44th Fiscal Period (Jun. 1, 2025 - Nov. 30, 2025) PresentationMaterial

January 2026

Presentation Material

44th Fiscal Period

Six months ended November 30, 2025

Website

Securities Code: 8960

https://www.united-reit.co.jp/en/

Accelerate Initiatives to Enhance Unitholder Value by Adding External Growth to the Basic Policies of the Medium-term Growth Strategy

• Having achieved annual DPU of over ¥8,000, aim to exceed ¥9,000 by steadily implementing the basic policies of the medium-term growth strategy

• Accelerate the enhancement of DPU and NAV by newly adding external growth through public offerings and other measures to the

  medium-term growth strategy

• Strengthen the revenue base by making value-add investments of ¥15.0-20.0Bn in approximately three years

  
  
  

  The Medium-Term Growth Strategy FP ended 2025/5 (43rd FP) - FP ending 2027/11 (48th FP)

  Annual DPU ¥9,000+ Sustained Increase in NAV

  Asset Replacement

  FP ended 2025/5 -

  FP ending 2027/11

  Revenue Growth

  Rent revenues

  External Growth

  The 12th public offering, the first in 6 years

  Cash Allocation

  Public offering

  Total asset LTV decreased

  ¥62.4Bn

  in asset replacement

  3%+ y-o-y increase Up

  Acquired 7 properties

  (Acquisition price: ¥52.6Bn)

  by 0.9% Down (45.3%→44.4%)

  ¥20.0-30.0Bn in annual

  asset replacement

  Value-add investments

  (¥15.0-20.0Bn over

  the next approx. three years)

  Acquisition of properties

  through public offerings

  Strategic use of funds

  Achieve Asset Replacement of over ¥60.0Bn, the Target Set in the Basic Policies of the Medium-term Growth Strategy

• Dispose of ¥62.4Bn in properties by the end of the fiscal period ending 2027/11 (48th FP), planning to return total gains on sales of ¥14.4Bn in

  over 2025-2027

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

  Total investment amount: Approx. ¥60.0Bn

  Building age: Approx. 11 years

  Estimated NOI yield: 4.5% (After depreciation): 3.9%

  Hotels

  4 properties

  Retail Residential Other

  2 properties 2 properties

  2 properties

  Approx. ¥60.0-90.0Bn (¥20.0-30.0 Bn p.a.) in asset replacements over 2025-2027 (43rd to 48th FPs)

  Disposition Results and Forecasts Acquisition Pipeline

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

  Total disposition price: ¥62.41Bn

  Disposition price by fiscal period

  30.0Bn

  Total gains on sales: +¥14.42Bn

  60.0Bn

  90.0Bn

  Policies of the Medium-Term Growth Strategy

• By leveraging our capability as a diversified REIT, secure a diverse pipeline of approximately ¥60.0Bn

  43rd FP	+11.40	Total 11.40
  44th FP		+10.76 Total 22.16
  45th FP 46th FP		+16.35	Total 38.51 Target range +11.78 Total 50.29
  47th FP			+5.86 Total 56.15
  48th FP			+6.26 Total 62.41

• Flexibly judge the use of sales proceeds (excluding gains on sales) such as for asset replacement, value-add investments to increase

  revenues, and other purposes

  Value-add investments in existing

  properties to increase revenues

  June 1, 2026 (1st)

  ¥11.78Bn

  Shinsaibashi OPA Honkan (1/6)

  Retail property

  Planned to be used for

  acquiring properties

  April 1, 2026

  ¥3.45Bn

  Aprile Shin-Ohgi Ichibankan

  Residential property

  Acquisition of properties at the time

  of public offerings

  December 1, 2025

  ¥12.90Bn

  Luz Musashi kosugi

  Retail property

  Use of Proceeds from Disposed Properties

  Disposed Property Disposition Price Disposition Date

  Use of Proceeds

  Dispose of Shinsaibashi OPA Honkan for ¥43.1Bn - Significantly above Its Appraisal Value - and Allocate the ¥21.1Bn Gain on the Sale to DPU

• Decided to dispose of Shinsaibashi OPA Honkan out of the options including exchanging, re-tenanting, and redeveloping the property

• Return the gains on the sales from the six-phase disposition through DPU in each fiscal period. Receive rental revenues from the owned

  land portion during the phased disposition period

  • Shinsaibashi OPA Honkan Overview

    The current tenant (AEON MALL Co., Ltd.)

    is scheduled to move out in April 2026.

    ¥25.0Bn

    ¥21.1Bn

    ¥43.1Bn

    ¥21.3Bn

    31 years

    Other

    Appraisal

    Value

    Gains on

    Sale

    Scheduled

    Sale Price

    Book

    Value

    Building

    Age

    Construction

    Date

    November 1994

    Location

    Osaka, Osaka

  • Disposition Policy

    • Return gains on sales (¥21.1Bn in total) from the 6-phase disposition (3 years) through DPU in each fiscal period

    • Maintain the portfolio yield by receiving rental revenues from the owned land portion (approx. ¥1.4Bn in total) during the phased disposition period

Phased Disposition Scheme

Distribution per Unit (DPU)

Land

16%

Owned

portion

Land

64%

Land 80%

建物

100%

Disposed portion

Sales gains equivalent OPA sales gains equivalent

Land rental revenues equivalent Cancellation fees, etc.

