CRE : Presentation Materials for the Fiscal Year ending July 31, 2020

(Translated from the Japanese original)

Consolidated Results for Fiscal Year 2020

(August 1, 2019 to July 31, 2020)

September 11, 2020

Code: 3458

Listing: First Section of the Tokyo Stock Exchange

Copyright (C) 2020 CRE, Inc. All rights reserved.

Business Vision

No.1 corporate group with Logistics Infrastructure Platform

that connects people and things of our world

Copyright (C) 2020 CRE, Inc. All rights reserved.

1

Logistics Infrastructure Platform

	Labor shortage response
Cold chain measures	Omni-channel response
	Warehouse Staffing Center, Inc.

A-TRUCK Co., Ltd.

Group company

Truck driver shortage response

Group company
		AMS Inc.
		Partner company
Worker
dispatch		Efficiency and labor-saving
Specialized	e-commerce
leasing/rental of	measures
freezer trucks and	fulfillment
wing body trucks
Asset utilization	Development
business	business

CBcloud Co., Ltd.	Delivery	Master leasing		Real estate	Automated	APT Corporation
	matching
	business		brokerage business	warehouse
Partner company	service		Partner company
			Property
			management
		Logistics solution	business	Construction/
		for e-commerce		energy services

Omni-channel response

(distributed shipping

management)

BRAIN WAVE Co., Ltd.	EnBio Holdings, Inc.
Group company	Group company

Established logistics base

Copyright (C) 2020 CRE, Inc. All rights reserved.

2

Classification of Group Companies

Consolidated subsidiaries

CRE Asia

Distribution	Self-storage	Asset manager	Asset management
platform business	business in	CRE Logistics	business for
	Thailand	REIT, Inc.	privately placed
			funds

Equity

method

affiliates

	Sembcorp		Note: Included in
	Infra Services		consolidated accounting
			from fiscal 2021.
Soil remediation-	Logistics facility	Specialized	Brownfield
related activities	leasing and	leasing/rental of	remediation
	development in	freezer trucks and
	Vietnam	wing body trucks

Investment

targets

Delivery	Automated	e-commerce	Worker	Property
matching	warehouse	fulfillment	dispatch	management
service				business focusing
				on self-storage

Copyright (C) 2020 CRE, Inc. All rights reserved.

3

CRE Group's Main Business

Flow of sales

Flow of COGS

Flow of services

Real estate management business

Asset management

business

	Master leasing		Property management
				Property management
Rental	Rent paid	Rental					Management
revenues
（COGS）						fees
						Management fees		Form new funds and
	（Sales） Lease
			（Sales）
							（Sales）		fund management

Stock business

			Lease
Owners	Tenants	Owners	agreements	Tenants	Funds
	Financial	Investors
		Attract tenants		institutions

Construction

Real estate brokerage

Construction

Construction

Brokerage services

Brokerage services

Cost of

Construction

Brokerage

Brokerage

Management

Form new funds

fees

construction

and fund management

commissions

commissions

revenues

（Sales）

(COGS)

（Sales）

(Sales)

（Sales）

CRE Logistics REIT

Subcontractors

Owners

Owners

Tenants

Attract tenants

Logistics investment business

Land acquisition

Flow business

Move in

Cost

of real estate

sales

Sellers

(COGS)

Tenants

Disposal

Construction

Construction

Sales revenue

Cost of construction

companies

(COGS)

(Sales)

Copyright (C) 2020 CRE, Inc. All rights reserved.

4

Contents

1. Summary of Consolidated Results for Fiscal 2020

1. Business Forecast

1. Medium-TermManagement Plan (Fiscal 2019 to Fiscal 2021)

1. Return to Shareholders

1. Long-TermManagement Strategy

1. Logistics Real Estate Market

1. Appendix

Copyright (C) 2020 CRE, Inc. All rights reserved.

5

Topics (As of September 11, 2020)

• Completed large-scale logistics facility LogiSquare Miyoshi2
• Completed multi-tenant logistics facility LogiSquare Sayama Hidaka (Hanno)5
• Hankyu Hanshin Properties Corp. joined logistics facilities development project in Vietnum6
• Notice regarding additional acquisition of shares of BRAIN WAVE Co., Ltd., making it a wholly- owned subsidiary1
• Notice regarding sales of three logistics facilities3
• Notice regarding revised forecast of financial results for fiscal 20204
• Notice regarding public offering789

Announced
1-4: June 29, 2020	5: June 30, 2020 6: July 2, 2020	7: July 16, 2020 8: July 27, 2020 9: August 28, 2020
Copyright (C) 2020	CRE, Inc. All rights reserved.	6

Summary of Consolidated Results for Fiscal 2020

Copyright (C) 2020 CRE, Inc. All rights reserved.

7

Consolidated Financial Highlights

Net Sales

(Millions of yen)

50,000
40,475	41,194
40,000
33,842	33,584
30,000
	23,941
20,000
10,000
0

Fiscal 2016 Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020

Operating Profit

(Millions of yen) 6,000

		5,188
5,000	4,386
	4,228
4,000
		3,186
3,000
2,000		1,651
1,000
0

Fiscal 2016 Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020

Recurring Profit

(Millions of yen)
6,000
5,000	4,956
4,123	4,049
4,000
3,000	3,103
2,000	1,382
1,000
0

Fiscal 2016 Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020

Net Income

(Millions of yen)
4,000		3,581
3,000		2,611
	2,307
	2,103
2,000
1,000		696
0

Fiscal 2016 Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020

Copyright (C) 2020 CRE, Inc. All rights reserved.

8

Financial Highlights for Each Reporting Segment

Segment Income

Stock Business

Flow Business

(Millions of yen)		Real estate management business	(Millions of yen)	Logistics Investment business
	Asset management business
3,000			5,000
2,500						4,233
			503	4,000
				3,514
2,000			382	406
		207	3,000
	216			2,521
1,500
				2,163	2,000	1,837
1,000
		1,724	1,764
	1,521	1,610
			1,000
500
					207
0					0

Fiscal 2016 Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020

Fiscal 2016 Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020

Copyright (C) 2020 CRE, Inc. All rights reserved.

9

Consolidated Results for Fiscal 2020

• Solid growth in stock business, driven by asset management business, leading to higher segment sales and profit.
• Logistics investment business-a flow business-presentedV-shaped recovery through sale of three logistics facilities, underpinning higher segment sales and profit.
• Posted goodwill amortization of 236 million yen for fiscal 2020.

