Central Reit Investment Corporation · TSE:3488
Central Reit Investment — FY2026 Earnings Presentation
52 slides from Central Reit Investment's earnings presentation, Oct 29, 2026
Slide 1: Presentation Materials for the 17th Fiscal Period Ended August 2026
Securities Code: 3488 Presentation Materials for the 17th Fiscal Period Ended August 2026
Slide 2: Contents and Terms Definition
Terms Definition Contents Indicates the value appraised by the appraisers or the research price based on the Articles of Incorporation of CENTRAL REIT and the “Ordinance on Estimated value at Accounting of Investment Corporations” (Cabinet Office Order No. 47 of 2006, the end of period as amended) w
Slide 3: Growth Strategy
Growth Strategy
Slide 4: The Vision of CENTRAL REIT
Growth Strategy The Vision of CENTRAL REIT ✓ CENTRAL REIT will actively invest mainly in Chubu region, centered in Nagoya city, where growth is expected over the long term. XYMAX GROUP Corporation XYMAX TOKAI Corporation Procurement and development Operational capability of capabilities of XYMAX GRO
Slide 5: Future Potential of CENTRAL REIT
Growth Strategy Future Potential of CENTRAL REIT ✓ By combining traditional advantages like a strong economic and industrial base and livability with further attractions in the future, we expect a steady increase in visitors, resident population, and capital inflows in the Chubu region centered on N
Slide 6: Nagoya's Market Environment
Growth Strategy Nagoya’s Market Environment ✓ Office rents are on an upward trend, supported by low vacancy rates. ✓ In the residential sector, new supply is limited due to rising construction costs, and rent is shifting to upward trend. ┃Office Market┃ ┃Residential Market┃ Nagoya – New Supply and V
Slide 7: CENTRAL REIT's Growth Strategy
Growth Strategy CENTRAL REIT’S Growth Strategy ✓ A im for the early achievement of a 100 billion yen asset scale through acquisitions from the sponsor pipeline and external sources. ✓ Achieve distribution growth by leveraging strategies for external growth, internal growth, asset replacement, and
Slide 8: Trends in Interest Payments and NOI
Growth Strategy Trends in Interest Payments and NOI ✓ Strengthening the foundation for NOI growth while mitigating the impact of rising interest rate. ✓ Making full use of our external and internal growth strategies to aim for further expansion of NOI. Trends in Interest Payments Comparison with the
Slide 9: Overview of Financial Results and Earnings Forecasts
Overview of Financial Results and Earnings Forecasts
Slide 10: Key Factors (As of the end of 17th FP)
Overview of Financial Results and Earnings Forecasts Key Factors (As of the end of 17th FP/ August 31, 2026) Assets Liabilities Balance of 25.2 billion yen Number of assets 20 interest‐bearing debts LTV based on total assets 44.7% Asset size 50.5 billion yen (based on acquisition prices) Appraisal L
Slide 11: Financial Summary
Overview of Financial Results and Earnings Forecasts Financial Summary million yen FPE February 2026 FPE August 2026 FPE February 2027 FPE August 2027 (16th FP) (17th FP) (18th FP) (19th FP) Compared to Results Results 17th FP vs. 16th FP Forecast Forecast 18th FP vs. 17th FP Forecast 19th FP vs. 18
Slide 12: Overview of Financial Results for the FPE August 2026 (17th FP)
Overview of Financial Results and Earnings Forecasts Overview of Financial Results for the FPE August 2026 (17th FP) million yen Total Offices Hotels Retail & Other Acquired properties 17th FP vs. 17th FP vs. 17th FP vs. 17th FP vs. 17th FP vs. Actual Actual Actual Actual Actual 16th FP 16th FP 16th
Slide 13: FPE February 2027 and FPE August 2027 Earnings Forecast
Overview of Financial Results and Earnings Forecasts FPE February 2027 (18th FP) and FPE August 2027 (19th FP) Earnings Forecast million yen FPE February 2027 (18th FP) Total Offices Hotels Retail & Other Acquired properties Forecast Forecast 18th FP vs. 17th FP Forecast 18th FP vs. 17th FP Forecast
Slide 14: Factors Affecting Distribution per Unit