Increase DPU by ¥1,000+ over 6 FPs

Scheduled disposition FP

46th FP

('26/11)

47th FP

('27/5)

48th FP

('27/11)

49th FP

('28/5)

50th FP

('28/11)

51st FP

('29/5)

45th FP

('26/5)

46th FP

('26/11)

47th FP

('27/5)

48th FP

('27/11)

49th FP

('28/5)

50th FP

('28/11)

51st FP

('29/5)

under an Inflationary Environment and Replacing Assets

• Profit from rental activities for the fiscal periods ended 2025/5 and 2025/11 grew significantly faster than in the previous year (+6.7%) thanks to increased rental revenues from hotels, logistics facilities, and call centers

• Expanded portfolio revenues through measures such as property acquisitions funded by public offerings and

• Going forward, carry out value-add investments aiming to increase future revenues

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

  FP ended 2025/5 - FP ended 2025/11

  (43rd & 44th FPs) Rent Profit: ¥30.3Bn Existing properties

  ¥26.5Bn (+5.4% y-o-y)

  ¥6.5Bn (+14.6% y-o-y)

  Rental revenues from hotels under the variable rent system increased thanks to

  Hotels

  Others

  strong inbound demand

  ¥3.4Bn (+7.6% y-o-y)

  Rental revenues increased thanks to rent increases following contract renewals of logistics facilities and call centers

  Newly acquired/sold properties

  ¥3.8Bn (+16.8% y-o-y)

  
  
  

  * Y-o-y changes in parentheses

  Rent Revenues
  Rent Profit
  
  

  44.1

  (+5.6%)

  45.8

  (+3.9%)

  47.6

  (+3.9%)

  (+4.4%)

  41.7

  26.8

  (+9.5%)

  28.4

  (+5.8%)

  30.3

  (+6.7%)

  31.1

  (+2.9%)

  24.5

  (¥Bn)

  50.0

  49.7

  40.0

  30.0

  20.0

  Rent revenues: ¥47.6Bn

  Existing properties

  ¥42.0Bn (+2.8% y-o-y)

  Newly acquired/sold properties

  ¥5.6Bn (+13.5% y-o-y)

  10.0

  0.0

  37th & 38th FP

  ('21/12-'22/11)

  39th & 40th FP

  ('22/12-'23/11)

  41st & 42nd FP

  ('23/12-'24/11)

  43rd & 44th FP

  ('24/12-'25/11)

  45th & 46th FP

  ('25/12-'26/11)

  Forecast

  Note: Excluding the one-time rent revenue from Kawasaki Toshiba Bldg (cancellation penalty and restoration fee) from the 42nd FP. Excluding the one-time rent revenue from

  
  
  

  Shinsaibashi OPA Honkan (cancellation penalty) from the 45th FP. Existing properties are those held from the end of the 40th FP until the end of the 46th FP. 6

  Aim to Further Increase Revenues by Making Value-add Investments in Existing Properties

• Carry out value-add investments aiming to increase future revenues by utilizing sales proceeds

• Carry out renovations totaling ¥15.0-20.0Bn over the next three years, aiming to enhance investment returns by increasing rental

  revenues, reducing costs, and raising occupancy rates

  Over approximately the next 3 years, invest an amount equivalent to ¥15.0-20.0Bn in value-add renovations

Retail properties

• Common area renovations

• Exterior renovations

• Bear tenant fit-out costs

etc.

Others

• Investment in energy-efficient equipment

etc.

Office

buildings

¥15-20

Bn

• Common area

  renovations

• Bear fit-out costs

etc.

Residential properties

• Renovations etc.

Hotels

• Guest room renovations

• Common area renovations

• Renovations associated

with brand changes etc.

FP ending 2026/5 (45th FP) - FP ending 2029/5 (51st FP)

Future revenue growth / property value enhancement

Higher rents, lower costs, and maintenance and improvement of occupancy rates

Return on value-add investments ROI target: 10%+

The Investment Unit Price Has Steadily Increased through Active Distributions to Unitholders in Line with the Medium-term Growth Strategy (2025-2027)

• Maintain the investment unit price above NAV through various initiatives such as portfolio quality improvement through , return of gains on sales, and acquisition of treasury investment units

• Going forward, accelerate initiatives to enhance unitholder value by adding external growth and value-add investment to the medium-term growth strategy

  
  
  

  (¥) 2024 2025 2026-2027

  210,000

  200,000

  190,000

  180,000

  170,000

  160,000

  July 31 Policy rate hike

  (0.25%)

  January 21 Policy rate hike (0.50%)

  November 1 Announced

  a unit buyback

  (approx. ¥5.0Bn)

January 21 Announced

the medium-term

growth strategy (2025-2027)

