43rd Fiscal Period (Dec.1, 2024 - May 31, 2025) PresentationMaterial

Presentation Material July 2025

43rd Fiscal Period

Six months ended May 2025

Securities Code: 8960 https://www.united-reit.co.jp/en/

Website

Steady Approach to Targets of DPU over ¥8,000 Per Annum and an Increase in NAV

• Returned ¥1.7 Bn in gains on sale through ¥22.1 Bn asset replacement

• Increased leasing profits 6.5% year-on-year by increasing rents in the inflationary environment

• Make flexible decisions on the acquisition of pipeline properties in line with market conditions

  The Medium-Term Growth Strategy

  2025/5 (43rd) - 2027/11 (48th) FP

  Asset

  2025/5 (43rd) FP Actual Results 2025/11 (44th) FP Forecast

  
  
  

  -

  Sale of

  Annual DPU

  ¥8,000+

  Replacement

  • ¥60-90 Bn in asset replacement

  • Improve portfolio quality, return gains on sale

    Profit Increase

    properties

    Gain on sale

    Rent profit

    Annual ¥22.1 Bn

    Annual ¥1.7 Bn

    (y-o-y) +6.5%

    Sustained Increase in NAV

    • Increase revenue in the inflationary environment

    • Draw on the effects of asset replacement

      Cash Allocation

      Rent revenues

      Unit buyback

      (y-o-y) +3.9%

      ¥5.0 Bn

      • Conduct strategic allocations of cash on hand by prioritizing capital efficiency

    Property acquisitions

    ¥25.3 Bn
    Progress Toward the Medium-Term Growth Strategy (2025-2027)｜Asset Replacement
    
    

    Increased DPU Through Asset Replacement of Medium-Term Growth Strategy

• Executed an annual ¥22.1 Bn in asset replacement in line with the Medium-Term Growth Strategy

• Achieved the improvement in portfolio profit, lower building age, and return of ¥1.74bn gain on sale by replacing assets

• Improving the portfolio quality and increasing DPU through returning gains on sale to unitholders

c. ¥60-90 Bn (¥20-30 Bn p.a.) in asset replacements over 2025-2027 (43rd to 48th period)

• Increase in portfolio profit ● Return of gain on sales ● Flexible use of proceeds from dispositions

2025/5 (43rd) - 2025/11 (44th) FP

Disposition

43 FP

• Joy Park Izumigaoka

• UUR Tenjin Nishi-dori Building

• Retail properties  Hotels  Others

Acquisition

43 FP

• MALera Gifu (5%)

• Niigata Nishikimachi Shopping Center

• RESOLA SOUTH TERRACE

• Rehabilitation Home Bonsejour Kita-Matsudo

  44 FP 44 FP

  • ACTIOLE Kannai

  • Miyamae Shopping Center

    Acquisition Pipeline

    Total investment amount

    Approx. ¥80.0 Bn

    Building age

    Approx. 13 years

    Estimated NOI yield

    5.0%

    (After depreciation 4.2%)

    Retail

    3

    properties

    Hotels

    4

    properties

    Others

    4

    properties

    
    
    

  • Hirakata Nagao Logistics Center

*1 Weighted average based on acquisition price (as of May 31, 2025).

*2 For acquired properties: estimated NOI at the time of acquisition based on acquisition price; for the disposed property: actual NOI based on the disposition price.

• the b ochanomizu

• Smile Hotel Premium Osaka Honmachi

• Charm Suite Kitabatake

  
  
  

  4

  Increase in Revenue through Rent Increases and Asset Replacement in the Inflationary Environment

  • +31.3% in rent profit over the last four years, far above the +5.2% increase in asset size

  • Rent revenues are expected to increase by +3.9%, driven by the increase in rent revenues of hotels

  • Asset replacement is also driving an increase in portfolio profit

• Rent Revenues (Rent & CAM fees) / Rent Profit

Rent Revenues Rent Profit

* Y-o-y changes in ( )

2025/5 - 2025/11 (43rd・44th) FP

+31.3%

47.6

(+3.9%)

40.1

41.7

(+4.0%)

44.1

(+5.6%)

45.8

(+3.9%)

26.8

(+9.5%)

28.4

(+5.8%)

30.2

(+6.5%)

23.0

24.5

(+6.7%)

Rent Profit: ¥30.2 Bn

Existing properties

¥27.6 Bn (y-o-y +5.2%)

¥6.6 Bn (y-o-y +16.3%)

Stronger performance at variable rent hotels drives growth in revenue of the

Hotels

hotel portfolio

¥2.2 Bn (y-o-y +1.6%)

Rents are growing including family and

Residential compact units

Properties for replacement

¥2.6 Bn (y-o-y +22.6%)

(¥ Bn)

(+3.9%)

50.0

40.0

30.0

20.0

Rent revenues: ¥47.6 Bn

Existing properties

¥43.6 Bn (y-o-y +2.8%)

Properties for replacement

¥4.0 Bn (y-o-y +18.3%)

10.0

0.0

Asset size

+5.2%

671.0 706.1

35・36FP ('20/12-'21/11)

37・38FP ('21/12-'22/11)

39・40FP ('22/12-'23/11)

41・42FP ('23/12-'24/11)

