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J-REIT, Inc.(3298) Fiscal Period Ended October 31, 2014

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J-REIT, Inc.(3298) Fiscal Period Ended October 31, 2014 Invesco Office J-REIT, Inc.(3298) Fiscal Period Ended October 31, 2014 http://www.invesco-reit.co.jp/ Invesco Global Real Estate Asia Pacific, Inc. Contents 1. Invesco Office J-REIT Overview 3 2. Financial Results and Forecasts 12 3. Growth Strategies 19 Appendix 26 - Leasing Achievements 27 - Portfolio Information 30 - Financial Statements 33 - Market Overview 36 - Unitholders 38 - Governance 40 This document is provided for informational purposes only and is not intended as an inducement or invitation to invest in securities issued by Invesco Office J-REIT Inc. 2 1. Invesco Office J-REIT Overview Ebisu Prime Square Features of Invesco Office J-REIT(“IOJ”) - Fundamental Principle - “Maximize Investor Value” 1. Invest in large scale offices in metropolitan areas 2. Utilize Invesco Group’s expertise 3. Proactively manage real estate assets based on a long track record as an independent real estate manager 4 Utilize Invesco Group’s Expertise Invesco Group (NYSE, IVZ) Leading independent asset management company with AUM of US$789.6 billion Invesco Real Estate, a business unit of the Invesco Group, manages real estate products globally through 20 offices around the world, with AUM of US$61.8 billion Invesco Real Estate invests both in real property and securities Invesco Group Global Networks Breakdown of direct investment of Invesco Real Estate By Region By Type North America Core 62% 79% Global network in more than 20 countries 21.8 bn USD 27.6 bn USD -20 offices for real estate group- Value Added Europe 14% 21% 5.0 bn USD 7.2 bn USD Europe Asia North America Tokyo Asia Opportunistic Frankfurt 17% 7% Atlanta Hanley Hong Kong 5.9 bn USD 2.4 bn USD Austin London Mumbai Boston Luxembourg New Delhi Chicago Madrid Beijing AUM growth of Invesco Real Estate (as of each year end) Dallas Munich Seoul 61.8 Huston Paris Shanghai Louisville Prague Australia Shenzhen New York Milan Melbourne Singapore Newport Beach Warsaw Sydney Taipei Palm Harbor San Diego San Francisco * Real estate offices in Blue. Toronto (Note) Data above is as of the end of September, 2014. 5 Features of Invesco Global Real Estate Asia Pacific, Inc. (“IGRE” ) Long track record as independent real estate manager with local expertise Global reach, local expertise Client focused Over 15-year history of managing real estate in Japan (acquired 112 properties worth JPY 1 trillion)（Note） Expertise in various property types including strata title ownership and partial ownership properties (Note) Figures are as of the end of September 2014 and those figures are the total of the investment management results for the assets that IGRE continued to manage upon transfer of the former asset management company named AIG Global Real Estate Asia Pacific Inc. to the Invesco Group from American International Group (AIG) in December 2010 and the investment management results after the transfer . 6 Investment Policy – Criteria and Geographical Allocation Investment Criteria Geographical Allocation Target Focus on Metropolitan Area Property quality and Building size earthquake resistance Investment Investment Area Standard for total floor area Standard level or above in the Ratio（Note1) - Tokyo metropolitan area: Total submarket or the practicality of 2 floor area of 10,000 m or more, attaining the standard level or Primary Focus 23 wards of Tokyo and typical exclusive floor area above (floor shape, division, floor of 600 m2 or more height, design, electrical capacity, Tokyo 70% or - Other areas: Total floor area of air-conditioning system, etc.) Metropolitan (Note2) Greater Tokyo Area 7,000 m2 or more, and typical Areas more Earthquake resistance conforming other than 23 wards of exclusive floor area of 400 m2 or to or exceeding the new Tokyo more earthquake-resistant criteria with a Secondary Focus The size of one property shall not PML of less than 15% Other Osaka City, Nagoya City, exceed 50% of the portfolio Metropolitan and Fukuoka City Compliance, environment, Areas Profitability 30% or geological features, etc. less Other Expectation of stable revenue in Complied with City Planning Act, Other ordinance-designated cities, etc. the future based on the Building Standards Act, and other occupancy ratio, rent revenues, related laws and regulations, or (Note1) The investment ratio is based on the purchase price. Also, the investment ratio could temporarily deviate from the above limits as a result of purchases or sales of assets. and other conditions remedies can be obtained (Note2) Greater Tokyo Area refers to Tokyo, Yokohama City, Kawasaki City, Saitama City and Chiba City. Appropriate tenant characteristics No use of asbestos and other and creditworthiness, appropriate hazardous materials, or proper purpose and type of use of leased measures implemented Diversified investments