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Ending December 31, 2021) Presentation Material for the 1st Quarter of FY2021 (Ending December 31, 2021) May 12, 2021 Contents ■ Summary p.3 ■ Appendix p.29 ■ Consolidated Statement of Income p.4 Long-Term Vision and Medium-Term Business Plan p.30 for the First Quarter of FY2021 ■ Consolidated Balance Sheet p.5 Progress of Investment Plans p.36 for the First Quarter of FY2021 Investment Plan for FY2021 p.37 ■ Balance of Real Estate for Sale p.7 Medium-Term Business Plan Progress Report p.38 ■ Main Impacts of the COVID-19 Pandemic p.8 Shareholder Returns p.39 ■ Assessment of the Market Environment and p.9 Future Policies Fair Value of Rental Properties p.40 ■ ESG Report: Recent Initiatives p.10 Commercial Properties Business: p.41 Major Development Projects ■ Full-Year Earnings Forecast for FY2021 p.11 Commercial Properties Business: p.42 ■ Business Results by Segment p.12 Features of the Yaesu-Nihonbashi-Kyobashi Area Quarterly Segment Data p.45 ■ (1) Commercial Properties Business p.13 List of Facilities p.46 (2) Residential Business p.17 Market Data p.47 (3) Asset Service p.23 (4) Other p.25 2 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Summary Business Results for the First Quarter of FY2021 • Although hotels, retail facilities, and parking lots have been affected by the spread of COVID-19, the mainstay businesses of leasing of office buildings and for-sale condominiums remained strong, and both revenue and profit increased due to factors such as an increase in property sales to investors. (Amount of property sales to investors: ¥20.5 billion, gross profit therefrom: ¥6.8 billion) Topics • Issued publicly offered hybrid bonds (sustainability bonds). (February) • Received gold award, the highest such award given by the Minister of the Environment in the ESG Finance Awards Japan (February) • Completed the entire “Nishijin Reborn Project” in Fukuoka-shi, Fukuoka (March); grand opening of the “PRALIVA” commercial building (April) • Change of rating. Long-term issuer rating increased from “A-” to “A” by the Japan Credit Rating Agency (March) • Appointment of the Company's first female outside director. (March) 3 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Consolidated Statement of Income for the First Quarter of FY2021 • Although hotels, retail facilities, and parking lots have been affected by the spread of COVID-19, the mainstay businesses of leasing of office buildings and for-sale condominiums remained strong, and both revenue and profit increased due to factors such as an increase in property sales to investors. (Amount of property sales to investors: ¥20.5 billion, gross profit therefrom: ¥6.8 billion) 2021/12 2020/12 2021/12 Increase/ Achievement Unit: ¥ billion Main factors for increase/decrease Full-year 1Q actual 1Q actual Decrease Rate Forecasts Operating revenue 97.0 102.6 5.6 355.0 29% Commercial properties 31.6 28.7 (2.8) 167.0 17% Residential 43.8 57.8 14.0 120.0 48% Asset service 14.8 11.3 (3.5) 46.0 25% Other 6.6 4.6 (1.9) 22.0 21% Operating profit 13.4 21.0 7.6 ・Operating revenue and business profit 54.0 39% Increase due to an increase in property sales to investors in the Share of profit (loss) of entities residential business 0.0 (0.2) (0.2) (1.0) - accounted for using equity method Business profit*1 13.4 20.7 7.3 53.0 39% Commercial properties 9.2 9.3 0.0 45.5 20% Residential 4.7 13.1 8.4 15.5 85% Asset service 1.5 0.8 (0.7) 3.0 27% Other 0.4 (0.0) (0.5) (1.0) - Elimination/Corporate (2.5) (2.4) 0.0 (10.0) - Non-operating income 1.1 1.4 0.3 3.5 41% Increase in financing costs associated with issuance of hybrid Non-operating expenses 2.2 2.7 0.5 bonds, etc. 9.5 29% Interest expense 1.7 1.6 (0.1) Ordinary profit 12.3 19.7 7.4 48.0 41% Extraordinary income 1.7 1.3 (0.3) Decrease in gain on sale of investment securities 2.0 66% Impact of posting of loss on valuation of investment securities in Extraordinary loss 1.9 0.0 (1.8) the previous fiscal year - - profit before income tax 12.1 21.0 8.8 50.0 42% Profit attributable to owners of parent 8.0 13.8 5.8 33.0 42% *1: Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method 4 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Consolidated Balance Sheet for the First Quarter of FY2021 • Total assets increased by ¥48.4 billion due to factors such as a temporary increase in cash and deposits and an increase in investment securities associated with the rise in fair value of listed shares. Increase/ Unit: ¥ billion 2020/12-end 2021/3-end Main factors for increase/decrease Decrease Total assets 1624.6 1,673.0 48.4 Current assets 447.7 478.6 30.8 ・ Real estate for sale Although this increased due to