Notice Concerning Revisions to Operating Forecasts

Items

Assumptions

Period

Fiscal period ending December 31, 2025:

July 1, 2025 through December 31, 2025 (184 days)

Fiscal period ending June 30, 2026:

January 1, 2026 through June 30, 2026 (181 days)

Fiscal period ending December 31, 2026:

July 1, 2026 through December 31, 2026 (184 days)

Property Portfolio

・It is assumed that the following sale will be made in addition to the 66 properties held as of today.

Additional Acquisition: GRAND FRONT OSAKA (scheduled for December 19, 2025) comprising GRAND FRONT OSAKA (Umekita Plaza and South Building) and GRAND FRONT OSAKA (North Building)

Acquisition: FUNDES Kamata (scheduled for December 19, 2025) Acquisition: Hotel Gracery Asakusa (scheduled for December 19, 2025) Sale: Housing Design Center Kobe (scheduled for November 28, 2025)

Sale: JPR Yokohama Nihon Odori Bldg. in two phases (Phase-1: scheduled for December 18, 2025 (65.0%), Phase-2: scheduled for January 23, 2026 (35.0%)

Sale: Minami Azabu Bldg. (scheduled for January 9, 2026)

・These assumptions may vary due to such events as the acquisition of additional properties other than the above or the sale of existing properties.

Operating Revenues

・Real estate rental revenues are calculated on the basis of the lease contracts effective as of the end of September 2025, with consideration given to such factors as the market environment and status of negotiations with tenants, as well as taking into account the impact of certain tenant move-ins and move-outs and expected changes in the rent at the time of contract revision, among other factors. JPR also assumes that rents will be paid on time and that no tenants will fail or decline to pay rents.

・Gain on sale of real estate is assumed to be 1,892 million yen for fiscal period ending December 31, 2025 and 1,798 million yen for fiscal period ending June 30, 2026.

Operating Expenses

・Among rental expenses, which are the principal operating expenses, outsourcing expenses and other expenses excluding depreciation are calculated based on historical data, etc. reflecting variable factors of expenses. Outsourcing expenses are assumed to be 818 million yen for fiscal period ending December 31, 2025, 871 million yen for fiscal period ending June 30, 2026, and 875 million yen for fiscal period ending December 31, 2026.

・For property taxes and city planning taxes, the amount attributed to the respective fiscal periods has been calculated based on the levied tax amount, and is assumed to be 2,722 million yen for fiscal period ending December 31, 2025, 2,862 million yen for fiscal period ending June 30, 2026, and 2,854 million yen for fiscal period ending December 31, 2026. In general practice, the property taxes and city planning taxes levied on properties acquired are settled after prorating for the period with the previous owner at the time of acquisition, and JPR includes the amount equivalent to such settlement in the acquisition costs for the property.

・For expenditures for the repair and maintenance of buildings, the amount expected to be required in the respective fiscal periods has been recorded. However, the expenditures for repair and maintenance for the respective fiscal periods could differ significantly from the estimated amount, as expenditures may arise due to damage to the building caused by unexpected factors, etc., and because the variance in amounts generally tends to be significant from year to year and repair expenses do not arise regularly.

・Depreciation is calculated using the straight line method, including additional future capital expenditures, and is assumed to be 2,188 million yen for fiscal period ending December 31, 2025, 2,197 million yen for fiscal period ending June 30, 2026, and 2,223 million yen for fiscal period ending December 31, 2026.

• Operating expenses excluding expenses related to rent business (asset management fees, administrative service and custodian fees, etc.) are assumed to be 1,082 million yen for fiscal

period ending December 31, 2025, 1,082 million yen for fiscal period ending June 30, 2026, and 1,063 million yen for fiscal period ending December 31, 2026.

Items

Assumptions

Non-Operating Revenues

・As for major non-operating revenues, JPR assumes income on settlement of management association accounts to be 4 million yen for fiscal period ending December 31, 2025, 47

million yen for fiscal period ending June 30, 2026, and 4 million yen for fiscal period ending December 31, 2026.

Non-Operating Expenses

・As for major non-operating expenses, JPR assumes interest paid, fees related to loan agreement, interest on investment corporation bonds and amortization of investment corporation bond costs etc. to be 1,120 million yen for fiscal period ending December 31, 2025, 1,215 million yen for fiscal period ending June 30, 2026, and 1,289 million yen for fiscal period ending December 31, 2026.

・The cost of the Issuance of New Investment Units is assumed to be 50 million yen and scheduled to be amortized in three years using the straight-line depreciation method.

Interest-Bearing Debt and Interest-Bearing Debt Ratio

・The interest-bearing debt ratio as of today, stands at 43.7%, with interest-bearing debts of 237,500 million yen (comprised of 209,600 million yen in long-term loans payable and 27,900 million yen in investment corporation bonds). Further, it is assumed that 6,500 million yen in short-term borrowing will be undertaken as of December 19, 2025.

・It is assumed that all interest-bearing debt whose repayment dates will arrive during the fiscal period will be refinanced.

・Due to the above, the ratio of interest-bearing debt to total assets is projected to be 43.4%, 43.3%, and 43.3%, respectively, at end of the fiscal periods ending December 31, 2025, June 30, 2026, and December 31, 2026.

・The following formula is used in calculating the ratio of interest-bearing debt to total assets in this table.

Ratio of interest-bearing debt to total assets = Expected total interest-bearing debt / Expected total assets x 100

・The ratio of interest-bearing debt to total assets may vary depending on the number and issue value of the new investment units to be issued.

Total Units Outstanding

・The number of investment units outstanding as of the end of each respective fiscal period ending is 3,943,256 units as of today, and that at the end of each fiscal periods ending, is based on the assumption that additional 105,000 new investment units (100,000 issued units and maximum 5,000 third party allotment) will be issued.

・Other than the above, it is assumed that there will be no investment units additionally issued through the end of the fiscal period ending December 31, 2026.

Distribution per Unit

・As for distribution per unit, it is assumed that distribution will be made according to the

distribution methods provided in the Articles of Incorporation of JPR.

・Of the 1,892 million yen gain on the sale of real estate during the fiscal period ending December 31, 2025 and 1,798 million yen gain on the sale of real estate during the fiscal period ending June 30, 2026, 986 million yen and 1,005 million yen, respectively for the fiscal periods ending December 31, 2025 and June 30, 2026, is assumed to be retained internally as a reserve for reduction entry by utilizing the "special provisions for taxation in cases of replacement of specified assets" (Article 65-7 of the Act on Special Measures Concerning Taxation).

• Distribution for the fiscal period ending December 31, 2025, is calculated on the assumption that part of the reserve for reduction entry under special provisions for property replacement (46 million yen) will be reversed and distributed.

  ・Distribution for the fiscal period ending June 30, 2026, is calculated on the assumption that part of the reserve for reduction entry under special provisions for property replacement (48 million yen) will be reversed and distributed.

• Distribution for the fiscal period ending December 31, 2026, is calculated on the assumption that part of the reserve for reduction entry (525 million yen) and reserve for reduction entry of replaced property (50 million yen) will be reversed and distributed.

・There is the possibility that the distribution per unit may vary due to various factors

including, among others, variation of rental revenue due to change of assets under management and tenants, and unpredicted repairs and maintenance.

Exceeding Profit Distribution Per Unit

・Distribution exceeding the profit is currently not assumed.

Others

・It is assumed that there will be no changes in legislation, taxation, accounting standards, listing rules, rules and requirements imposed by the Investment Trusts Association, Japan etc. that will impact the aforementioned forecasts.

・It is also assumed that there will be no unexpected material changes in general economic and the real estate market conditions.