							(Millions of yen)
			YOY	Fiscal 2020	Compared		Compared with
	Fiscal 2019	Fiscal 2020	revised forecast	with target	Original plan	original target
	change (％)
			(as of June 29, 2020)	(％)		(％)
Net sales	23,941	41,194	72.1％	41,000	0.5%	43,600	(5.5%)
Gross	5,183	8,471	63.5％	－	－	－	－
profit
Operating	1,651	4,228	156.1％	3,900	8.4%	2,500	69.1%
profit
Recurring	1,382	4,049	193.0％	3,720	8.8%	2,100	92.8%
profit
Net	696	2,611	274.9％	2,400	8.8%	1,300	100.9%
income
Earnings	¥27.86	¥103.72	272.3％	¥95.32	8.8%	¥51.79	100.3%
per share

Copyright (C) 2020 CRE, Inc. All rights reserved.

10

Breakdown of Profit

Operating profit

4,228

Non-operating income

Non-operating expenses

Recurring profit

4,049

Extraordinary income

Extraordinary expenses

Income before income taxes

4,035

(Millions of yen)

Breakdown of non-operating income / expenses

			Non-operating income
	196		Equity in income of affiliates	112
			Non-operating expenses
376		Financing costs, etc.	299

162

174

Income taxes and others	1,424
Net income attributable to owners of the parent company	2,611

Copyright (C) 2020 CRE, Inc. All rights reserved.

11

(Millions of yen)

Results for Each Reporting Segment

• Real estate management business: Rental revenues from master leases, which represents stock revenue, steadily increased, reflecting such factors as inclusion of LogiCom, Inc., under CRE Group umbrella. Leasing results also favorable, underpinning higher sales and profit.
• Logistics investment business: Higher sales and profit through sale of LogiSquare Chitose, LogiSquare Ageo and LogiSquare Miyoshi
• Asset management business: Booked steady performance fees from CRE Logistics REIT during fiscal year, complemented by public offerings executed in three consecutive REIT accounting periods. Executed capital increase and booked acquisition fees on purchase of

investment assets, leading to higher sales and profit.

Fiscal 2019		Fiscal 2020		YOY change (%)
Net Sales	23,941		41,194	72.1%
Real estate management business	21,537		22,563	4.8%
Logistics investment business	1,599		17,645	―
Asset management business	784		966	23.3%
Other operations	20		19	(5.4%)
Operating profit (Segment income)	1,651		4,228	156.1%
Real estate management business	1,764		2,163	22.6%
Logistics investment business	207		2,521	―
Asset management business	406		503	23.9%
Other operations	4		3	(12.3%)
Adjustment	(731)		(964)	―
Note: Sales for each reporting segment represent sales to external customers.	12
Copyright (C) 2020 CRE, Inc. All rights reserved.

Profit from Stock Business

Stock business = Real estate management business + Asset management business

(Millions of yen)

3,500							Decrease
					Increase in		in other
						income
3,000					asset
			Increase in	utilization	464	371		Increase in
				SG&A of	business
					new business	2,667
		Increase in		LogiCom	income
				187		income
		master lease		business	47			74
			Increase in		31
2,500		leasing		93	186	Increase in	Decrease in
	248	leasing
		margin			SG&A of
			Increase in	business	SG&A of
	2,171	95					new business
	Increase in		asset	income	existing
				management		business
2,000			LogiCom
			business
		business
				income
			income
1,500
1,000
500
0	Fiscal 2019										Fiscal 2020
Copyright (C) 2020	CRE, Inc. All rights reserved.		13

Summary of Consolidated Balance Sheets

• Key components of real estate for sale: LogiSquare Kawagoe II, LogiSquare Kobe Nishi, LogiSquare Sayama Hidaka, and seven small-sized warehouses
• Key components of real estate for sale in process: LogiSquare Osaka Katano and LogiSquare Miyoshi II

								(Millions of yen)
As of July 31,	As of July 31,		YOY change	As of July 31,	As of July 31,		YOY change
2019	2020	(%)	2019		2020	(%)

Total assets		54,712		70,142	15,430	Total liabilities		37,167		50,138			12,971
Current Assets	36,245		49,324	13,078	Current liabilities	8,770		28,038			19,268
（Key components）							（Key components）
Cash and deposits	9,032		14,466	5,433	Short-term loans	3,626		10,752			7,125
	payable, etc.※1
Accounts receivable-trade	422		485	63	Accounts payable - trade	1,917		11,994			10,076
Real estate for sale	9,931		20,395	10,464	Fixed liabilities	28,396		22,099			(6,296)
Real estate for sale in process	14,669		8,715	(5,954)	（Key components）
Fixed assets	18,467		20,818	2,351	Long-term loans payable,	20,913		13,703			(7,209)
	etc.※2
（Key components）							Lease and guarantee	6,497		7,115			618
						deposits received
Tangible fixed assets	3,904		4,561	657	Total net assets		17,545		20,004			2,458
Intangible fixed assets	1,663		1,441	(221)	Common stock	2,195		2,240			44
Investments and other	12,898		14,815	1,916	Capital surplus	3,784		3,612			(172)
fixed assets
	<5,730>		<6,218>	488	Earned surplus	12,085		14,170			2,084
Total assets		54,712		70,142	15,430	Total liabilities and net	54,712		70,142			15,430
		assets
※1 Short-term loans payable, etc.＝ Short-term loans payable + Current portion of long-term loans payable + current portion of bond	※2 Long-term loans payable, etc. ＝ Bond +Long-term loans payable
Copyright (C) 2020	CRE, Inc. All rights reserved.		14

Financial Position (as of July 31, 2020)

Changes in Loan Balance and Changes in Weighted Average Interest

Rate (Consolidated Basis)

(Millions of yen)						（times）
					3.50
		Logistics investment
30,000				1.20%
	Excluding logistics investment
		Weighted Average Interest Rate
25,000	1.04%			24,540	24,456	1.00%
							2.50
		0.88%	0.81%
20,000			8,846		0.80%
			10,230
				0.77%
				0.74%
15,000	13,843		12,676			0.60%	1.50
		11,582
10,000	5,373					0.40%
	4,782	7,126
				15,694	14,226		0.50
5,000	8,470					0.20%
	6,800
		5,550
0						0.00%	-0.50
	July 2016	July 2017	July 2018	July 2019	July 2020

Key Indicators (Consolidated Basis)

Debt-to-equity ratio※1			50.0%
Net debt-to-equity ratio※2			45.0%
Equity ratio
	42.7%
		39.9%		40.0%
Upper limit of equity ratio is 2.5 times※3		35.0%
30.4%		31.9%	28.5%	30.0%
1.22			1.40		25.0%
			1.22
		0.75	0.89		20.0%
				0.50	15.0%
	0.73
	0.01				10.0%
-0.03	-0.04
					5.0%
					0.0%
July 2016	July 2017	July 2018	July 2019	July 2020

（Number）	July	July	July	July	July
2016	2017	2018	2019	2020
Funding	15	15	20	24	23
sources

Copyright (C) 2020 CRE, Inc. All rights reserved.

