Forty-fourth Fiscal Period
From June 1, 2025 to November 30, 2025
44th
Profile
United Urban Investment Corporation ("United Urban") was incorporated on November 4, 2003, under the Act on Investment Trusts and Investment Corporations of Japan. On December 22, 2003, United Urban was listed on the real estate investment trust ("J-REIT") section of the Tokyo Stock Exchange (Securities Code: 8960), and United Urban has been growing steadily since listing. In addition, through the merger with Nippon Commercial Investment Corporation ("NCI") in December 2010, United Urban considerably expanded the size of assets.
In order to obtain stable earnings over the medium to long term, United Urban intends to form an optimal portfolio that is diversified both in terms of the types of use and areas of location, which is thought to cope with economic and real estate market fluctuations. And United Urban will conduct asset management aiming to both improve revenues and mitigate risk through property management and enhancement of property values based on a bottom-up approach.
Growth of Assets (Note 1)
Retail Properties Office Buildings Hotels Residential Properties Others(Billions of yen)
700
Merger with NCI
Split of investment units
Issuance of corporate bonds for retail investors (first case for J-REIT) (Dec. 2010)
10th anniversary of listing (Dec. 2013)
575.5
590.4
520.0 520.1
548.7
471.2
474.9
493.1
Establishment (Nov. 2003)
416.7
387.2
422.6
429.0
The tenth
J-REIT listed
on TSE (Dec. 2003)
220.0
64.7
1st FP 14 th FP 15 th FP 16 th FP 17 th FP 18 th FP 19 th FP 20 th FP 21st FP 22 nd FP 23 rd FP 24 th FP 25 th FP 26 th FP 27 th FP
600
621.6
500
400
300
200
100
0
No. of Properties
(May/2004)
14
(Nov/2010)
50
(May/2011)
86
(Nov/2011)
90
(May/2012)
91
(Nov/2012)
94
(May/2013)
97
(Nov/2013)
97
(May/2014)
103
(Nov/2014)
108
(May/2015)
108
(Nov/2015)
117
(May/2016)
118
(Nov/2016)
119
(May/2017)
123
Notes: 1. The total acquisition prices of properties owned by United Urban at the end of each fiscal period are shown above, and figures are rounded to the units stated.
Unless otherwise indicated, in principle, all figures in this report are rounded down to the nearest unit.
In this document, J-REIT refers to a real-estate investment trust listed on a Japanese stock exchange.
Contents
Key Figures Financial Highlights To Our Unitholders
2
3
4
5
6
Distinctive Features of United Urban Acquisitions and Sales of Properties
In July 2025, Marubeni Corporation, the parent company of Marubeni REIT Advisors Co., Ltd. ("MRA"), the asset management company that United Urban entrusts with asset management services, and Dai-ichi Life Holdings, Inc. integrated their domestic real estate businesses. Both companies contributed 50% respectively to establish a new company named Daiichi Life Marubeni Real Estate Co., Ltd. As a result, the parent company of MRA was changed to this newly established company. With the participation of the Dai-ichi Life Group as a sponsor, sponsor support is expected to be strengthened, including the expansion of the sponsor pipeline and the enhancement of capital policies such as the acquisition of investment units.
661.5
656.4
671.4
675.1 676.8
610.9
608.6
613.9
626.1
Debt financing through green finance with the first joint
management specified money trust in Japan (Sep. 2018)
20th anniversary of listing (Dec. 2023)
682.3
688.9
691.8
698.2
703.1 701.8 705.9
643.8
28 th FP 29 th FP 30 th FP 31st FP 32 nd FP 33 rd FP 34 th FP 35 th FP 36 th FP 37th FP 38 th FP 39 th FP 40 th FP 41st FP 42 nd FP 43 rd FP 44th FP
(Nov/2017) (May/2018) (Nov/2018) (May/2019) (Nov/2019) (May/2020) (Nov/2020) (May/2021) (Nov/2021) (May/2022) (Nov/2022) (May/2023) (Nov/2023) (May/2024) (Nov/2024) (May/2025) (Nov/2025)
116
116
119
120
122
129
130
133
136
136
137
140
141
140
140
142
14211
12
13
Investment Unit Information Financial Status
23
25
Portfolio Properties ESG Initiatives Corporate Profile
Profile of Asset Management Company Performance Report
26
27
58
Financial Section
Key Figures (As of November 30, 2025)
Cash Distribution per Unit for the 44th Fiscal Period
¥4,142
Total Acquisition Price
¥706 billion
Number of Properties
142
99.2%
Occupancy Rate
Loan-to-Value Ratio (LTV) (total assets basis) (Note)
45.2%
Note LTV (total assets basis) =
Interest-bearing liabilities (including corporate bonds) / Total assets
AA
Rating outlook: Stable
JCR
Long-term issuer rating
Ratings (As of January 31, 2026)
Total Amount of Retained Earnings (Note)
¥9,477 million
Reserve for temporary difference adjustments, reserve retained for
Note
distribution and reserve for reduction entry
Financial Indicators(Millions of yen, except per unit information)
42nd Fiscal Period | 43rd Fiscal Period | 44th Fiscal Period | 45th Fiscal Period | 46th Fiscal Period | ||
June 1, 2024 - November 30, 2024 | December 1, 2024- May 31, 2025 | June 1, 2025- November 30, 2025 | December 1, 2025- May 31, 2026 (forecast) | June 1, 2026- November 30, 2026 (forecast) | ||
Operating revenues | ¥ 28,209 | ¥ 27,380 | ¥ | 28,180 | ¥ 30,818 | ¥ 31,810 |
Operating income | 13,795 | 13,086 | 13,717 | 16,129 | 16,690 | |
Ordinary income | 12,680 | 11,836 | 12,288 | 14,483 | 14,643 | |
Net income | 12,680 | 11,835 | 12,287 | 14,482 | 14,642 | |
Total cash distribution | 12,111 | 12,281 | 12,685 | 14,560 | 14,720 | |
Cash distribution per unit (Yen) | 3,937 | 4,010 | 4,142 | 4,550 | 4,600 | |
Total assets | 730,532 | 733,648 | 729,961 | - | - | |
Total net assets | 360,075 | 358,158 | 358,371 | - | - | |
Net assets per unit (Yen) | 117,051 | 116,945 | 117,015 | - | - | |
3,629
3,937
4,010
4,142
3,144
3,229
3,371
4,550
4,600
38th FP | 39th FP | 40th FP | 41st FP | 42nd FP | 43rd FP | 44th FP | 45th FP | 46th FP |
(Nov/2022) | (May/2023) | (Nov/2023) | (May/2024) | (Nov/2024) | (May/2025) | (Nov/2025) | (May/2026) | (Nov/2026) |
(forecast) | (forecast) |
Cash distribution per unit forecast for the 45th Fiscal Period:
(From December 1, 2025 to May 31, 2026)
¥ 4,550
Cash distribution per unit forecast for the 46th Fiscal Period:
(From June 1, 2026 to November 30, 2026)
¥ 4,600
Note: Cash distribution per unit forecast is our current expectations produced as of January 20, 2026, based on certain assumptions. Accordingly, the actual cash distributions per unit may differ from forecasts because of future acquisitions and sales of properties, real estate market trends and changes in other circumstances around United Urban. In addition, the forecasts are not guarantees of payment of any cash distributions by United Urban. For the latest information of forecasts, please refer to United Urban's website.
We would like to express our sincere gratitude for your support and patronage of United Urban Investment Corporation ("United Urban").
On January 20, 2026, United Urban announced the financial results for the 44th fiscal period ended November 30, 2025.
Under our investment policy as a diversified J-REIT, in this fiscal period, United Urban acquired three properties, comprising two hotels and one health care facility (total acquisition price: ¥14,364 million). In addition, we sold three properties comprising two retail facilities and one logistics facility (total sale price: ¥10,760 million) by comprehensively assessing the real estate sales market and the profitability of our properties, etc. As a result, we achieved further qualitative improvement, such as improving the profitability of our portfolio and replacing some older properties. Moreover, in order to achieve further growth through external growth and increasing unitholder returns, United Urban decided on a public offering on November 17, 2025, and as a result, we were able to raise approximately ¥23.3 billion. In conjunction with the public offering, as part of sponsor support, the sponsor group company has acquired additional investment units (approximately ¥1.2 billion, 6,910 units).
Despite the continuing instability in the international situation and uncertainty in domestic and international politics and economies, even after the Bank of Japan's additional interest rate hike, the Japanese economy remained on a moderate recovery trend due to improved income conditions from corporate wage increases and growing numbers of inbound visitors boosted by the weak yen, with real estate rental demand also remaining steady.
Under these circumstances, United Urban implemented measures to improve profitability in each type of use and field, then posted operating revenues of ¥28,180 million (an increase of ¥800 million over the previous fiscal period) and net income of ¥12,287 million (an increase of ¥452 million over the previous fiscal period). As a result, the cash distribution per unit for the 44th fiscal period reached ¥4,142 (an increase of ¥132 over the previous fiscal period).
With a continuous focus on improving the quality of our portfolio through asset replacement in order to achieve sustainable growth and improve unitholder value, United Urban has decided to acquire four properties, comprising two retail facilities and two industrial facilities (total acquisition price: ¥38,290 million), and to sell one retail facility and one residential property (total sale price:
¥46,562 million).
Your continuing support and kind attention are highly appreciated.
Kenmin Asatani (left)Executive Officer
United Urban Investment Corporation
Junichi Batai (right) President and Chief Executive Officer Marubeni REIT Advisors Co., Ltd.Real Estate with Intrinsic Value
Real Estate Securing Stable Profitability
over the Medium to Long Term, Regardless of Asset Type/Area
Investment Criteria
Location
Asset Type
Retail Properties
Office Buildings
Area
Greater Tokyo, major cities and surrounding areas in Japan, including government designated cities
Stabilize profitability through diversified investment
Expand acquisition opportunities by diversifying target assets/ approaches
Analyze external environment including macro economy and market trends, etc.
Hotels
Residential Properties
Growth strategy based on a medium- to long-term perspective
Flexible approach for addressing change
Asset management conducted jointly with partner companies
Others
Enhance Property Value through
Bottom-up Approach
Selective Investment in a Wide Variety of Real Estate
Hands-on Management
Diversified Investment
A J-REIT Pursuing Sustainable Growth by Identifying Real Estate with Intrinsic Value
Building Specifications | Tenants | Contract Terms |
Pursue Sustainable Growth of Investment Corporation
Sustainable Growth
Coexistence with the Environment and Society
Regardless of specific asset types and locations, United Urban pursues various real estate investment opportunities with superior potential and acquires properties with intrinsic value.
United Urban makes investments in properties deemed to be the most advantageous by carefully eyeing the market conditions for asset types and locations. This enables us to focus on reasonable acquisitions amid fierce investment competition and to continue acquiring properties at the target yield.
Diversified Investment
United Urban takes a bottom-up approach and prioritizes communications with tenants and strategic business partners to maximize the potential of every property.
Through strategic investments, including large renewal/ expansion to capitalize on anticipated change in customer needs and market trends, United Urban keeps and raises the value of every property.
By proactive leasing and reducing operating costs, United Urban also aims to increase the profitability of every property.
Hands-on Management
30
Charm Suite Kitabatake
Post Office
Park
Park
High School
Kitabatake Sta.
Park
Junior High School
Yushima Seido
403
Meiji University
Ochanomizu
Holy Resurrection Sola City Cathedral in Tokyo
(Nikorai-do)
Nihon University
WATERRAS
405
Park
Park
the b ochanomizu
Yasukuni-dori Ave. 302
Smile Hotel Premium
Osaka Hommachi
Nagahori underground
Shinsaibashi shopping arcade
Sta. (CRYSTA Nagahori)
Nagahoribashi Sta. Osaka Metro Nagahori
Tsurumi-ryokuchi Line
Shinsaibashi OPA Honkan
Amerikamura Area
Dotonbori Shopping St.