NAV per unit (a NAV of 1.0x)

November 17 Announced public offerings for

the first time in six years

December 19 Policy rate hike (0.75%)

Implement and continue the medium-term growth strategy

(2025-2027)

150,000

140,000

130,000

-November 2024

UUR TSE REIT Index

Medium-term growth strategy (2025-2027) Future initiatives

• • Overall J-REIT market slump

    • Concerns related to interest rate hikes and increased costs

    • Uncertainty regarding whether

    • From 2025 to 2027, aim for an annual DPU of over ¥8,000 (→ over ¥9,000) and a sustained increase in NAV through active distribution to unitholders

      • Accelerate initiatives to enhance unitholder value by adding external growth and value-add investment

        distributions can grow faster than inflation

        • J-REIT investments have become less attractive against the backdrop of a strong equity market

    Asset replacement Revenue growth Cash allocation

    Announced in January 2025

    Annual DPU target

    ¥8,000+

    Up Announced in September 2025

    Annual DPU target

    ¥9,000+

    External growth

    Value-add

    investment

    Acquired Seven Properties with Strong Growth Potential and Stability for ¥52.6Bn

• Acquired three properties that are inflation-hedged under the variable rent system and four high-yield properties that will contribute to portfolio stability

• Acquired properties at prices significantly above the current implied cap rate of 4.3% and 9% below their appraisal value lower than its appraisal value

• DPU increased by 1.1% and total asset LTV decreased by 0.9%

  • Newly Acquired Properties

    Property Name

    Location

    Type of Use

    -

    Acquisition Price

    Appraisal Value

    Building Age

    Estimated NOI Yield

    After Depreciation

    MALera Gifu (50% quasi co-ownership) Motosu, Gifu the b ochanomizu Chiyoda-ku, Tokyo

    Smile Hotel Premium Osaka Honmachi Osaka, Osaka

    Retail property Hotel Hotel

    Growth potential / inflation-resilient properties

    ¥18,000Mn ¥19,600Mn 20 years 5.2% 4.3%

    ¥2,780Mn ¥2,940Mn 26 years 5.0% 4.7%

    ¥8,690Mn ¥9,500Mn 8 years 5.5% 5.0%

    AEON TOWN Moriya Moriya, Ibaraki

    ¥52,654Mn

    ¥57,800Mn

    16 years

    5.1%

    4.4%

    Charm Suite Kitabatake Osaka, Osaka Kawasaki Robot Service Kobe Tamatsu Facility Kobe, Hyogo LIMNO Tottori (Site) Tottori, Tottori

    Retail property Other Other Other

    Stable income / high-yield properties

    ¥16,800Mn ¥18,500Mn 18 years 4.7% 4.1%

    ¥2,894Mn ¥2,960Mn 3 years 4.3% 3.6%

    ¥1,090Mn ¥1,380Mn 1 years 6.8% 4.2%

    ¥2,400Mn ¥2,920Mn - 4.9% 4.9%

  • Effects of the Public Offering on DPU ◼ Effects of the Public Offering on the Portfolio

    Before the public offering:

    Forecasted DPU for the FP

    ending 2026/5 (45th FP)

    ¥4,500

    After the public offering:

    End of FP Ended 2025/5 (43rd FP)		After the Public Offering (As of December 23, 2025)	Change
    Building age	26.9 years	26.7 years	-0.2 years
    Total asset LTV	45.3%	44.4%	-0.9%
    Unrealized capital gain/loss	¥194.5Bn	¥207.1Bn	+¥12.5Bn
    NAV per unit	¥176,452	¥180,194	+¥3,742

    Forecasted DPU for the FP

    ending 2026/5 (45th FP)

    ¥4,550

    +¥50 (+1.1%)

Raise ¥23.3Bn through Public Offerings, Aiming to Further Increase Revenues by Making Growth Investments

• Enhance the quality of our portfolio by allocating proceeds from property sales and funds raised through public offerings to growth investments such as property acquisitions and value-add investments

  Distributions

  Value-add investment

  Unit buyback

  Early repayment

  Capital efficiency improvement

Interest-bearing debt

Property sale

• Continue to actively make distributions to unitholders by fully allocating gains on sales from

  FPs '25/5 & '25/11

  (43rd & 44th FPs)

  FPs '26/5 & '26/11

  (45th & 46th FPs)

  Property acquisition

  Acquisitions above the implied cap rate

FPs '25/5 & '25/11

(43rd & 44th FPs)

FPs '26/5 & '26/11

(45th & 46th FPs)

Aim for an Annual DPU of over ¥9,000 through Asset Replacements and Increased Revenue from Existing Properties

• Annual DPU has steadily increased since the fiscal period ended 2025/5 (43rd FP), reaching a record high of ¥8,152 (+7.7% y-o-y)

• By returning gains on sales, annual DPU for the fiscal periods ending 2026/5 and 2026/11, and for the fiscal periods ending 2027/5 and 2027/11 is expected to exceed ¥9,000

  
  
  

