Financial Summary (REIT) for Fiscal Period Ended February 29, 2024

REIT Securities Issuer

MORI TRUST REIT, Inc.

Securities Code:
Representative:

8961
Hiroshi Naito, Executive Director

Asset Management
Company:
Representative:
Contact:

April 22, 2024

Stock ExchangeTokyo Stock
Listing:
Exchange
URL: https://www.mt-reit.jp/en/

MORI TRUST Asset Management Co., Ltd.
Hiroshi Naito, President and Representative Director
Nobuyuki Aizawa, General Manager, Strategic Management Department
Tel: +81-3-6435-7011

Scheduled date of submission of securities report:
Scheduled date of commencement of cash distribution
payment:

May 29, 2024
May 15, 2024

Preparation of supplementary financial results briefing
materials:
Holding of financial results briefing session:

Yes
Yes (For institutional investors and analysts)

1. Operational/Asset Conditions for the Fiscal Period Ended February 29, 2024 (From September 1, 2023
to February 29, 2024)(Amounts are rounded down to the nearest million yen)

(1) Operating results(% shows change vs. previous period)

Operating revenues
Fiscal period ended
February 29, 2024
Fiscal period ended
August 31, 2023

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

12,080

2.3

7,937

10.4

7,257

11.0

7,247

1.3

11,812

62.7

7,188

77.1

6,535

75.1

7,157

98.1

Net income per unit
Fiscal period ended
February 29, 2024
Fiscal period ended
August 31, 2023

Rate of returnon equity

Ordinary income tototal assets ratio

Operating income tooperating revenues ratio

Yen

%

%

%

2,035

3.1

1.5

60.1

2,010

3.7

1.6

55.3

(2) Distributions

Fiscal period ended
February 29, 2024
Fiscal period ended
August 31, 2023

Distributions perunit (excluding
distributions inexcess of profit)
Yen

Total distributions(excluding total
distributions inexcess of profit)
Millions of yen

1,835
1,700

Distributions in
Total distributions
excess of profit
in excess of profit
per unit

Ratio ofdistributions to
net assets

Payoutratio

YenMillions of yen

%

%

6,532

－

－

90.1

2.8

6,052

－

－

84.5

2.7

(Note1) The difference between the distributions per unit and the basic earnings per unit for the fiscal period ended February 29, 2024, is a
result of the reserve for reduction entry (714 million yen). The difference between the distributions per unit and the basic earnings perunit for the fiscal period ended August 31, 2023, is a result of the reserve for reduction entry (1,105 million yen).
(Note2) The payout ratio is rounded down to one decimal place.

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

1(3) Financial positions
Total assets

Net assets

Capital adequacy ratio

Net assets per unit

Millions of yen

Millions of yen%

Yen

476,364

233,455

49.0

65,577473,191

232,260

49.1

65,241

Cash flows
from operating activities

Cash flows
from investing activities

Cash flows
from financing activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

14,529(5,996)(4,073)25,72913,626(29,114)

13,952

21,271

Fiscal period ended
February 29, 2024
Fiscal period ended
August 31, 2023

(4) Cash flows

Fiscal period ended
February 29, 2024
Fiscal period ended
August 31, 2023

Cash and equivalents,
end of period

2. Forecast for the Fiscal Period Ending August 31, 2024 (March 1, 2024 to August 31, 2024)
and the Fiscal Period Ending February 28, 2025 period (September 1, 2024 to February 28, 2025)(% shows change vs. previous period)
Operating revenues

Fiscal period ending
August 31, 2024
Fiscal period ending
February 28, 2025

OperatingincomeOrdinary
incomeMillions ofyen%Millions ofyen%

11,552

(4.4)

7,198

(9.3)

11,707

1.3

7,443

3.4

Millions ofyenDistributions per Distributions
unit (excluding
in excess of
distributions in
profitper unit
excess of profit)

Net income%

Millions of
yen

%

Yen

Yen

6,438 (11.3)

6,427 (11.3)

1,679

－

6,616

6,605

1,700

－

2.8

2.8

(Reference) The profit per unit forecast is 1,805 yen for the fiscal period ending August 31, 2024 and 1,855 yen for the fiscal period ending

February 28, 2025.
(Note1) The distributions per unit for the fiscal period ending August 31, 2024, is calculated based on the assumption that the remainder from thesubtraction of the provision for reserve for reduction entry (448 million yen) for a gain on the sale of real estate, etc. expected in the said
fiscal period from the sum of the net income for the said period will be distributed.
(Note2) The distributions per unit for the fiscal period ending February 28, 2025, is calculated based on the assumption that the remainder fromthe subtraction of the provision for reserve for reduction entry (552 million yen) for a gain on the sale of real estate, etc. expected in thesaid fiscal period from the sum of the net income for the said period will be distributed.

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

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3. Status of Asset Management(A) Status of Asset Management(a) Summary of results for the current fiscal period(i)Transition of the Investment Corporation

MORI TRUST REIT, Inc. ("MTR") was established on October 2, 2001, with Mori Trust Asset Management Co., Ltd.
(changed trade name from Nihon Sogo Fund Co., Ltd. on November 1, 2003) ("MTAM") as the organizer, pursuant to the Act
on Investment Trusts and Investment Corporations.
On March 28, 2002, MTR began asset management, starting with the acquisition of the trust beneficiary right in Frespo Inage,
land related to leased land agreement for business use.
Since then MTR has steadily expanded the size of its assets, and was listed on the Real Estate Investment Trust Securities
Market of the Tokyo Stock Exchange (Stock Code: 8961) on February 13, 2004.
MTR conducted an absorption-type merger, in which MTR is the surviving company and MORI TRUST Hotel Reit, Inc.
("MTH") is the dissolving company on March 1, 2023. The trade name was changed from MORI TRUST Sogo Reit, Inc. to
MORI TRUST REIT, Inc.
As a result, the real estate held by MTR as of February 29, 2024, numbered 21 properties, with a total assets price of 476,364
million yen.

(ii)

Investment environment and performance

During the period under review, the Japanese economy showed signs of recovery due to strong corporate earnings, backed
by the weaker yen and improved profitability from product price revisions, as well as expanding inbound demand. However,consumer spending and corporate capital investment remained soft due to high prices, and the situation lacked some strength.
In the real estate distribution market, the willingness of domestic and foreign investors to acquire properties remains firm
despite negative factors such as rising interest rates and recession risks associated with global monetary tightening and caution
toward the Bank of Japan's monetary easing policy revision. Under these circumstances, sales of prime properties forinvestment are limited and the environment for property acquisition remains severe.
In the real estate leasing market for office buildings, vacancy rates improved gradually on the back of strong corporate
earnings and rising office attendance rates. There were also signs of a pause in the decline in rent levels in response to firm
demand, with rises occurring in areas where supply and demand are tight.
In the market for hotels, although the number of visitors to Japan from China has yet to fully recover, the number of visitors
to Japan from the U.S., South Korea and Taiwan etc. continued to increase, driven by the weak yen etc., and domestic hotel
demand remained firm, resulting in a continued recovery trend.
In the market for retail facilities, although personal consumption has been softening recently, sales at department stores,
supermarkets, and convenience stores remained strong, exceeding the previous year's level due to a recovery in population
flow and an increase in inbound demand.
In the market for luxury rental housing in Tokyo, both the occupancy rate and the rent level held firm, reflecting sustained
demand versus limited supply.
In this investment environment, during the fiscal period under review, MTR persistently worked to maintain and improve
occupancy rates and negotiate rent revisions for assets under management. With regard to hotels, we continuously held
discussions with the hotel operators to improve earnings based on monthly assessments of each hotel's business environmentand operating conditions. In addition, MTR has been conducting operation to secure more stable income through theadditional acquisition of Sendai MT Building and the transfer of Shinbashi Ekimae MTR Building on February 29, 2024.
As a result, as of February 29, 2024, MTR owned 21 properties with a total book value of 449,554 million yen. The
occupancy rate for the properties owned by MTR was 92.4% (90.8% (Note 1)) as of February 29, 2024.
MTR and MTAM are making progress in their efforts, which consider the environment and society based on the recognition
that activities to raise sustainability, such as environmental considerations, social contribution, and organizational governancein asset management operations, are essential for achieving a medium- to long-term increase in the investor value ofinvestment corporations.
With respect to "E: environment," MTR has been promoting energy conservation in facilities, including the introduction of
LED lighting fixtures in Kioicho Building, Sendai MT Building, Midosuji MTR Building, and Hilton Odawara Resort & Spa.
It also issued a green bond (1 billion yen) in December 2023 for the first time. In addition, MTR has been working to obtainenvironmental certifications and assessments. In the fiscal period under review, Kamiyacho Trust Tower obtained DBJ Green
Building certification (Note 2) and Hotel Sunroute Plaza Shinjuku became the first MTR property to obtain BELS (Note 3).
The ratio of certified properties in the portfolio, excluding land with leasehold interest, is around 65% on a number ofproperties basis and around 57% on a leasable area basis as of February 29, 2024. For “S: society,” based on the results of
MTAM's employee satisfaction survey, an action plan has been formulated to improve satisfaction, and efforts are being madeto provide a healthier and more comfortable working environment. For “G: governance,” MTR implemented training andawareness-raising activities, such as providing compliance training to all executives and employees of MTAM on a regularbasis, and sought to improve compliance awareness among employees.
(Note 1) The figure in parentheses is the occupancy rate calculated based on sublease agreements for properties using a master leaseagreement under which rent income is linked to rents under sublease agreements or a pass-through master lease agreement.
Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

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(Note 2) DBJ Green Building Certification is a certification program established by Development Bank of Japan, Inc. Based on acomprehensive evaluation of target real estate properties, including an evaluation of consideration given to disaster prevention
measures and various stakeholders’ social requirements, including local communities as well as environmental features, thisprogram evaluates and certifies real estate properties required by society and economy and supports initiatives for them.
(Note 3) BELS is a system in which a third-party evaluation organization evaluates non-residential buildings for energy efficiency andconservation performance based on the "Evaluation Guidelines for Labeling of Energy Efficiency and Conservation Performancefor Nonresidential Buildings (2013)" established by the Ministry of Land, Infrastructure, Transport and Tourism.

(iii) Financing

In the fiscal period under review, MTR borrowed a total of 20,500 million yen for the repayment of existing borrowings of
19,500 million yen that have matured and to increase funds on hand. MTR issued the 20th series unsecured investment
corporation bonds as outlined below to secure funds needed for the redemption of the 13th series unsecured investment
corporation bonds (3,000 million yen) due in February 2024.
In addition, in order to implement green finance including green bonds, MTR established a Green Finance Framework(Note 1) (the "Framework"). Based on the Framework, MTR issued its Twenty-First Series Unsecured Investment Corporation
Bonds (green bonds) as follows to partially fund the repayment of loans (totaling 14,500 million yen) that were procured forthe acquisition of Tokyo Shiodome Building (Note 2), subsequently refinanced, and are now scheduled to reach maturity by
the end of October 2024.
(Note 1) MTR has received a "Green 1 (F)" rating, the highest rating in the "JCR Green Finance Framework Evaluation" from Japan Credit
Rating Agency, Ltd. (JCR) as a third-party evaluation of the Framework.
(Note 2) Tokyo Shiodome Building is a Green Building (DBJ Green Building Certification: 3 stars) which meets the Eligibility Criteria set
forth in the Framework.

