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Hankyu REIT, Inc. 19-19 Chayamachi, Kita-Ku, Osaka Growth Strategy/Management Policy

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Hankyu REIT, Inc. 19-19 Chayamachi, Kita-Ku, Osaka Growth Strategy/Management Policy HEP Five HANKYU NISHINOMIYA GARDENS Kitano Hankyu Building Hankyu Corporation Head Office Building Dew Hankyu Yamada AEON MALL SAKAIKITAHANADA Takatsuki-Josai Shopping Center MANDAI Toyonaka Honan Store Ueroku F Building Kita-Aoyama San cho-me Building Nitori Ibaraki-Kita Store DAILY QANAT Izumiya Horikawa Marutamachi Store Kohnan Hiroshima Nakano-Higashi Store kotocross Hankyu Kawaramachi Sphere Tower Tennozu LIFE Shimoyamate Store Shiodome East Side Building MANDAI Gojo Nishikoji Store Hotel Gracery Tamachi KOHYO Onohara Store LAXA Osaka OASIS Town Itami Konoike th Fiscal Period Semi-Annual Report LaLaport KOSHIEN METS OZONE 25 Vessel Inn Hakata Nakasu From June 1, 2017 to November 30, 2017 Hankyu REIT, Inc. 19-19 Chayamachi, Kita-ku, Osaka http://www.hankyu-reit.jp/eng/ Growth Strategy/Management Policy Implementation of management that emphasizes stability of 1 Distribution Policy distributions in the medium-to-long-term period Further sustainable growth of portfolio by utilizing the comprehensive Hankyu REIT, Inc. 2 External Growth Strategy strengths of the Hankyu Hanshin Holdings Group 3 Internal Growth Strategy Deepening of operational management 25th Fiscal Period Semi-Annual Report From June 1, 2017 to November 30, 2017 4 Financial Strategy Implementation of stable financial operations and LTV controls Table of Contents To Our Unitholders 03 To Our Unitholders Hankyu REIT is implementing measures toward 04 25th Fiscal Period Highlights continued growth and enhancement of distributions. 06 Topics We hereby report on the management status of Hankyu REIT for the 25th fiscal period from June 1, 2017 to November 30, 2017. ◦Achieving Continued Growth through Public Offering In the fiscal period under review (25th fiscal period), Hankyu REIT took a solid and Property Acquisitions step forward toward expanding its asset scale, enhancing portfolio quality and raising distributions on an ongoing basis. ◦External Growth Initiatives In terms of external growth, we resolved on November 28, 2017 to acquire Vessel ◦Internal Growth Initiatives Inn Hakata Nakasu, a hotel specialized in accommodations, located in Fukuoka City. Moreover, we resolved on the acquisition of METS OZONE, a community-based retail ◦Financial and Other Initiatives facility located in Nagoya City, Aichi, on January 25, 2018 (26th fiscal period), when we also made a resolution and an announcement of the issuance of new investment units 12 Portfolio Data through public offering, our first such arrangement in approximately 3 years and 8 months. 14 Portfolio Map Yoshiaki Shiraki The two properties we have resolved for acquisition represent the first acquisition for Executive Director, Hankyu REIT, Inc. Hankyu REIT in Fukuoka and Nagoya areas, respectively. President and Representative Director, Vessel Inn Hakata Nakasu is approximately a 1-minute walk from Nakasu-Kawabata Financial Section Hankyu REIT Asset Management, Inc. Station, the nearest station to Nakasu area which is the largest bustling quarter in Kyushu. Close to Tenjin area and featuring good access to Hakata Station and Fukuoka Airport, the property can secure stable earnings by concluding a long-term lease agreement with fixed rents. 16 Asset Management Report METS OZONE is located in a residential area in the center of Nagoya City. The property is a community-based retail facility with highly- 43 Financial Statements convenient transport access as it faces arterial roads and is situated in approximately a 5-minute walk from Ozone Station, which is a major terminal station accessible by 3 lines (JR, Nagoya Municipal Subway and Meitetsu lines). 44 Balance Sheets For these properties, Hankyu REIT secured acquisition at fair values without being roused by seemingly overheated bidding, as it successfully arranged the acquisition through bidding among limited bidders for Vessel Inn Hakata Nakasu and through a one-on-one 46 Statements of Income and Retained Earnings transaction for METS OZONE. As for internal growth, new lease agreements were concluded with two tenants for Sphere Tower Tennozu in the 25th fiscal period. 47 Statements of Changes in Net Assets Consequently, the occupancy rate of the property stood at 93.0% at the end of the 25th fiscal period, and rose to 94.8% as of the end of February 48 Statements of Cash Flows 2018. With regard to Hotel Gracery Tamachi, which had been subject to a legal action since October 2014, a settlement was reached on 49 Notes to Financial Statements September 13, 2017. Although the settlement does not thoroughly satisfy its claim, Hankyu REIT anticipates that, after closely examining the process of the repair plan and relevant expenses and other costs, we can keep its distribution levels by accepting the settlement. Accordingly, 65 Independent Auditor’s Report we agreed to settle the issue as we determined that closing the action and eliminating uncertainty risks in the future should be the best solution to avoid damaging the unitholders’ interests. As a result of these endeavors, Hankyu REIT decided to deliver distribution per unit of ¥2,877 for the 25th fiscal period. For the 26th and Information the 27th fiscal periods, we forecast distribution per unit at ¥2,950 and ¥3,000, respectively. Moreover, our asset scale will be ¥149.7 billion after the acquisition of the two properties is completed. 