Mori Trust Reit.inc · TSE:8961
Mori Trust Reit.inc — 49th FP Earnings Presentation
72 slides from Mori Trust Reit.inc's earnings presentation, Oct 23, 2026
Slide 1: Investor Presentation for Financial Results, Fiscal Period Ended August 2026
Investor Presentation for Financial Results Fiscal Period Ended August 2026 (49th Fiscal Period) October 23, 2026 Security Code：8961 Asset Management Company MORI TRUST Asset Management Co., Ltd. 0
Slide 2: Contents
Contents 1. Management Highlights 6. Initiatives Related to ESG Settlement Highlights for 49th FP Ended August 2026 P. 3 Initiatives Related to ESG P.29 Steady Progress in Internal Growth Strategy (Steady Growth in Distributions on an Earnings Basis Amid Rising Interest Rates) P. 4 7. Characte
Slide 3: Management Highlights
01 Management Highlights
Slide 4: Settlement Highlights for 49th FP Ended August 2026
Settlement Highlights for 49th FP Ended August 2026 Distribution per Unit for 49th (Aug. 2026) FP Key Figures in Results for 49th (Aug. 2026) FP 1,850 yen Operating revenues 11,830 mn yen (+50 mn yen vs. forecast) Real estate rental income 8,182 mn yen (+90 mn yen vs. forecast) +13 yen (+0.7%) vs. p
Slide 5: Steady Progress in Internal Growth Strategy
Steady Progress in Internal Growth Strategy (Steady Growth in Distributions on an Earnings Basis Amid Rising Interest Rates) • We emphasize the growth of “distributions on an earnings basis” excluding gains on sales, etc., which shows the strength of our portfolio. • Despite being affected by the Os
Slide 6: Rent and Distribution Growth in the Medium Term
Rent and Distribution Growth in the Medium Term (Next Three Years with August 2026 FP as Baseline) • We examined whether rent increases could support distribution growth, assuming that the policy interest rate reaches the anticipated terminal rate. • Higher cost of debt can be offset by currently de
Slide 7: Steady Progress in Internal Growth Strategy (Condition of Office)
Steady Progress in Internal Growth Strategy (Condition of Office) • Office rent growth accelerated in the Aug. 2026 FP as the ratio of units with rent increases rose continuously to 70.2%, alongside high revision rates of +14.3% for increased units and +10.8% overall*. • As the upward trend in rents
Slide 8: Steady Progress in Internal Growth Strategy (Condition of Hotel (1))
Steady Progress in Internal Growth Strategy (Condition of Hotel (1)) • Despite a year-on-year decrease in CY Shin-Osaka due to the impact from the Osaka hotel market, two hotels in Tokyo continued the strong momentum. The total actual rents for the four hotels with variable rents reached 103% year o
Slide 9: Steady Progress in Internal Growth Strategy (Condition of Hotel (2))
Steady Progress in Internal Growth Strategy (Condition of Hotel (2)) Although CY Shin-Osaka remained weak due to the impact from the Osaka hotel market, Shangri-La and CY Tokyo reached record-high monthly rents. Shangri-La Hilton Odawara • Reached a record-high rent in April 2026 backed by rising in
Slide 10: Promotion of Re-tenanting and Lease Contract with New Tenant for ON Building
Promotion of Re-tenanting and Conclusion of Lease Contract with New Tenant for ON Building • For the property for which we considered the management policy following the tenant’s move-out, we concluded a lease contract with a new (core) tenant under the basic policy of promoting re-tenanting and con
Slide 11: Fixed Term Building Lease Contract After Sep. 2027 for Sunroute Plaza Shinjuku
Conclusion of Fixed Term Building Lease Contract After Sep. 2027 for Sunroute Plaza Shinjuku (Increase in Fixed Rent and Introduction of Variable Rent) • New contracts starting in September 2027 will include a significant increase in fixed rent and the introduction of a new variable rent (linked to
Slide 12: Financial Results for 49th FP Ended August 2026
Financial Results for 49th FP Ended August 2026
Slide 13: Overview of the Settlement for 49th FP Ended August 2026
Overview of the Settlement for 49th FP Ended August 2026 Distribution per Unit for 49th (Aug. 2026) FP • Operating income exceeded the forecast by 92 million yen due to upward revisions in hotels with variable rents, etc. 1,850 yen • Due to increase in interest expenses held within forecast, profit
Slide 14: Factors of Change in Distributions per Unit
Factors of Change in Distributions per Unit (Actual for August 2024 and 2025 FPs vs. Actual for August 2026 FP (YoY comparison)) • Hotels and offices continued to grow. Despite being affected by the weak Osaka hotel market, the actual result exceeded the forecast. • DPU came close to a record-high f
