Ntt Ud Reit Investment CorporationTSE: 8956

Financial Report for the 45th Fiscal Period Ended April 30, 2025

· Issued by NTT UD REIT Investment Corporation

June 16, 2025

Financial Report

for the Fiscal Period Ended April 30, 2025 (November 1, 2024 - April 30, 2025)

REIT Issuer: NTT UD REIT Investment Corporation Stock Exchange: Tokyo Stock Exchange Security Code: 8956 URL: https://nud-reit.co.jp/en/

Representative: Takeshi Oodera, Executive Director

Asset Management Company: NTT Urban Development Asset Management Corporation Representative: Yasutake Horinouchi, President & CEO

Contact: Takeshi Iwata, Director & CFO, Finance Department (Tel: +81-3-6262-9400) Scheduled date for filing of Japanese "Securities Report": July 30, 2025

Scheduled start date for dividend distribution: July 15, 2025 Earnings supplementary explanatory materials to be prepared: Yes

Analyst meetings to be convened: Yes (for institutional investors and analysts)

  1. Performance for the 45th Fiscal Period (November 1, 2024 - April 30, 2025)

    1. Business Results

      (Percentage figures show increase (decrease) from the preceding fiscal period)

      Operating Revenues

      Operating Income

      Ordinary Income

      Net Income

      Millions of yen

      %

      Millions of yen

      %

      Millions of yen

      %

      Millions of yen

      %

      45th Fiscal Period

      13,313

      8.2

      5,203

      4.3

      4,556

      4.5

      4,555

      4.6

      44th Fiscal Period

      12,299

      7.2

      4,991

      4.7

      4,359

      3.2

      4,356

      3.2

      Net Income per Unit

      Return on Unitholders' Equity (ROE)

      Ordinary Income to Total Assets

      Ordinary Income to Operating Revenues

      yen

      %

      %

      %

      45th Fiscal Period

      3,090

      3.1

      1.5

      34.2

      44th Fiscal Period

      2,939

      2.9

      1.4

      35.4

    2. Distribution

      Distribution per Unit (Excluding excess of earnings)

      Total Distributions

      Distribution in Excess of Earnings per Unit

      Yen

      Millions of yen

      Yen

      45th Fiscal Period

      3,104

      4,557

      -

      44th Fiscal Period

      2,939

      4,355

      -

      Total Distributions in Excess of Earnings

      Distribution Payout Ratio

      Distributions to Net Assets

      Millions of yen

      %

      %

      45th Fiscal Period

      -

      100.0

      3.1

      44th Fiscal Period

      -

      100.0

      2.9

      (Note 1) The distribution payout ratio has been rounded down to the tenth place. Furthermore, the distribution payout ratio for the 45th fiscal period was calculated using the following formula due to the acquisition and cancellation its own investment units in the 45th fiscal period:

      Distribution payout ratio = Total distribution / Net income x 100

    3. Financial Position

      Total Assets

      Net Assets

      Unitholders' Equity to Total Assets

      Net Assets per Unit

      Millions of yen

      Millions of yen

      %

      yen

      45th Fiscal Period

      310,028

      147,166

      47.5

      100,233

      44th Fiscal Period

      311,655

      148,622

      47.7

      100,282

      (Reference) Unitholders' equity: the 45th fiscal period: 147,166 million yen, the 44th fiscal period: 148,622 million yen.

    4. Cash Flow

      Cash Flow from Operating Activities

      Cash Flow from Investment Activities

      Cash Flow from Financial Activities

      Cash and Cash Equivalents at End of Period

      Millions of yen

      Millions of yen

      Millions of yen

      Millions of yen

      45th Fiscal Period

      12,372

      (5,906)

      (6,010)

      21,040

      44th Fiscal Period

      6,754

      (1,739)

      (4,220)

      20,585

  2. Forecast of the 46th Fiscal Period (May 1, 2025 - October 31, 2025) and the 47th Fiscal Period (November 1, 2025 - April 30, 2026)

    (Percentage figures show increase (decrease) from the preceding fiscal period.)

    Operating Revenues

    Operating Income

    Ordinary Income

    Net Income

    Millions of yen

    %

    Millions of yen

    %

    Millions of yen

    %

    Millions of yen

    %

    46th Fiscal Period

    13,103

    (1.6)

    4,536

    (12.8)

    3,851

    (15.5)

    3,849

    (15.5)

    47th Fiscal Period

    12,825

    (2.1)

    5,676

    25.1

    4,990

    29.6

    4,989

    29.6

    Distribution per unit (Excluding excess of earnings)

    Distribution in Excess of Earnings per Unit

    Yen

    Yen

    46th Fiscal Period

    3,140

    -

    47th Fiscal Period

    3,140

    -

    (Reference) Estimate net income per unit: the 46th fiscal period 2,621 yen, the 47th fiscal period 3,397 yen

    (Note) Distribution per unit for the 46th fiscal period is based on the assumption that 760 million yen of the scheduled remaining amount of reserve for reduction entry (2,111 million yen) is reversed and added to the unappropriated retained earnings for the period to be distributed. Additionally, distribution per unit for the 47th fiscal period has been calculated on the assumption that distribution is made from the remaining amount after deducting the reserve for reduction entry (estimated to be 378 million yen) to be newly reserved from the gains from sale of properties, etc. generated during the same period from the forecast net income for the same period.

    Other

    1. Changes in Accounting Policies

      1. Changes accompanying amendments to accounting standards, etc.: No

      2. Changes other than (i): No

      3. Changes in accounting estimates: No

      4. Restatements of revisions: No

    2. Number of Units Outstanding

      45th Fiscal Period

      44th Fiscal Period

      (i) Number of units outstanding at the end of the fiscal period

      (including treasury units)

      1,468,235 units

      1,482,035 units

      (ii) Number of treasury units at the end of the fiscal period

      0 units

      0 units

      (Note) Please refer to "Notes on Per Unit Information" on page 21 of the Japanese "Kessan Tanshin" report for the number of units used as the basis for calculating the net income per unit.

    3. Rounding of Monetary Amounts and Percentage Figures

In this report, unless otherwise indicated, monetary amounts have been rounded down to eliminate amounts of less than the specified unit and percentage figures have been rounded to the nearest one decimal place.

  • Statement on Implementation Status of Audit Procedures

    As of the publication of this Financial Report, no auditing procedure under the Financial Instruments and Exchange Law has been completed for the financial statements.

  • Explanation on the Appropriate Use of the Forecast of Results, and Other Matters of Special Note;

    1. The forecast of results and other forward-looking statements presented in this document are based on information currently available to and certain assumptions deemed reasonable by NTT UD REIT Investment Corporation (NUD). Accordingly, actual results, etc. may differ materially from these forward-looking statements due to a variety of factors. Moreover, the forecast should not be construed as guarantees of the distribution amounts.

    2. For the assumptions underlying the forecast of results, please refer to "Assumptions for the Forecast of Results for the 46th Fiscal Period (May 1, 2025 - October 31, 2025) and the 47th Fiscal Period (November 1, 2025 - April 30, 2026)" set forth on page 6 of the Japanese "Kessan Tanshin" report.

  • The information above was translated from the first and second pages of the Japanese "Kessan Tanshin" report, dated June 16, 2025. Neither NUD nor NTT Urban Development Asset Management Corporation makes any assurance or warranty with respect to the completeness or accuracy of this English translation. For more complete and accurate information, please refer to the original report in Japanese.