A large eight-year-old hotel with 296 guest rooms located a ten-minute walk from Shinsaibashi Station on the Osaka Metro Midosuji Line and the Nagahori Tsurumi-ryokuchi Line.
Inbound tourist demand is high owing to its location close to Shinsaibashi-suji Shopping Street and Dotonbori, a popular tourist spot.
As variable rent (revenue-linked) is applied to the property, an increase in rental income is expected in the future.
Located a one-minute walk from Awajicho Station on the Tokyo Metro Marunouchi Line and a seven-minute walk from Ochanomizu Station on the JR Chuo and Sobu Lines. It is situated in a highly convenient location with access to four stations and five train lines.
The hotel has excellent access to Akihabara, known nationwide as a mecca for electronics and subculture, and Tokyo Dome, an all-weather multipurpose stadium.
As variable rent (GOP-linked) is applied to the property, an increase in rental income is expected in the future.
The property is highly convenient for transportation, with the nearest station being Kitabatake Station on the Hankai Tramway Uemachi Line, located a four-minute walk away.
The building was completed in January 2023 and has been operated as a private nursing home.
The tenant is an experienced operator of eldercare facilities, leading the sector in terms of both the number of properties and number of residential units.
Hommachi Sta.
Osaka Metro Chuo Line
Sakaisuji-Hommachi Sta.
Ochanomizu Sta.
JR Lines
Toei Subway
Shinjuku Line
Osaka Metro Yotsubashi Line
Tokyo Metro Marunouchi Line
Awajicho Sta.
Osaka Metro Sakaisuji Line
Shinsaibashi-suji North Shopping St.
Shinsaibashi-suji Shopping St.
Mido-suji
Osaka Metro Midosuji Line
Yotsubashi Sta.
Abeno-suji
Hongo-dori Ave.
Shin-ochanomizu Sta.
Tokyo Metro Chiyoda Line
Meidai-dori St.
ailroad Line
Hankai Electric R
Ogawamachi Sta.
New Acquisition during the 44th Fiscal Period
E25
Charm Suite Kitabatake
OTHERS
Location | Osaka, Osaka |
Structure and Scale | RC 6F |
Completed | January 2023 |
Acquisition Date | June 30, 2025 |
Acquisition Price | ¥2,894 million |
C24
the b ochanomizu
HOTELS
Location | Chiyoda-ku, Tokyo |
Structure and Scale | SRC 9F |
Completed | August 1999 |
Acquisition Date | June 30, 2025 |
Acquisition Price | ¥2,780 million |
C25
Smile Hotel Premium Osaka Hommachi
HOTELS
Location | Osaka, Osaka |
Structure and Scale | S 13F |
Completed | October 2017 |
Acquisition Date | June 30, 2025 |
Acquisition Price | ¥8,690 million |
Additional Acquisition during the 45th Fiscal Period
A46
MALera Gifu (Acquisition of 50% quasi co-ownership of the trust beneficiary interest)
RETAIL PROPERTIES
Centered on the LOPIA supermarket, tenants for daily life and amusement facilities including a cinema complex provide residents in Gifu Prefecture and neighboring areas with highly convenient living and entertainment.
Motosu IC on the Tokai-Kanjo Expressway opened near this facility. Access is now more convenient, and expansion of the commercial area is expected.
Motosu City Hall main building opened near this property in July 2024, so the daytime population and population inflow in the surrounding area is expected to increase.
Location | Motosu, Gifu |
Structure and Scale | S 3F (Attached building: RC 1F) |
Completed | April 2006 |
Acquisition Date | December 1, 2025 |
Acquisition Price | ¥18,000 million |
Note: United Urban acquired 5% quasi co-ownership of the trust beneficial
interest of the property on January 31, 2025, and additionally acquired 50% quasi co-ownership on December 1, 2025. Therefore, United Urban currently holds 55% quasi co-ownership.
* The interchange name was changed from Itonuki IC to Motosu IC.
Shin-Moriya Sta.
294
Moriya Sta.
AEON TOWN MORIYA
Minami-Moriya Sta.
Togashira Sta.
The tenant is a 100% subsidiary of Kawasaki Heavy Industries, Ltd., whose headquarters and group companies are also located in the surrounding area.
The property is located near Daini-Shinmei Road Tamatsu IC. Numerous logistics and industrial facilities including Kawasaki Heavy Industries group companies are situated in the vicinity.
The tenant's core business, industrial robot-related business, has experienced continuous growth over the past 10 years.
Diverse tenants ranging from daily essentials to entertainment.
Located about a seven-minute walk from Moriya Station on the Joso Line and Tsukuba Express, and facing Route 294, a major arterial road, offering excellent transportation access.
Moriya City, where the property lies, saw 5.7% population growth (2015-2020), ranking 12th among all municipalities nationwide, with growth expected to continue.
r
e
v
i
R
a
Kanto Railway Joso Line
Tonegawa River
w
a
g
i
a
k
o
K
Joban Expressway
Tsukuba Express
New Acquisition during the 45th Fiscal Period
A48
AEON TOWN Moriya
RETAIL PROPERTIES
Location | Moriya, Ibaraki |
Structure and Scale | S 4F |
Completed | June 2007 |
Acquisition Date | December 5, 2025 |
Acquisition Price | ¥16,800 million |
E26
Kawasaki Robot Service Kobe Tamatsu Facility
OTHERS
Location | Kobe, Hyogo |
Structure and Scale | S 5F |
Completed | December 2024 |
Acquisition Date | December 3, 2025 |
Acquisition Price | ¥1,090 million |
E27
LIMNO Tottori (Site)
OTHERS
Location | Tottori, Tottori |
Structure and Scale | - |
Completed | - |
Acquisition Date | December 16, 2025 |
Acquisition Price | ¥2,400 million |
This site is conveniently located with excellent transportation access just a five-minute drive from Tottori Station on JR Sanin Main Line.
The tenant is an electrical equipment manufacturer headquartered in Tottori Prefecture. The company is focused on the manufacturing and sales of tablet devices, and maintains stable operations as the fourth largest domestic shipper, with approximately a 9% market share.
Revitalization project is planned around Tottori Station, with expectations for an improvement in convenience.
Sale of Property in the 44th Fiscal Period
E15
Hirakata Nagao Logistics Center
OTHERS
Since its acquisition in March 2020, the property has maintained stable operation.
Decided to sell the property, comprehensively considering renovations aimed at maintaining and improving its competitiveness in the future and repairs due to the age of the building with the continued new supply in the surrounding area.
Location | Hirakata, Osaka |
Completed | March 1989 |
Acquisition Date | March 31, 2020 |
Appraisal Value | ¥3,020 million (Note) |
Date of Sale | June 30, 2025 |
Sale Price | ¥3,100 million |
Book Value | ¥2,577 million |
Gain or loss on Sale of Property | +¥399 million |
Note: As of May 31, 2025.
A14
ACTIOLE Kannai
RETAIL PROPERTIES
Since its acquisition in June 2008, the property has maintained stable operation as a multi-tenant retail property.
Decided to sell the property, comprehensively considering the possibility of future increasing expenditure such as renovation costs required to boost profitability and repair costs along with building age due to changes in the market and surrounding environment.
Location | Yokohama, Kanagawa |
Completed | September 2007 |
Acquisition Date | June 30, 2008 |
Appraisal Value | ¥1,960 million (Note) |
Date of Sale | July 1, 2025 |
Sale Price | ¥2,160 million |
Book Value | ¥2,112 million |
Gain or loss on Sale of Property | +¥4 million |
Note: As of May 31, 2025.
A8
Miyamae Shopping Center
RETAIL PROPERTIES
Since its acquisition in February 2007, the property has maintained stable operation as a multi-tenant retail property.
Decided to sell the property, comprehensively considering the possibility of future increasing expenditure such as repair costs along with building age and renovation costs required to boost profitability.
Location | Kawasaki, Kanagawa |
Completed | October 1993 |
Acquisition Date | February 19, 2007 |
Appraisal Value | ¥5,150 million (Note) |
Date of Sale | September 12, 2025 |
Sale Price | ¥5,500 million |
Book Value | ¥4,559 million |
Gain or loss on Sale of Property | +¥817 million |
Note: As of May 31, 2025.
Sale of Property in the 45th Fiscal Period
A42
Luz Musashikosugi
RETAIL PROPERTIES
Since its acquisition in December 2018, the property has maintained stable operation as a multi-tenant retail property.
Decided to sell the property, comprehensively considering the potential for future profitability improvement, including increases in building maintenance and repair costs.
Location | Kawasaki, Kanagawa |
Completed | May 2008 |
Acquisition Date | December 28, 2018 |
Appraisal Value | ¥11,800 million (Note 1) |
Date of Sale | December 1, 2025 |
Sale Price | ¥12,900 million |
Book Value | ¥12,199 million (Note 1) |
Gain or loss on Sale of Property | +¥552 million (Note 2) |
Notes: 1. As of November 30, 2025.
2. Estimated amount.
D9
Aprile Shin-Ohgi Ichibankan
RESIDENTIAL PROPERTIES
Since its acquisition in April 2005, the property has maintained stable operation as a single tenant residential property.
Decided to sell the property, comprehensively considering the potential for future profitability improvement, including increases in building maintenance and repair costs.
The proceeds from the sale will be used to distribute to unitholders an amount equivalent to the gain on sale of real estate properties and will also be used to acquire properties.
Location | Kobe, Hyogo |
Completed | September 1997 |
Acquisition Date | April 13, 2005 |
Appraisal Value | ¥3,420 million (Note 1) |
Scheduled Date of Sale | April 1, 2026 |
Scheduled Sale Price | ¥3,450 million |
Book Value | ¥2,128 million (Note 1) |
Gain or loss on Sale of Property | +¥1,249 million (Note 2) |
Notes: 1. As of November 30, 2025.
2. Estimated amount.
Sale of Property in the 46th Fiscal Period
A15
Shinsaibashi OPA Honkan (Sale of building and 20% quasi co-ownership of land)
RETAIL PROPERTIES
Since its acquisition in December 2010, the property has maintained stable operation as a single tenant retail property.
Decided to sell the property, comprehensively considering the potential for future profitability improvement, including increases in building maintenance and repair costs.
The proceeds from the sale will be used to distribute to unitholders an amount equivalent to the gain on sale of real estate properties and will also be allocated to funds for construction work for upgrades aimed at increasing the value of existing properties.
Location | Osaka, Osaka |
Completed | November 1994 |
Acquisition Date | December 1, 2010 |
Appraisal Value | ¥25,000 million (Note 1) |
Scheduled Date of Sale | June 1, 2026 |
Scheduled Sale Price | ¥11,780 million (Note 2) |
Book Value | ¥7,132 million (Note 1&2) |
Gain or loss on Sale of Property | +¥4,265 million (Note 3) |
Notes: 1. As of November 30, 2025.
This is equivalent to the building and 20% quasi co-ownership of land to be sold on June 1, 2026.
Estimated amount.
ESG Initiatives | Easing Climate Change
Formulating a New Medium-Term Target for Reducing Greenhouse Gas (GHG) Emissions and a Roadmap to Decarbonization
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.
New Medium-Term Target for Reducing GHG Emissions
Reduce the combined amount of Scope 1, Scope 2 and Scope 3 GHG emissions of the portfolio by 36% by 2035 (compared to 2024).
(Note) The target is to achieve a 56.4% reduction in Scopes 1 and 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%.
