Results of the 33rd Fiscal Period ended January 31, 2023

from the beginning

Results of the 33rd Fiscal Period ended January 31, 2023

• Disclaimer(Slide only)

• Contents(Slide only)

1. Executive summary

• 2. Investment highlights(Slide only)

• 2-1 Unit price performance(Slide only)

• 2-2 Financial results

• 2-3 Dividends per unit growth record

• 2-4 Medium- to long-term disposition and acquisition policy (model)

• 2-5 Increase in appraisal NAV per unit

• 2-6 Forecasts

• 2-7 Portfolio of premium properties in central Tokyo

• 2-8 (1) Location

• 2-9 (1) Location(Slide only)

• 2-10 (2) Quality of assets

• 2-11 (2) Quality of assets

• 2-12 (2) Quality of assets(Slide only)

• 2-13 (3) Value creation

• 2-14 (3) Value creation

• 2-15 (3) Value creation

• 2-16 (3) Value creation(Slide only)

• 2-17 (3) Value creation(Slide only)

• 2-18 External growth(Slide only)

• 2-19 External growth(Slide only)

• 2-20 External growth(Slide only)

• 2-21 Internal growth

• 2-22 Internal growth

• 2-23 Internal growth

• 2-24 Internal growth

• 2-25 Financial management

• 2-26 Financial management

• 2-27 Sustainability initiatives(Slide only)

• 2-28 Sustainability initiatives

• 2-29 TCFD summary(Slide only)

• 2-30 TCFD summary(Slide only)

• 2-31 TCFD summary(Slide only)

• 2-32 TCFD summary(Slide only)

• 2-33 MHR's representative property (1) Roppongi Hills(1)(Slide only)

• 2-33 MHR's representative property (1) Roppongi Hills(2)(Slide only)

• 2-34 MHR's representative property (2) Toranomon Hills(1)(Slide only)

• 2-34 MHR's representative property (2) Toranomon Hills(2)(Slide only)

3. Operation highlights

• 3-1 Factors that led to changes in dividends per unit from the previous fiscal period(Slide only)

• 3-2 Change in assets under management(Slide only)

• 3-3 Change in unrealized capital gain/loss(Slide only)

• 3-4 Appraisal value(Slide only)

• 3-5 Changes in the rent and occupancy rates(Slide only)

• 3-6 Tenant status by month and major tenants(Slide only)

• 3-7 Financial overview (as of January 31, 2023)(Slide only)

• 3-8 Unitholders breakdown (as of January 31, 2023)(Slide only)

4. Business environment recognition & MHR's policy/strategy

• 4-1 Business environment recognition(Slide only)

• 4-2 MHR's policy/strategy(Slide only)

• 4-3 MHR's policy/strategy(Slide only)

• 4-4 Market-related information (1)(Slide only)

• 4-5 Market-related information (2)(Slide only)

• 4-6 Market-related information (3)(Slide only)

• 4-7 Market-related information (4)(Slide only)

• 4-8 Market-related information (5)(Slide only)

• 4-9 Market-related information (6)(Slide only)

5. Appendix

• 5-1 Financial highlights(Slide only)

• 5-2 Balance sheet(Slide only)

• 5-3 Income statement(Slide only)

• 5-4 Statement of cash flows / Retained earnings(Slide only)

• 5-5 Status of income and expenditures (1)(Slide only)

• 5-6 Status of income and expenditures (2)(Slide only)

• 5-7 Status of income and expenditures (3)(Slide only)

• 5-8 Unit price performance since IPO(Slide only)

• 5-9 Investment criteria(Slide only)

• 5-10 Portfolio map (as of January 31, 2023)(Slide only)

• 5-11 Portfolio overview (as of January 31, 2023)(Slide only)

Q&A

• Q&A1

• Q&A2

• Q&A3

• Q&A4

• Q&A5