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Comfort Urban Smart COMFORIA RESIDENTIAL REIT, INC ~Investor Presentation~ COMFORT 8th Fiscal Period (ended July 2014) September 2014 URBAN SMART Table of Contents 1. 8th Fiscal Period Highlights 5. Appendix Financial Highlights - 4 – P&L: 8th Period -23- Portfolio Highlights - 5 - Balance Sheet: 8th Period -24- 2. 8th Fiscal Period Results 8th ~ 9th Period Performance Forecast -25- Financial Results for the 8th Fiscal Period - 7 - CRR Characteristics -26- Stable Occupancy Rate - 8 - “COMFORIA” Series -27- Fluctuations in Rent Rate - 9 - “COMFORIA” Series Representative Properties -28- External Growth-①: PO Effect & Acquisition Portfolio Policy -29- Capacity -10- # of Net migration and Household in Tokyo 23 Wards -30- External Growth-②: Post-offering Acquisitions -11- Demand & Price Stability of Tokyo 23 Ward Assets -31- Property Management Initiatives -12- Portfolio Map (as at 8th FP end) -32- Financial Strategy-①: Borrowings & Bond Issue -13- Portfolio List -33- Financial Strategy-②: Financial Indicators Appraisal Value -36- (as at 8th FP end) -14- Occupancy and Rent Rates -39- Expansion of Retail Investor Base -15- Overview of Portfolio (as at 8th FP end) -40- 3. Future Strategy Status of Interest-bearing Debt (as at 8th FP end) -42- External Growth Targets -17- Unitholders (as at 8th FP end) -43- Solid External Growth-①: Historical Performance -18- Historical Unit Price -44- rd Solid External Growth-②: Opportunities Agenda of the 3 Unitholders’ Meeting -45- & Pipeline -19- Governance -46- 4. Performance Forecast Overview of CRR -47- Overview of Asset Management Company -48- Performance Forecast -21- 2 1. 8th Fiscal Period Highlights 3 Financial Highlights Higher unitholder value attributed to substantial portfolio growth Portfolio growth Rising DPU for 2 consecutive periods (yen) Increased DPU Investment targets: primarily properties in the Tokyo 23 Wards 17,074 16,813 1.6 fold asset Tokyo 23 Wards 16,205 growth 92.5% (yen) 116.2bn 6th Period 7th Period 8th Period 93.3% Acquisition Rising NAV/unit* for 2 consecutive periods price (yen) 74.5bn 1.6x Increased NAV 685,733 80 assets 625,528 55 assets 603,192 7th Period end th 8 Period end 6th Period end 7th Period end 8th Period end NOI yield (appraisal basis)* Total LTV* 5.78% 5.60% 52.7% 54.4% 51.6% (Note) Refer to “References (*1) and “References (*3) for calculation method of “NOI yield (appraisal basis)”, “NAV/unit” and “Total LTV”. Hereinafter, it is same in this document. 4 Portfolio Highlights Leveraged sponsor(TLC – Tokyu Land Corporation) group’s support to build up a portfolio comprising assets located primarily in the Tokyo 23 Wards Investment area Unit type Building age Nearest train station (on foot) Other major Under 3 years Tokyo cities Over 10 years 5.0% Metropolitan 4.4% 3 to 5 years 10.7% area 4.2% Over 10 mins Central Tokyo Stores 3.2% Large 1.9% 1.0% 44.8% 11.4% Family 5 to 10 mins 1.8% 40.4% Single Avg. distance Tokyo 23 Wards Single / Compact 44.4% Avg. building age Under 5 mins 92.5% 84.9% 7.8 yrs 4.9min 58.6% Sub-central Compact Tokyo 40.5% 47.7% 5 to 10 years 80.0% Over 90% of assets are located in Tokyo 23 Wards Acquired newer properties developed by TLC 1 On-going influx of “millennials” into the Tokyo 23 Wards 2 Stable rate of rental housing starts in the Tokyo 23 Wards (Note) Refer to “References (*2) for calculation method of “Investment area”, “Avg. building age”, ”Nearest train COMFORIA COMFORIA COMFORIA station (on foot)” and ”Avg. distance”. AKASAKA ASAKUSABASHI RYOGOKU SOUTH 5 2. 8th Fiscal Period Results 6 Financial Results for the 8th Fiscal Period Surpassed initial profit projections through earnings growth and cost reduction measures Comparable projection (Mar’14) vs. actual results Profit/loss from Revenue from leasing business Operating income Ordinary income leasing business Current Operating Revenue from Other revenue from Leasing business Interest payable, net income expenses (non- leasing business leasing business expenses etc. leasing business) Projection ¥3,844mn ¥161mn ¥1,546mn ¥377mn ¥410mn ¥1,671mn (Mar’14) 8th Period actual ¥3,827mn ¥189mn ¥1,551mn ¥361mn ¥386mn ¥1,718mn Differential △ ¥16mn + ¥28mn + ¥4mn △ ¥16mn △ ¥24mn + ¥47mn Occupancy ↓ Key money Leasing fees ↓ Basis for change Mgmt. fees↓ Financing costs↓― Acquisitions ↑ /renewals, etc. ↑ Acquisitions ↑ Property mgmt. REIT mgmt. Increased revenue from key money Larger profit distribution due to lower Impacts from new and renewal fees, etc. despite a slight than expected management and acquisitions, etc. decrease in occupancy financing costs + ¥405 Actual DPU △ ¥45 + ¥114 ¥17,074 Projected DPU (Mar’14) ¥16,600 7 Stable Occupancy Rate Occupancy rates are stable and is currently hovering at a level of approximately 95% 6th FP 7th FP 8th FP 100.0% Total portfolio Total portfolio (same month year ago) 95.0% 90.0% 85.0% 100.0% Central Tokyo Sub-central Tokyo Tokyo Metropolitan area Other major cities 95.0% 90.0% 85.0% 6th FP end Aug’13 Sep’13 Oct’13 Nov’13 Dec’13 Jan’14 Feb’14 Mar’14 Apr’14 May’14 Jun’14 Jul’14 Total portfolio 95.9% 95.4% 95.6% 95.8% 95.8% 95.9% 96.2% 95.5% 95.7% 94.7% 94.7% 95.0% 94.8% Central Tokyo 95.2% 94.1% 93.8% 94.6% 95.2% 95.4% 95.7% 95.5% 95.4% 95.2% 95.2% 95.0% 94.5% Sub-central Tokyo 96.5% 96.4% 97.1% 96.8% 96.6% 96.3% 96.3% 95.4% 96.1% 94.5% 94.4% 94.7% 94.7% Tokyo metropolitan area 94.4% 93.3% 93.6% 92.9% 91.1% 94.3% 95.1% 95.9% 94.7% 95.1% 95.5% 98.5% 97.2% Other major cities - - 93.2% 96.1% 96.2% 97.0% 98.1% 97.2% 96.0% 93.0% 93.8% 95.1% 95.9% 4th FP end Aug’12 Sep’12 Oct’12 Nov’12 Dec’12 Jan’13 Feb’13 Mar’13 Apr’13 May’13 Jun’13 Jul’13 Total portfolio 93.1% 93.8% 94.0% 94.3% 94.3% 94.8% 96.1% 95.3% 96.1% 95.2% 94.8% 95.5% 95.9% (same month year ago) 8 Fluctuations in Rent Rate On-going recovery of rent rates attributed to higher contracted rent upon retenanting vacant space Historical rent rates (8th FP) Rent fluctuation from retenanting & renewals (5~8th FP) (yen) Retenanting (# of contracts basis) # of rate 100% increase # of rate # of rate MoM* (55 assets at beginning of term) 18.5% increase increase # of rate 80% No change 27.0% 28.7% increase + 0.05% + 0.05% + 0.03% △0.09% + 0.10% △0.11% 14.6% No change No change 45.2% 60% 13.8% 15.7% No change # of rate 12.4% 40% # of rate # of rate decrease decrease # of rate Acquired 22 properties 67.0% decrease using proceeds from PO Acquired COMFORIA 20% 59.3% 55.5% decrease NIBANCHO 42.4% Acquired COMFORIA 0% SHINSAKAE & 5th FP 6th FP 7th FP 8th FP KITAHORIE Lease renewals (# of contracts basis) # of rate 100% increase 0.1% 80% 60% No change No change No change No change 98.4% 98.5% 99.2% 99.6% 40% th Rent (month/tsubo)7end Feb’14 Mar’14 Apr’14 May’14 Jun’14 Jul’14 # of rate # of rate # of rate # of rate 20% Total portfolio(incl. 25 decrease decrease decrease decrease 12,656 12,938 12,833 12,842 12,833 12,858 12,849 interim acquisitions) 1.6% 1.5% 0.8% 0.3% 0% Portfolio at beginning 12,656 12,663 12,669 12,672 12,661 12,674 12,660 5th FP 6th FP 7th FP 8th FP of term (55 assets) Higher portfolio rent (55 assets at the beginning Net increase in contracted rent rates of the term) versus the previous period of retenanted space (Note) MoM or “month-over-month” is an asset comparison of the total portfolio after acquisitions against the portfolio at the beginning of the term. 9 External Growth-①: PO Effect & Acquisition Capacity Portfolio size expanded 1.5 fold from ¥74.5bn to ¥111.9bn following acquisitions using proceeds from the Feb’14 offering Simultaneously, LTV declined leading to higher acquisition capacity to perpetuate external growth during the interim Effects of public offering Stable portfolio revenue Enhanced portfolio quality Acquisition Ratio of Tokyo Avg. building nearest train NOI yield Unrealized gain Single/Compact price assets age station (on foot) (appraisal) Pre-offering (Jan’14) ¥74.563bn ¥9.292bn 93.3% 82.1% 7.5 yrs 5.2 min walk 5.78% New acquisitions ¥37.392bn ¥1.582bn 97.1% 89.5% 7.0 yrs 4.6 min walk 5.31% Post-offering (Feb’14) ¥111.955bn ¥10.874bn 94.6% 84.3% 7.4 yrs 5.0 min walk 5.62% Surplus acquisition capacity PO effect A drop in total LTV opened up acquisition capacity Ratio of Tokyo 23 Ward assets Total LTV Approx. ¥14bn surplus 60.0% 100.0% Over 90% of capacity (up to LTV 55%) assets are in the Tokyo 23 Wards 55.0% 54.4% 94.6% Ongoing 95.0% basis 93.3% More opportunities for LTV 50.0% 50.1% interim growth Acquisition capacity of approx. 90.0% 45.0% ¥14bn (up to LTV55%) DPU is expected to surpass on-going basis targets of ¥4,000 per unit over the short-term 40.0% 85.0% Pre‐offering Post‐offering Target 10 External Growth-②: Post-offering Acquisitions Continued acquiring assets during the interim by leveraging surplus acquisition capacity achieved from the PO Adopted a balanced diversified approach by investing in both major regional cities and Tokyo to enhance overall portfolio quality while capturing competitive yields Major regional cities Tokyo 23 Wards Growth driver & strategy Acquired through asset manager’s proprietary source Acquired from the sponsor’s group Leveraged acquisition COMFORIA SHIN-SAKAE COMFORIA KITAHORIE COMFORIA NIBANCHO 1 capacity (acquired 20-Mar-2014) (acquired 28-Mar-2014) (acquired 30-Jun-2014) Post-offering Up to LTV55% Approx.
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