Financial Results Presentation for the 28th Fiscal Period Ended November 2025

Activia Properties Inc.

（Code：3279/API）

January 16, 2026

Tokyu Plaza Omotesando "Omokado"

Jingumae crossing

1. Executive Summary

   Executive Summary 3
   
   
   

   Operational Management

   • In the Nov. 2025 period (FP28), EPU*1 exceeded the forecast by 3.8% due to progress made in internal growth
   • Decided to dispose Kobe Kyu Kyoryuchi 25Bankan over 4 fiscal periods

     As a result, DPU CAGR was revised upward from 2% or more to 3% or more*2

     due to the anticipated increase in disposal gain

     Future Policy

1. • Internal growth of assets owned will contribute to an upward revision of the post-depreciation NOI CAGR forecast from 2.5% to 3.2% through FP35 ending May 2029

     Anticipating the impact of rising interest rates, the EPU CAGR forecast remains unchanged at 2%*3

   • Secured preferential negotiation rights for a hotel with upside potential (acquisition expected in FP29 ending May 2026)

     Make steady progress with replacing around 10% of portfolio assets to achieve EPU growth

     *1 EPU = Basic earnings per unit excluding disposal gain. The same shall apply throughout this document.

     *2 Based on the DPU of ¥3,000 in the earnings forecast for FP29 ending May 2026 disclosed in July 2025

     *3 Based on the actual EPU of ¥2,910 for FP27 ended May 2025

2. Financial Results / Forecasts

   Progress of Asset Replacement 4

   • Capitalizing on the booming real estate transaction market, we are implementing disposition at an early stage (approx. 40% disposition progress rate)

   • The proceeds from the first disposition are expected to be allocated to acquiring hotels with upside potential

Kobe Kyu Kyoryuchi 25Bankan

May 2026 (FP29)

Booking of disposal gain

¥1.5 bn

24%

equity interest

Disposition planned for May 28, 2026

Nov. 2026 (FP30)

¥1.6 bn

25%

equity interest

Disposition planned for November 27, 2026

May 2027 (FP31)

¥1.6 bn

25%

equity interest

Disposition planned for May 28, 2027

Nov. 2027 (FP32)

¥1.7 bn

26%

equity interest

Disposition planned for June 2, 2027

May 2029 (FP35)

Plan disposition of remaining

approx. ¥30 billion

¥10 bn or more

Previously announced as

¥6 bn or more

Target

Expected disposal gain Total ¥6.6 billion

Recovered book value Total ¥19.4 billion

Secured preferential negotiation rights

Nest hotel Naha Kumoji

Promoting the acquisition of properties in line with our investment policy

approx. ¥14 billion

Plan acquisition of remaining

approx. ¥30 billion

¥5.5 bn*

Estimated size

* The acquisition effect has not been reflected in the forecast as the contract has not been finalized. The figures represent estimated prices and are subject to change.

1. Financial Results / Forecasts

   Progress made in Asset Replacement 5

   • The proceeds from the first disposition of Kobe Kyu Kyoryuchi 25Bankan are expected to be allocated to the acquisition of Nest hotel Naha Kumoji

   • Through asset replacement in line with our policy, we will achieve yield improvement and enhanced EPU growth potential

Secured preferential negotiation rights

Improved yield

Nest hotel Naha Kumoji

Assuming acquisition on May 29, 2026

Post-depreciation NOI* / Estimated

asset size

3.6%

Appraisal NOI* / Estimated asset size

(millions) Total number of hotel guests in Okinawa, and percentage of foreign nationals

photo:Tomooki Kengaku

photo:Tomooki Kengaku

*Based on the appraisal report obtained by the current owner

(valuation date: October 31, 2025)

*Calculated based on appraisal NOI, reflecting depreciation expenses assessed by the asset management company

Fixed rent

Variable rent

61.0%

*Based on the appraisal report obtained by the current owner

(valuation date: October 31, 2025)

35

Total number of guests

Percentage of foreign nationals

30

25

20

15

10

5

0

2020 2021 2022 2023 2024

* Prepared by TRM based on the Japan Tourism Agency's

25%

20%

15%

10%

5%

0%

(millions)

Hotel variable rent

"Accommodation Travel Statistics Survey"

Kobe Kyu Kyoryuchi 25Bankan

Book value yield / Disposition yield

6.9%

Total number of hotel guests in Hyogo, and percentage of foreign nationals

First installment of four-phase disposal

(First disposition scheduled for May 28, 2026)

2.8% / 2.1%

Book value yield / Disposition yield

Retail fixed rent

35

30

25

20

15

10

Hotel fixed rent 5

0

Total number of guests Percentage of foreign nationals

2020 2021 2022 2023 2024

25%

20%

15%

10%

5%

0%

24%

equity interest

* Yield is calculated based on the average actual figures over the past three years

* Fixed rent is calculated as total monthly rent at end of the most recent period ×12. Variable rent is calculated based on actual figures for FY2024.

* Prepared by TRM based on the Japan Tourism Agency's "Accommodation Travel Statistics Survey"