Name: MORI TRUST REIT, Inc. 20th Series Unsecured Investment Corporation Bonds(ranking pari passu among the specified Investment Corporation Bonds)
Issue amount: 3,000 million yen
Interest rate: 0.490% per annum
Date of issue: December 18, 2023
Redemption date: December 18, 2026
Collateral: Unsecured and unguaranteed
Name: MORI TRUST REIT, Inc. 21st Series Unsecured Investment Corporation Bonds(ranking pari passu among the specified Investment Corporation Bonds) (Green Bonds)
Issue amount: 1,000 million yen
Interest rate: 0.827% per annum
Date of issue: December 18, 2023
Redemption date: December 18, 2028
Collateral: Unsecured and unguaranteed
As a result, interest-bearing debt as of February 29, 2024 amounted to 226,500 million yen, of which short-term loans
payable amounted to 11,000 million yen, of which long-term loans payable amounted to 200,500 million yen (including longterm loans payable of 43,500 million yen due for repayment within 1 year) and investment corporation bonds amounted to
15,000 million yen (including investment corporation bonds of 1,000 million yen due for redemption within 1 year). The ratio
of interest-bearing debt to total assets as of February 29, 2024 was 47.5% (compared with 47.4% as of August 31, 2023).
As of February 29, 2024, MTR has obtained a long-term issuer rating of AA (rating outlook: stable) from Japan Credit
Rating Agency, Ltd. (JCR)(iv) Overview of financial results and distributions
As a result of the abovementioned operations, operating revenue came to 12,080 million yen, operating income came to7,937 million yen, ordinary income after the deduction of loan-related interest expenses from operating income came to 7,257
million yen, and net income came to 7,247 million yen.
With regard to distributions, MTR decided to distribute the entire amount of unappropriated retained earnings after
deducting the reserve for reduction entry of 714 million yen, which was accumulated by utilizing the "Special Provisions for
Taxation in Cases of Repurchase of Specified Assets" in Article 65-7 of the Act on Special Measures Concerning Taxation,with the intention that the maximum amount of profit distribution would be included in deductible expenses by applying
special taxation provisions (Article 67-15 of the Act on Special Measures Concerning Taxation). Consequently, thedistributions per investment unit amounted to 1,835 yen.

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

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(b) Outlook for the next fiscal period(i)Outlook for overall performance

As for the future of the Japanese economy, the pace of global economic recovery is slowing down due to global monetary
tightening and the stagnant Chinese economy, etc. In Japan, personal consumption and capital investment have been soft due
to high prices and the economy is at a standstill, but the downside risks of the global economy, especially in the U.S., arediminishing. In addition, in light of the expected improvement in real wages due to wage hikes and further recovery in
inbound demand, the gradual economic recovery is expected to continue. On the other hand, the impact of the Bank of Japan's
policy changes and the termination of the government's energy price control measures, etc. will require close monitoring.
With regard to the real estate distribution market, although there are some factors that are negatively impacting the market,
such as rising interest rates and recession risks associated with global monetary tightening and caution toward the Bank ofJapan's monetary easing policy revision, the willingness of domestic and foreign investors to acquire properties remains firm,
partly supported by the relative stability of the Japanese market compared with other countries. On the other hand, since salesof prime properties for investment are limited, transaction prices are expected to remain at high levels for the time being, andthe expected yields are anticipated to remain in a low-level environment.
In the real estate leasing market for office buildings, demand for office buildings is on a recovery trend due to continued
moves to increase floor space, relocate for expansion, and improve locations on the back of strong corporate earnings andrising office attendance rates, etc. As a result, vacancy rates in existing buildings are expected to improve gradually, and rents
are expected to continue to rise in highly competitive areas. On the other hand, although the supply of new buildings in 2024 is
expected to decrease compared with the previous year, a large supply is expected to return in 2025, mainly in central Tokyo,
and MTR considers it necessary to continue to closely monitor the future trends in vacancy rates.
In the market for hotels, the continued weaker yen is expected to create a better environment for a further recovery of
inbound tourism, which is expected to create a more positive cycle of higher occupancy rates and higher room rates. In
addition, since the number of Chinese visitors to Japan is also on a gradual but increasing trend, further growth can be
expected if the number of Chinese visitors to Japan recovers more fully. On the other hand, it is necessary to pay attention to
the concerns voiced about labor shortages and overtourism due to the changing environment after the pandemic.
In the market for retail facilities, a positive impact from the expansion of inbound demand is expected, but personal
consumption is currently soft due to rising prices etc. The impact of the termination of the government's energy price control
measures and the situation of rising wages need to be closely monitored in the future.
In the market for luxury rental housing in Tokyo, based on the assumption that new supply will be limited and demand willremain strong, both the occupancy rate and rent levels are likely to remain steady.

(ii)

Future investment policy

Regarding the form of lease agreements of the real estate owned by MTR, MTR will maintain the weight of fixed-termbuilding lease agreements with fixed rent over the medium and long term at a certain percentage, to ensure that a drop in thelevel of market rents does not immediately have a major impact on the revenue of the real estate owned by MTR.
However, when entering into a new lease agreement, MTR will examine the agreement term and the fixing of rents in themedium or long term based on an assessment of the location and features of the real estate and will aim to maximize revenue.
In addition, the following policy will be applied to the operation and management of real estate owned by MTR to maintainand improve market competitiveness and to enable management that combines asset quality, stability, and growth potential.
1. MTR will work to improve the satisfaction of tenants and consider measures such as thoroughgoing implementation of
preventive maintenance and safety management and enhancement of customer relations with tenants and users based on
an assessment of the features of each portfolio real estate, and endeavor to maintain high occupancy rates of the realestate it owns. When real estate becomes vacant or is due to become vacant, MTR will conduct well-aimed market
research and then focus on leasing in cooperation with the Mori Trust Group, real estate agents and property managementcompanies.
2. When entering into a new lease agreement, MTR will endeavor to conclude a medium- or long-term fixed-term building
lease agreement or an agreement that otherwise considers fixing the rent or lengthening the agreement term to ensure
future rental revenue. For accommodations, in addition to fixed rents, MTR will also incorporate contracts that provide
for variable rents linked to actual sales and other factors, in order for MTR to enjoy the benefits of improved revenue
from accommodations. In addition to leasing investment properties directly to tenants, there is also a master leaseagreement in which a lessee (master lessee) acts as an intermediary for a tenant and the property is leased to the master
lessee. MTR will positively consider a master lease agreement if certain effects are recognized after examining thecharacteristics of the subject property, such as its size, use, and tenants.
3. Based on consideration of the aging and age of portfolio real estate, MTR will endeavor to maintain stable occupancy
rates by renovating aged facilities, etc. and actively making investments to increase market competitiveness so that
portfolio real estate compares favorably with competing properties.

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

5

(iii)

Investment strategy for new investment real estate

MTR’s basic policy is to make investments based on the following investment strategies, with a focus on seeking to further
develop and cultivate property information routes and endeavoring to gather high quality property information, to expand thesize of its assets under management (AUM) and acquire new real estate.
1. The investment properties will be classified into three categories from the viewpoint of use: office buildings, hotels, andother (for the time being, retail facilities and residential properties). With office buildings and hotels as the core assets,
MTR will make diversified investments in other category. The investment ratio for each use shall be 40-80% for officebuildings, 20-55% for hotels, and 0-30% for other.
2. Investment regions of investment assets will be diversified to reduce the risk of fluctuations in portfolio cash flows. Of
the investment assets, the investment area for office buildings will primarily be central Tokyo, which has a highconcentration of commerce, industry and population. However, MTR will also make diversified investments in assets
located in the area surrounding central Tokyo as well as government-designated cities, etc. The investment ratio will be
60% or more in central Tokyo and 40% or less in the area surrounding central Tokyo and government-designated cities,
etc. In making investment decisions, MTR will examine transportation convenience, suitability of the use of theinvestment property in the relevant area, competitiveness, etc. Of the investment assets, the investment areas foraccommodations will mainly be major cities nationwide and famous tourist destinations.

(iv) Financial strategy, etc.
MTR will examine points such as the amounts of loans, borrowing periods, bearing in mind the need to curb the negative
effects of changes in financing conditions and reduce financing costs.
In addition, MTR will consider diversifying lenders and issuing investment corporation bonds while focusing on its
conventional, long-term relationships with financial institutions. MTR will also consider green finance (financing for projects
that improve the environment) as part of our efforts to improve sustainability.

(v) Significant events after balance sheet date
Transfer of property
MTR concluded a sales agreement for a real estate on the transfer of the property below on April 22, 2024.
Hashimoto MTR Building(i) Outline of the transfer
Property to be transferred:
Transfer price:
Gain on transfer:
Scheduled date of transfer:
Buyer:
Remarks:

Others:Real estate
8,500 million yen (the first: 4,250 million yen, the second: 4,250 million yen)(excluding transfer cost, property taxes, city planning taxes and consumption
taxes)
Gain on sales of real estate of around 0.5 billion yen in the fiscal period ending
August 2024 and around 0.7 billion yen in the fiscal period ending February 2025
is expected to be recorded as operating revenues.
First scheduled date: April 23, 2024, second scheduled date: September 2, 2024
A Japanese operating company (not applicable to the category of a related parties)
MTR plans to split the transfer into two parts, creating a co-ownership interest of
one-half on April 23, 2024, to complete the first part of the transfer, creating an
addition for a co-ownership interest of one-half on September 2, 2024, to complete
the second part of the transfer
The sales agreement falls under forward commitments, etc., as defined in the
Financial Services Agency's Comprehensive Guidelines for Supervision of
Financial Instruments Business Operators, etc. The purchase and sale agreement
regarding the Transfer (“Agreement”) stipulates that, if the counterparty fails to
fulfill its obligations under the Agreement, MTR or the buyer may cancel theAgreement after giving notice. When the Agreement is cancelled due to a breachof obligation, the breaching party shall pay an amount equivalent to 20% of thepurchase/sale price as a penalty to the counterparty.

