Translation Purposes Only
August 28, 2024
For Immediate Release
Real Estate Investment Trust Securities Issuer
1-11-30 Akasaka, Minato-ku, TokyoXYMAX REIT Investment Corporation (XYMAX REIT)
Representative:
Yasushi Yamaguchi, Executive Director(Securities Code: 3488)
Asset Management Company
XYMAX REAL ESTATE INVESTMENT ADVISORS
Corporation
Representative:
Hideki Fukae
Representative Director and President
Contact:
Tatsuya Nakayama
Head of REIT Management Department
TEL: +81-3-5544-6880

Notice of Revision of Investment Forecast and Distribution Forecast for the fiscal period ending February
2025 (14th Fiscal Period)
XYMAX REIT Investment Corporation (hereinafter “XYMAX REIT”) hereby announces the revision of the operating
status and distribution forecast for the fiscal period ending February 2025 (14th fiscal period: September 1, 2024 toFebruary 28, 2025), announced in "Notice of Revision of Investment Forecast and Distribution Forecast for the fiscal
period ending February 2025 (14th Fiscal Period)" dated July 29, 2024.
1.

Details of the Revision of Operating Status and Distribution Forecast for the Fiscal Period Ending February 2025
(14th Fiscal Period)

Distribution per unit
Distribution in(Excluding
Excess ofDistribution inEarnings per Unit
Excess of Earnings)
Previous Forecast
1,800
1,001892891
3,570(A)Million yen
Million yen
Million yen
Million yen
YenYen
Revised Forecast
1,831
1,022907906
3,631(B)Million yen
Million yen
Million yen
Million yen
Yen
Yen
Change3020151561(B-A)
Million yen
Million yen
Million yen
Million yen
Yen
Yen
Rate of Change
1.7
2.1
1.7
1.7
1.7
((B-A)/ (A))%%%%%%(Reference) February 2025 (14th fiscal period): Assumed number of investment units outstanding at the end of the period is 249,650 units.
OperatingRevenues(Note 1)

Operating
IncomeOrdinary
IncomeNet Income

Forecast figures are calculated based on the assumptions set forth in the Attachment as of the date of this release. Therefore, actual
operating revenues, operating income, ordinary income, net income, distributions per unit, and distributions in excess of earnings perunit may differ from the forecasts due to a variety of reasons including the future acquisition or sale of real estate and changes inXYMAX REIT’s operating environment including the real estate market. Accordingly, XYMAX REIT does not guarantee amount of theforecast distributions per unit.

(Note 2)

If XYMAX REIT expects changes to the forecast greater than a certain extent, it may further revise its forecast.

(Note 3)Figures below the unit are rounded down, while percentages are rounded to the nearest second decimal place.

2. Reason for the Revision
As announced in the "Notice of Acquisition and Leasing of Domestic Real Estate Trust Beneficial Interests(karaksa
hotel Sapporo (20% quasi-co-ownership interest))" dated today, XYMAX REIT has decided to acquire karaksa HotelSapporo (20% of quasi-co-ownership) on September 6, 2024. Accordingly, due to changes in the assumptions for theforecast previously published in the "Notice of Revision of Investment Forecast and Distribution Forecast for the fiscal
period ending February 2025 (14th Fiscal Period)" dated July 29, 2024, XYMAX REIT is revising the forecast ofoperating status and distribution for the fiscal period ending February 2025 (14th fiscal Period) as shown in the table
above.
* XYMAX REIT website address: https://xymaxreit.co.jp/en/index.html

[Attachment]
Assumptions of the underlying Investment Forecast and Distribution Forecast for the fiscal period ending February 2025
(14th fiscal period: September 1, 2024 to February 28, 2025)
ItemAccounting period

