December 15, 2022

Financial Reportfor the Fiscal Period Ended October 31, 2022 (May 1, 2022 – October 31, 2022)
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”: January 30, 2023
Scheduled start date for dividend distribution: January 20, 2023
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: http://www.nud-reit.co.jp/en/

1. Performance for the 40th Fiscal Period (May 1, 2022 – October 31, 2022)(1) Business Results(Percentage figures show increase (decrease) from the preceding fiscal period)
Operating Income
Ordinary Income
Net Income
Operating Revenues
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
40th Fiscal Period
10,618(15.7)
4,339(29.2)
3,909(31.2)
3,907(31.2)
39th Fiscal Period
12,589
17.2
6,128
24.8
5,682
27.0
5,681
27.1
Net Income per Unit
40th Fiscal Period
39th Fiscal Period

yen
2,787
4,055

Return on Unitholders’Equity (ROE)
%
2.8
4.3

Ordinary Income toTotal Assets
%
1.4
2.1

Ordinary Income toOperating Revenues
%
36.8
45.1

(2) Distribution

40th Fiscal Period
39th Fiscal Period

Distribution per Unit
(Excluding excess of earnings)
Yen
2,787
4,054

Total Distribution
Millions of yen
3,906
5,682

Distribution in Excess ofEarnings per Unit
Yen-

Total Distribution in Excess ofDistribution Payout Ratio
Distribution to Net Assets
Earnings
Millions of yen%%
40th Fiscal Period
100.02.8
39th Fiscal Period
100.04.2(Note 1) The difference between distribution per unit and net income per unit for the 39th fiscal period is primarily due to distributionof the amount obtained by adding the reversal of reserve for reduction entry (0 million yen) to the unappropriated retained
earnings for the fiscal period and the fact that a calculation of net income per unit was based on an average number ofinvestment units outstanding during the period.
(Note 2) The distribution payout ratio has been rounded down to the tenth place. Furthermore, the distribution payout ratio for the 39thfiscal period was calculated using the following formula, as NUD issued new investment units in the 39th fiscal period:
Distribution payout ratio = Total distributions / Net income x 100(3) Financial Position
Unitholders’ Equity toNet Assets per Unit
Total Assets
Millions of yen
Millions of yen%yen
40th Fiscal Period
277,449
137,65649.6
98.21139th Fiscal Period
280,999
139,43149.6
99,477(Reference)
Unitholders' equity: the 40th fiscal period: 137,656 million yen, the 39th fiscal period: 139,431 million yen.
Total Assets

Net Assets

Cash Flow fromOperating Activities
Millions of yen
5,493
20,571

Cash Flow from
Investment Activities
Millions of yen(609)(28,381)(4) Cash Flow

40th Fiscal Period
39th Fiscal Period

1Cash Flow from
Financial Activities
Millions of yen(7,479)9,388

Cash and Cash Equivalents
at End of Period
Millions of yen
20,62523,2202. Forecast of the 41st Fiscal Period (November 1, 2022 – April 30, 2023) and the 42nd Fiscal Period (May 1, 2023 – October 31, 2023)(Percentage figures show increase (decrease) from the preceding fiscal period.)
Operating Income
Ordinary Income
Net Income
Operating Revenues
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
41st Fiscal Period
10,733
1.1
4,196
(3.3)
3,758
(3.9)
3,756
(3.8)
42nd Fiscal Period
10,451(2.6)
3,967(5.4)
3,499
(6.9)
3,497
(6.9)
Distribution per unit (Excluding excess of earnings)
Distribution in Excess of Earnings per Unit
YenYen
41st Fiscal Period
2,680
42nd Fiscal Period
2,680(Reference)Estimate net income per unit: the 41st fiscal period 2,680 yen, the 42nd fiscal period 2,495 yen(Note) Distribution per unit for the 42nd fiscal period has been calculated based on the assumption that 259 million yen out of thebalance of the existing reserve for reduction entry (1,110 million yen) will be reversed and added to the unappropriatedretained earnings for the period.
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
40th Fiscal Period
39th Fiscal Period
Number of units outstanding at the end of the fiscal period
1,401,635 units
1,401,635 units(including treasury units)(ii) Number of treasury units at the end of the fiscal period
0 units
0 units(Note) 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.
(i)(3) Rounding of Monetary Amounts and Percentage FiguresIn this report, unless otherwise indicated, monetary amounts have been rounded down to eliminate amounts of less than thespecified 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 41st
Fiscal Period (November 1, 2022 – April 30, 2023) and the 42nd Fiscal Period (May 1, 2023 – October 31, 2023)” set forth on
page 6 of the Japanese “Kessan Tanshin” report.
* The information above was translated from the first and second pages of the Japanese “Kessan Tanshin” report, dated December
15, 2022. Neither NUD nor NTT Urban Development Asset Management Corporation makes any assurance or warranty withrespect to the completeness or accuracy of this English translation. For more complete and accurate information, please refer tothe original report in Japanese.

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