Supplementary Material
on Press Release Announced Today

May 26, 2020

“Notice Concerning Revision to Forecast of Management Performance and Distributions Per Unit for the Fiscal PeriodEnding May 31, 2020”

Activia Properties Inc.
（Securities Code: 3279/API）

Revision to Forecast of the Management Performance for the Fiscal Period Ending May 31, 2020
 Since beginning of the fiscal period, management favorably progressed owing to internal growth achieved mainly by rent
increase in offices, approaching close to stabilized DPU of ¥10,000, though due to COVID-19 pandemic reached Japan,
API closed entire facilities of some of PM-operated retail properties (Note 1)
 As a resultof fixed-rent reduction during closure periods (Note 2) offered to tenants of concerned properties, forecast DPU for9the fiscal
periodending May 31, 2020 are revised from ¥9,880 (previous forecast) to ¥9,400 (new forecast) (-¥480 or -4.9%),
6Assumption for the forecast DPU

DPU
93 summary,86(¥) 3
810,000

Impacton DPU Fixed-rent reduction in some of ourFinance(interestInternal
9,880rate)
Non- growth+112
expensed +62
ImpactEffect maintefrom
fromnance
COVID-19
sale & expense-737
disposition andof assets others(Note 3)+52+319,500

0Coronavirus-induced changes～
2020.5(FP17)
Previous
forecast

9,400～
2020.5（FP17）
New
forecast

Reductionin fixedrent-¥666

PM-operated properties which closed
their entire facilities decided based onprinciples below① Prioritize protection of lives of customers

and tenant employees② Collaborate to prevent further spread of virus asa property owner’s responsibility to society③ Support tenants under present circumstances
and avoid significant risk of failure in reopeningsmoothly businesses after economy restarts～～

 Sales-linked rent decreased due toDecreasein saleslinked
rent, etc.

-¥71

Others-drop in tenant sales, reduced use of parking
and cancellation of events mainly occurredin properties which closed their entire
facilities even if sales-linked portion is only
1% of total rental revenue from retailproperties (except hotels)

 No major impact from earnings fromsales-linked rent at hotels on FP17 as
there’s difference in settlement periods
between hotels
 No impact from office properties
management on FP17

Note(Note 1) “Some of PM-operated retail properties” refer to the following four properties: Tokyu Plaza Omotesando Harajuku, Tokyu Plaza
Akasaka, DECKS Tokyo Beach and Commercial Mall Hakata. For Tokyu Plaza Akasaka, tenants affected by the facility closure areretail tenants on the 1st underground floor to 3rd floor. Hotel, office tenants and certain retail tenants are not included.
For DECKS Tokyo Beach, some tenants are not affected by the facility closure.
(Note 2) Operation status of the properties which closed whole facility is as follows.
Closure period of whole facility
March 28-29, April 4-5

April 8-May 18

May 19-31

Tokyu Plaza Omotesando Harajuku●●●Tokyu Plaza Akasaka-●●

DECKS Tokyo Beach●●●Commercial Mall Hakata-●-* As of today, Tokyu Plaza Omotesando Harajuku, Tokyu Plaza Akasaka and DECKS Tokyo Beach are scheduled to terminate theirclosure of entire facility on May 31, 2020 and reopen on June 1, 2020.
Certain tenants in Tokyu Plaza Akasaka gradually reopened their businesses since May 7, 2020.
* Although Commercial Mall Hakata reopened on May 19, 2020, the new forecast DPU announced in today’s press release arecalculated based on the assumption for the property being closed for its entire facility until May 31, 2020 and rent reduction offered.
(Note 3) “Effect from sale & disposition of assets” is the amount calculated by deducting lost profit of A-PLACE Shinbashi Ekimae disposed ofon March 19, 2020 from gain on sale of the said property and operating profit of Ebisu Prime Square.

Disclaimer
This document is provided solely for informational purposes and should not be construed as an offer, solicitation or recommendation to buy or sell any
specific product including investment units. Any decisions making on investment absolutely rest on your own judgment and on your own responsibility.
This document is not a disclosure document or statement of financial performance required by the Financial Instruments and Exchange Act, the Act
Concerning Investment Trusts and Investment Corporations of Japan, the rules governing companies listed on the Tokyo Stock Exchange or any otherapplicable rules.
This document includes charts and data described by TLC REIT Management Inc. (hereinafter the “Asset Manager”) and refers to data, index and otherinformation provided by third parties in addition to information about Activia Properties Inc. (hereinafter the “Investment Corporation”). Also analyses,
judgments and other points of view of the Asset Manager under the present situation are included.
The information contained in this document is not audited and there is no guarantee regarding the accuracy and certainty of the information. Analyses,
judgments and other non-factual views of the Asset Manager merely represent views of the Asset Manager as of the preparation date. Different views
may exist and the Asset Manager may change its views in the future.
The figures included in this document may be different from the corresponding figures in other disclosure materials due to differences in rounding.
Although theinformation contained in this document is the best available at the time of its publication, no assurances can be given regarding the accuracy, certainty,
validity or fairness of this information. The content of this document can be modified or withdrawn without prior notice.
The Investment Corporation and the Asset Manager do not guarantee the accuracy of the data, indexes and other information provided by third parties.
The Investment Corporation’s actual performance may be materially different from results anticipated by forward-looking statements contained in thisdocument.
Dates indicated in this document may not be business days.

Disclaimer for Dutch Investors
The units of the Investment Corporation are being marketed in the Netherlands under Section 1:13b of the Dutch Financial Supervision Act (Wet op het
financieel toezicht, or the “Wft”). In accordance with this provision, the Asset Manager has notified the Dutch Authority for the Financial Markets of its
intention to offer these units in the Netherlands. The units of the Investment Corporation will not, directly or indirectly, be offered, sold, transferred ordelivered in the Netherlands, except to or by individuals or entities that are qualified investors (gekwalificeerde beleggers) within the meaning of Article
1:1 of the Wft, and as a consequence neither the Asset Manager nor the Investment Corporation is subject to the license requirement pursuant to theWft. The Asset Manager is therefore solely subject to limited ongoing regulatory requirements as referred to in Article 42 of the European AlternativeInvestment Fund Managers Directive (European Directive 2011/61/EU) (the “AIFMD”).
Please visit the Investment Corporation’s home page (https://www.activia-reit.co.jp/en/) to access information provided under Article 23 of the AIFMD.