by different return attribution offices, and satisfactory records of Soil contamination in compliance Primary Focus : Large-scale office buildings expected to benefit from rent rent payment with environmental standards, etc. increase in an economic recovery phase Secondary Focus: Non large-scale office buildings expected to produce relatively high yields 7 Future Growth Strategy Strategy focus on NAV and DPU growth Asset Quality NAV Growth DPU Growth External Growth Strategy Internal Growth Strategy Financing Strategy Target AUM of JPY200 billion in 3 Seek further improvement in Internal and external growth are years. occupancy and rental growth. supported by prudent financial Acquire quality assets utilizing Maintain and improve asset management. Invesco Real Estate’s expertise competitiveness through strategic Keep LTV from 40% to 50%. and networks among local capital expenditure. partners. 8 IPO Summary (as of the end of October, 2014) IOJ was listed on Tokyo Stock Exchange with total offering size of JPY 44.4 billion Initial portfolio of JPY 78.6 billion, all properties acquired from third parties IPO Overview Listing Date June 5, 2014 Total Equity Size JPY 43.0 bn Unit Offered 431,180 units Issued Unit 432,680 units Offer /Sale Price JPY 103,000 /unit Offering Size JPY 44.4 bn Portfolio Overview Portfolio Size JPY 78.6 bn Portfolio Occupancy 97.6% Number of Properties 5 properties - Greater Tokyo Area 97.8% Average Price JPY 15.7 bn - Other Areas 96.5% % of Large Scale Offices 100.0% % of Greater Tokyo Areas 81.4%（Note） Location （Note）The ratio is based on the purchase price. 9 Invest in Large Scale Offices in Metropolitan Areas Portfolio highlights（Note1） Characteristics Portfolio size By Geography（Note3） Tokyo 23 3 61.0% 78.6 billion wards yen 1 Other areas 2 in the greater 20.4% Tokyo area （Note2） Other large Average NOI yield 18.6% city areas 5.6 % 4 Average occupancy rate By Size Portfolio Map More than 10,000㎡ of 100.0% % total floor area 97.6 Tokyo Metropolitan Area 5 Yokohama City Portfolio PML Nagoya City 2.09 % Harumi Island Triton CS Tower/ 1 Ebisu Prime Square 2 Square Office Tower Z 3 CS Tower Annex 4 Queen’s Square YOKOHAMA 5 Nagoya Prime Central Tower Purchase price per property billion 15.7 yen Average total floor area 185,119㎡ （Note1）Data is as of the end of October, 2014. （Note2）The ratio is calculated by the formula as below and rounded to the nearest one decimal place: (NOI during the 1st fiscal period/ operating days during the 1st fiscal period *365 days ) / purchase price The amount equivalent to fixed asset tax to be paid by IOJ in the first calendar year for acquisition of real properties or trust beneficiary interests in real estate is not recorded as expenses but included in the acquisition costs for the related properties. (Note3）The ratio is based on the purchase price. 10 Peer Comparison IOJ Owns a High Quality Portfolio Distribution Yield (Note2) P/NAV (Note2) 5.0% 1.50 4.0% 1.00 3.0% 4.5% 2.0% 1.3 3.5% 0.50 0.9 1.0% 0.0% 0.00 IOJ Office J-REIT Average (Note1) IOJ Office J-REIT Average (Note1) Portfolio Occupancy Rate (Note2) Portfolio PML (Note3) (％) (％) 98.0 5.0 97.5 4.0 97.0 3.0 96.5 97.6 2.0 96.0 3.7 96.7 1.0 95.5 2.1 95.00.0 0.0 インベスコIOJ OfficeJ-REIT J-オフィスREIT Average平均 (Note1) インベスコIOJ OfficeJ-REIT J-REITオフィス平均 Average (Note1) (Note1) ”Office J-REIT Average” includes Nippon Building Fund Inc., Japan Real Estate Investment Corporation, Nomura Real Estate Office Fund, Inc., Global One Real Estate Investment Corporation, Kenedix Office Investment Corporation and Daiwa Office Investment Corporation. It is calculated by a simple average method and rounded to the nearest one decimal place. (Note2) Data is as of the end of October, 2014. (Note3) Portfolio PML is the data disclosed at the latest fiscal period end of each REIT as of December 1, 2014. 11 2. Financial Results and Forecasts Financial Results for the 1st Fiscal Period Forecasts for the 2nd Fiscal Period Nagoya Prime Central Tower Financial Summary (as of the end of October, 2014) First fiscal period DPU 20% above July forecast Appraisal value increased 2.7% and NAV based on appraisal value increased 5% DPU Result and Forecast DPU forecast for DPU forecast for DPU result for the 1st Fiscal Period the 2nd Fiscal Period the 1st Fiscal Period (as of July 3, 2014) (as of December 15, 2014) JPY 836 / unit JPY 1,005 / unit JPY 2,298 / unit Net Asset Value Trend Book Value Based on Appraisal Value（Note1) Based on Appraisal Value（Note1) (as of the end of October, 2014 ) (as of the end of January, 2014) (as of the end of October, 2014 ) JPY 99,397 / unit JPY 101,929 / unit JPY 107,034 / unit Financial Overview (as of the end of October, 2014 ) Loan Amount LTV（Note2） Average Remaining Loan Term JPY 40.2 bn 45.0% 3.3 years (Note1) ”Based on appraisal value” refers to the ratio calculated by the following formula: (Total unitholders’ capital + Unrealized gain (or loss))/ Units issued and outstanding.
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