43・44FP ('24/12-'25/11)

Forecast

Note: Excluding the one-time rent revenue from Kawasaki Toshiba Bldg. (cancellation penalty and restoration fee) from 42FP, Existing properties are those held from the end

of 40FP until the end of 45FP. 5

Conduct Strategic Allocations of Cash on Hand by Prioritizing Capital Efficiency

• Drove DPU increase by returning gains on sale to unitholders

• Acquired properties in consideration of implied cap rate to help boost DPU

  Property sale

  Optimal allocation of funds raised

Unit buyback

Effect on DPU (¥/unit)

43 FP +47

44 FP +48

45 FP +49

Property acquisition

Effect on DPU (¥/unit)

43 FP +37

44 FP +171

45 FP +191

Unitholder returns

Effect on DPU (¥/unit)

43 FP +170

44 FP +398

45 FP +180

• Consider a unit buyback if P/NAV stays between 0.8-0.85x

  Used cash on hand to acquire 1.4% of outstanding units, based on unit price

• • Unit buyback (2024/11 - 2024/12)

    Total Acquisition Amount

    ¥5 Bn

    (¥3.1 Bn / ¥1.9 Bn)*1

    Effect on DPU

    +¥47/unit

    (+¥29/unit / +¥18/unit)*1

    
    
    

    *1 Figures in parenthesis: left for '24/11 (42nd) FP; right for '25/5 (43rd) FP 6

    Achieving DPU over ¥8,000 Per Annum through Asset Replacement and Revenue Increase at Existing Assets

• Steady increase in annual DPU since the 43rd FP is expected to reach a historic high of ¥8,110 (+7.2% y-o-y)

• Focus on increasing portfolio profit through asset replacements, returning gains on sale, and increasing rent profit from existing properties

  
  
  

• Aim to further increase the annual DPU from the level above ¥8,000

  • Annual DPU

  Annual DPU

  ¥6,600

  40FP

  3,371円

¥6,282 ¥6,256

¥7,566

¥8,110

¥8,000+

36FP

¥3,100

48FP

45FP

Forecast

¥4,200

47FP

35FP

¥3,182

37FP

¥3,112

39FP

¥3,229

41FP

¥3,629

43FP

¥4,010

Merger of the Japanese Real Estate Businesses of Marubeni and Dai-ichi Life Holdings

• The sponsor of the asset management company was changed to Daiichi Life Marubeni Real Estate in July 2025

  Globally active in many fields as a leading general trading firm Has wide-ranging expertise in development, sale, management, etc. of

  office buildings and condominiums

50% 50%

• Enhancing the acquisition pipeline through strong sponsor support and strengthening capital policy by acquiring investment units

  Acquisition of investment units by the sponsor's group companies (2025/3 - 2025/4)

  Marubeni Real Estate Management acquired 1.0% of investment units through market purchase (the sponsor group now holds 1.4% including existing holdings)

  Aim for Japan's Top-Scale Real Estate Asset Management Group

• Build a robust real estate value chain on the asset management business for our core business

• Aim for increasing our group's real estate assets under management of ¥1.8 Trn to ¥3 Trn in FY2030, industry's top level

  
  
  

  Real estate

  Asset management business

Japan's top-level real estate assets under management

Private fund

Private REIT

¥3 Trn

Assets under management (c. 1.8 Trn)

Logistics

Residential properties

Office buildings

Logistics Hotels

Residential properties

Retail properties

Hotels

Residential properties

Retail properties

Hotels

Logistics

Diverse asset classes

Use our shareholders' business / customer bases, functions, and expertise

A broad network and expertise as a general trading firm Asset management expertise and financial brokerage capability as a life insurer

Financial Results | '25/5 (43rd) FP

Improve Portfolio Quality and Maintain Momentum for DPU Growth

• DPU increased to a record high of ¥4,010 (+1.9% y-o-y) through asset replacements and improved profit from existing properties

• Improved revised NOI through heightened profitability with improved hotel earnings and asset replacements for retail properties

• Returned ¥0.52 Bn gains on sale, improved the portfolio quality, and achieved lower building age for the portfolio through asset replacements

• Boosted DPU by ¥18 by acquiring investment units of ¥1.9 Bn

  Distribution per Unit

  ¥4,010

  From '24/11 (42nd) FP*1

  +¥73 (+1.9%)

  From Initial Forecast*2

  +¥10 (+0.3%)

  • Retail properties  Others

    <>

    Acquisition ¥10.95 Bn

    NOI Yields*3

    4.4%

    Building Age*4

    10 years

    Capital Gain/Loss

    -

    • MALera Gifu (5%)

    • Niigata Nishikimachi Shopping Center (Site)

    • RESOLA SOUTH TERRACE

    • Rehabilitation Home Bonsejour Kita-Matsudo

      (¥1.80 Bn)

      (¥2.72 Bn)

      (¥5.30 Bn)

      (¥1.13 Bn)

      Disposition ¥11.40 Bn

      2.6% 19 years ¥0.52 Bn

    • Joy Park Izumigaoka

    • UUR Tenjin Nishi-dori Building

    <>

    (¥5.40 Bn)

    (¥6.00 Bn)

    Profit from Rental Activities

    ¥15.1 Bn

    -0.18 Bn from 42nd FP

    Adjusted NOI Yield

    5.4%

    +0.2%pt from 42nd FP

    Occupancy Rate

    99.1%

    -0.1%pt from 42nd FP

    *1 DPU in '24/11 (42nd) FP: ¥3,937

    *2 Projected DPU announced on January 21, 2024: ¥4,000

    *3 Acquired properties: weighted average of estimated NOI under stabilized operation based on acquisition price. Disposed property: weighted average of actual NOI in the fiscal period immediately prior to disposition based on the disposition price.