Overview of Financial Results and Earnings Forecasts Factors Affecting Distribution per Unit ┃Comparison with Previous Period Results┃ ┃Comparison with Current Period Forecasts┃ (yen) (yen) 3,800 3,800 Existing Properties*2 Non-Operating +89 Income Acquired +14 Properties*1 3,600 3,600 +491 SG&A exp
Slide 15: Factors Affecting Forecast Distribution per Unit
Overview of Financial Results and Earnings Forecasts Factors Affecting Forecast Distribution per Unit 3,800 (yen) Temporary decrease in NOI due to a large tenant departure will occur at Sapporo Odori Acquired Properties*1 3,600 +157 3,411 yen 3,400 +334 yen Existing Properties*2 SG&A -250 Expenses 3
Slide 16: Investment Status and Asset Management Policy
Investment Status and Asset Management Policy
Slide 17: Portfolio Status: Offices (Occupancy Rate & Tenant Replacements)
Investment Status and Asset Management Policy Portfolio Status: Offices (Occupancy Rate & Tenant Replacements) ✓ At FPE August 2026, the contract occupancy rate was 98.9% (down 0.8% from the previous period) and economic occupancy rate was 98.6% (down 0.5% from the previous period). ✓ Leasing activi
Slide 18: Portfolio Status: Offices (Rent Revision)
Investment Status and Asset Management Policy Portfolio Status: Offices (Rent Revision) ✓ For FPE August 2026, the rent increases were implemented for approximately 1,841 tsubo, which represents 70.5% of the total rent-revised area. ✓ The increased rent revision rate has also been rising, indicating
Slide 19: Portfolio Status: Offices (Internal Growth)
Investment Status and Asset Management Policy Portfolio Status: Offices (Internal Growth) ✓ The rent gap*2 for office properties*1 in the portfolio widened to -13.3% due to increased market rents. ✓ For spaces with a negative rent gap, we aim to achieve rent increases upon renewal. We will also nego
Slide 20: Portfolio Status: Retail Properties
Investment Status and Asset Management Policy Portfolio Status: Retail Properties ✓ CENTRAL REIT’s retail properties generate stable rent revenue, composed of tenants with steady sales in daily-use categories. ✓ We are actively negotiating rent revisions with tenants approaching their renewal period
Slide 21: Portfolio Status: Hotels
Investment Status and Asset Management Policy Portfolio Status: Hotels ✓ The rent structure consists of fixed rent plus variable rent, offering potential for internal growth. ✓ The operator manages each hotel by leveraging their unique characteristics and strengths, leading to an increase in variabl
Slide 22: Status of Repair and Capital Expenditures
Investment Status and Asset Management Policy Status of Repair and Capital Expenditures ✓ Repair costs are managed by considering both property conditions and the impact on distributions, while capital expenditures are controlled with each period’s depreciation expenses as a guideline. ┃Trends in re
Slide 23: Financial Situation
Investment Status and Asset Management Policy Financial Situation ✓ At the time of property acquisition in March 2026, financial institutions were invited from the Chubu region and variable interest rates were adopted to control borrowing costs even amid rising interest rates. ┃Lender formation (as
Slide 24: Financial Strategy
Investment Status and Asset Management Policy Financial Strategy ✓ The performance forecast incorporates a rate hike in September 2026, along with two additional rate hikes within the next year. ✓ As the cost of interest rate fixation is on a significant upward trend, we aim to control borrowing cos
Slide 25: Sustainability
Sustainability
Slide 26: Participation in External Certifications and Initiatives
Sustainability Participation in External Certifications and Initiatives ┃Support of the TCFD Recommendations┃ ┃Signing of the PFA21┃ ◼ The Asset Management Company has expressed its support for the ideas of the TCFD recommendations and has also joined the GX Future Consortium. ◼ The Asset Management
Slide 27: Environment, Social and Governance (ESG)
