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 44th fiscal period ended October 2024, Granpark (ownership interest) and Garden Itabashi Hikawacho (ownership interest) acquired in March 2024 contributed significantly to earnings, resulting in NUD posting operating revenues of 12,299 million yen and net income of 4,356 million yen. Distribution per unit came to 2,939 yen, which surpassed the forecast of 2,810 yen for the period announced as of June 14, 2024. As of October 31, 2024, NUD has a portfolio of 62 properties consisting of 29 office buildings and 33 residential properties amounting to 307.2 billion yen in total.

This time, the announcement of financial results for the 44th fiscal period was accompanied by the announcement of property transactions and purchase and cancellation of treasury investment units for the 45th and subsequent fiscal periods. The transfer of office properties with increasing business risks is for enhancement of portfolio quality and simultaneous realization of unrealized gains for return to unitholders. Furthermore, the acquisition of prime residential properties and the purchase of treasury investment units to improve capital efficiency are among efforts to enhance unitholder value.

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 16, 2024