    
    
    

    *4 Weighted average based on the acquisition price (as of May 31, 2025). 10

    Continue DPU Growth through Asset Replacements

• Loss of cancellation penalty received from tenant departure at the Kawasaki Toshiba Building and gains on sale covered by gain on sale from asset replacements and increased rent from existing properties

• Hotels maintained high performance as a key driver of DPU growth

• Acquisitions in the 42nd and 43rd fiscal periods helped bolster DPU as well

  Decrease

DPU: Dividend per Unit

(¥/unit)

3,937

+83

Acquisition

-56

Randor Hotel Hiroshima Prestige

OSAKA BAY TOWER

MALera Gifu (5%)

Niigata Nishikimachi Shopping Center (Site)

RESOLA SOUTH TERRACE

Rehabilitation Home Bonsejour

Kita-Matsudo

＋0

Sales admin

Non-operating profit & loss (Interest expense

-12

-44

-38)

＋47

+18

Effect of acquisition of own investment units

＋10

Disposition

Repairs and maintenance

-19

+11

Joy Park Izumigaoka

UUR Tenjin

Nishi-dori Building

ACTIOLE Kannai (impairment loss)

+193

-21

Restoration income

Others

+35

-15

+13

-14

+3

Retail properties +32

Office buildings -4

Hotels +183

+243

Rent & CAM fees

+244

4,010

-374

A Record High DPU due to Asset Replacements and Improved Revenue from Existing Properties

• 44th FP: DPU of ¥4,100 due to profit from new acquisitions and gains on sale

• 45th FP: Hotel rents increased due to the timing of annually-settled variable rent

  Cancellation penalty received at the tenant leaving of Shinsaibashi OPA Honkan brought the highest DPU of

  ¥4,200

  Increase

DPU: Dividend per Unit

4,010

+19

Sales admin +16

-306

Non-operating -56 profit & loss

(Interest expense -52)

Acquisition

Disposition

Change in -106 retained earnings

MALera Gifu (5%)

＋5

Joy Park Izumigaoka

UUR Tenjin Nishi-dori Building

ACTIOLE Kannai (impairment loss)

Hirakata Nagao Logistics Center

Miyamae Shopping Center

-12

Sales admin

-25

Niigata Nishikimachi Shopping Center (Site)

Tax and public -55

+10

-12

dues

Non-operating profit & loss (Interest expense

Change in retained earnings

-85

-57)

Capital Gain -217

Rent profit

-89

Cancellation fees +381

Repairs and maintenance

+71

-14

RESOLA SOUTH TERRACE

Rehabilitation Home Bonsejour Kita-Matsudo

-6

+26

Restoration income

4,100

-15

Repairs and maintenance

Other leasing fees

Restoration income

Others

-62

+16

Others

-12

+6

-14

+24

+14

Retail properties

Office buildings

-22

+15

Charm Suite Kitabatake

-27

the b ochanomizu

-34

Hotels -25

Retail properties

Office buildings

+9

+13

Smile Hotel

Premium Osaka +56 Honmachi

Hotels

+144

+17

(¥/unit)

-145

4,200

Ensure Further Portfolio Profit and Lowered Building Age through Asset Replacements

• The acquisition of two variable rent hotels makes our portfolio stronger under inflation phase

• Eliminated concerns for future deterioration of portfolio profit and additional capital expenditures by disposing of aging properties with risk for future profitability

• Secured gains by selling properties above appraisal value, and improved portfolio profit and lowered building age

  2025/11 (44th) FP

  Disposition Acquisition

  Retail properties

  ACTIOLE Kannai

  ¥2,160 Mn

  ¥10.8 Bn

  Price

  ¥14.4 Bn

  Hotels

  the b ochanomizu

  ¥2,780 Mn

  Location Disposition date

  Yokohama, Kanagawa

  July 1, 2025

  30 years

  Building Age*1

  10 years

  Location Acquisition date

  Chiyoda-ku, Tokyo June 30, 2025

  Retail

  Miyamae Shopping Center

  4.2%

  NOI Yield*2

  4.7%

  Hotels

  Smile Hotel Premium

  properties

  Location

  Disposition date (Scheduled)

  ¥5,500 Mn

  Kawasaki, Kanagawa September 12, 2025

  3.2%

  Adjusted NOI Yield

  4.2%

  Location Acquisition date

  Osaka Honmachi

  ¥8,690 Mn

  Osaka, Osaka June 30, 2025

  Others Hirakata Nagao

  Logistics Center

  ¥3,100 Mn

  ¥1.22 Bn

  Capital Gain -

  Others Charm Suite Kitabatake

  ¥2,894 Mn

  Location Disposition date

  Hirakata, Osaka

  June 30, 2025 -

  Portfolio LTV

  45.3%

  Prospect (As of September 30, 2025)

