Tokyu REIT, Inc. · TSE:8957
Tokyu REIT — FY2006 Earnings Presentation
61 slides from Tokyu REIT's earnings presentation, Mar 29, 2006
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/ 55 2006 3 20 2006 3 20 2006 2006 11 0
Slide 2: Appendix
5 (2006 1 ) Appendix 1 2006 3 29
Slide 3: TOKYU REIT
TOKYU REIT
Slide 4: REIT overview
REIT REIT REITs REIT B REIT A 3 2006 3 29
Slide 5: TOKYU REIT
TOKYU REIT 2006 3 29
Slide 6: TOKYU REIT
TOKYU REIT TOKYU REIT TOKYU REIT TOKYU REIT 5 2006 3 29
Slide 7: TOKYU REIT 2006
TOKYU REIT 5 2006 1
Slide 8: Financial highlights: LTV, NOI
5 5 5 4 2006.1.31 2005.9.16 2005.7.31 184 184 181 3 1.7 1 14,179 13,400 779 5.8 13,798 381 2.8 LTV 37.0 37.0 0.0 44.7 -7.7 LTV 33.6 35.6 -2.0 45.3 -11.7 57,064 47,523 9,541 20.1 14,723 42,341 287.6 157,806 157,806 0 0.0 142,862 14,944 10.5 NOI 5.4 5.4 0.0 0.0 5.4 0.0 0.0 17,325 7,774 9,551 122.9 7,2
Slide 9: EPS and LTV
EPS LTV LTV LTV 60.0% 56.4% 55.0% 50.0% 45.0% 44.7% 40.0% 42.5% 39.6% 37.0% 35.0% 16000 4 14,230 13,798 14,179 14000 13,045 3.5 3.27 12,123 12000 2.94 3 2.82 10000 2.5 2.09 8000 2 6000 1.5 4000 1 0.62 2000 0.5 0 0 2004/1/31 2004/7/31 2005/1/31 2005/7/31 2006/1/31 1 1 2 2 3 3 4 4 5 5 8 2006 3 29
Slide 10: NAV
NAV 1.25 1.226 1.211 1.20 1.206 1.15 1.126 1.10 1.05 1.058 1.00 800,000 20.00% 680,986 700,000 17.68% 599,513 15.00% 600,000 578,697 572,498 524,578 548,310 548,310 511,403 501,688 511,403 500,000 10.00% 9.34% 400,000 300,000 5.00% 4.41% 200,000 2.58% 102,289 100,000 51,197 0.00% 13,173 24,188 0 -1.
Slide 11: IPO performance
25.0 21.1 3,500 150 20.0 15.4 15.1 12.5 15.0 8.3 8.8 16.5 6.7 11.9 10.0 3,000 9.3 3,000 5.0 -1.3 3.0 0.0 0.0 -1.1 -5.0 -5.1 -5.6 -10.0 2,500 -8.9 -15.0 100 -15.1 93 100 -20.0 87 2,000 86 85 -25.0 2,000 2003 10 2004 1 2004 4 2004 7 2004 10 2005 1 2005 4 2005 7 2005 10 83 2003 10 2005 10 REIM 73 1,578
Slide 12: NOI
50 100 50 5.51% 1.20 4.42% 1.04 1.20 1.09% 0.96 0.82 0.0% 0.56 0.22% 2.31 0.40% 1.83 0.48% 2006.1 2004.7 NOI NOI TOKYU TOKYU REIT REIT 1.09 1.09 50 IPO 2004.7 50 11 2006 3 29
Slide 13: IPO NOI
IPO 11 NOI 6.5% 6.3% 6.1% 6.05% 6.07% 5.9% 5.89% 5.83% 5.7% 5.72% 5.5% 15 9 16 1 16 4 16 7 16 10 17 1 17 4 17 7 17 10 18 1 5.3% 1 2 3 4 5 1 2 3 4 5 2004/1/31 2004/7/31 2005/1/31 2005/7/31 2006/1/31 5 24,000 22,753 22,000 21,638 21,014 21,133 21,217 2 4 1 7 21,309 21,128 21,300 21,276 20,000 28.6% 57
