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COMFORIA RESIDENTIAL REIT, INC ~Investor Presentation~ 6Th

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COMFORIA RESIDENTIAL REIT, INC ~Investor Presentation~ 6Th COMFORIA RESIDENTIAL REIT, INC ~Investor Presentation~ 6th Fiscal Period (ended July 2013) As of September 2013 Table of Contents 1. IPO Highlights 6. Appendix z Public Listing of COMFORIA RESIDETIAL REIT, z P&L: 6th Period -25- Inc (“CRR”) - 4 - z Balance Sheet: 6th Period -26- 2. Executive Summary z CRR Characteristics -27- z Executive Summary - 6 - z “COMFORIA” Series -28- th 3. 6 Fiscal Period Results z Portfolio Policy -30- th z Financial Results for the 6 Fiscal Period - 8 - z “COMFORIA” Series Representative Properties z Stable Occupancy Rate - 9 - -31- z Fluctuations in Rent Rate -10- z Portfolio Map (as at end of Jul’13) -32- z Internal Growth -11- z Portfolio List -33- 4. Growth Strategies z Appraisal Value -35- z Overview of Growth Strategies -13- z Occupancy and Rent Rates -37- z RoFR through Anonymous Partnership Equity z Overview of Portfolio -38- Interests -14- z Status of Interest-bearing Debt (as at end of Jul’13) z Sponsor Pipeline -15- -40- z Acquisitions during 7th Period -16- z Unitholders (as at end of Jul’13) -41- z Portfolio Summary -17- z Historical Unit Price -42- z External Growth -18- z Household Statistics in Tokyo Area -43- z Financial Strategy -19- z Governance -44- z Overview of CRR -45- 5. 7th Period Performance Forecast z Overview of Asset Management Company -46- z 7th Period Forecast of Financial Results -23- 2 1. IPO Highlights 3 Public Listing of COMFORIA RESIDETIAL REIT, Inc (“CRR”) Conducting asset management specialized in residential properties while focusing on earnings stability and growth IPOIPO Summary Summary CRRCRR CharacteristicsCharacteristics Investment in COMFORIA series Listed on Feb 6, 2013 High-grade rental residences provided by Tokyu Land Corporation (TLC) Group Primarily invests in residential properties in the Asset size: 53 properties (¥71.2 billion) Tokyo 23 Wards where the number of singles and small families are expected to rise Privately managed for 2.5 years Utilizing the value chain of TLC Group until public listing Asset management utilizing TLC group synergy with 5 TLC affiliates Offering price: ¥550,000 per unit Unrealized gains Total investment units issued: 67,361 Appraisal value : ¥79.2 billion (IPO : 18,691 units) Acquisition price: ¥71.2 billion Unrealized gains: ¥8.0 billion 4 2. Executive Summary 5 Executive Summary DividendDividend performanceperformance (period(period endingending Jul’13)Jul’13) ForecastedForecasted DPUDPU ¥¥15,44015,440 ActualActual DPUDPU ¥¥16,20516,205 MetMet occupancyoccupancy targettargetss atat earlyearly stagestage Projected average occupancy 94%→Actual 95.5% CapturedCaptured InitiativesInitiatives forfor steadysteady growthgrowth Granted RoFR (first refusal rights) on 9 properties (¥15.5 billion) through anonymous partnership equity interests in the SPC vehicle DividendDividend forecastforecast (7(7thth FiscalFiscal PeriodPeriod endingending Jan’14)Jan’14) ForecastedForecasted DPUDPU¥¥15,380 15,380 UpwardUpward revisionrevision ¥¥16,20016,200 ConsistentConsistent growthgrowth Acquired an asset (¥2.4 billion) in close proximity to Shin-Osaka station (a major rail hub in the Osaka area) SoundSound financialfinancial policypolicy Ratio of fixed interest debt 70.5% → 75.1% Average debt maturity 2.5 years → 3.9 years 6 3. 