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TOKYO GROWTH & STABILITY Securities Code 3295 The 25 th Fiscal Period (Ended August 31, 2026) October 19, 2026 Financial Results Briefing
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Please refer to “Definitions of Terms” on pages 72 to 76 for the definitions of terms used in this document. Unless otherwis e specified, figures in this document are rounded down to the nearest indicated unit, except for Acquisition Price and Transfer Price. Acquisition Price, Transfer Price, Area, and Ratios are rounded to the nearest unit. 2Table of Contents Ⅰ. Executive Summary 1. Executive Summary 4 4. Overview of the Asset Acquired 40 2. Three Basic Measures to Strengthen 5 5. Hulic Reit’s Portfolio Composition Policy 41 Returns to Unitholders 6. Portfolio Strategy 42 3. Growth Policy for DPU and Adjusted EPU 6 7. Portfolio Map 43 4. Future Growth Initiatives 7 8. List of Portfolio Properties 44 Ⅱ. Financial Results Highlights 9. Status of Appraisal Values by Property 49 1. DPU and NAV 9 10. Top End-Tenants by Total Area Leased 51 2. Summary of 25th FP Results 10 11. Overview of Office Portfolio 52 3. Summary of 26th FP and 27th FP Forecasts 11 12. Hotels 54 Ⅲ. Asset Management Results 13. Private Nursing Homes 55 1. Portfolio Summary 13 14. Repair and Maintenance Expenses 56 2. Results of External Growth 14 and Capital Expenditures 3. Results of Internal Growth 21 15. Status of Electricity Costs 57 4. Financial Condition 27 16. Simulation of Interest Payments 58 5. Status of Appraisal Values 28 17. Overview of Compensation and Fees 59 Ⅳ. ESG Initiatives 18. Breakdown of Unitholders 60 1. Evaluations and Topics 30 19. Unit Price and Total Market Value 61 Ⅴ. Summary of Financial Results and 20. Initiatives for ESG 62 Earnings Forecast 21. Disclosure in Accordance with 66 1. Statements of Income 32 TCFD Recommendations 2. Balance Sheets 35 22. About Hulic 68 Appendix 23. Hulic's Main Development and Owned Properties 69 1. Actions since 22nd FP and Trend of 37 24. Collaboration with the Hulic Group 70 Investment Unit Price 25. Overview of Hulic Reit and 71 2. Actions to Improve Capital Efficiency 38 Asset Management Company 3. Various Indicators 39 26. Definitions of Terms 72
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Ⅰ Executive Summary QUARTZ SHINSAIBASHI
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4 ⚫ Market rents in offices are accelerating toward increase, with the rent gap widening to -8.3% (-3.2pt, compared to the previous period). ⚫ In the 25th FP (Aug. 2026), rent increases were achieved for more than 9,000㎡ in offices (previous period: approximately 7,800㎡), achieving a rent increase of +6.6% (previous period: +5.4%) (excluding revisions based on original contract provisions without negotiation). ⚫ Rent increases are also progressing for Retails, with the 27th FP (Aug. 2027) expected to see a +23.6% rent increase for approximately 1,500㎡. 2 Increase in Variable Rent Accepted at Hotels ⚫ The total accepted variable rent for hotel properties in the 25th FP (Aug. 2026) was¥616mn, which is +¥50mn (+8.9%) above the forecast. ⚫ At the Asakusa View Hotel, acquired in Sep. 2025, the renovated Executive Rooms (21st - 24th floors) saw their RevPAR for 25th FP (Mar. 2026– Aug. 2026) rise by +152% compared to the pre-renovation period (Mar. 2024–Aug. 2024). *1 3 Adjusted EPU*2 for the 25th FP (Aug. 2026) Was ¥3,455 +¥100 (+3.0%) Upside from the Forecast (¥3,355) Portfolio Restructuring is Progressing Smoothly Rental Growth Accelerates Mainly in Offices, Retails, and Hotels ⚫ Through exchanges and other means, 5 offices and urban retail facilities, including 2 properties located on Ginza's Chuo-dori and a property directly connected to Shinsaibashi Station (note), were acquired at 3.8% in NOI yield before depreciation and 3.4% in NOI yield after depreciation (both assumed after reduction entry). (Note) As of Aug. 6, 2026, Operational Guidelines were partially revised to add ‘regions with economic spheres comparable to the Tokyo metropolitan area' to the investment target area for retails. ⚫ Transferred 5 office and private nursing home properties with limited prospects for future growth at NOI yields of 3.2% before depreciation and 2.9% after depreciation. 1 1. Executive Summary (Since 25th FP (Aug. 2026)) External Growth Internal Growth Internal Growth Restructuring of Portfolio through Asset Replacements Acceleration of Rent Increases in Offices and Retails *1 Simple average monthly RevPAR for Asakusa View Hotel Executive Rooms (21st to 24th floors) from Mar. 2026 to Aug. 2026 (after completion of renovations) is compared with simple average monthly RevPAR from Mar. 2024 to Aug. 2024 (since Mar. 2025 to Aug. 2025 was a renovation period, we compared using the results from 2 years ago). *2 This figure is the EPU adjusted for gains, etc., on sales of properties (including gains on sales after transferring or exchange of property, related type II management fees, and consumption taxes not eligible for exemption (estimated)) (Same applies below.).
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47.9 46.9 46.9 46.6 49.2 40.5 39.4 39.0 38.4 40.4 35 40 45 50 8,301 8,767 8,982 8,716 9,544 9,244 7,000 8,000 9,000 5 *1 For the NOI of 25th FP (Aug. 2026) (result), 26th FP (Feb. 2027) (new forecast), and 27th FP (Aug. 2027) (forecast), adjusted NOI is shown by adding the actual or projected insurance proceeds related to the fire at the Hulic Gotanda Yamate-dori Building, which are recorded as non-operating income (25th FP (Aug. 2026): ¥98mn (result), 26th FP (Feb. 2027) : ¥222mn (estimated), and 27th FP (Aug. 2027) (estimated): ¥734mn) to the result or projected NOI for each period. *2 The LTV as of 25th FP Earnings Announcement is based on the financial results at the end of 25th FP (Aug. 31, 2026), and is an estimated figure, taking into account asset replacements announced on Sep. 25, 2026 (acquisition of 'QUARTZ SHINSAIBASHI' and 'Eastnet Building’, and the transfer of 'Hulic Kojimachi Building’, 'Hulic Shibuya 1 Chome Building’, and 'Trust Garden Yoganomori') and related borrowings (¥21.2bn) (The same applies to subsequent pages.). ◼ Exchanges Was Carried Out in Jun. and Sep. 2026, with Property Acquisitions of ¥74.5bn and Property Transfers of ¥48.7bn ◼ Through Asset Replacement, Portfolio Profitability (NOI Yield), Upside (Rent Gap, etc.), and Quality (age of construction, location, etc.) have improved. ◼ 25th FP Results*1 Show a +3.3% Annualized Growth Compared to the Previous Forecast for the 22nd FP (baseline). ◼ Borrowing in Sep. 2026 Raised Market Value LTV to 40.4% (-0.1pt from End of 22nd FP). （％） 0 0 Annual conversion +3.3％ Annual conversion +4.5％ Aiming to Further Improve Portfolio Growth and Profitability, an Additional Asset Replacement of approximately ¥50bn is planned. 27th FP Forecast*1 Expects Annual Growth of +4.5%. Continue Aiming to Control the Low 40% Range Market Value LTV Up to 45% Approximately ¥45bn Remains in the Low 40% Range Control 2. Three Basic Measures to Strengthen Returns to Unitholders Progress of Three Basic Measures to Strengthen Returns to Unitholders and Future Plans ◼ Announced “Three Basic Measures" to Strengthen Returns of Unitholders in Apr. 2025 (at the Time of the Announcement of Financial Results for 22nd FP (Feb. 2025)) External Growth 1 Aim for Asset Replacement that Contributes to Higher Profitability, Upside, and Quality Internal Growth 2 Financial 3 Three Basic Measures “ “ Progress in Asset Replacement NOI Growth Aim to Achieve 3% (Annual Average) NOI Growth Utilizing Financial Leverage Effectively Utilize Unrealized Gains and the Remaining Capacity Under the Market Value LTV (millions of yen) Previous Forecast for 22nd FP (Feb. 2025) (Basic) Result for 23rd FP (Aug. 2025) Result for 24th FP (Feb. 2026) Result for 25th FP*1 (Aug. 2026) New Forecast for 26th FP*1 (Feb. 2027) Forecast for 27th FP*1 (Aug. 2027) Book Value LTV Market Value LTV End of 22nd FP (Feb. 28, 2025) End of 23rd FP (Aug. 31, 2025) End of 24th FP (Feb. 28, 2026) As of 25th FP Earnings Announcement*2 End of 25th FP (Aug. 31, 2026) Acquisition Capacity
