On behalf of NUD, we would like to express our sincere gratitude for the loyal patronage of our unitholders.

We are pleased to report on the performance results and management status of NUD for the 47th fiscal period (November 1, 2025 – April 30, 2026). We greatly appreciate your continued support and cooperation.

In the 47th fiscal period ended April 30, 2026, NUD acquired “La Douceur Miyakojima Takakuracho,”(Note1) a relatively new residential property in Osaka, by utilizing the proprietary network of the asset manager of NUD. On the other hand, NUD completed the delivery of “Landic Shimbashi 2 Building,” the sale of which was implemented in three installments starting from the 45th fiscal period. As of April 30, 2026, NUD has a portfolio of 62 properties consisting of 26 office buildings and 36 residential properties amounting to 295.2 billion yen in total. NUD posted operating revenues of 12,975 million yen and net income of 5,115 million yen in the 47th fiscal period. Distribution per unit came to 3,140 yen, which is the same amount as the forecast of 3,140 yen for the period announced as of December 16, 2025.

Against the backdrop of the strong real estate rental market environment, market rents are rising significantly for both office and residential properties, particularly in central Tokyo. NUD is also striving to increase rents at such opportunities as tenant move-outs, and the renovation measures for residential properties implemented in full swing since the previous fiscal period are also achieving substantial results.

In the subsequent 48th fiscal period ending October 2026 amid the increasingly challenging financing environment, NUD will use the proceeds from transferred assets to acquire carefully selected properties and acquire own investment units, and thereby seek to enhance the value of investment units and sustainable growth of distributions.

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 collaboration with the NTT Group’s urban development business together with NTT Urban Development Asset Management Corporation, the asset manager of NUD. We appreciate and request your continued support and encouragement.



(Note1)“La Douceur Miyakojima Takakuracho” was renamed “Premier Stage Miyakojima Takakuracho” effective July 31, 2026.

June 17, 2026