  Location Acquisition date

  Osaka, Osaka June 30, 2025

  Capital Gain

  ¥0.55 Bn

Disposition

Retail Luz Musashikosugi

properties ¥12,900 Mn

Location Kawasaki, Kanagawa Disposition date (Scheduled) December 1, 2025

Acquisition

Total investment amount Building age Estimated NOI yield

Approx. ¥80.0 Bn Approx. 13 years 5.0%

(After depreciation 4.2%)

Retail

3 properties

Hotels

4 properties

Others

4 properties

2026/5 (45th) FP From 2026/5 (45th) FP

*1 Weighted average based on acquisition price (as of May 31, 2025).

ADR at Record High; RevPAR Continues to Rise, Mainly in the Osaka Area

• RevPAR in the period ending May 2025 is as a historic high of ¥11,996 (+4.5% from the 42nd period)

• RevPAR in the Osaka area is increasing significantly in the period ending November 2025 due to World Expo 2025 held from April 2025

• Inbound travelers to Okinawa have exceeded 2019 levels. RevPAR will increase in the period ending November 2025 due to summer seasonal factors

  • Key Indicators*1  RevPAR: Variable Rent Hotels

    (ADR/RevPAR)

    ¥16,000

    ADR RevPAR

    RevPAR (Initial forecast)
    Occupancy rate
    
    

    (Occupancy rate)

    100%

    18,000

    Total

    Tokyo Metropolitan Area
    Osaka Area
    Okinawa
    
    
    
    
    

    (For definition of areas, see p.30 of Appendix)

    ¥14,000

    ¥12,000

    ¥10,000

    90%

    
    
    

    80%

    70%

    16,000

    
    
    

    14,000

    ¥8,000

    60%

    12,000

    ¥6,000

    ¥4,000

    ¥2,000

    50%

    40%

    30%

    10,000

    8,000

    ¥0

    41FP ('24/5)

    42FP ('24/11)

    43FP ('25/5)

    44FP ('25/11)

    Forecast

    45FP ('26/5)

    Forecast

    20%

    6,000

    41FP ('24/5)

    42FP ('24/11)

    43FP ('25/5)

    44FP ('25/11)

    Forecast

    45FP ('26/5)

    Forecast

    *1 Including hotel portion of Shin-Osaka Central Tower and SS30. Excluding MZ BLD. and Yotsuya 213 Building.

    • Inbound Travelers

    • Visitors to Okinawa (Jan. to Nov. each year)

    (thousands of visitors)

    • Net overnight travelers in Osaka (millions of travelers)

    (millions of travelers)

    Gov't target

    6,661

    6,677

    6,923

    50

    Domestic

    37.8%

    Foreign

    % foreign

    44.2%

    37.0%

    2,748

    1,928

    25

    16.4%

    891

    1.8%

    2019

    2023

    2024

    2030

    2023

    Domestic

    2024

    2019

    2023

    Foreign

    2024

    0

    2019

    2020

    2021

    2022

    2023

    2024

    Source: Visitor arrivals statistics, gov't announcements

    Source: Okinawa Prefecture statistics on visitor arrivals

    Source: Overnight Travel Statistics Survey, Japan Tourism Agency

    25

7.0%

14

Stronger Performance at Variable Rent Hotels Drives Revenue Growth

• Variable rent rose significantly to a new high in 43rd FP due to rising RevPAR in the Tokyo and Osaka areas on the back of an increase in inbound tourism

• An increase in ADR above the increase in cost contributed greatly to improving the GOP ratio and helped raise rent

  • Hotel Rent Revenues*1

    • GOP ratio to sales (profit margin)

    Total

    Full-service

    Limited-service

    60%

    50%

    40%

    30%

    20%

    39FP ('23/5)

    40FP ('23/11)

    41FP ('24/5)

    42FP ('24/11)

    43FP ('25/5)

    Total

    39FP 27.2%

    43FP 32.9% (+5.7%)

    Full-service

    39FP 23.5%

    43FP 28.4% (+4.9%)

    Limited-service

    39FP 48.5%

    43FP 54.9% (+6.4%)

    
    
    

    (¥ Mn)

    11,638

7,000

6,000

5,000

4,000

3,000

5,138 5,168

5,909

5,728

6,400

Variable rent

Fixed rent *2

Variable Rent Hotels

2,000

1,000

0

41FP ('24/5)

42FP ('24/11)

43FP ('25/5)

44FP ('25/11)

Forecast

45FP ('26/5)

Forecast

Fixed rent

Fixed Rent Hotels

*1 Fixed rent + variable rent. Inclusive of rent revenues of hotel portion of Shin-Osaka Central Tower (categorized as a variable rent hotel since the 41st FP) and SS30 (fixed rent hotel).

