April 20, 2023
For Immediate Release
Real Estate Investment Trust Securities Issuer
MORI TRUST REIT, Inc.
Representative: Masayuki Yagi, Executive Director(Securities Code: 8961)
Asset Management Company
MORI TRUST Asset Management Co., Ltd.
Representative: Hiroshi Naito,
President and Representative Director
Contact:
Nobuyuki Aizawa,
Director, General Manager,
Strategic Management Department(TEL: +81-3-6435-7011)

Notice Concerning Determination of Management Status and Money Delivered Due to Merger
for Fiscal Period Ended February 2023 (Final Fiscal Period) of MORI TRUST Hotel Reit, Inc.
MORI TRUST REIT, Inc. (“MTR”) hereby announces today the determination of management status and the money
delivered due to the Merger for the fiscal period ended February 2023 (final fiscal period) of MORI TRUST Hotel Reit,Inc. (“MTH”), the dissolving corporation in the absorption-type merger (the “Merger”) with MTH effective on March 1,2023, as follows.
Details
1. Management Status and Money Delivered Due to Merger for Fiscal Period Ended February 2023 (September 1, 2022to February 28, 2023) of MTH
OperatingOperating

Ordinary

Revenue

IncomeIncomeNet Income

Money DeliveredDue to Merger perUnit

million yen

million yen

million yen

million yenyen

1,730

932

710

709

1,419

Fiscal Period EndedFebruary 2023
(Final Fiscal Period)(Reference)

Fiscal period ended February 2023
Number of investment units issued and outstanding at end of period: 500,000 units
Net income per unit: 1,418 yen(Note 1) As the money equivalent to cash distribution (distribution of profit) for MTH's final business period, MTR will pay acash amount matching the amount of cash distribution during the final business period (the amount calculated bydividing the amount of distributable profits of MTH as of February 28, 2023, by the number of investment units issued
and outstanding of MTH as of the same day (rounded down to the nearest yen)) to MTH's unitholders stated orregistered in MTH’s final unitholders’ registry on February 28, 2023, the day before the effective date of the Merger, as
the money delivered due to the Merger.
(Note 2) Figures are rounded down to the nearest specified unit.
Disclaimer: This document has been translated from the Japanese-language original for reference purposes only. While this English translation isbelieved to be generally accurate, it is subject to, and qualified by, in its entirety, the Japanese-language original. Such Japanese-language
original shall be the controlling document for all purposes.

1(Reference)
Results for the fiscal period ended February 2022 of MTH
Distributions perUnit (excluding
distributions inexcess of earnings)

Distributions in
Excess ofEarnings
per Unit

million yen

yen

yen

530

1,061

－Operating

Operating

OrdinaryNet

Revenue

IncomeIncomeIncomemillion yen

million yen

million yen

1,423644531(Reference)
Results for thefiscal period endedFebruary 2022
2. Scheduled Date of Commencement of Payment of the Money Delivered Due to the Merger
May 22, 2023

* MORI TRUST REIT’s website: https://www.mt-reit.jp/en/[Attachment](Reference) Information of the Grounds of the Money Delivered Due to the Merger of MTH

Disclaimer: This document has been translated from the Japanese-language original for reference purposes only. While this English translation isbelieved to be generally accurate, it is subject to, and qualified by, in its entirety, the Japanese-language original. Such Japanese-language
original shall be the controlling document for all purposes.

2(Reference)
Information of the Grounds of the Money Delivered Due to the Merger of MTH(1) Balance Sheets(Thousands of yen)
Current fiscal period(as of February 28, 2023)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Consumption taxes receivable
Prepaid expenses

4,136,939
1,526,821
1,011
24,683

Total current assets
Non-current assets
Property and equipment
Machinery and equipment
Accumulated depreciation

5,689,456

17,168(4,465)

Machinery and equipment, net

12,703Vehicles
Accumulated depreciation

216
(40)

Vehicles, net

176

Tools, furniture and fixtures
Accumulated depreciation

78,609(21,836)

Tools, furniture and fixtures, net
Buildings in trust
Accumulated depreciation

56,772
20,593,673(4,384,293)

Buildings in trust, net
Structures in trust
Accumulated depreciation

16,209,379
35,722(6,735)Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation

28,987
5,034(1,777)

Machinery and equipment in trust, net

3,257

Tools, furniture and fixtures in trust
Accumulated depreciation

32,931(12,179)

Tools, furniture and fixtures in trust, net
Land in trust

20,75187,778,332

Total property and equipment
Intangible assets
Software104,110,360

Total intangible assets
Investments and other assets
Guarantee deposits
Long-term prepaid expenses
Deferred tax assets

2,495

2,495

10,00041,034
7

Total investments and other assets

51,042

Total non-current assets

104,163,899

Total assets

109,853,355

Disclaimer: This document has been translated from the Japanese-language original for reference purposes only. While this English translation isbelieved to be generally accurate, it is subject to, and qualified by, in its entirety, the Japanese-language original. Such Japanese-language
original shall be the controlling document for all purposes.