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3,350 3,462 3,509 3,647 3,355 3,455 3,550 3,622 3,304 1,000 2,000 3,000 4,000 6 3,500 4,000 4,000 4,050 4,000 4,000(Yen) ◼ Adjusted EPU for 25th FP (Aug. 2026) was ¥3,455, +¥100 (+3.0%) above the forecast. The adjusted EPU forecast for 26th FP (Feb. 2027) is also expected to be +¥72 (+2.0%) higher than the previous forecast. ◼ We will continue to restructure our portfolio to improve growth potential, monitor interest rate trends, and aim for an average annual growth of 2% in adjusted EPU and DPU growth. 0 Two-Year Plan to Strengthen Returns to Unitholders : DPU ¥4,000 or more After Portfolio Restructuring, Monitor Interest Rate Trends and Aim for an Average Annual Growth of 2%. Adjusted EPU Aiming for Growth Through the Growth of Adjusted EPU DPU *1 Future growth Rate and other figures are levels indicated by Asset Management Company as targets based on calculations made based on certain assumptions, and there is no guarantee as to the feasibility, amount, timing, etc. *2 Figures are based on forecasts released on Oct. 16, 2024. For details, please refer to Financial Report for the Fiscal PeriodEnded Aug. 31, 2024, which was released on Oct. 16, 2024. *3 Figures are based on forecasts released on Apr. 16, 2026. For details, please refer to Financial Report for the Fiscal PeriodEnded Feb. 28, 2026, which was released on Apr. 16, 2026. *4 Figures are based on forecasts released on Oct. 19, 2026. For details, please refer to Financial Report for the Fiscal PeriodEnded Aug. 31, 2026, which was released on Oct. 19, 2026. Adjusted EPU (25th FP Forecast*3 / 26th FP Previous Forecast*3) Adjusted EPU (22nd FP Previous Forecast*2 / Results Up to 24th FP) Adjusted EPU (25th FP Result / New Forecast*4 / Forecast*4 / Assumptions) Utilization of Internal Reserves / Gains on Sales, etc. Continued Asset Replacements Aimed at Improving Portfolio Growth and Profitability (an Additional approximately ¥50bn) Continued NOI Growth of 3% (Annual Average) through Rent Growth (approximately +2.5%/year for the Entire Portfolio; See Next Page for Details) Market Value LTV Control (Low 40% Range) Implementation of Three Basic Measures to Strengthen Returns to Unitholders 4,000 4,000 4,000 +2.0％ +3.0％ Affected by the Gotanda Yamate-dori Fire Hotel Seasonal Factors 3. Growth Policy for DPU and Adjusted EPU After Asset Replacement Assumptions Medium-term Assumptions 22nd FP (Feb. 2025) Previous Forecast*2 Result Result Result 23rd FP (Aug. 2025) 24th FP (Feb. 2026) New Forecast*4Forecast*3 25th FP (Aug. 2026) 26th FP (Feb. 2027) Result Previous Forecast*3 Forecast*4 27th FP (Aug. 2027)
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7 Achievements since 25th FP (Aug. 2026) Onward Future Medium-Term Growth Measures ◼ Aiming to further improve portfolio growth and profitability, we aim to proceed with an additional asset replacement of approximately ¥50bn. ◼ Aiming to improve DPU through realizing unrealized gains and stabilize DPU through the utilization of internal reserves. ◼ Assuming the third rate hike of the year (+0.25%) in Dec. 2026. ◼ Flexibly utilizing variable interest rates to keep borrowing costs down. Market LTV Outlook: Aiming to Maintain Market Value LTV in the Low 40% Range . ◼ Acquired 5 office and urban retail facilities, including 2 properties located on Ginza's Chuo-dori and a property directly connected to Shinsaibashi Station, through exchanges and other means, advancing the asset replacement strategy ahead of schedule. NOI Growth Comparison Before Replacement (Run-rate Basis) +¥484mn （+5.4％） NOI Growth Target +¥270mn/year (+3.1%/year) We will continue to restructure our portfolio to further enhance growth potential, monitor interest rate trends, and aim for an average annual growth rate of 2%. Adjusted EPU DPU Aiming for growth through the growth of the adjusted EPU < Rent Growth Rate (Annualized) * 3> Offices and Retails rent growth : +2.6%/year Hotels Rent Growth (excluding Asakusa) : +4.0%/year ◼ The average rate of rent gap resolution in rent revisions since the announcement of 24th FP (Apr. 2026) is 60.9% compared to the expected 50% of the earnings forecast. ◼ In 25th FP (Aug. 2026), the proportion of offices and retails in total rent growth is 72.4%, and the proportion of hotels is 27.6%. For 25th FP, it landed at ¥3,455 compared to the forecast of ¥3,355. DPU 25th FP was ¥4,000, and 26th and 27th FP are also expected to continue at ¥4,000. ◼ There was +0.25% rate hikes in Jun. and Sep. 2026, raising the policy rate to around 1.25%. ◼ As of the end of 25th FP (Aug. 31, 2026), the fixed interest rate ratio is 72.5%. Market Value LTV: 39.0% (end of 24th FP) → 40.4% (As of 25th FP Earnings Announcement) < Acquired> Total Acquisition Price (5 properties) : ¥74.5bn Average NOI yield (Before Depreciation / after reduction entry) : 3.8% NOI Growth +¥111mn/FP (+2.5%/year) *1 The figures stated in future medium-term growth measures are the target levels estimated by this asset management company based on certain assumptions, and do not guarantee their feasibility, amount, timing, or other aspects. *2 Except for network centers that signed a memorandum of understanding with Hulic Corporation regarding transfers in 2024, the transfer price is listed. *3 For rental income for each period based on lease contracts as of the end of 24th FP (Feb. 28, 2026) and the end of 25th FP(Aug. 31, 2026), adjustments were made for changes in accepted rent due to asset replacement and for hotel variable rents (adjusted to allow comparison of annual accepted variable rent). After excluding temporary revenue fluctuations such as Hulic Gotanda Yamate-dori Building (due to fire impact) and Asakusa View Hotel (due to renewal), the annualized rate of increase or decrease is presented as the rent growth rate. Portfolio Rental Growth : +2.3%/year < transfer*2> Total transfer price (5 properties) : ¥48.7bn Average NOI yield (Before Depreciation) : 3.2% < Main Considerations for Transfer> • Considering the Age of the Building and Tenant Contract Types, It Is Difficult to Anticipate Future Upsides, Such as Offices and Private Nursing Homes. < Main Acquisition Considerations> • Office and Urban Retail Facilities with Promising Future Upside, Mainly in Prime City Centers • Aiming to Improve Profitability Throughout the Entire Asset Replacement Process by Utilizing Exchanges and Other Means Replace- ment Through Asset Replacement, Further Accelerating Internal Growth 4. Future Growth Initiatives External GrowthInternal GrowthFinancial Adjusted EPU ◼ At the time of contract renewal, offices and retails will request rent increases, including those with positive rent gaps. Going forward, we aim to increase the rate of elimination of rent gaps by 50% – 70%. ◼ Hotels expect to see an increase in the GOP due to the completion of renovations at Asakusa View Hotel. < View of Rent Growth Ratio > Offices/Retails Rent Growth : +2% - 3%/year Hotels Rent Growth : +4% - 5%/year Portfolio Rent Growth : approximately +2.5%/year
