June 14, 2024

Financial Reportfor the Fiscal Period Ended April 30, 2024 (November 1, 2023 – April 30, 2024)
REIT Issuer: NTT UD REIT Investment Corporation
Security Code: 8956
Representative: Takeshi Oodera, Executive Director
Asset Management Company: NTT Urban Development Asset Management Corporation
Representative: Yutaka Torigoe, President & CEO
Contact: Takeshi Iwata, Director & CFO, Finance Department (Tel: +81-3-6262-9400)
Scheduled date for filing of Japanese “Securities Report”: July 30, 2024
Scheduled start date for dividend distribution: July 16, 2024
Earnings supplementary explanatory materials to be prepared: Yes
Analyst meetings to be convened: Yes (for institutional investors and analysts)

Stock Exchange: Tokyo Stock Exchange
URL: https://nud-reit.co.jp/en/

1. Performance for the 43rd Fiscal Period (November 1, 2023 – April 30, 2024)(1) Business Results(Percentage figures show increase (decrease) from the preceding fiscal period)
Operating Revenues
Operating Income
Ordinary Income
Net Income
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
43rd Fiscal Period
11,477(5.8)
4,769(13.1)
4,223(16.3)
4,221(16.2)
42nd Fiscal Period
12,181
(1.3)
5,490
0.8
5,042
0.7
5,039
0.7
Net Income per Unit
43rd Fiscal Period
42nd Fiscal Period(2) Distribution

43rd Fiscal Period
42nd Fiscal Period

yen
2,849
3,595

Return on Unitholders’Equity (ROE)
%
2.9
3.6

Distribution per Unit
(Excluding excess of earnings)
Yen
2,848
3,239

Ordinary Income toTotal Assets
%
1.4
1.8

Total Distribution
Millions of yen
4,220
4,539

Ordinary Income toOperating Revenues
%
36.8
41.4
Distribution in Excess ofEarnings per Unit
Yen-

Total Distribution in Excess ofDistribution Payout Ratio
Distribution to Net Assets
Earnings
Millions of yen%%
43rd Fiscal Period
99.9
2.9
42nd Fiscal Period
90.0
3.3(Note 1) The difference between distribution per unit and net income per unit for the 42nd fiscal period is primarily due to distribution of
the amount obtained by subtracting the provision of reserve for reduction entry (500 million yen) from the unappropriatedretained earnings for the fiscal period.
(Note 2) The distribution payout ratio has been rounded down to the tenth place. Furthermore, the distribution payout ratio for the 43rdfiscal period was calculated using the following formula, as NUD issued new investment units in the 43rd fiscal period:
Distribution payout ratio = Total distribution / Net income x 100(3) Financial Position

Unitholders’ Equity toNet Assets per Unit
Total Assets
Millions of yen
Millions of yen%yen
43rd Fiscal Period
311,579
148,48747.7
100,191
42nd Fiscal Period
274,959
139,28950.7
99,376(Reference)
Unitholders' equity: the 43rd fiscal period: 148,487 million yen, the 42nd fiscal period: 139,289 million yen.

(4) Cash Flow

43rd Fiscal Period42nd Fiscal Period

Total Assets

Net Assets

Cash Flow fromOperating Activities
Millions of yen
5,480
10,242

Cash Flow from
Investment Activities
Millions of yen(37,491)(1,060)1

Cash Flow from
Financial Activities
Millions of yen
31,758(7,206)

Cash and Cash Equivalents
at End of Period
Millions of yen
19,791
20,044

2. Forecast of the 44th Fiscal Period (May 1, 2024 – October 31, 2024) and the 45th Fiscal Period (November 1, 2024 – April 30, 2025)(Percentage figures show increase (decrease) from the preceding fiscal period.)
Operating Revenues
Operating IncomeOrdinary Income
Net Income
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
44th Fiscal Period
12,145
5.8
4,794
0.5
4,165
(1.4)
4,165
(1.3)
45th Fiscal Period
11,923
(1.8)
4,658
(2.8)
4,018
(3.5)
4,016
(3.6)
Distribution per unit (Excluding excess of earnings)
Distribution in Excess of Earnings per Unit
Yen
Yen
44th Fiscal Period
2,810
45th Fiscal Period
2,710(Reference)
Estimate net income per unit: the 44th fiscal period 2,810 yen, the 45th fiscal period 2,710 yen
Other(1) Changes in Accounting Policies(i) Changes accompanying amendments to accounting standards, etc.:(ii) Changes other than (i):(iii) Changes in accounting estimates:(iv) Restatements of revisions:

NoNoNoNo(2) Number of Units Outstanding(i)(ii)(Note)

43rd Fiscal Period
42nd Fiscal Period
Number of units outstanding at the end of the fiscal period
1,482,035 units
1,401,635 units(including treasury units)
Number of treasury units at the end of the fiscal period
0 units
0 units
Please refer to “Notes on Per Unit Information” on page 22 of the Japanese “Kessan Tanshin” report for the number of units
used as the basis for calculating the net income per unit.

(3) Rounding of Monetary Amounts and Percentage Figures
In this report, unless otherwise indicated, monetary amounts have been rounded down to eliminate amounts of less than the specified
unit and percentage figures have been rounded to the nearest one decimal place.
* Statement on Implementation Status of Audit Procedures
As of the publication of this Financial Report, no auditing procedure under the Financial Instruments and Exchange Law has been
completed for the financial statements.
* Explanation on the Appropriate Use of the Forecast of Results, and Other Matters of Special Note;
1. The forecast of results and other forward-looking statements presented in this document are based on information currently
available to and certain assumptions deemed reasonable by NTT UD REIT Investment Corporation (NUD). Accordingly, actualresults, etc. may differ materially from these forward-looking statements due to a variety of factors. Moreover, the forecast should
not be construed as guarantees of the distribution amounts.
2. For the assumptions underlying the forecast of results, please refer to “Assumptions for the Forecast of Results for the 44th FiscalPeriod (May 1, 2024 – October 31, 2024) and the 45th Fiscal Period (Nomeber 1, 2024 – April 30, 2025)” set forth on page 8 of
the Japanese “Kessan Tanshin” report.
* The information above was translated from the first and second pages of the Japanese “Kessan Tanshin” report, dated June 14,2024. Neither NUD nor NTT Urban Development Asset Management Corporation makes any assurance or warranty with respect tothe completeness or accuracy of this English translation. For more complete and accurate information, please refer to the originalreport in Japanese.

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