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Semi-Annual Report for the Period Ended November 2018 (The 14Th Period) from June 1, 2018 to November 30, 2018 Activia Properties Inc

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Semi-Annual Report for the Period Ended November 2018 (The 14Th Period) from June 1, 2018 to November 30, 2018 Activia Properties Inc Semi-Annual Report for the Period ended November 2018 (the 14th Period) From June 1, 2018 to November 30, 2018 Activia Properties Inc. 1-1 Minami-Aoyama 1-chome, Minato-ku, Tokyo https://www.activia-reit.co.jp/en/ Tokyu Plaza Ginza Semi-Annual Report for the Period ended November 2018 (the 14th Period) From June 1, 2018 to November 30, 2018 Cash Distributions (Result) The Period ended November 2018 (the 14th Period) Cash distributions per unit ¥9,584 Cash Distributions (Forecast) The Period ending May 2019 (the 15th Period) Cash distributions per unit ¥ 9,878 The Period ending November 2019 (the 16th Period) Cash distributions per unit ¥ 9,905 Contents 4 Message 27 Overview of API Basic Policy of Activia Properties Inc. 6 Topics 29 I Asset Management Report 10 Overview of Public Offering and Acquired Properties 58 II Balance Sheets Focused investment in Urban Retail 12 Asset Replacement 60 III Statements of Operations properties and Tokyo Office properties 13 External Growth 61 IV Statements of Changes in Unitholders’ Equity Activia Properties Inc. aims at proactive 14 API’s Basic Policy 62 V Statements of Cash Distributions management through selecting assets Utilization of the comprehensive support 14 Sponsor’s Situation 63 VI Statements of Cash Flows that appeal to retail customers and and capabilities of the Tokyu Fudosan Holdings Group’s value chain 15 Portfolio List 64 VII Notes to Financial Statements office tenants as urban centers and hubs for 16 Portfolio Map 77 VIII Schedule of Financial Statements business activity, in order to maximize unitholder value over the medium to long term. API also Strong governance structure aimed at 17 Overview of Urban Retail Properties 86 Independent Auditor’s Report takes initiatives to improve its asset management. maximizing unitholder value 20 Overview of Tokyo Office Properties 87 Overview of the Asset Manager 25 Overview of Activia Account Properties 88 Information on Unitholders Message Sixth Public Offering Implemented, the five central wards of Tokyo (Chiyoda-ku, Minato- consistently at a high level. ku, Chuo-ku, Shibuya-ku and Shinjuku-ku) had been As a result of the above-mentioned management, Now We Aim to Enhance the Scale of hovering just above the 2% range since March 2018 operating revenue, operating profit, and profit were until it fell below 2% to 1.98% in November 2018. ¥13,815 million, ¥7,546 million, and ¥6,696 million, Assets on a Continuing Basis and With respect to rent levels as well, the average rent respectively, for the period ended November 2018. Maximize Our Unitholder Value has been increasing for 59 consecutive months. The Distributions per investment unit resulted in ¥9,584, market environment continues to be favorable also exceeding the previous forecast of ¥9,500. Kazuyuki Murayama in major cities outside Tokyo amid declining vacancy In December 2018, API carried out a publicly Executive Director rates and an increasingly upward trend in rent levels. offered capital increase for the sixth consecutive year, Activia Properties Inc. The J-REIT market has held firm overall amid and in connection with the offering, the investment further improvement in business performance corporation acquired two properties categorized Thank you very much for your continued support for by the Economic and Social Research Institute, underpinned largely by a favorable rental office as “Urban Retail properties”: Tokyu Plaza Ginza Activia Properties Inc. Cabinet Office, Government of Japan, yet sales of market, as well as relatively high yields, and despite (Land) (30% co-ownership interest) and Q plaza Recently we have closed all accounts for the retailers are gradually picking up steam according the Bank of Japan having announced that it will allow HARAJUKU (60% co-ownership interest) and one 14th period (June 1, 2018 to November 30, 2018). to the Current Survey of Commerce released by the long-term interest rates to fluctuate to a greater property categorized as “Activia Account property”: We owe this achievement to your understanding and Ministry of Economy, Trade and Industry. Moreover, extent. Financing activities through publicly offered EDGE Shinsaibashi. continuous support, for which we wish to extend our according to the Consumption Trend Survey for capital increase and property acquisition have been Consequently, the portfolio held by API has deep appreciation to you. Foreigners Visiting Japan released by the Japan continuously and actively conducted, and this has enhanced to 45 properties with the total acquisition Tourism Agency, the Ministry of Land, Infrastructure, led to an ongoing expansion in J-REIT asset sizes. price of ¥502.0 billion as of January 17, 2019. In the period ended November 2018, the Transport and Tourism, the number of foreign Japanese economy remained generally robust amid overseas visitors to Japan had decreased