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Ⅱ Hulic Ginza Building Financial Results Highlights
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160,000 180,000 200,000 220,000 1,000 2,000 3,000 4,000 ◼ The transfer of the 5 Network Centers generated a gain on sale of approximately ¥1.18bn*1 in the 25th FP (Aug. 2026). In addition, supported by the contribution from the asset exchange (the exchange of Hulic Ginza Building and Hulic Ginza World Town Building for a 9% quasi co-ownership interest in Hulic Kamiyacho Building and the underlying land of Hulic Kudan Building), as well as internal growth initiatives, adjusted EPU exceeded the forecast by 3.0%, while DPU was maintained at ¥4,000. （yen） 0 （yen） 191,827 185,851 0 3,480 4,000 3,3553,5093,4623,346 3,358 185,321 3,480 185,850 3,583 3,426 187,509 9 189,736 3,442 3,654 3,480 3,455 3,700 184,369 194,863 3,647 198,588 4,050 4,0004,000 47.9% 49.2%*444.6% 45.0% 40.5%38.0% 38.1% 40.4%*4 45.7% 38.7% 45.9% 39.0% 44.8% 38.0% 46.9% 39.4% 46.9% 39.0% 1. DPU and NAV Trend of DPU, Adjusted EPU and NAV per unit /Utilization of Internal Reserve Adjusted EPU (Result/ Forecast*2) Gains on Sales, etc. NAV per unit (RH Axis) 18th FP （Feb. 2023） 19th FP （Aug. 2023） 21st FP （Aug. 2024） 22nd FP （Feb. 2025） 20th FP （Feb. 2024） Result Result Result Result 23rd FP （Aug. 2025） Result 17th FP （Aug. 2022） ResultResult 24th FP （Feb. 2026） Result 25th FP （Aug. 2026） ResultForecast*2 Book Value LTV Market Value LTV Internal Reserves Stabilization of DPU Utilizing Internal Reserves ¥1,171mn （¥813/unit)*3 As of 25th FP Earnings Announcement *1 This figure, which deducts the book-value price from the transfer price for the property transferred at the time of transfer, is for reference and differs from the actual gains on sales. *2 The “Forecast” for 25th FP (Aug. 2026) refers to the forecasts released on Apr. 16, 2026. *3 Internal reserves at the end of 25th FP (Aug. 31, 2026) and the amount obtained by dividing such internal reserves by the number of investment units issued (1,440,000 units) at the end of 25th FP (Aug. 31, 2026) are stated. *4 This is a pro forma estimate based on the financial results as of the end of 25th FP (Aug. 31, 2026), reflecting the acquisitions (Shinsaibashi and Toyocho) and transfers (Kojimachi, Shibuya 1 Chome, and Yoga) completed on September 30, 2026, as well as the related borrowings of ¥21.2bn. 4,000 +3.0%
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2,500 3,000 3,500 4,000 99.4% 99.4% 99.8% 99.7% 10 Market Value LTV 38.4% Book Value LTV 46.6% 0 3,355 4,000 DPU +35 Variable Rent for Hotels (Sotetsu Ginza･Sotetsu- Roppongi･Maihama･ Asakusa) +35： 3,910 EPU 4,000 EPU +32 -12 3,455 3,996 DPU +31 Total Internal Reserves at the End of 25th FP （yen） 90 Market Value LTV 38.3% Book Value LTV 46.1% 4 ¥1,171mn （¥813/unit） Difference in Gains on Property Sales and Exchanges +40： Costs Related to Property Sales and Exchanges ： -15 Profit/Loss for the FP +6： +20： ： +12 Comparison of EPU (Compared to the Forecasts) 2. Summary of 25th FP (Aug. 2026) Results LTV Avg. Occupancy Rate During Period*3 (Offices) Avg. Occupancy Rate During Period*3 (Portfolio) Asset Replacement, etc.*2 25th FP (Aug. 2026) Forecast*1 25th FP (Aug. 2026) Result Interest Rate Impact, etc. OthersInternal Growth (Initial Assumption) (Initial Assumption) Adjusted EPU Adjusted EPU Reversal of Internal Reserves Reversal of Internal Reserves Interest Expenses/ Borrowing-Related Expenses Expenses Interest Received, etc. *1 Figures are based on forecasts released on Apr. 16, 2026. For details, please refer to Financial Report for the Fiscal Period Ended February 28, 2026, which was released on Apr. 16, 2026. *2 “Asset Replacement, etc.” refer to the transfer of Tabata, Hiroshima, Atsuta, Sapporo, and Keihanna announced on Mar. 10, 2026, the acquisition of Ginz a, Ginza WT, and Edogawabashi announced on Jun. 25, 2026, and the transfer of Kamiyacho (9%) and Kudan. *3 Average Occupancy rate during the period: Average Occupancy rate during the period on a monthly basis (The same applies to subsequent pages.). Upside from the Jun. 2026 Asset Replacement, etc. Upside from Higher Hotel Variable Rents Upside from Conservative Interest Rate Assumptions
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2,000 2,500 3,000 3,500 4,000 Adjusted EPU *1 “Transfer of Network Centers” means the Transfer of Tabata, Hiroshima, Atsuta, Sapporo and Keihanna in 25th FP (Aug. 2026). *2 “Impact of Replacement Properties” covers the acquisition of Ginza, Ginza WT, and Edogawabashi and the sale of Kamiyacho (9%) and Kudan announced on Jun. 25, 2026, as well as the acquisition of Shinsaibashi and Toyocho and the sale of Shibuya 1 Chome, Kojimachi, and Yoga announced on Sep. 25, 2026. *3 Based on the earnings forecast announced on Oct. 19, 2026. For details of assumptions, please refer to Financial Report for the Fiscal Period Ended August. 31, 2026 announced on Oct. 19, 2026. In addition, “Total Internal Reserves at the End of 27th FP” is the assumed amount of total internal reserves at the end of 27th FP divided (by number of investment units issued and outstanding (1.44 million units) and is subject to change). *4 Although no decision has been made at this time to dispose of any property, the forecast assumes that gains on sale will be realized through the sale of portfolio properties. However, there can be no assurance that such sales will be executed. Even if such sales are executed, actual gains on sale may vary from theassumed amounts due to various factors. LTV 0 113. Summary of 26th FP (Feb. 2027) and 27th FP (Aug. 2027) Forecasts -603 +298 -221 +185 -149 Total Internal Reserves at the End of 27th FP*3 ¥129/unit （yen） 3,455 4,000 DPU 3,996 EPU 4 3,622 3,665 EPU 4,000 DPU 335 350 3,304 4,000 DPU 3,650 EPU +195 -51 Others -5： Variable Rent for Hotels (Seasonal Factors, etc.) +222： Offices +76： Increase in Repair Costs -20： Interest Expenses/ Borrowing-Related Expenses -107： Others +14： Interest Expenses/ Borrowing-Related Expenses -135： Variable Rent for Hotels (Seasonal Factors, etc.) -102： Offices +51：Non-recurrence of Gains on Sales -796： Costs Related to Property Sales ： +198 Profit/Loss for the FP +101： Difference in Gains on Exchanges +122： Costs Related to the Exchanges ： -28 Non-recurrence of Restoration Income -26： Non-recurrence of Gains on Exchange -139： Costs Related to Assumed Property Sales and Exchange ： -65 Depreciation -28： Profit/Loss for the FP Expenses for Fixed Asset Tax and City Planning Tax, etc. -64： Total Internal Growth +247 Total Expenses Interest Received, etc. -242 Total +5 Considering the current pace of interest rate increases, the net impact is expected to be slightly positive. 26th FP (Feb. 2027) and 27th FP (Aug. 2027) Forecasts Assumed Gains on Sales *4 +453： Others -68： To Boost Growth Even Further, We’re Aiming to Swap out About ¥50bn Worth of Assets Trend of EPU Adjusted EPU Adjusted EPU Reversal of Internal Reserves Reversal of Internal Reserves Reversal of Internal Reserves Impact of Replacement Properties*2 25th FP (Aug. 2026) Result 26th FP (Feb. 2027) New Forecast*3 27th FP (Aug. 2027) Forecast*3 Transfer of Network Centers *1 Impact of Replacement Properties*2 Internal Growth Internal Growth Others Others Avg. Occupancy Rate During Period Market Value LTV 38.4% Book Value LTV 46.6% Market Value LTV (Assumption) 40.4%*3 Book Value LTV (Assumption) 49.2%*3 Market Value LTV (Assumption) 40.4%*3 Book Value LTV (Assumption) 49.2%*3 Portfolio 99.7% Offices 99.4% Portfolio (Assumption) 99.4% Offices (Assumption) 98.6% Portfolio (Assumption) 99.4% Offices (Assumption) 98.5% +298 + -51 -107 + -135 (26th FP) (27th FP) = = (26th FP) (27th FP)
