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The 14Th Fiscal Period Business Report (January 1, 2013 to June 30

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The 14Th Fiscal Period Business Report (January 1, 2013 to June 30 14 th Fiscal Period Business Report January 1, 2013 to June 30, 2013 http://www.midreit.jp/ MID REIT, Inc. 1-4-4 Dojimahama, Kita-ku, Osaka Leadership Message Q.1: How do you evaluate MID REIT’s increasing cases of concrete talks on intentions to performance in the 14th fiscal period? move to a building of a rent level that would be economically rational in view of floor space In the 14th fiscal period (ended June 2013), we expansion or cost reduction without lowering transferred Panasonic Osaka Kyobashi Building building specifications/grade. (Shiromi, Chuo-ku, Osaka) and acquired In addition, at Twin 21, we implemented Higobashi MID Building (Edobori, Nishi-ku, renewal of the entrance portion, which is Osaka) in June. Although this asset replacement is connected to Kyobashi Station by a pedestrian one that involved a large loss on sale of real estate deck, and the 2F to 4F elevator hall of MID in the short term and thus a large downward Tower, which is frequently used by tenants and revision in business performance for the 14th fiscal the customers of restaurants, etc. Concerning the period, we managed to maintain/enhance portfolio typical floor plate of common areas, on top of profitability and quality through the new asset completing elevator hall renewal in the 14th fiscal acquisition. period, restroom and staff kitchen renewal are also Concerning leasing, tenant movements for such At the entrance of newly-acquired property “Higobashi MID Building” being implemented one after another. In this reasons as to improve location and consolidate/ manner, we managed to aim for enhancement of integrate bases in a manner that is in concert with satisfaction and convenience for existing tenants adjusted market rent in the leasing market or to and to maintain/enhance property competitiveness Leadership Message address business continuity planning (BCP) have in leasing. become more active than the previous year. We Executive Director, MID REIT, Inc. managed to maintain/enhance the occupancy rate President & CEO, MID REIT Management Co., Ltd. at MID Imabashi Building, MID Nishihommachi Q.2: Please explain in detail the reasons Tomoyuki Goto Building, etc. by having a good grasp of such for the recent asset replacement. movements. Concerning Panasonic Osaka Kyobashi Building, With the end of the 14th fiscal period (January 1, 2013 to June 30, 2013) and At Matsushita IMP Building, with activities to it was settled in the end of October 2012 that the start of the 15th fiscal period of MID REIT, Inc. (MID REIT), Tomoyuki Goto, attract tenants still underway for the floor from tenant would move out at the end of May 2013. President & CEO of MID REIT Management Co., Ltd. (MID REIT Management), which a large tenant had moved out at the end of We stated at the previous financial results was interviewed on the present and future of MID REIT in light of the 14th March 2013, challenges remain. However, there announcement that we intend to seek new tenants are leads to capturing tenants as there are fiscal period activities and economic developments in Kansai. after thoroughly conducting renewal construction ❱ Contents ❱ 14th Fiscal Period Financial Highlights (January 1, 2013 to June 30, 2013) Leadership Message 1 Portfolio Overview / Portfolio Analysis 11 13th Period Results 14th Period Results Difference Difference External Growth/Internal Growth 6 Portfolio Map 12 Financial Status 8 Asset Management Report 13 Operating revenue 5,628 million yen 5,457 million yen -171 million yen -3.0% About MID REIT 9 Investment Unit Status 14 Ordinary income 1,325 million yen 105 million yen -1,219 million yen -92.0% Osaka in Figures 10 Net income 1,323 million yen 104 million yen -1,219 million yen -92.1% Number of units 183,625 units 183,625 units – – Distribution per unit 7,210 yen 567 yen -6,643 yen -92.1% Cover: Namba Yasaka Shrine Dotonbori River Funatogyo (boat procession) 1 MID REIT, Inc. MID REIT, Inc. 2 Leadership Message work following the tenant exit. However, the plan Furthermore, by newly acquiring an asset in seek renewed communication with and convey our to lease the 39-year-old property as a building in Higobashi that is an area other than the Osaka intentions and future strategies to investors. its entirety by injecting a large sum of money for Business Park (OBP), we managed to relax the refurbishment over a long period involves concerns OBP concentration level of portfolio properties, Q.4: What is your view of the of leasing up the property extending for a long which is one of the challenges facing MID REIT. developments in the Osaka economy and period in light of such aspects as property size and Kansai economy in the past six months? conditions. Asset Replacement Effects: Promotion of Therefore, we concluded that a replacement of Lowering of OBP Concentration Level and My view is an upward trend overall. For example, assets by transferring the property with the support Diversification of Assets there have also been reports of exports in the of the sponsor would be the best way to avoid the Tokyo metropolitan area Other Osaka area OBP manufacturing industry increasing and corporate (%) risk of a prolonged unoccupied state. 