3(Thousands of yen)
Current fiscal period(as of February 28, 2023)
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term loans payable
Accounts payable
Accrued expenses
Distribution payable
Income taxes payable
Accrued consumption taxes
Advances received
Deposits received

10,5705,475,000
14,500,000
198,744
34,4552,150763
407,009
214

Total current liabilities
Non-current liabilities
Long-term loans payable
Tenant leasehold and security deposits
Other non-current liabilities

20,628,909
34,000,000
4,514,823
18

Total non-current liabilities

38,514,841

Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Unappropriated retained earnings

59,143,750

50,000,000
709,604

Total surplus

709,604

Total unitholders' equity

50,709,604

Total net assets

50,709,604

Total liabilities and net assets

109,853,355

Disclaimer: This document has been translated from the Japanese-language original for reference purposes only. While this English translation isbelieved to be generally accurate, it is subject to, and qualified by, in its entirety, the Japanese-language original. Such Japanese-language
original shall be the controlling document for all purposes.

4(2) Statements of Income(Thousands of yen)
Current fiscal period(September 1, 2022 –February 28, 2023)

Operating revenues
Rental revenues
Other rental revenues
Gain on sale of real estate properties

1,727,444
3,311-Total operating revenues
Operating expenses
Rental expenses
Asset management fee
Asset custody and administrative service fees
Directors' compensations
Other operating expenses

1,730,755
668,487
89,254
11,8943,600
24,561

Total operating expenses

797,798

Operating income
Non-operating income
Interest income
Reversal of distributions payable
Interest on refund
Subsidy income
Gain on insurance claims

932,95728255
39

Total non-operating income

323

Non-operating expenses
Interest expenses
Merger expenses
Other126,523
96,64067

Total non-operating expenses

223,230

Ordinary income

710,050

Income before income taxes
Income taxes - current
Income taxes - deferred

710,050767
9Total income taxes

777

Net income

709,272

Retained earnings brought forward

332

Unappropriated retained earnings

709,604

Disclaimer: This document has been translated from the Japanese-language original for reference purposes only. While this English translation isbelieved to be generally accurate, it is subject to, and qualified by, in its entirety, the Japanese-language original. Such Japanese-language
original shall be the controlling document for all purposes.

5(3) Statements of Changes in Net AssetsCurrent fiscal period (September 1, 2022 - February 28, 2023)

Unitholders'
capitalBalance at beginning ofcurrent period
Changes of items during
periodDistribution of retained
earnings

50,000,000

Total unitholders'equityTotal net assets

1,144,832

1,144,832

51,144,832

51,144,832(1,144,500)(1,144,500)(1,144,500)(1,144,500)

709,272

709,272

709,272

709,272－(435,227)(435,227)(435,227)(435,227)

50,000,000

709,604

709,604

50,709,604

50,709,604

Net income
Total changes of items
during period
Balance at end of currentperiod(Thousands of yen)

Unitholders' equity
Surplus
UnappropriatedTotal surplus
retained earnings(4) Statements of Cash Distributions(Yen)
Current fiscal period(September 1, 2022 – February 28, 2023)
I.

Unappropriated retained earnings

709,604,810

II.

Distributions(Distributions per unit)

709,500,000(1,419)III. Retained earnings brought forward
Calculation method of distribution
amount104,810
Based on the merger agreement concluded between
MTH and MTR on November 22, 2022, the amountcalculated by dividing the amount of distributableprofits of MTH as of the day before March 1, 2023,
the effective date of the merger, by the number ofinvestment units issued and outstanding of MTH asof the same day (rounded down to the nearest yen)shall be the money delivered due to the Merger per
unit, which will be paid to the unitholders stated orregistered in MTH's final unitholders' registry on thesame day.
In consideration of this policy, MTR will pay themoney delivered due to the Merger of profits at thetotal amount of ¥709,500,000, which is the amountthat does not exceed the unappropriated retained
earnings of ¥709,604,810 and is the greatest value
among integral multiples of 500,000, which is thenumber of investment units issued and outstanding.

(Note) The distributions are read as the money delivered due to the Merger.

Disclaimer: This document has been translated from the Japanese-language original for reference purposes only. While this English translation isbelieved to be generally accurate, it is subject to, and qualified by, in its entirety, the Japanese-language original. Such Japanese-language
original shall be the controlling document for all purposes.

6