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Ⅲ Asakusa View Hotel Asset Management Results
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0 20 40 60 80 100 0 1,000 2,000 3,000 4,000 5,000 第1期 第3期 第5期 第7期 第9期 第11期 第13期 第15期 第17期 第19期 第21期 第23期 第25期 オフィス 商業施設 ホテル 有料老人ホーム ネットワークセンター 物件数 13 （Number） （右軸） Offices 51.4% Retails 17.0% Others 9.5% Hotels 22.1% Directly Connected to Station 36.9% Within 1 min 24.2% 1-3 min 17.6% Over 5 min 12.6%3-5 min 8.6% 6 Central Tokyo 65.2% Other Tokyo 23 Wards 27.5% Others 7.2% 449.7 62 Within 1 min 26.8% 1-3 min 29.3% Over 5 min 13.6% 3-5 min 24.4% 97.1% 1. Portfolio Summary Trend of Total Assets Offices Retails Hotels Private Nursing Homes Network Centers Number of Properties (RH Axis)（billions of yen） 500 400 300 200 100 As of 25th FP Earnings Announcement 3rd FP （Aug. 2015） 1st FP （Aug. 2014） 5th FP （Aug. 2016） 7th FP （Aug. 2017） 9th FP （Aug. 2018） 11th FP （Aug. 2019） 13th FP （Aug. 2020） 15th FP （Aug. 2021） 17th FP （Aug. 2022） 19th FP （Aug. 2023） 21st FP （Aug. 2024） 23rd FP （Aug. 2025） 25th FP （Aug. 2026） Portfolio as of 25th FP (Aug. 2026) Earnings Announcement OfficesPortfolio Overall By Usage By Location Offices and Retails 68.4% Tokyo 23 Wards 92.8% By Walking Distance from the Nearest Station By Walking Distance from the Nearest StationWithin 1 min 61.1% Within 1 min 32.7% Ratio*2 *1 Proportions shown in the respective graphs have been calculated based on acquisition prices of office-use assets held by the respective J-REITs as of Aug. 31, 2026 (prepared by the asset management company based on information from information vendors). *2 “Ratio” is the investment ratio in the Tokyo Metropolitan Area in Offices. Directly Connected to Station 5.9% (Reference) J-REIT Overall (Offices) *
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物件 譲渡 物件 取得 14 Maihama Hotels Shinjuku Offices 22nd FP（Feb.2025） Asakusa Hotels Retails Offices 35.0% Chiba NC Acquisition Price ¥38.0bn 26th FP（Feb. 2027） PNH Hongo Offices 56.0% Akihabara Kamiyacho Ikebukuro Nagano Kamiyacho 23rd FP（Aug. 2025） 24th FP（Feb. 2026） 25th FP（Aug. 2026） Other 3 Properties 9.0% Kudan Ginza Ginza WT Offices Retails Other 1 Property Offices Retails ToyochoShinsaibashi Shibuya 1 chomeKojimachi Offices Yoga Gains on Sales, etc. *2 ¥655/unit Gains on Sales, etc. *2 ¥668/unit Gains on Sales, etc. *2 ¥560/unit Gains on Sales, etc. *2 ¥540/unit Gains on Sales, etc. *2(Assumption) ¥43/unit Kamiyacho Acquisition Price：¥27.0bn Acquisition Price：¥26.4bn Total：¥40.9bn Total：¥48.6bn Total：¥25.9bn Acquisition Price*1：¥3.2bn Total*1 ：¥ 35.8bn Total*1：¥26.4bn Total*1：¥23.1bn Total*1：¥23.3bn *1 The price represents the original acquisition price of the properties transferred. *2 The amount was calculated by dividing the estimated gain on transfer, etc. (net of Asset Management Fee II and non-deductible consumption tax), as estimated by the Asset Management Company, by the number of investment units outstanding (1,440,000 units). Figures for the 26th FP (Feb. 2027) and thereafter are based on the earnings forecasts announced on Oct. 19, 2026. Gain onSales, etc. includes the exchange difference gain. *3 The information presented is based on the properties held as of the announcement of the financial results for the 25th FP(Aug. 2026). The figures for Shinsaibashi and Toyocho are based on the data as of their respective acquisition dates, while the figures for all other properties are based on the data as of the end of the 25th FP (Aug. 31, 2026). In addition, The average NOI yield and average NOI yield after depreciation are calculated based on the acquisition price (or, for properties acquired through an exchange transaction, the estimated acquisition price after reduction entry). 2. Results of External Growth（Asset Replacement） Property AcquisitionProperty TransferProperty Transfer Exchange Exchange Exchange Exchange Exchange Exchange Exchange Offices ExchangeExchange Exchange Acquisition Price ¥2.9bn Acquisition Price ¥14.7bn Acquisition Price ¥8.2bn Acquisition Price ¥29.5bn Acquisition Price ¥19.1bn Total Assets 62 properties ¥449.7bn Avg. NOI Yield 4.3% Avg. NOI Yield after Depreciation 3.6% Occupancy Rate 99.5% Unrealized Gains/Losses ¥95.9bn Offices 33 properties Avg. NOI Yield:4.1% ¥231.2bn (51.4%) Retails 10 properties Avg. NOI Yield:4.4% ¥76.6bn (17.0%) Hotels 6 properties Avg. NOI Yield:4.7% ¥99.3bn (22.1%) Assets for Other Uses 13 properties Avg. NOI Yield:4.7% ¥42.6bn (9.5%) As of 25th FP (Aug. 2026) Earnings Announcement*3 Exchange Exchange Sapporo Tabata NC NC Private Nursing Homes
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¥14.7bn ¥8.2bn ¥3.1bn ¥29.5bn ¥19.1bn 3.3％ 3.7％ 3.9％ 3.9％ 4.1％ 2.7％ 3.6％ 3.8％ 3.2％ 3.8％ 3.6％ 3.8％ 4.0％ 3.4％ 4.2％ 15 Total Acquisition Price ¥74.5bn Total Unrealized Gains ¥17.5bn Average NOI Yield*2 (Before Depreciation / After Reduction Entry) 3.8% Average NOI Yield*2 (After Depreciation / After Reduction Entry) 3.4% Average Mid-term Assumed NOI Yield*3 (After Depreciation / After Reduction Entry) 3.7% Average Rent Gap (Shinsaibashi covers only office spaces) -13.6% Average Building Age 12.5years Acquisition 9.0％ Hulic Kamiyacho Building （9.0％） Hulic Kudan Building (Base) Hulic Ginza Building Hulic Ginza World Town Building Exchange East Net Building Hulic Shibuya 1 Chome Building Hulic Kojimachi Building Trust Garden Yoganomori QUARTZ SHINSAIBASHI Edogawabashi Fuji Building Acquisition in Jun. 2026 NOI Yield (After reduction entry)Before Depreci- ationation*2 Mid-term Assumptions After Depreciation*3 Acquisition Price Acquisition in Sep. 2026 ¥6.0bn ¥15.3bn ¥13.3bn ¥6.5bn ¥7.5bn 3.3％ 2.9％ 3.0％ 3.1％ 4.3％ 3.0％ 2.9％ 2.4％ 2.6％ 3.8％ 2.8％ 2.8％ 2.6％ 2.7％ 3.8％ Exchange Gain ¥24mn 2. Overview of Asset Replacement From 25th FP (Aug. 2026) Onward TransferNOI Yield Transfer Price Total Transfer Price ¥48.7bn Total Unrealized Gains ¥6.8bn Average NOI Yield*2 (Before Depreciation) 3.2% Average NOI Yield*2 (After Depreciation) 2.9% Average Mid-term Assumed NOI Yield*3 (After Depreciation) 2.9% Average Rent Gap -5.7% Average Building Age 24.6years Total from 25th FP (Aug. 2026) onward *1 This page summarizes asset replacements decided from 25th FP (Aug. 2026) onward (excluding the transfer of network centerswhose policy was decided in 2024). *2 For acquired properties, the figures are calculated by dividing the direct capitalization method NOI (total acquired properties) as stated in the appraisal report at the time of acquisition by the (estimated) acquisition price (total acquired properties)after reduction entry. For transferred properties, the figures are calculated by dividing the direct capitalization method NOI (total transferred properties) as stated in the appraisal report published in the financial statements immediately preceding the decision to transferby the transfer price (total transferred properties). *3 Mid-term assumed NOI yield after depreciation refers to NOI yield after depreciation estimated by Asset Management Company in consideration of future rent fluctuations and cost fluctuations. We do not guarantee its feasibility or figures. After Depreci- ationation*2 Exchange Before Depreci- ationation*2 After Depreci- ationation*2 Mid-term Assumptions After Depreciation*3 Exchange Gain (Assumed) ¥199mn