  • Annual DPU

  Annual DPU

  ¥6,600

  40th FP

  ¥3,371

  ¥7,566

  42nd FP

  ¥3,937

  ¥8,152

  44th FP

  ¥4,142

  ¥9,150

  ¥8,000+

  46th FP Forecast

  ¥4,600

  ¥9,000+

  48th FP

  47th FP

  39th FP

  ¥3,229

  41st FP

  ¥3,629

  43rd FP

  ¥4,010

  45th FP Forecast

  ¥4,550

  39th & 40th FP

  ('22/12-'23/11)

  41st & 42nd FP

  ('23/12-'24/11)

  43rd & 44th FP

  ('24/12-'25/11)

  45th & 46th FP

  ('25/12-'26/11)

  47th & 48th FP

  ('26/12-'27/11)

  DPU Steadily Increased through Asset Replacements and Return of Gains on Sales

• DPU increased to a record high of ¥4,142 (+3.3% from the previous FP) through asset replacements and return of gains on sales

• Improved the quality of our portfolio and lowered building age by acquiring two hotel properties with potential for rent increases

• The properties continued to deliver high performance, maintaining high occupancy rates

  Distribution per Unit

  ¥4,142

  From FP ended 2025/5 (43rd FP)*1

  +¥132 (+3.3%)

  From Initial Forecast*2

  +¥42 (+1.0%)

  < >

  • Retail properties

  NOI Yields*3 Building

  Age*4

  • Hotels ◼ Others

    Capital Gain/Loss

    Acquisition ¥14.36Bn 4.7% 11 years -

    • the b ochanomizu (¥2.78Bn)

    • Smile Hotel Premium Osaka Honmachi (¥8.69Bn)

    • Charm Suite Kitabatake (¥2.89Bn)

      Disposition ¥10.76Bn 4.2% 30 years ¥1.22Bn

    • ACTIOLE Kannai (¥2.16Bn)

    • Miyamae Shopping Center (¥5.50Bn)

    • Hirakata Nagao Logistics Center (¥3.10Bn)

  < >

  Profit from Rental Activities

  ¥15.1Bn

  -0.04Bn from the 43rd FP

  Adjusted NOI Yield

  5.4%

  -0.0% from the 43rd FP

  FP-end Occupancy Rate

  99.2%

  +0.1% from the 43rd FP

  *1 DPU in FP ended 2025/5 (43rd FP): ¥4,010

  *2 Projected DPU announced on July 17, 2025: ¥4,100

  *3 Acquired properties: weighted average of estimated NOI under stabilized operation based on acquisition price. Disposed properties: 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 November 30, 2025). 12

  Continue DPU Growth through Asset Replacements

• DPU increased thanks to the profit contribution of newly acquired properties although rents decreased due to the timing of receiving annually-settled variable rents

• Gains on sales increased from ¥0.5Bn to ¥1.2Bn, driving DPU growth for eight consecutive fiscal periods

  Decrease

DPU: Dividend per Unit

-84

4,142

4,010

-60

Disposition

Sales admin

-25

Acquisition

Joy Park

Izumigaoka

-12

Decrease in

repair and maintenance +58

expenses

Non-operating

profit & loss

(Interest expense

-59

-43)

UUR Tenjin

Nishi-dori Building -12

Increase in tax

and public dues -63

ACTIOLE Kannai -6

Other

-7

Miyamae

Shopping Center -14

Retail

Hirakata Nagao properties -20

Logistics Center -15

Office

buildings

-44

(Key factor)

Impact of the timing of receiving annually-settled variable rents

Hotels

-34

Residential properties +4

Other

+5

-90

Rent & CAM

fees

(¥/unit)

A Record High DPU through Asset Replacements and Increased Revenues from Existing Properties

• Fiscal period ending 2026/5: Achieve a record high DPU of ¥4,550 through rent increases due to the timing of receiving annually-settled variable rents and the receipt of a cancellation penalty from the tenant moving out from Shinsaibashi OPA Honkan, in addition to the profit contribution of newly acquired properties

• Fiscal period ending 2026/11: Maintain a high DPU by posting a gain on the sale of Shinsaibashi OPA Honkan (¥4.26Bn)

  -63

  -1

  +18

  +56

  Sales

  admin -35

  fees

  (Shinsaibashi

  OPA Honkan)

  Increase in repair and maintenance expenses

  Gains on sales in the 45th FP

  -563

  Luz Musashi kosugi

  Aprile Shin-Ohgi Ichibankan

-7

-80

Aprile

Shin-Ohgi Ichibankan

-32

Other

-13

operating -125

Residential properties -0

Rent &

CAM fees

+5

Cancellation +355

Increase in

depreciation and amortization expenses

-135

Center

Hirakata Nagao

4,600

-3

4,142

Logistics

-3

-69 +83

ACTIOLE

Shinsaibashi

Center

Luz

Non-

operating profit & loss

Interest expense

Decrease in

restoration income

OPA Honkan -354

Increase in

repairs and maintenance expenses

-27

Musashi

kosugi

Sales

-31 admin -10

-63

Others

-31

Hotels

-90

Gain on sale of

Kawasaki Toshiba Building carried forward

-106

Kannai

Retail

properties

Other

-70

Office

buildings

+185

Hotels +102

Residential properties +11

Others -1

Miyamae

Shopping -15

Retail

properties -18

-68

Aprile

Shin-Ohgi Ichibankan

-37

4,550

profit &

loss

Interest expense -105

Increase in

tax and public dues

Non-

-30

Office

buildings -13

Rent &

CAM fees

Tax and

public dues

+13

DPU: Dividend per Unit

(¥/unit)

+285

-102

44th FP

Profit from

Net profit of

Gains on

Net profit of

Sales admin. Dilution impact 45th FP

Profit from

Net profit of

Gains on

Net profit of

Sales admin.

