Investor Presentaiton

per unit Distribution LTT Changes in Asset Size, LTV and Distribution Per Unit October 2013 (yen) Capital increase 2,482 through public offering 2,265 1,963 1,783 1,778 1,785 1,950 1,977 1,960 1,723 1,801 1,825 1,524 1,760 (Loan To Value ratio) Asset size 53.7% 48.4% 48.6% 47.2% 48.8% 48.5% 49.6% 46.2% 21.5% (Billion yen) (Total acquisition price of properties owned at the end of the fiscal period) 500.0 450.0 400.0 350.0 300.0 250.0 7 properties 200.0 107.2 Billion 150.0 yen 100.0 50.0 0.0 Period ended Mar. 2004 (4th FP) Period ended Mar. 2012 (20th FP) 48.2% 48.0% 46.4% 48.0% 47.2% 1,825 47.1% 1,833 47.2% 1,854 1,916 1,775 1,892 1,937 47.2% 47.1% 47.1% 47.5% 47.2% March 2023 Merger with MORI TRUST Hotel Reit, Inc. 1,500 1,700 1,597 47.4% 1,272 47.9% 47.4% 47.3% 22 properties 470.1 Billion yen Period ended Sep. 2014 (25th FP) Period ended Mar. 2017 (30th FP). Sold Ginza MTR Building (Remaining co-owned interest: 50%) Acquired Midosuji MTR Building Sold Osaka Marubeni Building Acquired Kioicho Building Partially sold Ginza MTR Building Disposed Mita MT Building Additionally acquired Osaki MT Building Acquired Hiroo MTR Building Sold Ito-Yokado Shin-Urayasu Period ended Sep. 2019 (35th FP). Acquired Kamiyacho Trust Tower Partially sold Tokyo Shiodome Building Period ended Mar. 2022 (40th FP) Period ended Aug. 2023 ( 43rd FP) Acquired Sendai MT Building Partially sold Shinbashi Ekimae MTR Building Additionally Acquired Kamiyacho Trust Tower Partially sold Tokyo Shiodome Building Additionally Acquired Kamiyacho Trust Tower Acquired Sendai MT Building Partially sold Shinbashi Ekimae MTR Building 47 Acquired SHIBUYA FLAG Acquired Kohnan Sagamihara-Nishihashimoto Partial disposal of Frespo Inage Acquired Tenjin Prime

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