Orix Jreit Inc. · TSE:8954
Orix Jreit — FP49 Earnings Presentation
52 slides from Orix Jreit's earnings presentation, Oct 22, 2026
Slide 1: The 49th Fiscal Period ended August 31, 2026
0 The 49th Fiscal Period ended August 31, 2026
Slide 2: Slide 2
Slide 3: Table of Contents
Table of Contents 1. Executive Summary Ｐ2 2. Financial Results Ｐ12 3. Portfolio Status Ｐ17 4. Appendix Ｐ33 ORIX JREIT | 1
Slide 4: Executive Summary
Executive Summary ◼ Key Message ◼ Asset Transactions ◼ DPU Growth ◼ Finance ◼ Financial Management ◼ Sensitivity Analysis ◼ Portfolio Performance ORIX JREIT | 2
Slide 5: Key Message
Key Message ◼ Consistently outperformed the 3% annual DPU growth target ◼ Maintain annual DPU growth of 3% or higher without relying on gains on disposition, while enhancing upside through returns of gains on disposition DPU 26/8： 2,504 yen (+477 yen） （Note1） 27/2： 2,470 yen （+413 yen） （Note1） 27/8：
Slide 6: Enhanced portfolio profitability drives steady 3% annual DPU growth
Enhanced portfolio profitability drives steady 3% annual DPU growth Further DPU upside from sustainable growth and disposition gain returns （yen/unit） Gains on disposition etc. 2,504 2,470 2,414 3% annual DPU growth +α 2,300 2,270 1,995 2,283 2,249 +α 1,910 2,183 2,216 +α 2,151 +α 2,119 +α 2,088 +α
Slide 7: Financial management supporting sustainable DPU growth
Financial management supporting sustainable DPU growth Balancing financial soundness and capital efficiency while delivering annual DPU growth of 3% Annual DPU Growth of 3%+ Stable and sustainable unitholder returns are at the core of management Maintain Financial Strength Enhance Profitability Fina
Slide 8: Capturing diverse growth opportunities by adapting to market conditions
Capturing diverse growth opportunities by adapting to market conditions Key strengths: risk diversification, abundant acquisition opportunities, and portfolio flexibility （as of end 26/8） Offices Hotels Retail Facilities Residential Properties Logistics Facilities Sakai Logistics Center ORIX Akasaka
Slide 9: Osaka hotels in adjustment phase with rent increases steadily progressing
Osaka hotels in adjustment phase with rent increases steadily progressing NOI increased period on period, with recovery in Osaka hotels providing further upside Rental earnings（Note1） NOI（Note1, 2） Portfolio performance 12,354mil yen 9,875mil yen • Achieved rent increases mainly in the Tokyo Greater
Slide 10: Promoted strategic transactions to achieve 3%+ DPU growth (acquisitions)
Promoted strategic transactions to achieve 3%+ DPU growth Built a value-enhancing portfolio by leveraging a diversified REIT′s flexibility Since FP25/8 Acquired assets (total acquisition price：132.3 bil yen) Acquisition date Apr. 28, 2026 Acquisition date Oct. 21, 2025 Acquisition price 3.54 bil yen
Slide 11: Promoted strategic transactions to achieve 3%+ DPU growth (dispositions)
Promoted strategic transactions to achieve 3%+ DPU growth Enhanced profitability and improved portfolio age through asset replacement Since FP25/8 Effect of Asset Replacement since FP25/8 Disposed assets (total disposition price：36.3 bil yen) 1 Income Growth （Note1,2) Disposed assets Acquired assets
Slide 12: Primarily funding with long-term fixed-rate loans and staggered maturities
Primarily funding with long-term fixed-rate loans and staggered maturities Flexible financing reflecting interest rate trends, including selective use of long-term floating-rate debt Policy Interest Rate Assumptions 2026/12：1.50%, 2027/3：1.75%, 2027/6：2.00% （as of end 26/8） Credit ratings LTV Averag
Slide 13: The impact of additional measures on DPU is as follows
The impact of additional measures on DPU is as follows ・ Funding source ： FCF of 5 bil yen Acquisition of property by utilizing FCF 5 bil yen +15 yen ・ Yield after dep. ： 3.5% （Ref.: Yield after dep. of properties acquired since FP25/8:3.6% （see p.9)) ・ Other assumptions ： Earnings (after deducting
Slide 14: Financial Results
Financial Results ◼ Factors for Change in DPU ◼ P/L for the Fiscal Period Ended August 2026 ◼ Balance Sheet for the Fiscal Period Ended August 2026 ◼ Forecasts ORIX JREIT | 12
Slide 15: Key Factors for Change in DPU
