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Financial Results for the 25Th Fiscal Period Ended August 31, 2014

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Financial Results for the 25Th Fiscal Period Ended August 31, 2014 0 Financial Results for the 25th Fiscal Period ended August 31, 2014 October 10, 2014 Prepared by ORIX Asset Management Corporation Table of Contents 1 OJR's Management Philosophy 2 Appendix Results for the 25th Fiscal Period and Earnings Forecasts Actual Financial Highlights 27 Performance Highlights 4 Overview of POs (Consecutive 4FP) 28 Stable Growth of DPU (1) 5 Major Tenants 29 Stable Growth of DPU (2) 6 New Acquisitions (1) 30 Comparison of Actual vs Forecast for FP25 ended Aug. 2014 7 New Acquisitions (2) 31 Comparison of Previous and New Forecasts for FP26 ending Feb. 2015 8 New Acquisitions (3) 32 Comparison of FP25 Actual and FP26 & FP27 Forecasts 9 New Acquisitions (4) 33 Internal Growth Strategy New Acquisitions (5) 34 Occupancy Rate and Tenant Replacements 11 New Acquisitions (6) 35 Rent Revisions of Existing Tenants 12 New Acquisitions (7) 36 Internal Growth Results: Offices 13 Change of Portfolio Growth 37 Internal Growth Results: Retail Facilities 14 Portfolio Summary 38 Increase of Rents at Recently Acquired Properties 15 Portfolio Map 39 External Growth & Financial Strategies Portfolio Data (1) 40 Overview of new Acquisitions through Public Offering 17 Portfolio Data (2) 41 Property scheduled to be Acquired 18 Overview of Appraisal Value 42 Portfolio Status 19 Appraisal Value List at the end of FP25 (1) 43 Financial Strategy 20 Appraisal Value List at the end of FP25 (2) 44 Future Management Policies & Strategies Financial Data 45 Management Tactics in line with Current Enviromnental Perceptions 22 Investment Units 46 Internal Growth Strategy 23 Environmental Efforts 47 External Growth Strategy 24 Transactions with Sponsors and Compliance System 48 Examples of Development by Sponsor 25 Organization of OAM 49 Terminology 50-52 OJR’s Management Philosophy 2 V OJR aims for stable growth of unitholders ’ value by improving profitability and stability of the portfolio, reducing financial costs and increasing financial stability External Growth Strategy Financial Strategy • Diversification of property types and • Reduction of financing costs regions as a diversified portfolio REIT • Improvement of financial stability • Property replacement • Appropriate cash management • Utilization of the ORIX Synergy Asset Debt Improvement of Reduction of financial profitability and costs and improvement stability of the of financial stability portfolio Equity Internal Growth Strategy • Diversification of property types, regions and tenants as a diversified portfolio REIT Stable growth of • Direct property management unitholders’ value • Utilization of the ORIX Synergy 3 Results for the 25th Fiscal Period and Earnings Forecasts Performance Highlights 4 Asset Increased profitability of portfolio Debt Reduced financial costs and increased financial stability Results for FP25 (August 2014) Results for FP25 (August 2014) ⇒ High occupancy rate maintained and lease conditions improved Extended average duration:3.6 years (end of FP24) 3.7 years (end of FP25) Reduced average funding cost: 1.52% (FP24) ⇒ 1.47% (FP25) Maintained office occupancy rate at a high level of 98.8% (end of FP25) Refinanced 5.1 billion yen with early repayment and extended total 21 billion Improved rent fluctuation rate (resulting from tenant replacements): -13% ⇒-4% yen of commitment line; in addition, issued 10-year bonds, the longest term for Procured approx. 9,600 m 2 of space with existing tenants’ upward rent revision, OJR as well as FP24 significantly surpassing the downward rent revision (approx. 3,400 m 2) Selectively invested in 11 properties (54.6 billion yen) that contribute to Effects of public offering in September 2014 improvement in DPU and NAV with the public offering in March 2014 Acquisition capacity to 50% LTV: approx. 36 billion yen (after acquisition of DOJIMA PLAZA BLDG., LTV 47.3% and acquisition Effects of public offering in September 2014 capacity approx. 27 billion yen) Selectively invested in 7 properties (34.7 billion yen) that contribute to improvement in DPU and NAV Primarily relatively new properties developed by sponsors Achieved stable growth of unitholders’ value The NOI yield of newly acquired properties is 5.3%, higher than the existing Equity portfolio of 5.0% Results for FP25 (August 2014) Other DPU exceeded the forecast and FP24 results The total acquisition price is expected to exceed 500 billion yen including Effects of public offering in September 2014 DOJIMA PLAZA BLDG. (acquisition price: 9.5 billion yen) scheduled for Aim to achieve DPU growth while giving due consideration to impact on acquisition on December 22, 2014, NAV per unit Changes in Various Indices (million yen) DPU End of FP24 After Effect of As of FP25 financial Previous As of FP25 financial (end of Feb. PO in Mar. PO in Sep. announcement date forecasts announcement date Change 2014) 2014 2014 Oct. 10, 2014 (Note 4) Oct. 10, 2014 Acquisition price 411,119 457,944 +34,743 492,687 FP25 (Aug. 2014) 2,480 yen 2,604 yen +124 yen Number of properties 81 properties 88 properties +7 properties 95 properties FP26 (Feb. 2015) 2,520 yen 2,580 yen +60 yen NOI yield 5.0% 5.0% 5.3% 5.1% FP27 (Aug. 2015) － 2,550 yen － Yield after depreciation 3.7% 3.7% 3.7% 3.8% NAV per unit Unrealized gain/loss 13,337 14,762 +927 26,833 (Note 1) (Note 1) (Note 2) As of FP25 financial End of FP24 (end End of FP25 (end announcement date Outstanding interest- of Feb. 2014) of Aug. 2014) Oct. 10, 2014 199,633 213,240 15,165 228,405 bearing debt 115,744 yen 122,618 yen 123,261 yen LTV 46.3% 48.9% 46.8% -0.6% (based on total assets) (Note 3) Note1 : The figures indicate the difference between “Appraisal value” and “Book value” at the time of decision of the properties acquisition. Note2 : The figure is calculated by adding unrealized gain/loss of properties acquired from Sep. 1, 2014 to Oct. 10, 2014 based on their appraisal values at the time of decision of the properties acquisition to unrealized gain/loss as of the end of FP25 (the end of Aug. 2014). Note3 : The figure is calculated with total assets as: Total assets as of the end of FP25 (the end of Aug. 2014)+ Net increase of unitholders’ capital through public offering including third-party allotment + Net increase of interest-bearing debt after end of FP25. Note4 : “Previous forecasts” of DPU for FP25 (Aug. 2014) and FP26 (Feb. 2015) are figures of expected DPUs stated in “ORIX JREIT Announces Financial Results for 24th Fiscal” dated April 11, 2014. Stable Growth of DPU (1) 5 V DPU exceeds 5,000 yen level per annum V Upward revision from the previous forecast (FP25: +124 yen / FP26: +60 yen) V Despite the impact from the Expensed Asset/City Planning Tax in FP27, DPU of 2,550 yen is expected to be secured. Aim to further boost DPU through promotion of both internal and external growth strategies. Actual and forecast DPU P9 Comparison of FP25 actual and FP26 & FP27 forecasts (yen) P7 Comparison of P8 Comparison of 2,700 previous and actual previous and new for FP25 forecasts for FP26 2,600 18 +60 37 +124 35 Level of 5,000 yen 2,500 per annum 2,604 2,580 2,550 2,520 60 2,550 2,400 Revised 2,479 2,480 Actual Previous Impact of Effect of Effect of Effect of Previous Forecast Forecast 2,411 Forecast Expensed Internal External External 2,352 Asset Growth Growth Growth of 2,300 Related etc. of by Additional FP22 FP23 FP24 FP25 FP26 Tax from existing acquiring Acquisition FP27 (Feb. 2013) (Aug. 2013) (Feb. 2014) (Aug. 2014) (Feb. 2015) properties properties properties (Note5) (Aug. 2015) acquired Actual Actual Actual Actual Forecast through Forecast through PO in Sep. PO PO PO PO PO in Mar. 2014 2014 (Note4) Factors for fluctuation related to External ⇒ Acquisition capacity if LTV were allowed to increase up to Growth 50%: approx. 27 billion yen (after Additional Acquisition) Main factors for DPU ⇒ Annual free cash flow : approx. 4-5 billion yen fluctuation Factors for fluctuation related to Internal ⇒ Factoring in only confirmed upward rent revisions Growth Note1 : As of Mar. 1, 2013, OJR implemented a 5-for-1 split of its investment units. Taking this split into account, one fifth of the actual DPU is shown for the FP22 (Feb. 2013). Figures of these recalculated DPUs are rounded down to the nearest whole number. Note2 : “Previous forecasts” of DPU for FP25 (Aug. 2014) and FP26 (Feb. 2015) are figures of expected DPUs stated in “ORIX JREIT Announces Financial Results for 24th Fiscal Period” dated April 11, 2014. Note3 : “New forecast” of DPU for FP26 (Feb. 2015) and FP27 (Aug. 2015) are figures of forecasted DPUs stated in “ORIX JREIT Announces Financial Results for 25th Fiscal Period” dated October 10, 2014. Note4 : In the properties acquired through the PO in March 2014 (Clio Fujisawaekimae, J-ONE SQUARE, Cross Mall Shimonoseki-Chofu, SHIBUYA PINE Bldg., MG Ichigaya Building, JouLe SHIBUYA, intervillage OH! MAGARI, Valor Suzuka Shopping Center, The Kitahama PLAZA, West Park Tower IKEBUKURO, Belle Face Higashijujo), Clio Fujisawaekimae, which was acquired on December 20, 2013, is not included in the effect of Expensed Asset/City Planning Tax since Asset/City Planning Tax has been imposed since 2014. Note5: “Additional Acquisition” refers to “DOJIMA PLAZA BLDG.” (acquisition price: 9.5 billion yen) to be acquired on December 22, 2014; as for the details, please refer to “ORIX JREIT Announces Asset Acquisition “DOJIMA PLAZA BLDG.” announced on October 10, 2014. Stable Growth of DPU (2) 6 V Improved DPU through promoting internal and external growth and financial strategies V Achieved actual DPUs higher than initial forecasts in the previous four fiscal periods As of FP21 (Aug. 2012) As of FP22 (Feb. 2013) As of FP23 (Aug.
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