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AEON MALL Rifu Renewal

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AEON MALL Rifu Renewal AEON REIT Investment Corporation 16th FP ( Jan. 2021) Financial Results Presentation Material (the Asset Manager) AEON Reit Management Co., Ltd. Stock code : 3292 https://www.aeon-jreit.co.jp/ Table of contents I. 16th FP Financial Result/ 17th FP・ 18th FP Forecast /Future Growth Targets II. AEON REIT's Strengths 1. Executive Summary.............................................................. P.6 1. AEON REIT's Strengths................................................... P.23 2. “Community Infrastructure Asset” localized 2. 16th FP ( Jan. 2021 ) Financial Summary ........................ P.7 successfully ......................................................................... P.24 3. 17th FP( Jul. 2021) Forecast............................................. P.8 3. Perspectives of the “Community Infrastructure Asset”.................................................................................... 4. 18th FP( Jan. 2022) Forecast............................................ P.9 P.25 4. Stability of Community Infrastructure Asset and 5. 16th FP Operational Status ～Domestic Commercial its Rent ................................................................... P.26 Facilities Business Status～..................................................... P.10 5. External Growth ～Selective investments backed by 6. 16th FP Operational Status ～ Domestic Commercial Pipeline Support～ .............................................................. P.27 Facilities Store Performance～ ............................................... P.11 6. External Growth ～Future Growth backed by 7. AEON Group's efforts in "Life with COVID-19"............... P.12 Pipeline Support～ ............................................................. P.28 7. Internal Growth ～Enhancing values of 8. Free Cash Utilization .......................................................... P.14-15 Properties～ ........................................................................... P.29 9. AEON MALL Rifu Renewal ................................................ P.16 8. Financial Policy ～Stable funding～ ............................ P.30 10. Financing ........................................................................... P.17 9. Financial Strategy ～Financial Management～ ............ P.31 10. Financial Strategy ~LTV & Cost Trends~ .. 11. Summary as of Jan. 2021 (end of 16th FP) .................. P.18 P.32 11. Risk Management -Resilient to Natural Disasters- P.33 12. Steady growth of Stabilized DPU................................... P.19 12. Generate Cash Flow to Drive Growth .......................... P.34 13. Future Growth Targets ................................................... P.20 13. Sustainability ................................................................. P.35-39 14. Management Message ................................................ P.40 2 Table of contents Appendix1 Features of AEON REIT Investment Corporation Appendix2 Data 1. Basic Philosophy and Basic Policy ................................ P.43 1. Balance Sheet for 16th FP (as of Jan. 31, 2021) ............... P.60 2. Portfolio Policy ................................................................. P.44 2. Statements of income for 16th FP(as of Jan. 31, 2021) ... P.61 3. Properties owned by AEON REIT(as of Jan. 31, 2021) P.45 3. Portfolio list ........................................................................... P.62-63 4. Portfolio Highlights （as of Jan. 31, 2021）........... P.46 4. Appraisal Value ............................................................... P.64-65 5. Expansion of Asset Size since listing ............................ P.48 5. Average Cap Rate ................................................................. P.66 6. Growth of DPU and NAV per Unit ................................. P.49 6. Major Revitalization with rent increase (Results and 7. Initiatives leveraging AEON REITʼs strengths① Planned) ..................................................................................... P.68 -Investments in Malaysia- .................................................. P.50 7. Revitalization Investment Cases ....................................... P.69 8. Operational Status of Overseas Properties ................. P.51 8. Performance trends of stores in the portfolio ................. P.70-71 9. Summary of Malaysia Economy ..................................... P.52 9. Financial Management ....................................................... P.72 10. Schemes for acquisition of overseas properties ....... P.53 10. Debt Snapshot .................................................................... P.73-74 11. Initiatives leveraging AEON REITʼs strengths② 11. Retail Environments in Japan and the US ...................... P.75 -Logistics Facility- ............................................................... P.54 12. Unit Price Chart .................................................................. 