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Location Quality Safety Service COMFORIA RESIDENTIAL REIT, INC ~Investor Presentation~ Location 10th Fiscal Period (ended July 2015) September 2015 Quality Safety Service Table of Contents 1. 10th Fiscal Period Highlights 5. Appendix Portfolio Highlights - 4 – P&L: 10th Period -25- Financial Highlights - 5 - Balance Sheet: 10th Period -26- 2. 10th Fiscal Period Results 9th ~ 11th Period Performance Forecast -27- Financial Results for the 10th Fiscal Period - 7 - Effective Utilization of TOKYU FUDOSAN HOLDINGS Stable Occupancy Rate - 8 - Group -28- Fluctuations in Rent Rate - 9 - “COMFORIA” Series -29- Property Management Initiatives -10- Increase of Tenant Satisfaction -30- Po Effect -11- “COMFORIA” Series Representative Properties -31- Properties acquired during 10th FP -12- Portfolio Policy -32- Financial Strategy -①: Financing Activities during # of Household in Tokyo -33- 10th FP -13- Make Selective Investment in Tokyo 23 Wards -34- Financial Strategy -②: Financial Indicators Portfolio Map (as at 10th FP end) -35- (as at 10th FP end) -14- Portfolio List -36- 3. Future Strategy Appraisal Value -40- Medium Term Growth Target -17- Occupancy and Rent Rates -44- Market Recognition and the Issue to Work on -18- Overview of Portfolio (as at 10th FP end) -45- Management Strategy -19- Status of Interest-bearing Debt (as at 10th FP end) -47- Effective Utilization of Sponsor Group ① Unitholders (as at 10th FP end) -48- (External Growth) -20- Historical Unit Price and Trading -49- Effective Utilization of Sponsor Group ② Expansion of Retail Investor Base -50- (Management Support) -21- Governance -51- Overview of CRR -52- 4. Performance Forecast Overview of Asset Management Company -53- Performance Forecast -23- 2 1. 10th Fiscal Period Highlights 3 Portfolio Highlights Leveraged sponsor (TLC – Tokyu Land Corporation) group’s support to build up a portfolio comprising assets located primarily in the Tokyo 23 Wards Investment area Unit type*2 Building age Nearest train station (on foot) Other major Tokyo cities Stores Under 3 years 3 to 5 years Metropolitan 3.5% Large 2.9% 0.1% 0.5% 2.7% Over 10 mins area Central Tokyo Family 7.3% 4.0% 2.5% 44.0% Over 10 years 29.5% 5 to 10 mins 39.4% Tokyo 23 Wards Single・Compact Avg. building age Avg. distance 92.1% 8.8yrs 5.2min Sub-central 94.0% Compact Tokyo 41.2% 50.0% Under 5 mins Single 56.6% 50.9% 5 to 10 years 64.9% Over 90% of assets are located in Tokyo 23 Wards Continuous acquisition of newer properties 1 Rental market in the Tokyo 23 Wards is healthy 2 Lower price volatility of Tokyo 23 Wards assets (Note1) Refer to “References (*1) for calculation method of “Investment area”, “Avg. building age”, ”Nearest train station (on foot)” and ”Avg. distance”. (Note2）Calculation basis for ratio of each “unit type” was changed from gross floor area to number of units as at Jul. 2015. Refer to “References (*2) ) for details on the changes. COMFORIA KAGURAZAKA DEUX COMFORIA KINSHICHO COMFORIA AKASAKA Building age on acquisition date: (1.2years)(1.0 years) (0.8 years) 4 Financial Highlights Achieved consistently solid portfolio growth Rising DPU and NAV / unit for 4 consecutive periods 10th Period actual DPU*1 (yen) 4,051 4,203 4,268 4,296 4,403 NAV / unit*1,*2 (yen) 150,798 156,382 171,433 182,627 199,358 Portfolio growth Tokyo 23 Wards (Acquisition price basis) 94.0% 92.9% ¥146.5bn 92.5% 96.3% 93.3% ¥122.8bn ¥116.2bn 94 assets ¥71.2bn ¥74.5bn 82 assets 80 assets 53 assets 55 assets 6th Period end 7th Period end 8th Period end 9th Period end 10th Period end IPO (Note1) Figures for “DPU” and “NAV / unit” until 8th Period are adjusted for the 4-for-1 unit split. Hereinafter, it is same in this document. (Note2) Refer to “References (*3) for calculation method of “NAV / unit” . 5 2. 10th Fiscal Period Results 6 Financial Results for the 10th Fiscal Period Surpassed initial profit projections. Comparable projection (Mer’15) vs. actual results Property mgmt. REIT mgmt. Profit/loss from Revenue from leasing business Operating income Ordinary income leasing business Current Operating Revenue from Other revenue from Leasing business Interest payable, net income expenses (non- leasing business leasing business expenses etc. leasing business) Projection ¥4,731mm ¥184mm ¥1,862mm ¥496mm ¥484mm ¥2,071mm (Mar’15) 10th Period actual ¥4,721mm ¥230mm ¥1,919mm ¥497mm ¥448mm ¥2,086mm Differential △ ¥9mm + ¥46mm + ¥56mm + ¥0mm △ ¥35mm + ¥14mm Other revenues ↑ Repair costs ↑ Basis