Slide 14: TOKYU REIT
TOKYU REIT 13
Slide 15: TOKYU REIT QFRONT
TOKYU REIT QFRONT TOKYU REIT cocoti TOKYU REIT 2 5 + 94.0 TOKYU REIT TOKYU REIT 14 2006 3 29
Slide 16: NOI
1 2006 1 31 100% 16 14.6 14.5 13.7 13.8 90% 14 32.7% 36.7% 12.4 80% 42.2% 41.3% 11.7 47.1% 50.4% 12 70% 10 60% 50% 8 40% 6 67.3% 63.3% 30% 57.8% 58.7% 52.9% 49.6% 4 20% 2 10% 0% 0 2003/9/10 2004/1/31 2004/7/31 2005/1/31 2005/7/31 2006/1/31 11 1 12 2 13 3 16 4 17 5 17 1 2 3 4 5 NOI NOI 5 100% 7.0% 90
Slide 17: QFRONT
2 9.0% 7.14%7.64% 6.52% 3 NOI 4 NOI 5 NOI 7.40% 7.97% 7.25% 18,000 17,326 7.60% 7.79% 7.76% 8.0% 7.36% 7.61% 7.59% 5.58% 16,000 4.98% 6.29% 5.92% 5.66% 5.94% 6.02% 7.0% 5.46% 6.06% 6.07% 5.78% 5.31% 6.08% 5.32% 5.12% 6.29% 6,000 14,000 5.45% 4.75% 4.54% 5.89% 5.56% 5.66% 5.54% 5.44% 6.0% 4.68% 5.99%
Slide 18: PML
1 10.0% 9.0% PML 6 8.0% 7.0% 6.1% 5.9% 5.9% 5.9% 6.0% 6.0% 6.0% REIT 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 11 12 13 16 17 17 250 277.5% 4,000 3,787 222 3,500 200 15 3,000 150 137 178.5% 2,500 29.8 142 2,000 100 76 80 1,500 15 1,000 800 50 466 500 15 46 0 0 1 12 5 17 1 5 17 2006 3 29
Slide 19: cocoti tenants Top 3 Top 5
2 56.6 5 17 cocoti 57.5 14.7% 15.5% 5 17 QFRONT 11 9.6% 11 14.2% Top 3 55 6.0% Top 5 71 11 2.3 QFRONT 18.8% 27.9% 5 17 8.6% TOKYU REIT Top 3 44 19.6% Top 5 60 8.2% 7.2% 4 .0 5 17 11 11 15 15 44 18 2006 3 29
Slide 20: TOKYU REIT
TOKYU REIT 19 2006 3 29
Slide 21: Debt financing
1 70,000 100.0% 60,000 UFJ 50 0.47000 2006 9 25 77.4% 80.0% 50,000 69.3% 70 0.47364 2006 4 6 40,000 60.0% 120 58.3% 54.3% 30,000 50 56,700 40.0% 40 1.11625 2007 6 25 20,000 25,000 29,500 20.0% 40 10,000 15,500 12,000 40 1.38875 0.0% 2008 6 25 0 0.0% 1 2 3 4 5 10 1.23875 50 1.68875 2009 6 25 UFJ 50 1
Slide 22: LTV and credit ratings
2 5.0 1.60% 14,500 90.0% 80.0% 14,000 4.0 1.25% 70.0% 1.13% 1.20% 13,500 60.0% 1.07% 1.07% 3.0 13,000 50.0% 0.80% 12,500 40.0% 0.71% 2.0 30.0% 12,000 20.0% 0.40% 11,500 10.0% 1.0 11,000 0.0% 1 2 3 4 5 0.0 0.00% 1 9,488 144 2 184 12,123 LTV 14,500 60.0% 56.4% 14,179 13,798 R&I A+ 14,000 44.7% 13,50
Slide 23: TOKYU REIT
TOKYU REIT 22
Slide 24: Major unitholders