Formulating a Roadmap to Decarbonization Toward Achieving Net Zero by 2050
We will implement measures with clear priorities, based on the following hierarchical approach:
Operational improvements 1 Immediate reductions through optimization of operating conditions and energy-saving operations |
Equipment upgrades 2 Structural reductions through upgrades to highly efficient equipment or systems |
Introduction of renewable energy 3 Use of renewable energy on-site and off-site |
Improvement in electricity emission factors 4 Reduction of indirect emissions by procuring electricity generated from clean energy |
Additional measures 5 Measures for residual emissions, which are indispensable to achieving net zero |
Decarbonization Roadmap
(t-CO2/year)
200,000
175,000
GHG Emissions
150,000
125,000
100,000
75,000
50,000
25,000
0
1
Targets in total
2
3
4
Scope 3 targets (1.5°C scenario)
5
Scopes 1 + 2 targets (1.5°C scenario)
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)
Change in Unit Price(As of the end of 44th fiscal period ended November 28, 2025) Market capitalization ¥565.0 billion Investment unit price at the end of the fiscal period ¥184,500
Unit price (yen)
250,000
200,000
150,000
100,000
United Urban TSE REIT Index50,000
41st FP
Dec. Jan. Feb. Mar. Apr. May 2023 2024 2024 2024 2024 2024
42nd FP
Jun. Jul. Aug. Sep. Oct. Nov. 2024 2024 2024 2024 2024 2024
43rd FP
Dec. Jan. Feb. Mar. Apr. May 2024 2025 2025 2025 2025 2025
44th FP
Jun. Jul. Aug. Sep. Oct. Nov. 2025 2025 2025 2025 2025 2025
Note: TSE REIT Index is shown indexed based on the unit price of United Urban as of December 1, 2010 (the effective date of the merger with NCI).
Breakdown of Unitholders (As of November 30, 2025)Number of Unitholders 21,615
Number of Investment Units Issued and Outstanding 3,062,600 units
Other domestic corporations
421 (1.9%)
Financial institutions (including securities companies)
188 (0.9%)
Overseas corporations and individuals
416 (1.9%)
Individuals and others
20,590 (95.3%)
Overseas corporations and individuals
648,996 units (21.2%)
Other domestic corporations
134,664 units (4.4%)
Individuals and others
175,070 units (5.7%)
Financial institutions (including securities companies)
2,103,870 units (68.7%)
Note: Percentage figures are rounded to the nearest one decimal place. Therefore, the sum of the figures does not always add up to 100%.
Policy of Retained Earnings Utilization (Note)United Urban aims to enhance unitholders' value over the medium to long term through the utilization of retained earnings, considering the stability of distribution per unit ("DPU").
1
2
3
4
Promotion of external growth with the flexible equity-raise
United Urban will use retained earnings to mitigate the influence in such cases as the dilution of DPU arising from the issuance of new investment units. Flexibility of equity-finance corresponding to the economic and financial markets and promotion of external growth can be expected through these initiatives.
Portfolio management from a medium- to long-term perspective
United Urban will use retained earnings to maintain DPU levels in such cases as losses on the sale of properties or sudden decreases in revenues (major tenants' leaving, etc.). This will enable us to build the optimum portfolio and asset management from a medium- to long-term perspective.
Coping with difference between accounting and taxation
United Urban will mitigate the risk of large amount of corporate tax by adding the retained earnings to the cash distribution, when there are concerns over the difference between accounting and taxation such as impairment losses.
Response to state of emergency
In case that an unforeseen circumstance arises, and this is expected to give a significant impact on the United Urban's asset management, United Urban will clearly state its policy to utilize retained earnings in an effort to stabilize distributions.
Note: Reserve for temporary difference adjustments and reserve retained for distribution.
Changes in LTV Performance (end of each fiscal period) and Averaged Interest-Bearing Liabilities Cost, etc.(%)
LTV Total assets LTV45.3
45.2
(%)
Averaged interest-bearing liabilities cost (Note 1)45.0
43.844.3
44.5
44.7
45.0
1.2
Weighted average interest rate of interest-bearing liabilities (Note 2)0.80
0.88
40.0
35.9
35.5
36.5
36.2
36.0
35.8
35.3
35.0
0.8
0.4
0.62 0.61
0.63
0.49
0.68
0.53
0.73
0.58
0.68
0.72
0.45 0.45
30.0
38th FP
39th FP
40th FP
41st FP
42nd FP
43rd FP
44th FP
0.0
38th FP
39th FP
40th FP
41st FP
42nd FP
43rd FP
44th FP
Nov./2022 May/2023
Nov./2023
May/2024
Nov./2024 May/2025 Nov./2025
Nov./2022 May/2023
Nov./2023
May/2024
Nov./2024
May/2025 Nov./2025
Notes: 1. Averaged interest-bearing liabilities cost is calculated as (interest expenses + loan-related expenses + interest expenses on corporate bonds + corporate bonds issuance expenses) / outstanding balance of interest-bearing liabilities at the end of each fiscal period ×365 / number of operating days.
2. Weighted average interest rate represents a weighted average efficiency of the nominal interest rate of total interest-bearing liabilities at the end of each fiscal period (excluding loan-related expenses, etc.).
Changes in Financial Indices(Billions of yen, unless otherwise indicated)
End of 43rd Fiscal Period End of 44th Fiscal Period (As of May 31, 2025) (As of November 30, 2025) | |||
Total amount of interest-bearing liabilities | 332.5 | 329.9 | |
Borrowings | 298.4 | 303.8 | |
Corporate bonds | 34.1 | 26.1 | |
Weighted average life | 3.5 years | 3.2 years | |
Weighted average interest rate | 0.68% | 0.72% | |
Long-term ratio of interest-bearing liabilities (contract base) | 99.6% | 99.2% | |
Ratio of fixed interest rate | 83.1% | 81.4% | |
Commitment line | 36.0 (no borrowing record) | ||
Total assets LTV | 45.3% | 45.2% | |
(Reference) Sustainability finance | 87.1 | 100.8 | |
(Billions of yen)
40
35
Commitment line: 36.0 billion yen
Corporate bonds
Borrowings
30
25
20
15
10
5
0
45th FP
46th FP
47th FP
48th FP
49th FP
50th FP
51st FP
52nd FP
53rd FP
54th FP
55th FP
56th FP
57th FP
58th FP
59th FP
60th FP
61st FP
62nd FP
63rd FP
64th FP
65th FP
(May/2026)
(Nov./2026)
(May/2027)
(Nov./2027) (May/2028)
(Nov./2028) (May/2029)
(Nov./2029) (May/2030) (Nov./2030)
(May/2031) (Nov./2031)
(May/2032) (Nov./2032)
(May/2033)
(Nov./2033)
(May/2034) (Nov./2034)
(May/2035)
(Nov./2035) (May/2036)
Portfolio Breakdown (Based on acquisition prices) (As of the end of 44th fiscal period ended November 30, 2025)Others Retail Properties
10.7%
Residential Properties
7.4%
27.5%
By Type of Use
Hotels
25.1%
Office Buildings
29.3%
Other Regions
(Note 4)
42.0%
6 Central Wards of Tokyo
(Note 1)
21.6%
By Location
23 Wards of Tokyo
(Note 2)
6.7%
Tokyo Metropolitan Area
(Note 3)
29.7%
Tokyo Metropolitan Area Total
58.0%
Notes: 1. The "6 Central Wards of Tokyo" are Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa.
The "23 Wards of Tokyo" are all 23 wards excluding the 6 central wards of Tokyo.
The "Tokyo Metropolitan Area" refers to the capital region (Tokyo Metropolis, Kanagawa Prefecture, Chiba Prefecture, Saitama Prefecture, Ibaraki Prefecture, Gunma Prefecture, Tochigi Prefecture, and Yamanashi Prefecture) excluding the 23 wards of Tokyo.
"Other Regions" refers to other major cities in Japan including government designated cities (excluding cities located in the capital region) and surrounding areas. In addition, "Other Regions" includes "Osaka Area: Osaka Prefecture, Kyoto Prefecture, and Hyogo Prefecture," "Nagoya Area: Aichi Prefecture, Mie Prefecture, and Gifu Prefecture," and "Other Area: a general term for areas excluding the capital region, Osaka Area or Nagoya Area." However, for hotels, other areas where stable income can be expected are also included.
