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FP10 Results Final（2016年1月訂正版）

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FP10 Results Final（2016年1月訂正版） Advance Residence Investment Corporation Earnings Presentation 10th Fiscal Period ended July 31, 2015 February 1, 2015 to July 31, 2015 Index Advance Residence Investment Corporation The Largest Portfolio Among Residential J-REITs 3 Solid Track Record, Solid Growth 4-5 Executive Summary of 10th Fiscal Period Results 6-7 Internal Growth 8-14 External Growth 15-18 Finances 19-21 Management Policies & Earnings Guidance 22-25 Appendix 27- TSE Ticker Code : 3269 Abbreviation : ADR Fiscal Period End : End of January & July Main Sponsor : Itochu Corporation Asset Type : Residential The purpose of this material is to present you with an update on the financial performance of Advance Residence Investment Corporation (the “Corporation”). We do not intend to conduct any advertising or solicitation with respect to any units of the Corporation in connection with this material. Nothing in this material should be regarded as an offer to sell or a solicitation of an offer to buy, a recommendation to sell or buy, or a direct or indirect offer or placement of, any units of the Corporation, except for the purpose of meeting certain requirements under the European Alternative Investment Fund Managers Directive (European Directive 2011/61/EU)(the”AIFMD”) as described below. Disclaimer for Dutch Investors：The prospectus containing the information required under Article 23(1) and (2) of the AIFMD as implemented in the Netherlands is available at [http://www.adr-reit.com/en/financial/en/financial/sonota/]. Any reproduction or use of this material other than for its intended purpose is prohibited without prior permission. © 2015 Advance Residence Investment Corporation All Rights Reserved 2 The Largest Portfolio Among Residential J-REITs Advance Residence Investment Corporation Number of Properties Total Leasable Area Leasable units Assets Under Management (Acquisition Price) as of July 31, 2015 249 properties 757,856㎡ 20,122 units 424.1 billion yen Investment Location Building Age Walking Minutes to Train Station Tenant Category (by acquisition price) (by acquisition price) (by acquisition price) (by no. of units) Over 15 min 1% Major Regional Cities Under 5 yrs Students 4% 10 min to 15 min Corporate 19% Over 10 yrs 9% Tokyo Central 7 6% Guaranteed rent 30% 32% 16% Tokyo Metropolitan 40% 5 to 10 min 10% Weighted Average Age 35% Under 5 min 57% 9.6yrs Over 5 yrs to 10 yrs Central Tokyo ex 7 64% Individuals 31% 45% Tokyo 23 Wards 71% Under 10 years 68% Under 10 min 92% Pass-through contract tenants 75% NOI Yields (%) by location Unit type Rents (by no. of units) (by no. of units) Offices & Stores Over 500K yen Avg. Portfolio Yield 1% 0.4% Dormitory Under 500K yen Book Value NOI 5.7% 2% 1% 5.1% Tokyo Central 7 Wards After Depreciation 4.5% Large Under 300K yen 4.1% 2% 2% 5.6% Family Under 250K yen Central Tokyo ex 7 Wards 4.4% 15% 21% 6.4% Single Under 100K yen Tokyo Metropolitan 55% 4.7% Compact 55% 52% 25% Under 150K yen 6.6% 25% Major Regional Cities 5.1% 23% Single & Compact type units Unit rents under 250K yen 0% 2.0% 4.0% 6.0% 8.0% 80% 96% Book value NOI yield Yield after Depreciation * For properties held at the end of July 31,2015, annualized actual NOI is used to calculate the Book Value NOI Yield. * Yield after Depreciation is calculated by subtracting the annualized depreciation from the annualized NOI and dividing the result by book-value or acquisition price depending on the property. © 2015 Advance Residence Investment Corporation All Rights Reserved 3 Solid Track Record, Solid Growth Advance Residence Investment Corporation Increasing EPS by Implementing Various Measures Period End % Occupancy 100.0 Portfolio 96.4% Maintaining High 95.0 Tokyo Central 7 95.6% Occupancy Rate Central Tokyo ex 7 August 96.3% 90.0 95.9% 96.6% 96.4% 96.4% 96.1% 96.6% 96.8% September 96.4% Tokyo Metropolitan October 96. 5th Period 6th Period 7th Period 8th Period th 10th Period 96.9% 85.0 9 Period Occupancy Major Regional Cities 08-201209-201210-201211-201212-201201-201302-201303-201304-201305-201306-201307-201308-201309-201310-201311-201312-201301-201402-201403-201404-201405-201406-201407-201408-201409-201410-201411-201412-201401-201502-201503-201504-201505-201506-201507-2015 96.6% 5.6% 5.6% 5.7% 5.3% 5.5% 5.5% Steadily 4.4% 4.4% 4.5% 4.2% 4.3% 4.3% Book-value NOI Yield Yield after Depreciation Improving Yield FP 01-2013 FP 07-2013 FP 01-2014 FP 07-2014 FP 01-2015 FP 07-2015 NOI Yield * NOI yield = annualized NOI ÷ book value. The NOI are annualized according to the number of actual days of operation for each properties during the periods. Assets * Yield after depreciation = (annualized NOI - depreciation) ÷ book value. 