46th FP

ADR/RevPAR Hit Record High Thanks to Strong Accommodation Demand, Rise Mainly in the Osaka Area

• ADR/RevPAR for the fiscal period ended 2025/11 marked a record high thanks to strong inbound demand (ADR ¥14,120 (+4.3% y-o-y), RevPAR ¥12,683 (+5.7% y-o-y))

• RevPAR in the Osaka area for the fiscal period ended 2025/11 rose significantly helped also by impacts of Expo 2025 Osaka, Kansai

• The decline in inbound visitors due to China's travel restrictions is limited to some hotels

  • Key Indicators*1 ◼ RevPAR: Variable Rent Hotels

    (For definitions of areas, see p.34 of the Appendix)

    (ADR/RevPAR)

    ¥16,000

    ADR RevPAR

    RevPAR (Initial forecast)
    Occupancy rate
    
    

    (Occupancy rate)

    100%

    ¥18,000

    Total

    Tokyo Metropolitan Area
    Osaka Area
    Okinawa
    
    

    ¥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

    42nd FP

    ('24/11)

    43rd FP

    ('25/5)

    44th FP

    ('25/11)

    45th FP

    ('26/5)

    Forecast

    46th FP

    ('26/11)

    Forecast

    20%

    ¥6,000

    42nd FP

    ('24/11)

    4rd 3FP

    ('25/5)

    44th FP

    ('25/11)

    45th FP

    ('26/5)

    Forecast

    46th FP

    ('26/11)

    Forecast

    • Inbound Travelers

    (millions of travelers)

    Gov't target

    • 2025 Growth Rate

    130.0%

    121.5%

    120.0%

    UUR overall (RevPAR)

    No. of foreign visitors

    117.6%

    • Change in the Number of Inbound Visitors

    • China cut flights to Japan in November 2025. However, the impact is limited as Chinese visitors account for only around 10% of the total number of visitors.

    25

    November 2024 RevPAR

    ¥12,640

    2023

    Source: Visitor arrivals statistics and gov't announcements 2025/5 2025/6

    2025/7 2025/8 2025/9 2025/10 2025/11

    November 2025 RevPAR

    ¥13,926

    +¥1,286 (+10.2%)

    107.6%

    107.7%

    104.4%

    107.6%

    113.7%

    115.9%

    110.0%

    107.9%

    107.2%

    121.0%

    114.6%

    116.9%

    
    
    

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

    37		43		60	110.0%
    2024		2025		2030	100.0%

    
    
    

    15

    Steady Performance of Variable Rent Hotels Thanks to GOP Increase Pushes Up Total Rent

• RevPAR in the Tokyo metropolitan area and Osaka area rose thanks to an increase in inbound tourism, marking record high variable rent in the fiscal period ended 2025/5 & 2025/11

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

  • Hotel Rent Revenues*1

    (¥Mn) 14,000

    * Y-o-y changes in parentheses

    11,655

    12,427

    • GOP ratio to sales (profit margin)

    Total

    Full-service

    Limited-service

    60%

    50%

    40%

    30%

    20%

    39th & 40th FP

    ('22/12-'23/11)

    41st & 42nd FP

    ('23/12-'24/11)

    43rd & 44th FP

    ('24/12-'25/11)

    FPs '23/5 & '23/11 FPs '25/5 & '25/11

    (39th & 40th FPs) (43rd & 44th FPs)

    
    
    

    (6.6%)

    12,000

    10,000

    8,000

    6,000

    (12.5%)

    10,356

    Variable rent

    Fixed

    rent *2

    Variable Rent Hotels

    4,000

    2,000

    0

    41st & 42nd FP

    ('23/12-'24/11)

    43rd & 44th FP

    ('24/12-'25/11)

    45th & 46th FP

    ('25/12-'26/11)

    Forecast

    Fixed rent

    Fixed Rent Hotels

    No. of Hotels

    22・23

    23

    25

    Total	28.2%	33.0% (+4.8%)
    Full-service	24.7%	28.0% (+3.3%)
    Limited-service	48.9%	53.6% (+4.7%)

    *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). 16

    
    
    

    Hotels

    Internal Growth

    Large-scale Renovation Helps Raise ADR and Expansion of Profitable Areas

    
    
    