the acquisition of land for logistics properties and for- Cash and deposits 54.6 88.8 34.1 sale condominiums, etc., it decreased due to progress in property sales to investors Real estate for sale 348.5 346.3 (2.2) and sales of condminiums Other 44.5 43.4 (1.0) Non-current assets 1176.8 1,194.4 17.5 Property, plant and equipment 806.2 809.6 3.3 ・ Investments and other assets Increase in investment securities associated with the rise in fair value of listed shares Intangible assets 130.5 130.4 (0.1) and other factors Investments and other assets 240.0 254.3 14.3 Total liabilities 1225.5 1,254.6 29.0 ・ Interest-bearing debt Interest-bearing debt 976.8 1,001.0 24.1 Increase due to issuance of hybrid bonds and other factors Other liabilities 248.6 253.6 4.9 Total net assets 399.1 418.4 19.3 ・ Shareholders’ equity Shareholders’ equity 300.2 309.0 8.8 Profit attributable to owners of the parent +¥13.8 billion; Dividends paid -¥5.0 billion Accumulated other comprehensive 89.1 99.2 10.1 ・ Accumulated other comprehensive income income Increase in valuation difference on available-for-sale securities Non-controlling interests 9.7 10.0 0.3 Capital adequacy ratio 24.0% 24.4% 0.4p Debt equity ratio*1 2.5 2.5 (0.1) ・ Net debt equity ratio: 2.2x Interest-bearing debt / EBITDA multiple*2 13.4 - - *1: Debt equity ratio = Interest-bearing debt / Equity capital *2: Interest-bearing debt / EBITDA multiple = Interest-bearing debt / (Operating profit + Interest & dividend income + Share of profit (loss) of entities accounted for using equity method + Depreciation expense + Goodwill amortization expense) 5 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Consolidated Balance Sheet for the First Quarter of FY2021 Breakdown of Property and Equipment and Intangible Assets Total assets: ¥1,673.0 billion Breakdown of Interest-Bearing Debt Asset service Current assets 478.6 Liabilities 1,254.6 ¥16.9 billion Cash and deposits Interest-bearing debt 2% 88.8 1,001.0 Residential Other Commercial papers Other business Real estate for sale 346.3 Loans payable 693.4 ¥23.3 billion ¥40.0 billion ¥2.5 billion ¥28.2 billion 2% Real estate for sale 159.7 Bonds payable 265.0 4% 0% 3% Real estate for sale in process 105.2 Commercial paper 40.0 Real estate for development 81.3 Other 2.5 Other 43.4 Other liabilities 253.6 Bonds payable ¥265.0 billion Non-current assets 1,194.4 27% Loans payable Property, plant and equipment 809.6 ¥693.4 billion Commercial Properties 69% business Intangible assets 130.4 ¥871.4 billion Investments and other assets Net assets 93% 254.3 418.4 Shareholders’ equity 309.0 Accumulated other comprehensive income 99.2 Non-controlling interests 10.0 Breakdown of Real Status of Debt Estate for Sale Equity Ratio <By Status of Development> <By Segment> 2021/3-end Real estate for Asset service development (land) Taking into account ¥48.2 billion hybrid loans/bonds*3 Real estate for sale ¥81.3 billion 14% 24% (completed) Commercial Properties Debt equity ratio*1 2.5x 1.9x ¥159.7 billion business 46% ¥127.7 billion Net debt equity ratio*2 2.2x 1.7x 37% Real estate for sale in Residential business *1: Debt equity ratio = Interest-bearing debt / Equity capital process (underway) ¥170.2 billion ¥105.2 billion *2: Net debt equity ratio = (Interest-bearing debt - Cash and 49% deposits) / Equity capital 30% *3: Calculated by taking into account the total equity credit of ¥74.0 billion concerning ¥148.0 billion of the total amount procured from the hybrid loan and hybrid bonds 6 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Balance of Real Estate for Sale • In the first quarter, although the acquisition of land for development of logistics properties in the Commercial Properties business and land for for-sale condominiums in the Residential business progressed, the balance of real estate for sale decreased to ¥346.3 billion as a result of progress in sales of for-rent condominium property sales to investors and for-sale condominiums. • Meanwhile, investment in properties for sale to investors increased by approximately ¥10.0 billion to approximately ¥350.0 billion on a total investment basis. Condominium sales and the land bank increased steadily to approximately 8,100 units. <Balance of Real Estate for Sale> (¥ billion) Property sales to investors 400 (commercial properties, for-rent condominiums, 348.5 asset service, other) 337.3 346.3 2.7 Balance of real estate for sale (as of March 31, 2021): 16.4 50.1 48.2 Asset service →p.24 ¥214.7 billion (up ¥8.2 billion from the end of 2020) 300 283.4 51.7 3.6 43.3 38.6 For-rent Total investment amount*1(based on decisions made): 43.5 29.1 condominiums Approx.
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