Sustainability Environment, Social and Governance (ESG) Environment ➢ For details, please refer to CENTRAL REIT’s website https://centralreit.co.jp/en/esg/environment.html ┃Results of environmental initiatives┃ ┃Initiatives for reducing environmental Indicator Target for FY2030 Indicator Target for
Slide 28: APPENDIX
APPENDIX
Slide 29: Balance Sheet
APPENDIX Balance Sheet (thousand yen) FPE Feb. 2026 FPE Aug. 2026 FPE Feb. 2026 FPE Aug. 2026 (16th FP) (17th FP) (16th FP) (17th FP) Assets Liabilities Current assets Current liabilities Cash and deposits 1,087,645 967,569 Operating accounts payable 138,208 169,873 Cash and deposits in trust 2,812,
Slide 30: Statement of Income
APPENDIX Statement of Income (thousand yen) FPE Feb. 2026 FPE Aug. 2026 (16th FP) (17th FP) Operating revenue Leasing business revenue 1,602,387 1,805,750 Other leasing business revenue 554,379 161,883 Total operating revenue 2,156,767 1,967,633 Operating expenses Expenses related to leasing busines
Slide 31: Portfolio List
APPENDIX Portfolio List Asset no. OF-01 OF-02 OF-03 OF-04 OF-05 OF-06 OF-07 Asset type Office Office Office Office Office Office Office XYMAX Nishi-Shimbashi XYMAX Iwamotocho XYMAX Shinjuku-Gyoen XYMAX Kamiyacho XYMAX Higashi-Azabu XYMAX Higashi-Ueno Property name XYMAX Hachioji Building Building Bu
Slide 32: Portfolio List
APPENDIX Portfolio List Asset no. OF-09 OF-10 OF-11 OF-12 RT-01 RT-02 RT-03 Asset type Office Office Office Office Retail Retail Retail XYMAX Sapporo Odori XYMAX Kiba koen Life Kawasaki Miyuki Property name ENISHIO MEIEKI Kamimaezu KD Building Muza Kawasaki Vita Seiseki-Sakuragaoka Building Building
Slide 33: Portfolio List
APPENDIX Portfolio List Asset no. RT-04 RT-05 RT-06 HT-01 HT-02 OT-02 Asset type Retail Retail Retail Hotel Hotel Other (Residential) The Park House Totsuka Front Valor Kachigawa Store Property name Life Fukuizumi Store (the Retail Portions of 1st and Hotel Vista Sendai karaksa hotel Sapporo L-Place
Slide 34: Portfolio Map
APPENDIX Portfolio Map ┃Tokyo 23 Wards Area┃ ┃Nagoya area┃ 34
Slide 35: Rent Structure and Monthly Track Record (Hotel)
APPENDIX Rent Structure and Monthly Track Record (Hotel) ┃Sendai Rent structure (monthly)┃ ┃KH Sapporo Rent structure (monthly) *2┃ Fixed rent Variable rent Fixed rent Variable rent 20.5 million yen (Total GOP for the last year ÷12 –21.5 million yen) ×defined rate*1 10 million yen Total room sales f
Slide 36: Operating Results by Property for the FPE August 2026 (17th FP)
APPENDIX Operating Results by Property for the FPE August 2026 (17th FP) (thousand yen) Nishi- Shinjuku- Higashi- Sapporo Iwamotocho Kamiyacho Higashi-Ueno Hachioji Kiba koen ENISHIO Kamimaezu Shimbashi Gyoen Azabu Odori Operating revenue from real estate 87,596 149,717 192,437 42,277 59,857 56,417
Slide 37: Operating Results by Property for the FPE August 2026 (17th FP)
APPENDIX Operating Results by Property for the FPE August 2026 (17th FP) (thousand yen) Kawasaki Muza Seiseki Fukuizumi Totsuka Kachigawa Sendai KH Sapporo Nishikasai Total Miyuki Operating revenue from real estate 186,961 undisclosed undisclosed undisclosed 27,326 undisclosed undisclosed undisclose
Slide 38: Overview of Appraisal Report
APPENDIX Overview of Appraisal Report FPE Feb. 2026 FPE Aug. 2026 (End of 16th FP) (End of 17th FP) Change Book value as of Unrealized Acquisition Asset Acquisition FPE Aug. 2026 Capitalization rate Capitalization rate Capitalization rate Asset name price (End of 17th FP) Appraisal value based on di
Slide 39: Office Market Analysis (Tokyo 23 Wards)
APPENDIX Office Market Analysis (Tokyo 23 Wards) ┃Office market cycle┃ ┃New contracted rent by office building scale┃ Rent Index (Q1 2020 = 100) New contracted rent index Rent Index (Q1 2020 = 100) Small- and medium-scale office buildings (total floor area: less than 5,000 tsubo) 120 Q2 2008 130 Lar
Slide 40: Trends in Office Market (Tokyo Wards)
APPENDIX Trends in Office Market (Tokyo 23 Wards) ┃Office Stock Pyramid 2026 (net rentable area)┃ ┃Volume of new offices in 2026 (net rentable area)┃ Eight office properties owned by CENTRAL REIT Eight office properties owned by CENTRAL REIT Average building age*: 27.6 years Average floor area per p
