Fiscal Period 33 (6-month Period Ended April 2019)
Earnings Presentation

from the beginning

Fiscal Period 33 Earning Report

• Table of Contents(Slide only)

• Financial Summary (Fiscal Period 33)

• Fiscal Period 33 Earnings Overview (Comparison to Results from Previous Period/Forecast)

• Performance Forecasts for Fiscal Periods 34 and 35

• Occupancy Rate Assumtions for Fiscal Periods 34 and 35

• Asset Size

• External Growth (Fiscal Periods 30 - 33)

• Acquisition and Sale of Properties (FP 33)

• Status of the Portfolio

• Office: Portfolio Analysis

• Residential: Portfolio Analysis

• Office: Tenant Turnover and Occupancy Rates

• Properties with Tenant Departures

• Office: Rent Revision Trends (at Tenant Turnover)

• Office: Rent Revision Trends (at Contract Renewal)

• Office: Rent Analysis (Greater Tokyo)

• Office: Contract Renewal Schedule (Greater Tokyo)

• Office: Status of Tenants

• Status of Construction Works

• Case Example of Conversion Investment in Existing Building (Sphere Tower Tennozu)

• Office Market Trends (Tokyo)

• Office Supply (23 Wards of Tokyo)

• Office Demand Trends

• Residential: Tenant Turnover and Occupancy Rates

• Residential: Rent Revision Trends (at Tenant Turnover)

• Residential: Rent Revision Trends (at Contract Renewal)

• Apartment Rent Trends in Tokyo

• Residential: Macro Environment (Tokyo)

• Financial Information

• Repayment Schedule

• Interest-Bearing Liabilities and Rating

• Change in Unrealized Gain or Loss

• Analysis of Period-end Appraisal Values

• Strengthening Ties with Main Sponsor (NTT Urban Development)

• ESG Initiatives (Acquisition of External Environmental Certification)

• ESG Initiatives (Contribution to Local Communities/Improvement of Tenant Satisfaction)

• ESG Initiatives (Governance at the Asset Management Company)

• Greeting

Q&A

• Q&A 1

• Q&A 2

Supplementary Data

• Fiscal Period 33 Balance Sheet

• Fiscal Period 33 Income Statement and Distribution Information

• Fiscal Period 34 Income Statement (Forecast)

• Performance Forecast Assumptions

• P/L by Property (1)

• P/L by Property (2)

• P/L by Property (3)

• P/L by Property (4)

• P/L by Property (5)

• P/L by Property (6)

• P/L by Property (7)

• Period-end Appraisal Values (1)

• Period-end Appraisal Values (2)

• Period-end Appraisal Values (3)

• Monthly Occupancy Rates (1)

• Monthly Occupancy Rates (2)

• Monthly Occupancy Rates (3)

• Fiscal Period 33 List of Interest-bearing Liabilities

• Financial Indicators

• Investment Unit Price and Distribution per Unit

• Status of Unitholders

• Features of PIC (1)

• Features of PIC (2)

• Terminology Used in this Presentation

• Disclaimers

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