October 10, 2025
Stock Code No. 8976
"Notice Concerning Divestment of Trust Beneficiary Interest in Domestic
Real Estate (Daiwa Sarugakucho)"
"Notice Concerning Revision (Upward Revision) to Forecasts of Management Status and Distribution for the Fiscal Period Ending November 2025 (40th Fiscal Period)"
Realization of sale that contributes to the maximization of unitholder value Continued Returns to Unitholders Through Sale
▌Sale "exceeding unrealized gain" based on replacement strategy
▌Return of gain on sale over two periods
Return gain on sale over two periods of 40th FP and 41st FP by selling the property in two phases
All gains from sales for 40th FP will be distributed as dividends.
DPU
7,900 yen
+900 yen
+12.9 ％
Gain on sale of
Sarugakucho
+
Gain on sale of Tsukishima
Under review
DPU
6,920 yen
DPU
7,000 yen
Reversal of internal reserves
+
Gain on sale of Tsukishima
DPU Gain on sale of
7,000 yen Sarugakucho
6,520yen
39th FP
Actual
40th FP 40th FP
(initial (latest forecast) forecast)
41st FP
(initial forecast)
41st FP
(Image)
6,850yen
6,418yen
■
■
Excerpt from P3 of the Earnings Announcement for the 39th Fiscal Period
(Fiscal Period Ended May 2025)
Expected gain on sale
1,691 million yen*
Comparison with appraisal value
123%
4,120
million yen
2,984
million yen
Sale at a price that far exce book value and appraisal
eds the
value
5,100
million yen
Book value
Appraisal value
Planned sale price
25/5期
実績
25/11期
（当初予 想）
26/5期
（イメージ ）
26/5期
（当初予 想）
25/11期
（今回予 想）
* The forecasts for operating results and distributions for the 41st fiscal period (Fiscal Period Ended May
* Expenses related to the sale to be recorded.
2026) are currently under review, including the possibility of retaining part of the gain on the sale as internal reserves. We will announce them once the related conditions are determined.
Execution of asset sale with the intention of improving portfolio quality Continued Returns to Unitholders Through Sale▌Sale of 'low-growth assets' set out in the property replacement policy
Completed the sale of Daiwa Sarugakucho, which was included in the candidate properties for sale
▌Overview of asset sold
Asset sold | Daiwa Sarugakucho |
Construction date | June 1985 (40 years old) |
Planned sale price | 5,100 million yen |
Expected gain on sale | 1,691 million yen |
Planned sale date |
|
▌Reason for sale
Low-growth asset
While approximately 40 years have passed since completion, considerable repairs and CAPEX are necessary to maintain property competitiveness
Decline in occupancy rate
The main tenant's intention to cancel the lease contract was confirmed,
and the occupancy rate will decline to around 15% after the move-out
~ Decided to promptly sell the property after comprehensively taking into account such factors as the room for future growth
Changes in Occupancy Rate
100%
100%
15%
25/11期
（イメージ）
26/5期
（イメージ）
Excerpt from P3 of the Earnings Announcement for the 39th Fiscal Period (Fiscal Period Ended May 2025)
Daiwa Sarugakucho
25/5期
実績
39th FP Actual
40th FP (Image)
41st FP (Image)
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