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Activia Properties Inc. （Securities Code: 3279/API）

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Activia Properties Inc. （Securities Code: 3279/API） View of Shibuya area from Ebisu Prime Square Activia Properties Inc. （Securities code: 3279/API） Ebisu Prime Square Financial Results Presentation for the 16th Fiscal Period Ended November 2019 - January 2020 Index 1.Management Highlights 2.Growth Strategy 3.Action1: Early Achievement of Stabilized DPU of ¥10,000 4.Action2: Internal Growth in Offices Properties 5.Action3: Replacement of Retail Tenant 6.Action4: External Growth 7.Finance・Results/Forecasts・ESG 8.Appendix 1. Management Highlights Management Highlights of the 16th Period Ended November 2019 3 ~ Outcome of Growth Strategy ~ Realize enhancement of For the period under review, we unitholder value attained a steady progress in DPU NAV per unit maximization of unitholder value ¥10,137 ¥458,775 and continuous growth of DPU・NAV (vs.FP15 +¥120/+1.2％) (vs.FP15 +¥7,763/+1.7%) which were matters of high priority with the below strategies set at the External beginning of the period Internal Growth Growth Pursue Internal Growth ■Achieved largest ■Announced particularly in office internal growth ever asset replacement properties as a DPU growth Improvement of 1 Rent increase（Office） driver Portfolio earning ¥ mn/period + 147 Enhance capacity for Support DPU growth speed internal growth by External Growth adapted Increase rate (Avg. of office) Return to greater ２ % to external environment +12.9 Shibuya area Select the most appropriate funding method considering Finance ESG ３ DPU and NAV levels as well Strategy as market environment, etc. ■Flexible issuance of ■Promotion of new Green Bonds initiatives Review management fee Issued in July and Amendment to ４ structure to strengthen November 2019 Management Fee (¥5bn of 5-year bond / Structure incentives related to ¥4bn of 10-year bond) Take effect from the 17th Period maximization of unitholder A largest number of ending May 2020 value investors disclosed their investment Established (8 investors for issuance in July, Sustainability Policy 21 investors for issuance in Identified Materiality November) 1. Management Highlights Asset Replacement Announced on November 29, 2019 4 ~ Acquisition of Ebisu Prime Square and Disposition of A-PLACE Shinbashi Ekimae ~ Outline of asset replacement Effect from asset replacement Anticipated Asset to be Asset disposed of １ DPU improvement +¥157/unit TO-18 Ebisu Prime Square TO-17 A-PLACE Increase in DPU by +¥157/unit is estimated as （51% co-ownership interest） Shinbashi Ekimae benefit from replacement for the period ending Nov. 2020 (the 18th Period) when Ebisu Prime Square starts to fully contribute +¥76/unit ２ -11% rent gap (Note 3) Office rent uptrend continues thanks to concentration Replace- of tech companies in the area ment Recently some cases with contracted rent higher than market rent have been seen Increased ratio of the 33.1% 3 greater Shibuya area (Note 4) Ratio of properties in the greater Shibuya area in Tokyo Office Properties increased by approximately 14pt after acquisition of Ebisu Prime Square which will Anticipated be the flagship property in Ebisu area Acquisition price ¥30,700 million ¥21,000 million (Appraisal NOI disposition price （ 3.7％ ） Leverage Sponsor support yield) Assumed book Maximize benefit from transactions by acquisition of ¥20,824 million Ebisu Prime Square prior to disposition value (Note(Note 1)6) Appraisal value ¥31,000 million Appraisal value ¥20,400 million 2019 2020 (Note(Note 2)3) Contribution (Note 2) period Nov. Dec. Jan. Feb. Mar. Apr. Expected NOI ¥1,148 million Expected NOI ¥635 million (Note 4) Ebisu Prime Con- Acqui- Square tract sition NOI yield after NOI yield after 2.6% A-PLACE Con- Dispo- 3.1% depreciation depreciation(Note 5) (Note 5) Shinbashi Ekimae tract sition (Note 1) Assumed value as of March 19, 2020 (Note 2) Appraisal value stated in the appraisal report effective as of November 30, 2019 Improve NOI yield Wipe out unrealized loss on (Note 3) Estimated amount of increase in distributions per unit when the actual-to-market rent gap of office portion is fully bridged (not taken into account the increase in costs after depreciation asset such as management fee, etc.) (Note 4) Based on the aggregate acquisition price of Tokyo Office Properties (TO) 1. Management Highlights Ebisu Prime Square ~ Large Size Office in the Greater Shibuya Area with Growth Potential ~ 5 TO-18 Ebisu Prime Square (51% co-ownership) Trend in office vacancy in Ebisu area Greater Shibuya area Vacancy in the area hovering around 0.0％ since June 2019 Source: CBRE K.K. Upside potential 1 Located in Greater Shibuya area Prime location which is a 6-minute walk Shibuya・ Roppongi・ Toranomon・ 2.0% 渋谷・恵比寿 六本木・赤坂 虎ノ門・汐留 Sponsor sourced from Ebisu Station where enjoys robust Ebisu Akasaka Shiodome Shinagawa・ office demand from tech compagnies and Shinjuku 新宿 品川・田町Tamachi else 2 A rare and visible skyscraper A multi-use complex comprised of an office tower as main building and 1.0% 1.0% commercial building and residences, extended in approx. 