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16 ◼ Directly connected to the nearest station, offering excellent transportation accessibility, and located on a highly visible three-sided corner fronting Ginza’s main street, “Chuo-dori” and “Ginza Yanagi-dori. ◼ ”Luxury jewelry brands “Harry Winston” and “Van Cleef & Arpels” (both ranked among the world’s top five jewelry brands) occupy the retail space on the basement first floor through the second floor. The office space on the third through sixth floors features an open layout with frontage on three streets and can be subdivided into up to three sections. ◼ The average rent gap*2 of the current tenants is a negative rent gap of 15% or more, indicating potential upside through rent increases. ◼ Located a one-minute walk from the nearest station and fronting Ginza’s main street, “Chuo-dori,” the property also offers excellent visibility. ◼ The retail space on the first through fourth floors is fully leased to the Italian luxury brand “PRADA” (Prada Japan Co., Ltd.) under a lease agreement commencing Jul. 1, 2026. ◼ The average rent gap*2 of the current tenants on the upper floors is a negative rent gap of 20% or more, indicating potential upside through rent increases. Hulic Ginza Building Acquired from the sponsor a 49% quasi-co-ownership interest in the office and retail portions of a sectional ownership building comprising hotel, office, and retail components. Sponsor Development Offices Hulic Ginza World Town Building 1 min Walk from Station Sponsor -owned Retails Acquired from the sponsor a 20% quasi-co-ownership interest in a commercial facility ideally located a 1-minute walk from Ginza Station on the Tokyo Metro Ginza Line. Acquisition Price ¥14,700mn Location Chuo-ku, Tokyo Appraisal Value*1 ¥17,199mn Nearest Station Directly connected to Ginza- itchome Station on the Tokyo Metro Yurakucho Line Appraisal NOI yield*1 （After Compression Accounting） 3.3% Occupancy Rate 100.0% (As of Aug. 31, 2026) Acquisition Price ¥8,163mn Location Chuo-ku, Tokyo Appraisal Value*1 ¥8,860mn Nearest Station 1 minute walk from Ginza Station on the Tokyo Metro Ginza Line Appraisal NOI yield*1 （After Compression Accounting） 3.7% Occupancy Rate 100.0% (As of Aug. 31, 2026) Directly Connected to Station *1 The appraisal value and NOI yield are based on the appraisal at the time of acquisition. The NOI yield is calculated by dividing NOI by the acquisition price (after reduction entries) and is stated rounded to the first decimal place. *2 The rent gap is calculated by the Asset Management Company based on market rents set by it, using the estimated new rents (as of acquisition) appraised by BAC Urban Project Co., Ltd. For Hulic Ginza Building and Hulic Ginza World Town Building, the figures are weighted averages based on leased area (ownership interest). 2. Results of External Growth (Overview of the Asset Acquired since 25th FP）_No.1
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0 50 100 150 200 250 銀座 南青山 表参道 新宿 23.3% 25.7% 33.1% 35.2% 44.5% 45.4% 51.1% 51.9% 53.4% 62.6% 0% 20% 40% 60% 池袋 六本木・赤坂 原宿・表参道・青山 上野 秋葉原 浅草 東京駅周辺・丸の内・… 銀座 新宿・大久保 渋谷 0 10 20 30 40 2020 2021 2022 2023 2024 2025 172. Results of External Growth (Growth Potential of the Ginza Area) Growing Inbound Demand ■ The Number of Foreign Visitors to Japan *3 ■ Destinations Visited by Foreign Tourists (Tokyo) *4 Trends in Rents and Vacancy Rates*5 Strong Retail Demand*1 ■ Number of Luxury Brand Store Openings by Area*2 （Million People）（Store） 0 5 10 15 中央通り 並木通り 晴海通り マロニエ通り中央 通り 並木 通り 晴海 通り マロニエ 通り （Store） ■ Number of New Store Openings in 2025 and 2026 0 5 10 15 20 0 10 20 30 40 2023 2024 2025 外国人来訪者数 外国人比率 新宿・大久保 ■ Total Number of Inbound Visitors (within a 500m Radius of Ginza Station) *1 （%） ■Sukiyabashi Crossing Local Specialty Goods Area Yurakucho – Ginza 1-chome 263 282 296 1.0 0.0 0.0 0% 1% 2% 3% 4% 5% 6% 240 250 260 270 280 290 300 2024Q1 2025Q1 2026Q1 平均賃料 空室率 ■ Trends in Average High-Street Rents and Vacancy Rates in the Ginza Area （thousand yen /tsubo） +6.3%/year +¥33k/tsubo Ginza’s Neon District Ginza 7- chome and 8- chome （Fiscal Year） （Year） 15.1 17.4 19.9 0 20 40 60（%） Corridor Street, known as a culinary and nightlife hub Gateway to the Marunouchi Office Area Yurakucho Commercial Area Key Characteristics of the Ginza Area*1 Hulic Ginza Building Hulic Ginza World Town Building Office and Hotel Area Higashi-Ginza Average rents are expected to continue rising, supported by a tightening supply-demand balance. （%）（右軸） （右軸） *1 Prepared by Hulic REIT Management based on data from “Market Potential Analysis (June 2026)” prepared by BAC Urban Project Co., Ltd. *2 This figure represents the total number of store openings, combining those in street-front locations and those in department stores and specialty shops. *3 Prepared by Hulic REIT Management based on figures disclosed by the Japan National Tourism Organization (JNTO), an Incorporated Administrative Agency. *4 Prepared by Hulic REIT Management based on figures from the “FY2024 Survey on Behavioral Characteristics of Foreign Visitors by Country/Region”released by the Tokyo Metropolitan Government. *5 Prepared by Hulic REIT Management based on figures from “Japan Retail MarketView (Q1 2026),” “Japan Retail MarketView (Q4 2025),” and “Japan Retail MarketView (Q1 2025)” released by CBRE K.K. 0 Ginza’s Luxury Brand Street （Million People） Inbound Visitors Foreign Visitor Ratio (RH Axis) Chuo -dori Namiki -dori Harumi -dori Marronnier -dori Ginza Minami- Aoyama Omote- sando Shinjuku Tokyo Station Area / Marunouchi / Nihonbashi Roppongi / Akasaka Harajuku / Omotesando / Aoyama Asakusa Shinjuku / Okubo Ginza Shibuya Akihabara Ueno Ikebukuro Average Rent Occupancy Rate (RH Axis)
