Tokyu REIT, Inc. · TSE:8957
Tokyu REIT — Investor Presentation (September 2004)
45 slides from Tokyu REIT's investor presentation, Sep 27, 2004
Slide 1: TOKYU REIT
TOKYU REIT TOKYU REIT —i—® E QFRONT TOKYU REIT taf
Slide 2: Appendix
2 Appendix 2004 9 25 1
Slide 3: TOKYU REIT
TOKYU REIT
Slide 4: REIT overview
REIT REIT REITs REIT B REIT A 2004 9 25 3
Slide 5: “ ” “ ” “ ”
“ ” “ ” “ ” 2004 9 25 4
Slide 6: : : 5,000m 5,000m 2 2 60% vs.
¾ ¾ (( )) ¾ ¾11 :: 40 40 ¾ ¾ :: 5,000m22 :: 5,000m ¾ ¾ :: 60% 60% vs. vs. 40% 40% Fiduciary Fiduciary 2004 9 25 5
Slide 7: TOKYU REIT
TOKYU REIT TOKYU REIT TOKYU REIT TOKYU REIT 2004 9 25 6
Slide 8: TOKYU REIT
TOKYU REIT
Slide 9: z z z z
4 55 z z z z 2004 9 25 8
Slide 10: 8
8 2004 9 25 9
Slide 11: Wi rr-3-73
Wi rr-3-73 10 2004 9 25
Slide 12: 2004 9 25
2004 9 25 11
Slide 13: 7.0 6.1 9,000 30,000 5.8 29,705 6.0 8,315 25,000 7,300 5.0 ,000 20,000 22,259
7.0 6.1 9,000 30,000 5.8 29,705 6.0 8,315 25,000 7,300 5.0 6,000 20,000 22,259 4.0 15,000 3.0 3,000 10,000 2.0 5,000 1.0 0 0 0.0 2004 9 25 12
Slide 14: .0% 22.1% 57.5% 74.2% 2.6%
4 .0% 22.1% 57.5% 74.2% 2.6% 2004 9 25 13
Slide 15: IPO and TOKYU REIT
IPO 98.8 2 97.1 TOKYU REIT 100 3 5 1 8 2 TOKYU REIT 4/30 5/1 2 2004 9 25 14
Slide 16: CAPEX
CAPEX ¾ TOKYU REIT ¾ 2004 9 25 15
Slide 17: TOKYU REIT
TOKYU REIT 16
Slide 18: LTV
LTV 1. 2. 100 3. 42 58 40.7 53.7 37.8 20 80 2004 9 25 17
Slide 19: 2004 9 25
2004 9 25 18
Slide 20: TOKYU REIT
TOKYU REIT 19
Slide 21: NOI
2 3 ■ 1 ■ ¾ ¾ 15 97.2% ¾ ■ 1 2 ¾ ¾ 95.3% 94.7% 97.1% 97.2% 2,896 4,304 4,341 49.9% 4,905 NOI 2,199 2,832 2,894 3,423 1,486 1,694 1,771 19.2% 2,128 929 1,372 1,395 50.0% 1,775 98,000 98,000 98,000 142,000 1 9,488 14,000 14,230 50.0% 12,500 99.9% 99.9% 99.9% 99.9% = / NOI = – + 2004 9 25 20
Slide 22: 2004 4,341 100.0% 2,896 100.0% 1,444 3,916 90.2% 2,630 0.8% 1,285 -0.6% 3,483 80.2%
2 2004 7 4,341 100.0% 2,896 100.0% 1,444 3,916 90.2% 2,630 90.8% 1,285 -0.6% 3,483 80.2% 2,295 79.2% 1,187 1.0% 500M 138M 83 1.9% 65 2.2% 18 -0.3% 349 8.0% 269 9.3% 79 -1.2% 184M 129M 425 9.8% 265 9.2% 159 0.6% 362 8.3% 237 8.2% 125 0.2% 55M 62 1.4% 28 1.0% 33 0.5% 2,055 47.3% 1,163 40.2% 892 7.2% 1
Slide 23: 2004 -1,336 10,099 122,582 118,460 4,122 -945 ,203 13,572 -2,369 -108 111,379 104,888 6,491
2 2004 7 947 -1,336 10,099 122,582 118,460 4,122 -945 128 11,203 13,572 -2,369 -108 111,379 104,888 6,491 6,664 71,070 67,413 3,657 218 6,446 25,000 56,700 -31,700 26,457 417 35,000 35,000 122 97 9,304 9,256 48 172 76,675 1,766 1,457 309 95 875 61 51,511 51,046 465 50,117 50,117 1,394 929 465 48.9%
Slide 24: 2004 3,576 1,379 2,197 1,396 1,336 42 1,571 -19 1,590 6,667 -6,865 -104,479 97,614
2 2004 7 3,576 1,379 2,197 1,396 931 465 1,336 172 609 467 142 1,571 -19 1,590 6,667 -6,865 -104,479 97,614 309 -7,056 -104,469 97,413 48 9,257 -9,209 -884 884 143 -8,383 8,526 2,377 106,818 -104,441 5,500 60,000 3,300 56,700 -53,400 -62,200 50,118 -50,118 -923 -923 -912 3,718 -4,630 3,718 3,718 2,8