    • Value-add Investment Example: RIHGA Royal Hotel Kokura - Hotel Room, Banquet Room, and Common Area Renovation

      • First major renovation since the opening in 1993 based on the concept

        "Be ROYAL"

      • As a landmark hotel of Kitakyushu and Kokura, accommodates guests on

        business and leisure trips as well as MICE guests while maintaining class

        Overview	Renovation of hotel rooms (295 rooms), banquet rooms, and common areas
        Amount (Total)	¥834Mn
        Period	2019/7 (32nd FP) - 2021/4 (35th FP)

        FP ended 2018/11 (30th FP),

        Value-add Investments Planned (under Consideration)

        Royal Pines Hotel Urawa Loisir Hotel & Spa Tower Naha Hotel Hewitt Koshien

        before Renovation

        FP ended 2025/11

        (44th FP) Change

        OCC	88.7%	81.9%	-6.8%
        ADR	¥11,764	¥16,916	+¥5,152
        RevPAR	¥10,442	¥13,934	+¥3,492 (＋33％)

        Overview	Hotel room and restaurant renovation	Renovation of hotel rooms, breakfast lounge, swimming pool, and creation of club lounge	Conversion of 2F banquet rooms and wedding venues
        Amount (Total)	Approx. ¥10,000Mn
        Period	FP ending 2027/5 (47th FP) -
        Investment Effect	Raise ADR by renovating common facilities and hotel rooms Capture inbound demand	Raise ADR by renovating common facilities and hotel rooms	Raise ADR by renovating common facilities and hotel rooms Turing underutilized areas profitable

        Maintain a High Occupancy Rate and Actively Negotiate Rent Increases

• Shorten vacancy periods and maintain a high occupancy rate through speedy leasing measures implemented by collaborating with brokers

  • Value-add Investment Example:

  SS30 - Common Area (Office Building) Renovation

  
  
  

• The value of properties rose thanks to value-add investments. Increase rents when replacing tenants and renewing leases

  • Move-in vs Move-out

    
    
    

    (㎡)

    -1,915

    -165

    -1,703

    +3,555

    Move-in (incl. expansion)

12,000

9,000

6,000

3,000

Occupancy rate

(as of the end of FP)

Move-in Move-out

Net change

98.4%

98.4%

97.8%

99.0%

Value-add Investments Planned (under Consideration)

ARENA TOWER Pacific Marks Tsukishima

0

-3,000

-6,000

-9,000

-12,000

43rd FP

('25/5)

44th FP

('25/11)

45th FP

('26/5)

Forecast

46th FP

('26/11)

Forecast

Rent Revenue Rises in Tokyo Areas Thanks to Rent Increases

• Demand for offices continues to grow and there is strong demand for increasing floor space in existing buildings in Tokyo areas

• We will continue to raise rents at the time of tenant replacements or lease renewals

• The rent gap for all areas widened to 9.9%. Market rents in Tokyo areas and the Tokyo metropolitan area have risen.

  • Rent Increase/Decrease

    (For definitions, see p.83 of the Appendix)

  • Rent Gap

    (For definitions of areas, see p.34 of the Appendix)

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

    Change (%): renewal
    Change (%): replacement
    
    
    Portfolio
    6 Central Wards of Tokyo
    
    
    23 Wards of Tokyo
    Tokyo Metropolitan Area
    
    

    Amount Change

    +9,166

    7.5%

    +6,314

    7.1%

    5.7%

    +2,127

    +1,975

    -0.7%

    1.6%

    5.8%

    6.9%

    6.8%

    
    
    

    (¥ thousand/month) 12,000

    % Change 12%

    15%

    Others

    9.9%

    8.1%

    6.8%

    5.2%

    3.3%

    2.0%

    0.6%

    
    
    

    14.0%

    10,000

    10%

    13%

    8,000

    6,000

    8% 10%

    6% 8%

    4,000 4% 5%

    2,000 2% 3%

    0 0% 0%

    -2,000

    -2%

    -3%

    -4,000

    41st FP ('24/5)

    42nd FP ('24/11)

    43rd FP ('25/5)

    44th FP ('25/11)

    -4%

    -5%

    41st FP

    ('24/5)

    42nd FP

    ('24/11)

    43rd FP

    ('25/5)

    44th FP

    ('25/11)

    
    
    

    Internal Growth

    Please also see p.54 of the Appendix.