(ii) Outline of the property to be transferred
Location:
5-4-3 Nishihashimoto, Midori-ku, Sagamihara (Displayed address)
Usage:
Retail facility (Registered types of use: retail and parking)Acreage:
19,878.57 m2 (Registered land area)
Total floor space:
One building：40,283.77 m2 (Registered land area)
Structure:
Steel frame structure flat roof, 5 floors above ground (Registered structure)
Construction completion:
August, 2005

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

6

(vi) Forecasts of performance
MTR forecasts that performance in the fiscal period ending August 31, 2024 (from March 1, 2024 to August 31, 2024) andthe fiscal period ending February 28, 2025 (from September 1, 2024 to February 28, 2025) will be as follows.
Please refer to “Assumptions for Forecasts of Performance for the fiscal period ending August 31, 2024 (from March 1, 2024
to August 31, 2024) and the fiscal period ending February 28, 2025 (from September 1, 2024 to February 28, 2025)” below forfurther details of the assumptions of forecasts of performance.
Fiscal period ending
August 31, 2024

Fiscal period ending
February 28, 2025

Operating revenues

11,552 million yen

11,707 million yen

Operating income

7,198 million yen

7,443 million yen

Ordinary income

6,438 million yen

6,616 million yen

Net income

6,427 million yen

6,605 million yen

1,679 yen

1,700 yen

Distributions per unit

(Note 1) The above forecasts are based on certain assumptions and information currently available and are not a guarantee of actual
operating revenues, operating income, ordinary income, profit net income and distributions per unit, and such may differ
according to circumstances occurring in the future.
(Note 2) The distributions for the fiscal period ending August 31, 2024 and the fiscal period ending February 28, 2025 are based on theassumption of internal reserves provision.

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

7

Assumptions for Forecasts of Performance for the Fiscal Period Ending August 31, 2024 (from March 1, 2024
to August 31, 2024) and the Fiscal Period Ending February 28, 2025 (from September 1, 2024 to February 28,
2025)
Item

Assumptions
・Fiscal period ending August 31, 2024 (March 1, 2024 through August 31, 2024, totaling 184 days)
Calculation period ・Fiscal period ending February 28, 2025 (September 1, 2024 through February 28, 2025, totaling 181
days)
・MTR assumes that the transfer of Hashimoto MTR Building planned for April 23, 2024 and September 2,2024 are reflected in the 21 properties held as of February 29, 2024.
Portfolio properties
・The actual portfolio may change due to the acquisition or disposal/transfer of other properties.
Number of investment ・MTR assume 3,560,000 investment units issued and outstanding as of February 29, 2024. The number ofinvestment issued and outstanding may change, however, for reasons such as the issuance of investment
units issued andunits during the fiscal period.
outstanding
・The total amount is assumed to be 226,500 million yen as of February 29, 2024.
・MTR assumes that it will appropriate funds raised through refinancing or using cash reserves to repay
loans of 33,000 million yen that will fall due during the fiscal period ending August 31, 2024. MTRInterest-bearing debt
assumes that it will appropriate funds raised through refinancing and the issuance of investment
and refinancing
corporation bonds to repay loans of 21,500 million yen that will fall due during the fiscal period ending
February 28, 2025, and redeem investment corporation bonds of 1,000 million yen.
・Rental revenues are calculated taking into account factors such as market environment,tenants’ trends,
and the competitiveness of properties, in addition to the lease contracts that have been concluded, to be
10,987 million yen for the fiscal period ending August 31, 2024 and 10,968 million yen for the fiscal
period ending February 28, 2025.
・In principle, it is assumed that the properties and sections that are expected to be vacantand for which no
new contracts have been concluded when the forecast was prepared will remain vacant.
・Rents of four hotels with rents consisting mainly of variable rents (Shangri-La Tokyo, Hilton Odawara
Resort & Spa, Courtyard by Marriott Tokyo Station and Courtyard by Marriott Shin-Osaka Station)
included in rental revenues are calculated based on the following assumptions. Variable rent is calculated
mainly on the basis of management results in the previous year and in 2019, which was not affected by
COVID-19 infection, by the method set out in the lease agreement of each property, taking into
consideration factors for fluctuation such as recent hotel market conditions.

Operating revenue[Shangri-La Tokyo]
Variable rent in the fiscal period ending August 31, 2024: 935 million yen
Variable rent in the fiscal period ending February 28, 2025: 900 million yen
The variable rent for each month is amount calculated by multiplying the rent received from subtenantby tenant (hereinafter referred to as “subletting tenant rent” (Note)) for a month three months before themonth in question by 97%.
(Note) “Subletting tenant rent” is calculated by multiplying total revenue from the subtenant’s hotel
operations by a certain percentage. The percentage is not disclosed as the consent of the subtenant
has not been obtained.
(Reference)Minimum annual guaranteed rent (from April each year to March the following year (Note)):882,700,000 yen(Note) If the total amount of subletting tenant rent for the period from January to December each year isless than 910,000,000 yen (including if subletting tenant rent is not paid due to vacation by thesubletting tenant, etc.), rent is calculated on the basis that the subletting tenant rent for the period
is 910,000,000 yen (910,000,000 yen × 97% = 882,700,000 yen), and the difference (shortfall)
between this amount and the total amount of rent from April to March the following year is paid,
together with the rent for March the following year, no later than the last day of February thefollowing year.
[Hilton Odawara Resort & Spa]
Variable rent in the fiscal period ending August 31, 2024: 208 million yen
Variable rent in the fiscal period ending February 28, 2025: 218 million yen(Includes additional revenues of 2 million yen other than rent revenue which MTR receives from thelessee of Hilton Odawara Resort & Spa.)
The monthly rent for March to August each year is the amount (not less than 0 yen) equivalent to onetwelfth of the amount obtained when the sum total of the hotel’s base profit for the 12 months fromJanuary to December in the previous year is multiplied by 95%.
The monthly rent for September each year to February in the following year is the amount (not less than
0 yen) equivalent to one-twelfth of the amount obtained when the sum total of the hotel’s base profit forJuly in the previous year to June in the year in question is multiplied by 95%.
(Note) “Base profit” refers to the amount obtained by the following formula.
Base profit = The profit that the lessee earns from operating the hotel − The expenses that thelessee incurs from operating the hotel (the lessee’s insurance expenses, etc.)

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

8

[Courtyard by Marriott Tokyo Station]
Variable rent in the fiscal period ending August 31, 2024: 358 million yen
Variable rent in the fiscal period ending February 28, 2025: 391 million yen
The variable rent for each month is amount (not less than 0 yen) calculated by multiplying adjusted
operating income by facility (Note) of the hotel for a month three months before the month in question
by 90%.
(Note) “Adjusted operating income by facility” refers to sales from hotel operations less hotel operating
expenses by department, unallocated operating expenses, fixed operating costs, and operating
expenses of hotel operator allocated to head office (only expenses related to the hotel).
(Reference)Minimum annual guaranteed rent (from October each year to September the following year
(Note): 310,000,000 yen(Note) If the total amount of rent (which is the rent for the entire property including the potion attributable
to the quasi-co-owner MORI TRUST CO., LTD. The same applies hereinafter to the property.)
for the period from October each year to September the following year is less than 310,000,000
yen, rent for the period in question is taken as 310,000,000 yen, and the difference (shortfall)
between this amount and the total amount of rent from October to September the following year
is paid, together with the rent for September the following year, no later than the last day of August
the following year. The difference from the minimum guaranteed rent includes the portion
attributable to the quasi-co-owner MORI TRUST CO., LTD. Only 93.5%, which is the quasi-coownership interest in the property, of the entire difference from the minimum guaranteed rent isrecorded as operating income of MTR.
[Courtyard by Marriott Shin-Osaka Station]
Variable rent in the fiscal period ending August 31, 2024: 359 million yen
Variable rent in the fiscal period ending February 28, 2025: 391 million yen
The variable rent for each month is amount (not less than 0 yen) calculated by multiplying adjusted
operating income by facility (Note) of the hotel for a month three months before the month in question
by 90%.
(Note)“Adjusted operating income by facility” refers to sales from hotel operations less hotel operating
expenses by department, unallocated operating expenses, fixed operating costs, and operating
expenses of hotel operator allocated to head office (only expenses related to the hotel). Only sales
and expenses relating to the accommodation of general users of the hotel are included in thecalculation of adjusted operating income by facility, in principle. Sales and expenses relating to
the accommodation of guests who are members of Laforet Club of the tenant, MORI TRUST CO.,LTD. food and beverages, parking facilities, etc. are not included.
(Reference)Minimum annual guaranteed rent (from October each year to September the following year
(Note): 460,000,000 yen(Note) If the total amount of rent for the period from October each year to September the following year
is less than 460,000,000 yen, rent for the period in question is taken as 460,000,000 yen, and thedifference (shortfall) between this amount and the total amount of rent from October to
September the following year is paid, together with the rent for September the following year,
no later than the last day of August the following year.
・MTR estimate gain on sale of real estate of around 0.5 billion yen during the fiscal period ending August
31, 2024 and around 0.7 billion yen during the fiscal period ending February 28, 2025 from the transfer ofHashimoto MTR Building.
・Operating revenues are calculated based on the assumption that there will be no delinquent or unpaid rentby the lessor, and that there will be no grace period for the payment of rent to the lessor or reduction ofrent, etc..
・Concerning fixed property tax, city planning tax, depreciated asset tax, etc. for owned real estate in trust,the portion of the tax amount to be levied that corresponds to the relevant calculation period is recorded
as leasing business expenses. However, the amount equivalent to fixed property tax, city planning tax,
etc. for the fiscal year of acquisition reimbursed to the previous owner at the time of acquisition of thereal estate, etc. is included in the cost of acquisition of the relevant real estate and is thus not recognized
as expenses in the relevant calculation period.
・Concerning repair expenses, the estimated amount required is recorded as expenses. However, the actual
Operating expenses
repair expenses may significantly differ from the estimates since (i) an unforeseeable event may cause(Excluding
damage to a building requiring emergency repair expenditure, (ii) in general, amounts vary according toamortization of
the fiscal period, and (iii) certain types of repair and maintenance expenses are not required in every fiscal
goodwill)
period.
・MTR estimate property and other taxes of 1,257 million yen for the fiscal period ending August 31, 2024
and 1,233 million yen for the fiscal period ending February 28, 2025.
・MTR estimate property management fees of 813 million yen for the fiscal period ending August 31, 2024
and 797 million yen for the fiscal period ending February 28, 2025.
・MTR estimate depreciation of 1,004 million yen for the fiscal period ending August 31, 2024 and 1,020
million yen for the fiscal period ending February 28, 2025.
Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

9

・MTR estimate operations expenses other than leasing business expenses (asset management fees, fees forthe custody of assets, administrative service fees, etc.) of 605 million yen for the fiscal period ending
August 31, 2024 and 607 million yen for the fiscal period ending February 28, 2025.
・In accordance with the Accounting Standard for Business Combinations (ASBJ Statement No. 21, revised
Amortization of
on January 16, 2019), the goodwill will be amortized regularly on a straight-line basis over 20 years.
goodwill
Amortization expenses related to goodwill are assumed to be 15 million yen for the period ending August
31, 2024 and 15 million yen for the period ending February 28, 2025.
・MTR estimate non-operating expenses (loan interest, investment corporation bond interest, etc.) of 759
Non-operating
million yen for the fiscal period ending August 31, 2024 and 827 million yen for the fiscal period ending
expensesFebruary 28, 2025.
・Distributions (distribution per unit) are calculated based on the cash distribution policy set out in MTR’s
Certificate of Incorporation.
・On calculating the distribution for the fiscal period ending Augst 31, 2024, MTR assumes provision asinternal reserves of a portion worth 448 million yen of gains on sales of real estate, etc. due to the transfer
of Hashimoto MTR Building, which are expected to arise in the fiscal period ending August 31, 2024,
under the application of Special Provisions for Taxation in Cases of Repurchase of Specified Assets.
Distributions
・On calculating the distribution for the fiscal period ending February 28, 2025, MTR assumes provision asinternal reserves of a portion worth 552 million yen of gains on sales of real estate, etc. due to the transfer
of Hashimoto MTR Building, which are expected to arise in the fiscal period ending February 28, 2025,
under the application of Special Provisions for Taxation in Cases of Repurchase of Specified Assets.
・Distributions per unit may change due to a variety of factors, including changes in the assets underinvestment and changes in rental income as a result of changes in tenants, the occurrence of unforeseen
repairs, fluctuation in the number of issued investment units and financing.
Distributions in excess ・MTR currently have no plans to pay cash distributions in excess of earnings (distributions in excess ofof earnings per unit
earnings per unit).
・Our forecasts assume no revisions that impact on the above projections will be made to laws andOthersregulations, tax systems, accounting standards, securities listing regulations and the rules of The
Investment Trusts Association, Japan, or others.

