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Investor Presentation (Fiscal Period Ended June 30, 2018)

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Investor Presentation (Fiscal Period Ended June 30, 2018) http://www.midcity-reit.com/en/ 24 th Period INVESTOR PRESENTATION Fiscal Period ended June 30, 2018 Securities Code 3227 Key Events in the Past Year (Aug. 2017 Aug. 2018) ～ May 2018 Issuance of 5th Unsecured Investment Aug, 2018 Corporation Bonds Announcement of Asset Replacement Oct. 2017 Apr. 2018 Disposition of two (yen) Matsushita IMP Bldg. Acquired A+(positive) properties Acquisition of one 85,000 Signed leasing contracts to refill approx. 2.5 Feb. 2018 credit rating from JCR rd property Oct. 2017 floors of the vacated 4 floors by Asahi Group The 3 Pubic Offering ( 1 floor concluded in Jan. 2018) (4 acquisitions/23.2 bn yen) “Twin 21” ＋ Conclusion of MOU on upward rent revision with Panasonic Jan. 2018 Corporation Five-for-one 80,000 investment unit split Aug. 2017 “Twin 21” Jul. 2018 Green lease agreement with Refinance of borrowings Panasonic Corporation (15.3 bn yen) 75,000 and reception of notice of decision to grant subsidy Apr. 2018 Sep. 2017 Partial share transfer owned by a GRESB Green Star for shareholder of the asset management company (MC-UBS share increased from 65% to 85%) 70,000 Two Consecutive Years 65,000 MidCity Unit Price TSE REIT Index 60,000 23th 24th 25th 55,000～0 ～2017/8 2017/9 2017/10 2017/11 2017/12 2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/7 2018/8 Source S&P Capital IQ, from August 1, 2017 to July 31, 2018 TSE REIT： Index is indicated as a transition of a relative value under the assumption that closing price (1,705.4pt) of TSE REIT Index as of August 1, 2017 is the same as the closing price (66,000 yen) of MCUBS MidCity investment unit price on the same day. ＊ 1 1. Results Overview for the 24th Period Ended June 30, 2018 DPU of 1,684 yen beat the forecast by 19 yen Occupancy increased from 97.0% to 98.1% Newly acquired credit rating of A+ (positive) from JCR Acquired 4 new properties through public offering and new borrowings 2 1. Results Overview for the 24th Period Ended June 30, 2018 DPU of 1,684 yen Beat the Forecast by 19 yen Fiscal period ended Difference from Difference from th Jun. 30, 2018 (24 Period) previous period forecasts＊ + 313 mn. yen + 35 mn. yen Operating revenues mn. yen 7,924 (+ 4.1%) (+ 0.4%) + 385 mn. yen + 28 mn. yen Operating income mn. yen 3,368 + 12.9%) (+ 0.8%) （ + 362 mn. yen + 30 mn. yen Net income mn. yen 2,767 (+ 15.1%) (+ 1.1%) + 361 mn. yen + 31 mn. yen Total distributions mn. yen 2,767 (+ 15.0%) (+ 1.1%) + 62 yen + 19 yen Distribution per unit yen 1,684 (+ 3.8%) (+ 1.1%) Compared to the estimates in “The 23rd Fiscal Period Summary Of Financial Results” as of February 20, 2018. Based on the investment unit split with the effective date on January 1, 2018, the comparison in distribution per unit from previous period is based on ＊ one-fifth of the actual distribution per unit (rounded down) for the previous fiscal period 3 1. Results Overview for the 24th Period Ended June 30, 2018 Profit Growth Both from Existing and New Properties Breakdown of Net Income Changes for the 24th Period vs. the 23rd Period (mn. yen) 77 2,767 47 19 261 43 － 2,405 Difference from the 23rd Period +362 Net income for the 23rd Properties acquired in Offices in Offices in Other Others Net income for the 24th Net income for Properties acquired＊ Offices in Offices in Other properties＊＊ Others Net income for Period ended 2018 Tokyo Area Osaka Area properties Period ended the 23rd period in 2018 Tokyo Area Osaka Area the 24th period Dec. 31, 2017 Jun. 30, 2018 ended Dec. 2017 ended Jun. 2018 NOI after Depreciation Properties acquired: Total 23,205 mn. yen (Feb.–Mar. 2018) USC Bldg. Yoshiyasu Kanda TOYOTA MOBILITY M-City Akasaka (quasi co-ownership Bldg. SERVICE Bldg. 1-chome Bldg. interest of approx. 