tokyu land corporation

Financial Highlights FY2011 Ended Mar-31, 2012





FY2011 Operating Results

FY2011 Segment performance

Summary of balance sheets

Properties expected to be sold to Activia Properties Inc.

FY2012 Forecast (Operating Results)

FY2012 Forecast (Segment performance)

Leasing of Real Estate

Real Estate Sales

Facility Operations

Other Segments

Progress of Medium-Term Management Plan [Value Innovation 2013]

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FY2011 and FY2012 Forecast

Let me now provide you with a briefing on the Real Estate Sales segment.

In the fiscal year ended March 2012, operating revenue declined ¥26.4 billion from the previous fiscal year, to ¥116.3 billion, and operating income increased ¥8.4 billion year on year, to an operating income of ¥6.7 billion.

Revenues decreased, primarily reflecting a fall in the recorded number of condominium units sold. However, income increased with an improved margin and a decline in the loss on valuation of inventories, among other factors.

The gross margin in the condominium business improved to 17%.

With respect to the forecast for the fiscal year ending March 31, 2013, in the lower column, we expect operating revenue of ¥150.6 billion, up ¥34.3 billion from the previous fiscal year, and operating income of ¥9.6 billion, up ¥2.9 billion year on year.

Both revenues and income are expected to increase, mainly because of the planned sale to a REIT of buildings for sale and commercial facilities that we own as inventories and an increase in revenues resulting from a rise in the per-unit price of condominiums.