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18 吉祥寺富士ビル（準共有持分90％） ヒューリック神戸ビル（準共有持分90％） Acquired from the sponsor a newly developed high-rise mixed-use building located in Shinsaibashi, one of the premier commercial districts in the Kansai region, offering direct access to Shinsaibashi Station, exceptional transportation convenience, and high visibility. QUARTZ SHINSAIBASHI (49% quasi co-ownership interest (representing a 24.99% ownership interest in the entire property)) ◼ Directly connected to Shinsaibashi Station on the Osaka Metro Midosuji and Nagahori Tsurumi-ryokuchi Lines, the property is situated on a prominent corner site at the intersection of Midosuji Avenue and Nagahori Street, offering outstanding visibility and excellent accessibility. ◼ Shinsaibashi is one of Osaka’s premier commercial districts, home to a concentration of retail establishments including Daimaru Shinsaibashi, numerous flagship brand stores lining Midosuji Avenue, and the Shinsaibashi-suji Shopping Street. The area benefits from its ability to accommodate a diverse range of retail formats, from domestic and international luxury flagship stores to casual retail concepts. Location Property *1 The appraisal NOI yield is calculated by dividing the NOI used in the appraisal at acquisition by the anticipated acquisition price (assuming application of tax-deferred accounting for gain on sale) and is rounded to the nearest first decimal place. “Acquisition price (assuming application of tax-deferred accounting for gain on sale)” equals the acquisition price less the estimated amount of tax-deferred accounting adjustment. *2 The rent gap is calculated by the Asset Management Company based on market rent levels determined using the estimated market rent for the office portion as of acquisition, as assessed by CBRE K.K. The figure represents a weighted average based on leased floor area. *3 Prepared by the Asset Management Company based on the average vacancy rates and average rents published by Miki Shoji Co.,Ltd. for the Osaka CBD (comprising the Umeda, Minamimorimachi, Yodoyabashi/Hommachi, Semba, Shinsaibashi/Namba, and Shin-Osaka submarkets) and the Shinsaibashi/Namba submarket. Average rents are indexed with Jan. 2023 set at 100. Directly Connected to Station Sponsor Development Retails Acquisition Price ¥29,500mn Appraisal Value ¥32,242mn Appraisal NOI yield*1 3.9 % Location Osaka-shi, Osaka Nearest Station Directly connected to Shinsaibashi Station on the Osaka Metro Midosuji Line and Nagahori Tsurumi-ryokuchi Line Occupancy Rate 97.7% ◼ A Mixed-use Building Comprising 28 Above-ground Stories and 2 Basement Levels, Completed in Feb. 2026 ◼ Street-front retail spaces on the 1st through 3rd floors are occupied by luxury jewelry brands BVLGARI and CHAUMET, as well as the premium casual wear brand DIESEL, while CARTIER and FENDI are scheduled to open in the future. ◼ The retail floors (B2F to 6F) are organized around the concept of “BEYOND LUXURY: A New Level of Affluence” and comprise Food & Cafés on B2F, Health & Beauty on B1F, Luxury Brands on the 1st Floor, Fashion Goods on the 2nd and 3rd Floors, Wellness & Lifestyle on the 4th Floor, Dining on the 5th Floor, and Clinics on the 6th Floor. ◼ The office component, occupying the 8th through 14th floors, offers flexible office space configurations ranging from approximately 269 tsubo per floor to subdivided units of approximately 24 tsubo, accommodating a wide variety of tenant needs, while benefiting from direct access to the station and dedicated shuttle elevators. 0 1 2 3 4 5 6 100 105 110 115 ◼ The upper floors (16th through 28th floors) are occupied by THE GATE HOTEL OSAKA by HULIC, which opened on June 15, 2026. ◼ Certain retail units are subject to variable percentage rent arrangements, providing potential upside should tenant sales increase. ◼ The rent gap*2 for the currently occupied office space (based on executed lease agreements) is approximately negative 17%, indicating potential upside through future rent increases. Trends in Average Vacancy Rates and Average Rent Indices in the Osaka CBD and the Shinsaibashi/Namba Area *3 （%）（Index） Osaka CBD Vacancy Rate （RH Axis） Osaka CBD Rent Index （LH Axis） 100 Jan. 2023 Jul. 2026 Shinsaibashi/Namba Area Vacancy Rate （RH Axis） Shinsaibashi/Namba Area Rent Index （LH Axis） 2. Results of External Growth (Overview of the Asset Acquired since 25th FP）_No.2
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244 266 280 150 200 250 300 2024Q2 2025Q2 2026Q2 100 120 140 160 180 200 2018 2019 2020 2021 2022 2023 2024 2025 2026 クオーツ心斎橋付近 大阪圏商業地区平均 全国商業地区平均 0 50 100 150 200 250 19 Growing Inbound Demand Trends in Average Rents*4 Strong Retail Demand*1 0 10 20 30 40 50 0 10 20 30 40 50 2023 2024 2025 延べ外国人来訪者数 外国人比率 （%） 32.3 38.1 43.6 Key Characteristics of the Shinsaibashi Area*1 Average rents are expected to remain at elevated levels, supported by a tight supply-demand balance. *1 Prepared by the Asset Management Company based on data contained in Commercial Potential Analysis 2026.8 published by BAC Urban Projects Co., Ltd. *2 This figure represents the total number of store openings, combining those in street-front locations and those in department stores and specialty shops. *3 Prepared by the Asset Management Company based on data published in the Official Land Price Publication (Chika Koji) （https://www.mlit.go.jp/totikensangyo/totikensangyo_fr4_000043.html）by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). The figures have been indexed with 2018 set at 100. *4 Prepared by the Asset Management Company based on data contained in Japan Retail MarketView Q2 2026, Japan Retail MarketView Q4 2025 and Japan Retail MarketView Q1 2025 published by CBRE K.K. +7.4%/year +¥36k/tsubo Location Advantages*3 ■ Trend in Official Land Price Index Land prices in the vicinity of QUARTZ SHINSAIBASHI have recorded stronger growth than the averages of other districts, reflecting higher expectations for future income growth. Vicinity of QUARTZ SHINSAIBASHI (Minami-Semba 4-chome) 0 Ginza Shin- juku Shin- saibashi Minami- aoyama Nagoya Sakae Omote- Sando Harajuku 2. Results of External Growth (Growth Potential of the Shinsaibashi Area) ■ Total Number of Inbound Visitors*1 (Within a 500m Radius of Shinsaibashi Station) Foreign Visitor Ratio (RH Axis) Total Number of Inbound Visitors （Fiscal Year） （Million People） （Store） ■ Number of Luxury Brand Store Openings by Area*2 ■ Trends in Average High-Street Rents in the Shinsaibashi Area （thousand yen/tsubo） Osaka Metropolitan Commercial District Average National Commercial District Average （Index） QUARTZ SHINSAIBASHI
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20 吉祥寺富士ビル（準共有持分90％） ヒューリック神戸ビル（準共有持分90％）East Net Building Acquired from the Sponsor an office building located in a highly accessible area with excellent connectivity to the city center, where diverse tenant demand is expected from IT companies, back-office operations, and other businesses. Offices ◼ Located a 7-minute walk from Toyocho Station on the Tokyo Metro Tozai Line, the property occupies a highly visible corner site along Yotsume-dori Avenue. ◼ To the west is the mixed-use complex Tokyo East 21, while Koto City Hall is situated to the south. The surrounding area offers a wide range of restaurants and lifestyle-oriented retail facilities, providing tenants with a highly convenient working environment. ◼ Toyocho Station offers excellent access to central Tokyo, with Otemachi Station reachable in approximately 10 minutes via the Tokyo Metro Tozai Line*3. Accordingly, the area is expected to attract demand not only for corporate headquarters functions, but also for back-office operations, information systems departments, and branch offices overseeing the eastern Tokyo area. ◼ The property consists of two office building phases: Phase I, completed in Mar. 2001, and Phase II, an extension completed in Mar. 2010. The building comprises eight above-ground stories, with a typical floor plate of approximately 340 tsubo for each phase. Given the prevalence of older office buildings in the surrounding area, the property is positioned as a relatively new office building and benefits from a high degree of rarity and competitive advantage. ◼ The rent gap*4 for existing