Key Factors for Change in DPU Offset rising funding costs with higher earnings and drive DPU growth through asset replacement Increase in rental revenues from existing Increase in rental revenues from existing Increase in rental revenues from existing （Note 1) and acquired properties （Note 2) + 73 y
Slide 16: Financial Results for 26/8
Financial Results for 26/8 26/2 26/8 26/8 （million yen） Change Change （FP48） （FP49） （FP49） Actual (A) Actual (B) (B)-(A) Forecast (C) (B)-(C) Major variation factors Total operating revenues 31,181 31,807 626 31,621 185 ◆ Actual (26/8) - Actual (26/2) Rental revenues 25,630 25,537 -92 (1) 25,392 145
Slide 17: Balance Sheet as of end 26/8
Balance Sheet as of end 26/8 Assets (million yen) 26/2 26/8 Change (FP48) (FP49) ◆ Acquisition and Disposal prices of properties during the 26/8 Actual (A) Actual (B) (B)-(A) Acquisition Price (Acquired Properties) 20,836 Current assets 21,819 25,251 3,431 Tenjin North Front Building (16%) 1,016 Cas
Slide 18: Forecasts for 27/2 & 27/8
Forecasts for 27/2 & 27/8 26/8 27/2 27/8 （million yen） Change Change （FP49） （FP50） （FP51） Actual (A) Forecast (B) (B)-(A) Forecast (C) (C)-(B) Major variation factors Total operating revenues 31,807 29,020 -2,786 28,701 -319 ◆ Forecast (27/2) - Actual (26/8) Rental revenues 25,537 25,683 145 (1) 26,
Slide 19: Portfolio Status
Portfolio Status ◼ Asset Type and Location Breakdown ◼ Offices ◼ Hotels ◼ Retail Facilities ◼ Residential Properties ◼ Logistics Facilities ORIX JREIT | 17
Slide 20: Diversified portfolio in terms of asset type and location
Asset Type / Location Diversified portfolio in terms of asset type and location Flexibly operated following market trend while mainly investing in offices and in the Greater Tokyo Area Asset type Location (as of end 26/8) Logistics Facilities 4.6% Greater Tokyo Residential Area 61.0% Properties 13.3
Slide 21: Office (1/3): Steady internal growth driven by continued rent increases
Office (1/3) Steady internal growth driven by continued rent increases Solid market conditions in the Greater Tokyo Area and rent growth in other areas Internal growth of office rent Rent gap Achieved a 1.9% annual rent increase compared to the previous FP, Sustained high gap solely from existing pr
Slide 22: Office (2/3): High and stable occupancy rate
Office (2/3) High and stable occupancy rate Steady rent growth in renewals and nearly all tenant turnovers while reducing downtime Leased space and Occupancy rate (Note) （thousand ㎡） Move-in / Move-out floor space （thousand ㎡） Leasable space Leased space Occupancy rate Actual occupancy rate Upward S
Slide 23: Office (3/3): Progress in rent increase
Office (3/3) Progress in rent increase Gross rent increase continues to grow, with a high increase rate on renewals Rent fluctuation upon tenant turnover & rent renewal Rent fluctuation upon tenant turnover （million yen） （million yen） 27/2 Increase amount on turnover 171 24/2 24/8 25/2 25/8 26/2 26/
Slide 24: Hotel (1/4): 11 hotels including 3 official theme park hotels
Hotel (1/4) 11 hotels including 3 official theme park hotels Variable rent introduced at KEIHAN SAPPORO and rent increase amid strong market conditions Official theme park hotels Apartment hotels Business hotels Holiday Inn Express VIA INN HOTEL LiVEMAX Hotel Universal Port Tokyo Bay Maihama MIMARU
Slide 25: Hotel (2/4): Two rent increases upon renewal to offset Osaka hotels impact
Hotel (2/4) Two rent increases upon renewal to offset the impact on Osaka hotels Shift to variable rent at KEIHAN SAPPORO; GOP-linked rent with higher rent share at Maihama HOTEL KEIHAN SAPPORO Tokyo Bay Maihama Hotel First Resort Contract renewal effective Jun. 1, 2026 Contract renewal effective Oc
Slide 26: Hotel (3/4): HUP and VITA in an adjustment phase
Hotel (3/4) HUP and VITA in an adjustment phase due to external factors Gradual recovery expected from next year, driven by inbound demand outside China HUP/VITA Total rent (fixed + variable) （million yen） Period ending in Feb. (HUP) Period ending in Aug. (HUP) Period ending in Feb. (VITA) Period en
Slide 27: Hotel (4/4): MIMARU and Holiday Inn also affected by external factors
Hotel (4/4) MIMARU and Holiday Inn also affected by external factors Recovery expected from next year, in line with HUP and VITA Mimaru (2 hotels) Total rent (fixed + variable) Holiday Inn Total rent (fixed + variable) （million yen） （million yen） MIMARU Osaka Shinsaibashi East MIMARU SUITES Kyoto Sh
