February 3, 2021
FOR IMMEDIATE RELEASE
Activia Properties Inc.
21-1, Dogenzaka 1-chome, Shibuya-ku, Tokyo
Kazushi Sato
Executive Director(Code: 3279)
Asset Management Company
TLC REIT Management Inc.
Hiroyuki Tohmata
President & CEOInquiries
Kazuyuki Murayama
General Manager of Strategy Department
Activia Management Division(Tel: +81-3-6455-3377)

Notice Concerning Issuance of Investment Corporation Bonds
Activia Properties Inc. (“API”) announces that it decided today to issue investment corporation bonds.

1. Summary of the investment corporation bonds(1) Name(2) Total issue amount(3) Form of bond certificate(4) Issue price(5) Redemption price(6) Interest rate(7) Denomination price(8) Offering method(9) Offering date(10) Payment date(11) Collateral(12) Redemption method and date(13) Interest payment date(14) Financial covenant(15) Credit rating(16) Depository

The 13th unsecured investment corporation bonds (with pari passu
conditions among specified investment corporation bonds) (“theInvestment Corporation Bonds”)¥1.3billion
Subject to the provisions of the Act on Book-Entry Transfer ofCorporate Bonds, Shares, etc., the investment bond certificates will
not be issued for the Investment Corporation Bonds.
¥100 per ¥100 of each bond¥100 per ¥100 of each bond
0.750% per annum¥100 million
Public Offering
February 3, 2021 (Wednesday)
February 9, 2021 (Tuesday)
Neither collateral nor guarantee is provided for the Investment
Corporation Bonds, and no asset has been particularly secured for theInvestment Corporation Bonds.
The total amount of the Investment Corporation Bonds will beredeemed on February 8, 2036.
Redemption by purchase of the Investment Corporation Bonds by API
will be available any time on and after the following day of the payment
date, unless otherwise determined by the depository.
February 9 and August 9 every year
(For the interest payment for the period commencing on and including
August 10, 2035 and ending on and including February 8, 2036, theredemption date, the interest payment date will be on February 8, 2036.)
Negative pledge among unsecured bonds
AA (Japan Credit Rating Agency, Ltd.)
Japan Securities Depository Center, Inc.

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(17) Fiscal agent, issuing agent andpaying agent(18) Underwriter

MUFG Bank, Ltd.
Mizuho Securities Co., Ltd.

2. Reasons for the issuance
API has decided to issue the Investment Corporation Bonds in order to extend and balance the debt
maturity and diversify the financing methods.
3. Amount of funds to be raised, use of proceeds and scheduled timing of expenditure(1) Amount of funds to be raised (estimated amount of net proceeds)¥1,290 million(2) Specific use of proceeds and scheduled timing of expenditure
All of the funds raised will be used on February 18, 2021 as part of the funds for an early repayment of
the short-term borrowings (¥1,518 million) which will become due and payable on November 30, 2021
(the “Existing Short-term Borrowings”). For further details, please refer to the “Notice Concerning Early
Repayment of Funds” announced as of today.
4. Status of borrowings payable, etc. after the issuance of the Investment Corporation Bonds(1) Interest-bearing debt after the issuance of the Investment Corporation Bonds(In millions of yen)
Beforethe issuance(As of February 3,2021)
Short-term borrowings

After
the issuance(As of February 18,2021) (Note 1)

Change1,5180(1,518)

Long-term borrowings to be
repaid within one year

25,05025,050

0Long-term borrowings

196,300

196,300

0

222,868

221,350(1,518)Investment corporation bonds
to be redeemed within one year000

Investment corporation bonds

21,50022,8001,300

244,368

244,150(218)(Note 2)

(Note 2)

Total amount of borrowings

Total amount of borrowing andinvestment corporation bonds(Note 1) The figures are based on assumption that the early repayment of the Existing Short-term Borrowings (¥1,518 million) will bemade on February 18, 2021.
(Note 2) Short-term borrowings refer to borrowings with a maturity period of one year or less, and long-term borrowings refer toborrowings with a maturity period of more than one year.

2(2) Basic financing information after the issuance of the Investment Corporation Bonds
Beforethe issuance(As of February 3,2021)
Long-term borrowing ratio(Note 2) (Note 5)Long-term borrowing ratio(excluding the long-term borrowings
to be repaid and investment
corporation bonds to be redeemedwithin one year)

After
the issuance(As of February 18,2021) (Note 1)

Change(point)

99.4%100.0%

0.689.1%

89.7%

0.6

92.0%

92.6%

0.6

(Note 3) (Note 5)

Fixed interest ratio(Note 4) (Note 5)(Note 1) The figures are based on assumption that the early repayment of the Existing Short-term Borrowings (¥1,518 million) will bemade on February 18, 2021.
(Note 2) Long-term borrowing ratio is the ratio of the outstanding long-term borrowings (including the long-term borrowings to be
repaid within one year) and investment corporation bonds (including the investment corporation bonds to be redeemed within
one year) to the total of outstanding interest-bearing debt.
(Note 3) Long-term borrowing ratio (excluding the long-term borrowings to be repaid and investment corporation bonds to beredeemed within one year) is the ratio of the outstanding long-term borrowings (excluding the long-term borrowings to berepaid within one year) and investment corporation bonds (excluding the investment corporation bonds to be redeemed within
one year) to the total of outstanding interest-bearing debt.
(Note 4) Fixed interest ratio is the ratio of the total of outstanding interest-bearing debt with fixed interest rates to the total ofoutstanding interest-bearing debt. The total of outstanding interest-bearing debt with fixed interest rates includes debts whoseinterest rates were converted into fixed interest rates by interest rate swap agreements.
(Note 5) Figures are rounded to the first decimal place.

5. Other
Regarding the risks related to the redemption of the Investment Corporation Bonds, there are no significant
changes in the “Investment Risk” section of the securities report submitted on August 24, 2020.

*Website of API: https://www.activia-reit.co.jp/en/

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