Investor Presentaiton

Factors of Change in Distributions per Unit (Actual for FP Ended August 2023 vs. Revised Forecast for FP Ending August 2024) Profitability will improve due to recovery of occupancy rates in Shiodome and Shin-Yokohama and replacement of properties in Shinbashi and Sendai, although factors such as tenant move-outs, higher repair expenses and higher interest rates are conservatively expected to reduce revenues Total distributions (including temporary factors) are expected to increase compared with the previous period due to the gain on the sale of Shinbashi Temporary factors Gain on sale due to second sale of Shinbashi (one-third co- ownership interest) : +390 - Expenses for the Merger - 164 Internal reserves : - 133 Decrease in operating revenues due to seasonal fluctuations in hotel rents vs. YoY +172 (Vs. Feb. 2023 FP) Actual rents for Four Hotels with Variable Rents are expected to be 90% of those for the same period in 2019 Temporary factors - Gain on sale due to third sale of Shinbashi (one-third co- ownership interest) +371 Internal reserves : 191 Temporary factors - Gain on sale due to third sale of Shinbashi (one-third co- ownership interest) : +367 Internal reserves : - 138 (yen) 1,800 - 1,750 +42 1,700 1,700 +72 1,650 93 1,600 1,550 1,500 1,450 1,607 1,400 1,350 0 Actual for 43rd FP 2 - 60 Decrease in rent due 1,757 13 - 69 180 Main factors of difference from the forecast as of the previous financial results Increase in office rents of Shiodome and Shin-Yokohama - Shiodome : +60 - Shin-Yokohama :+12 to vacation of kohnan Property taxes for Kamiyacho for prior years due to the determination of taxes for building (one-time factor) Improve profitability attributable to second asset replacement Other - Increase repairs etc. : - 28 1,577 - Partial Vacation : 14 Interest rates are expected to rise : - 13 - : +7 Other : 14 - Increase due to acquisition of Sendai: +35 © Decrease in expenses due to sale of Shinbashi Distribution excluding temporary factors Forecast for 44th FP Revised Forecast announcement Decrease in depreciation by revising the treatment of the useful lives, etc. : +145 - Upward revision of hotel rent forecast : +62 Other :-1 1,600 229 1,371 Forecast for 44th FP Forecast as of the previous financial results announcement (as of Apr. 2023) 12

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