100 capital investment also increasing. There is data Above all, the desire to convey as a message our 16.3% 16.8% known as “Economic Trends of Osaka” announced positive stance on future external growth through 80 by the Osaka Prefectural Government’s 20.6% 23.2% new asset acquisition was the main underlying 60 Department of Commerce, Industry and Labor At the rooftop terrace of Higobashi MID Building reason for the recent asset replacement decision. (Osaka Research Center for Industry and 40 Economy). According to the data compiled based Furthermore, industrial production in the Kinki 63.1% lowered by 3.1pp 60.0% mainly on May 2013 indicators, consumer region is also increasing and employment is slowly Q.3: What do you see as being the pros 20 spending has begun to stop declining, home picking up. and cons of the asset replacement? 0 Before asset replacement After asset replacement electronic appliance sales and new automobile sales As for visible movements other than such data, The positive aspect of the asset replacement is decreased, while large-scale retailer sales, new Osaka landmarks “Grand Front Osaka,” which managing to avoid such management risks as Based on acquisition price, 63.1% of assets were convenience store sales and household opened at the North Exit of JR Osaka Station, and revenue deteriorating due to maintenance expenses concentrated in the OBP in the past, but this has consumption expenditure are increasing. the retail facility that opened at “Abeno Harukas,” arising during the period of renovation been lowered to 60.0%. Even based on property In addition, housing investment and non- which is situated in the southern part of Osaka City construction work and period of vacancy over a leasing revenue, the concentration was similarly residential construction investment are also and is set to be Japan’s tallest skyscraper at a height long period following the tenant exit at Panasonic lowered from 67.6% (results for 13th fiscal period) increasing. Exports have been increasing for three of 300 meters, prior to its grand opening, are Osaka Kyobashi Building and due to the to 64.6% (assumed for 15th fiscal period). We consecutive months and imports have been among properties that are drawing a large crowd. prolonged period for leasing up the property. intend to keep working to overcome this challenge increasing for five consecutive months. While some say the Abenomics effects in the real The newly-acquired Higobashi MID Building by continuing to pursue external growth. managed to be acquired from the sponsor at a On the contrary, a loss on sale being incurred, Economic Trends of Osaka (based mainly on May 2013 indicators) price that is below the appraisal value and also is a not being an asset replacement that leads to Demand relatively-newly-built property from which high expansion of portfolio asset size, etc. can be cited Overall Consumption Investment Foreign Trade / Cargo Large-scale Home electronic New housing Floor space of Coincident CI Convenience store New automobile Cargo volume retailer appliance sales constructions constructions Exports (Kinki) NOI yield can be anticipated. We could therefore as negative aspects. Investors have also voiced (Osaka) sales (Kinki) sales (Osaka) handled at KIX sales (Osaka) (Kinki) (Osaka) (Osaka) see prospects of such offsetting the decrease in criticism concerning this matter. May — — revenue arising from the transfer of Panasonic However, when the intentions and effects of the April Osaka Kyobashi Building to a certain degree. recent asset replacement are explained again, there Supply Other * Comparisons with the same month of the previous year, In addition, through the recent asset replacement, have been many cases where we have received where an arrow pointing upwards indicates economic Production Employment Bankruptcy Sightseeing improvement and an arrow pointing downwards indicates we managed to realize reduction of portfolio Number of voices of encouragement expressing the desire for Ratio of active Number of economic deterioration. However, comparisons with Production Production Unemployment corporate job openings-to- passengers from the previous month in the case of the coincident CI, (Osaka) (Nationwide) rate (Kinki) bankruptcies building age (22.0 years at the end of the 13th us to continue external growth, and for that we are applicants (Osaka) overseas to KIX production index and ratio of active job openings-to- (Osaka) applicants because these are seasonally adjusted. In the fiscal period to 21.3 years at the end of the 14th grateful. We have also received positive responses May — case of the unemployment rate and number of corporate bankruptcies, a decrease or reduction is an economic improvement, which is indicated by an arrow pointing fiscal period), lowering of PML, improvement of from institutional investors.
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