Financial Summary for the Fiscal Year Ending January 2026 (REIT)

Overview of Operations

For the fiscal year ending January 2026, Tokyu Real Estate Investment Corporation recorded operating revenue of 10,372 million yen (5.8% YoY increase), operating income of 5,640 million yen (5.5% YoY increase), ordinary income of 5,178 million yen (6.1% YoY increase), and net income attributable to owners of parent of 5,177 million yen (6.1% YoY increase). Distribution per unit was maintained at 4,000 yen, the same as the previous fiscal year. The number of issued investment units at the end of the period was 961,371, unchanged from before. The equity ratio improved by 0.4 points to 51.0% compared to the previous fiscal year. The total appraised value of owned properties at the end of the period was 326.92 billion yen, with unrealized gains of 95.677 billion yen exceeding the book value.

Asset Management and Future Outlook

This investment corporation focuses its investments on Tokyo's five central wards and the Tokyu railway line area, continuing to invest in competitive properties. In October 2025, TOKYU REIT Shimokitazawa Square was sold, and in January 2026, a 30% joint ownership interest in TOKYU REIT Toranomon Building was transferred. In March 2026, acquisitions of Togoshi Ginza Round Building and Tokyu Susukino Building were decided. For the fiscal years ending July 2026 and January 2027, operating revenue is forecasted at 10,532 million yen (1.5% YoY increase) and net income at 5,434 million yen (5.0% YoY increase), with distribution per unit expected to be 4,010 yen. While noting risks from changes in the financial environment, the corporation plans to pursue portfolio replacement and internal growth based on a long-term investment management strategy.