66 Unitholders’ Information Going forward, while endeavoring to stably secure distribution per unit at the middle of the ¥2,900 level, we will aim to expand the asset scale to ¥200 billion and increase the distribution level to ¥3,000 by pursuing upside gains through acquiring quality properties and other measures. The real estate market remains overheated, while the economic environment is fluctuating every day. However, we are resolved to unwaveringly take measures in accordance with our medium-term management policy. In this way, we will endeavor to steadily increase distributions. Disclaimer As we pursue steady growth for Hankyu REIT going forward to achieve its medium-to-long-term goals, we would greatly appreciate your continued support. “(site)” is added after the name of properties for which Hankyu REIT owns only its land. 2 3 25th Fiscal Period Highlights 25th Fiscal Period Fixed Distribution (per Unit) For the 25th fiscal period, Hankyu REIT achieved ¥4,902 million in operating revenues and ¥1,718 million in net income, showing an increase in revenues and income from the previous fiscal period’s results and over the forecasted figures announced on July 14, 2017. Distribution per unit was ¥2,877, resulting in an increase of ¥160 (5.9%) from the previous fiscal period (¥2,717) as well as an increase of ¥77 (2.8%) from the distribution per unit forecast (¥2,800) announced on July 14, 2017. ¥2,877 Distribution per Unit Forecast Upon the announcement of the 25th fiscal period operating results on January 25, 2018, Hankyu REIT announced the distribution per unit forecast for the 26th fiscal period (fiscal period ending May 2018) and the 27th fiscal period (fiscal period ending November 2018) as follows. ● Distribution per Unit (Yen) 3,000 2,877 2,775 2,717 Operating Revenues Ordinary Income 2,800 2,620 2,626 2,600 26th Fiscal Period 27th Fiscal Period 2,400 2,200 2,000 million million 1,800 ¥4,902 ¥1,793 1,600 1,400 1,200 0 Operating Income Net Income 21st FP 22nd FP 23rd FP 24th FP 25th FP ¥2,950 ¥3,000 The distribution per unit forecasted is based on certain assumptions available to Hankyu REIT as of January 25, 2018. Actual distribution per unit may differ substantially due to changes in conditions, and the forecasts are not a guarantee of any distribution amount. million million Furthermore, the above forecast figures are based on the content announced in “Hankyu REIT, Incorporated Financial Results for the 25th Fiscal Period from June ¥2,150 ¥1,718 1, 2017 to November 30, 2017” dated January 25, 2018. Total Acquisition Price/Total Number of Properties LTV LTV at the end of the 25th fiscal period decreased due to an increase in appraisal values of properties owned, among other reasons. ● Total Acquisition Price (Billions of Yen)/Total Number of Properties ● LTV (%) 23 23 23 23 25 150 21 60 141.62 141.62 141.62 140 139.30 20 132.89 50 43.2 billion 41.9 43.0 42.2 41.4 130 15 40 ¥141.62 120 10 110 % 30 5 properties 100 23 41.4 0 0 0 21st FP 22nd FP 23rd FP 24th FP 25th FP 21st FP 22nd FP 23rd FP 24th FP 25th FP Investor Ratings Occupancy Rate (Occupancy by End-Tenants) As of the end of the 25th fiscal period, Hankyu REIT has attained a long-term issuer rating of AA– (rating outlook: stable) from Japan Maintained a high-level of occupancy rate through aggressive leasing activities. Credit Rating Agency, Ltd. (JCR) and an issuer rating of A+ (rating outlook: stable) from Rating and Investment Information, Inc. (R&I). ● Occupancy Rate (%) Japan Credit Rating Agency, Ltd. (JCR) Rating and Investment Information, Inc. (R&I) 98.8 98.8 99.1 99.6 99.8 100 50 % 99.8 0 21st FP 22nd FP 23rd FP 24th FP 25th FP AA–(Outlook: Stable) A+(Outlook: Stable) 4 5 Topics Achieving Continued Growth through Public Offerings and Property Acquisitions Achieving Continuous Growth Based on Medium-Term Management Policy and Enhancing Portfolio Quality Hankyu REIT is engaged in operating its portfolio with an aim to enhance unitholder value over the medium-to-long-term. Since 2013, Hankyu As Hankyu REIT continued investigations on property acquisitions in the 25th fiscal period, it resolved in November 2017 to acquire Vessel Inn REIT has achieved higher profitability and enhanced quality of its portfolio by conducting strategic asset replacement with the sponsor, etc., and Hakata Nakasu, a hotel specialized in accommodations, located in Fukuoka City. It also resolved on the acquisition of METS OZONE, a community- acquiring properties focusing on excellent quality of retail facilities in Kansai Region, while working to solve problems by making investments for value based retail facility located in Nagoya City, Aichi, in January 2018 (26th fiscal period), when it also made a resolution and an announcement of the enhancement at existing properties and promoting their lease, among other endeavors.
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