Message to Our Unitholders

On behalf of NTT UD REIT Investment Corporation (NUD), we would like to express our sincere gratitude for the loyal patronage of our unitholders.

NUD has been steadily growing by leveraging support continuously provided by our unitholders as well as NTT Urban Development Corporation, the sponsor.

In the 43rd fiscal period ended April 2024, we raised 9.5 billion yen through a public offering conducted for the first time in two years at the beginning of the period and acquired Urbannet Shijo Karasuma Building and Urbannet Fushimi Building, situated in favorable locations in core regional cities, from the sponsor. In March 2024, we acquired additional ownership interest in “Granpark” as well as ownership interest in “Garden Itabashi Hikawacho,” a large-scale rental residence, from an NTT Group company. With the acquisition of four properties valued at 36.1 billion yen, we achieved an asset size of 300 billion yen, and NUD’s owned assets as of April 30, 2024, comprise 62 properties with 29 office buildings and 33 residential properties amounting to 307.2 billion yen in total.
Revenue increased due to property acquisitions, and the occupancy rate remained stable for both office buildings and residential properties in the fiscal period under review. As a result, NUD posted operating revenues of 11,477 million yen and net income of 4,221 million yen for the 43rd fiscal period. Distribution per unit came to 2,848 yen, which surpassed the forecast of 2,680 yen for the period announced as of December 15, 2023.

Looking ahead, we at NUD will continue our utmost efforts to meet the expectations of our unitholders by realizing steady growth of assets and stable management over the medium to long term in line with the growth strategy of the NTT Group. We appreciate and request your continued support and encouragement.

June 14, 2024

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NTT UD REIT Investment Corporation
Executive Director
Takeshi Oodera
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