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

104. FINANCIAL STATEMENTS(1) BALANCE SHEETS
Thousands of yen
As of February 29, 2024

As of August 31, 2023
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Accounts receivable - otherPrepaid expenses
Consumption taxes refund receivable
Other
Total current assets

16,376,466
4,894,721
130,318
12
72,178130,928
23,14020,918,767
4,811,163
136,51876
98,92022,495

21,627,766

25,987,942

34,290,253

Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation(18,238,814)

33,776,330(18,155,594)

Buildings, net

16,051,438

15,620,736

Structures
Accumulated depreciation

442,844441,727(413,317)(413,220)

Structures, net

29,52628,507

Machinery and equipment
Accumulated depreciation

121,199(85,112)95,733(64,727)

Machinery and equipment, net

36,08731,005

VehiclesAccumulated depreciation

194
(29)

194
(58)

Vehicles, net

165

136

160,993(95,587)

170,943(101,980)

Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net

65,40568,962Land
Buildings in trust
Accumulated depreciation

103,417,452
59,153,104(14,654,666)

97,833,511
60,701,672(15,397,998)

Buildings in trust, net

44,498,437

45,303,673

Structures in trust
Accumulated depreciation

269,320

269,983(128,499)(137,534)

Structures in trust, net

140,821

132,448

Machinery and equipment in trust
Accumulated depreciation

116,384(15,541)

132,628(21,531)

Machinery and equipment in trust, net

100,843

111,097

Tools, furniture and fixtures in trust
Accumulated depreciation

132,357(79,447)

135,229(86,136)

Tools, furniture and fixtures in trust, net

52,90949,092Land in trust

286,365,778

290,375,206

Total property, plant and equipment

450,758,867

449,554,378

Intangible assets
Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

11

Thousands of yen
As of August 31, 2023

As of February 29, 2024

Goodwill
SoftwareOther

613,5242,232
240597,793
1,969
240

Total intangible assets

615,997

600,003

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

20,000875
103,802
2,815

20,000795
124,676
2,815

Total investments and other assets
Total non-current assets
Deferred assets
Investment corporation bond issuance costs
Total deferred assets

127,492

148,286

451,502,357

450,302,668

61,15673,876

61,15673,876473,191,280

476,364,487

725,716
10,000,000
3,000,000
42,500,000
67,657569,221
9,387
10,5751,251,425
38,818348,569
11,000,000
1,000,000
43,500,000
184,276595,3179,100
9,694
583,213
1,381,704
31,337

Total current liabilities

58,172,803

58,643,214

Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Other

11,000,000
158,000,000
12,799,156
959,1949

14,000,000
157,000,000
12,317,200
948,4401

Total non-current liabilities

182,758,360

184,265,641

Total liabilities

240,931,164

242,908,856

153,990,040

153,990,040

69,736,000

69,736,000

1,376,341

2,482,076

1,376,341

2,482,076

Total assets
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Dividends payable
Income taxes payable
Accrued consumption taxes
Advances received
Deposits received

Net assets
Unitholders' equity
Unitholders' capital
SurplusCapital surplus
Voluntary retained earnings
Reserve for reduction entry
Total voluntary retained earnings
Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

12

Thousands of yen
As of August 31, 2023

As of February 29, 2024

Unappropriated retained earnings

7,157,734

7,247,514

Total surplus

78,270,076

79,465,591

Total unitholders' equity

232,260,116

233,455,631

232,260,116

233,455,631

473,191,280

476,364,487

Total net assets
Total liabilities and net assets

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

13

(2) STATEMENTS OF INCOME AND RETAINED EARNINGSFor the six-month period ended September 1, 2023 and February 29, 2024
Thousands of yen
For the period
from September 1, 2023
to February 29, 2024

For the period
from March 1, 2023
to August 31, 2023
Operating revenue
Lease business revenue
Other lease business revenue
Gain on sale of investment property
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Asset custody fee
Administrative service fees
Directors' compensations
Merger-related expenses
Amortization of goodwill
Other operating expenses
Total operating expenses
Operating income

10,113,102
261,802
1,437,186

10,410,515
290,006
1,380,285

11,812,092

12,080,807

3,382,852
749,387
16,15569,6093,600
250,000

3,507,523
460,707
16,90748,1953,600-

15,731
136,137

15,73190,902

4,623,473

4,143,568

7,188,618

7,937,239

Non-operating income
Interest income
Reversal of dividends payable
Interest on tax refund

94
918
89

110
1,112
562

Total non-operating income

1,102

1,786

594,518
38,941

615,798
42,944

7,794

8,866

Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bondissuance costs
otherTotal non-operating expenses

12,741

14,108653,996

681,719

Ordinary income

6,535,724

7,257,306

Profit before income taxes

6,535,724

7,257,306

Income taxes - current
Income taxes - deferred

10,590(632,600)

9,711
80

Total income taxes(622,010)

9,791

Profit7,157,734

7,247,514

Unappropriated retained earnings

7,157,734

7,247,514

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

14

(3) STATEMENTS OF CHANGES IN NET ASSETSFor the six-month period ended March 1, 2023 and August 31, 2023
Thousands of yen
Unitholders' equity
SurplusCapital surplus

Unitholders' capital

Capital surplus
Balance at beginning ofcurrent period
Changes of items during
periodCapital surplus, net

153,990,040

Increase by merger

Voluntary retained earnings--

69,736,000

69,736,000

Provision of reserve for
reduction entry

Reserve for reduction
entry

Total voluntary retained
earnings

1,121,637

1,121,637

254,704

254,704

Dividends of surplus
ProfitTotal changes of items
during period
Balance at end of current
period-69,736,000

69,736,000

254,704

254,704

153,990,040

69,736,000

69,736,000

1,376,341

1,376,341

Unitholders' equity
Surplus
Unappropriatedretained earnings(undisposed loss)
Balance at beginning ofcurrent period
Changes of items during
period3,614,104

Increase by merger

Total net assets

Total unitholders'equityTotal surplus
4,735,741

158,725,781

158,725,781

69,736,000

69,736,000

69,736,000

Provision of reserve for
reduction entry(254,704)---

Dividends of surplus(3,359,400)(3,359,400)(3,359,400)(3,359,400)

Profit7,157,734

7,157,734

7,157,734

7,157,734

3,543,630

73,534,334

73,534,334

73,534,334

7,157,734

78,270,076

232,260,116

232,260,116

Total changes of items
during period
Balance at end of current
periodDisclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

15

For the six-month period ended September 1, 2023 and February 29, 2024
Thousands of yen
Unitholders' equity
SurplusCapital surplus

Unitholders' capital

Capital surplus
Balance at beginning ofcurrent period
Changes of items during
periodProvision of reserve for
reduction entry

153,990,040

Voluntary retained earnings

Capital surplus, net

Reserve for reduction
entry

Total voluntary retained
earnings

69,736,000

1,376,341

1,376,341

1,105,734

1,105,734

69,736,000

Dividends of surplus
ProfitTotal changes of items
during period
Balance at end of current
period---1,105,734

1,105,734

153,990,040

69,736,000

69,736,000

2,482,076

2,482,076

Unitholders' equity
Surplus
Unappropriatedretained earnings(undisposed loss)
Balance at beginning ofcurrent period
Changes of items during
periodProvision of reserve for
reduction entry

Total net assets

Total unitholders'equityTotal surplus

7,157,734

78,270,076

238,260,116

232,260,116(1,105,734)

-

-

-

Dividends of surplus(6,052,000)(6,052,000)(6,052,000)(6,052,000)

Profit7,247,514

7,247,514

7,247,514

7,247,514

89,7791,195,514

1,195,514

1,195,514

7,247,514

79,465,591

233,455,631

233,455,631

Total changes of items
during period
Balance at end of current
periodDisclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

16

(4) STATEMENTS OF CASH DISTRIBUTIONS
For the six-month period ended September 1, 2023 and February 29, 2024
Unit: yen
Fiscal Period ended
August 31, 2023
(March 1, 2023 to August 31, 2023)
I. Unappropriated retained earnings
Ⅱ. Distribution amount(Distribution amount per unit)
Ⅲ. Voluntary retained earnings
Provision of reserve for reduction
entry

7,157,734,912
6,052,000,000(1,700)7,247,514,738
6,532,600,000(1,835)

1,105,734,912

714,914,738--

In accordance with Paragraph 1,
Article 29 of the Investment
Corporation’s Articles of Incorporation,
MTR decided to distribute the totalbalance of unappropriated retained
earnings after deducting provision of thereserve for reduction entry under the
Act on Special Measures Concerning
Taxation that has been recorded asdeferred tax liabilities, and the reserve
for reduction entry under Article 65-7 of
the Act on Special Measures Concerning
Taxation, the amount of which is
6,052,000,000 yen.
In addition, MTR does not distributedividends in excess of accounting profit
as set forth in Paragraph 2, Article 29 of
the Investment Corporation’s Articles ofIncorporation.

In accordance with Paragraph 1,
Article 29 of the Investment
Corporation’s Articles of Incorporation,
MTR decided to distribute the totalbalance of unappropriated retained
earnings after deducting provision of thereserve for reduction entry under Article65-7 of the Act on Special Measures
Concerning Taxation, the amount of
which is 6,532,600,000 yen.
In addition, MTR does not distributedividends in excess of accounting profit
as set forth in Paragraph 2, Article 29 of
the Investment Corporation’s Articles ofIncorporation.