*1 Debt-to-equity ratio

＝interest-bearingdebt（short-term loans payable + long-term loans payable）/ equity capital

*2 Net debt-to-equity ratio

• (interest-bearingdebt（short-term loans payable + long-term loans payable） - cash and deposits) / equity capital *3 CRE's target upper limit of net debt-to-equity ratio is 2.5 times. (Source: Long-term strategy announced September
  12, 2016)

15

Real Estate Management Business: Floor Space under Management

Change in Floor Space under Management

Million square meters

6

Property management

100%

Master lease

95%

Master lease occupancy rate

5

90%

About 5.3 million m2, 1,590 properties at end of July 2020

4

85%

Master lease occupancy rate: 97.9%

80%

3

75%

70%

2

65%

1

60%

55%

0

Aug. 2017

50%

Aug. 2010

Nov. 2010

Feb. 2011

May 2011 Aug. 2011 Nov. 2011 Feb. 2012 May 2012 Aug. 2012 Nov. 2012 Feb. 2013

May 2013

Aug. 2013 Nov. 2013 Feb. 2014 May 2014 Aug. 2014

Nov. 2014

Feb. 2015

May 2015 Aug. 2015 Nov. 2015

Feb. 2016

May 2016

Aug. 2016

Nov. 2016

Feb. 2017

May 2017

Nov. 2017

Feb. 2018

May 2018

Aug. 2018

Nov. 2018

Feb. 2019

May 2019

Aug. 2019

Nov. 2019

Feb. 2020

May 2020

Note: Calculation method changed, effective March 2013

Copyright (C) 2020 CRE, Inc. All rights reserved.

16

Real Estate Management Business: Floor Space under Management by Area

Master Lease

Property Management

Average floor space: About

1,100m2

Average floor space: About

15,800m2

1,545,458m23,803,283m2

1,351 properties		Hokkaido	29,884m2	239 properties
		6 properties
Greater Tokyo Area				Greater Tokyo Area
About 90%	Tohoku	7,160m2		About 80%
	area	1 property

51,815m2

Ibaraki 28 propertiesIbaraki 83,967m2 7 properties

	Saitama	245,547m2
	216 properties	Chiba
Kyushu area	18,820m2
5 properties

Tokyo

						Kanagawa
		40,602m2	Tokai	55,947m2
Kinki
area				area	64 properties
11 properties

Copyright (C) 2020 CRE, Inc. All rights reserved.

	Saitama	802,992m2
148,945m2	45 properties
118 properties
Kyushu	207,478m2
area	19 properties
269,035m2
196 properties
675,898m2
704 properties
		Kinki	509,944m2
		area	14 properties

17

		Tohoku	38,615m2
			area	4 properties
	Chiba		1,346,400m2
		38 properties
	Tokyo	95,415m2
	30 properties
	Kanagawa		689,888m2
		75 properties
Tokai	28,585m2
area	7 properties

As of July 31, 2020

Diverse Customer Base and Position among Property Management Companies

Tenant Composition in Master Lease

Other	Advertising and	Food services
information and
	communications	Public services
Consumer	services
services

Corporate		Transportation
	services
services	Retail

Fiscal 2020

Number of

Main Customers for Property Management

・LaSalle LOGIPORT REIT

・Star Asia Investment Corporation

・Kenedix Retail REIT Corporation

・United Urban Investment Corporation

・Japan Logistics Fund, Inc.

・Industrial & Infrastructure Fund Investment Corporation

・Mitsubishi Estate Logistics REIT Investment Corporation

・Daiwa House REIT Investment Corporation

Intermediary

tenants

・CRE Logistics REIT, Inc.

distributionManufacturing

Real estate

and

construction

Position among Property Management Companies

・LaSalle Investment Management

・Takara Asset Management Co., Ltd.

・Diamond Realty Management Inc.

・ESR LTD.

・Kokyo Asset Management Co., Ltd.

・Sumisho Realty Management Co., Ltd.

・Challenger Limited

・Morgan Stanley Capital K.K.

Ranking in floor space under management of property management company.

#2

Floor space under management (Million square meters)

6.0
5.0
4.0
3.0
2.0
1.0
0.0
G	CRE	P	D

・Daiei Real Estate & Development Co., Ltd.

・Real Link International Investment Advisors, Inc.

・Tozai Asset Management Co., Ltd.

・Mitsui & Co., Realty Management Ltd.

・IDERA Capital Management Ltd.

・Mitsubishi Jisho Investment Advisors, Inc.

・FORTRESS INVESTMENT GROUP JAPAN

・Ichigo Estate

・Yamato Home Convenience Co. Ltd.

・TAKARA-SANGYO Co., Ltd.

・Tokyu Land Capital Management Inc.

・UIG Asset Management Co., Ltd.

・UNIVERSE DEVELOPMENT Co., Ltd.

・CRE REIT Advisers, Inc.

・Strategic Partners Co., Ltd.

As of July 31, 2020

Copyright (C) 2020 CRE, Inc. All rights reserved.

