Notice Concerning Revision (Upward Revision) to Forecasts of Management Status and Distribution for the Fiscal Period Ending May 2026 (41st Fiscal Period)

Item

Assumptions

Assets under management

・As for the 58 properties owned as of today, the acquisition of Hamamatsucho PREX (acquisition scheduled for March 27, 2026), and Prime Sendagaya Building (acquisition scheduled for March 31, 2026), divestment of Daiwa Azabudai (divestment scheduled for March 27, 2026) and quasi co-ownership interest (50%) in Daiwa Sarugakucho (divestment scheduled for May 29, 2026) will be completed and the number of properties owned is assumed to be 58.

・Other than the above, a silent partnership equity interest is assumed to be held.

・The actual number of properties may vary due to changes in the assets under management other than above.

Operating revenue

・Rent revenue from existing properties is calculated based on historical data and taking into account variable factors.

・Gain on sale of real estate properties from the divestment of Daiwa Azabudai and quasi co-ownership interest in

Daiwa Sarugakucho (50%) and dividend income are expected to be 1,530 million yen and 97 million yen, respectively, in the 41st Fiscal Period.

Operating expenses

・Expenses related to rent business, which constitute a major component of operating expenses, are calculated based on historical data and taking into account variable factors.

・Repair expenses for buildings are recorded as expenses in the amount expected to be necessary in the respective fiscal periods based on the medium- to long-term repair plan established by the Asset Manager.

・Operating income from property leasing (excluding gain on sale from real estate properties and dividend income) after deducting expenses related to rent business (including depreciation) is expected to be 9,048 million yen in the 41st Fiscal Period.

・Consignment expenses are expected to be 1,099 million yen in the 41st Fiscal Period.

・Taxes and dues (fixed property tax, city planning tax, etc.) are expected to be 1,297 million yen in the 41st Fiscal Period.

・While, in general, fixed property tax, city planning tax, etc. in the transaction of real estate, etc. are calculated on a pro rata basis and reimbursed at the time of acquisition with the current owner, but for the Investment Corporation, the amount equivalent to the reimbursement is included in the cost of acquisition and thus it is not recognized as expenses in the period of acquisition of properties. As such, fixed property tax, city planning tax, etc. for properties acquired will be recorded as expenses starting from the fiscal year following the acquisition year.

・Depreciation is expected to be 1,911 million yen in the 41st Fiscal Period.

Non-operating expenses

・Non-operating expenses in the 41st Fiscal Period are expected to be 1,345 million yen, of which the interest

expenses, interest expenses on investment corporation bonds, and borrowing related expenses are expected to be 1,336 million yen.

Interest-bearing liabilities

・The total amount of interest-bearing liabilities is assumed to be 239,450 million yen at the end of the 41st Fiscal Period.

• It is assumed that the new borrowing (21,500 million yen) will be appropriated for the acquisition of Hamamatsucho PREX and Prime Sendagaya Building. From today onwards, it is assumed that the entire amount

of borrowings due for repayment on March 31, 2026 (3,000 million yen) and on May 29, 2026 (5,700 million yen) will be refinanced in the 41st Fiscal Period.

Total number of investment units

issued and outstanding

・The number of investment units issued and outstanding is assumed to be 934,745 units as of today.

・It is assumed that there are no changes to the number of investment units other than stated above until the end of the 41st Fiscal Period through the issuance of new investment units, etc.

Distribution amount per unit

・The distribution amount per unit is calculated based on the cash distribution policy as set out in the articles of incorporation of the Investment Corporation.

・For the 41st Fiscal Period, it is assumed that part of the gain on sale of Daiwa Azabudai and quasi co-ownership interest (50%) in Daiwa Sarugakucho which is expected to occur during the period will be retained as internal reserves with the application of the system of “Special Provisions for Taxation in Cases of Replacement of Specified Assets” and that the amount after deducting provision of reserve for reduction entry (775 million yen) from unappropriated retained earnings will be distributed. Provision of reserve for reduction entry may change depending on management status.

・The distribution amount per unit may vary depending on a variety of factors, such as changes in the assets under

management, changes in the rent revenue due to tenant changes and other causes, and incurrence of unforeseen repairs.

Distribution amount

in excess of earnings per unit

・At present, there is no plan to make any distribution in excess of earnings (distribution amount in excess of earnings per unit).

Other

・It is assumed that there are no changes to laws and ordinances, the tax system, accounting standards, the rules of Tokyo Stock Exchange, Inc. and the regulations of The Investment Trusts Association, Japan, etc. that will affect the abovementioned forecast figures.

・It is assumed that there will be no major unforeseen changes in general economic trends, real estate market conditions, etc.