tenants (based on executed lease agreements) is approximately negative 11%, indicating potential upside through future rent increases. ◼ Common area renovation works on selected floors are currently underway and are scheduled for completion in autumn 2026. These upgrades are intended to enhance the property's competitiveness through facility improvements while increasing tenant satisfaction. Location Property Renovation of Common Areas*2 *1 The appraisal NOI yield is calculated by dividing the NOI used in the appraisal at the time of acquisition by the acquisition price and is presented after rounding to the nearest first decimal place. *2 The images shown after the renovation are artist's renderings and are provided for illustrative purposes only. *3 Based on weekday daytime travel times shown in the route and fare search service available on the Tokyo Metro website. *4 The rent gap is calculated by the Asset Management Company based on market rents determined using estimated market rents at the time of acquisition appraised by BAC Urban Projects Co., Ltd. and CBRE K.K. The figures shown are weighted averages based on leased floor area. Acquisition Price ¥19,100mn Location Koto-ku, Tokyo Appraisal Value ¥21,900mn Nearest Station 7-minute walk from Toyocho Station on the Tokyo Metro Tozai Line Appraisal NOI yield*1 4.1% Occupancy Rate 96.0% 7 min Walk from Station Sponsor- owned Renovation work on the common areas of certain floors is currently underway, with completion scheduled for autumn 2026. Entrance Elevator Hall Refresh Lounge Restroom Before Before Before Before After After After After 2. Results of External Growth (Overview of the Asset Acquired since 25th FP）_No.3
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0.5 2.5 4.0 2.5 2.2 1.0 0.6 -1.0 -2.7 -4.8 -1.9 -2.5 -1.4 -0.6 -10 -5 0 5 10 -8,000 -4,000 0 4,000 8,000 21st FP（Aug. 2024）Result 22nd FP（Feb. 2025）Result 23rd FP（Aug. 2025）Result 24th FP（Feb. 2026）Result 25th FP（Aug. 2026）Result 26th FP（Feb. 2027）Forecast 27th FP（Aug. 2027）Forecast Leased Occupancy Rate for Portfolio 99.6% 99.3% 99.0% 99.6% 99.7% 99.4% 99.4% Rental Occupancy Rate for Portfolio 99.3% 98.8% 97.9% 98.7% 99.4% 99.3% 99.3% Leased Occupancy Rate for Offices 99.1% 98.4% 97.7% 98.8% 99.4% 98.6% 98.5% Rental Occupancy Rate for Offices 98.4% 97.2% 95.2% 96.2% 98.7% 98.5% 98.2% Average Free Rent Period 4.2months 5.4months 3.9months 4.2months 0.4months - - The Situation of Hulic Gotanda Yamate-dori BuildingTrend of New Tenant Entry and Departure*1 21 Trend of Occupancy Rate *3 100 0 98 96 (%) New Tenant Entry and Departure Rate (%) New Tenant Entry and Departure Areas (㎡) ForecastResult 3. Results of Internal Growth Offices 24th FP (Feb. 2026) 21st FP (Aug. 2024) 26th FP (Feb. 2027) 25th FP (Aug. 2026) ResultForecast New Forecast Previous Forecast Forecast 27th FP (Aug. 2027) 22nd FP (Feb. 2025) 23rd FP (Aug. 2025) / / New Tenant Entry Areas (Result/Previous Forecast・New Forecast) Departure Areas (Result/Previous Forecast・New Forecast) Departure Rate (RH Axis) New Tenant Entry Rate (RH Axis) Average Occupancy Rate During the Period Leased Occupancy Rate of Offices Leased Occupancy Rate of Portfolio Tokyo Business Ward Occupancy Rate*2 *1 The leased area and vacated area from the 26th FP (Feb. 2027) onward reflect the assumed move-ins and move-outs incorporated in the earnings forecast announced on Oct. 19, 2026. In addition, the vacated area and vacancy rate presented in the “Trend of New Tenant Entry and Departure” are shown as negative figures. *2 The data is prepared by the asset management company based on the average vacancy rate in the Tokyo business wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya wards) released by Miki Shoji Co., Ltd. *3 Average occupancy rate during the period is the average occupancy rate during the period on a monthly basis. Location Shinagawa-ku, Tokyo Acquisition Price ¥3,450mn Completion of Construction Mar. 1996 Leasable Area 3,276.05㎡ Leased Occupancy Rate of Office (Announced on Oct. 2026) ：98.5％ End of 27th FP (Aug. 31, 2027) ・ Feb. 24, 2026 – A fire broke out. ・ As a result of an investigation by professionals, fire damage was found in some of the beams and floors of the structure. ・ We plan to carry out repair work step by step to restore things. Departure Areas Impact on Financial Results ・Construction costs assume receiving Insurance money. Impact on dividends is minimal. ・Aiming for recovery in Apr. 2027 and a quick re-tenanting afterwards. About Fires About 480㎡ (About 140tsubo) 25th FP (Aug. 2026) 26th FP (Feb. 2027) About 1,630㎡ (About 490tsubo) ・ Since it will take some time to restore, multiple tenants are expected to move out. *1
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4.4 0.5 9.6 2.0 5.4 3.3 7.4 -5% 0% 5% 10% 15% -5,000 0 5,000 10,000 15,000 4.0 0.0 0.0 0.0 0.0 -9.4 8.8 3.3 2.1 5.5 3.0 19.4 -20% -10% 0% 10% 20% -4,000 -2,000 0 2,000 4,000 15.6 7.9 16.2 12.0 -0.8 -3.7 -12.6 0.0 0.0 7.0 9.6 19.0 26.9 50.0 72.6 93.0 86.5 81.0 71.2 50.0 27.4 3.8 1.9 0 20 40 60 80 100 増額 据置 減額 50.0 50.0 50.0 66.7 80.0 75.0 12.5 25.0 37.5 16.7 25.0 37.5 25.0 12.5 16.7 20.0 0 20 40 60 80 100 増額 据置 減額 （㎡） （％） （㎡） （％） （％） 22 -20%-17.7 -20 0 0 10 20 -20 10 20 -10 -6,000 5 40,000 6.6 2.5 （％） Offices3. Results of Internal Growth Rent Trend of Offices Results of Tenant Replacements (Office Properties)*1 Percentage Change in Rent for Spaces Subject to Tenant Replacement (Based on Number) 20th FP (Feb. 2024) 21st FP (Aug 2024) 22nd FP (Feb. 2025) 23rd FP (Aug. 2025) 24th FP (Feb. 2026) 25th FP (Aug. 2026) 20th FP (Feb. 2024) 21st FP (Aug 2024) 22nd FP (Feb. 2025) 23rd FP (Aug. 2025) 24th FP (Feb. 2026) 26th FP (Feb. 2027) Completed Contracts 25th FP (Aug. 2026) Increased Increased（Agreements Have Been Concluded in 26th FP） Rent Increased/Decreased Rate (RH Axis) Decreased Decreased（Agreements Have Been Concluded in 26th FP） Increased Rate for Increased Area (RH Axis)*3 Decreased Rate for Decreased Area (RH Axis)*3 Only Completed Contracts*2 Only Completed Contracts*2 Increased Increased（Agreements Have Been Concluded in 26th FP） Rent Increased/Decreased Rate (RH Axis) Decreased Decreased（Agreements Have Been Concluded in 26th FP） Increased Rate for Increased Area (RH Axis)*3 Decreased Rate for Decreased Area (RH Axis)*3 Results of Rent Revisions (Office Properties) Percentage Change in Rent for Spaces Subject to Rent Revision (Based on Number) Revision Rate excluding Non- negotiated Revisions Based on the Original Agreement Revision Rate excluding Non- negotiated Revisions Based on the Original Agreement Increased Without Change in Rent Decreased Increased Without Change in Rent Decreased 20th FP (Feb. 2024) 21st FP (Aug 2024) 22nd FP (Feb. 2025) 23rd FP (Aug. 2025) 24th FP (Feb. 2026) 25th FP (Aug. 2026) 20th FP (Feb. 2024) 21st FP (Aug 2024) 22nd FP (Feb. 2025) 23rd FP (Aug. 2025) 24th FP (Feb. 2026) 26th FP (Feb. 2027) Completed Contracts 25th FP (Aug. 2026) *1 This pertains to tenant replacement for office properties in the case of both entering and departing tenants. *2 For the 26th FP (Feb. 2027), the figures reflect tenant replacement and rent revision agreements that had been executed as ofSep. 30, 2026. However, these figures may change depending on the status of lease agreements to be executed in the future. *3 The figures shown are for 22nd FP (Feb. 2025) and beyond.