18

Logistics Investment Business: Development Projects

Extensive Development Pipeline

(Million square meters)
1.6		Sales in previous periods		Sales in this fiscal year		Completed		Under development	Plan
1.4

1.2

LogiSquare Hirakata

Fujimino (planned development site)

Completed contract or priority under negotiation

1

0.8

0.6

LogiSquare Osaka Katano

LogiSquare Miyoshi II

LogiSquare Kawagoe II

LogiSquare Kobe Nishi

0.4

LogiSquare Sayama Hidaka

LogiSquare Chitose

LogiSquare Ageo

LogiSquare Moriya

LogiSquare Kawagoe

LogiSquare Miyoshi

0.2

LogiSquare Kuki II

LogiSquare Tosu

LogiSquare Kasukabe

LogiSquare Niiza

LogiSquare Urawa Misono

LogiSquare Kuki

LogiSquare Hanyu

0

LogiSquare Yashio

LogiSquare Soka

LogiSquare Hidaka

Fiscal 2014

Fiscal 2015

Fiscal 2016

Fiscal 2017

Fiscal 2018

Fiscal 2019

Fiscal 2020

Fiscal 2021

onward

Copyright (C) 2020

CRE, Inc. All rights reserved.

19

Logistics Investment Business: Development Projects

Development Projects

	Total floor		Completion of construction
Project name	area
	（m2）	FY2014	FY2015	FY2016	FY2017	FY2018
LogiSquare Soka	30,073
LogiSquare Yashio	19,094
LogiSquare Hidaka	17,461
LogiSquare Kuki	44,374
LogiSquare Hanyu	38,856
LogiSquare Kuki II	11,931
LogiSquare Niiza	25,888
LogiSquare Urawa Misono	52,374
LogiSquare Moriya	34,221
LogiSquare Tosu	17,788
LogiSquare Kasukabe	22,188
LogiSquare Kawagoe	7,540
LogiSquare Chitose	20,886

	Total floor	Completion of construction
Project name	area
	（m2）	FY2019	FY2020	FY2021
LogiSquare Ageo	19,521
LogiSquare Miyoshi	40,754
LogiSquare	14,787
		Area completed:
Kawagoe II
					114,969m2
LogiSquare Kobe Nishi	16,050
LogiSquare Sayama	84,132
Hidaka
LogiSquare Osaka	80,661				Plan
Katano
LogiSquare Miyoshi II	18,096				Plan
					Not
LogiSquare Hirakata	44,727				fixed
		Area under	yet
		development:
Total	661,402
About 143,484m2

【Planned development site】

• Location：Fujimino, Saitama Prefecture
  Site area：123,389m2

Copyright (C) 2020 CRE, Inc. All rights reserved.

20

Logistics Investment Business: Development Projects

Highly Convenient Locations

		LogiSquare Hanyu	LogiSquare Kuki II
	LogiSquare Kuki	境古河IC	LogiSquare Ageo
			圏央道	常盤道
LogiSquare Chitose	LogiSquare Kawagoe	つくば中央IC
	LogiSquare Kasukabe
	LogiSquare Kawagoe II		久喜白岡JCT	谷和原IC
	白岡菖蒲IC
		関越道		LogiSquare Moriya
	LogiSquare Hidaka		東北道		神崎IC
		LogiSquare Urawa Misono
	鶴ヶ島JCT
	LogiSquare Sayama Hidaka	川越IC		LogiSquare Soka
			大栄JCT
			外環道	三郷南IC
					成田空港
	LogiSquare Miyoshi			LogiSquare Yashio
				東関東道
					松尾横芝IC
	LogiSquare Miyoshi II	LogiSquare Niiza		京葉道路
	東名JCT
		（仮称）

LogiSquare Hirakata

LogiSquare Kobe Nishi

LogiSquare Osaka Katano

LogiSquare Tosu

相模原IC

羽田空港

第三京浜

	湾岸線		館山道
東名高速		アクアライン
海老名JCT

寒川北IC

藤沢IC 釜利谷JCT

Completed	Completed	Planned development site
Under construction	Under construction	(Fujimino, Saitama Prefecture)

Copyright (C) 2020 CRE, Inc. All rights reserved.

21

Reference: Domestic Logistics Facilities' Utilization Status and CRE's Business Areas

Current Utilization Status

3,305m2	9,917m2	16,528m2	49,587m2

41%	56%
Main areas in CRE's master lease business	Main areas in CRE's logistics investment business
＜Per-location available area＞	＜CRE's floor space under master lease composition＞

Less than 3,305㎡		3,305㎡ to under 9,917㎡
9,917㎡ to under 16,528㎡		16,528㎡ to under 33,057㎡
33,057㎡ to under 49,586㎡		More than 49,587㎡		3% 2% 4%
				3%	9%
Greater Tokyo Area	41%	20%	21%	11%
（n=655)	46%
				4%	36%
				3%
Outside Greater Tokyo Area	52%	18%	15%	9%
（n=1848)
				3%	Less than 660㎡
				More than 660㎡ but less than 1,320㎡
Note 1: "n" is the number of utilized properties.				More than 1,320㎡ but less than 1,980㎡
			More than 1,980㎡ but less than 2,640㎡
Note 2: Responses received from 118 companies in the Greater Tokyo Area and 159 outside the	More than 2,640㎡ but less than 3,300㎡
Greater Tokyo Area.					More than 3,300㎡
Note 3: Available area is actually floor area in use, not total floor area of logistics facilities.	As of July 31, 2020
Source: Sumitomo Mitsui Trust Research Institute Co., Ltd.

Copyright (C) 2020 CRE, Inc. All rights reserved.

22

Business Forecast

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23

Fiscal 2021 Consolidated Business Forecast

				(Millions of yen)
	Fiscal 2020	Fiscal 2021	YOY Change
	(Actual)	(Forecast)	Amount	YOY
Net Sales	41,194	54,700	13,505	32.8 %
Real estate management business	22,563	27,100	4,536	20.1%
Logistics investment business	17,645	26,600	8,954	50.7%
Asset management business	966	1,000	33	3.4%
Other operations	19	―	―	―
Operating profit (Segment income)	4,228	5,000	771	18.2%
Real estate management business	2,163	2,200	36	1.7%
Logistics investment business	2,521	3,700	1,178	46.7%
Asset management business	503	500	(3)	(0.7%)
Other operations	3	―	―	―
Adjustment	(964)	(1,400)	(435)	―
Recurring profit	4,049	4,500	450	11.1%
Net income	2,611	2,900	288	11.0%
Earnings per share	¥103.72	¥105.88	¥2.16	2.1%
Dividend per share	¥22	¥23	¥1	4.5%
Return on equity	13.9%	12.6%	－	(1.3p)

Note: Sales for each reporting segment represent sales to external customers.