54%) <Chiyoda-ku, Tokyo> <Chuo-ku, Tokyo> <Minato-ku, Tokyo> <Koto-ku, Tokyo> In “Properties acquired in 2018”, the increase/decrease for the 46% of quasi co-ownership interest already owned by MCUBS MidCity is included. ＊ Including dividends received from SPC backed by Nagoya Lucent Tower. ＊＊ 4 1. Results Overview for the 24th Period Ended June 30, 2018 High Occupancy and A Spate of Upward Rent Revisions (vs. 23rd Period) Tokyo Area 98.5% ↑0.1pt Occupancy and The Number of Rent Revisions at Lease Agreements （ ） ↑2.3pt Osaka Area 97.9%（ ） 98.2% 98.1% Occupancy 97.7% 97.5% 97.0% 20 19 Tokyo: 13 Tokyo: 4 Osaka: 7 17 Osaka: 8 Tokyo: 4 Other: 7 Number of Rent Revisions Osaka: 12 Other: 1 Tokyo Area Osaka Area Other ■(Those above the line:■ upward revision,■ those below the line: downward revision) 8 Tokyo: 4 Osaka: 1 Other: 3 6 5 Osaka: 6 Tokyo: 2 Osaka: 3 Osaka: 1 Osaka: 1 Osaka: 1 Tokyo: 1 Other: 1 Jun. 2016 Dec. 2016 Jun. 2017 Dec. 2017 Jun. 2018 Dec. 2018 20th 21st 22nd 23rd 24th 25th Period Period Period Period Period Period (Estimate) The number of rent revisions for Dec. 2018 (25th Period) is based on the number of determined rent revisions as of the end of Jun. 2018. ＊ 5 1. Results Overview for the 24th Period Ended June 30, 2018 Revenue Expansion Through Internal Growth Cube Kawasaki (Acquired in August 2015) Sasazuka Center Bldg. (Acquired in March 2017) Rental revenue increased due to tenant replacement and upward rent Increased rental revenue by raising occupancy revision 100.0% 100.0% 100.0% 100.0% 100.0% 94.7% 13050 100.0% 13050 100.0% 91.1% 91.1% 89.6% 85.6% 73.4% 12040 80.0% 12040 80.0% 110 30 60.0% 11030 60.0% 10020 40.0% 10020 40.0% 9100 20.0% 1090 20.0% 22.7% increase from Jun. 2016 20.0% increase from Dec. 2017 ～ ～ 00 0.0% 0 0.0% Dec. 2015 Jun. 2016 Dec. 2016 Jun. 2017 Dec. 2017 Jun. 2018 Dec. 2018 Jun. 2017 Dec. 2017 Jun. 2018 Dec. 2018 19th 20th 21st 22nd 23rd 24th 25th 22nd 23rd 24th 25th Period Period Period Period Period Period Period Period Period Period Period (Estimate) (Estimate) Rent Index (Left) Rent Index (Left) Occupancy Rate (Right) Occupancy Rate (Right) For Dec. 2018 25th Period (Estimate), occupancy is based on lease agreement as of the end of June 2018. For rental index, Cube Kawasaki rental revenue as of the fiscal period ended June 30, 2016 is indexed to 100, and Sasazuka Center Bldg. rental revenue ＊ as of the fiscal period ending December 31, 2017 is indexed to 100, based on rental revenue (rent + common area fees) indicated in lease agreement as of the fiscal period ended June 30, 2018. 6 1. Results Overview for the 24th Period Ended June 30, 2018 Newly acquired credit rating of A+ (positive) from JCR Issuance of Investment Co. Bonds for three consecutive Enhanced credit by obtaining new rating years in May 2018 Obtained new long-term issuer rating of A+ (positive) from Japan Issuance of investment co. bonds (The 5th Unsecured Investment Corporation Bond) on May 29, 2018 Credit Rating Agency (JCR) on April 9, 2018 2nd Co. Bonds 4th Co. Bonds 5th Co. Bonds After main sponsor change Before main (2016) (2017) (May 2018) sponsor change Oct. 2015 Apr. 2018 (As of the end of Period Oct. 2016 Term 10 years 10 years 10 years ended Dec. 31, 2014) Change in Acquired new Upgrade outlook rating Total amount 1.5 bn. yen 2.0 bn. yen 2.0 bn. yen Rating & issued Investment A- A- A Information, Inc. (Stable) (Positive) (Stable) － Interest rate 0.81 0.67 (R&I) ％ ％ 0.59％ Reference REITs’ Issuance of Co. Bonds (April to June, 2018) Japan Credit ＜ ＞ Total Rating Agency A+ Interest － － － Term amount (JCR) (Positive) Pricing Date REIT rate (years) issued ( ) (bn. yen) ％ Apr. 2018 Diversified (JCR:A) 10 1.0 0.70 Apr. 2018 Retail (JCR:A+) 10 2.0 0.70 Apr. 2018 Office (JCR:A-) 10 1.0 0.90 Apr. 2018 Diversified (JCR:A) 10 1.0 0.70 Continue to aim for further upgrade May 2018 Diversified (JCR:A) 10 1.0 0.80 May 2018 MCUBS MidCity 10 2.0 0.59 May 2018 Diversified (R&I:AA-) 10 3.0 0.55 7 2. Actions in the 25th Period Asset replacement through disposition of two properties Acquiring one new property Reinforced financial stability through refinancing List of Asset Replacement ＜ ＞ Planned NOI yield Assets to be Difference between Disposition Book Value Planned Disposition NOI yield after Planned Disposition Date Disposed Price Price and Book Value depreciation September 5, 2018 Matsushita IMP Bldg. (55% quasi co-ownership) bn. yen % % (Chuo-ku, Osaka) 27.0 22.4 bn. yen + 4.5 bn. Yen 4.1 1.8 March 8, 2019 (45% quasi co-ownership) MID REIT Kyobashi Bldg. － September 4, 2018 (Miyakojima-ku, Osaka) 1.7bn. yen 2.0 bn. yen 0.3 bn. Yen 3.4% 2.1% Total/Average bn. yen bn. yen + bn. Yen % % 28.7 24.4 4.2 4.1 1.8 － Planned NOI yield Asset to be Acquisition Appraisal Value Unrealized gain NOI yield after Planned Acquisition Date Acquired Price depreciation Yokohama i-land Tower 22.1 bn. yen 23.7bn. yen +1.6 bn. yen 5.0% 4.0% September 14, 2018 (Naka-ku, Yokohama) 8 2. Actions in the 25th Period Executed Strategic Asset Replacement at the Best Timing Rationale for asset replacement Improvement in Portfolio Risk Before main sponsor change Before asset replacement After asset replacement (End of Dec.
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