Supplementary Materialon Press Release Announced Today

November 24, 2020

“Notice Concerning Revision to Forecast of Management Performance and Distributions Per Unit for the Fiscal PeriodEnding November 30, 2020”

Activia Properties Inc.
（Securities Code: 3279/API）Forecast DPU Upwardly Revised from ¥9,040 to ¥9,450 Reflecting Impact of COVID-19 Outlook As a result of responses tailored to each tenant on requests of temporary fixed-rent reduction, approx. 60% of theamount estimated as lost revenue due to rent reduction will be consumed and the unconsumed portion will be
distributed to unitholders
 With incoming relief requests from tenants settling down, the impact of possible temporary rent reductions on which
discussion with tenants are still underway will be reflected on forecast DPU for the period ending May 2021 to be later
revised but the impact will be relatively less significant
 Decline in revenue from sales-linked rent will result at the same level as at the assumption for the previous forecast
although retailers showing a sign of recovery amid tough circumstances

Negotiation status with tenants andimpact of rent reduction on management＜ Retail tenants ＞
Temporary rent
reduction

Numberofrequests

Negotiation
status bynumber

155

Temporary rent
reduction agreed

78

Lease cancellation37

No reduction

56

Payment deferral

14

Under discussion

21＜ Office tenants ＞

DPU summary (Period ending November 2020）

Numberofrequests

Impact of
COVID-19+¥381

Temporaryrent+¥370
reduction
Decrease insales-linked +¥11
rent

Negotiation
status bynumber

Temporary rent
reduction

24

Temporary rent
reduction agreed

2

Lease cancellation30

No reduction

18

Payment deferral

14

Under discussion

4（Note 1）Number of requests represents total as of November 19, 2020
（Note 2）Number of “Temporary rent reduction agreed” represents the number of cases for which temporary reduction
is agreed for the rents in the period ending November 2020 (reflected on the new forecast)

Improvedby ¥3700200400600800(¥/unit)
1,000¥9,450+4.5%～

Impact on DPU from temporary rent reduction due to COVID-19
Previous
forecast
Revisedforecast

Decline in
expenses, etc.
+¥29

¥9,0402020.11(FP18)
Previous
forecast～
2020.11（FP18）
Revisedforecast

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 Alternative
Investment 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.