Ⅳ. Retained earnings carried forward
Calculation
amountmethodofdistribution

Fiscal Period ended
February 29, 2024
(September1, 2023 to February 29, 2024)

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

17

(5) STATEMENTS OF CASH FLOWSFor the six-month period ended March 1, 2023 and August 31, 2023
For the period
from March 1, 2023
to August 31, 2023

Thousands of yen
For the period
from September 1, 2023
to February 29, 2024

Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Amortization of investment corporation bond issuance costs
Interest income
Interest expenses
Decrease (Increase) in operating accounts receivable
Increase (Decrease) in operating accounts payable
Decrease (Increase) in consumption taxes refund receivable
Increase (Decrease) in accrued consumption taxes
Increase (Decrease) in advances received
Decrease due to sale of investment property
Other, net

6,535,724
996,640
15,731
7,794(94)
633,460(32,805)
504,944(129,917)(61,744)7,257,306
1,009,026
15,7318,866(110)
658,743(5,601)(458,598)
130,928
583,213

29,598
5,822,521(68,973)130,2715,879,224(26,151)

Subtotal

14,252,880

15,182,849

Interest income received
Interest expenses paid
Income taxes paid

94
(625,255)(1,495)

110(643,067)(10,592)

Net cash provided by operating activities

13,626,223

14,529,300

Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust(370,239)(29,341,494)(1,334)(186,227)
772,650(7,955)
19,938(94,700)(5,490,125)(667,106)
260,682(24,894)
19,460Net cash used in investing activities(29,114,663)(5,996,684)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of investment corporation bonds
Redemption of investment corporation bonds
Payments for investment corporation bond issuance costs
Dividends paid

(1,475,000)
32,500,000(13,000,000)(2,600)(4,069,618)

1,000,000
16,500,000(16,500,000)
4,000,000(3,000,000)(21,587)(6,052,287)

Net cash provided by (used in) financing activities

13,952,781(4,073,874)

Net increase (decrease) in cash and cash equivalents(1,535,658)

4,458,741

Cash and cash equivalents at beginning of period

17,143,085

21,271,188

Increase in cash and cash equivalents resulting from merger

5,663,761-

Cash and cash equivalents at end of period

21,271,188

25,729,930

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

18

5. Reference Information(1) Composition of assets
As of August 31, 2023

Use
(Note 1)

type

RegionRatio tototal assets(Note 3) (%)

Total of net
book value (Note 2)(Millions of yen)

Ratio tototal assets(Note 3) (%)

Central Tokyo(Note 4)87,461

18.5

87,36018.3

Metropolitan area,
ordinance-designatedcities,etc. (Note 5)

6,550

1.4

6,499

1.4

Subtotal

94,011

19.9

93,86019.7－

25,5305.4

19,662

4.1

119,54225.3

113,523

23.8

Central Tokyo(Note 4)

131,395

27.8

131,187

27.5

Metropolitan area,
ordinance-designatedcities,etc. (Note 5)

27,0505.7

32,312

6.8

Subtotal

158,44533.5

163,499

34.3

Major cities acrossJapan (Note 6)

131,10427.7

130,836

27.5

Famous tourist sites(Note 7)

7,120

1.5

7,163

1.5

Subtotal

138,22429.2

138,000

29.0－

34,546

7.3

34,531

7.2

Total of real property in trust

331,21670.0

336,03170.5

Deposits and other assets

22,432

4.7

26,810

5.6

Total amount of assets

473,191100.0

476,364

100.0

Officebuilding
Realproperty
Other

Total of real property

Officebuilding

Realpropertyin trust

Total of net
book value (Note 2)(Millions of yen)

As of February 29, 2024

HotelsOther

Ratio tototal assets(Note 3) (%)

Amount(Millions of yen)Amount(Millions of yen)

Ratio tototal assets(Note 3) (%)

Total amount of liabilities

240,93150.9

242,908

51.0

Total amount of net assets

232,260

49.1

233,455

49.0(Note 1) “The use categories are office buildings and hotels, which are the core assets, and other (retail facilities and residential properties). The same applies
hereinafter.
(Note 2) “Total of net book value” is based on the amounts presented in the balance sheets (book value after depreciation for real estate and real estate in trust) asof the settlement date.
(Note 3) “Ratio to total assets” is rounded to the first decimal place.
(Note 4) “Central Tokyo” referrers to Chiyoda, Chuo, Minato, Shinagawa, Shibuya and Shinjuku Wards.
(Note 5) “Other” refers to greater Tokyo (Kanagawa, Chiba and Saitama Prefectures, and the Tokyo Metropolitan Area excluding central Tokyo) and Metropolitanarea, ordinance-designated cities, etc.
(Note 6) Tokyo 23 wards and ordinance-designated cities.
(Note 7) Areas with attractive cultural and tourist attractions that already attract tourists or are expected to attract tourists in the future.

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

19

(2) Investment assets
The total number of real estate properties held by MTR and real estate properties in trust associated with the real estate trust’s
beneficiary rights held by MTR as of February 29, 2024 was 21, and all such real estate is leased by MTR or trust fiduciaries based ontrust contracts in the case of real estate in trust.

(i) List of details of real estate and real estate in trust
The overview of real estate held by MTR and real estate trust’s beneficiary rights and real estate in trust, properties in trust subject tosuch rights, as of February 29, 2024 is as follows (real estate, real estate trust’s beneficiary rights and real estate in trust, properties intrust subject to such rights, are hereinafter individually or collectively referred to as the “Portfolio”).
Overview of the Portfolio
Use

Property nameArea
(Note 1)

Location
Land (m2)Tokyo Shiodome
Building(Note 3) (Note 14)

Officebuilding

Minato-ku, Tokyo

17,847.73

Structure(Note 2)
/number of
Floors (Note 1)

Type ofspecifiedassets191,394.06

SRC, RC, S
B4/37F

Real estate

Building (m2)Kamiyacho Trust
Tower (Note 4)(Note 5) (Note 14)

Minato-ku, Tokyo

16,131.84

196,037.12

S, RC
B4/37FON Building(Note 5) (Note 6)

Shinagawa-ku, Tokyo

10,850.67

32,812.27

S, SRC
B2/21F

Kioicho Building(Note 5) (Note 7)(Note 14)

Chiyoda-ku, Tokyo

9,291.93

63,535.55

SRC, S
B4/26F

Osaki MT Building(Note 6)

Shinagawa-ku, Tokyo

13,852.74

26,980.68

S, SRC
B3/14F

Hiroo MTR Building
Shibuya-ku, Tokyo(Note 5)

1,671.79

6,709.80

SRC
B1/7F

Sendai MT Building(Note 5) (Note 8)

Miyagino-ku, Sendai-shi

5,020.33

42,941.53

RC
B2/18F

Midosuji MTR
Building (Note 5)

Chuo-ku, Osaka City

1,560.98

15,129.16

S, SRC
B2/13F

Tenjin Prime (Note 5) Chuo-ku, Fukuoka City

1,110.73

7,722.04

S, RC
B1/12F

Shin-Yokohama
TECH Building(Note 9)A-Wing：11,636.35
2,671.11 B-Wing：13,550.87
Total：25,187.22

Kohoku-ku, Yokohama City

A-Wing: SRC
B1/9F
B-Wing: S, SRC
B1/16F

Shangri-La Tokyo(Note 5) (Note 10)

Chiyoda-ku, Tokyo

12,026.77

180,335.11

S, SRC, RC
B4/37F

Hotel Okura Kobe
(Note 5)Chuo-ku, Kobe City

30,944.44

72,246.86

SRC, S
B2/35F50,605.67(Main facility) S, SRC
B1/12F(Bade facility) RC
B1/3F(Sports facility) RC
B1/2F(Chapel) S
1F

Hotels(Note 14)
Hilton Odawara
Resort & Spa(Note 5) (Note 11)

Odawara-shi, Kanagawa

174,566.00

Disclaimer:

Real estate
trust’sbeneficiaryrightsReal estate
trust’sbeneficiaryrightsReal estate
trust’sbeneficiaryrightsReal estate
Real estate
trust’sbeneficiaryrightsReal estate
trust’sbeneficiaryrightsReal estate
trust’sbeneficiaryrightsReal estate
trust’sbeneficiaryrightsReal estate
Real estate
trust’sbeneficiaryrightsReal estate
trust’sbeneficiaryrightsReal estate
trust’sbeneficiaryrightsThis English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

20

Use

Property nameArea
(Note 1)

Location
Land (m2)

Courtyard by
Marriott Shin-Osaka
Station (Note 5)(Note 12)
Courtyard by
LodgingMarriott Tokyo
facilities
Station (Note 5)(Note 14)
(Note 13)Other

Structure(Note 2)
/Number of
Floors (Note 1)

Building (m2)

Yodogawa-ku, Osaka

2,199.34

17,002.28

S
18F

Chuo-ku, Tokyo

4,399.47

51,242.93

S, SRC
B3/21F

Hotel Sunroute Plaza
Shibuya-ku, Tokyo
Shinjuku (Note 5)

3,136.57

20,451.25

RC, S
B1/14FSHIBUYA FLAG
(Note 5) (Note 14)

Shibuya-ku, Tokyo

1,026.44

7,766.49

S, SRC
B2/9F

Ito-Yokado
Shonandai

Fujisawa City, Kanagawa
Prefecture

35,209.93

53,393.66

Hashimoto
MTR Building

Midori-ku, Sagamihara City

19,878.57

40,283.77

Frespo Inage(Note 5)Inage-ku, Chiba City

39,556.71－

Park Lane Plaza

Shibuya-ku, Tokyo

1,702.95

5,246.78

S
5F
S
5F
－
RC
B1/7F

Type ofspecifiedassetsReal estate
trust’sbeneficiaryrightsReal estate
trust’sbeneficiaryrightsReal estate
trust’sbeneficiaryrightsReal estate
trust’sbeneficiaryrightsReal estate
Real estate
Real estate
trust’sbeneficiaryrightsReal estate(Note 1)
(Note 2)
(Note 3)