Slide 28: Retail (1/3): Continued market strength in Greater Tokyo Area
Retail (1/3) Continued market strength in Greater Tokyo Area drives rent increases Rent growth led by central Tokyo high streets is expanding into other areas Internal growth of retail rent Contract period Achieved 3.8% annual rent increase compared to the previous FP, Create growth opportunities by
Slide 29: Retail (2/3): Occupancy remained high
Retail (2/3) Occupancy remained high reflecting continued solid demand Achieved rent increases upon tenant turnover and renewal while minimizing vacancy periods Leased space and Occupancy rate (thousand ㎡) Breakdown of rents (as of end 26/8) Urban-type retail / Suburban-type retail Fixed rent / Vari
Slide 30: Retail (3/3): Progress in rent increase
Retail (3/3) Progress in rent increase Strong inbound-driven leasing demand in Tokyo high street drives significant rent growth Rent fluctuation upon tenant turnover & rent renewal Rent fluctuation upon tenant turnover （million yen） （million yen） 27/2 Increase amount on turnover 24/2 24/8 25/2 25/8
Slide 31: Residential (1/3): Solid rent growth extending beyond Tokyo
Residential (1/3) Solid rent growth extending beyond Tokyo to other areas Achieved rent growth in the Greater Tokyo Area and other areas with ample upside potential Internal growth of residential rent Rent gap Achieved 1.5% annual rent increase compared to the previous FP, Widening gap with non-rene
Slide 32: Residential (2/3): Occupancy remains at a high level
Residential (2/3) Occupancy remains at a high level Targeting both high occupancy and rent growth, including at newly acquired properties Leased space and Occupancy rate (thousand ㎡) Breakdown of units (As of end 26/8) By unit type By area Leasable space Leased space Occupancy rate Family 97.9% 15.2
Slide 33: Residential (3/3): Progress in rent increase
Residential (3/3) Progress in rent increase Larger gross rent increases and higher increase rates upon tenant turnover Rent fluctuation upon tenant turnover & rent renewal Rent fluctuation upon tenant turnover （million yen） （million yen） Increase amount on turnover 24/2 24/8 25/2 25/8 26/2 26/8 Incr
Slide 34: Logistics: Occupancy rate remained at 100%
Logistics Occupancy rate remained at 100％ All properties are well located and tenant replacements with rent increases are underway Greater Tokyo area Other areas Iwatsuki Logistics Center Ichikawa Logistics Center Komaki Logistics Center （Kasukabe-shi, Saitama） （Ichikawa-shi, Chiba） （Komaki-shi, Aic
Slide 35: Appendix
Appendix ◼ Sponsor Pipeline ◼ P/L by Property Type ◼ NAV and Appraisal Value ◼ Interest-Bearing Liabilities ◼ New Acquisitions ◼ Investor Status ◼ Acquisition Track Record ◼ List of Appraisal Values ◼ ESG ORIX JREIT | 33
Slide 36: Collaboration with the ORIX Group, pipeline exceeding 100 billion yen
Collaboration with the ORIX Group, pipeline exceeding 100 billion yen OJR Disposition Examples OJR Acquisition Example Disposition of Enhancing unitholder value Disposition of assets with through asset growth developed assets redevelopment potential Aoyama Suncrest Hotel Universal Port Building Vita
Slide 37: Trends in NAV per Unit and Appraisal Value at Period-End
Trends in NAV per Unit and Appraisal Value at Period-End Delivering additional upside through the realization of unrealized gains (yen) 110,653 111,724 107,741 105,659 104,164 102,595 NAV per unit 100,254 101,243 Unrealized gain/loss 98,655 (billion yen) 96,085 Book Value 92,981 92,657 93,441 93,898
Slide 38: Toyosu Prime Square
Toyosu Prime Square Highly competitive large-scale office building with excellent access and superior specifications Location Toyosu, Koto-ku, Tokyo Completion August 2010 Land area / 10,254.91㎡/ Building area 41,741.18㎡ Transaction September 30, 2026 date Acquisition 29,400 million yen price Apprai
Slide 39: Naha Shin-Toshin Center Building (Additional Acquisition)
Naha Shin-Toshin Center Building (Additional Acquisition) High-growth office and hotel with full ownership enabling more flexible leasing Omoromachi, Naha-shi, Location Okinawa Completion July 2011 Land area / 7,880.42㎡/ Building area 34,180.43㎡ August 31, 2026 Transaction September 1, 2026 date Aug
