June 15, 2023

Financial Reportfor the Fiscal Period Ended April 30, 2023 (November 1, 2022 – April 30, 2023)
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 28, 2023
Scheduled start date for dividend distribution: July 14, 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 41st Fiscal Period (November 1, 2022 – April 30, 2023)(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%
41st Fiscal Period
12,346
16.3
5,447
25.5
5,007
28.1
5,007
28.2
40th Fiscal Period
10,618(15.7)
4,339(29.2)
3,909(31.2)
3,907(31.2)
Net Income per Unit
41st Fiscal Period
40th Fiscal Period

yen
3,572
2,787

Return on Unitholders’Equity (ROE)
%
3.6
2.8

Ordinary Income toTotal Assets
%
1.8
1.4

Ordinary Income toOperating Revenues
%
40.6
36.8

(2) Distribution

41st Fiscal Period
40th Fiscal Period

Distribution per Unit
(Excluding excess of earnings)
Yen
3,216
2,787

Total Distribution
Millions of yen
4,507
3,906

Distribution in Excess ofEarnings per Unit
Yen-

Total Distribution in Excess ofDistribution Payout Ratio
Distribution to Net Assets
Earnings
Millions of yen%%
41st Fiscal Period
90.0
3.3
40th Fiscal Period
100.0
2.8
(Note 1) The difference between distribution per unit and net income per unit for the 41st 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.
(3) Financial Position
Unitholders’ Equity toNet Assets per Unit
Total Assets
Millions of yen
Millions of yen%
yen
41st Fiscal Period
277,216
138,756
50.1
98,99640th Fiscal Period
277,449
137,65649.6
98.211(Reference)
Unitholders' equity: the 41st fiscal period: 138,756 million yen, the 40th fiscal period: 137,656 million yen.
Total Assets

Net Assets

Cash Flow fromOperating Activities
Millions of yen
10,540
5,493

Cash Flow from
Investment Activities
Millions of yen(8,093)(609)(4) Cash Flow

41st Fiscal Period
40th Fiscal Period

1Cash Flow from
Financial Activities
Millions of yen(5,002)(7,479)Cash and Cash Equivalents
at End of Period
Millions of yen
18,06920,625

2. Forecast of the 42nd Fiscal Period (May 1, 2023 – October 31, 2023) and the 43rd Fiscal Period (November 1, 2023 – April 30, 2024)(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%
42nd Fiscal Period
12,145
(1.6)
5,354
(1.7)
4,907
(2.0)
4,905
(2.0)
43rd Fiscal Period
10,592(12.8)
3,979(25.7)
3,526(28.2)
3,525(28.1)
Distribution per unit (Excluding excess of earnings)
Distribution in Excess of Earnings per UnitYenYen
42nd Fiscal Period
3,150
43rd Fiscal Period
2,680(Reference)
Estimate net income per unit: the 42nd fiscal period 3,500 yen, the 43rd fiscal period 2,515 yen(Note) Distribution per unit for the 42nd fiscal period has been calculated on the assumption that distribution is made from theremaining amount after deducting the reserve for reduction entry (estimated to be 490 million yen) to be newly reserved fromthe gains from sale of properties generated at the beginning of the 42nd fiscal period. Additionally, distribution per unit for the43rd fiscal period is based on the assumption that 232 million yen of the scheduled remaining amount of reserve for reduction
entry (2,102 million yen) is reversed and added to the unappropriated retained earnings for the period to be distributed.
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
41st Fiscal Period
40th 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 23 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 Figures
In 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 42nd
Fiscal Period (May 1, 2023 – October 31, 2023) and the 43rd Fiscal Period (November 1, 2023 – April 30, 2024)” set forth on
page 7 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 15,2023. 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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