*2 Fixed rents at some variable-rent hotels differ between odd-numbered FP and even-numbered FP (odd-numbered FP > even-numbered FP). 15

Continue High Occupancy Rate through Active Tenant Replacement

• Despite the vacating of large tenants in the period ending May 2025, keep the high occupancy rate through flexible leasing measures

• Rent increases through aggressive and flexible measures to attract tenants, tailored to property type and tenant characteristics, drawing on UUR's leasing ability as a diversified REIT

  Occupancy rate

  At acquisition 95.0%

  43FP 98.3%

  Rent increase Rent increases for 18 units after acquisition +10.3%

  • Hands-on management

    • Created a new large leasable area by reorganizing leased areas and converting common space.

    • Reduced vacancy and increased rent by bringing in a large store tenant and relocating existing tenants.

    • Family guests significantly increased, contributing to an increase in facility sales.

  At acquisition Currently

  (Monthly rent +¥2 Mn)

  Tenant A

  Tenant B

  Exclusive area

  7F Tenant C

  Vacant

  256㎡

  60㎡

  79㎡

  441㎡

  836㎡

  0㎡

  0㎡

  395㎡

  Kid's US Land

  (indoor

  amusement 1,672㎡

  park)

  Common space

  6F

  3F

  Vacant

  Vacant

  Tenant A

  Tenant B

  Leased area

  202㎡

  67㎡

  1,941㎡

  Osaka Bay Tower: Post-acquisition management

  • Leveraged capability as a diversified REIT, conducting hands-on leasing through cooperation between the office, retail, and residential teams to improve the occupancy rate and rent revenue.

  • Move-in vs Move-out

    
    
    

    Occupancy rate

    (as of the end of FP)

    Move-out (inclusive of contraction in existing building) Move-in (inclusive of expansion in existing building)

    
    
    
    Net change
    
    

    (㎡)

    10,000

    8,000

    98.7% 98.4% 98.3% 98.2%

    Move-out (incl. contraction)

Excluding the move-out of disposed Kawasaki Toshiba Building (36,142㎡) in 42nd FP

-165

-277

-494

+1,477

6,000

4,000

2,000

0

-2,000

-4,000

-6,000

-8,000

-10,000

42FP ('24/11)

43FP ('25/5)

44FP ('25/11)

Forecast

45FP ('26/5)

Forecast

16

A Clear Trend of Rent Increases in Tokyo Areas

• Solid recovery in rent on the back of rising office demand and constraints on supply of office buildings

• The rent gap is expanding due to increase in market rent in Tokyo areas

• Continued rent increases at tenant replacement and lease renewal through negotiations

  • Rent Increase/Decrease

    (For definitions, see p.80 of Appendix)

  • Rent gap

    Increase: renewal Decrease: renewal Increase: replacement Decrease: replacement

    Share of renewal
    Share of replacement
    
    
    Portfolio
    6 Central Wards of Tokyo
    
    
    23 Wards of Tokyo
    Tokyo Metropolitan Area
    Others
    
    

    Amount Change

    (¥ thousand/month)

    % Change (For definition of areas, see p.30 of Appendix)

    +5,285

    +6,314

    +2,127

    +1,975

    1.6%

    5.7%

    4.0%

    6.9%

    7.5%

    7.1%

    6.9%

    -0.7%

    
    
    

    9,000

    30%

    15%

    7,500

    25%

    13%

    
    
    

    11.0%

    6,000

    20%

    10%

    4,500

    3,000

    1,500

    15% 8%

    10% 5%

    5% 3%

    5.7%

    3.4%

    2.0%

    2.2%

    4.5%

    1.9%

    -2.0%

    
    
    

    0 0% 0%

    -1,500

    -5%

    -3%

    -3,000

    40FP ('23/11)

    41FP ('24/5)

    42FP ('24/11)

    43FP ('25/5)

    -10%

    -5%

    40FP ('23/11)

    41FP ('24/5)

    42FP ('24/11)

    43FP ('25/5)

    
    
    

    Note: Data surveyed in this slide are based on the activities of tenants in the properties categorized as "office buildings" in the portfolio (exclusive of residential units). 17

    
    
    

    Internal Growth

    Please also see p.50 of Appendix.

    Retail properties

    Focus on Negotiations for Rent Increase and Tenant Replacement on the Back of High Occupancy Rates

• Strategic tenant replacement without downtime to maintain high occupancy rates

• Promoted the introduction of variable rents in an inflationary environment to increase rent revenues

• Quickly decided on a direction for disposition (exchange) after the move-out in Shinsaibashi OPA Honkan

  Acquisition of MALera Gifu (5% equity interest)

  • The largest retail property in our portfolio with c. 200 tenants and close to ¥30 Bn in sales.

  • Continue to enhance profitability through negotiations to increase rent, tenant replacement and sales promotions aimed at increasing variable rent, review of building management cost, etc.

  Rent revenue

  Facility sales

  (¥ Mn)

  29

  2,300

  28

  25

  (¥ Bn)

  30

  21 22

  2,200

  20

  • 17 out of 40 lease renewals between Feb.-May 2025 resulted in rent increase (6 replacements).

  • 35 renewals in the next year, including a large store over 3,300㎡ in size.

  2,100

  10

  2,000

  0

  2020 2021 2022 2023

  2024

  Major tenants

  • TOHO Cinemas • Uniqlo

  • Round One • LOPIA

  • ZARA • Muji, etc.