33 2005 2005 11 44 2005 2005 77 55 2006 2006 11 1 12,211 8.60 1 12,333 8.69 1 16,549 9.77 2 5,880 4.14 2 7,732 5.45 2 8,807 5.20 3 5,000 3.52 3 5,880 4.14 3 7,421 4.38 4 4,633 3.26 4 5,773 4.07 4 6,000 3.54 5 4,138 2.91 5 5,000 3.52 5 5,880 3.47 6 3,952 2.78 6 4,633 3.26 6 5,815 3.43 7 3,920 2.76 7
Slide 25: 54.72 57.23 58.48 50 42.56 80 40 16 37.82 30 27.33 23.02 24.2 73
1 2 3 4 5 1 2 3 4 5 20 100 70 60 54.72 18 99 90 57.23 58.48 50 42.56 80 40 16 37.82 30 27.33 23.02 24.2 73 70 22.02 20.19 14 20 21.73 12.69 14.33 17.28 12.83 12.83 15.52 12.45 10 5.56 12.69 11.79 60 8.25 11.79 12 0 52 50 10 50 50 1 2 3 4 5 30 8 8.25 25 20 6 15 5.56 19,967 20,000 4 10 15,000 12,572 1
Slide 26: TRE unit price
TRE TOKYU REIT IPO 2PO 3PO 2003/9/10 2004/8/3 2005/8/1 33 REIT REIT index index 1 2 3 4 5 REIT vs TSE REIT Index 2003/12/18 2004/7/1 2005/7/6 2ndPO 3rdPO 1 2 3 4 5 03/9/10 03/9/10 03/9/10 03/9/10 03/9/10 ~04/1/31 ~04/1/31 ~04/1/31 ~04/1/31 ~04/1/31 25 2006 3 29
Slide 27: TOKYU REIT
TOKYU REIT 26
Slide 28: REIM
2000 100 120 110 105.4 100 90 87.1 80 2000/01 2001/01 2002/01 2003/01 2004/01 2005/01 REIM 27 2006 3 29
Slide 29: REIM
47 2004.1 2006.1 2 6 1 27 0 13 1 1 REIM 2006 1 24 2006 1 13 28 2006 3 29
Slide 30: REIM
350,000 100,000 150,000 280,000 80,000 300,000 100,000 230,000 60,000 250,000 40,000 180,000 50,000 200,000 20,000 130,000 0 150,000 0 -20,000 80,000 100,000 -40,000 -50,000 30,000 50,000 -60,000 -80,000 -100,000 -20,000 0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 20
Slide 31: REIM
25 2004 2005 20.3 20 17.8 18.0 17.8 16.6 15.0 14.5 15 13.8 13.3 13.0 11.5 11.7 11.0 10.8 9.5 9.6 9.4 9.6 10 9.3 8.4 8.2 7.8 8.0 7.4 6.6 5.7 6.0 5 4.4 4.0 4.0 3.6 2.1 0 REIM 30 2006 3 29
Slide 32: REIM
2 10 30,000 9 25,910 24,530 8 23,560 25,000 7.1 8.3 7 6.5 6.7 20,570 6.2 7.1 7.2 6 18,830 20,000 18,540 5.4 5.4 5.0 5.2 5 3.7 15,000 4 3.2 12,990 11,300 12,850 12,210 11,140 3 11,830 12,400 2.6 10,870 10,510 2 1.7 1.7 10,320 10,000 10,190 1.1 1 11,040 0.3 0 5,000 03.12 04.12 05.12 03.12 04.12 05.12
Slide 33: REIM
3 2.0 1.67 1.66 1.58 1.5 1.26 1.23 1.12 1.0 0.94 1.03 1.00 0.86 0.91 0.85 0.76 0.82 0.78 0.68 0.73 0.75 0.73 0.65 0.58 0.66 0.60 0.67 0.64 0.51 0.54 0.51 0.51 0.59 0.5 0.52 0.48 0.51 0.47 0.52 0.43 0.49 0.45 0.42 0.43 0.41 0.40 0.0 2000 1 2001 1 2002 1 2003 1 2004 1 2005 1 2006 1 REIM 32 2006 3 29