briefly Under such circumstances, API has achieved For the next period ending May 2019 (the 15th an ongoing trend of gradual recovery in the global due to effects from the string of natural disasters in rent increase upon lease contract renewals in Tokyo period) and onwards, we will seek to maximize economy overall against a backdrop of a continued the quarter spanning July to September 2018, but Office properties for 13 consecutive periods, and in unitholder value over the medium to long term by trajectory of recovery in corporate earnings as well currently as of December 2018 the number exceeds Urban Retail properties as well, backed by locational promoting both internal and external growth taking as the employment and income environments, and 30 million people annually for the first time ever. As advantage and quality of the properties, rent increase advantage of Tokyu Fudosan Holdings Group’s despite concerns particularly regarding effects from such, demand related to inbound tourism has been upon tenant replacements and sales-linked rent comprehensive value-chain, along with continuing a string of natural disasters. holding firm. have been growing, and such achievements have to leverage the expertise and network of TLC REIT With respect to the environment surrounding In the rental office market, a favorable contributed to continue steady internal growth in Management Inc. retail properties, developments involving consumer environment of supply relative to demand has been overall portfolio. We would be most grateful for your continued sentiment have been weak according to the persisting. In that regard, according to data published The overall occupancy rate of the portfolio at support and encouragement. Thank you. Monthly Consumer Confidence Survey released by Miki Shoji Co., Ltd., the average vacancy rate of end of the period under review was 99.9%, staying Financial Highlights (Millions of yen) Period ended May 31, 2018 Period ended November 30, 2018 Period ended May 31, 2018 Period ended November 30, 2018 (the 13th Period) (the 14th Period) (the 13th Period) (the 14th Period) Operating revenue Total assets ¥ 13,327 ¥ 13,815 ¥ 445,941 ¥ 445,464 Operating profit Net assets ¥ 7,471 ¥ 7,546 ¥ 223,777 ¥ 223,842 Unitholders’ equity to Ordinary profit ¥ 6,611 ¥ 6,697 total assets (%) 50.2% 50.2% Profit Net assets per unit (yen) (Note) ¥ 6,610 ¥ 6,696 ¥ 320,275 ¥ 320,368 (Note) API implemented a 2-for-1 investment unit split effected as of October 1, 2015. 4 5 Topics Management of retail properties Occupancy Rate ▪ API’s retail properties have long lease terms contributing to high revenue stability and also high profitability achieved through rent increases upon tenant replacement following lease end or rent revisions. ▪ Since our listing, we have continuously maintained a high occupancy rate of 99% or above at the end of each period, Lease term stability (Diversification of lease end period) and recorded 99.9% at the end of the period ended November 2018 (the 14th period). (m2) 66,000 Total 24.3% 49,500 Total leasable area 11% of total lease contracts will Average remaining period % % % % (retail properties) terminate by the 19th period to lease end 99.9 100.0 99.9 99.8 228,231 m2 33,000 8.6 years (as of November 30, 2018) 8.1% 16,500 3.0% 3.8% 3.6% Internal Growth 1.4% 1.4% 1.4% 1.1% 0.4% 0 2017.11 2018.5 2018.11 2019.5 2019.11 2020.5 2020.11 2021.5 2021.11 2022.5 2022.11 2023.5 2023.11 Upward rent revisions for Tokyo Office properties (12th Period) (13th Period) (14th Period) (15th Period) (16th Period) (17th Period) (18th Period) (19th Period) (20th Period) (21st Period) (22nd Period) (23rd Period) (24th Period) (as of November 30, 2018) ▪ The uptrend in rent revisions has continued for 13 consecutive periods from the period ended November 2013 (the 4th period) to the period ending November 2019 (the 16th period). <Tenant replacement examples> Tokyo Office properties (overall) ▪ For the period ended November 2018 (the 14th period) and onwards, a rent increase of ¥44 million has been achieved in overall retail properties. Continuous uptrend in the 15th period and onwards Trend in rents at end of periods (m2) vs. Former tenant: +6% New tenants settled without down-time 33,300 Upward revision UR-12 A-FLAG BIJUTSUKAN DORI both on 1st & 2nd floors +5.2% Downward revision 105 +7.3% 2F 2F Office / Showroom 16,500 Subject to revision +5.6% Increase upon +4.8% tenant Former tenant Apparel Apparel (apparel company) company company replacement Foreign-funded 17,640 m2 2 2 1F 1F 13,200 Total leasable area 17,663 m 631 m at end of car dealer (Tokyo Office) +6% the 14th period 114,740 m2 34,198 m2 100 103 Underground Jazz club Underground Jazz club 9,900 16,453 m2 16,129 m2 +7.1% 15,630 m2 Duplex structure suited to few types Succeeded in closing contracts with +10.7% 10,783 m2 ▪ ▪ 6,600 0 of tenants favorable conditions +12.9% 11th 14th 2 ▪ Leasing activities implemented with a ▪ Revenue stability improved owing +8.6% 7,600 m2 8,641 m 3,300 6,569 m2 (Note) Rent at end of the period ended May 2017 view to dividing floors to its contribution to rent revenue & +6.8% +3.6% +7.5% 4,479 m2 (the 11th period) is indexed to 100.
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