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP No. of Properties 190 204 210 221 240 249 The Largest No. of Leasable Units 16,127 17,640 18,113 19,078 19,572 20,122 Major Regional Cities Portfolio Among 410.5bn 424.1bn 401.8bn 417.6bn Tokyo Metropolitan 367.9bn 393.8bn Central Tokyo ex 7 Residential 15% 15% 17% 20% 19% Tokyo Central 7 J-REITs 13% 10% 11% 11% 11% 10% 10% AUM 29% 29% 29% 29% 31% 31% Topping 71% 420 bn yen 46% 45% 45% 44% 39% 40% FP 01-2013 FP 07-2013 FP 01-2014 FP 07-2014 FP 01-2015 FP 07-2015 © 2015 Advance Residence Investment Corporation All Rights Reserved 4 For the foreseeable future, maximum leverage will be 50% for appraisal LTV, 53% for Total Assets LTV. Lowered LTV Range to Guideline Range Maintain Flexibility in Preparation for Future 55% 56.0% 52.4% 52.3% max 53% Financial Volatility 53.8% 51.0% 51.6% 50.1% 50% 52.1% max 50% Acquisition Capacity LTV 51.2% 47.2% 47.3% (@ Total Assets LTV of 53%) 50.1% Total Assets LTV approx. FP 01-2013 FP 07-2013 FP 01-2014 FP 07-2014 FP 01-2015 FP 07-2015 Appraisal LTV bn yen 3rd Follow-On Offering 4th Follow-On Offering Asset Replacements 12.6 (estimate for FP ending July 2016) * Appraisal LTV = (Outstanding amount of loan at the fiscal period end + Outstanding amount of bond) ÷ Appraised value of the fiscal period end property holdings 1.35% 1.28% 1.26% 1.23% 1.21% Liabilities 1.16% Extend Duration and Average Interest Rate Fix Interest Rates as Debt Duration 99.8% 98.7% Fixed Interest Ratio Possible without 93.5% 4.1yrs 94.8% 4.1yrs 4.1yrs 3.8yrs 92.7% 3.8yrs (short-term debts excluded) Raising Financing Debts 3.4yrs 86.8% Costs FP 01-2013 FP 07-2013 FP 01-2014 FP 07-2014 FP 01-2015 FP 07-2015 * In calculating the average interest rate, the effect of interest rate swaps are reflected. If there are any discrepancies between the principal amount of the swap and the underlining amount of debt, the swap’s principal amount will be capped at the underlining amount of debt in the calculation. 5,130 in yen / unit Net Gain 4,597 4,615 4,593 on Sales Steadily Growing EPU 4,505 503 4,500 5,070 4,572 Dividend Reserve Outstanding 4,523 4,415 Drawdown from Dividend Reserve 4,255 4,267 Dividend Paid from Net Income 33.5bn yen Dividends (after FP July 2015) FP 01-2013 FP 07-2013 FP 01-2014 FP 07-2014 FP 01-2015 FP 07-2015 Equities in yen NAV / Unit 198,261 207,281 Increasing 171,850 182,367 158,313 164,311 NAV per Unit FP 01-2013 FP 07-2013 FP 01-2014 FP 07-2014 FP 01-2015 FP 07-2015 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP Net Asset Value * NAV / Unit is calculated as follows. (FP end net asset + FP end unrealized gain or loss - dividend amount for the FP) ÷ FP end number of issued and outstanding units. © 2015 Advance Residence Investment Corporation All Rights Reserved 5 Executive Summary Committed in Delivering Strong and Stable Dividend Advance Residence Investment Corporation Results for Fiscal Period ended July 31, 2015 Increase from Forecast in Revenue, Profits and Dividend Due to Rise in Occupancy against initial forecast against last period * Earnings per Unit 4,572yen +32yen -498yen * Dividend per Unit 4,572yen +32yen -558yen 取得価格 * Earnings per Unit might be abbreviated as EPU and Dividend per Unit as DPU hereafter. Fiscal Highlights Acquisition of 9 Properties, Maintaining High Occupancy while Succeeding to Raise Rents Internal Growth External Growth Fund Raising Activities Maintaining High Occupancy Acquired 9 Recently Built Properties Lowered Financing Cost While Maintaining while Succeeding to Raise Rents Located in Tokyo 23 Wards Duration and Fixed Interest Rate DeBt Ratio increase from forecast chg. on pervious FP Average Period Occupancy 96.6% +0.4pt previous FP actual No. of Properties 9 properties Average Interest Rate 1.16% -0.05% Portfolio Rent Change % +0.05% +0.12 Acquisition Price 13.6 billion yen Average Duration 4.1 years -0.0 years from Tennant Replacement +1.34% +0.3% from Contract Renewal +0.21% +0.0% NOI Yield 5.2% Fixed Interest Rate Debt Ratio 98.7% -1.1 pt © 2015 Advance Residence Investment Corporation All Rights Reserved 6 Results for Fiscal Period ended July 2015 from February 1, 2015 to July 31, 2015 Advance Residence Investment Corporation (1) (2) (3) 10th FP Forecast 10th FP Results (2)-(1) 9th FP Results (2)-(3) in million yen Initial Forecast Results for Results for Changes Notes Changes Notes as of Mar.
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