Note: Calculation of net income per share (anticipated) for fiscal 2021, ending July 31, 2021, takes into consideration an increase in the number of shares associated with issuance of new shares through a third-party allocation of shares and public offering, for which payment was completed in August 2020, and also associated with disposal of treasury stock, in addition to an increase in the number of shares reflecting third-party allocation related to a secondary offering by way of over-allotment, for which payment was completed in September 2020.

Copyright (C) 2020 CRE, Inc. All rights reserved.

24

Medium-Term Management Plan

(Fiscal 2019 to Fiscal 2021)

Copyright (C) 2020 CRE, Inc. All rights reserved.

25

Three-Year Strategies

Strategies

Implementation

Strategies

Implementation

Real estate management	Logistics investment business	Asset management business
business
・Maintain existing earnings base,	・Strengthen ability to purchase	・Expand AUM
then drive results higher	development sites	・Cultivate investor base
・Promote reconstruction of	 Expand investment areas	・Formation of self-storage funds
master leasing properties	 Medium- and long-term	・Formation of small warehouse
・Expand business related to	development of sites	funds
property management	 Joint development
・Further strengthen real estate	 Soil contaminated sites
brokerage capabilities
・Brought LogiCom, Inc. under	・Started construction on LogiSquare	・¥97.1 billion in AUM at CRE Logistics
consolidation in December 2018	Kobe Nishi in June 2019	REIT
→ Absorbed LogiCom, Inc. in Augu	・Plan to start construction on	・Formation of small- and medium-sized
st 2020	LogiSquare Osaka Katano in	warehouse funds in April 2019
	November 2019
	・Fujimino project
	Overseas business

・Promote leasing and development business for logistics facilities in VSIP Hai Phong Integrated Township and Industrial Park in Vietnam

・Promote self-storage business and investment in real estate-related business in Thailand

・Started construction on VSIP Hai Phong Warehouse III in August 2019 → Completed in April 2020

Copyright (C) 2020 CRE, Inc. All rights reserved.

26

Ongoing Strategy: Enhanced Lineup of Our Products (Real Estate Management Business)

Large amount	Results in fiscal 2020

Effective land utilization and profit-making properties

・Idle land utilization and reconstruction ・Change to more profitable real estate

Minimum investment size: Several hundreds of million yen

Securitized product backed by sub-divided real estate investment

・Installation of photovoltaic power generation equipment at logistics properties

• Allocated to small lots in accordance with Act on Specified Joint Real Estate Ventures
  Minimum investment size: ¥1 million

Investment units in listed REITs

Minimum investment size: ¥100 thousand

Unlisted real estate investment products

Minimum investment size: ¥10 thousand

Formation of private fund

LogiSquare Niiza Solar Power Plant

Power output: 898.56kW

Listed on February 7, 2018

Business development in crowdfunding market

Small amount

Copyright (C) 2020 CRE, Inc. All rights reserved.

27

Ongoing Strategy: Strengthen Soil Contaminated Site Sourcing (Logistics Investment Business)

Capital and Business Alliance

Code: 6092

Investment stake of about 20% as of December 2018 Listing: Tokyo Stock Exchange Mothers market

Established new company through joint investment

The first project

Land Revitalization Investment, Ltd.

		Ability to
Leasing		provide	In-situ
Real estate	environmentally	remediation
Planning	friendly
capabilities	technologies
solutions for
		contaminated
		soil
	Risk responsiveness
	Comparatively high		Chemical oxidation &
		reduction treatment
	risk tolerance
		Bioremediation
				Thermal desorption

Copyright (C) 2020 CRE, Inc. All rights reserved.

28

Location	City of Yokohama
Area	About 3,358m2
Acquisition price	About 600 million yen
Timing of the	May 2020
disposition	(attract retail tenants)
The second project
Location	City of Atsugi
Area	About 10,032m2
Acquisition price	About 1.5 billion yen
Future plans	Entered into a two-year, fixed-
	term lease contract following
	purchase in June 2020.
	Once site is vacated, will
	undertake demolition and soil
	remediation work, and then sell
	property as logistics facility site.

Source：Announcement material from EnBio Holdings, Inc.

Ongoing Strategy: Strengthen Self-Storage Business

(Real Estate Management Business and Asset Management Business)

Future Strategies

1. Self-storagedevelopment (Self-storage brand Keep It )
   Expand floor space under management by Japan Personal Storage Co., Ltd. (Joint venture with
2. Palma Co., Ltd. (hereafter referred to as JPS))
3. Formation of funds focusing on self-storage

		Future Image
	Property		Property
	transferred	Leasing companies	transferred
Development
	（Use of warehousing functions）
	Revenue from
	transfer
		Rental revenues of master leasing
		and property management fees

After three years

Funds focusing on self-storage

	Lease contract /		Asset management
Outsourcing contract		contract
			Asset management fees

Copyright (C) 2020 CRE, Inc. All rights reserved.

29

Ongoing Strategy: Formation of medium- and small-sized warehouse funds (Real Estate Management Business and Asset Management Business)

• Formation of fund No.1 in April 2019
• Formation of fund No.2 in the fall of 2020 (scheduled)

Mainly small- and medium-sized warehouses with less than 5,000m2 total floor area

CRE master leasing fund

Domestic

institutional

Property transferred

Investment

investors

Asset management

(Investment advisory services)

Copyright (C) 2020 CRE, Inc. All rights reserved.

30

Ongoing Strategy: Active Investment in Vietnam (Overseas Business)

Development Plan in Vietnam

Nomura Haiphong Industrial Park

Singapore government-affiliated company

CRE

Sembcorp Development Ltd.

Acquisition of new shares through third-party allotment

(30％ of outstanding shares)

VSIP Hai Phong Integrated Township and Industrial Park

Sembcorp Infra Services Pte. Ltd.

CRE Asia

Hanoi-Haiphong

Expressway

Cat Bi International

Hai Phong Port

Airport

Sembcorp Infra Services Hai Phong

Dinh Vu Industrial Zone

Sembcorp Logistics Park A

Sembcorp Logistics Park A

Lach Huyen International

(Hai Phong) phase 1

(Hai Phong) phase 2

Gateway Port

Lot area

47,083㎡（Phase1+2）

Structure

1F

1F

Total floor area

15,000㎡

14,279㎡

Sembcorp Logistics Park B (Hai Phong)

Development plan (VSIP Hai Phong Warehouse Ⅳ (tentative))

(Phase4)

Lot area

About 23,840m2

Lot area

About 29,215m2

Structure

1F (scheduled)

Structure

1F (scheduled)

Total floor area

About 14,286m2

Total floor area

About 17,529m2

Start

August 2019

Start

Beginning of 2021 (scheduled)

Completion

April 2020

Completion

End of 2021 (scheduled)

Copyright (C) 2020 CRE, Inc. All rights reserved.