6th Fiscal Period Results 7 Financial Results for the 6th Fiscal Period ~Surpassed initial profit projections through earnings growth and cost reduction measures~ Positive performance derived from high occupancy rates and lower-than-expected IPO costs ComparableComparable forecastforecast vs.vs. actualactual Profit/loss from Revenue from leasing business Operating income Ordinary income leasing business Current net Operating Revenue from Other revenue from Leasing business Interest payable, income expenses (non- leasing business leasing business expenses etc. leasing business) Forecast 2,468 million 80 million 954 million 233 million 320 million 1,040 million Actual 2,486 million 100 million 946 million 238 million 309 million 1,091 million Differential +18 million + 20 million △8 million + 5 million △11 million + 51 million Basis for change Occupancy↑ Renewal fees↑ Operating costs↓ Mgmt. fees↑ IPO costs↓ ― Property mgmt. REIT mgmt. Effects from achieving high occupancy Operating costs IPO costs were lower than expected rate and contract renewal fees among were lower than others exceeded expectations expected + ¥87 + ¥118 + ¥560 Actual DPU ¥16,205 Projected DPU (at IPO) ¥15,440 8 Stable Occupancy Rate ~Actualized stable income which is characteristic of residential assets~ Occupancy performance surpassed previous FP results on a yearly and monthly basis. Recent occupancy levels generally exceeded 95%. 4th Fiscal Period 5th Fiscal Period 6th Fiscal Period 100.0% Total portfolio Total portfolio(monthly YoY) 95.0% 90.0% 85.0% 100.0% Central Tokyo Sub-central Tokyo Tokyo-Metropolitan Area 95.0% 90.0% 85.0% Jul’12 Aug’12 Sep’12 Oct’12 Nov’12 Dec’12 Jan’13 Feb’13 Mar’13 Apr’13 May’13 Jun’13 Jul’13 Total portfolio 93.1% 93.8% 94.0% 94.3% 94.3% 94.8% 96.1% 95.3% 96.1% 95.2% 94.8% 95.5% 95.9% Central Tokyo 91.7% 92.2% 91.9% 92.5% 93.0% 93.8% 95.0% 94.7% 94.6% 93.2% 93.6% 94.5% 95.2% Sub-central Tokyo 94.2% 94.9% 95.3% 95.5% 95.2% 95.2% 96.7% 95.6% 97.1% 96.6% 95.6% 96.3% 96.5% Tokyo Metropolitan Area 91.8% 92.1% 94.2% 93.5% 94.4% 96.3% 96.9% 94.9% 95.9% 93.1% 94.3% 94.5% 94.4% Jul’11 Aug’11 Sep’11 Oct’11 Nov’11 Dec’11 Jan’12 Feb’12 Mar’12 Apr’12 May’12 Jun’12 Jul’12 Total portfolio (monthly YoY) （92.0%）（92.5%）（93.3%）（93.8%）（94.5%）（94.6%）（95.5%）（94.3%）（94.5%）（92.1%）（91.7%）（92.7%）（93.1%） 9 Fluctuations in Rent Rate Portfolio rent rate seems to be bottoming out as the number of leases with higher contract rent have risen. RentRent raterate fluctuationfluctuation fromfrom tenanttenant changechange andand renewalsrenewals HistoricalHistorical rentrent ratesrates (6(6thth PeriodPeriod endedended Jul’13)Jul’13) (6(6thth PeriodPeriod endedended Jul’13)Jul’13) Change of tenants (# of contracts base) MoM △0.08% +0.05% △0.03% △0.05% △0.08% (yen) 100.0% # of rent # of rent 13,000 increase increase 18.5% 80.0% No change 27.0% 14.6% No change 60.0% 13.8% # of rent 40.0% # of rent decrease decrease 67.0% 12,500 20.0% 59.3% 0.0% 5th Period 6th Period Lease renewals (# of contracts base) 100.0% 12,000 80.0% No change No change Jan 31, Rent (month/tsubo) Feb’13 Mar’13 Apr’13 May’13 Jun’13 Jul’13 98.3% 2013 98.4% 60.0% Portfolio total 12,964 13,011 13,001 13,007 13,003 12,996 12,985 40.0% # of rent # of rent decrease decrease Almost no fluctuation in rent rates as rent 20.0% 1.6% 1.7% decreased merely 0.3% YoY in all properties except for 5 properties acquired in Feb’13. 