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Tokyo Office Properties and Activia Account Properties （証券コード：3279/API） Activia Properties Inc. (Code: 3279/API) Financial Results Presentation for the 18th Fiscal Period Ended November 2020 – January 2021 Section1 1. Executive Summary 2. Financial Results・Forecasts Section2 3. Internal Growth 4. External Growth 5. Finance・ESG Appendix Relaxing green courtyard (A-PLACE Shinagawa Higashi） 1. Executive Summary Measures to Reiterate “Unitholder Value Improvement” ~ Keys Points for Future Operation ~ 3 ➢ Moving to the new phase where API would be able to demonstrate unique advantages, such as prime location & high quality, after finishing the phase of supporting our tenants to continue their business operations ➢ Occupancy rate is expected to improve after marking its lowest rate during the first half of 2021. Thereafter, as soon as possible, we aim to return to the normalized operation level for all the property types excluding hotels. Business environment Operational results Key points • Potential size of the negative • Fulfilled our social impacts from COVID-19 re- responsibility with minimizing • Leasing strategy aiming at expansion in Japan and overseas negative impact on DPU internal growth is the priority Response to remains uncertain • Implement measures to improve • Continue to grant relief to COVID-19 • Vaccination will raise positive our unitholder value including retailers in response to expectations for post COVID-19 additional provision on sales- circumstances economic recovery linked rent to contract • Leasing activities prolonged due to • Continued to achieve steady increased vacancies rent increase amid the dropping Focus on rent increase at tenant Overheated market rent level will be hit ratio • • replacement leveraging adjusted Office • Strong tenant demand respective locational and • In FY2021, demand & supply confirmed from latter half of the qualitative priority balance is expected to improve due period backed by our to recovery in corporate earnings competitiveness • Retailers prefer to secure prime • Achieved rent increase in prime • Hybrid of retail and office location core properties location and locations in front reflecting diverse tenant needs of train stations Retail • Appetite to open stores is expected • Continue to negotiate with to come back in Summer 2021 or • Operation at suburban properties tenant candidates after AEO at later continues to remain steady Tokyu Plaza Omotesando Harajuku Players continue to be keen in • Continue to consider asset Consider asset replacement with External buying assets at transaction market • • replacement consideration of risk actualization Growth Lender attitudes are unchanged • Issued Green Bonds with Aim to further lengthen maturity with paying close attention to • • favorable terms & conditions and reduce cost in refinancing & Finance COVID-19 impact 1. Executive Summary Response to COVID-19 and Growth Strategy ~ Path to Post COVID-19 ~ 4 ➢ Maintaining occupancy rate was prioritized in FP18 ended Nov. 2020 and secured capacity to perform leasing strategy in FP19 ending May 2021 and beyond ➢ Focus on leasing of offices in FP19 ending May 2021 and beyond, aiming particularly for rent increase leveraging rent gap upon tenant replacement ➢ Support DPU for FP19 & FP20 by continuing asset replacement and cost reduction at upcoming refinancing Period ended Period ending Period ending Nov. 2020 May 2021 Nov. 2021 (FP18) (FP19) (FP20) Maintain occupancy with fulfilling social responsibility Prioritize to maintain & raise rent level in office leasing Bottom ✓ Maintained occupancy rate of approx. 99% at end of DPU improvement by external growth Up FP18 ended Nov. 2020 and financial strategy ✓ Actual DPU were ¥400 ✓ Aim to improve DPU and higher than the initial ✓ DPU for FP19 and FP20 portfolio quality with forecast even after are forecasted to decline continued strategy of temporary rent reductions as we will lose some asset replacement were granted to 79 retail revenue due to downtime. tenants However, stabilized DPU ✓ Consider DPU will be improved after ✓ DPU bottomed up by ¥18 management such as to owing to sales-linked rent closely examining the rent stagger the timings of Stabilized structure newly introduced gap for each tenant acquisition and disposal of DPU to tenants that enjoyed assets to mitigate COVID- temporary rent reduction ✓ Aim to invite attractive 19 impact retailers at tenant replacement in street side ✓ Refinance scheduled in store of EDGE Shinsaibashi FP20 ending May 2021 is and other opportunities an opportunity to extend taking portfolio’s locational the duration and reduce advantage cost 1. Executive Summary COVID-19 Impact on DPU ~ Breakdown of Factors in Actual and Forecast DPU ~ 5 Period ended Period ending Period ending Nov. 2020 May 2021 Nov. 2021 (FP18) (FP19) (FP20) Reduced 0 sales-linked rent -200 Downtime -400 COVID Impact Tempor -600 ary reduct- -800 ion - -774 19 -1,000 -847 -860 -958 -1,200 (¥/unit) -1,195 As of As of As of Jul. Nov. Actual Jul. New New 2020 2020 2020 (¥/unit) As of Jul. 2020 9,500 As of Nov. 