39th Period (January 2026) Financial Presentation Materials

Overview of Performance

In the 39th period (January 2026), operating revenue was 11,381 million yen, operating income was 6,882 million yen, and net income attributable to owners of parent was 6,124 million yen, achieving year-over-year revenue and profit growth. Distributions per unit were 3,100 yen (YoY +0.3%), achieving the plan as a result of capital gains contribution. NAV per unit stood at 165,145 yen (YoY +1.6%), increasing year-over-year due to property acquisitions at prices below the appraised value. Newly acquired property includes 'Toranomon Hills Mori Tower' in December 2025, with an acquisition price of 9.66 billion yen and an appraised value of 11.61 billion yen.

Capital Policy and Asset Management Strategy

A decision was made to acquire treasury investment units with a cap of 1 billion yen or 6,800 units, representing 0.36% of the total investment units. The upward effect on DPU excluding capital gains is estimated at +8 yen per unit. Considering the outlook for property acquisitions, funding conditions from dispositions, and market environment, ongoing consideration will continue. Occupancy rates for office and residential assets remain at high levels, with ongoing rent increases through lease renewals and replacements. As of the fiscal year-end, book value LTV was 46.1%, appraisal LTV was 36.5%, average remaining debt maturity was 3.5 years, and credit rating was JCR AA (stable), maintaining a robust financial position.