12. Expansion of Network Supported by AEON Group P.76 13. Unitholder Composition .................................................... companies ............................................................................. P.55 P.77 14. Disclaimer ........................................................................... 13. Overview of the AEON Group........................................ P.56 P.78 14. Realization of Growth Strategies through Collaboration with AEON Group .......................................................................... P.57 3 I. 16th FP Financial Result 17th FP・ 18th FP Forecasts Future Growth Targets Executive Summary Impact on earnings Continued stable distribution Distributions ¥3,184 Distributions ¥3,200 (+1.7% compared to the initial forecast) AEON MALL Rifu, reopening this summer, 16th No rent reductions 17th and 18th temporarily closed and under renovation Fiscal Period Acquisition of AEON Ueda SC led to FP Forecast Stabilize distribution using dividend reserve in Result increase in distribution response to one-off fluctuations in earnings Rent increase due to internal growth from smoke-proof hanging wall construction Acquisition of land of AEON MALL Nogata totaling ¥180 million Operational status of assets managed by AEON REIT Continued operation as community infrastructure asset, despite resurgence of the COVID-19 pandemic. Solid and stable performance, driven by strong sales of food products, daily necessities, etc. 89% year-on-year Business Master Lessee’s occupancy is 100%. Store Recovery to the same level as a pre-COVID fiscal period, Conditions End-tenant occupancy exceeds 98%. Performance driven by strong performance in food products and daily necessities 6 16th FP ( Jan. 2021 ) Financial Summary Achieved distribution far exceeding initial forecast through new property acquisition (Millions of yen) 16th FP Ended 15th FP Ended Major factor of changes from the forecast (A-B) Jan. 31, 2021 Jul. 31, 2020 Amount Result Forecast Differences Result Differences No. Main items (Millions of yen) A B A-B C A-C ① Increase in rent income due to +128 property acquisition (AEON Ueda SC) Operating revenues 17,701 17,549 ① +152 17,574 ④ +127 Repairs and maintenance +71 ② expenses Operating expenses 10,899 10,818 ② +80 10,791 ⑤ +107 Fund expenses ▲33 Operating income 6,802 6,730 +72 6,782 +19 ③ Debt related costs ▲46 Non-operating 838 858 ③ ▲20 887 ▲49 expenses Major factor of changes from the previous period (A-C) Ordinary income +93 +11 5,965 5,871 5,954 No. Main items Amount (Millions of yen) Net income 5,965 5,871 +93 5,953 +11 ④ Increase in rent income due to +128 property acquisition (AEON Ueda SC) Repairs and maintenance +39 NOI 12,338 12,271 +67 12,260 +78 expenses ⑤ Depreciation +32 Number of investment 1,873,317 1,873,317 - 1,873,317 - units (Units) Fund expenses +10 Distribution per unit (yen) 3,184 3,130 +54 3,178 +6 7 17th FP ( Jul. 2021 ) Forecast Although there will be a temporary change in rents, the distribution of 3,200 yen will be maintained by utilizing the dividend reserve. (Millions of yen) 17th FP Ended 16th FP Ended Major Factor of changes from the previous forecast (A-B) Jul. 31, 2021 Jan. 31, 2021 Amount Forecast Announced Forecast Announced Differences Result Differences No. Main items on Mar. 14, 2021 on Sep. 14, 2020 (Millions of yen) A B AB C AC Increase in rent income due to +216 property acquisition (AEON Ueda SC) ① Operating Revenues 17,690 17,549 ① +140 17,701 ▲10 Temporary rent change for AEON ▲69 MALL Rifu Operating Expenses 10,984 10,861 ② +122 10,899 ⑤ +85 Repairs and maintenance +73 ② expenses Operating Income 6,706 6,688 +18 6,802 ▲95 Depreciation +55 Non-operating ③ Debt related costs ▲43 772 816 ③ ▲43 838 ⑥ ▲66 expenses Reversal to cover the impact of ④ temporary income and expenses +69 Ordinary Income 5,934 5,872 +62 5,965 ▲31 (Note 1) (Note 1) Utilize dividend reserves to cover temporary negative Net Income 5,933 5,871 +62 5,965 ▲31 operating revenue due to temporary rent change (Mar-Jun 2021) of AEON MALL Rifu Reversal of dividend (Note 1) 69 - ④ +69 - +69 reserves Major factor of changes from the previous period (A-C) No. Main items Amount NOI 12,291 12,218 +72 12,338 ▲46 (Millions of yen) Taxes and public dues +87 Number of investments - - units (Units) 1,873,317 1,873,317 1,873,317 ⑤ Land lease fee ▲33 Depreciation +27 Distributions per Unit +70 +16 (yen) 3,200 3,130 3,184 ⑥ Debt related costs ▲66 (Note 2) The exchange rate assumed in the forecasts for the 17th FP forecast is 1RM = 24.0 yen. 8 18th FP ( Jan. 2022 ) Forecast Continue stable operation, maintaining distribution of 3,200 yen from the 17th FP (Millions
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