2025 | ||||||
End of June | End of July | End of August | End of September | End of October | End of November | |
Retail Properties | 99.1% | 99.0% | 99.3% | 99.3% | 99.3% | 99.3% |
Office Buildings | 98.6% | 98.6% | 97.7% | 97.9% | 97.9% | 97.8% |
Hotels | 99.9% | 99.9% | 99.9% | 99.9% | 99.9% | 99.9% |
Residential Properties | 97.2% | 97.3% | 97.3% | 97.7% | 97.6% | 97.9% |
Others | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Total | 99.2% | 99.2% | 99.1% | 99.2% | 99.2% | 99.2% |
Portfolio Roster (As of the end of 44th fiscal period ended November 30, 2025)
No. | Property Name | Area | Location | Completion Date (Notes 1 & 4) | Acquisition Date (Note 2) | |
Retail Properties | ||||||
A4 | Luz Funabashi | Tokyo Metropolitan Area | Funabashi, Chiba | Mar. 1998 | Sep. 17, 2004 | |
A6 | TENJIN LUCE | Other Regions | Fukuoka, Fukuoka | Nov. 2005 | Apr. 14, 2006 | |
A7 | Tecc LAND Sakai Honten | Other Regions | Sakai, Osaka | May 2002 | Apr. 28, 2006 | |
A9 | KONAMI SPORTS CLUB Korigaoka | Other Regions | Hirakata, Osaka | Dec. 2006 | Jun. 29, 2007 | |
A10 | ACTIOLE Minami-ikebukuro | 23 Wards of Tokyo | Toshima-ku, Tokyo | Nov. 2006 | Sep. 27, 2007 | |
A11 | Tip's Machida Building | Tokyo Metropolitan Area | Machida, Tokyo | Jun. 1992 | Dec. 27, 2007 | |
A12 | Daiei Takarazuka Nakayama | Other Regions | Takarazuka, Hyogo | Nov. 1997 | Jan. 30, 2008 | |
A13 | maricom-ISOGO / SYSTEM PLAZA YOKOHAMA (Site) (Note 5) | Tokyo Metropolitan Area | Yokohama, Kanagawa | - | Feb. 18, 2008 | |
A15 | Shinsaibashi OPA Honkan | Other Regions | Osaka, Osaka | Nov. 1994 | Dec. 1, 2010 | |
A19 | Albore Jingumae | 6 Central Wards of Tokyo | Shibuya-ku, Tokyo | Feb. 2006 | Dec. 1, 2010 | |
A20 | Albore Sendai | Other Regions | Sendai, Miyagi | Mar. 1997 | Dec. 1, 2010 | |
A21 | Mallage Kashiwa | Tokyo Metropolitan Area | Kashiwa, Chiba | Jun. 2004 | Dec. 1, 2010 | |
A23 | CiiNA CiiNA Owariasahi | Other Regions | Owariasahi, Aichi | Oct. 1998 | Dec. 1, 2010 | |
A24 | Yokohama Kariba Shopping Center | Tokyo Metropolitan Area | Yokohama, Kanagawa | Sep. 2007 | Dec. 1, 2010 | |
A25 | Luz Jiyugaoka | 23 Wards of Tokyo | Meguro-ku, Tokyo | May 2009 | Jun. 15, 2011 | |
A26 | ACTIOLE Ichikawa | Tokyo Metropolitan Area | Ichikawa, Chiba | Apr. 2010 | Jun. 15, 2011 | |
A27 | Yokohama Aoba Shopping Center (Site) | Tokyo Metropolitan Area | Yokohama, Kanagawa | - | Oct. 31, 2011 | |
A28 | Yamada Denki Tecc Land Aoba (Site) | Tokyo Metropolitan Area | Yokohama, Kanagawa | - | May 18, 2012 | |
A29 | Yodobashi Camera Multimedia Kichijoji | Tokyo Metropolitan Area | Musashino, Tokyo | May 1974 | Mar. 18, 2013 | |
A30 | Kaden Sumairu-kan YAMADA Matsudo Honten | Tokyo Metropolitan Area | Matsudo, Chiba | Aug. 2009 | Mar. 18, 2013 | |
A31 | Luz Fukuoka Tenjin | Other Regions | Fukuoka, Fukuoka | Mar. 1989 | Nov. 29, 2013 | |
A32 | Narumi Shopping Center (Site) | Other Regions | Nagoya, Aichi | - | Apr. 8, 2014 | |
A34 | LIFE Nishikujo (Site) | Other Regions | Osaka, Osaka | - | Mar. 2, 2015 | |
A35 | LIFE Tamatsukuri (Site) | Other Regions | Osaka, Osaka | - | Mar. 2, 2015 | |
A36 | Granbell Ginza Building | 6 Central Wards of Tokyo | Chuo-ku, Tokyo | Oct. 2006 | Jun. 30, 2015 | |
A38 | Luz Shonan Tsujido | Tokyo Metropolitan Area | Fujisawa, Kanagawa | Aug. 2010 | Sep. 30, 2015 | |
A39 | ACTIOLE Ueno | 23 Wards of Tokyo | Taito-ku, Tokyo | Sep. 1984 | Dec. 4, 2015 | |
A40 | KURURU | Tokyo Metropolitan Area | Fuchu, Tokyo | Feb. 2005 | Sep. 1, 2016 | |
A41 | K's Denki Nagoya-kita | Other Regions | Nishikasugai-gun, Aichi | Jun. 2000 | Dec. 1, 2016 | |
A42 | Luz Musashikosugi | Tokyo Metropolitan Area | Kawasaki, Kanagawa | May 2008 | Dec. 28, 2018 | |
A43 | LEVEN Otakanomori | Tokyo Metropolitan Area | Nagareyama, Chiba | Jul. 2017 | Jun. 30, 2021 | |
A44 | Gulliver Hachioji Minamino | Tokyo Metropolitan Area | Hachioji, Tokyo | Aug. 2018 | Jun. 30, 2022 | |
A45 | Higashi-Matsudo Shopping Center | Tokyo Metropolitan Area | Matsudo, Chiba | Jan. 2018 | Jun. 1, 2023 | |
A46 | MALera Gifu | Other Regions | Motosu, Gifu | Apr. 2006 | Jan. 31, 2025 | |
A47 | Niigata Nishikimachi Shopping Center (Site) | Other Regions | Niigata, Niigata | - | Feb. 28, 2025 | |
Office Buildings | ||||||
B1 | T&G Hamamatsucho Building | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Dec. 1988 | Dec. 26, 2003 | |
B3 | Fukuoka Eartheon Building | Other Regions | Fukuoka, Fukuoka | Sep. 1998 | Dec. 26, 2003 | |
B4 | Kojimachi Center Place | 6 Central Wards of Tokyo | Chiyoda-ku, Tokyo | Sep. 1989 | Mar. 29, 2004 | |
B6 | Shin-Osaka Central Tower (Note 6) | Other Regions | Osaka, Osaka | Jun. 1989 | Dec. 2, 2004 | |
B8 | UUR Toyocho Building | 23 Wards of Tokyo | Koto-ku, Tokyo | Nov. 1990 | Jun. 30, 2008 | |
B9 | FOUR SEASONS BLDG | 6 Central Wards of Tokyo | Shinjuku-ku, Tokyo | Oct. 1994 | Dec. 25, 2009 | |
B11 | Pacific Marks Shinjuku Parkside | 6 Central Wards of Tokyo | Shinjuku-ku, Tokyo | Mar. 1989 | Dec. 1, 2010 | |
B13 | Pacific Marks Tsukishima | 6 Central Wards of Tokyo | Chuo-ku, Tokyo | Mar. 1990 | Dec. 1, 2010 | |
B14 | Pacific Marks Yokohama East | Tokyo Metropolitan Area | Yokohama, Kanagawa | Oct. 1992 | Dec. 1, 2010 | |
B17 | Akasaka Hikawa Building | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Apr. 1984 | Dec. 1, 2010 | |
B18 | Pacific Marks Shibuya Koen-dori | 6 Central Wards of Tokyo | Shibuya-ku, Tokyo | Aug. 1996 | Dec. 1, 2010 | |
B20 | Pacific Marks Akasaka-mitsuke | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Mar. 1994 | Dec. 1, 2010 | |
B22 | Pacific Marks Shin-Yokohama | Tokyo Metropolitan Area | Yokohama, Kanagawa | Oct. 1991 | Dec. 1, 2010 | |
B25 | Pacific Marks Kawasaki | Tokyo Metropolitan Area | Kawasaki, Kanagawa | Aug. 2004 | Dec. 1, 2010 | |
B26 | Hamamatsucho 262 Building (Note 7) | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Feb. 1993 | Dec. 1, 2010 | |
B27 | Lila Hijirizaka | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Nov. 1991 | Dec. 1, 2010 | |
B29 | Otsuka HT Building | 23 Wards of Tokyo | Toshima-ku, Tokyo | Mar. 1990 | Dec. 1, 2010 | |
B30 | Pacific Marks Shinjuku South-gate | 6 Central Wards of Tokyo | Shinjuku-ku, Tokyo | Aug. 1985 | Dec. 1, 2010 | |
B31 | Pacific Marks Nishi-Umeda | Other Regions | Osaka, Osaka | Mar. 1997 | Dec. 1, 2010 | |
B32 | Pacific Marks Higobashi | Other Regions | Osaka, Osaka | Oct. 1983 | Dec. 1, 2010 | |
B35 | Pacific Marks Sapporo Kita-Ichijo | Other Regions | Sapporo, Hokkaido | Feb. 1993 | Dec. 1, 2010 | |
B36 | Shin-Sapporo Center Building | Other Regions | Sapporo, Hokkaido | Sep. 1991 | Dec. 1, 2010 | |
B37 | ARENA TOWER | Tokyo Metropolitan Area | Yokohama, Kanagawa | May 2008 | Jun. 16, 2011 | |
B38 | Yushima First Building | 23 Wards of Tokyo | Bunkyo-ku, Tokyo | Feb. 1989 | Aug. 29, 2012 | |
B39 | Dogenzaka Square | 6 Central Wards of Tokyo | Shibuya-ku, Tokyo | Oct. 2004 | Nov. 22, 2012 | |
B40 | GRAND-SQUARE Shin-Sakae | Other Regions | Nagoya, Aichi | May 2009 | Feb. 28, 2014 | |
B41 | GRAND-SQUARE Meieki-minami | Other Regions | Nagoya, Aichi | Feb. 2009 | Feb. 28, 2014 | |
B42 | Shiba 520 Building | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Jul. 1994 | Mar. 28, 2014 | |
B43 | Hirose-dori SE Building | Other Regions | Sendai, Miyagi | Nov. 2007 | Jun. 13, 2014 | |
B44 | SS30 (Note 6&8) | Other Regions | Sendai, Miyagi | Mar. 1989 | Mar. 30, 2017 | |
B45 | LOOP-X• M (Note 9) | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Nov. 1991 | Apr. 26, 2017 | |
B46 | Toranomon Hills Mori Tower | 6 Central Wards of Tokyo | Minato-ku, Tokyo | May 2014 | Dec. 1, 2020 | |
B47 | Toranomon PF Building | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Mar. 1986 | Dec. 1, 2020 | |
B48 | UUR Kyobashi East Building | 6 Central Wards of Tokyo | Chuo-ku, Tokyo | Apr. 2017 | Mar. 31, 2021 | |
B49 | IIDABASHI PLANO (Note 7) | 6 Central Wards of Tokyo | Chiyoda-ku, Tokyo | Feb. 2009 | Mar. 31, 2022 | |
B50 | OSAKA BAY TOWER (Note 5&7) | Other Regions | Osaka, Osaka | Sep. 1993 | Mar. 20, 2023 | |
B51 | Toranomon Hills Business Tower | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Jan. 2020 | Feb. 1, 2024 | |
Acquisition Price (Millions of yen) (Note 3) | Site Area (m2) (Note 1) | Total Floor Space (m2) (Note 1) | Structure (Notes 1 & 4) | Number of Floors (Notes 1 & 4) | Type of Ownership | ||
Land | Building | ||||||
5,200 | 5,198.20 | 12,944.65 | SRC | B2/5F | Proprietary Ownership | Proprietary Ownership | |
6,500 | 1,138.66 | 5,458.81 | RC | B1/7F | Proprietary Ownership | Proprietary Ownership | |
3,210 | 10,702.86 | 8,637.63 | S | 3F | Proprietary Ownership | Proprietary Ownership | |
2,040 | 4,120.00 | 6,381.40 | S | 4F | Proprietary Ownership | Proprietary Ownership | |
3,760 | 320.39 | 2,265.15 | RC | B1/8F | Proprietary Ownership | Proprietary Ownership | |
4,100 | 1,596.82 | 8,075.04 | SRC | B1/7F | Proprietary Ownership | Proprietary Ownership | |
4,284 | 16,330.14 | 16,729.60 | S | B1/3F | Proprietary Ownership, Leasehold Rights | Proprietary Ownership | |
11,904 | 53,363.57 | - | - | - | Proprietary Ownership (Co-ownership) | - | |
22,800 | 2,430.23 | 25,895.78 | S/RC | B3/12F | Proprietary Ownership | Proprietary Ownership | |
1,580 | 308.02 | 816.60 | S/RC | B1/4F | Proprietary Ownership | Proprietary Ownership | |
2,590 | 736.01 | 4,082.94 | S/SRC | B1/7F | Proprietary Ownership | Proprietary Ownership | |