Slide 15: Forecasts for 50th FP Ending February 2027 and 51st FP Ending August 2027
Forecasts for 50th FP Ending February 2027 and 51st FP Ending August 2027
Slide 16: Assumptions Underlying the Forecasts
Assumptions Underlying the Forecasts • For offices, it is assumed that some vacancies will be filled through future leasing activities, and rents will be raised for sections of floors subject to revision. • The forecast for Four Hotels with Variable Rents as a whole is projected to decline year on y
Slide 17: Summary of Forecasts for 50th and 51st FP
Summary of Forecasts for 50th FP Ending February 2027 and 51st FP Ending August 2027 Forecast Distribution per Unit for the FP Ending Feb. 2027 (50th FP) Forecast Distribution per Unit for the FP Ending Aug. 2027 (51st FP) 1,800 yen -50 yen (-2.7%) vs. previous FP (actual) +5 yen (+0.3%) vs. previou
Slide 18: Factors of Change in Distributions per Unit
Factors of Change in Distributions per Unit (Actual for February 2025 and 2026 FPs vs. Forecast for February 2027 FP (YoY comparison)) • DPU is expected to decline relative to Feb. 2026 FP when hotel performance sharply increased, reflecting lower rents at CY Shin-Osaka (CYO) and leasing expenses fo
Slide 19: Factors of Change in Distributions per Unit
Factors of Change in Distributions per Unit (Actual for August 2025 and 2026 FPs vs. Forecast for August 2027 FP (YoY comparison)) • Although CYO is expected to be still recovering from a decline in rent, we expect internal growth to largely offset the increase in interest expense resulting from ris
Slide 20: Changes in Previous/Revised Forecasts and Actual Distributions
Changes in Previous/Revised Forecasts and Actual Distributions for Each Fiscal Period • Due to the recovery and growth of the office and hotel markets, actual distributions on an earnings basis have grown to the 1,800 yen range. • Due to continued internal growth exceeding the forecasts, actual resu
Slide 21: External and Internal Growth Strategy
External and Internal Growth Strategy
Slide 22: Summary of External Growth Strategy
Summary of External Growth Strategy Recognition of External Environment Office • Against the backdrop of favorable rental market conditions in which the rent level is showing an upward trend, the appetite of domestic and foreign investors to acquire properties remains high, and office transactions a
Slide 23: Summary of Internal Growth Strategy (Office)
Summary of Internal Growth Strategy (Office) Office Recognition of External Conditions Future Policy • Tenant demand remains strong in an environment of limited new • In terms of leasing to new tenants, we aim to improve occupancy supply, and office market conditions are favorable nationwide. rates
Slide 24: Summary of Internal Growth Strategy (Hotel)
Summary of Internal Growth Strategy (Hotel) Hotel Recognition of External Conditions Future Policy • While the deterioration in Japan-China relations has led to a • We will actively capture inbound demand with high room rates decline in the number of visitors from China to Japan, tourism via interna
Slide 25: Overall Status of Hotel Market
Overall Status of Hotel Market • The number of foreign visitors to Japan reached a record high of 42.68 million in 2025. The number of foreign visitors to Japan is expected to continue to increase towards the government's target of 60 million. • While being affected by the deterioration of Japan-Chi
Slide 26: Financial Status
0d Financial Status
Slide 27: Financial Status
Financial Status (Financial Strategy, Financial Highlights for 49th FP Ended August 2026 and Interest Rate Status) Financial Strategy Recognition of External Environment Future Policy • Following the rate hike in December 2025, further rate hikes • We aim to utilize short-term loans (floating rate)
Slide 28: Financial Status (Status of Interest-Bearing Liabilities)
Financial Status (Status of Interest-Bearing Liabilities) Interest-Bearing Liabilities Breakdown of Interest-Bearing Liabilities (As of Aug. 31, 2026) As of As of Classi- Balance of Lender (%) Feb. 28, 2026 Aug. 31, 2026 Change fication borrowings Loans Mizuho Bank, Ltd. 48,000 21.8% Total interest-
Slide 29: Initiatives Related to ESG
06 Initiatives Related to ESG
Slide 30: Initiatives Related to ESG
Initiatives Related to ESG • In the 2026 GRESB Real Estate Assessment, MTR's score improved from the previous year, and we continued to maintain a 4 Star rating. • New environmental performance targets by FY2030 have been set. We will promote various initiatives aiming to achieve net zero emissions.