31

Ongoing Strategy: Active Investment in Vietnam (Overseas Business)

Sembcorp Logistics Park A (Hai Phong) phase 1,2

Economic Growth Rate

%	Hai Phong	Vietnam	Five ASEAN countries
20.0
							16.3	16.7
16.0					13.5	14.0
12.0			8.9	10.2
	8.1
	7.2		6.7		6.8	7.1	7.0
8.0			6.2
4.0	5.3	5.4	6.0	4.9	5.0	5.3	5.2	4.8（Forecast）
0.0
	2012	2013	2014	2015	2016	2017	2018	2019

Source： Hai Phong and Vietnam data from Hai Phong Statistical Office and General

Statistic Office of Vietnam, and Five ASEAN countries data from Asia Trends

Macroeconomic Report, released by Dai-Ichi Life Research Institute Inc.

Five ASEAN countries (Indonesia, Thailand, Malaysia, the Philippines and Vietnam)

Copyright (C) 2020 CRE, Inc. All rights reserved.

32

Perspective on Earnings

Build Circular Stock and Flow Business Structure

• Emphasize earnings from stock business

		Earnings from core stock		Earnings from stock		Selling, general and
Grow core stock		administrative expenses

• Cover selling, general and administrative expenses with earnings from core

stock income	stockfromEarnings		stockfromEarnings
Earnings from core stock = Master lease leasing income + Property management	Current	Future
fees + Building maintenance fees + Repairs/maintenance/improvement projects +
Management fees during asset management period
Earnings from stock = Income from real estate management business + Income
from asset management business

Diversification of earnings sources

			Fee income
	Fee income
Master lease	Development	Master lease	Development
leasing income	profit
Leasing income	profit

Copyright (C) 2020 CRE, Inc. All rights reserved.

33

Build Circular Stock and Flow Business Structure

Stock business	Flow business
Return

CRE's business areas

Logistics investment business

Real estate holdings (long-term)

J-REIT

Real estate management business

Asset management business

ML

PM

CRE REIT's business area

AM

Risk

Copyright (C) 2020 CRE, Inc. All rights reserved.

34

Profit Structure that Builds Profit from Flow Business on to Profit from Stock Business

Sales

Stock business

Flow business

Flow business

Logistics investment business

Flow business

Asset management business

Stock business (cumulative)

Real estate management business

Stock business (cumulative business)

Time

Copyright (C) 2020 CRE, Inc. All rights reserved.

35

Return to Shareholders

Copyright (C) 2020 CRE, Inc. All rights reserved.

36

Return Profits to Shareholders in Line with Growth in Stock Business

• We will draw on earned surplus from the stock business to distribute dividends to shareholders and will strive to steadily increase dividend payments commensurate with continuous growth.
• We reinvest earned surplus from the flow business into logistics development and M&As to strengthen the stock business, or to purchase treasury stock.

Capital Strategies

Earned surplus

Real estate management business

Asset management business

Logistics investment business

					Dividend
Profit		from	stock business		We provide a return to shareholders that targets 50% of
		profit from stock business.

	Reinvestment
Profit from flow business	Logistics development	Share buybacks

Strategic M&As

Copyright (C) 2020 CRE, Inc. All rights reserved.

37

Return to Shareholders

		Changes in dividends per share and dividend payout ratio			Consolidated dividend per share
(Yen)			Dividends per share		Dividend payout ratio
25							80%			Fiscal 2021 (plan)
					23
						75.7%
			21	22
					70%
20	20
					60%			¥23per share
15						50%
					40%			YOY +¥1（Up 4.5%）
10	10
					30%

	24.0%			20%
		21.2%
5		21.7%
					10%
6.8%
0					0%
FY2017	FY2018	FY2019	FY2020	FY2021
					Plan

More than 50% of profit from stock business

Note: Based on total number of shares issued (excluding treasury stock) as of July 31, 2020.

Note: CRE executed a two-for-one stock split twice, once on November 1, 2016, and again on August 1, 2018, and annual dividend amounts noted in the graph above have been retroactively adjusted to reflect these stock splits

Copyright (C) 2020 CRE, Inc. All rights reserved.

38

Long-Term Management Strategy

Copyright (C) 2020 CRE, Inc. All rights reserved.

39

Long-Term Management Strategy: Entire Picture

Creating a Connected Future through Logistics Real Estate Business

		Real estate
		management business
Owners				Tenants
Logistics investment
		business
		Asset management
		business

Plan 1: Sustainable corporate growth by strengthening stock business

Plan 2 : Establish corporate system to maintain growth

Plan 3 : Return profits to shareholders in line with growth in stock business

Source: Long-term management strategy announced on September 12, 2016

Copyright (C) 2020 CRE, Inc. All rights reserved.

40

Plan 1: Sustainable corporate growth by strengthening stock business

Sustained growth of real estate management business and asset management business-both stock businesses-will underpin stable management base resilient to changing business conditions

Strengthen area	Expand business size	1		Expand revenue and income in real estate management
expansion

2 Expand AUM

Logistics real

estate

3 Strengthen area expansion

Strengthen products	Move into peripheral	4		Expand business size and reinforce
and services	business lines		competitiveness through M&A

Source: Long-term management strategy announced on September 12, 2016

Copyright (C) 2020 CRE, Inc. All rights reserved.

41

Underpinning Long-Term Management Strategy

Business area

New

Now

Established Logistics Infrastructure Platform	Established Logistics Infrastructure Platform
			Global
Specialized	Worker		Specialized	Worker
dispatch	e-commerce	dispatch	e-commerce
leasing/rental of	leasing/rental of
freezer trucks and		fulfillment	freezer trucks and		fulfillment
wing body trucks			wing body trucks
Delivery		Automated	Delivery		Automated
matching		matching
	warehouse		warehouse
service		service
Logistics solution		Construction/	Logistics solution		Construction/
for e-commerce		energy services	for e-commerce		energy services
Search
Provided One-stop Services for Logistics Facilities	Provided One-stop Services for Logistics Facilities in
			ASEAN
Asset utilization		Development	Asset utilization		Development
business		business	business		business
Master leasing		Real estate	Master leasing		Real estate
business		brokerage business	business		brokerage business
	Property			Property
management	management
	business			business
Deepen			Search
					Area expansion
Domestic	Overseas

Copyright (C) 2020 CRE, Inc. All rights reserved.

