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Securities Code : 8977 Table of Contents

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Securities Code : 8977 Table of Contents Securities Code : 8977 Table of Contents 1. Executive Summary ・・・・・・・・・・・・・・・・・・・ 2 2. Overview of 4th Public Offering and New Properties ・・・・・10 3. External Growth Strategies ・・・・・・・・・・・・・・・・19 4. Internal Growth Strategies ・・・・・・・・・・・・・・・・26 5. Financial Strategies ・・・・・・・・・・・・・・・・・・・36 6. Development Status in Osaka and initiatives of Hankyu REIT ・・ 40 7. Overview of Financial Results for 26th Fiscal Period ・・・・・45 8. APPENDIX・・・・・・・・・・・・・・・・・・・・・・・ 51 This material includes forward-looking statements based on present assumptions and future outlook. Actual results may differ from the forward-looking statement values due to various factors. Since investment securities of Hankyu REIT are closed-end type which do not make redemption of units demanded by unitholders, the only means for unitholders to convert the investment securities is to sell to third parties. Market value of the investment securities is affected by supply/demand at the exchange and also fluctuates affected by interest rate environment, economic situations, real estate market trends and various other factors surrounding the market. Therefore, the unitholders may not be able to sell the investment securities at the price of acquisition incurring loss. This material is not intended as a solicitation to acquire investment securities of Hankyu REIT nor is it intended as a solicitation to sign contracts relating to transactions of other financial instruments. When undertaking any investment, please do so based on your own judgment and responsibility as an investor. Before purchasing investment securities of Hankyu REIT, please consult with a securities company that is a “Type I Financial Instruments Business Operator.” This material is an English translation of the original, which was issued in the Japanese language. There are sections that display property names in abbreviated form. "(Site)" is added after the name of properties for which Hankyu REIT owns only its land. 1 1. Executive Summary 2 1-1. Medium-term Objectives and Results for 26th Fiscal Period (1) Aim for sustainable growth and improvement of portfolio quality, while aiming to increase distributions Medium-term Objectives Results for 26th Fiscal Period • Asset scale at the end of the 26th FP was JPY 153.9 billion • Acquired a total of 4 properties (JPY 12.29 billion) which are 3 Aim to achieve asset scale of JPY 200 billion within 2020 community-based retail facilities and a hotel by utilizing the 1 (place emphasis on medium-to-long-term fair value) asset management company’s own property information sourcing channels and the comprehensive strength of the sponsor group. • Distribution per unit for the 26th FP was 2,952 yen (+75 yen from the 25th FP) • Improve profitability through the acquisition of 4 properties with fair value Aim to achieve distribution level of JPY 3,000 • Increase in occupancy rate of Sphere Tower Tennozu 2 on an ongoing basis (93.0% ⇒ 94.8%) • Increase in occupancy rate of Ueroku F Building (93.8% ⇒ 100%) • Maintain a high occupancy rate of the entire portfolio. (99.8%) 3 1-1. Medium-term Objectives and Results for 26th Fiscal Period (2) Aim forMedium-term sustainable Objectives growth and improvement Results for of 26th portfolio Fiscal quality,Period while aiming to increase distributions • Systematically implemented capital investment especially Systematically implement repairs and CAPEX to maintain in properties which are 20 years old or older from the 3 and improve property value perspective of preventive maintenance (Kitano, LAXA, Yamada, etc.). Consider and implement asset replacement to improve • Continuously discussed measures to improve portfolio 4 portfolio quality quality. • Current risks were eliminated with the completion of leasing of Sphere Tower Tennozu and the reached Eliminate future risk factors settlement on Hotel Gracery Tamachi 5 → Changed to the response to future risk factors • Continuously considering minimization and exclusion of future risk factors (response to the progress in e- commerce and properties with unrealized losses) • LTV remains at the same level on an ongoing basis with the implementation of public offering and new borrowings, and increase in appraisal value Implement fund procurement in light of interest rate trends (in 41.4% (end of the 25th FP) ⇒ 41.1% (end of the 26th FP) 6 principle, procurement mainly on a long-term and fixed basis) • For refinancing borrowings, adopted both long-term debt with fixed interest rate and short-term debt with variable interest rate while taking into account the balance between stability of fund procurement and maintaining and improving distribution level. 