Tokyu REIT, Inc. · TSE:8957

Tokyu REIT — Investor Presentation (March 2005)

44 slides from Tokyu REIT's investor presentation, March 2005

  1. Slide 1: TOKYU REIT, Inc.

    TOKYU TOKYU REIT, REIT, Inc. Inc. 8957 8957 http://www.tokyu-reit.co.jp/ http://www.tokyu-reit.co.jp/ 33 2005 2005 11 0

  2. Slide 2: Appendix

    TOKYU REIT zs 3 || = Appendix

  3. Slide 3: TOKYU REIT

    TOKYU REIT

  4. Slide 4: TOKYU REIT

    TOKYU REIT 3 J —SSC — ie JSS E |

  5. Slide 5: REIT

    „ „ REIT REIT REITs REIT B REIT A 4

  6. Slide 6: TOKYU REIT

    TOKYU REIT

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

    „ „ ¾ ¾ (( )) „ „ ¾ 11 ¾ :: 40 40 ¾ ¾ :: :: 5,000m 5,000m22 „ „ ¾ ¾ :: 60% 60% vs. vs. 40% 40% „ „ „ „ Fiduciary Fiduciary „ „ „ „ 6

  8. Slide 8: TOKYU REIT

    TOKYU REIT TOKYU REIT TOKYU REIT TOKYU REIT 7

  9. Slide 9: TOKYU REIT

    TOKYU REIT 3

  10. Slide 10: ¾ PICASSO347 ¾ PICASSO347 „ NOI

    3 4 3 2005 1 4 2005 7 „ 2 „ ¾ 13 16 ¾ PICASSO347 17 ¾ TOKYU REIT ¾ 98.7% „ EPS 13,045 „ EPS 13,300 ¾ 2004 8 ¾ PICASSO347 ¾ 4 LTV: 46.9% 2 53.7% 3 41.0% ¾ 12,500 „ NOI 5.5% „ NOI 5.3% ¾ 9

  11. Slide 11: 2005 103,560 110,160 133,360 148,060 82,738 109,108 126,822 142,862 95.3 97.1 97.5 98.7 2,896

    4 2005 7 1 2 3 4 12 13 16 17 103,560 110,160 133,360 148,060 82,738 109,108 126,822 142,862 95.3 97.1 97.5 98.7 2,896 4,341 5,044 5,637 2,199 2,894 3,523 3,732 6.7 5.3 5.5 5.3 1,486 1,771 2,210 2,230 929 1,394 1,852 1,888 98,000 98,000 142,000 142,000 1 9,488 14,230 13,045 13,300 99.9 99.9 99.9 99.9

  12. Slide 12: PICASSO347

    ¾ 3 16 1,333 ¾ 3 NOI 5.5% ¾ 17 1,480 ¾ 4 NOI 5.3% 3 2 4 5.5% 5.3% 9.0% 8.0% 8.0% 7.9% 7.4% 7.8% 8.0% 7.5% 7.5% 7.6% 7.6% 7.6% 7.3% 7.0% 6.6% 6.3% 6.2% 5.8% 5.4% 6.0% 6.0% 6.0% 6.0% 5.9% 5.7% 6.0% 5.4% 5.0% 5.6% 5.5% 5.4% 5.5% 5.3% 5.1% 5.7% 5.6% 5.1% 4.7% 4.9% 5.0% 4.7% 4.6% 4.6% 4.4% 4.8% 4.2% 4.0%

  13. Slide 13: 98,000 98,000 142,000 142,000 142,000 50,117 50,117 77,860 7,860 77,860 511,403 511,403 548,310 548,310

    98,000 98,000 142,000 142,000 142,000 50,117 50,117 77,860 77,860 77,860 511,403 511,403 548,310 548,310 548,310 103,560 110,160 124,730 133,360 148,060 862 930 1,281 1,429 1,910 366 392 442 445 466 46 434 591 502 758 466 1,075 1,878 1,877 2,771 104,002 110,448 124,725 133,415 147,958 103,050 111,74

  14. Slide 14: TOKYU REIT

    TOKYU REIT 13

  15. Slide 15: z z TOKYU REIT z

    –6 84% z z TOKYU REIT z ( z 232.6 50.5 86.3 66.0 z z PICASSO347 95.2 147 1,480 1,247 1,101 1,035 1 7 +84 803 17 15 13 12 11 2003 9 2004 1 2004 3 2004 8 2005 4 IPO 17 7 2007 1 2,000 14

  16. Slide 16: „ „ „ „ „ „ „ „ „ „ „ „ ++ „

    „ „ „ „ 11 „ „ 11 „ „ „ „ 360 360 „ „ ++ „ „ „ „ „ „ „ „ 2004 2004 12 12 15 15 „ „ 86.3 86.3 15

  17. Slide 17: PICASSO347

    PICASSO347 4 „ „ 33 „ „ „ „ 13 13 19 19 „ „ „ „ „ „ „ „ „ „ SPC SPC „ „ ++ „ „ „ „ „ „ 2005 2005 44 66 „ „ 147 147 60% 60% 16