Slide 31: Initiatives Related to ESG
Initiatives Related to ESG Initiatives for Owned Office Properties (Reference) Employee Initiatives by Mori Trust Group Introduction of Energy-Saving Equipment Employee Initiatives (MORI TRUST CO., LTD.) (Note 1) Promotion of Work-Life Balance and Women’s Participation From the perspective of en
Slide 32: Characteristics of MORI TRUST REIT, Inc.
Characteristics of MORI TRUST REIT, Inc. 31
Slide 33: Fundamental Principles and Characteristics
Fundamental Principles and Characteristics MORI TRUST REIT, Inc. (MTR) A comprehensive REIT with offices and hotels as its core assets, which is truly equipped with asset potential, stability and growth potential MTR will be operated guided by the principles of stability, growth, continuity, trust,
Slide 34: Investment Policy, Portfolio Summary
Investment Policy, Portfolio Summary Pursue Asset Potential, Stability and Growth Potential with Offices and Hotels as Core Assets. Promoting stable investment over the medium and long term with focus on office buildings in the Central Tokyo and on hotels located in "major cities in Japan" and "famo
Slide 35: Intensive Investment in High-quality Assets
Intensive Investment in High-quality Assets Building a portfolio with both stability and growth potential based on its core assets, offices and hotels. Intensive investment in high-quality, high-grade assets with asset potential leveraging the support of Mori Trust Group assets. Asset Potential: Loc
Slide 36: Portfolio Consisting Primarily of High-quality Properties Developed by the Sponsor
Portfolio Consisting Primarily of High-quality Properties Developed by the Sponsor Building a portfolio with high asset potential consisting primarily of high-quality properties developed by the sponsors, which can be destinations for people to gather. Portfolio with Asset Potential Percentage of pr
Slide 37: Mori Trust Group
Mori Trust Group Main Business of Mori Trust Group Real Estate Hotels & Resorts Investment We are focusing on the development of advanced, Through the creation of attractive international We are actively promoting investment in a broad large urban complexes with the potential to serve as tourism bas
Slide 38: Mori Trust Group's Track Record of Developing High-quality Assets
Mori Trust Group’s Track Record of Developing a Variety of High-quality Assets Since its foundation in 1951, the Group has engaged in large urban development projects mostly in central Tokyo and operated a property ownership, leasing, operation and management business. The Group has developed a vari
Slide 39: Broad Collaboration with the Mori Trust Group
Broad Collaboration with the Mori Trust Group Maximize sponsor support from Mori Trust Group, including MORI TRUST and Mori Trust Hotels & Resorts, based on the agreement concluded with Mori Trust Group Examples of Actual Sponsor Support in Property Management etc. Utilizing the Mori Trust Group’s k
Slide 40: Major Hotels Developed, Held and/or Operated by Mori Trust Group
Major Hotels Developed, Held and/or Operated by Mori Trust Group Operation & Development Strategic Hotel Management (Source) Prepared by the Asset Management Company based on the Capabilities Development information of Mori Trust Group available as of August 31, 2026 Capabilities (Note) Except for t
Slide 41: Major Hotel Development Projects Underway by Mori Trust Group
Major Hotel Development Projects Underway by Mori Trust Group Operation & Development Strategic Management Capabilities Investment Capabilities Multiple new hotel development projects Major Metropolitan Areas 1 Hotel Tokyo (opened in March 2026) Resort Areas Major Metropolitan Areas Sapporo Odori Pa