42

Long-Term Strategy in Real Estate Management Business

Expansion in Floor Space under Management

Results in fiscal 2020

Increase in floor space under management of master lease operations

Up about 5% from the end of July 2019

	Target
Ratio outside greater Tokyo area*	About 10 million m2
*Target floor space under management in master leasing and property management categories

Master leasing

13%

20%	About 5.3million m2
	(As of July 31, 2020)

Property management

23%

(As of July 31, 2020)

Copyright (C) 2020 CRE, Inc. All rights reserved.

43

Long-Term Strategies in Logistics Investment Business and Asset Management Business after REIT Listing

Logistics Real Estate Development

Change in Assets under Management (AUM)

• Public offerings executed in three consecutive REIT accounting periods.

		Total issue price
	First public offering in July 2019	3.3 billion yen
	Second public offering in January 2020	12.5 billion yen
Stable
Third public offering in July 2020	11.2 billion yen

development

capacity Development	Target
¥500 billion
of virtuous cycle AUM
expansion
	¥161 billion

3 Completion

July 2015 July 2016 July 2017 July 2018 July 2019 July 2020	July 2016 July 2017 July 2018 July 2019 July 2020
Copyright (C) 2020 CRE, Inc. All rights reserved.	44

Logistics Real Estate Market

Copyright (C) 2020 CRE, Inc. All rights reserved.

45

e-commerce Market Expansion

Changes in Scale of B2C e-commerce Market (EC) and Forecast

（Trillion yen）

U.K.

30							16.3%	18.0%	19.2%		Forecast		25.7	27.2	20%
										24.3		18%
										23.0
24						14.7%							16%
								21.7
					12.5%									14%
				11.3%			18.0	19.4
18			10.4%		15.1	16.5	11.0%						12%
	9.3%			9.7%
	8.3%		12.8	13.8	8.9%							10%
			8.1%
7.3%			11.2	6.4%	7.3%				U.S.						8%
	9.5
12	8.5	5.8%
7.8	5.2%
4.7%														6%
4.3%									6.8%
6						5.4%	5.8%	6.2%						4%
					Japan
		3.9%	4.4%	4.8%
2.8%	3.2%	3.4%										2%
												0%
0
2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

				（年） （Year）				（Fiscal year）
Scale of EC market in Japan (left scale)				EC ratio in Japan (right scale)		EC ratio in U.S. (right scale)				EC ratio in U.K. (right scale)

Source: Prepared by CRE, using B2C market scale and Japan's EC ratio data from Ministry of Economy, Trade and Industry; predictions by Nomura Research Institute for forecasts from 2020 and later; U.S. EC ratio data from U.S. Census Bureau and U.K. EC ratio data from Office for National Statics.

*E-commerce market scale to all business transactions. EC ratio for B2C e-commerce indicates value for sectors selling products as opposed to services.

Net Freight Flow and Small Cargo Flow for Personal Use

	Weight (tons)	Number
(Three-day research)	2010	2015	2010		2015
Net freight flow	23,412,000	22,171,000	24,616,000		22,608,000
Mixed cargo, such as home-delivered packages	869,219	731,834	15,561,281		12,564,392
For personal use	6,940	10,104	1,420,025		1,308,670
(Ratio for personal use)	0.8%	1.4%	9.1%		10.4%
Ratio of home-delivered packages for personal use to total	0.03%	0.05%	5.77%		5.79%

Note: The Net Freight Flow Census targets cargo shipped by mining industry, manufacturing industry, wholesale business and warehousing business and does not include shipments by retailing industry or individuals.

Source: Prepared by or with slight revision by CRE, using data from Ministry of Land, Infrastructure and Transport's "2010 Net Freight Flow Census" and "2015 Net Freight Flow Census".

Copyright (C) 2020 CRE, Inc. All rights reserved.

46

Steady Performance in e-commerce Market after COVID-19

Changes in Domestic Judgment Criteria

(Transport Volume)

General cargo

Home delivery

Special cargo

100

50

0

-50

-100

-150

-200

2018CY1Q

2018CY2Q

2018CY3Q

2018CY4Q

2019CY1Q

2019CY2Q

2019CY3Q

2019CY4Q

2020CY1Q

2020CY2Q

2020CY3QF

Retail Market, e-commerce Market

and EC ratio in U.S.

		e-commerce		Retail sales excluding e-commerce			EC ratio
（Millions of dollars）
1,600,000						18.0%

				16.1%
1,400,000					16.0%
1,200,000					14.0%
				11.8%	12.0%
1,000,000
					10.0%
800,000
					8.0%
600,000
					6.0%
400,000					4.0%
200,000					2.0%
0					0.0%
2019CY2Q	2019CY3Q	2019CY4Q	2020CY1Q	2020CY2Q

Source: Prepared by CRE, using data of business confidence in trucking industry (flash report) from Japan Trucking Association.

Source: Prepared by CRE, using U.S. Census Bureau data on quarterly retail e-commerce sales in second quarter of 2020.

Copyright (C) 2020 CRE, Inc. All rights reserved.

47

Change in Floor Space in Warehouse Construction Starts

• Floor space in warehouse construction starts has trended above that of stores since 2014.

(Thousand square meters)		Stores		Warehouses

12,000
10,000
8,000
6,000
4,000
2,000
0
2010	2011	2012	2013	2014	2015	2016	2017	2018	（Year）
2019

Source: Prepared by CRE, based on data (2017) released by Ministry of Land, Infrastructure, Transport and Tourism, on building construction starts

Copyright (C) 2020 CRE, Inc. All rights reserved.

48

Demand for Logistics Properties from Real Estate Finance Market Remains Strong

• Investment in logistics properties, such as warehouses and distribution centers, in J-REIT holdings has grown to a size comparable to that of investment in retail space, and market presence is expanding.