  
  
  

  • Move-in vs Move-out (By Industry)

    
    
    

    Occupancy rate

    (as of the end of FP)

    Non-products Products

    Assumption

    Net change
    
    

    99.5%

    99.0%

    99.3%

    99.6%

    94.9% Excluding Shinsaibashi OPA Honkan

    +3,412

    +972

    +2,773

    -3,867

    Move-out in Shinsaibashi OPA Honkan planned for April 30, 2026

    (27,025㎡)

    Move-out (incl. contraction)

    -24,253

    Move-in (incl. contraction)

(㎡) 10,000

5,000

0

(5,000)

(10,000)

Policy for Shinsaibashi OPA Honkan

• Sounded out matters related to disposition, exchange, and tenant replacements, and received good offers from several companies.

• We will narrow down potential companies with an eye to disposition or exchange, and decide our policy early.

• In the case of disposition, we will return the gain on sale to dividend in line with our asset replacement policy.

(15,000)

(20,000)

(25,000)

(30,000)

42FP ('24/11)

43FP ('25/5)

44FP ('25/11)

Forecast

45FP ('26/5)

Forecast

18

Residential properties

Internal Growth

Rent Increases Are Up by Larger Margins, Both for Lease Renewal and Tenant Replacement

• Demand is increasing for rental housing, given the high prices and reduced supplies of condominiums; housing rents, particularly for family-types, rose significantly

• The rate of change in rents when tenants are replaced (average +9.6%) continues to trend upward for all types of rental housing

• An average rent increase of +5.3% at c. 32% of units where tenants renewed

  • Rent Increase/Decrease upon Tenant Change  Rent Increase/Decrease Ratio upon Tenant Change

    (For definition of areas, see p.30 of Appendix)

    
    
    

    Occupancy rate

    (as of the end of FP)

    97.9%

    Increase
    Unchanged
    
    

    Family

Decreased Rent change ratio

96.7% 96.8% 97.2%

(Share by result) (Rent change ratio)

100%

80%

60%

40%

9.6%

10%

8%

6%

4%

Family 29.5%

Single 37.6%

Compact 32.9%

• • Residential Portfolio Overview (No of units based)

    20%

    0%

    5.6%

    7.3%

    8.7%

    
    
    

    40FP ('23/11)

    41FP ('24/5)

    42FP ('24/11)

    2%

    0%

    43FP ('25/5)

    Single : Less than 30㎡ Compact : Over 30㎡ Family : Over 60㎡

    (As of the end of the 43rd ('25/5) FP)

    Note: Inclusive of residential units categorized as office buildings and retail properties, such as Pacific Marks Tsukishima, Lila Hijirizaka, Dogenzaka Square, LOOP-X・M,

    
    
    

    OSAKA BAY TOWER. 19

    Flexible funding, to suppress financing costs and control LTV

    • In view of rising interest rates, we have shortened the loan period and introduced variable-rate loans to avoid substantial increase in funding costs

    • Maintained total asset LTV in the mid-40% range and fair value LTV in the mid-30% range, ensuring sufficient capacity for acquisitions

    • Manage the proportion of fixed interest rates in the lower 80% range to suppress the impact of rising interest rates

      	42nd FP ('24/11)	43rd FP ('25/5)
      Amount raised during the period*1 Sustainability finance	¥19.4 Bn ¥9.0 Bn	¥22.7 Bn ¥19.1 Bn
      Interest rate (excl. financing related expenses)*1, 2	0.91%	1.29%
      Fixed interest rate debt ratio	65.0%	70.9%
      Average duration*1	5.9 years	5.2 years

• Financing

• Funding Rates & Market Rates

  
  
  
  
  
  

  Ratio of fixed interest rate debt

  Interest rate
  
  

  *1 Amount raised during the period is total figure, and interest rate and term length are calculated by weighted average.

  *2 Borrowing expenses and corporate bond issuance expenses are excluded from these figures.

  (Interest rate) 1.6%

  
  
  

  1.2%

  0.8%

  0.4%

  0.0%

  Government bonds (10 years) *5

  TIBOR (3 months) *5

  (Fixed rate ratio)

  100%

  75%

  50%

  25%

  0%

  	42nd FP ('24/11)	43rd FP ('25/5)
  Total interest-bearing debt Sustainability finance	¥328.7 Bn ¥68.0 Bn (20.6%)	¥332.5 Bn ¥87.1 Bn (26.2%)
  Weighted avg. interest rate*3	0.58%	0.68%
  Avg. cost*4	0.73%	0.80%
  Weighted avg. duration	3.7 years	3.5 years
  Fixed interest rate debt ratio	84.5%	83.1%
  Total Assets	45.0%	45.3%
  Fair value	36.0%	35.8%

• Interest-bearing Debt

(As of the end of each FP)

39FP ('23/5)

40FP ('23/11)

41FP ('24/5)

42FP ('24/11)

43FP ('25/5)

Average

duration

7.2 years 5.8 years 5.5 years 5.9 years

5.2 years

*5 Average rate during each fiscal period.