7,040 | 58,449.70 | 54,689.28 | S | 2F | Proprietary Ownership, Leasehold Rights | Proprietary Ownership | |
4,840 | 34,612.39 | 56,371.77 | S | 6F | Proprietary Ownership, Leasehold Rights | Proprietary Ownership | |
2,500 | 7,093.66 | 10,628.44 | S | 5F | Proprietary Ownership | Proprietary Ownership | |
5,090 | 828.70 | 2,771.59 | S/SRC | B1/8F | Proprietary Ownership | Proprietary Ownership | |
3,350 | 749.42 | 4,452.39 | S/RC | B1/7F | Proprietary Ownership | Proprietary Ownership | |
2,600 | 9,193.00 | - | - | - | Proprietary Ownership | - | |
2,150 | 7,594.00 | - | - | - | Proprietary Ownership | - | |
28,000 | 3,582.39 | 37,932.95 | S/SRC | B4/9F | Proprietary Ownership | Proprietary Ownership | |
5,150 | 7,311.98 | 17,461.22 | S/SRC | 4F | Proprietary Ownership | Proprietary Ownership | |
4,350 | 1,947.80 | 10,567.21 | SRC | B1/9F | Proprietary Ownership | Proprietary Ownership | |
6,460 | 60,747.02 | - | - | - | Proprietary Ownership | - | |
1,760 | 3,252.76 | - | - | - | Proprietary Ownership | - | |
1,880 | 2,391.44 | - | - | - | Proprietary Ownership | - | |
2,621 | 231.00 | 1,646.50 | RC | B1/9F | Leasehold Rights | Proprietary Ownership | |
3,938 | 3,658.25 | 17,889.43 | S/RC | B2/6F | Proprietary Ownership | Proprietary Ownership | |
3,000 | 159.59 | 1,234.99 | SRC | 10F | Surface Right | Proprietary Ownership | |
9,285 | 7,266.41 | 59,361.08 | SRC/RC/S | B3/28F | Ownership of Right of Site (Co-ownership) | Compartmentalized Ownership | |
1,750 | 7,461.97 | 4,733.74 | S | 2F | Proprietary Ownership | Proprietary Ownership | |
12,151 | 6,104.63 | 12,223.72 | SRC/S/RC | B1/5F | Proprietary Ownership | Proprietary Ownership | |
3,800 | 12,432.58 | 5,793.15 | S | 2F | Proprietary Ownership | Proprietary Ownership | |
1,500 | 8,278.27 | 231.10 | S | 1F | Proprietary Ownership | Proprietary Ownership | |
2,200 | 11,000.08 | 33,985.12 | RC | 19F | Ownership of Right of Site (Co-ownership) | Compartmentalized Ownership | |
1,800 | 200,147.07 | 110,068.63 | S | 3F | Proprietary Ownership | Proprietary Ownership | |
2,720 | 44,385.39 | - | - | - | Proprietary Ownership | - | |
2,257 | 453.81 | 3,296.58 | SRC | B1/9F | Proprietary Ownership | Proprietary Ownership | |
2,080 | 1,358.91 | 6,079.35 | SRC | 7F | Proprietary Ownership | Proprietary Ownership | |
2,350 | 703.24 | 5,218.55 | SRC/RC | B1/9F | Proprietary Ownership (Co-ownership) | Compartmentalized Ownership | |
24,000 | 7,265.79 | 58,882.64 | SRC | B1/23F | Proprietary Ownership | Proprietary Ownership | |
8,500 | 3,262.50 | 10,768.11 | SRC | B1/6F | Proprietary Ownership | Proprietary Ownership | |
4,200 | 690.93 | 6,318.81 | S/RC | B1/10F | Proprietary Ownership | Proprietary Ownership | |
12,100 | 3,201.80 | 19,802.22 | SRC/RC | B2/7F | Proprietary Ownership | Proprietary Ownership | |
6,080 | 3,302.07 | 14,507.92 | SRC | B2/13F | Proprietary Ownership | Proprietary Ownership | |
7,050 | 2,525.41 | 15,387.49 | SRC | B1/12F | Proprietary Ownership | Proprietary Ownership | |
3,290 | 1,328.93 | 4,795.06 | RC | B1/6F | Proprietary Ownership | Proprietary Ownership | |
2,570 | 428.62 | 1,972.43 | S | 7F | Proprietary Ownership | Proprietary Ownership | |
2,210 | 390.86 | 1,895.87 | SRC | B1/7F | Proprietary Ownership | Proprietary Ownership | |
1,710 | 475.00 | 4,141.89 | SRC | B1/10F | Proprietary Ownership | Proprietary Ownership | |
9,890 | 1,183.52 | 10,694.91 | S/SRC | B1/13F | Proprietary Ownership (Co-ownership) | Compartmentalized Ownership | |
6,840 | 1,401.61 | 8,331.90 | S/RC | B2/8F | Ownership of Right of Site (Co-ownership) | Compartmentalized Ownership | |
2,750 | 1,474.05 | 6,598.52 | SRC | B1/7F | Ownership of Right of Site (Co-ownership) | Compartmentalized Ownership | |
1,160 | 455.94 | 2,317.67 | SRC | 7F | Leasehold Rights | Proprietary Ownership | |
2,460 | 257.87 | 2,038.70 | SRC | 10F | Proprietary Ownership | Proprietary Ownership | |
6,860 | 2,053.30 | 16,142.54 | S/SRC | B1/18F | Proprietary Ownership | Proprietary Ownership | |
4,570 | 1,284.23 | 9,596.62 | SRC | B1/9F | Proprietary Ownership | Proprietary Ownership | |
1,790 | 987.04 | 6,048.97 | SRC | B1/8F | Proprietary Ownership | Proprietary Ownership | |
987 | 1,940.15 | 3,725.13 | SRC | B1/6F | Proprietary Ownership | Proprietary Ownership | |
9,500 | 2,733.00 | 24,412.67 | S/SRC | B1/15F | Proprietary Ownership | Proprietary Ownership | |
2,100 | 1,120.85 | 6,165.88 | SRC | B1/8F | Proprietary Ownership | Proprietary Ownership | |
2,300 | 488.93 | 3,227.62 | SRC | B1/9F | Ownership of Right of Site (Co-ownership) | Compartmentalized Ownership | |
1,480 | 1,294.88 | 5,333.51 | S | 7F | Proprietary Ownership | Proprietary Ownership | |
1,220 | 1,012.06 | 5,017.30 | S | 8F | Proprietary Ownership | Proprietary Ownership | |
2,100 | 727.86 | 3,781.22 | SRC/S | 7F | Proprietary Ownership | Proprietary Ownership | |
3,600 | 2,146.31 | 10,396.94 | S | 9F | Proprietary Ownership | Proprietary Ownership | |
18,200 | 15,542.84 | 110,955.68 | (1)SRC/S (2)RC (3)SRC | (1)B3/31F (2)B1/2F (3)B2/12F | Proprietary Ownership | Compartmentalized Ownership, Proprietary Ownership | |
11,200 | 5,491.44 | 31,583.38 | (1)S/SRC (2)SRC/RC | (1)B1/17F (2)B1/18F | Proprietary Ownership | Proprietary Ownership | |
10,000 | 17,068.95 | 241,581.95 | S/SRC | B5/52F | Ownership of Right of Site (Co-ownership) | Compartmentalized Ownership | |
3,435 | 1,075.14 | 4,829.15 | RC | B2/5F | Proprietary Ownership | Proprietary Ownership | |
7,280 | 608.84 | 4,707.44 | S/RC | B1/9F | Proprietary Ownership | Proprietary Ownership | |
6,333 | 7,812.45 | 70,055.06 | RC | B2/38F | Ownership of Right of Site (Co-ownership) | Compartmentalized Ownership | |
26,370 | 25,031.92 | 175,604.98 | SRC/S/RC | B3/50F | Ownership of Right of Site (Co-ownership) | Compartmentalized Ownership | |
8,435 | 10,064.60 | 167,003.70 | S/SRC | B3/37F | Ownership of Right of Site (Co-ownership) | Compartmentalized Ownership | |
No. | Property Name | Area | Location | Completion Date (Notes 1 & 4) | Acquisition Date (Note 2) | |
Hotels | ||||||
C1 | Shinjuku Washington Hotel Honkan (Note 7) | 6 Central Wards of Tokyo | Shinjuku-ku, Tokyo | Oct. 1983 | Dec. 22, 2003 | |
C2 | Toyoko Inn Shinagawa-eki Takanawa-guchi | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Oct. 1999 | Feb. 18, 2005 | |
C3 | MZ BLD. | Tokyo Metropolitan Area | Hachioji, Tokyo | Apr. 2007 | Apr. 10, 2008 | |
C4 | HOTEL ROUTE-INN Yokohama Bashamichi | Tokyo Metropolitan Area | Yokohama, Kanagawa | Jul. 2007 | Jun. 30, 2008 | |
C5 | Hotel JAL City Naha (Note 7) | Other Regions | Naha, Okinawa | May 2006 | Oct. 25, 2011 | |
C6 | UUR Yotsuya Sanchome Building | 6 Central Wards of Tokyo | Shinjuku-ku, Tokyo | Jan. 1997 | Dec. 26, 2011 | |
C7 | Yotsuya 213 Building | 6 Central Wards of Tokyo | Shinjuku-ku, Tokyo | Apr. 2001 | Mar. 18, 2013 | |
C9 | Comfort Inn Tokyo Roppongi (Note 7) | 6 Central Wards of Tokyo | Minato-ku, Tokyo |
| May 1, 2014 | |
C10 | Toyoko Inn Kawasaki Ekimae Shiyakusho-dori | Tokyo Metropolitan Area | Kawasaki, Kanagawa | Sep. 2005 | Aug. 31, 2015 | |
C11 | Toyoko Inn Hiroshima Heiwa-odori | Other Regions | Hiroshima, Hiroshima | Mar. 2004 | Aug. 31, 2015 | |
C12 | Toyoko Inn Naha Kokusai-dori Miebashi-eki | Other Regions | Naha, Okinawa | Apr. 2002 | Aug. 31, 2015 | |
C13 | Loisir Hotel & Spa Tower Naha (Note 10) | Other Regions | Naha, Okinawa |
| Feb. 5, 2016 | |
C14 | Royal Pines Hotel Urawa | Tokyo Metropolitan Area | Saitama, Saitama | Aug. 1999 | Apr. 1, 2016 | |
C15 | RIHGA Royal Hotel Kokura • ARUARU City (Note 11) | Other Regions | Kitakyushu, Fukuoka |
| Jan. 26, 2018 | |
C16 | Comfort Inn Fukuoka Tenjin | Other Regions | Fukuoka, Fukuoka | May 2017 | Sep. 27, 2018 | |
C17 | Henn na Hotel Tokyo Hamamatsucho | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Mar. 2018 | May 15, 2019 | |
C18 | Hotel Hewitt Koshien | Other Regions | Nishinomiya, Hyogo | Aug. 1992 | Jun. 25, 2019 | |
C19 | Smile Hotel Premium Sapporo Susukino | Other Regions | Sapporo, Hokkaido | Dec. 2017 | Jun. 28, 2019 | |
C20 | the square hotel KANAZAWA | Other Regions | Kanazawa, Ishikawa | Sep. 2018 | Dec. 3, 2019 | |
C21 | RIHGA Place Kyoto Shijo Karasuma | Other Regions | Kyoto, Kyoto | Jun. 2018 | Mar. 31, 2020 | |
C22 | Hakata Gion Development Site | Other Regions | Fukuoka, Fukuoka | - | Jul. 31, 2023 | |
C23 | Randor Hotel Hiroshima Prestige | Other Regions | Hiroshima, Hiroshima | Mar. 2023 | Jun. 3, 2024 | |
C24 | the b ochanomizu | 6 Central Wards of Tokyo | Chiyoda-ku, Tokyo | Aug. 1999 | Jun. 30, 2025 | |
C25 | Smile Hotel Premium Osaka Hommachi | Other Regions | Osaka, Osaka | Oct. 2017 | Jun. 30, 2025 | |
Residential Properties | ||||||
D1 | T&G Higashi-ikebukuro Mansion | 23 Wards of Tokyo | Toshima-ku, Tokyo | Dec. 2001 | Dec. 26, 2003 | |
D4 | Komazawa Court | 23 Wards of Tokyo | Setagaya-ku, Tokyo | Oct. 1998 | Dec. 26, 2003 | |
D6 | UUR Court Shiba-Daimon | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Apr. 2003 | Oct. 15, 2004 | |
D9 | Aprile Shin-Ohgi Ichibankan | Other Regions | Kobe, Hyogo | Sep. 1997 | Apr. 13, 2005 | |
D10 | UUR Court Sapporo Kita-Sanjo | Other Regions | Sapporo, Hokkaido | Feb. 2006 | Mar. 16, 2006 | |
D15 | CLIO Bunkyo Koishikawa | 23 Wards of Tokyo | Bunkyo-ku, Tokyo | Feb. 2005 | Apr. 28, 2006 | |
D17 | GRAND-ROUGE Sakae II | Other Regions | Nagoya, Aichi | Feb. 2007 | Dec. 26, 2007 | |
D18 | MA Sendai Building | Other Regions | Sendai, Miyagi | Feb. 2008 | Sep. 24, 2008 | |
