Long-Term Investment Management Strategy (Surf Plan)

Since unveiling the Surf Plan in September 2009, TOKYU REIT has conducted investment with a focus on the cyclicality of real estate prices, in order to achieve enhanced portfolio quality. Specifically, TOKYU REIT has adopted the proprietary strategy established by the investment management company, Tokyu REIM, in which it conducts value investment and contrarian investment by focusing on the cyclicality of real estate prices, replacing properties on one hand and aiming to build a portfolio that boasts lasting competitiveness and balance sheets that are strong against even difficult economic times on the other hand. The objective of this approach is to accurately discern the ‘waves’ of prosperity and depression in real estate market conditions.(Note 1)

Long-Term Investment Management Strategy (Surf Plan) (Note 1) It is not intended for TOKYU REIT to engage in short-term trading in property investments.
(Note 2) Indicated as 7 years as of matter of convenience, and actual assumptions differ.

Investment Style

Value&Contrary

Value

An approach of investing into properties that are undervalued against the respective benchmarks. TOKYU REIT aims to secure high yield (total return) by acquiring properties that appear to be undervalued in terms of their appraisal values, NOI (net operating income) and other indicators.

Contrary

An approach of investing in the phase when prices are falling. TOKYU REIT aims to acquire properties when they are priced low and sell them when they are priced high, thereby recouping the investment.

Concept

Concept

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