• Impact of Interest Rates Rise

Assumed interest rate rise

Base Scenario

Interest rate payment., etc*6

44FP ('25/11)

Forecast

+25bps

in September 2025

¥1,498 Mn

(¥488/unit)

45FP ('26/5)

Forecast

+25bps

in March 2026

(+50bps in total)

¥1,658 Mn

(¥541/unit)

25bps top-up Scenario*7

DPU contraction

Comparing to base scenario

¥15/unit

¥30/unit

*3 Weighted average interest rate on all the interest-bearing debt at the end of each fiscal period; Exclusive of financing related cost, etc.

*4 Interest-bearing debt cost is calculated by "(interest expenses + financing related expenses) / outstanding balance of interest-bearing debt at the end of fiscal period / number of operating days * 365."

*6 Inclusive of financing related expenses, interest expenses related bonds, etc.

*7 A scenario setting the interest rate increase in September 2025 at +25bps, for 50bps in total, and the interest rate increase in March 2026 at +25bps, the same as the base scenario (for a cumulative increase of +75bps for 44FP and 45FP). 20

Strengthening Our Sustainability Policies and Implementing Stakeholder Engagement

• We have decided to introduce off-site PPAs (power purchase agreements) for four properties to promote decarbonization

• We have added three new commitments to our sustainability policies, including a target for net zero emissions

Sustainability Website QR code

• Introduction of off-site PPAs are increasing our use of renewable energy

  
  
  

  • We have decided to introduce an off-site PPA that confers additionality for four properties we own. This initiative will ensure that part of the electricity used in our operations comes from newly developed renewable energy.

  • Through off-site PPAs, we anticipate that c. 9.7% of the electricity UUR uses will be renewable energy from solar power. This initiative contributes to reducing UUR's GHG emissions, decarbonizing its entire value chain, and revitalizing local economies.

    
    
    
    
    
    

    LOOP-X・M

    
    
    
    
    
    

    Luz Shonan Tsujido

• Revisions to UUR's Sustainability Policy

  UUR's power stations are located in Sagamihara, Kanagawa Pref. and elsewhere

  Pacific Marks Yokohama East

  Pacific Marks Shinjuku Parkside

  • Three years have passed since we established our Sustainability Policy in March 2022. While climate change initiatives are being strengthened and decarbonization targets are being expanded throughout the world, efforts to ensure sustainability are also facing changes from some corners such as policies that can only be described as a backlash. In light of these changes in the environment, we perceive the demands made on us as an investment corporation by society to be clearer than ever, so we have revised our existing Sustainability Policy, adding the following three new commitments to strengthen our stance on climate change.

    1. Clear commitment to net zero emissions	One of the goals of UUR has been net zero emissions, but in this revision, we position this goal as a clear commitment. We will work to reduce GHGs with a long-term perspective, aiming ultimately to eliminate emissions.
    2. No new investment to expand fossil fuels	We will not make any new investments in fossil fuel-related assets, which would exact a heavy toll on the environment; we will instead prioritize investment opportunities that will contribute to creating a sustainable society.
    3. No funding or other activity supporting climate change deniers or any group that is anti-ESG	Based on impartial and objective scientific evidence regarding climate change, our Sustainability Policy now states explicitly that we will not offer financing or any other support for activities or organizations against climate change mitigation.

    
    
    

    Asset Management Company Marubeni REIT Advisors Co., Ltd.

    
    
    

    Registration No. 336 by Kanto Local Bureau Member of The Investment Trust Association, Japan

    Finance Dept. TEL +81-3-5402-3680 FAX +81-3-5402-3199

    Disclaimer

  • This document has been prepared by United Urban Investment Corporation ("UUR") for informational purpose only and should not be construed as an offer of any transactions or the solicitation of an offer of any transactions. Please inquire with various securities companies concerning the purchase of UUR investment units. Final investment decisions should be made at the responsibility and discretion of the investors themselves.

  • This material does not constitute a disclosure document or a management report under the Financial Instruments and Exchange Act, the Act on Investment Trusts and Investment Corporations, or the regulations of the Tokyo Stock Exchange.

  • Data, analyses, etc., in this document are based on the actual results of a certain period in the past, and do not guarantee management results or their fluctuations in the future. In addition, this document includes forward-looking statements on future operating results. Such forward-looking statements do not constitute a guarantee of future operating results. Furthermore, the investment return of a real estate investment trust may become lower than the investment principal depending on the fluctuations in the price of the real estate under management and their profitability.

  • United Urban Investment Corporation does not guarantee the accuracy or completeness of the information provide in this document. In addition, please note that the contents of this document are subject to change or deletion without prior notice.

  • Neither United Urban Investment Corporation nor Marubeni REIT Advisors Co., Ltd. bear any responsibility for the outcome of investment activities carried out based on the content of this document.

  • Any duplication or reproduction, etc. of the content of this document without prior permission is prohibited.

    Caveat

  • Unless otherwise specifically indicated in this material, amounts have been rounded down to the specified unit, and the ratios, number of years and magnifications have been rounded to one decimal place.

  • Final investment decisions should be made at the responsibility of the investors themselves.