D19 | UUR Court Nagoya Meieki | Other Regions | Nagoya, Aichi | Aug. 2008 | Sep. 30, 2008 | |
D21 | Park Site IZUMI | Other Regions | Nagoya, Aichi | Sep. 2002 | Nov. 21, 2008 | |
D22 | UUR Court Osaka Juso-honmachi | Other Regions | Osaka, Osaka | Jan. 2009 | Feb. 26, 2009 | |
D23 | UUR Court Kinshicho | 23 Wards of Tokyo | Koto-ku, Tokyo | Feb. 1998 | Jun. 15, 2011 | |
D24 | UUR Court Sapporo Minami-Sanjo Premier Tower | Other Regions | Sapporo, Hokkaido | Sep. 2006 | Jun. 28, 2012 | |
D25 | GRAND-ROUGE Nakanoshima-minami | Other Regions | Osaka, Osaka | Aug. 2009 | Jun. 25, 2013 | |
D26 | Glenpark Umeda-kita | Other Regions | Osaka, Osaka | Aug. 2007 | Aug. 29, 2014 | |
D27 | UUR Court Shiki | Tokyo Metropolitan Area | Shiki, Saitama | Mar. 1999 | Sep. 18, 2015 | |
D28 | GRAND-ROUGE Tanimachi Rokuchome | Other Regions | Osaka, Osaka | Jul. 2010 | Dec. 1, 2016 | |
D29 | Chatle Otemachi S • N (Note 12) | Other Regions | Kitakyushu, Fukuoka | Aug. 2008 | Jul. 3, 2018 | |
D30 | GRAN FONTE | 23 Wards of Tokyo | Nerima-ku, Tokyo | Oct. 1998 | Apr. 1, 2019 | |
D31 | Park Axis Akatsuka | 23 Wards of Tokyo | Itabashi-ku, Tokyo | Sep. 2018 | Mar. 30, 2020 | |
D32 | UUR Court Shirasagi | 23 Wards of Tokyo | Nakano-ku, Tokyo | Feb. 2002 | Mar. 31, 2020 | |
D33 | Court Branche AP | 6 Central Wards of Tokyo | Shinagwa-ku, Tokyo | Mar. 2006 | Mar. 31, 2020 | |
D34 | UUR Court Ibaraki Higashi-Chujo | Other Regions | Ibaraki, Osaka | Feb. 2009 | Dec. 1, 2020 | |
D35 | Amour Yokohama | Tokyo Metropolitan Area | Yokohama, Kanagawa | Mar. 2003 | Oct. 31, 2022 | |
D36 | GRAND-ROUGE Joto | Other Regions | Osaka, Osaka | Jan. 2008 | Dec. 22, 2022 | |
Others | ||||||
E1 | Lilycolor Tohoku Branch | Other Regions | Sendai, Miyagi | Apr. 1996 | May 29, 2006 | |
E3 | Tsubogawa Square Building | Other Regions | Naha, Okinawa | Jun. 2009 | Nov. 1, 2013 | |
E4 | THE PLACE of TOKYO | 6 Central Wards of Tokyo | Minato-ku, Tokyo | Oct. 1964 | May 1, 2014 | |
E5 | Logistics Higashi-Ohgishima (Note 7) | Tokyo Metropolitan Area | Kawasaki, Kanagawa | May 2008 | Oct. 2, 2014 | |
E6 | MT Ariake Center Building I&II (Note 13) | 23 Wards of Tokyo | Koto-ku, Tokyo |
| Nov. 25, 2014 | |
E8 | Shin-Narashino Logistics Center | Tokyo Metropolitan Area | Narashino, Chiba | Jun. 1991 | Aug. 7, 2015 | |
E9 | Kawagoe Logistics Center | Tokyo Metropolitan Area | Kawagoe, Saitama | Aug. 2007 | Jun. 17, 2016 | |
E11 | Shin-Narashino Logistics Center II | Tokyo Metropolitan Area | Narashino, Chiba | Jan. 1990 | Jan. 31, 2017 | |
E12 | Yoshikawa Logistics Center | Tokyo Metropolitan Area | Yoshikawa, Saitama | Apr. 1997 | Jul. 27, 2017 | |
E13 | Musashimurayama Logistics Center | Tokyo Metropolitan Area | Musashimurayama, Tokyo | Oct. 2001 | Oct. 30, 2018 | |
E14 | Chibaminato Logistics Center (Site) | Tokyo Metropolitan Area | Chiba, Chiba | - | Feb. 28, 2020 | |
E16 | Kobe Toyahama Logistics Center | Other Regions | Kobe, Hyogo | Jan. 1989 | Apr. 17, 2020 | |
E17 | REDWOOD Narita Distribution Centre | Tokyo Metropolitan Area | Sanbu, Chiba | Dec. 2016 | Jun. 30, 2020 | |
E18 | Kazo Logistics Center I • II (Note 14) | Tokyo Metropolitan Area | Kazo, Saitama |
| Jun. 30, 2021 | |
E19 | Kobe Seishin Logistics Center | Other Regions | Kobe, Hyogo | Dec. 1995 | Aug. 6, 2021 | |
E20 | Granda Miyanomori (Note 15) | Other Regions | Sapporo, Hokkaido | May 2023 | Sep. 30, 2021 | |
E21 | KIC Sayama Hidaka Distribution Center | Tokyo Metropolitan Area | Hidaka, Saitama | Apr. 2022 | Jun. 30, 2022 | |
E22 | Sapporo Yonesato Logistics Center | Other Regions | Sapporo, Hokkaido | Sep. 1998 | Dec. 22, 2022 | |
E23 | RESOLA SOUTH TERRACE | Other Regions | Fukuoka, Fukuoka | Aug. 2013 | Mar. 28, 2025 | |
E24 | Rehabilitation Home Bonsejour Kita-Matsudo | Tokyo Metropolitan Area | Matsudo, Chiba | Sep. 2016 | Mar. 31, 2025 | |
E25 | Charm Suite Kitabatake | Other Regions | Osaka, Osaka | Jan. 2023 | Jun. 30, 2025 | |
Total
Notes: 1. Each piece of information in the "Completion Date," "Site Area," "Total Floor Space," "Structure," and "Number of Floors" is described as it appears on the real estate register unless otherwise stated in this footnote or other footnotes. Some information may differ from the current situations. In regard to the "Site Area" for properties where a part of the site space is for leasehold land, total site area including the site space for leasehold is described. In regard to the "Site Area" and "Total Floor Space" of properties held in co-ownership with other entities, total figures are described.
The "Acquisition Date" of properties owned by NCI (the "Former NCI Properties") is described as of December 1, 2010, the effective date of the merger.
The "Acquisition Price" is an amount (the amount stated in each purchase and sale agreement, excluding consumption taxes) that does not include the expenses (e.g. agency fees, public taxes and impositions) necessary for making the relevant acquisitions and is rounded to the nearest million yen. The "Acquisition Price" of the Former NCI Properties is the acceptance price at the time of the merger.
For properties consisting of several buildings, some information in the "Completion Date," "Structure," and "Number of Floors" applies to the main building, unless otherwise indicated.
maricom-ISOGO / SYSTEM PLAZA YOKOHAMA (Site) and OSAKA BAY TOWER include the retail portion and the office portion.
Shin-Osaka Central Tower and SS30 include the office portion and the hotel portion.
For Hamamatsucho 262 Building, IIDABASHI PLANO, OSAKA BAY TOWER, Shinjuku Washington Hotel Honkan, Hotel JAL City Naha, Comfort Inn Tokyo Roppongi, and Logistics Higashi-Ohgishima, the additional acquisitions were executed, respectively. The acquisition prices in the above table are the total amount of the existing possession and the additional acquisition. Furthermore, the "Acquisition Date" above is the initial acquisition date by United Urban.
Acquisition Price
(Millions of yen) (Note 3)
Site Area
(m2) (Note 1)
Total Floor Space
(m2) (Note 1)
Structure
(Notes 1 & 4)
Number of Floors
(Notes 1 & 4)
Type of Ownership
Land
Building
21,140
6,215.31
59,985.37
S/SRC
B4/25F
Proprietary Ownership (partly Co-ownership)
Compartmentalized Ownership
(partly Co-ownership)
1,884
482.10
2,928.94
SRC
14F
Proprietary Ownership
Proprietary Ownership
3,800
1,304.44
7,708.88
S
13F
Proprietary Ownership, Leasehold Rights
Proprietary Ownership
4,720
970.83
6,610.51
SRC
11F
Proprietary Ownership
Proprietary Ownership
7,666
3,573.31
13,655.23
SRC/RC
B1/14F
Proprietary Ownership, Leasehold Rights
Proprietary Ownership
4,200
1,053.16
7,682.82
SRC/RC
B1/13F
Proprietary Ownership
Proprietary Ownership
5,020
1,264.94
7,884.53
SRC
14F
Proprietary Ownership
Compartmentalized Ownership
4,488
551.39
4,154.72
SRC/S
B2/9F
Proprietary Ownership
Proprietary Ownership
2,655
639.19
4,785.93
SRC
B1/14F
Proprietary Ownership
Proprietary Ownership
2,113
660.40
4,345.24
SRC
14F
Proprietary Ownership
Proprietary Ownership
745
384.93
1,566.12
S/RC
9F
Proprietary Ownership
Proprietary Ownership
20,000
11,850.24
45,731.16
(1)SRC/RC (2)SRC
(1)B1/12F (2)13F
Ownership of Right of Site (Co-ownership), Proprietary Ownership
Compartmentalized Ownership (partly Co-ownership),
Proprietary Ownership
17,500
7,418.83
51,071.32
SRC/S
B3/20F
Proprietary Ownership,
Ownership of Right of Site (Co-ownership)
Compartmentalized Ownership
16,600
22,799.65
114,117.54
(1)SRC/RC/S (2)SRC
(3)SRC/RC
(1)B1/30F (2)B1/7F
(3)B1/11F
Proprietary Ownership
Proprietary Ownership
3,000
496.79
3,567.22
S
10F
Proprietary Ownership
Proprietary Ownership
4,456
365.81
2,293.64
S
14F
Proprietary Ownership
Proprietary Ownership
13,520
14,997.27
29,537.39
SRC/S
B1/14F
Proprietary Ownership
Proprietary Ownership
4,233
958.37
7,762.50
S
13F
Proprietary Ownership
Proprietary Ownership
4,802
1,632.92
6,253.86
S
13F
Proprietary Ownership
Proprietary Ownership
2,010
609.28
2,358.25
RC
5F
Proprietary Ownership
Proprietary Ownership
2,300
690.66
-
-
-
Proprietary Ownership
-
2,580
437.49
2,025.28
RC
10F
Proprietary Ownership
Proprietary Ownership
2,780
357.47
1,742.23
SRC
9F
Proprietary Ownership
Proprietary Ownership
8,690
1,280.57
7,525.88
S
13F
Proprietary Ownership
Proprietary Ownership
2,021
398.82
3,300.18
SRC
B1/14F
Proprietary Ownership
Proprietary Ownership
1,680
2,943.33
3,580.44
RC
3F
Proprietary Ownership
Proprietary Ownership
1,175
233.66
1,486.38
SRC
12F
Proprietary Ownership
Proprietary Ownership
3,031
3,329.45
12,700.44
SRC
14F
Proprietary Ownership
Proprietary Ownership
1,278
1,249.35
6,588.72
RC
B1/14F
Proprietary Ownership
Proprietary Ownership
3,170
814.54
5,871.77
SRC
B1/15F
Ownership of Right of Site (Co-ownership)
Compartmentalized Ownership
1,300
674.34
3,172.34
RC
11F
Proprietary Ownership
Proprietary Ownership
3,440
3,656.44
12,642.98
SRC/RC
B1/14F
Leasehold Rights
Proprietary Ownership
1,473
639.17
3,207.39
RC
15F
Proprietary Ownership
Proprietary Ownership
900
336.55
2,196.97
S
12F
Proprietary Ownership
Proprietary Ownership
1,570
1,266.32
4,166.73
RC
11F
Proprietary Ownership
Proprietary Ownership
2,900
924.27
6,890.13
SRC
B1/14F
Proprietary Ownership
Proprietary Ownership
2,050
1,078.42
10,224.31
RC
B1/17F
Proprietary Ownership
Proprietary Ownership
1,380
405.74
3,741.79
RC
15F
Proprietary Ownership
Proprietary Ownership
5,150
2,156.35
14,340.44
RC
B1/15F
Proprietary Ownership