Asset Size by Use in J-REITs (Acquisition Value Basis) and Regional Investment Strategy

100%																		Logistics					Retail					Office				Others
90%
80%		53.7	51.5	52	51.7	52.4	52.7			52.9	55.6	55.2	57.2	57.8			57.5			57.4	57.7	57.8	58.0			57.5
70%
60%
50%
40%				32.9	31.7	29.2	29	28.5			27.8	25.4	24.8	23.9	23.1			22.4			22.1	21.5	21.3	20.8			20.7
30%		34.3
20%							9.6	10.7	10.3	10.2			10.6	10.3	10.4	10	10.5			10.7			10.2	9.9	9.7	9.6			9.6
10%				10.4
	10.3	8.4	8.3	8.6			8.7		8.7	9.6		8.9	8.6			9.4			10.3	10.9	11.2	11.6			12.2
			5.2	6.7
0%		1.7
			Jun. 2012 Dec. 2012 Jun. 2013 Dec. 2013 Jun. 2014 Dec. 2014 Jun. 2015 Dec. 2015 Jun. 2016 Dec. 2016 Jun. 2017 Dec. 2017 Jun. 2018 Dec. 2018 Jun. 2019 Dec. 2019 Jun. 2020
	Nov.			Daiwahouse-REIT listed (shift to					Feb.			LaSalle LOGIPORT REIT listed		Feb.			CRE Logistics REIT listed
	2012			complex-type and diversified REIT due		2016																						2018
					to merger in September 2016)
	Dec.			GLP J-REIT listed									Aug.			MFLP-REIT listed								Sep.			ITOCHU Advance Logistics
	2012														2016																						2018			Investment Corporation listed
	Feb.			Nippon Prologis REIT listed							Sep.			Mitsubishi Estate Logistics REIT listed		Dec.			SOSiLA Logistics REIT listed
	2013														2017																						2019
																																	Sources: Prepared by CRE, using valuation indicators by Daiwa Securities Co. Ltd.
	Copyright (C) 2020	CRE, Inc. All rights reserved.															49

APPENDIX

Copyright (C) 2020 CRE, Inc. All rights reserved.

50

Company Profile

Company name	CRE, Inc.
Representative	Tadahide Kameyama, Representative Director, President
Head office	East Tower 19F, Toranomon Twin Bldg., 2-10-1, Toranomon, Minato-ku, Tokyo
Sales offices	Kanagawa, Osaka, Fukuoka, Singapore, Thailand
Main businesses	Leasing, management, development, brokerage and asset management of logistics facilities
Established	December 22, 2009
Paid-in Capital	¥2,240 million (As of July 31, 2020)
Consolidated net sales	¥41,194 million (Fiscal year ended July 31, 2020)
Number of employees	249 (Consolidated basis / As of July 31, 2020)
Listing	First Section of the Tokyo Stock Exchange
Code: 3458
Industry sector	Real estate business
Copyright (C) 2020 CRE, Inc. All rights reserved.	51

History

Expanding warehouse	Entered development	Full-scale entry into real	Shift to logistics
master leasing business	business	estate fund business	infrastructure platform
(1964-2005)	(2005-2014)	(Since 2014)	(Since 2018)

CRE 1.0

CRE 2.0

CRE 3.0

CRE 4.0

・Started master leasing business for

・Made full-scale entry into

・Entered J-REIT business, listed and

・Added logistics infrastructure

small warehouses.

development business by utilizing

realized 100 billion yen AUM within

platform to business domains.

・Strengthened capabilities for

accumulated know-how.

three years.

・Made full-scale entry into Thailand

brokerage of master leasing properties.

・Growing property management

・Expanded private fund business in the

and Vietnam, and expanded business

business, reflecting expansion of

same timeframe.

area to include ASEAN region.

Tokyo Olympics

logistics real estate fund market.

Tokyo Olympics

1964

1980

1996

2005

2009

2014

2015

2015

2016

2016

2018

2018

2020

Tenko Souken

Commercial RE

BRAIN WAVE

Entered logistics

Dec.

Aug.

Apr.

Oct.

Apr.

May

Feb.

May

established.

established.

established.

investment

CRE

Started

Listed on

Capital

Entered

Listed on

CRE

Entered

business.

established.

real estate

Second

and

the Asian

First

Logistics

distribution

(development)

fund

Section of

business

market.

Section of

REIT

platform

business.

Tokyo

alliance

Tokyo

listed.

business.

Stock

with Enbio

Stock

Exchange

Holdings.

Exchange.

Commercial RE Co., Ltd,

Assumed property management business on August 2010.

Tenko Souken Co., Ltd.

Absorbed Tenko Souken Co., Ltd., in July 2011.

Turned into subsidiary in August 2014.

Turned into subsidiary in May 2018.

Turned into subsidiary in December 2018 and absorbed in August 2020.

Copyright (C) 2020 CRE, Inc. All rights reserved.

52

Stock Information (As of July 31, 2020)

Issued Shares and Shareholders

Number of Shares Issued and Outstanding	26,309,200
Number of Shareholders	6,514

Major Shareholders

	Number of	Shareholding
Shareholder Name	shares	ratio
	(Thousands)	(%)
Kyobashi Kosan, Inc.	12,009	47.57
Kenedix, Inc.	3,778	14.97
GOLDMAN, SACHS & CO. REG	3,309	13.11
GOLDMAN SACHS	1,227	4.86
INTERNATIONAL
Kokyo Tatemono Co., Ltd.	559	2.22
Syuhei Yamashita	331	1.31
Tsuyoshi Ito	226	0.90
Tokyo Weld Co., Ltd.	193	0.77
NORTHERN TRUST CO. (AVFC)	171	0.68
SUB A/C NON TREATY
Masaaki Kondo	161	0.64
Copyright (C) 2020 CRE, Inc. All rights reserved.	53

Ratio of Shareholding by Type of Shareholder

		Individuals and others			Japanese financial institutions
		Other Japanese corporations			Overseas institutions
100%		Securities companies			Treasury stock
					4.1%	4.0%
10.4%	12.8%
90%
			17.0%	18.1%	18.9%
80%
70%
60%
68.1%	67.3%
50%
			64.2%	63.6%	63.3%
40%
30%
20%
5.8%	4.2%
10%				3.7%	3.5%	2.8%
14.5%	13.9%	10.0%	10.2%	9.8%
0%
Jul. 2016	Jul. 2017	Jul. 2018	Jul. 2019	Jul. 2020

Copyright (C) 2020 CRE, Inc. All rights reserved.