    Retail properties

    Replace Tenants and Negotiate Rent Increases to Maximize Fixed and Variable Rents under an Inflationary Environment

• Maintain a high occupancy rate by capitalizing on recovering appetite for opening stores and actively replacing tenants

• Under an inflationary environment, significantly raise rents when renewing the rents of large properties (property area tenants and whole-building tenants)

  • Move-in vs Move-out

    
    
    

    (㎡)

    +1,782

    +2,027

    -3,867

    +775

    Move-in (incl. expansion)

6,000

Occupancy rate

(as of the end of FP)

Move-in Move-out

Net change

99.0%

99.3%

99.5%

99.8%

Future contract expiration and rent negotiation schedule

4,000

2,000

0

-2,000

-4,000

-6,000

-8,000

43rd FP

('25/5)

44th FP

('25/11)

45th FP

('26/5)

Forecast

46th FP

('26/11)

Forecast

• • The lease contracts of 23 major, whole-building, property area tenants (total monthly rent of ¥447Mn) will expire and negotiations will be coming up in the next seven fiscal periods. Accordingly, we will aim to increase revenues by replacing tenants, increasing rents, or other means

    Property area tenants: Monthly rent ¥51Mn (no. of tenants: 5) Whole-building tenants: Monthly rent ¥330Mn (no. of tenants: 8) Major tenants: Monthly rent ¥66Mn (no. of tenants: 10)

    45th FP 46th FP 47th FP 48th FP 49th FP 50th FP 51st FP

    ('26/5) ('26/11) ('27/5) ('27/11) ('28/5) ('28/11) ('29/5)

    Total Rent (¥Mn)	117	75	20	193	4	0	38
    No. of Tenants	4	5	4	7	1	0	2

    
    
    

    Retail properties

    Internal Growth

    • Value-add Investment Example: Luz Shonan Tsujido-Interior and Exterior Renovation

      • Conducted a major renovation of the exterior and common areas. Reorganized leased areas to develop a clinic mall, increasing rent

        revenue

      • Actively replaced tenants and negotiated rent increases after the renovation, achieving a rise in both rent and occupancy rate

    FP ended 2022/11 (38th FP),

    before Renovation

    FP ended 2025/11

    (44th FP)

    FP ending 2026/11

    (46th FP) Forecast

    
    
    

    Continue and Expand Value-add Investments to Increase Revenues and Enhance Property Competitiveness

    Overview	Interior and exterior renovation and reorganization of leased areas (development of a clinic mall)
    Amount (Total)	¥240Mn
    Period	2023/1 (39th FP) - 2023/3 (39th FP)

    Rent	¥215Mn	¥240Mn (+12.1%)	¥273Mn (+27.1%)
    Occupancy Rate	94.7%	97.0% (+2.3%)	99.3% (+4.6%)

    Overview	Exterior and entrance renovation	Entrance renovation	Common area renovation	Exterior renovation	Common area renovation
    Amount (Total)	Approx. ¥1,000Mn
    Period	2026/6 (46th FP) - 2026/11 (46th FP)	FP ending 2027/5 (47th FP) -
    Investment Effect		renewed rents	renewed rents	competitive tenants	zone-by-zone renovation

    • Early lease-up

    • Higher initial and renewed rents

    • Improved facility appearance

    • Higher initial and

    • Higher competitiveness within the area

    • Higher initial and

    • Improved facility appearance

    • Attraction of

    • Differentiation from other facilities

    • Synergy effect through

    
    
    

    Value-add Investments Planned (under Consideration)

    Tip's Machida Building Albore Sendai Luz Jiyugaoka MALera Gifu

    21

    Rent Increases Are Up by Larger Margins Both for Lease Renewals and Tenant Replacements

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

• The rate of change in rents when tenants are replaced (average +10.6%) continues to trend upward for all types of rental housing

• By focusing on renewal negotiations, rents increased at an average of +4.7% at around 42% of units where leases were renewed

  • Rent Change upon Tenant Replacement

  • Rent Change upon

  • Rent Change upon

    Occupancy rate
    
    

    (as of the end of FP)

    Rate of change upon replacement
    Rate of change upon renewal *1
    
    

    Tenant Replacement

    Decreased

    Lease Renewal

    Decreased

    
    
    

    Unchanged

    14%

    Increased

    84%

    Unchanged

    58%

    Increased

    42%

    96.7% 96.8% 97.2% 97.9% 2% 0%

    9.6%

    10.6%

    7.3%

    8.7%

    
    
    

    5.3% 4.7%

    41st FP

    ('24/5)

    42nd FP

    ('24/11)

    43rd FP

    ('25/5)

    44th FP

    ('25/11)

    Single

• Rate of Rent Change upon Tenant Replacement

• Rate of Rent Change upon Lease Renewal*1

  Single

(For definition of areas, see p.34 of the Appendix)

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

*1 The graph for the rate of rent change upon lease renewal shows the rate of rent increase for renewed leases. It also includes rents that were changed during FPs. 22

Renovated the Interior at the Time of Tenant Replacements to Significantly Increase Rents

Before

After

Value-add Investments Planned

23

Financial Management Please also see p. 55-56 of the Appendix.

Flexible Funding to Suppress Financing Costs and Control LTV

• LTV decreased after raising funds through the public offering in December 2025 (total asset LTV: 45.2%→44.4%; fair value LTV: 35.3%→34.9%) (Note)

• In view of rising interest rates, we have shortened loan terms and used variable-rate funding to suppress increases in funding costs

• We have managed the percentage of fixed-rate loans in the lower 80% range to reduce the risk of rising interest rates

  Note: The numbers are tentative as of January 20, 2026.

