Notice Concerning the Revision of Operating Forecast for the Fiscal Period Ending June 30, 2026

Pre-Conditions & Assumptions

Calculation Period

・Fiscal period ending June 30, 2026 (January 1, 2026, to June 30, 2026) (181 days)

Investment Assets

・In addition to the investment assets owned (totaling 42 properties, "Existing Properties") as of December 18, 2025, the Investment Corporation will acquire Mitsui Shopping Park LaLaport IZUMI (additional acquisition of a 71.5% quasi co-ownership stake) on January 13, 2026, M Building Naha Kokusai Dori I and M Building Naha Kokusai Dori II on April 16, 2026 (collectively "Assets to Be Acquired") . Moreover, these operating forecasts are premised on the absence of any changes in the investment assets due to acquisitions of and/or disposals of assets other than those described above until the end of the fiscal period ending June 30, 2026.

・Actual numbers may change due to future acquisitions and/or disposals of existing properties, if any.

LTV

(Loan to Value)

・The balance of borrowings, etc.* as of December 18, 2025 is ¥137,700 million. To secure part of funds for the acquisition of Assets to Be Acquired, the Investment Corporation plans to additionally borrow ¥18,000 million on January 9, 2026.

* Including investment corporation bonds; hereinafter the same shall apply.

・It is assumed that refinancing and partial self-financing will be executed for the repayment of borrowings due by June 30, 2026.

・As of the end of the fiscal period ending June 30, 2026, the LTV* is expected to be approximately 49%, and the ratio of interest-bearing debt to total assets*** is expected to be approximately 43%.

* LTV = (Borrowings, etc. + Security deposits - Unrestricted cash and deposits**) / (Total assets - Unrestricted cash and deposits)

** Unrestricted cash and deposits are calculated by subtracting planned distributions for the next fiscal period and deposits in trust account such as tenant leaseholds, etc. from cash and deposits on the balance sheet of each fiscal period.

*** Ratio of interest-bearing debt to total assets = Borrowings, etc. / Total assets

Operating Revenue

・The above figures are based on the assumption of lease business revenue from the investment assets above. For Existing Properties, lease business revenue is calculated based on the individual lease contracts valid as of December 18, 2025, and estimated fluctuating factors. For Assets to Be Acquired, lease business revenue is calculated based on potential lease contracts expected to be effective at the time of the acquisition of such assets in addition to taking into account information provided by the current property owners and beneficiaries.

Pre-Conditions & Assumptions

Operating Expenses

・Property taxes, city planning taxes, etc. are expected to be ¥1,410 million for the fiscal period ending June 30, 2026. However, should a property be newly acquired during any of these fiscal periods and municipal property taxes and other monies for settlement occur between the Investment Corporation and the seller, the aforementioned monies will be included in its acquisition cost.

・Repairs and maintenance are expected to be ¥446 million for the fiscal period ending June 30, 2026. However, actual repairs and maintenance may be substantially different from the expected amount due to change of outlay date or certain unanticipated factors.

・Depreciation and amortization are expected to be ¥2,217 million for the fiscal period ending June 30, 2026.

・Other expenses related to rent business (property management expenses, etc.) in connection with Existing Properties are calculated based on actual figures and estimated fluctuating factors. Other expenses related to rent business associated with Assets to Be Acquired are calculated based on potential lease contracts expected to be effective at the time of the acquisition of such assets in addition to taking into account information provided by the current property owners and beneficiaries.

Non-operating Expenses

・It is assumed that non-operating expenses, which include interest charged on borrowings, investment corporation bonds and so on, will be ¥682 million for the fiscal period ending June 30, 2026.

Distribution per Unit

(excluding

distributions in excess of earnings)

・Cash dividends (distribution per unit) are calculated according to the Investment Corporation's distribution policy described in its Articles of Incorporation.

・Distribution per unit for the fiscal period ending June 30,2026, is calculated based on the assumption that net income plus ¥26 million (the reversal of the reserve for reduction entry) will be distributed.

・Cash distribution per unit may change for a variety of reasons including changes in the Investment Corporation's investment assets, changes in leasing revenues due to tenant movements, etc. and/or the incidence of unforeseen repairs and maintenance.

Distribution in Excess of Earnings per Unit

・The Investment Corporation does not currently anticipate cash distributions in excess of earnings per unit.

Others

・Calculations and operating forecasts are based on the assumption that there will be no changes in legislation, taxation, accounting standards, regulations applying to publicly listed companies, or rules and requirements imposed by the Investment Trusts Association, Japan, that would impact the aforementioned forecasts.

・Calculations and operating forecasts are also based on the assumption that there will be no material changes in the general economic and real estate market conditions in Japan.