Investor Presentaiton

Internal Growth Rent Trends at Tenant Turnover (2) Improved mainly in Tokyo Nippon Accommodations Fund Ratio of Rental Apartments by Area Percentage Change in Rent of Rental Apartments at Tenant Turnover by Area 10.0% Other Major Cities 8.2% --Tokyo CBD --Greater Tokyo -Excluding Tokyo CBD -Other Major Cities 7.0% 8.0% Greater Tokyo 7.7% 4.5% Tokyo CBD 6.0% 4.3% 30.8% 3.6% 4.0% 3.1% 4.3% Tokyo 23 Wards 2.6% 3.4% 2.6% excluding Tokyo CBD 57.7% 3.3% 2.0% 2.5% 6.8% Tokyo CBD 2.9% Greater Tokyo 2.6% Excluding Tokyo CBD 2.1% 0.3% 1.5% 0.0% 0.3% 0.1% 0.2% -0.9% -0.6% (As of the end of the 34th Period, acquisition price basis) -2.0% *1 Tokyo CBD (Central Business District) includes Minato, Chuo, and Chiyoda wards. 29th Period Aug. 2020 -1.0% 30th Period Feb. 2021 -0.9% Other Major Cities 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 * Calculations above do not include figures for retail units and Hospitality Facilities. Single type units remain negative but recovering Ratio of Rental Apartments Percentage Change in Rent of Rental Apartments at Tenant Turnover by Category by Category Large 4.1% Family 12.5% 14.0% 12.0% -- Single --Family 10.0% 8.3% 7.9% 7.7% -- Compact <--Large 9.2% Large 8.0% 7.6% 7.1% 6.4% 8.7% 7.6% 6.0% 4.9% Family 4.1% Single 3.3% 4.0% 3.9% 41.9% 4.3% 3.8% Compact 2.0% 3.8% 2.4% 2.7% Compact 41.5% 0.0% 1.1% 0.1% -2.0% -0.9% Single -1.7% -4.0% -2.4% -6.0% (As of the end of the 34th Period, unit basis) * Calculations above do not include figures for retail units and Hospitality Facilities. *Please refer to page 30 for definition of respective category. 29th Period Aug. 2020 30th Period Feb. 2021 31st Period Aug. 2021 -4.0% 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 9

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