4 1-2. Overview of 26th Fiscal Period Financial Results (Unit: millions of yen) Forecast for 26th Fiscal Period (A) Results for 26th Fiscal Period (B) Change (Main factors for increase/ Item (as of January 25, 2018) (Dec. 1, 2017 to May 31, 2018) (B)-(A) decrease in profits) (1) Operation period (days) 182 182 ― Increase in income from lease JPY +21 mn (Nigawa, Higashiosaka, etc.) Operating revenues 5,176 5,203 27 (1) (2) Operating income 2,269 2,284 14 (2) (3) Increase in depreciation and JPY -11 mn non-deductible consumption tax, etc. Ordinary income 1,885 1,886 1 Net income 1,883 1,884 1 (3) Increase in non-operating expenses JPY -14 mn Total number of outstanding (Increase in investment unit issuance expenses, investment units at end of fiscal 638,500 638,500 ― etc.) period (units) Distribution per unit (JPY) 2,950 2,952 2 FFO per unit (JPY) 4,328 4,335 7 Net assets per unit JPY 123,135 Net assets per unit Results for 26th fiscal period (ended May 2018) after reflecting unrealized JPY 158,694 Distribution per unit JPY 2,952 gain/loss 5 1-3. Overview of 27th and 28th Fiscal Period Financial Forecasts (Unit: millions of yen) Results for 26th Fiscal Period (A) Forecast for 27th Fiscal Period (B) Change Forecast for 28th Fiscal Period (C) Change Item (Dec. 1, 2017 to May 31, 2018) (Jun. 1, 2018 to Nov. 30, 2018) (B)-(A) (Dec.1, 2018 to May 31, 2019) (C)-(B) Operation period 182 183 1 182 -1 (days) Operating revenues 5,203 5,503 300 5,479 -24 Operating income 2,284 2,269 -15 2,305 36 Ordinary income 1,886 1,917 31 1,949 32 Net income 1,884 1,915 30 1,948 32 Total number of outstanding investment units at end of 638,500 638,500 ― 638,500 ― fiscal period (units) Distribution per unit (JPY) 2,952 3,000 48 3,050 50 FFO per unit (JPY) 4,335 4,433 98 4,520 86 [Forecasts for 27th Fiscal Period] Main factors for increase/ [Forecast for 28th Fiscal Period] Main factors for increase/ decrease from 26th fiscal period results decrease from 27th fiscal period forecasts • Increase in lease operating income from acquisition of new properties • Increase in lease operating income from the new properties JPY +127 mn (OZONE +39, Nigawa +30, Higashiosaka +27, Hakata +30) JPY +17 mn (OZONE +8, Nigawa +11) • Increase in repair expenses * • Increase in income from lease due to completion of leasing of existing properties * JPY -79 mn (response to earthquake -60, etc.) JPY +18 mn (Kitano +12, HEP +6) • Increase in depreciation (NISHINOMIYA, etc.)* • Decrease in repair expenses* JPY -9 mn JPY +13 mn (response to earthquake +60, Yamada +43, Kitano -76, etc.) • Increase in management fee • Increase in depreciation* JPY -15 mn JPY -23 mn (NISHINOMIYA, etc.) • Increase in interest expenses JPY -10 mn • Decrease in Investment unit issuance expenses JPY +55 mn *Calculation includes existing properties only *Calculation includes existing properties only Forecast for 27th Fiscal Period (ending November 2018) Forecast for 28th Fiscal Period (ending May 2019) Distribution per unit JPY 3,000 Distribution per unit JPY 3,050 [Main preconditions] • There will be no change in portfolio properties from the 27 properties presently owned. • There will be no additional issuance of investment units to the 638,500 units issued and outstanding at present through to the end of the 28th fiscal period. 6 1-4. Trends of Asset Scale Place emphasis on medium-to-long-term fair value and aim to achieve asset scale of JPY 200 billion within 2020 Aim to achieve Implementation of asset scale of JPY sustainable growth and 200 bn within 2020 enhancement of stability in portfolio quality Improved financial Returned to growth path Continued growth Enhanced portfolio quality through acquiring new base through through through PO in 2 through asset replacements properties asset replacement resuming external growth consecutive years 27 properties JPY 153.9 bn 23 properties 23 properties 23 properties 23 properties JPY 141.6 bn JPY 141.6 bn JPY 139.3 bn JPY 139.3 bn 21 properties JPY 132.8 bn 19 properties 19 properties JPY 127.8 bn JPY 127.8 bn 15 properties JPY 121.3 bn 16 properties JPY 116.1 bn Transferred assets Acquired assets Acquired End of 15th period End of 16th period End of 17th period End of 18th period End of 19th period End of 21st period End of 22nd period End of 23rd period End of 25th period End of 26th period Within 2020 (End of Nov. 2012) (End of May 2013) (End of Nov. 2013) (End of May 2014) (End of Nov. 2014) (End of Nov. 2015) (End of May 2016) (End of Nov. 2016) (End of Nov. 2017) (End of May 2018) 7 1-5. Trends of Distribution per Unit Distribution has stepped up Aim to achieve distribution level of JPY 3,000 on an ongoing basis █ Distribution per unit (results) █ Distribution per unit (forecast) Approximately 40 mn yen of Approximately 26 mn yen out tax and public dues on an of tax and public dues on an Aim to achieve （JPY） ongoing basis for new ongoing basis for new JPY 3,000 on 3,200 properties properties were not recorded were not recorded an ongoing basis 3,050 3,000 3,000 2,952 2,877 2,800 2,717 2,600 2,400 2,200 24th第 24 period期 25th第 25period期 26th第 26period期 27th第 27period期 28th第28 period期 2017May年 20175月期 2017Nov.年 201711月期 2018May年 20185月期 2018Nov.年 201811月期 2019May年 20195月期 8 1-6.
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