2020 Actual / New (As of Jan. 2021) DPU 9,5459,547 9,000 9,450 9,280 9,280 9,300 9,040 8,500 ～～～ ～～ ～ 1. Executive Summary Flexible Response to Relief Requests and 6 Relief Requests from Retailers and Negotiation Status ~ Establishment of Alternative Lease Condition ~ Number of relief requests Breakdown of requests and negotiation status ✓ Incoming relief requests are settling ✓ Having agreed temporary rent reduction to 79 tenants, impact on DPU was smaller down as tenant sales showing signs of than the initial forecast by ¥400 recovery and thanks to governmental ✓ Possible impact of cases under negotiation will be relatively immaterial and we will supports work to reach to agreement during FP19 ending May 2021 Total (up to 2020.11) Negotiation outcomes by November 2020 Progress till end of Dec. 2020 210 requests # of # of Number of requests of temporary rent requests tenants reduction Temporary rent reduction 157 Reduction agreed 79 【Till Nov. 2020】 20 under negotiation 【Dec. 2020】 11 additional requests 25 Lease cancellation 39 No reduction 58 # of Payment deferral 14 Under negotiation 20 tenants 11 7 Temporary rent reduction：Response tailored to each Reduction agreed 11 No reduction 2 20.9 20.10 20.11 tenant considering tenant profiles and circumstances Lease cancellation : Impact is immaterial as they are Under negotiation 18 primarily small lease spaces Alternative lease conditions ✓ As a result of the temporary rent relief negotiations, 40% of the negotiated tenants agreed to the following alternative lease conditions Opportunity for internal growth Reduce underlying risk Rent increase after reduced Extension of non-cancellable 1 ３ rent payment 4 tenants period 9 tenants Lost revenue due to reduced rent will be • Approx.40% • Extended also notice period to secure retrieved in some cases of total 79 longer period for leasing activities tenants received Sales-linked rent newly applied temporary ２ reduction ４ /breakpoint change 8 tenants Lease renewal 12 tenants • Sales link rent structure introduction • Some agreements switched to enables us to grasp true sales conditions fixed-term lease of tenants, which will give a great advantage in future rent negotiations 1. Executive Summary New Contracts Are Steadily Progressing. We Still Hold Bargaining Office Leasing Status ~ Power Which Allows Us to Ask for Higher Rent from Existing Tenants ~ 7 1．Trend in new lease contract & cancellation 2．Trend in areas moved-in & moved-out ✓ Lease cancellations outnumbered new contract at the time of ✓ Moved-out area expanded for FP18 ended Nov.2020 and FP19 COVID-19 expansion phase, as many tenants wanted to reduce cost ending May 2020 due to increased number of tenant departures ✓ Newly contracted area is exceeding cancelled area since ✓ Aim to improve situation in FP19 through continued leasing October with gradually accumulated contract conclusions activities recently well performed New lease Cancellation Moved Moved 契約締結 解約申出 (tsubo) 退去 入居 ネットNet (tsubo) contracted applied out in 1,500 2,000 Forecast base 1,000 1,000 500 0 0 △-1,000 Actual -500 △-2,000 (as of Dec. 2020） -1,000 △-3,000 2018.518.5期 2018.1118.11期 2019.519.5期 2019.1119.11期 2020.520.5期 20.112020.11期 21.52021.5期 -1,500 （第FP1313期） （第FP1414期） （第FP1515期） （第FP1616期） （第FP1717期） （第FP1818期） （第FP1919期） 20.4 20.5 20.6 20.7 20.8 20.9 20.10 20.11 20.12 3．Office occupancy at end of period Rent gap (Tokyo Office) ✓ Occupancy on rent generating basis is expected to bottom at ✓ Although rent gap was closer from FP17 due to our end of FP19 ending May 2021 and rebound for end of FP20 achievement in rent growth and adjusted market rent, we still ending Nov.2021 hold bargaining power with tenants for higher rent Occupancy Occupancy (contract引渡稼働率 賃料発生稼働率 (¥/per month per tsubo) (cash basis) Basis) 99.7% @29.029k TOAvg.平均賃料 TO rent 100% マーケット平均賃料Avg. market 97.5% rent @27.027k Rent gap 97.4% -6% 95% @25.025k 92.6% 90% 2018.5 2018.11 2019.5 2019.11 2020.5 2020.11 2021.5 2021.11 @23.023k FP13 FP14 FP15 FP16 FP17 FP18 FP19 FP20 2018.11 2019.5 2019.11 2020.5 2020.11 18.11期 19.5期 19.11期 20.5期 20.11期 (Assumption) (Assumption) FP14 FP15 FP16 FP17 FP18 （第14期） （第15期） （第16期） （第17期） （第18期） 2. Financial Results・Forecasts Results Exceeded Initial Forecast and Revised Forecast DPU Summary for FP18 Ended Nov. 2020 ~ as Well as Previous Period Results ~ 8 ➢ With revenue increase in sales-linked rent at hotels, rent growth at lease renewal and benefit from asset replacement absorbing increase in expenses due to property-related taxes for three properties acquired in 2019, DPU for FP18 ended Nov. 2020 resulted to be ¥9,547 (+¥39 vs. previous period) ➢ Up ¥507 or 5.6% from initial forecast and up ¥97 or 1.0% from revised forecast as a result of measures taken to minimize the COVID-19 impact (¥/unit) vs. initial forecast 10,000 +¥507 vs. revised forecast +¥97 9,508 9,547 Benefit from Temporary 9,500 disposition & acquisition rent （Note 1） Temporary reduction business -501 closure Sales-linked rent +602 9,383 at hotels +162 Taxes & Increase public Benefit from 9,000 in expenses, asset dues etc.
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