Supplementary Explanation Materials Regarding Earnings Forecast

Overview of Revisions to Operational Forecasts

This document aims to revise and supplement forecasts regarding operations for the fiscal periods ending September 2026 and March 2027. The cruising EPU for the 46th term has been upwardly revised from the previous forecast of 1,994 yen to 2,060 yen. However, the 47th term is expected to decline to 1,867 yen due to temporary factors. These include the loss of restoration cost equivalent income, increased interest expenses, and dilution from a public offering. On the other hand, factoring in leasing progress at Toyosu and Shiba Park as well as the resolution of rent holidays in Chiba, the cruising EPU for the 47th term is estimated to recover and improve to 2,027 yen.

Impact on Investors and Future Outlook

The DPU is expected to be maintained at 3,200 yen, indicating dividend stability. Note that the cruising EPU forecast is influenced by temporary factors and may fluctuate depending on future leasing conditions and operational environment changes. The investment corporation is advancing leasing efforts for vacancies at Toyosu Prime Square and ICON PLACE SHIBAKOEN, with this progress expected to contribute to cruising EPU recovery. Investors should monitor operational trends considering these factors.