Message to Our Unitholders

On behalf of NTT UD REIT Investment Corporation (NUD), I 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 42nd fiscal period ended October 2023, we transferred the remaining 50% ownership interest in Rokubancho Building to the sponsor, as we did with the initial 50% ownership interest in the previous fiscal period. Consequently, NUD’s owned assets as of October 31, 2023, comprise 59 properties with 27 office buildings and 32 residential properties amounting to 271.1 billion yen in total.
In May 2023, COVID-19 was re-classified to a Class 5 infectious disease under Japan’s Infectious Diseases Control Law. As we enter the post-COVID era, the occupancy rate of our portfolio remained stable at around 96% for both office buildings and residential properties in the fiscal period under review. With also the recording of gain on sale of Rokubancho Building, NUD posted operating revenues of 12,181 million yen and net income of 5,039 million yen for the 42nd fiscal period. Distribution per unit came to 3,239 yen, which surpassed the forecast of 3,150 yen for the period announced as of June 15, 2023.

At the beginning of the 43rd fiscal period ending April 2024, we raised 9.5 billion yen through a public offering for the first time in two years and acquired two office buildings, Urbannet Shijo Karasuma Building and Urbannet Fushimi Building, from the sponsor.

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.

December 15, 2023

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NTT UD REIT Investment Corporation
Executive Director
Takeshi Oodera
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