 1.7% 97 1.7% 10 359 5.8% 366 6.5% 7 505 8.1% 452 8.0% 53 437 7.0% 397 7.0% 39 2005 8 2 68 1.1% 54 1.0% 13 2,955 47.4% 2,777 48.9% 178 1,972 31.6% 1,848 32.5% 123 514 8.3% 473 8.3% 41 443 7.1% 421 7.4

  36. Slide 36: Forecast balance sheet

    5 2006 1 171,673 162,180 9,493 13,510 13,318 191 158,163 148,861 9,301 71,384 82,360 10,976 7,000 29,500 22,500 46,000 35,000 11,000 15,777 15,777 2,606 2,083 523 100,289 79,819 20,469 98,019 77,860 20,159 2,269 1,959 310 30.9% 39.8% 8.9% 35.6% 45.3% 9.7% 157,806 142,862 14,944 2005 9 16 35

  37. Slide 37: Unitholder composition

    投資口数 投資主数 4.8% 1.8% 1.8% 2.1% 2.1% 2.6% 4.0% 5.7% 0.4% 2004/1/31 8.8% 13.8% 10.1% 44.9% 11.8% 46.2% 15.2% 20.5% 3.5% 2004/1/31 5.4% 2.4% 1.4% 3.2% 2.3% 2.3% 3.8% 4.9% 0.5% 2004/7/31 8.6%9.2%9.4% 48.3% 12.2% 48.9% 15.0% 19.2% 3.0% 2004/7/31 3.8% 2.1% 2.2% 2.7% 2.4% 2.4% 4.2% 4.6% 0.3% 2005/1/31 7.8%1

  38. Slide 38: Major unitholders

    33 20 20 44 20 20 12,211 8.60 12,333 8.69 5,880 4.14 7,732 5.45 5,000 3.52 5,880 4.14 4,633 3.26 5,773 4.07 4,138 2.91 5,000 3.52 3,952 2.78 4,633 3.26 3,920 2.76 4,052 2.85 3,788 2.67 3,920 2.76 3,511 2.47 3,203 2.26 2,903 2.04 2,556 1.80 2,450 1.73 2,450 1.73 2,000 1.41 2,164 1.52 1,794 1.26 2,030

  39. Slide 39: Fiduciary

    TOKYU REIT Fiduciary 38 2005 9 16 |

  40. Slide 40: REIM

    REIM : CEO 3 IR : 2 2 CIO : 3 1 2005 9 16 39

  41. Slide 41: „ „ ¾ ¾ ¾ ¾ ¾ ¾ „ „

    „ „ ¾ ¾ ¾ ¾ ¾ ¾ „ „ 2 2005 9 16 40

  42. Slide 42: TOKYU REIT

    TOKYU REIT 41 2005 9 16 |

  43. Slide 43: TOKYU REIT

    TOKYU REIT 42 2005 9 16 |

  44. Slide 44: REIM CEO

    1. 2. 1 1 2 3 2 REIM CEO 3 4 2 1 40 50 100 CEO 2005 9 16 43

  45. Slide 45: 2005 9 16

    2005 9 16 44

  46. Slide 46: 2005 9 16

    2005 9 16 45

  47. Slide 47: Portfolio properties

    „ „ „ „ 11 11 66 „ „ 11 11 22 „ „ TOKYU TOKYU REIT REIT 22 66.0 66.0 :: 11 „ „ „ „ 11 11 33 140.6 140.6 „ „ 33 50.5 50.5 „ „ 33 95.2 95.2 „ „ PICASSO347 PICASSO347 40 40 55 98.0 98.0 „ „ „ „ „ „ „ „ PM PM PM „ „ „ „ TOKYU TOKYU „ „ „ „ 2005 9 16 46

  48. Slide 48: J-REIT market comparison

    REIT LPT J-REIT J-REITS LPT US-REITs JPY 2,593.4 bn AUD 72,347 mm USD 333,355 mm (USD 23,576 mm) (USD55,707 mm) (2005 8 31 ) (2005 8 31 ) (2005 8 31 ) USD in million LPT J-REITs USD in million US REITs 22 51 198 Since 2001 Since 1971 Since 1961 60,000 300,000 0.6% 9.2% 2.2% 1,053% 169% 215% 2001/9 5

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