Proprietary Ownership
2,730
6,132.03
9,885.83
SRC/RC
13F
Proprietary Ownership
Proprietary Ownership
1,300
817.52
3,607.14
RC
13F
Proprietary Ownership
Proprietary Ownership
3,398
3,516.04
12,599.91
(1)SRC
(2)SRC
(1)15F
(2)15F
Proprietary Ownership
Proprietary Ownership
2,700
4,132.97
6,983.30
RC
11F
Proprietary Ownership
Proprietary Ownership
1,980
1,137.49
5,433.60
RC/S
13F
Ownership of Right of Site (Co-ownership)
Compartmentalized Ownership
(Co-ownership)
1,442
2,849.08
2,978.00
RC
7F
Proprietary Ownership
Proprietary Ownership
1,270
599.07
1,786.90
SRC
8F
Proprietary Ownership
Proprietary Ownership
1,665
2,064.56
4,137.00
RC
8F
Proprietary Ownership
Proprietary Ownership
1,570
652.03
2,572.11
RC
10F
Proprietary Ownership
Proprietary Ownership
1,755
1,155.76
4,197.62
RC
11F
Proprietary Ownership
Proprietary Ownership
2,050
5,457.02
8,693.79
RC/S
4F
Proprietary Ownership
Proprietary Ownership
4,150
5,294.63
14,742.80
S
11F
Proprietary Ownership
Proprietary Ownership
3,500
645.87
3,105.31
SRC
B3/7F
Surface Right
Proprietary Ownership
9,525
28,351.30
41,949.12
S
4F
Proprietary Ownership
Proprietary Ownership
8,000
8,307.86
22,917.94
(1)S/SRC
(2)S
(1)5F
(2)5F
Proprietary Ownership
Proprietary Ownership
2,555
6,968.26
13,268.65
S
6F
Proprietary Ownership
Proprietary Ownership
7,550
32,665.82
47,284.22
RC/S
4F
Proprietary Ownership
Proprietary Ownership
2,590
7,870.01
12,578.45
S
4F
Proprietary Ownership
Proprietary Ownership
1,960
5,705.63
10,806.37
S
5F
Proprietary Ownership
Proprietary Ownership
1,800
5,770.53
9,207.73
S
4F
Proprietary Ownership
Proprietary Ownership
6,600
24,467.78
-
-
-
Proprietary Ownership
-
1,300
5,158.42
9,046.80
S
4F
Proprietary Ownership
Proprietary Ownership
2,345
12,105.00
22,079.22
S
4F
Proprietary Ownership
Proprietary Ownership
3,259
20,242.48
12,205.78
(1)S
(2)S
(1)2F
(2)1F
Proprietary Ownership
Proprietary Ownership
1,923
5,489.57
8,564.44
S
4F
Proprietary Ownership
Proprietary Ownership
1,423
1,441.46
3,781.90
RC
5F
Proprietary Ownership
Proprietary Ownership
4,450
8,052.10
15,113.11
S
4F
Proprietary Ownership
Proprietary Ownership
1,177
4,862.78
7,389.49
S
4F
Proprietary Ownership
Proprietary Ownership
5,300
1,064.74
5,872.59
S
9F
Proprietary Ownership
Proprietary Ownership
1,128
2,555.52
2,494.73
S
B1/3F
Proprietary Ownership
Proprietary Ownership
2,894
1,358.17
3,130.42
RC
6F
Proprietary Ownership
Proprietary Ownership
705,869
1,041,763.65
2,434,368.11
The property comprises three buildings: an office building, a fitness club building, and a hotel building, and some of the information are shown for the office building as (1), fitness club building as (2), and hotel building as
(3). In addition, because the completion date of the office building and hotel building disappears on the real estate register, the completion date of the fitness club building is described.
The property comprises two buildings: LOOP-X (office building) and LOOP-M (residential building), and some of the information are shown for LOOP-X as (1) and LOOP-M as (2).
The property comprises two buildings: Main Building and the Annex, and some of the information are shown for the Main Building as (1) and the Annex as (2).
The property comprises three buildings: a hotel building, a retail building I, and a retail building II, and some of the information are shown for the hotel building as (1), retail building I as (2), and retail building II as (3).
The property comprises two buildings: S Building and N Building, and some of the information are shown for S Building as (1) and N Building as (2).
The property comprises two buildings: MT Ariake Center Building I (the "Building I") and MT Ariake Center Building II (the "Building II"), and some of the information are shown for the Building I as (1) and the Building II as (2).
The property comprises two buildings: Kazo Logistics Center I and Kazo Logistics Center II, and some of the information are shown for Kazo Logistics Center I as (1) and Kazo Logistics Center II as (2).
For Granda Miyanomori, United Urban acquired the land on September 30, 2021 and the building on May 31, 2023, respectively. The acquisition price shows the total amount of land and building, and the acquisition date shows the acquisition date of land.
Portfolio Map
B31
B6
D26 D36
Smile Hotel Premium Osaka Hommachi
HOTELS
C25
E16
E19
A9
D22
C18
D9
A12
Hyogo
D34
C21
Kyoto
OSAKA AREA
C19 B35 D24 E20
Sapporo
D10 E22 B36
Osaka
Nara
C25
A35 D28 A15
E25 A7
D25
A34
B50
B32
Sendai
D18
Retail Properties Office Buildings
E25
OTHERS
Charm Suite Kitabatake
Kanazawa
C20
Niigata
A47
A20
E1 B43 B44
Hotels
Residential Properties Others
C15 C22
Hiroshima
C23
C11
D29
NAGOYA AREA
A46
A31 B3
A6
Aichi
A32
D17
B41
B40
D21
C16
E23
Gifu
Fukuoka
A41
A23
E3
Naha
C13 C5
C12
D19
Portfolio Properties
TOKYO METROPOLITAN AREA
E18
E21
Saitama
C14
E12
A43
E24
A21
E9
E13
Tokyo
D27
A29
A30
A45
A4
A26
E17
C24
HOTELS
C3 A44
A40
A42
E8
E11
E14
Chiba
the b ochanomizu
A11
A27
B37
A28
B22 B14 D35
A24
B25C10 E5
C4
Kanagawa
A38
A13
TOKYO 23 WARDS
D30
D31
D32
A10
B9
D1
B29
D15
A39 B38
B11
C1
B30
C6 B49 C7
C24
D23
B17 B20 A19
B18
B39
B4
B51
B46 B47
C9
E4
A36 D6
C17
B26 B45
B48
B13 B8
B27
D4 C2
B42 B1
E6
A25
D33
Major Properties
Retail Properties
A29 Yodobashi Camera Multimedia Kichijoji
Retail Properties
A38 Luz Shonan Tsujido
Retail Properties
A40 KURURU
Hotels
C15 RIHGA Royal Hotel Kokura • ARUARU City
Residential Properties
D36 GRAND-ROUGE Joto
Retail Properties
A6 TENJIN LUCE
Retail Properties
A43 LEVEN Otakanomori
Main Building
Annex
Office Buildings
B37 ARENA TOWER
Hotels
C1 Shinjuku Washington Hotel Honkan
Office Buildings/Hotels
B6 Shin-Osaka Central Tower
Office Buildings/Hotels
B44 SS30
Hotels
C13 Loisir Hotel & Spa Tower Naha
Others
E20 Granda Miyanomori
Others
E4 THE PLACE of TOKYO
Residential Properties
D34 UUR Court Ibaraki Higashi-Chujo
Office Buildings
B51 Toranomon Hills Business Tower
Retail Properties
A15 Shinsaibashi OPA Honkan
Office Buildings
B50 OSAKA BAY TOWER
Hotels
C14 Royal Pines Hotel Urawa
Residential Properties
D26 Glenpark Umeda-kita
Residential Properties
D31 Park Axis Akatsuka
Office Buildings
B46 Toranomon Hills Mori Tower
Others
E5 Logistics Higashi-Ohgishima
Others
E6 MT Ariake Center Building I&II
Actions Taken on ESG Materiality
Among the many environment, social, and governance (ESG) issues, United Urban has selected some to be addressed as a real estate investment trust based on the concept of the SDGs (Sustainable Development Goals). The major ESG initiatives that United Urban places a high priority on are considered part of materiality.
Materiality set in 2026 and related SDGsMateriality | Related SDGs | Action Plan/Target | |
Environment | Energy management/ use of renewable energy | Long term target:
| |
Green certified buildings |
| ||
Tenant and property | Incorporate green lease clauses in 100% of contracts of office buildings by 2030 (including whole | ||
manager engagement | building lease, but excluding residential areas). | ||
Society | Employee job satisfaction/wellness |
| |
Diversity and equality |
| ||
Employee performance/ • Improve each employee's qualifications and skills through such as grade-based training programs. career development • Encourage employees to learn technical skills, knowledge and expertise and to obtain qualifications and take external training programs. | |||
Contribution to local community/local government |
| ||
Satisfaction, health, and | Conduct a tenant satisfaction survey and improve assessment results. | ||
comfort of building users | |||
Governance | Disclosure and assurance | Standardize document and data management and establish an integrated management framework. | |
Disclosure for investors | Disclose non-financial information including ESG related initiatives in a more investor friendly manner (improve higher evaluation). | ||
TCFD (Task Force on Climate-Related Financial Disclosures)
MRA: Approved in January 2022
PRI (Principles for Responsible Investment)
MRA: Signed in November 2018.
UN GLOBAL COMPACT
MRA: Signed in March 2022 (Coupled with Marubeni (MRA's sponsor))
External Assessment and AssuranceGRESB
Real Estate Assessment
Green Star
11 consecutive years
4 Stars
MSCI ESG Ratings Rating evaluation that serves as a criterion for selecting the MSCI Japan ESG Select Leaders Index
GRESB Public Disclosure Level Assessment
Level A
Top for 8 consecutive years
(As of November 30, 2025)
CDP Climate Change Assessment
CDP assessment is categorized into nine levels: leadership-level (A, A-), management-level (B, B-), awareness-level (C, C-), disclosure-level (D, D-), and non-response (F). United Urban has participated in the CDP assessment program since 2023, and has obtained a "B" rating.
Third-Party Assurance for Environment-Related Data
Obtained the third-party assurance that complies with the International Standard for Assurance and Engagements ISAE 3000 and ISAE 3410 from Sustainability Accounting Co., Ltd.
(As of June 27, 2025)
E (Environment)
Improve the Reliability and Objectivity of Environmental InitiativesThird-party certification for Eco-Action 21 (Note) (Japanese environmental management system)
Aiming to improve the reliability of United Urban's environmental initiatives, obtained third-party certification for the mechanisms that are constructed and operated for environmental management.
Expand the certification coverage to the entire portfolio in 2024.
