Investor Presentaiton

Changes in Indicators Period ended September 2021 Period ended March 2022 Period ended September 2022 Period ended February 2023 Period ended August 2023 |(39th fiscal period) (40th fiscal period) (41st fiscal period) (42nd fiscal period) (43rd fiscal period) Formula (Unit million yen) Operating revenues Gain on sale of real estate Operating expenses 9,202 8,528 6,902 7,258 11,812 1,433 1,452 1,430 1,437 3,638 3,486 3,474 3,200 4,623 Operating income 5,563 5,042 3,428 4,057 7,188 Ordinary income 5,205 4,685 3,043 3,731 6,535 Profit 5,041 4,537 3,331 3,614 7,157 Total distribution 4,686 4,217 3,960 3,359 6,052 Total assets 328,288 325,071 325,909 322,398 473,191 Interest-bearing liabilities 155,000 154,000 156,000 152,500 224,500 Total net assets 160,106 159,957 159,071 158,725 232,260 Unrealized gain/loss 35,092 39,124 44,033 43,922 41,648 NAV 190,512 194,864 199,144 199,288 Profits from real estate rental business 4,615 4,051 3,844 3,117 267,856 NAV = Total net assets + Unrealized gain/loss - Total distribution 6,992 Depreciation and amortization 1,113 1,125 1,116 914 996 ΝΟΙ 5,729 5,177 4,960 4,032 7,988 FFO Capital improvements Net cash flows 4,721 4,211 4,447 3,097 6,717 NOI Profits from real estate rental business + Depreciation and amortization FFO = Profit + Depreciation and amortization - Gain/loss on sale of real estate 287 213 96 373 320 5,442 4,963 4,864 3,658 7,668 NCF = NOI - Capital improvements LTV ratio investment units Distribution per unit Total net assets per unit ROA (annualized) ROE (annualized) Total number of outstanding 3.2% 2.9% 1.9% 2.8% 6.3% 5.7% 4.2% 5.5% 47.2% 47.4% 47.9% 47.3% 2.8% ROA = (Ordinary income / Total assets) / 6 x 12 * Annualized 6.2% ROE (Profit / Total net assets) / 6 × 12 * Annualized 47.4% LTV = Interest-bearing liabilities/Total assets 2,640,000 units 2,640,000 units 2,640,000 units 2,640,000 units 3,560,000 units NAV per unit FFO per unit 1,775 yen 1,597 yen 1,500 yen 60,646 yen 60,590 yen 60,254 yen 1,272 yen 60,123 yen 1,700 yen 65,241 yen 72,163 yen 73,812 yen 75,433 yen 1,788 yen 1,595 yen 1,684 yen 75,488 yen 1,173 yen 75,240 yen 1,886 yen *Various Indicators per unit and total number of outstanding investment units take into account the split of investment units (at the ratio of 1 to 2 units) on March 1, 2023, and figures prior to March 1, 2023 are revised accordingly. 46

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