    Presentation Material

    Appendix

    July 2025

    
    
    

    43rd Fiscal Period

    Six months ended May 2025

    
    
    

    Table of Contents

    United Urban Investment Corporation (UUR) p.27 Structure of United Urban and Management System at Asset Management Company p.28 Portfolio Summary Track Record of External Growth p.29 Overview p.30

    Occupancy Rate p.31

    Yield p.32

    Distribution / NAV per Unit p.33

    Book Value / Appraisal Value p.34

    Overview of Unitholders p.35

    Financial Indices p.36

    Financial Results p.37

    Business Forecast p.38

    External Growth Acquisition p.39

    Development Project p.46

    Internal Growth Hotels p.47

    Office buildings p.48

    Retail properties p.50

    Financial Standing p.51

    Policy of Retained Earnings Utilization p.52

    ESG Initiatives p.53

    Property Income and Occupancy p.65

    Appraisal Value p.71

    Properties p.75

    Appendix

A J-REIT Pursuing Sustainable Growth by Identifying Real Estate with Intrinsic Value

Real Estate with Intrinsic Value

Real Estate Securing Stable Profitability

Over the Medium to Long Term Regardless of Asset Type/Area

Enhance Property Value through Bottom-up Approach

Selective Investment in a Wide Variety of Real Estate

• Asset Type

  Retail Properties

Properties

• Area

  Greater Tokyo/ Major Cities & Their

  Surrounding Areas in Japan Including Ordinance-Designated Cities

  • Growth strategy based on a medium- to long-term perspective

  • Flexible approach for addressing change

  • Asset management conducted jointly with partner companies

Pursue Sustainable Growth of Investment Corporation

Maximization of Unitholder Value / Engagement with Stakeholders / Coexistence with the Environment & Society

Asset Management Entrustment

Asset Custodian Entrustment

Administrative Agency Entrustment

Transfer Agency Entrustment

Administrative Agency Entrustment for

the Administration of Special Accounts

• Size of Portfolio*1

Retail properties Residential properties

142

Office buildings

Others

Hotels

Number of properties

Dec. 2010

The Merger & Division of units

702

75

90 91 52

417

423

166

207

14

65

202

1FP ('04/5)

(¥ Bn) 1,000

800

600

400

200

0

• Acquisition & Disposition by Fiscal Period*1

17th FP - (From Dec. 1, 2011 to May. 31, 2025)

Retail properties Office buildings Hotels Residential properties Others

Acquisition 436.0 Bn / Disposition ¥151.0 Bn

(¥ Bn) 120

100

80

60

40

20

0

▲Acquisition

▼Disposition

Disposition

0.5

9.7

0

3.5

16.8

16.5

21.8

8.1

17.0

13.1

6.3

1.6

23.9

12.3

0

17FP ('12/5)

19FP ('13/5)

21FP ('14/5)

23FP ('15/5)

25FP ('16/5)

27FP ('17/5)

29FP ('18/5)

31FP ('19/5)

33FP ('20/5)

35FP ('21/5)

37FP ('22/5)

39FP ('23/5)

41FP ('24/5)

43FP ('25/5)

20

*1 All ¥ (Japanese yen) values are based on acquisition price.

Type

15 Logistics facilities

7.4%

Residential properties 7.5% (25)

Others 10.7%

(21)

Retail properties 28.7%

(37)

142 properties

Hotels ¥701.8 Bn

23.6%

(22)

Office buildings 29.5% (37)

Nagoya Area 3.0% (9)

Location

Others 18.7%

(28)

Tokyo Metro. Area

6 central wards of Tokyo 21.3% (30)

23 wards of Tokyo

Property

Osaka Area 19.2%

(22)

59.1%

Tokyo Metropolitan Area 31.0% (39)

6.8% (14)

4.0% 3.8%

3.4%

3.2%

3.0%

Top 5 properties

17.4%

Others 82.6%

Note: The numbers in parenthesis represent the number of properties in each category.

Yodobashi Camera Multimedia Kichijoji

OSAKA BAY TOWER

Shin-osaka Central Tower

Shinsaibashi OPA Honkan

Shinjuku Washington Hotel Honkan

Retail properties

6 central wards of Tokyo

23 wards of Tokyo

Tokyo Metropolitan Area

Osaka Area

Nagoya Area

Others

Office buildings

6 central wards of Tokyo

23 wards of Tokyo

Tokyo Metropolitan Area

Osaka Area

Nagoya Area

Others

Hotels

6 central wards of Tokyo

Tokyo Metropolitan Area

Osaka Area Others

Residential properties

6 central wards of Tokyo

23 wards of Tokyo

Tokyo Metropolitan Area

Osaka Area

Nagoya Area

Others

Others

6 central wards of Tokyo

23 wards of Tokyo

Tokyo Metropolitan Area

Osaka Area Others

6 central wards of Tokyo : Chiyoda-ku, Minato-ku, Chuo-ku, Shinjuku-ku, Shibuya-ku, and Shinagawa-ku

Osaka Area

: Osaka, Kyoto and Hyogo prefectures

23 wards of Tokyo

: 23 wards of Tokyo except for 6 central wards of Tokyo

Nagoya Area : Aichi, Mie and Gifu prefectures

Tokyo Metropolitan Area : Tokyo Metropolitan Area except tor 23 wards of Tokyo, and refers to Tokyo as well as Kanagawa, Chiba, Saitama, Ibaraki, Gunma, Tochigi and Yamanashi prefectures

Others

: Excluding Tokyo Metropolitan Area, Osaka Area or Nagoya Area