No. of properties with certification: Entire portfolio with 133 properties
(As of November 30, 2025. Exclusive of site.)
Note: System for obtaining certification from a third-party organization for the environmental management system formulated by the Ministry of the Environment for environmental efforts by businesses, systems that are constructed, operated,
and maintained for environmental management, and environmental communication. Toranomon Hills Mori Tower Chatle Otemachi S • N
ZEB Ready assessments
With the aim of enhancing objectivity and reliability in relation to environmental performance, and improving competitiveness and property value to attract tenants, properties that have achieved a reduction in primary energy consumption (Note 1) of 50% or more from the standard primary energy consumption (Note 2) has been rated as a ZEB Ready assessment.
Primary energy reduction rate of consumption
Kobe Toyahama Logistics Center 66% reduction KIC Sayama Hidaka Distribution Center 59% reduction Yoshikawa Logistics Center 56% reduction
Kobe Toyahama Logistics Center
ZEB: ZEB (Net Zero Energy Building) refers to a building designed to achieve a balance of zero annual primary energy consumption while maintaining a comfortable indoor environment. ZEB Ready: As an advanced building with a view to ZEB, this building is equipped with highly heat-insulated outer skin and highly efficient energy-saving facilities. Except for renewable energy, the standard primary energy consumption reduces the primary energy consumption by 50% or more.
Notes: 1. Primary energy consumption: Energy consumed by the entire building when it is used or occupied, converted to heat.
2. Standard primary energy consumption: Standard energy consumption as a standard determined by each facility, region, and room use.
OverviewName | United Urban Investment Corporation |
Board of Directors | Kenmin Asatani, Executive Officer Kenichiro Okamura, Supervisory Officer Kumiko Sekine, Supervisory Officer (Note 1) |
Head Office Location | Shiroyama Trust Tower 18F, 4-3-1 Toranomon, Minato-ku, Tokyo (Note 2) |
Date of Listing | December 22, 2003 Real estate investment trust (J-REIT) section of the Tokyo Stock Exchange (securities code: 8960) |
Asset Management Company | Marubeni REIT Advisors Co., Ltd. |
Kenichiro Okamura Supervisory Officer
Kenmin Asatani Executive Officer
Kumiko Sekine Supervisory Officer
Notes: 1. The Supervisory Officer, Kumiko Sekine, resigned as the Supervisory Officer on January 13, 2026. The Substitute Supervisory Officer, Fumi Shimizu, assumed the office of the Supervisory Officer on January 13, 2026.
2. United Urban plans to relocate its headquarters to the following address on March 16, 2026. This address shall apply hereinafter. Toranomon Alcea Tower 22F, 2-2-3 Toranomon, Minato-ku, Tokyo 105-0001, Japan
Corporate StructureInvestment
Investment Units/ Cash Distributions
Investment
Rental and Other Income, etc.
Asset Management
Asset Management Company
Parent Company of the Asset Management Company
Purchase and Sale of Investment Units
Marubeni REIT Advisors Co., Ltd.
Loans/ Investment in Corporate Bonds
Principal and Interest Payments
Administrative Agency Entrustment for the Administration of Special Accounts
Asset Management Entrustment
Administrative Agency Entrustment
Liabilities
Assets
Tenants
Unitholders
Unitholders' Equity
Financial Institutions/ Investors in Corporate Bonds
Sumitomo Mitsui Trust Bank, Limited
Retail Properties Office Buildings Hotels
Residential Properties Others
Investment Assets
Sumitomo Mitsui Trust Bank, Limited
Special Account Administrator
Board of Directors
Sumitomo Mitsui Trust Bank, Limited
Asset Custodian
General Meeting of Unitholders
Unitholders
Transfer Agent
Mizuho Trust & Banking Co., Ltd.
Administrative Agent
Ernst & Young ShinNihon LLC
Accounting Auditor
Daiichi Life Marubeni Real Estate Co., Ltd.
Transfer Agency Entrustment
Asset Custodian Entrustment
Lease Agreement
Investment (100%)
Overview (As of November 30, 2025)Corporate Name | Marubeni REIT Advisors Co., Ltd. |
Address | Shiroyama Trust Tower 18F, 4-3-1 Toranomon, Minato-ku, Tokyo (Note) |
Date of Foundation | December 4, 2001 |
Capital | ¥425 million |
Shareholder | Daiichi Life Marubeni Real Estate Co., Ltd. (100%) |
Representative | Junichi Batai, President and Chief Executive Officer |
Description of Business | Investment management business under Article 28, Paragraph 4 of the Financial Instruments and Exchange Act |
Note: MRA plans to relocate its headquarters to the following address on March 16, 2026. This address shall apply hereinafter.
Toranomon Alcea Tower 22F, 2-2-3 Toranomon, Minato-ku, Tokyo 105-0001, Japan
Organization (As of November 30, 2025)Corporate Auditor
Board of Directors
Shareholders' Meeting
Asset Administration Dept.
Chief Compliance Officer (CCO)
Sustainability Strategy Office
Internal Audit Office
Asset Management Division
Investment Dept.
Planning & Strategy Dept.
Asset Management I Dept.
Asset Management II Dep.
Asset Management III Dept.
Asset Management IV Dept.
Chief Financial Officer (CFO)
Chief Investment Officer (CIO)
Risk Management Dept.
General Affairs Dept.
Finance & Accounting Dept.
Corporate Planning Dept.
Compliance Committee
President and Chief Executive Officer (CEO)
Sustainability Committee
Investment Committee
- PERFORMANCE REPORT
Financial Highlights 28
Overall Condition of Investment Corporation 37
Portfolio Profiles 39
Capital Expenditures 50
Expenses and Debt 52
Trading Activities during the Period 53
Accounting Status 55
Others 57
Financial Highlights
1. Track Records on Operations
Fiscal Period (Calculation Period) | 40th Fiscal Period (June 1, 2023 - November 30, 2023) | 41st Fiscal Period (December 1, 2023 -May 31, 2024) | 42nd Fiscal Period (June 1, 2024 - November 30, 2024) | 43rd Fiscal Period (December 1, 2024 -May 31, 2025) | 44th Fiscal Period (June 1, 2025 - November 30, 2025) | ||
Operating revenues | (Millions of yen) | 25,356 | 25,981 | 28,209 | 27,380 | 28,180 | |
(Rental revenues) | (Millions of yen) | (25,042) | (25,787) | (27,239) | (26,818) | (26,958) | |
Operating expenses | (Millions of yen) | 13,948 | 13,766 | 14,413 | 14,294 | 14,462 | |
(Property-related expenses) | (Millions of yen) | (11,507) | (11,282) | (11,909) | (11,668) | (11,845) | |
Operating income | (Millions of yen) | 11,408 | 12,215 | 13,795 | 13,086 | 13,717 | |
Ordinary income | (Millions of yen) | 10,370 | 11,170 | 12,680 | 11,836 | 12,288 | |
Net income | (a) | (Millions of yen) | 10,369 | 11,169 | 12,680 | 11,835 | 12,287 |
Total assets | (b) | (Millions of yen) | 727,227 | 734,420 | 730,532 | 733,648 | 729,961 |
(compared with the previous period) | (+0.6%) | (+1.0%) | (-0.5%) | (+0.4%) | (-0.5%) | ||
Total unitholders' equity (Net assets) | (c) | (Millions of yen) | 360,800 | 361,801 | 360,075 | 358,158 | 358,371 |
(compared with the previous period) | (+0.1%) | (+0.3%) | (-0.5%) | (-0.5%) | (+0.1%) | ||
Unitholders' capital | (Millions of yen) | 319,973 | 319,973 | 319,973 | 319,973 | 319,973 | |
(compared with the previous period) | (-) | (-) | (-) | (-) | (-) | ||
Total no. of investment units issued and outstanding | (d) | (Units) | 3,098,591 | 3,098,591 | 3,076,208 | 3,062,600 | 3,062,600 |
Net assets per unit | (c)/(d) | (Yen) | 116,440 | 116,763 | 117,051 | 116,945 | 117,015 |
Total cash distribution | (e) | (Millions of yen) | 10,445 | 11,244 | 12,111 | 12,281 | 12,685 |
Net income per unit | (Note 1) | (Yen) | 3,346 | 3,604 | 4,094 | 3,863 | 4,012 |
Cash distribution per unit | (e)/(d) | (Yen) | 3,371 | 3,629 | 3,937 | 4,010 | 4,142 |
(Distribution of earnings per unit) | (Yen) | (3,371) | (3,629) | (3,937) | (4,010) | (4,142) | |
(Distribution in excess of earnings per unit) | (Yen) | (－) | (－) | (－) | (－) | (－) | |
Return on assets (Annualized) | (Note 2) | (%) | 1.4 (2.9) | 1.5 (3.0) | 1.7 (3.5) | 1.6 (3.2) | 1.7 (3.3) |
Return on equity (Annualized) | (Note 2) | (%) | 2.9 (5.7) | 3.1 (6.2) | 3.5 (7.0) | 3.3 (6.6) | 3.4 (6.8) |
Equity ratio (compared with the previous period) | (c)/(b) | (%) | 49.6 (-0.2%) | 49.3 (-0.4%) | 49.3 (+0.0%) | 48.8 (-0.5%) | 49.1 (+0.3%) |
Payout ratio | (Note 2) | (%) | 100.7 | 100.6 | 96.1 | 103.8 | 103.2 |
Supplementary information | |||||||
No. of investment properties at end of period (Properties) | 141 | 140 | 140 | 142 | 142 | ||
Total leasable floor space at end of period | (m2) | 1,633,673.46 | 1,628,283.16 | 1,594,678.47 | 1,705,870.69 | 1,694,122.19 | |
Total no. of tenants at end of period | (Tenants) | 3,019 | 2,994 | 3,019 | 2,998 | 3,005 | |
Occupancy rate at end of period | (%) | 99.0 | 98.9 | 99.2 | 99.1 | 99.2 | |
Depreciation and amortization | (Millions of yen) | 4,069 | 4,068 | 3,977 | 3,887 | 3,815 | |
Capital expenditures | (Millions of yen) | 3,233 | 2,072 | 2,366 | 2,506 | 2,260 | |
NOI (Net Operating Income) from leasing | (Note 2) | (Millions of yen) | 17,604 | 18,572 | 19,308 | 19,037 | 18,928 |
FFO (Funds From Operations) per unit | (Note 2) | (Yen) | 4,560 | 4,860 | 5,103 | 4,982 | 4,863 |
FFO ratio | (Note 2) | (Times) | 15.9 | 14.4 | 13.4 | 15.1 | 19.0 |
Debt service coverage ratio | (Note 2) | (Times) | 15.3 | 14.8 | 15.0 | 13.1 | 12.2 |
Net income before interest, depreciation and amortization | (Note 2) | (Millions of yen) | 15,459 | 16,356 | 17,861 | 17,087 | 17,555 |
Interest expense and interest expenses on corporate bonds | (Millions of yen) | 1,012 | 1,107 | 1,190 | 1,307 | 1,438 | |
Interest-bearing liabilities | (Note 2) | (Millions of yen) | 323,853 | 328,853 | 328,753 | 332,553 | 329,953 |
Ratio of interest-bearing liabilities to total assets at end of period | (Note 2) | (%) | 44.5 | 44.7 | 45.0 | 45.3 | 45.2 |
No. of operating days | (Days) | 183 | 183 | 183 | 182 | 183 | |
Notes: 1. Net income per unit is computed on the basis of the average numbers of investment units during the period set out below.
40th FP | 41st FP | 42nd FP | 43rd FP | 44th FP | |
Average no. of investment units during the period | 3,098,591 units | 3,098,591 units | 3,096,818 units | 3,063,158 units | 3,062,600 units |