  	FP ended '25/5 (43rd FP)	FP ended '25/11 (44th FP)
  Amount raised during the period*1 Sustainability finance	¥22.7Bn ¥19.1Bn	¥22.1Bn ¥13.7Bn
  Interest rate (excl. financing related expenses)*1, 2	1.29%	1.01%
  Fixed interest rate debt ratio	70.9%	41.6%
  Average duration*1	5.2 years	3.5 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%

    	FP ended '25/5 (43rd FP)	FP ended '25/11 (44th FP)
    Total interest-bearing debt Sustainability finance	¥332.5Bn ¥87.1Bn (26.2%)	¥329.9Bn ¥100.8Bn (30.6%)
    Weighted avg. interest rate*3	0.68%	0.72%
    Avg. cost*4	0.80%	0.88%
    Weighted avg. duration	3.5 years	3.2 years
    Fixed interest rate debt ratio	83.1%	81.4%
    Total Assets	45.3%	45.2%
    Fair value	35.8%	35.3%

  • Interest-bearing Debt

    (As of the end of each FP)

    40th FP

    ('23/11)

    41st FP

    ('24/5)

    42nd FP

    ('24/11)

    43rd FP

    ('25/5)

    44th FP

    ('25/11)

    Average

    duration

    5.8 years 5.5 years 5.9 years 5.2 years 3.5 years

    *5 Average rate during each fiscal period.

    • Impact of Interest Rates Rise

      FP ending '26/5

      (45th FP) Forecast

      FP ending '26/11

      (46th FP) Forecast

      Base Scenario

      Assumed interest rate

      Policy rate hikes

      2025/12 (0.50%→0.75%)

      2026/6 (0.75%→1.00%)

      Interest rate payment., etc*6

      ¥1,664Mn

      (¥520/unit)

      ¥2,011Mn

      (¥628/unit)

      Additional interest rate hike Scenario*7

      DPU contraction

      Comparing to base scenario

      ¥17/unit ¥40/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 March 2026 at +25bps, for 50bps in total, and the interest rate increase in June 2026 at +25bps, the same as the base scenario (for a cumulative increase of +50bps for 44th FP and 45th FP).

      
      
      

      24

      
      
      

      ESG Initiatives | Easing Climate Change Please also see p.57-67 of the Appendix and Sustainability website.

      
      
      

      Formulating a New Medium-Term Target for Reducing Greenhouse Gas (GHG) Emissions and a Roadmap to Decarbonization

• Gained a clear outlook for achieving our existing medium-term target for 2030 based on which we have formulated a new medium-term target for 2035

• Furthermore, we have formulated a roadmap to decarbonization toward achieving net zero by 2050

Sustainability website QR code

• New Medium-Term Target for Reducing GHG Emissions

• UUR's Sustainability Activities

  2012

  2022

  2023

  2024

  
  
  

  Reduce the portfolio's Scopes 1+2+3 GHG emissions by 36% by 2035 (compared to FY2024)

  Note: The target is to achieve a 56.4% reduction in Scopes 1+2 emissions by 2035 and a 33.6% reduction in Scope 3 emissions by 2035 (both compared to FY2024) in line with SBT targets. The combined weighted average reduction target for FY2035 for these targets is set at 36%.

Formulated the Environmental Policies

Endorsed the TCFD recommendations

Set a net-zero target

Started disclosing climate-related

(Later revised to the Sustainability Policy)

financial analyses

By gradually enhancing our initiatives to improve the accuracy of energy data and promote decarbonization, we have gained a clear outlook for achieving our existing medium-term target for 2030. Therefore, as the next milestone, we have formulated a new medium-term target for 2035 and a roadmap to decarbonization toward achieving net zero by 2050.

• Formulating a Roadmap to Decarbonization Toward Achieving Net Zero by 2050

We will implement measures with a clear priority order, based on the following hierarchical approach:

1

2

Targets in total

3

4

Scope 3 targets (1.5℃ scenario)

5

Scopes 1+2 targets (1.5℃ scenario)

(t-CO2/year) 200,000

175,000

GHG Emissions

150,000

125,000

100,000

75,000

50,000

25,000

0

Decarbonization Roadmap

23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 (FY)

Asset Management Company Marubeni REIT Advisors Co., Ltd.

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

Corporate Planning 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

44th Fiscal Period

Six months ended November 30, 2025

January 2026

Table of Contents

United Urban Investment Corporation (UUR) p.31 Structure of United Urban and Management System at Asset Management Company p.32 Portfolio Summary Track Record of External Growth p.33 Overview p.34

Occupancy Rate p.35

Yield p.36

Distribution / NAV per Unit p.37

Book Value / Appraisal Value p.38

Overview of Unitholders p.39

Financial Indices p.40

Financial Results p.41

Business Forecast p.42

External Growth Overview of (Anticipated) Newly Acquired Assets p.43 Development Project p.50

Internal Growth Hotels p.51

Office buildings p.52

Retail properties p.54

Financial Standing p.55

Policy of Retained Earnings Utilization p.56

ESG Initiatives p.57

Property Income and Occupancy p.68

Appraisal Value p.74

Properties p.78

30