0.0% 5th Period 6th Period 10 Internal Growth AccommodatingAccommodating marketmarket needsneeds CostCost reductionreduction measure-1:measure-1: ManagementManagement costscosts Renovated 1R (single room) units to 1LDK units for Streamlined management of 4 properties and adopted COMFORIA WASEDA against the backdrop of higher cost-cutting measures during the 6th Period. demand for 1LDK units compared to 1R units. Implementing similar measures for other properties. Approx. ¥3.5 million per annum 【Before】 1R 【After】 1LDK CostCost reductionreduction measure-2:measure-2: LEDLED lightlight fixturefixture Installed LED light fixtures in the common area of 8 properties as part of an effort to reduce electricity costs. Plans to continue installing LED fixtures and monitor results. CostCost reductionreduction measure-3:measure-3: InternetInternet serviceservice Appointed new ISP vendor at COMFORIA SHIMOKITAZAWA to reduce overhead and provide better internet service to tenants. Previous vendor New vendor Approx. ¥1,252,000 Approx. ¥530,000 Running cost per annum per annum 11 4. Growth Strategies 12 Overview of Growth Strategies Achieve asset size at an early stage of ¥100 billion while maintaining stable distribution levels Internal growth strategy Financial strategy Maintain over 95% average occupancy rate Keep LTV within low to mid 50% range Make strategic investments and streamline Extend debt maturities and diversify repayment management dates Deploy effective cost control Effectively utilize cash reserves oriented Stability- ⇒ Utilizing synergy with TLC group External growth strategy Achieve growth primarily through sponsor support TLC group support: create opportunities for acquisitions utilizing “bridge SPCs” Sponsor support: take advantage of sponsor pipeline to acquire new developments Proprietary sources: procure assets from external entities Growth- oriented Investment in COMFORIA series Deploy over 80% of total investments into the ever-growing Tokyo area Capitalize on strong demand for rental housing in other major cities Medium-term DPU target Maintain stable distributions with 50~55% LTV 13 RoFR through Anonymous Partnership Equity Interests Capturing opportunities to acquire high-grade real estate by working closely with TLC group. Implementing portfolio strategies while targeting urban properties expecting strong rental demand. SummarySummary ofof acquiredacquired assetasset ListList ofof propertiesproperties Godo Kaisha RB-1 Non-recourse loan ¥11,300 million Beneficial interest in real estate trust and Ikebukuro other assets Net assets including Ueno ¥15,600 million anonymous Shinjuku partnership equity COMFORIA COMFORIA COMFORIA Tokyo KUDAN UENO HIROKOJI interests MITA EAST ¥4,300 million Shibuya Properties / units 9 / 582 Shinagawa CRR contribution ¥100 million Contract date Jul. 16, 2013 Total appraisal ¥15,742 million value COMFORIA COMFORIA LIV COMFORIA Avg. appraisal NOI ● Assets owned by ICHIGAYAYANAGICHO 5.2% KASUGATOMISAKA KIBAKOEN yield* Godo Kaisha RB-1 Central Tokyo Sub-central Tokyo Tokyo Metropolitan Total # of properties 5 4 － 9 Appraisal value 9,048 6,694 － 15,742 (million yen) (Note 1) By acquiring equity interests in the anonymous partnership, CRR has obtained first refusal rights on the underlying assets in the vehicle.
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