  18. Slide 18: TOKYU REIT PICASSO347 QFRONT

    TOKYU REIT TOKYU REIT PICASSO347 QFRONT 2 ( ) ( ) 5 + 93.6 TOKYU REIT TOKYU REIT 17

  19. Slide 19: PML

    (1) 60: 40 IPO IPO 17 17 (m2) 9,000 30,000 8,709 25,000 27,910 7,300 6,000 20,000 22,259 15,000 47.1% 42.2% 52.9% 3,000 10,000 57.8% 5,000 0 0 IPO IPO 17 17 IPO IPO 17 17 66 88 PML NOI (%) (%) 7.0 7.0 6.1 6.0 6.0 5.7 6.0 6.0 5.0 5.0 4.0 4.0 3.0 3.0 2.0 2.0 1.0 1.0 0.0 0.0 IPO IPO 17 17 IPO IPO 17 17

  20. Slide 20: Top 3 55% Top 3 41% Top 5 71%

    (2) IPO IPO 17 17 11 11 2003 2003 44 17 17 Top 3 55% Top 3 41% Top 5 71% Top 5 57% QFRONT 10.2% 4 .0% 20.3% QFRONT 18.8% 15.7% PICASSO 347 9.9% 27.9% 8.6% 15.1% 6.4% TOKYU REIT 8.2% 7.2% 240 251.8% 223.7% 200 160 15 57.5% 61.2% 15 120 128 80 40 15 0 3 16 17 11 11 2003 2003 44 17 17 * 2.3% 19

  21. Slide 21: anc anc anc

    (%) 100.0 97.5 98.0 97.1 95.3 96.0 3 97.5 94.0 92.0 90.0 1 2 3 y u panc 2004/1 2004/7 2005/1 3 cc ullO F y u p anc TOKYU REIT 6 cc u llO F 3 16F 17F 25F 25F 16F 17F 2005 7 93.5% y u panc 18 cc ullO 2005 3 1 F 8 7 20

  22. Slide 22: LTV

    LTV 1. „ 2. 20 „ 80 „ „ „ 3. 33 „ 31 „ 69 PICASSO347 PICASSO347 40.7 53.7 41.0 46.9 47 IPO PO 3 PICASSO347 53 21

  23. Slide 23: „ „ „ „ 2004/8/3 [700,000] 1,000,000 2003/9/10 2004 ,000 900,000 287 2003 9

    „ „ „ „ 2004/8/3 [700,000] 1,000,000 2003/9/10 2004 11 8 724,000 900,000 287 2003 9 16 505,000 800,000 700,000 600,000 500,000 400,000 2003/9/10 2004/1/31 2004/7/31 2005/1/31 5.6% 7,898 150,000 12.7% 12,441 142,000 6.9% 9,800 12.8% 12,572 10.0% 9,800 120,000 8.6% 12,245 98,000 10.0% 9,800 98,000 8.1

  24. Slide 24: „ CapEx CapEx Control Control

    3 „ „ 33 33 232 232 „ „ 77 2,000 2,000 „ „ „ „ „ „ „ „ „ „ 33 „ „ „ „ „ „ „ „ „ CapEx „ CapEx Control Control „ „ „ „ „ „ „ „ PML PML „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ IR „ IR „ IR „ IR „ IR 23

  25. Slide 25: Appendix

    TOKYU REIT Appendix 24

  26. Slide 26: 2005 5,044 100.0% 4,341 100.0% 4,629 91.8% 3,916 90.2% 713 1.6% 4,196 83.2% 3,483

    3 2005 1 5,044 100.0% 4,341 100.0% 703 4,629 91.8% 3,916 90.2% 713 1.6% 4,196 83.2% 3,483 80.2% 713 3.0% 297 239 99 62 84 1.7% 83 1.9% 0.2% 347 6.9% 349 8.0% 1 1.2% 178 415 8.2% 425 9.8% 9 1.6% 129 359 7.1% 362 8.3% 3 1.2% 55 1.1% 62 1.4% 6 0.3% 2,322 46.0% 2,055 47.3% 267 1.3% 1,521 30.2% 1,446 33.

  27. Slide 27: 2005 1,400 10,828 147,230 122,583 24,647 12,773 11,203 1,570 134,457 111,379 23,077 67,518 71,070

    3 2005 1 1,400 10,828 380 147,230 122,583 24,647 109 12,773 11,203 1,570 134,457 111,379 23,077 67,518 71,070 3,552 2,127 15,500 25,000 9,500 1 35,000 35,000 3 8 15,245 9,304 5,940 13,282 32,872 1,772 1,765 6 585 110 79,712 51,512 28,200 77 77,860 50,117 27,742 84,332 876 1,852 1,394 457 34.3% 48.9%

  28. Slide 28: 0.51750 2005 0.46000 0.46000 2005 9 155 ― ― ― 40 2.03000 2012 6

    50 0.51750 2005 6 25 20 0.46000 49 9 9 0.46000 2005 12 15 9 9 155 ― ― ― 40 2.03000 2012 6 25 10 10 1.92750 2010 6 25 10 50 1.68875 2009 6 25 50 40 1.38875 2008 6 25 10 1.23875 50 40 1.11625 2007 6 25 40 350 ― ― ― 505 ― ― ― 1.255% 27