“Area” and “Structure/number of floors” present the details stated in real estate registries.
In “Structure”, “SRC” means steel-framed reinforced concrete construction, “RC” means reinforced construction and “S” means steel construction.
The land area of Tokyo Shiodome Building is the area of land jointly owned by MTR, and it includes the area of co-owned interest jointly owned by
MTR with other co-owners. In the relevant land, MTR’s co-owned interest is a ratio of 375,178/1,000,000. Moreover, Tokyo Shiodome Building is aco-owned building, and the floor area of 71,806.84m2 is calculated by multiplying MTR’s co-owned interest (ratio of 375,178/1,000,000) by the total
floor space.
(Note 4) The land area of Kamiyacho Trust Tower is the total of 14 plots comprising the site of the building, including leased land. The building of Kamiyacho
Trust Tower is sectionally owned and the building area indicated is the total floor area of one building. The floor area for exclusive use owned by thetrust fiduciary having MTR as the only trust beneficiary is 13,292.02 m2. Of the said floor area for exclusive use, the 7th to 9th floors (total floor
space: 11,393.16 m2. The number of floors is the number of floors in the registry plus one. The same applies hereinafter unless otherwise mentioned
with respect to the property) are owned solely by MTR. MTR has a one-half of the co-ownership interest in the 14th floor (floor area: 3,797.72m2).
Accordingly, for said 14th floor, the floor area multiplied by MTR's co-ownership interest (1/2) (1,898.86m2) is stated as the floor area of the exclusive
portion owned by MTR.
(Note 5) Of the 21 properties listed above, Kamiyacho Trust Tower, ON Building, Kioicho Building, Hiroo MTR Building, Sendai MT Building, Midosuji
MTR Building, Tenjin Prime, Shangri-La Tokyo, Hotel Okura Kobe, Hilton Odawara Resort & Spa, Courtyard by Marriott Shin-Osaka Station,
Courtyard by Marriott Tokyo Station, Hotel Sunroute Plaza Shinjuku, SHIBUYA FLAG and Frespo Inage have been categorized as real estate in trust,and the other 6 properties have been categorized as real estate. In addition, real estate in trust associated with Frespo Inage is only land, and thebuilding is not included.
(Note 6) The land area of ON Building is the total area (10,850.67m2) of the 3 sections of land in which trust fiduciaries for whom MTR is the sole trust
beneficiary own a co-owned interest, and the trust fiduciaries own a co-owned interest of 840,139/1,000,000. The co-owned interest other than the one
owned by the trust fiduciaries is owned by MTR as the site of Osaki MT Building. As a result, the 3 sections of land in question (total area of
10,850.67m2) are stated separately as part of the land area of Osaki MT Building and the land area of ON Building. Moreover, the land area of theOsaki MT Building is the total area of all the 17 sections of land that MTR owns or jointly owns, which includes the co-owned interest of other coowners. Of all the 17 sections of land in question, 13 sections of land (total area of 2,880.79m2) are solely owned by MTR. As for one section of land(area of 121.28m2), MTR owns a co-owned interest of 1/5 and, as for the 3 sections of land (total area of 10,850.67m2), MTR owns a co-owned interestof 159,861/1,000,000. In addition, Osaki MT Building is a co-owned building, and the floor area of 24,495.21m2 is calculated by multiplying MTR’s
co-owned interest (ratio of 907,880/1,000,000) by the total floor space.
(Note 7) The land area of Kioicho Building is the total area of the 8 sections of land, the site of the relevant building, and it includes the interest of other owners(partial ownership). Of the 8 sections of land in question, 5 sections of land (total area of 7,433.52m2) are solely owned by a trust fiduciary for whom
MTR is the sole trust beneficiary. MTR has acquired sectional ownership of the Kioicho Building. The total floor space stated is the total floor space
for the portion of one building that represents the sectional ownership. The exclusive portion of the floor space owned by a fiduciary of the trust inwhich MTR is the sole beneficiary is 24,598.85m2.
(Note 8) The land area of Sendai MT Building is the total area of the 4 sections of land, the site of the relevant building, and it includes the interest of otherowners (partial ownership). Of the 4 sections of land in question, 3 sections of land (total area of 4,446.90㎡) are solely owned by a trust fiduciary forwhom MTR is the sole trust beneficiary. The Sendai MT Building is a co-owned building of MORI TRUST CO., LTD. and a trust fiduciary, whosesole trust beneficiary is MTR, and a trust fiduciary, whose sole trust beneficiary is MORI TRUST CO. LTD. The total floor space multiplied by the coowned interest of the trust fiduciary, whose sole trust beneficiary is MTR (90,845/100,000) is 39,010.23m2.
(Note 9) Shin-Yokohama TECH Building is real estate that is comprised of two buildings, A-Wing and B-Wing, and the site for the buildings.
(Note 10) The site area of Shangri-La Tokyo is the total of 5 parcels of land comprising the site of the building and thus includes area owned by other unit
owners. This building is a unit ownership building, but the area of the entire building of MARUNOUCHI TRUST TOWER MAIN and
MARUNOUCHI TRUST TOWER NORTH is stated. The floor area of the exclusive element owned by the trustee with MTR as the sole beneficiary is
22,300.31m2.
(Note 11) For the site area of the Hilton Odawara Resort & Spa, the area of the entire site or land is stated. For the floor area of the Hilton Odawara Resort &Spa, the grand total of total floor area for the entire buildings of the Hilton Odawara Resort & Spa is stated. The total floor area multiplied by thequasi-co-ownership interest in the Hilton Odawara Resort & Spa owned by MTR (50/100) is 25,302.83m2.

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

21

(Note 12) The land area of Courtyard by Marriott Shin-Osaka Station is the land area that is the site of the building in question and includes the interests of otherco-owners. The building of Courtyard by Marriott Shin-Osaka Station is a co-owned building, and the area multiplied by MTR's interest (74/100)
subject to the co-ownership trust beneficiary right is 12,581.68m2.
(Note 13) The site area of the entire site or land of the Courtyard by Marriott Tokyo Station is stated and the co-ownership interests of other parties are included.
This building is a unit ownership building, and the total floor area of the entire building of KYOBASHI TRUST TOWER is stated. The floor area ofthe exclusive element owned by the trustee with MTR is 5,502.63m2. The total floor area multiplied by the quasi-co-ownership interest in the
Courtyard by Marriott Tokyo Station owned by MTR (935/1,000) is 5,144.95m2.
(Note 14) Tokyo Shiodome Building, Kamiyacho Trust Tower and Kioicho Building are categorized as “Office building”, which is the main use of the buildings,
and SHIBUYA FLAG is categorized as “Other”, which is the main use of the building. The grade for each hotel is as follows.

Grade

Summary

Guest room
floor area (m2)

Guest room unit
price (yen)LuxuryA prominent hotel chain
recognized worldwide as aluxury brand40～

40,000～Upper upscale

A prominent hotel chain
recognized worldwide as an
upper upscale hotel brand

30～40

30,000～40,000

UpscaleA branded class under theumbrella of a prominent hotel
chain recognized worldwide asa luxury hotel brand.

20～30

20,000～30,000

Property nameShangri-La Tokyo
Hotel Okura Kobe
Hilton Odawara Resort & Spa
Courtyard by Marriott Shin-Osaka Station
Courtyard by Marriott Tokyo Station

More comfortable hotel than
midscale hotels, with better
15～20
10,000～20,000 Hotel Sunroute Plaza Shinjuku
room size and interior designStandard area and price (ADR: Average Daily Rate) guidelines are defined for each grade. The guideline for prices shall be revised when deemed necessary in
response to changes in market conditions and other factors.

Upper midscale

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

22

Categories, prices and investment ratios of the Portfolio

Use(Note 1)

RegionProperty nameTokyo Shiodome
Building

Book
DirectEnd-ofvalue at
reduction
Acquisition
periodthe endmethodPriceappraisalof
value(Note 2)
fiscal(Millions of(Note 3)
periodCap rateyen)(Millions of(Millionsyen)of yen)82,53974,516
81,6003.1%(Note 5)

Discounted cashflow(DCF) method
Terminal
cap rate

3.0%

3.1%

Rich Appraisal
Institute K.K.

17.6%

Kamiyacho Trust
Tower

51,660(Note 6)

51,39456,7002.4%

2.3%

Daiwa Real
2.5% Estate Appraisal
Co., Ltd.

11.0%

ON Building

39,90038,64835,300

3.3%

3.0%

3.4%

Japan Real
Estate Institute

8.5%

Kioicho Building

34,30032,84338,6003.0%

2.8%

Daiwa Real
3.2% Estate Appraisal
Co., Ltd.

7.3%

Osaki MT Building

14,386(Note 7)

12,843

17,500

3.2%

2.9%

3.3%

Japan Real
Estate Institute3.1%

Hiroo MTR Building

8,100

8,300

8,440

3.5%

3.3%

Daiwa Real
3.7% Estate Appraisal
Co., Ltd.

1.7%

230,885

218,547

238,140

Subtotal

Metropolitanarea, ordinancedesignatedcities,etc.

15,88515,800

4.4%

4.2%

Midosuji MTR
Building

10,1709,836

10,900

3.4%

3.2%

Tenjin Prime

7,050(Note 9)

6,590

9,820

3.4%

3.2%

Shin-Yokohama
TECH Building

6,900

6,499

8,720

4.2%

4.0%

39,92038,81245,240－8.5%

270,805

257,360

283,380－

57.7%

Shangri-La Tokyo

49,20049,07350,300

3.2%

2.9%

3.3%

Japan Real
Estate Institute

10.5%

Hotel Okura Kobe

19,00015,09817,300

4.8%

4.6%

4.9%

Rich Appraisal
Institute K.K.

4.0%

Courtyard by Marriott
Shin-Osaka Station

17,40017,322

17,800

4.2%

3.9%

4.3%

Japan Real
Estate Institute

3.7%

Courtyard by Marriott
Tokyo Station(Note 10)

17,017

16,946

16,736

3.8%

3.5%

3.9%

Japan Real
Estate Institute

3.6%

Hotel Sunroute Plaza
Shinjuku

32,50032,39532,700

3.5%

3.3%

3.6%

Japan Real
Estate Institute

6.9%

135,117130,836

134,836

7,100

7,163

7,150

7,100

7,163

7,150

－

1.5%

142,217

138,000

141,986－

30.3%

SHIBUYA FLAG

32,04032,33841,700

3.1％

2.9％

3.2％

Japan Real
Estate Institute

6.8%

Ito-Yokado Shonandai

11,6009,557

11,500

5.4％

5.1％

5.6％

Japan Real
Estate Institute2.5%

Hashimoto MTR
Building

7,460

7,026

6,620

4.6％

4.0％

4.5％

Japan Real
Estate Institute

1.6%

Subtotal
Famous tourist
sites

Hilton Odawara Resort& Spa (Note 11)

Subtotal
Subtotal

Other－

Daiwa Real
4.6% Estate Appraisal
Co., Ltd.
Daiwa Real
3.6% Estate Appraisal
Co., Ltd.
Japan Real
3.5%
Estate InstituteChuo-Nittochi
4.5% Solutions Co.,Ltd.

15,800(Note 8)Subtotal

Hotels49.2%－

Sendai MT Building

Subtotal

Major cities
across Japan

Investment
ratio(Note 4)

Discount
rate

Central Tokyo

Officebuilding

Appraiser

Disclaimer:

4.5%

2.2%
1.5%
1.5%

28.8%

－
4.7%

3.4%

4.8%

Rich Appraisal
Institute K.K.

1.5%

This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

23

Use
(Note 1)

Acquisition
Price(Note 2)
(Millionsof yen)Bookvalue atthe endoffiscalperiod(Millionsof yen)2,100(Note 12)

2,193

2,600

－
(Note 13)

7.9％

3,200

3,078

4,350

3.3%

3.9%

Subtotal

56,40054,193

66,770

－

12.0%

Total

469,422449,554492,136－

100.0％

RegionProperty nameFrespo Inage
Other

DirectEnd-ofreduction
periodmethodappraisal
value(Note 3)Cap rate(Millionsof yen)－Park Lane Plaza

Discounted cashflow(DCF) method
Discount
rate

Terminal
cap rate

Appraiser

Japan Real－
Estate Institute(Note 14)
Chuo-Nittochi
3.0% Solutions Co.,
Ltd.