for change - - Financing costs ↑ Key money ↑ Leasing fees ↑ + ¥76 △ ¥119 + ¥74 Projected Actual DPU DPU (Mar’15) ¥4,403 ¥4,372 7 Stable Occupancy Rate Occupancy rates are stable and is currently hovering at a level of approximately 95% 8th FP 9th FP 10th FP 100.0% 95.0% 9th FP avg. occupancy rate：95.0% 10th FP avg. occupancy rate：95.3% 90.0% Central Tokyo Sub-central Tokyo Tokyo Metropolitan area Other major cities Total portfolio 85.0% 8th FP end Aug’14 Sep’14 Oct’14 Nov’14 Dec’14 Jan’15 Feb’15 Mar’15 Apr’15 May’15 Jun’15 Jul’15 Total portfolio 94.8% 94.4% 95.3% 95.4% 95.1% 94.7% 95.2% 95.6% 96.2% 94.9% 94.6% 95.1% 95.5% Central Tokyo 94.5% 93.3% 94.7% 95.0% 94.3% 93.8% 94.3% 94.6% 95.4% 94.4% 94.1% 95.0% 95.5% Sub-central Tokyo 94.7% 95.0% 95.6% 95.7% 95.7% 95.3% 95.6% 96.2% 96.5% 95.0% 94.9% 95.3% 95.6% Tokyo metropolitan area 97.2% 95.1% 94.8% 94.1% 94.6% 93.2% 94.9% 95.2% 97.3% 95.6% 94.7% 94.0% 93.2% Other major cities 95.9% 95.6% 97.0% 96.2% 95.8% 96.4% 97.0% 97.5% 97.5% 96.2% 93.9% 94.8% 95.9% 6th FP end Aug’13 Sep’13 Oct’13 Nov’13 Dec’13 Jan’14 Feb’14 Mar’14 Apr’14 May’14 Jun’14 Jul’14 Total portfolio 95.9% 95.4% 95.6% 95.8% 95.8% 95.9% 96.2% 95.5% 95.7% 94.7% 94.7% 95.0% 94.8% (same month year ago) 8 Fluctuations in Rent Rate On-going recovery of rent rates attributed to higher contracted rent upon retenanting vacant space Historical rent rates (10th FP) Rent fluctuation from retenanting & renewals (5~10th FP) Higher portfolio rent (82 assets at the beginning Net increase in contracted rent rates of the term) versus the previous period. of retenanted space (yen) Re-tenanting 14,000 Portfolio at beginning of term (82 assets) (# of contracts basis) Total portfolio (incl 12 interim acquisitions) 100% # of rate # of rate # of rate increase # of rate MoM* (82 assets at beginning of term) increase increase # of rate # of rate 18.5% increase 80% 27.0% 28.7% increase increase No change 38.5% + 0.00% △0.05% + 0.02% + 0.01% △0.04% + 0.07% No change 45.2% 45.7% 14.6% No change 13,000 60% 13.8% 15.7% No change No change No change 10.7% # of rate 11.7% 40% # of rate 12.4% decrease # of rate # of rate decrease # of rate # of rate 67.0% decrease decrease 59.3% decrease decrease 20% 55.5% 50.8% 42.4% 42.6% 12,000 0% 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP Lease renewals (# of contracts basis) 11,000 100% # of rate increase 80% 0.1% 60% No change No change No change No change No change No change 10,000 98.4% 98.5% 99.2% 99.6% 99.2% 99.0% Rent (month/tsubo) 9th end Feb’15 Mar’15 Apr’15 May’15 Jun’15 Jul’15 40% Total portfolio(incl. 12 # of rate 12,850 12,698 12,687 12,690 12,691 12,686 12,695 20% # of rate # of rate # of rate # of rate # of rate interim acquisitions) decrease decrease decrease decrease decrease decrease Portfolio at beginning 1.6% 1.5% 0.8% 0.3% 0.8% 1.0% 12,850 12,851 12,844 12,847 12,849 12,843 12,853 0% of term (82 assets) 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP (Note) Figures for MoM or “month-over-month” is based on the AUM (82 assets) at the beginning of the fiscal period. 9 Property Management Initiatives Shown below are renovations and repair work conducted under consultation with the Property Manager Improved the asset value of COMFORIA KANDAJINBOCHO by acquiring the retail facility on the premise Samples of Renovations and Repair Works Renovations Repair Works Installation of security monitor for elevator Installation of high New floor covering Rooftop waterproof repair Rooftop waterproof repair efficiency showerheads (before work) (after work) Improvement of the Asset Value of COMFORIA KANDAJINBOCHO by Additional Acquisition (yen) Appraisal Value Appraisal Value Acquisition Price (Sectional Ownership) (Complete Ownership) Price of 1,314mm 1,330mm Housing Part 1,500mm Unrealized gain increased to 58 million Price of Retail yen (4.0pt change) by taking complete 120mm 112mm Facility’s Part ownership title through the additional acquisition of the retail facility on the Price of Total premise 1,434mm 1,442mm 1,500mm Parts Unrealized 8mm（0.6%） 66mm(4.6%) Gain 10 PO Effect Strengthened capability of responding to market changes by building a portfolio with stable earnings and sustainable growth Focus on Tokyo 23 wards Utilization of Sponsor Group PO Purpose Increasing the ratio of Tokyo 23 ward assets accelerated Acquired the assets from sponsor group that were portfolio stability warehoused on their balance sheet or sponsor developed, etc.
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