Slide 25: TOKYU REIT
TOKYU REIT 24
Slide 26: NOI
NOI TOKYU REIT 2 NOI 5.3% 2004 9 25 25
Slide 27: 2005 4,905 100.0% 4,341 100.0% 4,524 92.2% 3,916 90.2% 608 3 4,108 83.8% 3,483
3 2005 1 4,905 100.0% 4,341 100.0% 564 4,524 92.2% 3,916 90.2% 608 3 4,108 83.8% 3,483 80.2% 625 82 1.7% 83 1.9% -1 334 6.8% 349 8.0% -15 2004 8 3 380 7.8% 425 9.8% -45 2 350 7.1% 362 8.3% -12 31 0.6% 62 1.4% -31 2,284 46.6% 2,055 47.3% 229 1,482 30.2% 1,446 33.3% 36 456 9.3% 447 10.3% 9 373 7.6% 35
Slide 28: 2005 138,454 122,583 15,871 12,806 11,203 1,603 5,050 5,648 111,380 14,268 9,520 58,819 71,071
3 2005 1 138,454 122,583 15,871 12,806 11,203 1,603 5,050 125,648 111,380 14,268 9,520 58,819 71,071 -12,252 -15,500 8,500 25,000 -16,500 -1,000 35,000 35,000 0 13,240 9,305 3,935 2,080 1,766 314 79,635 51,512 28,123 77,860 50,118 27,742 1,775 1,394 381 31.4% 48.9% -17.5% 37.8% 53.7% -15.9% 124,572
Slide 29: 2004 98,000 98,000 2004 11,363 11,363 27.3% 37.8% 12.8% 95.99% 12.0% 10.0% 26,787 37,057
1 2004 1 31 98,000 98,000 2004 1 31 11,363 11,363 27.3% 37.8% 12.8% 95.99% 12.0% 10.0% 26,787 37,057 11,784 12,572 10,907 9,800 8.6 8.6 // 2004 7 31 98,000 98,000 2004 7 31 9,961 9,961 95.85% 9,548 9.8 9.8 // 2004 9 25 28
Slide 30: 0.4% 0.5% 11.8% 12.2% 2.1% 3.2% 2.3% 2.1% 2.6% 2.3% 1.4% .8% 46.2% 48.9%
2 0.4% 0.5% 11.8% 12.2% 2.1% 3.2% 2.3% 2.1% 2.6% 2.3% 1.4% 1.8% 46.2% 48.9% 44.9% 48.3% 15.2% 15.0% 10.1% 9.4% 20.5% 13.8% 9.2% 8.6% 4.0% 19.2% 8.8% 3.8% 1.8% 2.4% 3.5% 3.0% 5.4% 5.7% 4 % 4.8% 2004 1 31 2004 7 31 2004 1 31 2004 7 31 2004 9 25 29
Slide 31: 5,880 6.00 5,880 6.00 5,000 5.10 5,000 5.10 3,920 4.00 4,983 5.08 3,084 3.15
11 20 20 22 20 20 5,880 6.00 5,880 6.00 5,000 5.10 5,000 5.10 3,920 4.00 4,983 5.08 3,084 3.15 4,230 4.32 2,794 2.85 3,920 4.00 2,766 2.82 3,094 3.16 2,064 2.11 3,008 3.07 2,043 2.08 2,312 2.36 2,016 2.06 2,300 2.35 1,917 1.96 2,124 2.17 1,534 1.57 2,064 2.11 1,460 1.49 1,601 1.63 1,394 1.42 1,467 1
Slide 32: TOKYU REIT
TOKYU REIT 2004 9 25 31
Slide 33: TOKYU REIT
TOKYU REIT 32
Slide 34:
2004 9 25 33
Slide 35: TOKYU REIT
444 444 55 55 TOKYU TOKYU REIT REIT CapE CapE Control Control PML PML IR IR IR IR IR 2004 9 25 34
Slide 36: Appendix
TOKYU REIT Appendix 35
Slide 37: 2004 9 25
2004 9 25 36
Slide 38: 2004 9 25
2004 9 25 37
Slide 39: 4,341 2,896 1,444 1,771 1,486 1,395 1,394 9 464 1 2 (a) 4,341 2,896
4,341 2,896 1,444 1 1,771 1,486 285 1,395 930 464 2 1,394 929 464 1 2 (a) 4,341 2,896 1,444 (b) 2,055 1,163 892 (c) (609) (466) (142) 3 (a)-(b) (c) 2,894 2,199 694 2 (d) 2,003 1,396 607 (e) 388 46 341 (d)-(e) 1,615 1,350 265 4 (f) 122,583 118,460 4,122 (g) 60,000 56,700 3,300 (h) 51,512 51,047 464 5
Slide 40: 2004 9 25
2004 9 25 39
Slide 41: Fiduciary
Fiduciary 2004 9 25 40
Slide 42: REIM
REIM : CEO 3 IR : 2 2 CIO : 3 1 2004 9 25 41
Slide 43: ¾ ¾ ¾ ¾ ¾ ¾
¾ ¾ ¾ ¾ ¾ ¾ 2 2004 9 25 42
Slide 44: 2004 9 25
2004 9 25 43
Slide 45: TOKYU REIT
TOKYU REIT 2004 9 25