Slide 42: Track of Asset Size Growth and External Growth
Track of Asset Size Growth and External Growth We will aim for growth through the Merger and an increase in asset size (about 500 billion yen) by acquiring mostly properties developed by the sponsors. Independent growth of MTR and MTH New growth as New MTR Listing of MTR stock The Merger of MTR and
Slide 43: Appendix
Appendix 42
Slide 44: Overall Status of Office Market
Overall Status of Office Market (Changes in Vacancy Rate and Rent per Unit in Major Cities) Tokyo Business Districts Yokohama Business Districts Osaka Business Districts (%) Average rent (right axis) (yen/ (%) Average rent (right axis) (yen/ (%) Average rent (right axis) (yen/ month,tsubo) month,tsu
Slide 45: Operating Results by Four Hotels with Variable Rents (Year-on-Year)
Operating Results by Four Hotels with Variable Rents (Year-on-Year Comparison) Shangri-La Tokyo (SL) 47th FP (Operating period: Mar. 1, 2025 to Aug. 31, 2025) 49th FP (Operating period: Mar. 1, 2026 to Aug. 31, 2026) 2024 2025 2025 2026 Base month for rent 47th 49th Nov. Dec. Jan. Feb. Mar. Apr. Nov
Slide 46: Operating Results by Four Hotels with Variable Rents (Period-on-Period)
Operating Results by Four Hotels with Variable Rents (Period-on-Period Comparison) Shangri-La Tokyo (SL) 48th FP (Operating period: Sep. 1, 2025 to Feb. 28, 2026) 49th FP (Operating period: Mar. 1, 2026 to Aug. 31, 2026) 2025 2025 2026 Base month for rent 48th 49th May Jun. Jul. Aug. Sep. Oct. Nov.
Slide 47: Change in Major Indicators of Each Hotel Asset
Change in Major Indicators of Each Hotel Asset (Hilton Odawara / Courtyard Tokyo / Courtyard Shin-Osaka) Hilton Odawara Change in Major Indicators [Reference] Base period for calculation of rent (Million yen) Odd fiscal periods (fiscal periods ended/ending in Aug.): 600 12 months from January to D
Slide 48: The Timing of Recording Rents for the Four Hotels with Variable Rents
[Reference] The Timing of Recording Rents for the Four Hotels with Variable Rents (Including the Timing of Compensating for the Difference from the Minimum Guaranteed Rent) 2025 2026 2027 2028 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 Fiscal period 47th F
Slide 49: Accounting of Goodwill
Accounting of Goodwill • (Positive) goodwill of around 0.6 billion yen occurred through the Merger. • Our policy is to record goodwill on the balance sheets as intangible assets and amortize it equally over 20 years (40 fiscal periods) as operating expenses on the statements of income and retained e
Slide 50: Actual Response to Large Tenants Move Out
Actual Response to Large Tenants Move Out • Implemented timely and appropriate responses to past major tenant move out while leveraging sponsor support such as providing replacement properties and leasing activities. Case of large tenant moving out Response Cancelled Move Out Transfer Alternative Na
Slide 51: Portfolio List (As of August 31, 2026)
Portfolio List (As of August 31, 2026) Construction Asset size Appraisal value Use Property name Location Hotel grade Leasable area*2 completion (million yen) *2 (million yen) Tokyo Shiodome Building (Hotel: Conrad Tokyo) Minato Ward, Tokyo (Luxury) Jan. 2005 82,539 82,300 71,806.84 ㎡ Kamiyacho Trus
Slide 52: Appraisal Values of Portfolio Properties at the Fiscal Period-End
