Investor Presentaiton

Assumptions for Earning Forecasts for Feb. 2023 (15th) FP / Aug. 2023 (16th) FP Main factors accounting for differences between the 14th results and the 15th forecasts (\mln) (\mln) Ended Feb. 28,2022 Ended Ended Operating Revenue 985 Aug. 31,2022 Differences (13th FP) (14th FP) Result (A) Forecasts (B) (B)-(A) Feb. 28,2023 (15th FP) Forecasts (C) Differences Rental revenues 14 Operating Revenue 39,022 40,008 985 38,923 (C)-(B) -1,084 Rent and common area charges of portfolio properties Impact of property acquisition and disposition 174 -159 Rental revenues 35,249 35,264 14 35,349 85 Other rental revenues Other rental revenues 42 92 3,015 3,107 92 Gain on sales of real estate 757 1,636 878 3,226 347 119 Increase in utility expenses received 234 -1,289 Operating Expense 23,437 23,768 330 23,955 187 Reduction of cancellation penalty fee, etc. -142 Rental Business Expenses 16,652 16,940 288 17,199 258 Gain on sales of real estate 878 Repair Expenses 1,326 1,294 -32 1,332 38 Operating Expense 330 Tax and Public Dues 3,313 3,286 -26 3,362 75 Depreciation and Amortization 5,738 5,671 -67 5,725 54 Rental Business Expenses 288 Others 6,274 6,689 415 6,779 90 Increase in utility expenses paid 416 Asset management fees 3,460 3,480 19 3,408 -71 Amortization of goodwill 2,622 2,622 2,622 Decrease in property management fees -84 Other operating expenses 703 724 21 724 0 Decrease in repair expenses -32 Operating profit 15,584 16,240 655 14,968 -1,271 Decrease in other expenses -11 Non-operating revenues 3 -3 Non-operating expenses 2,195 2,180 -15 2,211 30 Asset management fees/Other operating expenses 41 Interest Expenses and other financial costs 2,185 2,170 -15 2,200 30 Non-operating expenses -15 Other non-operating expenses 10 10 0 10 Ordinary income 13,392 14,059 667 12,757 -1,302 Interest expenses and other financial costs -15 Extraordinary gain and loss 109 -109 Extraordinary gain and loss -109 Net income 13,499 14,058 559 12,756 -1,302 (Net income excluding realized gain) (12,741) (12,422) -319 (12,408) (-13) Absence of extraordinary gain and loss in 14th FP -109 Net income 558 Distribution of Earnings (a) 13,499 14,037 537 12,749 Distribution in excess of net earnings (b) 2,060 1,579 -480 Total distributions (a)+(b) 15,560 15,616 56 2,626 15,376 -1,287 1,046 15th FP's Reserve of Internal Revenues (Portion of gain on sales of real estate, etc.) -1,061 -240 Internal reserves 561 (Total Internal reserves) (2,952) 1,061 (4,014) 500 -1,061 (1,061) (4,014) DPU(¥) 3,300 3,312 12 Distributions of earnings per unit (¥) 2,863 2,977 114 3,261 2,704 -51 Main factors accounting for differences between the 15th forecasts and the 16th forecasts (\mln) -273 Distributions in excess of retained Operating Revenue -1,084 earnings per unit [allowance for 403 331 -72 373 42 adjustment of temporary differences] (¥) Rental revenues 85 Other rental revenues 119 Distributions in excess of retained earnings per unit [other distributions in excess of net earnings] (¥) Total assets NOI Interest-bearing debt LTV Market Capitalization Gain on sales of real estate -1,289 34 4 -30 184 180 Operating Expense 187 1,187,581 517,463 43.6% 1,184,825 517,420 43.7% -2,756 -42 0.1% 1,181,271 517,377 43.8% -3,553 Rental Business Expenses 258 -42 0.1% Non-operating expenses 30 802,527 Interest Expenses and other financial costs 30 27,350 27,101 -248 27,102 0 Net income -1,302 FFO 21,001 20,723 -277 20,765 41 31

View entire presentation