Investment
ratio(Note 4)

0.4%
0.7%

(Note 1)

The attribution of properties that have more than one use is judged based on their main use. Tokyo Shiodome Building, Kamiyacho Trust Tower andKioicho Building are categorized as “Office building”, which is the main use of the buildings, and SHIBUYA FLAG is categorized as “Other”, whichis the main use of the building. The same applies thereafter.
(Note 2) The “Acquisition price” stated is the amount (sales prices stated in sales contracts, etc.) that does not include various expenses (sales commission
charges, property and other taxes, etc.) that were incurred when the relevant Portfolio was acquired. However, for properties owned by MTH, theappraisal value as of the end of February 2023, which is their worth at the time of merger with MTH, is shown. The same applies thereafter.
(Note 3) The “End-of-period appraisal value” stated is the value that was calculated based on the capitalization method (based on the price as of February 29,2024) by real estate appraisers in accordance with MTR’s rules and the Investment Corporation Calculation Rules (Cabinet Office Ordinance No. 47,
2006; including revisions thereafter).
(Note 4) The “Investment ratio” is the ratio of the acquisition prices of each asset against the total acquisition price of the Portfolio, and is rounded to the firstdecimal place.
(Note 5) The acquisition price of Tokyo Shiodome Building indicated is equivalent to 37.5178% of the co-ownership interest held by MTR as of February 29,
2024, out of 110,000 million yen, which is the acquisition price of 50% of the co-ownership interest of the property concerned, due to the sale of
6.2411% co-ownership interest on July 1, 2021, and the sale of 6.2411% co-ownership interest on October 1, 2021.
(Note 6) The acquisition price of Kamiyacho Trust Tower stated is the total amount of the acquisition prices on July 1, 2021 (13,980 million yen), October 1,
2021 (13,980 million yen) and March 1, 2023 (23,700 million yen).
(Note 7) The acquisition price of Osaki MT Building stated is the total amount of the acquisition prices on March 31, 2005 (7,870 million yen), October 28,
2005 (5,656 million yen) and January 30, 2015 (860 million yen).
(Note 8) The acquisition price of Sendai MT Building stated is the total amount of the acquisition prices on February 28, 2023 (5,266 million yen) , August 31,
2023 (5,266 million yen) and February 29, 2024 (5,266 million yen).
(Note 9) The acquisition price of Tenjin Prime stated is the total amount of the acquisition prices on July 12, 2012 (6,940 million yen), December 1, 2021 (110
million yen).
(Note 10) The acquisition prices and the appraisal value at end of period for Courtyard by Marriott Tokyo Station are the figures corresponding to MTR's quasico-ownership interest in the trust beneficiary right of 935/1,000.
(Note 11) The acquisition prices and the appraisal value at end of period for Hilton Odawara Resort & Spa are the figures corresponding to MTR's quasi-coownership interest in the trust beneficiary right of 50/100.
(Note 12) The acquisition price of Frespo Inage stated is the amount equivalent to 50% of 4,200 million yen, the acquisition price of the entire property inquestion, because 50% of the land in trust was transferred on February 29, 2012.
(Note 13) The direct capitalization method is not adopted for Frespo Inage.
(Note 14) The terminal cap rate of Frespo Inage has not been stipulated.

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

24

(ii) Details of the situation of leasing of the Portfolio
The situation of leasing of the Portfolio held by MTR as of February 29, 2024 is as follows.
Of the Portfolio held by MTR, the property in the Portfolio whose rental revenues account for 10% of the total rental revenuesof the entire Portfolio or higher in the fiscal period ended February 29, 2024 (six months from September 1, 2023 to February
29, 2024) is 1 property, only Tokyo Shiodome Building.
Situation of leasing of the Portfolio

Rentalrevenues(Note 1)
(Millions of yen)

Ratio tototal rental
revenues
ratio (Note 2)

Rentablearea(Note 3) (m2)

Rent
area
(Note 3) (m2)

1,640

15.3%

71,806.84

71,806.84

1
(26)

948

8.9%

13,479.44

13,479.44

1(7)Undisclosed(Note 6)

Undisclosed(Note 6)

20,654.60

20,654.60

1

Kioicho Building (Note 7)

1,048

9.8%

24,748.48

24,714.36

44(78)

Osaki MT Building (Note 8)

303

2.8%

24,495.21

24,495.21

1(18)

Hiroo MTR Building (Note 9)

169

1.6%

4,946.36

4,767.42

9

Sendai MT Building (Note 10)

435

4.1%

39,010.23

39,010.23

1(44)

Midosuji MTR Building (Note 11)

309

2.9%

15,129.16

15,129.16

1(31)

Tenjin Prime (Note 9)

230

2.2%

5,990.40

5,339.81

12

Shin-Yokohama TECH Building

359

3.4%

18,117.03

18,117.03

22

Shangri-La Tokyo

900

8.4%

22,755.55

22,755.55

1

Hotel Okura Kobe

632

5.9%

72,246.86

72,246.86

1

Courtyard by Marriott Shin-Osaka
Station362

3.4%

13,881.47

13,881.47

1Courtyard by Marriott Tokyo
Station338

3.2%

5,255.05

5,255.05

1

Hotel Sunroute Plaza Shinjuku

653

6.1%

21,248.23

21,248.23

1Famous tourist
Hilton Odawara Resort & Spa
sites

191

1.8%

25,302.83

25,302.83

1

Undisclosed(Note 6)

Undisclosed(Note 6)

5,983.86

5,983.86

3

375

3.5%

53,393.66

53,393.66

1

Undisclosed(Note 6)

Undisclosed(Note 6)40,283.77

0.00

0Frespo Inage

123

1.2%

39,556.71

39,556.71

1Park Lane Plaza (Note 12)

105

1.0%

4,443.03

4,264.05

17

10,700100.0%

542,728.77

501,402.37

121
(276)

Use

RegionProperty nameTokyo Shiodome Building(Note 4)
Kamiyacho Trust Tower (Note 5)
ON Building

Central Tokyo

Officebuilding

Metropolitan
area,ordinancedesignatedcities,etc.

Major cities
across Japan

Lodgingfacilities

SHIBUYA FLAG (Note 9)
Ito-Yokado Shonandai
Other

－

Hashimoto MTR Building

Total (Note 13)

Total numberoftenants

The following properties were transferred in the fiscal period ended February 29, 2024, and rental revenue and ratio tototal rental revenues for the fiscal period ended February 29, 2024 are as follows.
Property nameRentalrevenues(Note 1)
(Millions of yen)

Ratio tototal rental
revenues
ratio (Note 2)

Date of Transfer

0

0.0%

February 29, 2024

Shinbashi Ekimae MTR Building

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

25

(Note 1)(Note 2)
(Note 3)

“Rental revenues” stated are rental revenues (rent, common charges, other rental revenues, etc.) for the fiscal period ended February 29, 2024.
The “Ratio to total rental revenues” is rounded to the first decimal place.
The “Rentable area” includes a rentable area that is able to be used for use other than the main use in question (offices, stores, warehouses, etc.), in
addition to the rentable area that is able to be used for leasing, the main use of the Portfolio, and the “Rentable area” stated is the total area of the areas
as described above (including common areas, etc. that are leased). In addition, "Rent area" is included in the rentable area and is the area that has been
actually leased through the execution of lease contracts. The area of the Tokyo Shiodome Building stated is the area calculated by multiplying MTR’s
co-owned interest (375,178/1,000,000) by the total rentable area and rent area of the building (191,394.06m2). The area stated for Kamiyacho Trust
Tower is the rentable area and rent area for the 7th through 9th floors (11,553.81m2), plus the rentable area and rent area for the 14th floor(3,851.27m2) multiplied by MTR's co-ownership interest (1/2). In addition, the area of the Osaki MT Building stated is the area calculated bymultiplying MTR’s co-owned interest (907,880/1,000,000) by the total rentable area of the building (26,980.68m2). The total leasable area of Sendai
MT Building represents the leasable area of the building (42,941.53m2) multiplied by the co-ownership interest of the trust fiduciary, whose sole trust
beneficiary is MTR (90,845/100,000). The area stated for Courtyard by Marriott Shin-Osaka Station is the rentable area and rent area of the building(18,758.75 m2) multiplied by MTR's interest (74/100) that is subject to trust beneficiary rights. The area stated for Courtyard by Marriott Tokyo Stationis the rentable area and rent area (5,620.38m2) subject to trust beneficiary rights multiplied by MTR's quasi-co-ownership interest (935/1,000) in thetrust beneficiary rights. The area stated for Hilton Odawara Resort & Spa is the rentable area and rent area (50,605.67m2) subject to trust beneficiaryrights multiplied by MTR's quasi-co-ownership interest (50/100) in the trust beneficiary rights.
(Note 4) A master lease agreement, under which rent income is linked to rents under sublease agreements, is used for the office and store sections, and a master
lease agreement specifying a fixed rent is used for the hotel section of Tokyo Shiodome Building. The numbers in parentheses of the total number oftenants of the property represent the total number of tenants based on sublease agreements for the office and store section and that based on the master
lease agreement for the hotel section.
(Note 5) A master lease agreement, under which rent income is linked to rents for joint management units, is used for Kamiyacho Trust Tower, and the number
in parentheses of the total number of tenants of the property is the total number of tenants of the joint management units. Joint management is thesystem in which 25 floors from the 6th to the 30th floors are designated as joint management units, each unit owner signs a lease agreement with
MORI TRUST CO., LTD., designating the unit owner as the lessor and MORI TRUST CO., LTD. as the lessee, and the lessee subleases each floor as a
joint management unit. The lessee distributes the total income generated from these joint management units according to interest ratios based on the
exclusively owned area owned by each unit owner.
(Note 6) The “Rental revenues” and the “Ratio to total rental revenues” of the ON Building, SHIBUYA FLAG and Hashimoto MTR Building are not disclosed
because the agreements of the tenants about disclosing rents have not been able to be obtained.
(Note 7) Regarding the office portion of the Kioicho Building, MTR leases the office portion of the Kioicho Building from a fiduciary trust company under amaster lease agreement and subleases it to tenants. Regarding the residential portion, the agreement used is the master lease pass-through model. The
total number of tenants of the relevant properties stated above is that under the sublease agreement for the office portion and the master leaseagreement for the residential portion. The figure in brackets for the total number of tenants is the total number of tenants based on the subleaseagreements of the office and residential portions of the building.
(Note 8) A master lease agreement under which rent income is linked to rents under a sublease agreement has been concluded for Osaki MT Building. The
figure in brackets for the total number of tenants of the building is the total number of tenants based on the sublease agreements.
(Note 9) MTR leases the land and building of Hiroo MTR Building, Tenjin Prime and SHIBUYA FLAG from a fiduciary trust company under a master leaseagreement and subleases it to tenants. The total number of tenants of the above properties is that under the sublease agreements.
(Note 10) A master lease agreement under which rent income is linked to rents under a sublease agreement has been concluded for Sendai MT Building. The
figure in brackets for the total number of tenants of the building is the total number of tenants based on the sublease agreements.
(Note 11) The agreement used for the Midosuji MTR Building is the master lease pass-through model. The figure in brackets for the number of tenants of thebuilding is the total number of tenants based on the sublease agreements.
(Note 12) At Park Lane Plaza, if lease contracts for more than one residential unit are concluded with one tenant, the number of residential units is counted as thenumber of tenants.
(Note 13) The numbers in parentheses of the total number of tenants represent the total numbers of tenants based on sublease agreements for Kioicho Building,
Osaki MT Building, Sendai MT Building, and Midosuji MTR Building and the overall number of tenants in all joint management units for Kamiyacho
Trust Tower. The total number of tenants in Tokyo Shiodome Building represents that based on Note 4.