Appraisal Values of Portfolio Properties at the Fiscal Period-End (As of August 31, 2026) • Following confirmation that the single tenant would vacate ON Building, its appraisal shifted to a multi-tenant basis. Although the assumed stabilized occupancy rate decreased to 95%, higher assumed rents and
Slide 53: Changes in Occupancy Rate
Changes in Occupancy Rate Monthly Occupancy Rates for Each Use Category (from End of Previous Period to End of Current Period) (Period ended (Period ended Use Feb. 2026) Mar. 31, 2026 Apr. 30, 2026 May 31, 2026 Jun. 30, 2026 Jul. 31, 2026 Aug. 2026) Feb. 28, 2026 Aug. 31, 2026 Office Master lease ba
Slide 54: Overview of Lease Contracts
Overview of Lease Contracts (As of August 31, 2026) Total Occupancy Use Property name number Type of lease contracts Lessee rate of tenants Tokyo Shiodome Building Master lease contract Linked to sublease rent MORI TRUST CO., LTD. (office/retail part) 100% 1 Tokyo Shiodome Building (98.8%) (42) Mast
Slide 55: Details of Hotel Property Lease Contracts
Details of Hotel Property Lease Contracts Hilton Odawara Courtyard by Marriott Courtyard by Marriott Hotel Sunroute Plaza Property name Shangri-La Tokyo Hotel Okura Kobe Resort & Spa Tokyo Station Shin-Osaka Station Shinjuku (Note 4) Hotel grade Luxury Upper Upscale Upper Upscale Upscale Upscale Upp
Slide 56: Portfolio Summary and Property-Related Revenues/Expenses (Office 1)
Portfolio Summary and Breakdown of Property-Related Revenues/Expenses (Office 1) Office Tokyo Shiodome Building Kamiyacho Trust Tower ON Building Kioicho Building Sendai MT Building Osaki MT Building Location Minato Ward, Tokyo Minato Ward, Tokyo Shinagawa Ward, Tokyo Chiyoda Ward, Tokyo Miyagino Wa
Slide 57: Portfolio Summary and Property-Related Revenues/Expenses (Office 2)
Portfolio Summary and Breakdown of Property-Related Revenues/Expenses (Office 2) Office Shin-Yokohama TECH Midosuji MTR Building Hiroo MTR Building Tenjin Prime Building Location Chuo Ward, Osaka Shibuya Ward, Tokyo Chuo Ward, Fukuoka Kohoku Ward, Yokohama Building A: February 1986 Construction comp
Slide 58: Portfolio Summary and Property-Related Revenues/Expenses (Hotel)
Portfolio Summary and Breakdown of Property-Related Revenues/Expenses (Hotel) Hotel Hilton Odawara Courtyard by Marriott Courtyard by Marriott Hotel Sunroute Plaza Shangri-La Tokyo Hotel Okura Kobe Resort & Spa Tokyo Station Shin-Osaka Station Shinjuku Location Chiyoda Ward, Tokyo Odawara City, Kana
Slide 59: Portfolio Summary and Property-Related Revenues/Expenses (Other)
Portfolio Summary and Breakdown of Property-Related Revenues/Expenses (Other) Retail facility Residential SHIBUYA FLAG Ito-Yokado Shonandai Frespo Inage Park Lane Plaza Total Location Shibuya Ward, Tokyo Fujisawa City, Kanagawa Inage Ward, Chiba Shibuya Ward, Tokyo － Construction completion August 2
Slide 60: Balance Sheets (49th FP Ended August 2026)
Balance Sheets (49th FP Ended August 2026) Thousands of yen As of February 28, As of August 31, As of February 28, As of August 31, 2026 2026 2026 2026 Assets Liabilities Current assets Current liabilities Cash and deposits 22,987,669 22,841,350 Operating accounts payable 518,721 906,970 Cash and de
Slide 61: Statements of Income and Retained Earnings (49th FP)
Statements of Income and Retained Earnings (49th FP Ended August 2026) Statements of Income and Retained Earnings （Breakdown of Real Estate Leasing Business Income) Thousands of yen Thousands of yen For the period For the period For the period For the period from September 1, 2025 from March 1, 2026
Slide 62: Statement of Cash Distributions / Statements of Cash Flows