  29. Slide 29: 2005 2,254 3,576 1,321 1,853 1,395 9,854 400 1,571 1,972 8,775 5,068 18,910 6,865

    3 2005 1 2,254 3,576 1,321 1,853 1,395 458 801 609 192 9,854 400 1,571 1,972 8,775 5,068 18,910 6,865 12,045 23,768 7,055 16,712 4,820 5,940 48 5,892 677 614 95 95 987 142 1,129 16,850 2,377 14,473 15,500 1,000 9,500 3,300 12,800 1,500 8,500 27,742 1,391 922 468 194 911 1,106 2,805 3,717 911 3,000 2

  30. Slide 30: TOKY U REIT TOKY U

    3 TOKY U TOKY U TOKY U REIT TOKY U REIT REIT REIT 589,370 159,031 169,355 311,638 65,101 168,324 239,269 297,037 1,999,127 1,228,386 170,851 237,774 209,366 137,240 277,384 670,105 114,647 3,045,756 5,044,884 537,722 151,452 151,924 310,162 62,237 168,324 239,269 297,037 1,918,130 1,065,783 170,851

  31. Slide 31: PICASSO347

    4 2005 7 5,637 100.0% 5,044 100.0% 592 4 5,200 92.2% 4,629 91.8% 570 4,758 84.4% 4,196 83.2% 561 92 1.6% 84 1.7% 7 349 6.2% 347 6.9% 1 17 4 6 PICASSO347 436 7.7% 415 8.2% 21 387 6.9% 359 7.1% 28 49 0.9% 55 1.1% 6 2,799 49.7% 2,322 46.0% 476 1,905 33.8% 1,521 30.2% 383 2005 3 18 491 8.7% 444 8.8% 46

  32. Slide 32: PICASSO347

    4 2005 7 4 3 162,445 147,230 15,215 13,448 12,773 674 148,997 134,457 14,540 4/6 14,700 82,697 67,518 15,179 30,500 15,500 15,000 4/6 15,000 35,000 35,000 15,245 15,245 1,951 1,772 179 79,748 79,712 36 77,860 77,860 1,888 1,852 36 40.3% 34.3% 6.0% 46.9% 41.0% 5.9% 142,862 126,822 16,039 PICASSO347 2

  33. Slide 33: 0.5 % 0.3% 5.5% 2.3 % 2.7% 2.4% 12.2% 3.2% 2.3 % 2.4% 2.2%

    0.5 % 0.3% 5.5% 2.3 % 2.7% 2.4% 12.2% 3.2% 2.3 % 2.4% 2.2% 1.4% 48.9 % 47.4% 54.4% 48.3% 15.0 % 15.9% 9.4% 9.5% 8.6% 9.2% 7.8% 19.2 % 19.6% 12.0% 3.8 % 4.2% 2.4% 2.1% 3.1% 3.0 % 5.4% 3.8% 4.6% 4.9 % 2004 7 31 2005 1 31 2004 7 31 2005 1 31 32

  34. Slide 34: 5,880 6.00 12,211 8.60 5,000 5.10 5,880 4.14 4,983 5.08 5,000 3.52 4,230 4.32

    22 20 20 33 20 20 5,880 6.00 12,211 8.60 5,000 5.10 5,880 4.14 4,983 5.08 5,000 3.52 4,230 4.32 4,633 3.26 3,920 4.00 4,138 2.91 3,094 3.16 3,952 2.78 3,008 3.07 3,920 2.76 2,312 2.36 3,788 2.67 2,300 2.35 3,511 2.47 2,124 2.17 2,903 2.04 2,064 2.11 2,450 1.73 1,601 1.63 2,000 1.41 1,467 1.50 1,794

  35. Slide 35: Fiduciary

    , ae TOKYU REIT

  36. Slide 36: REIM

    REIM : CEO 3 IR : 2 2 CIO : 3 1 35

  37. Slide 37: TOKYU REIT

    TOKYU REIT 36 ES See a | a | = —— eee = © ES See

  38. Slide 38: TOKYU REIT

    TOKYU REIT | 37

  39. Slide 39: TOKYU REIT

    TOKYU REIT | 38

  40. Slide 40: REIM CEO

    2. 1. 1 1 2 3 2 REIM CEO 3 4 2 1 40 50 100 CEO 39

  41. Slide 41: 40

    40

  42. Slide 42: 41

    41

  43. Slide 43: „ TOKYU „ PICASSO PM

    „ „ „ „ 11 11 66 „ „ 11 11 22 „ „ TOKYU TOKYU REIT REIT 22 66 66 :: „ „ „ „ 11 11 33 „ „ 33 50.5 50.5 „ „ 33 95.2 95.2 „ „ PICASSO PICASSO 347 347 40% 40% 98 98 „ „ „ „ „ „ „ „ PM PM PM „ „ // „„ „ „ TOKYU TOKYU „ „ „ „ 42

  44. Slide 44: REIT = NCF

    = ¾ ¾ REIT = + ¾ CF ¾ ¾ NCF 43

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