Slide 40: Acquisition Track Record
Acquisition Track Record (billion yen) Other Sponsor 48 48 45 44 42 37 34 33 32 32 31 28 26 22 20 17 15 12 6 6 3 3 2 2 1 1 0 0 13/8 14/2 14/8 15/2 15/8 16/2 16/8 17/2 17/8 18/2 18/8 19/2 19/8 20/2 20/8 21/2 21/8 22/2 22/8 23/2 23/8 24/2 24/8 25/2 25/8 26/2 26/8 27/2 （FP23） （FP24） （FP25） （FP26） （FP27
Slide 41: ESG Policy and Materiality
ESG Policy and Materiality ESG Policy OJR and OAM believe in the importance of sustainable asset management that takes into account ESG issues in achieving stable growth of unitholder value. To achieve this, we have established the ESG Policy. 1. Respect for human rights and compliance with labor pr
Slide 42: P/L by Property Type
P/L by Property Type Overall Portfolio 26/2 26/8 Offices 26/2 26/8 Hotels 26/2 26/8 Change Change Change （FP48） （FP49） （FP48） （FP49） （FP48） （FP49） （million yen） Actual (A) Actual (B) (B)-(A) （million yen） Actual (A) Actual (B) (B)-(A) （million yen） Actual (A) Actual (B) (B)-(A) Rental revenues 28,42
Slide 43: Interest-Bearing Liabilities
Interest-Bearing Liabilities （as of end 26/8） Debt Lenders: 36 institutions Commitment Lines Drawdown Balance Line limit Available Financial institution Ratio Financial institution amount (million yen) (million yen) (million yen) (million yen) Sumitomo Mitsui Trust Bank, Limited 61,195 18.1 % Mizuho
Slide 44: Investor Status
Investor Status Investment Units by Unitholder Type Top 10 Unitholders 26/2 26/8 (FP48) (FP49) Change 26/8(FP49) Unitholders Share Share Ratio Unitholders Units Units Units （Note) % % % Number of Units Share % Individual 322,689 5.8 325,275 5.9 2,586 0.0 Financial institution 3,642,841 66.0 3,613,14
Slide 45: Appraisal Value: Offices (6 Central Tokyo Wards)
Appraisal Value Offices (6 Central Tokyo Wards) 26/8 (FP49) Change from 26/2 (FP48) Acquisition Occupancy Change of Area Property Completion price rate Appraisal Unrealized Change of Book Value Change of Change of Unrealized (million yen) 26/8 Value Cap Rate Gain/Loss Appraisal (million yen) Apprais
Slide 46: Appraisal Value: Offices (Others)
Appraisal Value Offices (Others) 26/8 (FP49) Change from 26/2 (FP48) Acquisition Occupancy Change of Area Property Completion price rate Appraisal Unrealized Change of Book Value Change of Change of Unrealized (million yen) 26/8 Value Cap Rate Gain/Loss Appraisal (million yen) Appraisal Ratio Cap Ra
Slide 47: Appraisal Value: Hotels
Appraisal Value Hotels 26/8 (FP49) Change from 26/2 (FP48) Acquisition Occupancy Change of Area Property Completion price rate Appraisal Unrealized Change of Book Value Change of Change of Unrealized (million yen) 26/8 Value Cap Rate Gain/Loss Appraisal (million yen) Appraisal Ratio Cap Rate Gain/Lo
Slide 48: Appraisal Value: Retail Facilities
Appraisal Value Retail Facilities 26/8 (FP49) Change from 26/2 (FP48) Acquisition Occupancy Change of Area Property Completion price rate Appraisal Unrealized Change of Book Value Change of Change of Unrealized (million yen) 26/8 Value Cap Rate Gain/Loss Appraisal (million yen) Appraisal Ratio Cap R
Slide 49: Appraisal Value: Residential Properties
Appraisal Value Residential Properties 26/8 (FP49) Change from 26/2 (FP48) Acquisition Occupancy Change of Area Property Completion price rate Appraisal Unrealized Change of Book Value Change of Change of Unrealized (million yen) 26/8 Value Cap Rate Gain/Loss Appraisal (million yen) Appraisal Ratio
Slide 50: Appraisal Value: Logistics Facilities
Appraisal Value Logistics Facilities 26/8 (FP49) Change from 26/2 (FP48) Acquisition Occupancy Change of Area Property Completion price rate Appraisal Unrealized Change of Book Value Change of Change of Unrealized (million yen) 26/8 Value Cap Rate Gain/Loss Appraisal (million yen) Appraisal Ratio Ca
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Slide 52: Disclaimer
Disclaimer This document was provided and released solely with the intent of providing information. This document should not be construed as an offer or solicitation to buy or sell any specific product, including investment units. This document is not a disclosure document or statement of financial