Slide 41: Office Market Analysis (Nagoya)
APPENDIX Office Market Analysis (Nagoya) ┃Office market cycle*1┃ ┃New contracted rent by office building scale*1 ┃ Rent Index (Q1 2020 = 100) New contracted rent index Rent Index (Q1 2020 = 100) 120 130 Small- and medium-scale office buildings (total floor area: less than 5,000 tsubo) Q2 2026 Large-
Slide 42: Trends in Office Market (Nagoya)
APPENDIX Trends in Office Market (Nagoya) ┃Office Stock Pyramid 2026 (net rentable area)┃ ┃Volume of new offices in 2026 (net rentable area)┃ Two office properties owned by CENTRAL REIT Two office properties owned by CENTRAL REIT Average building age*: 20.1 years Average floor area per property: 4,3
Slide 43: Change in Investment Unit Price and Status of Unitholders
APPENDIX Change in Investment Unit Price and Status of Unitholders ┃Change in investment unit price┃ ┃Major unitholders┃ As of FPE Aug. 2026 (17th FP) 180.0 CENTRAL REIT (index) Tokyo Stock Exchange REIT Index Number of Name Ratio* TSE REIT Index: 99.6 investment (%) 160.0 TSE REIT Index: 134.7 Clos
Slide 44: Overview of Asset Management Company
APPENDIX Overview of Asset Management Company ┃Overview┃ As of October 1,2026 ┃Organization┃ Company name MEITETSU XYMAX ASSET MANAGEMENT CO., LTD. General Meeting of Shareholders Location 1-11-30 Akasaka, Minato-ku, Tokyo Establishment September 24, 2024 Auditor Capital 200 million yen MEITETSU CIT
Slide 45: Overview of the Sponsor Group (MEITETSU CITY DESIGN)
APPENDIX Overview of the Sponsor Group (MEITETSU CITY DESIGN) Company MEITETSU CITY DESIGN CO., LTD. (unlisted) <Image of Nagoya Railroad Group’s Business Development> name Establish- December 14, 1959 ment *In 2022, the real estate business of Nagoya Railroad Co., Projects that revitalize MEITETSU
Slide 46: Overview of the Sponsor Group (Nagoya Railroad Group)
APPENDIX Overview of the Sponsor Group (Nagoya Railroad Group) Closed in February 2026 <Segment List of Nagoya Railroad Group> Traffic Business Trasport Business Real Estate Business Leasing No. of properties Offices: 34 (Nagoya Railroad, Commercial facilities: 22 Meitetsu City Design) Condominiums:
Slide 47: Properties Owned by the Nagoya Railroad Group
APPENDIX Properties Owned by the Nagoya Railroad Group <Example of properties owned by the Nagoya Railroad Group> Nagoya Lucent Tower Nagoya Crosscourt Tower Property name ENISHIO MEIEKI Meiffice Meieki Building μX MEIEKI Cosmo Sakae Building (26.6% quasi co-ownership) (section) Asset type Office Of
Slide 48: Overview of the Sponsor Group (XYMAX GROUP)
APPENDIX Overview of the Sponsor Group (XYMAX GROUP) Offices Retail/Stores Logistics Hotels Company name XYMAX GROUP Corporation (unlisted) Real estate solutions CRE strategy, effective XYMAX utilization, sales brokerage, XYMAX INFONISTA March 1, 1990 leasing brokerage, etc. Comprehensive real estat
Slide 49: Comprehensive Real Estate Services of XYMAX Group
APPENDIX Comprehensive Real Estate Services of XYMAX Group ✓ The XYMAX GROUP provides “comprehensive real estate services” by organically combining its unique real estate management services and diverse real estate solution services to achieve optimal real estate utilization. ┃Real estate management
Slide 50: XYMAX Group's Expanding Business Activities
APPENDIX XYMAX Group’s Expanding Business Activities ✓ The XYMAX Group operates ZXY, a membership-based satellite office service that supports diverse working styles, and karaksa hotel, its own hotel brand targeting tourists, particularly inbound travelers, with hotels located throughout Japan. ┃Fle
Slide 51: DISCLAIMER
DISCLAIMER This document is intended primarily to provide information about CENTRAL REIT Investment Corporation (hereinafter, “CENTRAL REIT”) and is not intended to solicit or induce investment in any specific product or to recommend the purchase or sale of any specific product. Investment decisions
Slide 52: CENTRAL REIT
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