Slide 34: REIM
4 100 95 92.8 93.1 93.5 4 1 92.1 90 85 85.8 83.5 82.6 2 1 82.9 82.1 80 76.7 76.7 77.4 12 1 75 74.3 73.5 70 65.0 65.8 65 10 1 64.1 61.3 60.2 60 55 4 1 2 1 12 1 10 1 50 2002 3 2003 3 2004 3 2005 3 2006 3 REIM 33 2006 3 29
Slide 35: REIM
5 2000 2004 50% 42.2% 40% 36.6% 30% 28.3% 28.3% 23.6% 23.7% 22.3% 23.1% 21.5% 19.4% 19.7% 18.6% 18.6% 20% 14.8% 16.5% 13.9% 12.3% 11.8% 12.0% 11.7% 10.5% 9.1% 10% 6.9% 6.6% 5.1% 6.3% 4.0% 3.4% 3.0% 0.0% 0% 1 A O 2004 REIM 34 2006 3 29
Slide 36: REIM
6 3.0 2.0 1.0 0.0 -1.0 -2.0 -3.0 2000/01 2001/01 2002/01 2003/01 2004/01 2005/01 REIM 35 2006 3 29
Slide 37: REIM
19 93 -60 -40 -20 0 20 40 60 19 /7 93 /1 -60 -40 -20 0 20 40 60 /7 19 /1 94 2006 19 /1 94 /1 /1 3 /1 19 94 19 /7 94 /1 29 /7 19 /1 95 19 /1 95 /1 /1 /1 19 95 19 /7 95 /1 /7 19 /1 96 19 /1 96 /1 5 5 /1 /1 19 19 96 /7 96 /1 /7 /1 19 97 19 /1 97 /1 /1 /1 19 97 19 /7 97 /1 /7 /1 19 98 19 /1 98 /1 /1 /1
Slide 38: 2006 3 00 20 00 12 20 6 29 01 20 20 2 00
20 20 00 2006 00 30 35 40 45 50 30 35 40 45 50 55 60 10 3 20 3 00 20 00 12 20 6 29 01 20 20 2 00 01 20 9 20 4 00 01 12 20 6 01 20 01 20 8 01 3 10 20 20 01 01 12 6 20 20 02 01 20 2 9 02 20 01 20 4 02 12 20 6 20 02 02 20 8 3 02 20 02 20 10 02 6 12 20 20 02 03 9 20 2 20 03 02 20 4 12 03 20 03 20 6 03 3
Slide 39: UFJ REIM
1 ( ) 180 7.0 6.0 160 5.0 140 4.0 3.9 120 3.0 2.4 2.0 100 1.4 1.0 1996-2004 2.1 80 0.0 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 -1.0 60 -2.0 40 -3.0 20 -4.0 1986-1995 2.4 -5.0 0 12 3 6 9 12 3 6 9 12 3 6 9 12 3 6 9 .1 .4 .7 .1 .4 .7 .1 .4 .7 .1 .4 .7 0 0 0 0 02 02 02 03 03 03 04 04 04
Slide 40: DI
2 DI 60 10 40 5 20 0 0 -5 -20 -10 -40 -15 -60 -20 2003.3 2003.6 2003.9 2003.12 2004.3 2004.6 2004.9 2004.12 2005.3 2005.6 2005.9 2005.12 1986 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 DI 80 20 60 15 40 10 5 20 0 0 -5 -20 -10 -40 -15 -60 -20 -80 -25 1986 1987 1989 1991 1993 1995 1997 1999 200
Slide 41: REIT
( 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 ( ) ) 70 80 90 100 110 120 130 140 150 160 170 2006 1988/1/4 1988/1/4 3 1989/1/1 29 1990/1/1 REIT 1991/1/1 1991/1/1 1992/1/1 1993/1/1 vs. 1994/1/1 1994/1/1 1995/1/1 1996/1/1 1 1997/1/1 1997/1/1 1998/1/1 1999/1/1 2000/1/1 2000/1/1 2001/1/1 2002/1/1 2003/