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

26

Occupancy rate of the Portfolio
Occupancy rate for the last 5 years (Note 1) (%)
Use

RegionCentralTokyo

Property name2024

Tokyo Shiodome Building(Note 2)
Kamiyacho Trust Tower(Note 3)End ofFeb.
100.0(99.2)
100.0(99.3)End ofAug.
100.0(95.8)
100.0(99.3)End ofFeb.
100.0(70.8)
100.0(99.3)End ofSep.
100.0(66.5)
100.0(99.3)End ofMar.
100.0(61.3)
100.0(99.3)End ofSep.
100.0(53.5)
100.0(97.3)End ofMar.

End ofSep.

End ofMar.

End of
Sep.

100.0

100.0

100.0

100.0

－

－

－

－

ON Building

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

99.9
(98.2)
100.0(82.3)

97.9(97.4)
100.0(85.2)

97.8(95.6)
100.0(88.3)

94.5(92.6)
100.0(95.6)

96.3(95.6)
100.0(95.2)

89.7(89.7)
100.0(85.8)

90.8(89.5)
100.0(85.0)

99.9(98.7)
100.0(99.1)

99.9(98.7)
100.0(97.8)

99.9(98.5)
100.0(91.8)

96.4

92.4

92.4

100.0

87.5

87.5

100.0

100.0

100.0

100.0

99.9
(97.1)
100.0(99.3)
100.0(100.0)99.4(95.9)
100.0(99.1)
100.0(100.0)99.4(85.9)
100.0(99.9)
100.0(100.0)99.1(84.8)

99.0(82.8)

98.0(75.1)

98.7(97.1)

99.9(99.7)

99.9(99.6)

99.9(99.0)

－

－

－

－

－

－

－

100.0
(96.4)

100.0(100.0)100.0(100.0)100.0(95.6)

100.0(98.4)

100.0(100.0)100.0(100.0)

89.1

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

89.1

78.0

71.7

59.9

100.0

100.0

100.0

100.0

100.0

99.2
(98.6)
99.6(97.6)

97.0(95.8)
98.7(95.8)

92.4(90.5)
97.6(87.1)

86.9(83.9)
96.6(84.6)

81.4(78.7)
95.4(81.8)

100.0(100.0)98.4(80.6)

100.0(98.7)
98.9(97.3)

100.0(99.5)
99.9(99.7)

100.0(100.0)99.9(99.7)

100.0(100.0)99.9(99.2)

Shangri-La Tokyo

100.0

100.0

－

－

－

－

－

－

－

－

Hotel Okura Kobe

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

－

－

－

－

100.0

100.0

－

－

－

－

－

－

－

－

100.0

100.0

－

－

－

－

－

－

－

－

Kioicho Building (Note 4)

Osaki MT Building(Note 5)
Hiroo MTR Building
Office(Note 6)
building
Subtotal(Note 7)
Sendai MT Building(Note 8)Metropolitan
Midosuji MTR Buildingarea,(Note 9)ordinancedesignatedTenjin Prime (Note 6)
cities,etc.
Shin-Yokohama
TECH Building
Subtotal (Note 7)
Subtotal (Note 7)

Lodgingfacilities

Major
citiesacrossJapan

Courtyard by Marriott ShinOsaka Station
Courtyard by Marriott
Tokyo Station
Hotel Sunroute Plaza
Shinjuku

2022

2021

2020

2019

Subtotal (Note 7)

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

Hilton Odawara Resort &Famoustourist sites Spa

100.0

100.0

－

－

－

－

－

－

－

－

Subtotal (Note 7)

100.0

100.0

－

－

－

－

－

－

－

－

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

SHIBUYA FLAG (Note 6)

100.0

100.0

100.0

100.0

100.0

92.2

92.2

100.0

100.0

100.0

Ito-Yokado Shonandai

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

0.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

Frespo Inage

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

Park Lane Plaza

96.0

96.7

96.7

96.8

100.0

100.0

95.9

100.0

92.9

95.9

Subtotal (Note 7)

71.8

98.1

96.3

94.6

94.7

99.7

99.6

100.0

99.8

99.9

Total (Note 7)

92.4(90.8)

98.9(97.9)

97.6(93.1)

96.5(91.6)

96.0(90.5)

99.1(91.9)

99.3(98.6)

99.9(99.9)

99.9(99.8)

99.9(99.6)

Subtotal (Note 7)

Other

2023

－

Hashimoto MTR Building(Note 1) The “Occupancy rate” is rounded to the first decimal place. The occupancy rate stated for each Portfolio is the percentage of the total rented area out of
the total rentable area. The subtotal of the occupancy rate for each category (or the total occupancy rate of the entire Portfolio) is the percentage of thesubtotal (or the total) rented area out of the subtotal (or the total) rentable area. The subtotal and total occupancy rates stated are the rates based on the
Portfolio held by MTR as of the end of each fiscal period. If the result of rounding is 100.0%, however, the rate is indicated as 99.9% by rounding down
the second decimal place to the nearest first decimal place.
(Note 2) A master lease agreement, under which rent income is linked to rents under sublease agreements, has been used for the office and store sections, and amaster lease agreement specifying a fixed rent has been used for the hotel section of Tokyo Shiodome Building since April 1, 2021. Therefore, thenumbers in parentheses of the occupancy rates of the properties after September 30, 2021, represent occupancy rates based on sublease agreements forthe office and store section and occupancy rates based on the master lease agreement for the hotel section.
(Note 3) A master lease agreement, under which rent income is linked to the rents for joint management units, is used for Kamiyacho Trust Tower, and thenumber in parentheses of the occupancy rate of the property is the occupancy rate of the entire joint management units.
(Note 4) Regarding the office portion of the Kioicho Building, MTR leases the office portion of the Kioicho Building from a fiduciary trust company under aDisclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

27

master lease agreement and subleases it to tenants. Regarding the residential portion, the agreement used is the master lease pass-through model. The
occupancy rates of the relevant properties stated above are those under the sublease agreement for the office portion and the master lease agreement for
the residential portion. The figures in brackets for the occupancy rates are the occupancy rates based on the sublease agreements of the office andresidential portions of the building.
(Note 5) A master lease agreement under which rent income is linked to rents under a sublease agreement has been concluded for Osaki MT Building. The
figures in brackets for the occupancy rates of the building are the occupancy rates of tenants based on the sublease agreements.
(Note 6) MTR leases the land and building of Hiroo MTR Building, Tenjin Prime and SHIBUYA FLAG from a fiduciary trust company under a master leaseagreement and subleases it to tenants. The occupancy rates of the above properties are those under the sublease agreements.
(Note 7) The numbers in parentheses of subtotal and total occupancy rates represent occupancy rates based on sublease agreements for Kioicho Building, Osaki
MT Building, Sendai MT Building, and Midosuji MTR Building and the occupancy rate calculated based on the occupancy rate of the entire joint
management units for Kamiyacho Trust Tower. The occupancy rate of Tokyo Shiodome Building after September 30, 2021, was calculated according toNote 2.
(Note 8) A master lease agreement under which rent income is linked to rents under a sublease agreement has been concluded for Sendai MT Building. The
figures in brackets for the occupancy rates of the building are the occupancy rates of tenants based on the sublease agreements.
(Note 9) The agreement used for the Midosuji MTR Building is the master lease pass-through model. The figures in brackets for the occupancy rates of thebuilding are the occupancy rates based on the sublease agreement.

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

28

Disclaimer:This report contains translations of selected information described in the Financial Release (Kessan-Tanshin) prepared under the timelydisclosure requirements of the Tokyo Stock Exchange, and portions of the Financial Statements and the Performance Information Reportfor the fiscal period ended February 29, 2024 from September 1, 2023 to February 29, 2024, of MORI TRUST REIT, Inc. (MTR),
prepared pursuant to the Law Concerning Investment Trusts and Investment Corporations of Japan.
This English language document was prepared solely for the convenience of and reference by investors and neither corresponds to theoriginal Japanese documents nor is intended to constitute a disclosure document. The Japanese language Kessan-Tanshin and the
Financial Statements and the Performance Information Report for the aforementioned should always be referred to as originals of thisdocument.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to the concepts of theequivalent Japanese terms. With respect to any and all terms herein, including without limitation, financial statements, if there exist any
discrepancies in the meaning or interpretation thereof between the original Japanese documents and English statements contained herein,
the original Japanese documents will always govern the meaning and interpretation.
None of MTR, MORI TRUST Asset Management Co., Ltd. (MTAM) or any of their respective directors, officers, employees, partners,
shareholders, agents or affiliates will be responsible or liable for the completeness, appropriateness or accuracy of English translations or
the selection of the portion(s) of any document(s) translated into English. No person has been authorized to give any information or
make any representations other than as contained in this document in relation to the matters set out in this document, and if given or
made, such information or representation must not be relied upon as having been authorized by MTR, MTAM or any of their respective
directors, officers, employees, partners, shareholders, agents or affiliates.
The financial statements are a translation of the unaudited financial statements of MTR, that were prepared in accordance with generally
accepted accounting principles in Japan (Japanese GAAP) which may materially differ in certain respects from generally accepted
accounting principles and practices in other jurisdictions. In preparing the financial statements, certain reclassifications andmodifications have been made to the financial statements issued domestically in order to present them in a format that is more familiar
to readers outside Japan.
Certain provisions of this document contain forward-looking statements and information. We base these statements on our beliefs aswell as our assumptions based solely on certain limited information currently available to us. Because these statements reflect ourcurrent views concerning future events, these statements involve known and unknown risks, uncertainties and assumptions. These
forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain importantfactors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking
statements, including without limitation: the general economy, market conditions, financial markets including the performance of thereal estate market, interest rate fluctuations, competition with our properties, and the impact of changing regulations or taxation.
MTR does not intend and is under no obligation to update any particular forward-looking statement included in this document. The
forward-looking statements contained in this press release speak only as of the date of release, and MTR does not undertake to update
those forward-looking statements to reflect events or circumstances occurring after the date of this release.

Disclaimer:This English language document is provided as a service and is not intended to be an official statement. Should a discrepancy be found,the Japanese original will always govern the meaning and interpretation.

29