4,000 tsubo 0.6% 3 Internal growth potential 0.2% Rent gap at time of acquisition was -11％ 0.1% and secured capacity for future internal 0.0% 0.0%0.0% growth 2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 Multi-use complex Growth potential after acquisition (office section) Office tower・ Residential commercial building building We work for early completion of leasing to maintain high occupancy and achievement 22F of internal growth through rent revision and tenant replacement 21F 20F (Overall -11%) ・ Rent gap ratio between actual and market rent ・ 00%％以上 or over △-10%10％～△ ~ under0％超 -0% ・ 12F Total leasable area △-20%20％～△ 10％超 △Under20％超 -20% ・ Office 11F tower ~ under -10% 3,136 tsubo ・ ・ -13％ ・ ・ Residence -12％ 5F ・ -13％ 4F 3F 3F 2F Commer ％ 2F -cial -5 Cafe・Convenience Commercial 1F 1F store B1F Sport club B2F Area subject to rent revision 568tsubo 884tsubo 752tsubo 252tsubo (in proportion to the co-ownership interest ) 2020.5 2020.11 2021.5 2021.11 Composition Office floor plan (17th (18th (19th (20th (based on rent) Period) Period) Period) Period) Others 1.8% Standard floor area Rent revision Tenant replacement Residence 300 tsubo already achieved already achieved 12.2% Avg. rent Avg. rent vs. market # of zones Area (tsubo) # of zones Area (tsubo) Retail increase increase rent 14.0% 5 295 tsubo +22.6% +6.9% Office 4 302 tsubo +9.9% (Note) Amount achieved for Period ending May 2020 and onwards, 72.0% in proportion to the co-ownership interest 2. Growth Strategy Specific Plans to Approach toward Growth ~ From the 16th Period Ended November 2019 Onwards ~ 6 Achieve early stabilized DPU of ¥10,000 backed by track record realized in FP ended Nov. 2019 With principle strategy of achieving internal growth in office with support from external growth internal growth through retail tenant replacement can be expected FP ended Nov. 2019 FP ending Rent increase achieved in FP ended Nov. 2019 (for FP ended May 2020 Action1 Nov. 2019 and FP ending May 2020) Stabilized DPU of Improvement in portfolio earnings due to asset replacement ¥10,000 (Periods where property-related taxes are expensed） FP ending May 2020 and onwards Action2 Accelerate rent increase at rent revision negotiation for the FP ending May 2020 (39% already done) and FP ending Nov. Internal Growth 2020 (3% already done) in office Fill rent gap against market rent through tenant replacement FP ending May 2020 and onwards Action3 Expect significant rent increase at tenant replacement in street-side stores Replacement of Contribute to maximization of internal growth in office in retail tenant prime location such as front of train station FP ending May 2020 Continue external growth strategy without prioritizing and onwards Action4 expansion of asset size External growth Aim at acquisition of office in greater Shibuya area and Shinagawa・Gotanda area through asset replacement 3. Action1: Early Achievement of Stabilized DPU of ¥10,000 Progress Update for Early Achievement of ¥10,000 Stabilized DPU 7 ~ Accelerate Target Timing of Achievement from “Within 2-3 Years” to “Within 1.5-2 Years” ~ Upward rent revision in office already achieved for 16th FP ended Nov. 2019 and onward and replacement effect from Ebisu Prime Square to A-PLACE Shinbashi Ekimae enable to accelerate target timing of achievement of stabilized DPU of ¥10,000 to 18th FP ending Nov. 2020 or 19th FP ending May 2021 +¥220/period from rent increase +¥157/period from effect from asset achieved for FP ended Nov. 2019 and replacement in FP ending Nov. 2020 May 2020 Actual DPU Forecast DPU Effect from asset disposition Stabilized DPU of ¥10,000 to achieve 1 year within 1.5 or 2 years from FP ended May 2019 accelerated ¥10,000 356 380 87 Action2 ¥9,637 Internal Growth in office 9,930 9,781 9,793 9,584 9,6379,637 2018.11 2019.5 2019.11 2020.5 2020.11 ～(14th(第14 Period)期) ～(15th(第15 Period)期) ～(16th（第16 Period)期） ～(17th(第17 Period)期) ～（第(18th18 Period)期） ～ Actual実績 実績Actual Actual実績 Forecast予想 Forecast予想 Office overall ¥267.7bn 4. Action2: Internal Growth in Office Properties Tokyo Office Status of Rent Revision and Tenant Replacement in Tokyo Office Properties ¥ bn Properties 206.9 8 ~ Largely Overhauled Past Achievement Enjoying Underlying Rent Uptrend ~ (On acquisition price basis) 1. Rent revision status (on leased area basis) Underlying uptrend continues and capacity for internal growth has been secured for the 17th period ending May 2020 and onwards where there is a large gap against market rent Marked largest increase ever in rent amount and in area in the 16th Period ended Nov. 2019 with approx.
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