Slide 42: REIT index comparison
REIT 2 TSE REIT Index vs TSE Index 2006/1/31 TSE Index 100 REIT Index 2004.9.10 100 2003/12/18 2004/7/1 2005/7/6 2ndPO 3rdPO 1 2 3 4 5 2003/9/10 2004/1/31 2004/7/31 2005/1/31 2005/7/31 2006/1/31 6.90 155 bps 5.06 5.35 330bps 115 4.52 54 bps 3.87 3.60 275bps 230 bps 300bps 105 1.77 1.57 0.87 100 95 R
Slide 43: Appendix
TOKYU REIT Appendix 42
Slide 44: (2006 ) 103,560 110,160 133,360 148,060 157,860 (A) 82,738 109,108 126,822 142,862 157,806 95.3
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 6,343 (B) 2,199 2,894 3,523 3,835 4,325 (B)/(A) 6.7 5.3 5.5 5.4 5.4 1,486 1,771 2,210 2,325 2,752 (C) 929 1,394 1,852 1,959 2,401 (
Slide 45: 2004 2004 2005 2005 2006 98,000 98,000 42,000 142,000 169,380 50,117 50,117 77,860 77,860
1 2 3 4 5 2004 1 2004 7 2005 1 2005 7 2006 1 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 2,231 366 392 445 477 489 46 434 502 645 800 32 32 466 1,075 1,877 2,772 3,754 104
Slide 46: REIM
REIM : CEO 3 IR : 2 2 CIO : 3 1 45 2006 3 29
Slide 47: ¾ ¾ ¾ ¾ ¾ ¾
¾ ¾ ¾ ¾ ¾ ¾ 2 46 2006 3 29
Slide 48: 2005 /2006 - - - - - - - - 1 2 1 1
2005 /2006 8 9 10 11 12 1 2 - - - - - - - - 1 3 1 1 2 2 2 12 1 2 1 1 1 3 1 10 1 2 1 2 2 5 0 13 1 2 2 2 2 3 1 13 - - - - - - - - 1 2005 9 2 2006 1 47 2006 3 29
Slide 49: CEO REIM
1. 2. 1 1 2 3 0 0 0 0 0 0 2 REIM 3,200 2,400 2,400 2,400 2,400 12,800 CEO 3,200 2,400 2,400 2,400 2,400 12,800 6,400 4,800 4,800 4,800 4,800 25,600 3 65 49 34 34 28 210 9,488 14,230 13,045 13,798 14,179 64,740 0.7 0.3 0.3 0.2 0.2 0.3 4 2 1 40 50 100 CEO 48 2006 3 29
Slide 50: TOKYU PM
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 40 40 55 98.0 98.0 PM PM PM TOKYU TOKYU 49 2006 3 29
Slide 51: 50
50 2006 3 29
Slide 52: PM CF
PM CF 51 2006 3 29
Slide 53: NCF
TOKYU REIT 2006 3 29 NCF 52
Slide 54: TOKYU REIT
1 TOKYU REIT m@ TOKYU REIT a a SS + = po — 53 2006 3 29
Slide 55: TOKYU REIT
2 + = AM PM TOKYU REIT 54 2006 3 29
Slide 56: TOKYU REIT
13,500 TOKYU REIT 55
Slide 57: TOKYU REIT
or TOKYU REIT 56
Slide 58: TOKYU REIT
TOKYU REIT 2006 3 29 57
Slide 59: REIT
TOKYU REIT REIT | LA am | e)
Slide 60: TOKYU REIT
TOKYU REIT 2006 3 29 59
Slide 61: TOKYU REIT
TOKYU REIT 2006 3 29 60