Assets undermanagement






Operating revenuesOperating expenses

Assumptions
February 2025 (14th fiscal period) (September 1, 2024 to February 28, 2025) (181 days)
In addition to the real estate trust beneficiary rights held by the XYMAX REIT as of today(18 properties in total) and preferred investment securities (1 property) (hereinafter referredto as the "Acquired Assets"), transfer of the property (XYMAX Mita Building scheduled
to be transferred on September 3, 2024) and acquisition of the property (20% co-ownershipinterest in Karaksa Hotel scheduled to be acquired on September 6, 2024) (hereinafterreferred to as "Planned Acquired Assets") shall be made as described in the "NoticeConcerning the Transfer of Domestic Real Estate Trust Beneficiary Rights (XYMAX MitaBuilding)"dated July 29, 2024 and "Notice of Acquisition and Leasing of Domestic Real
Estate Trust Beneficial Interests(karaksa hotel Sapporo (20% quasi-co-ownershipinterest) )" announced today.
In addition to above, it is assumed that there will be no change in assets under management(sales of Acquired Assets, new properties, etc.) by the end of the 14th fiscal period.
Changes may occur due to disposition or acquisition in assets under management.
Revenues from the leasing business of acquired assets are forecasted based on the detailsof the lease agreements concluded as of today, past tenant and market trends, etc., taking
into account the assumed occupancy rates and rent fluctuation forecasts based on theforecast of tenants' occupation and departure and rent levels.
In calculating the floating rent, the operating figures for the applicable period are estimatedby the Investment Corporation based on the operating forecast figures submitted by theoperator and calculated based on the calculation method set forth in the lease agreement.
[Hotel Vista Sendai]
Fixed rent: 20.5 million yen per month
Variable rent: Monthly variable rent is calculated by dividing the sum of GOP of theprevious 12 months, including the previous month of the applicable month, by
12, minus 21.5 million yen (Note 1), multiplied by a constant rate (Note 2).
(Note 1) If the deducted amount is negative, the variable rent for the current monthwill be 0 yen.
(Note 2) Each percentage rate is not disclosed as the operator has not given consent.
[karaksa hotel Sapporo]
The amount is calculated based on the calculation method stipulated in the lease agreement,
and then multiplied by the Investment Corporation's 20% share.
Minimum guaranteed rent: 10 million yen per month
Variable rent: If the total amount of hotel room revenues (hereafter referred to as “subjectsales amount”) for the 12-month period from the previous month of the current
month (including the subject previous month) exceeds a certain amount, theamount calculated by multiplying the subject sales amount by a certain rateand dividing by 12 (any fractions less than one yen are rounded off).
For the fiscal period ending February 2025 (14th fiscal period), the estimated amount of
capital gains related to the transfer of the Asset to be Transferred (excluding expenses
related to the transfer) has been recorded.
It is assumed that there will be no delinquency or non-payment of rent by the tenant and nogain or loss on sale of real estate, etc.
It is assumed that no operating revenues arise from preferred investment securities.
The main components of operating expenses are as follows. (Figures below the unit arerounded down. The same applies below.)
Fiscal Period ending
February 28, 2025
(14th fiscal period)
Total rent expenses
615Million yen
Management fees
106Million yen
Repair expense
43Million yen
Property taxes
152Million yen
Depreciation
183Million yen
Total other than rent expenses
192Million yen
Asset management fees
120Million yenNon-operatingexpensesInterest-bearing
liabilities


Investment unitDistribution per unit
(Excludingdistributions inexcess of earnings)
Distributions inexcess of earnings
per unit

Other

Expenses related to leasing business, which are the main operating expenses, are calculated
based on historical data at XYMAX REIT (historical data disclosed by the previous owner,
etc. in the case of periods for which there is no historical data at XYMAX REIT) and by
taking into consideration factors causing fluctuation in expenses.
Depreciation is calculated using the straight-line method, including incidental expenses.
Repair costs are budgeted by the Asset Management Company on a property-by-property
basis at an amount that is assumed to be necessary for each business period. However,repair expenses possibly
increasing in amount or additionally arising from unforeseeable factors, the amount
generally tending to vary materially from fiscal period to fiscal period and not being anamount that arises periodically, etc. may result in repair expenses for each fiscal period
differing materially from the forecast amount.
It is assumed that there will be no operating expenses for preferred investment securities.
Non-operating expenses (interest expenses and other loan-related expenses), excluding
issuance costs of investment units, are expected to be 111 million yen for the fiscal period
ending February 28, 2025 (14th fiscal period).
Investment unit issuance costs related to the issuance of new investment units are amortizedon a pro-rata monthly basis over a three-year period from the month of the investment unitissuance, and we expect to record amortization of investment unit issuance costs of 4
million yen in the fiscal period ending February 28, 2025 (14th fiscal period).
It is assumed that new borrowings of 186 million yen will be made on September 6, 2024,
in line with the acquisition of the assets scheduled for acquisition on September 6, 2024.
The total amount of interest-bearing debt is assumed to be 186 million yen at the end of thefiscal period ending February 2025 (14th fiscal period). Long-term loans of 19,901 million
yen will become due for repayment in the fiscal period ending February 28, 2025 (14thfiscal period), but it is assumed that these funds will be procured through loans and othermeans.
XYMAX REIT expect the LTV to be 40.9% at the end of the fiscal period ending February
2025 (14th period). The following formula was used to calculate the LTV.
LTV = Total amount of interest-bearing debt at the end of the 14th fiscal period ÷ Totalamount of assets at the end of the 14th fiscal period × 100
It is assumed that the total number of investment units issued and outstanding as of today
is 249,650 units, and there will be no change in the number of investment units due to theissuance of new investment units, until the end of the fiscal period ending February 28,2025 (14th fiscal period).
Distribution per unit (Excluding distributions in excess of earnings) and distributions inexcess of earnings per unit are calculated based on the total number of investment units
issued and outstanding at the end of the forecast of the fiscal period ending February 28,2025 (14th fiscal period).
The distribution per unit (excluding distributions in excess of earnings) is calculated on theassumption that it will be distributed in accordance with the cash distribution policy set out
in the Articles of Incorporation of the XYMAX REIT. Furthermore, the calculation is basedon the assumption that fluctuations in the market value of interest rate swaps will not affectthe distribution per unit.
Distributions per unit (excluding distributions in excess of earnings) may fluctuate due tovarious factors, including changes in rental income or unforeseen repairs associated withchanges in assets under management and changes in tenants.
There are currently no plans to make distributions in excess of earnings (distributions inexcess of earnings per unit).
The assumption is that there will be no revision of laws and regulations, tax systems,
accounting standards, listing regulations provided by Tokyo Stock Exchange, rules
provided by The Investment Trusts Association, Japan, etc. that will impact the forecast
figures above.
It is assumed that there will be no unforeseen material change in general economic trends
and real estate market conditions, etc.