Statement of Cash Distributions / Statements of Cash Flows (49th FP Ended August 2026) Statement of Cash Distributions Statements of Cash Flows (Yen) Thousands of yen For the period For the period For the period For the period from September 1, 2025 from March 1, 2026 from September 1, 2025 from Mar
Slide 63: Changes in Indicators
Changes in Indicators （Unit : million yen） Period ended Period ended Period ended Period ended Period ended August 2024 February 2025 August 2025 February 2026 August 2026 Formula (45th fiscal period) (46th fiscal period) (47th fiscal period) (48th fiscal period) (49th fiscal period) Operating reven
Slide 64: Changes in Asset Size, LTV and Distribution Per Unit
Changes in Asset Size, LTV and Distribution Per Unit October 2013 March 2023 Capital increase 2,482 Merger with MORI TRUST through public offering 2,265 Hotel Reit, Inc. (yen) 1,963 Distribution 1,825 1,854 1,916 1,854 1,850 1,783 1,778 1,785 1,775 1,757 per unit 1,835 1,950 1,977 1,500 1,700 1,960
Slide 65: Interest-Bearing Liabilities (As of August 31, 2026)
Interest-Bearing Liabilities (As of August 31, 2026) ▮ Short-Term Loans Outstanding balance at Average Development Bank of Japan Inc. 1,500 0.87% Nov. 30,2023 Nov. 30,2027 Aozora Bank, Ltd. 1,000 1.08% Mar. 11,2024 Feb. 28,2030 classification Lender Draw down date Repayment date end of period intere
Slide 66: Changes in Unit Prices
Changes in Unit Prices Unit Price and Trading Volume (February 13, 2004 to August 31, 2026) Unit price (yen) Trading volume Unit price Trading Volume(Unit) 200,000 100,000 October 2008 May 2010 October 2013 March 2023 Listed on TSE on 90,000 Capital increase through a Capital increase Capital increa
Slide 67: Investors
Investors Top 10 Unitholders (Total Number of Outstanding Investment Units: 3,560,000) （As of August 31, 2026) Number of Unitholders Ownership ratio units held MORI TRUST Holdings, Inc. 1,038,700 29.2% Custody Bank of Japan, Ltd. (trust accounts) 668,370 18.8% The Master Trust Bank of Japan, Ltd. (t
Slide 68: Asset Management Company Remuneration Methods
Asset Management Company Remuneration Methods Calculation Actual (Thousand yen) Agreement rate for Calculation method remuneration Period Ended Feb. 2026 Period Ended Aug. 2026 (48th FP) (49th FP) (Total appraisal value of assets at For each operation period, the average amount of the total appraisa
Slide 69: Organization Chart
Organization Chart Transfer Agent, MTR 1 General Services Agreement 1 General Administrator of (Administration of Registration Share Issuance and Accounting) Accounting and Asset 2 2 Asset Custody Agreement Custodian 3 Fiscal, Issuing and Payment Sumitomo Mitsui MORI TRUST REIT, Inc. Agency Agreemen
Slide 70: Notes (1)
Notes (1) Figures are rounded down to the nearest unit unless otherwise specified in this information package. However, percentages (%) are rounded off. Company and property names are sometimes indicated using the following abbreviations. - MORI TRUST REIT, Inc.: MTR - MORI TRUST Asset Management Co
Slide 71: Notes (2)
Notes (2) P.53 (1) In properties with trust beneficiary rights, it is classified as a “Leasing directly to tenants” if MTR conclude sublease contracts directly with tenants after an owner, which is the fiduciary trust company and lessor, and MTR, which is the trust beneficiary and lessee, conclude a
Slide 72: Disclaimer
Disclaimer • The purpose of this document is to provide information. It is not intended to solicit investment or recommend investment in specific issues. MTR cautions readers to contact their securities company representative if intending to acquire or sell any of MTR’s investment products or invest