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-18,000 -15,000 -12,000 -9,000 -6,000 -3,000 0 3,000 -10% -8% -6% -4% -2% 0% 2% 4% -100,000 -80,000 -60,000 -40,000 -20,000 0 20,000 40,000 60,000 8.2 14.0 23.1 48.4 12.8 21.6 29.8 18.3 35.2 49.6 39.0 26.643.8 14.8 8.0 6.8 0% 50% 100% ▲10%未満 ▲5%未満～▲10%以上 0%～▲5%以上 0%超 *1 Market rents represent assumed new rents assessed by CBRE K.K. for Hulic Reit’s offices (excluding land, retail spaces, residential spaces, etc.; the same applies hereinafter). *2 “Status of the Rent Gap Versus Market Rents”, the rent level for incoming tenants and comparison with market range for offices held by Hulic Reit at each point, are stated based on the area leased. *3 The market rent growth rate (vs. the previous FP) and market rent trends as of the end of 25th FP (Aug. 2026) (vs. the previous FP) are presented for properties that were owned as of the end of 20th FP (Feb. 2024) and continue to be owned as of the announcement of financial results for the 25th FP (Aug. 2026).The market rent growth rate (vs. the previous FP) is weighted by leasable area, while the market rent trends (vs. the previous FP) are based on the number of properties. *4 The total rent gap for each fiscal period is presented for office units owned as of the announcement of financial results for25th FP (Aug. 2026). 23 Rent Gap （%） 100 50 0 1.3％ 6.0％ 3.1％3.2％ 4.6％ 3.1％ （%） -8.3 -3.2 2.4 ▲10%未満 0%超▲10%未満 0%超 （右軸） -5.1 76.7% 100 101 102 106 110 115 100 105 110 115 120 第20期 第21期 第22期 第23期 第24期 第25期 Market Rent Growth Rate vs. Previous FP (Based on Leased Area) （Index） Market rents up approximately 10% year-on-year Increase 78.6% No Change Market Rent Trends in the 25th FP (vs. Previous FP) 3. Results of Internal Growth Offices Status of the Rent Gap Versus Market Rents（Based on Area Leased）*1,2 Rent Gap and Total Rent Gap Less than -10%Less than -10% -10% or More to Less than -5% -5% or more to 0% More than 0% -10% or More to Less than -5% -5% or More to 0% （thousand of yen） Rent Gap (RH Axis)More than 0% 22nd FP (Feb. 2025) 23rd FP (Aug. 2025) 24th FP (Feb. 2026) 25th FP (Aug. 2026) 22nd FP (Feb. 2025) 23rd FP (Aug. 2025) 24th FP (Feb. 2026) 25th FP (Aug. 2026) Trend of Market Rent（Based on Properties）*1,3 Lease Agreement Revisions Schedule in Offices (Total Rent Gap)*4 Less than -10% -10% or More to Less than -5% -5% or More to 0% More than 0% 20th FP (Feb. 2024) 21st FP (Aug 2024) 22nd FP (Feb. 2025) 23rd FP (Aug. 2025) 24th FP (Feb. 2026) 25th FP (Aug. 2026) 30th FP (Feb. 2029) 31st FP (Aug. 2029) 32nd FP (Feb. 2030) 27th FP (Aug. 2027) 26th FP (Feb. 2027) 29th FP (Aug. 2028) 28th FP (Feb. 2028) 34th FP Onwards (Feb. 2031) 33rd FP (Aug. 2030) （thousand of yen）
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5.3 3.9 6.8 10.4 23.6 0 10 20 30 0 500 1,000 1,500 ＜Rent price per unit (The whole building)＞ 3. Results of Internal Growth *1 In the rental revision sections, the rate of increase of the revised rent compared to the rent before the revision is calculated. *2 For the 26th FP (Feb. 2027) and thereafter, the figures are based on rent revisions that had been executed or agreed upon (including those expected to be executed) as of Oct. 19, 2026. These figures are subject to change depending on the status of lease agreements to be executed in the future. *3 HULIC &New SHIBUYA and HULIC &New SHINBASHI, the monthly sales received from tenants from Aug. 2023 to Aug. 2026 (total for 2 properties) are used. The actual sales in Aug. 2023 are set to 100, and the index numbers for each month since Aug. 2023 are shown based on that. 23rd FP Avg. 24th FP Avg. 25th FP Avg. 26th FP Avg. 27th FP Avg. （Aug. 2025） Result （Feb. 2026） Result （Aug. 2026） Result (Feb. 2027) Forecast (Aug. 2027) Forecast Average Occupancy Rate During the Period 99.8% 100.0% 99.7% 99.7% 99.9% （%） 0 24 100.0 99.8 99.6 Rent Trends and Trend of Occupancy Rate Trends in Rent Revisions Trend of Occupancy Rate HULIC & New's Rent Revision Cases (From 25th FP (Aug. 2026)) *2 HULIC ＆New SHIBUYA 5 min Walk From Shibuya Station Retails Rent Increase Rate (Only Increased-Rent Units)*1,2 +23.6％ +6.8％25th FP (Aug.2026) : 27th FP (Aug. 2027) : （㎡） （%） Acquisition : QUARTZ SHINSAIBASHI Acquisition : Hulic Ginza World Town Building Jun. 2026 Sep. 2026 Sales Trends of HULIC &New (Total for 2 properties) *3 HULIC ＆New SHINBASHI Assumption As of 25th FP Earnings Announcement Completed Contracts and Expected*2 End of 24th FP (Feb. 28 2026) +24.1% Aiming for Further Revisions 3 min Walk From Uchisaiwaicho Station Assumption ⚫ Implemented updates for multiple tenants. Aiming for further rent increases. +4.8% Rent Increase Rate (Only Increased-Rent Units) Rent Increase Rate (Only Increased-Rent Units) 99.4 99.2 The Earnings Forecast Assumes the Maintenance of High Occupancy Rate 24th FP (Feb. 2026) 26th FP (Feb. 2027) Completed Contracts *2 25th FP (Aug. 2026) 27th FP (Aug. 2027) Expected *2 23rd FP (Aug. 2025) Aiming for Further Revisions 50 100 150 8月 10月12月 2月 4月 6月 8月 10月12月 2月 4月 6月 8月 10月12月 2月 4月 6月 8月 2023 2024 2025 25th FP Avg. (Aug. 2026) 145 Sales are Remaining Strong 2026 End of 24th FP (Feb. 28 2026) Aug. Aug.Oct. Aug. Oct. Apr.Apr.Apr. Jun.Jun.Jun. Feb.Feb.Feb. Aug. Oct. Dec.Dec.Dec. ＜Rent price per unit (The whole building)＞ As of 25th FP Earnings Announcement Completed Contracts and Expected*2 Rent Increased/Decreased Rate (RH Axis) Increased（Result / Completed Contracts・Expected）/ : +50.5% : +6.8% （Index） Result Forecast
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90 100 110 120 2025年9月 2025年11月 2026年1月 2026年3月 2026年5月 2026年7月 2026年9月 0 10 20 30 40 50 0 200 400 600 800 1,000 2月期 8月期 2月期 8月期 2月期 8月期 2月期 8月期 2月期 8月期 2月期 8月期 2月期 8月期 2月期 8月期 2月期 8月期 2月期 8月期 2018年 2019年 2020年 2021年 2022年 2023年 2024年 2025年 2026年 2027年 40 60 80 100 120 *1 Asakusa View Hotel is excluded from the calculation to eliminate the impact of its renovation work.*2 The four propertie s with variable rent provisions in their lease agreements (two Sotetsu properties, Maihama and Asakusa) are covered, and the guest ratios by country represent the simple averages of the respective ratios at each hote l. *3 For definitions of hotel variable rent amounts and variable rent ratios (relative to hotel rent), please refer to “Defin itions of Terms” on page 74. *4 The GOP figures are indexed using a base value of 100, which represents the combined GOP (ownership -interest basis) for the periods subject to variable rent recognition in each fiscal period (Maihama: Jul. to Dec. for fiscal periods ending Feb. and Jan. to Jun. for fiscal periods ending Aug.; Asakusa: Aug. to Jan. for fisc al periods ending Feb. and Feb. to Jul. for fiscal periods ending Aug.), based on the aggregate GOP (ownership-interest basis) for the fiscal periods ended Feb. 2024 and Aug. 2024. The indexed figures represent the combined GOP (ownership-interest basis) for the fiscal periods ended Feb. 2026 (actual) and Aug. 2026 (actual), the combine d GOP (ownership-interest basis) for the fiscal periods ending Feb. 2027 (forecast) and Aug. 2027 (forecast), and the assumed GO P after completion of the renovation. The actual GOP after completion of the renovation may vary depending on future market conditions and other factors. Accordingly, no assurance is given regarding t he level, achievability, or realization of the GOP shown under “Post -Renovation Assumption. “Previous Forecast” refers to the fo recast disclosed at the time of the announcement of financial results for the 23rd FP (Aug. 2025) on Oct. 17, 2025, while “Forecast” refers to the forecast disclosed at the time of the announcement of financia l results for the 25th FP (Aug. 2026) on Oct. 19, 2026. 25 （％） 0 Asakusa Renewal Trends in ADR, Occupancy Rate and RevPAR (Year-on-Year Index)*1 and the Impact of China's Travel Restrictions on Visitors to Japan Acquired Nov. 2017 Sotetsu Fresa Inn Ginza 7 Chome Sotetsu Fresa Inn Tokyo-Roppongi (50%) Acquired Dec. 2024 Grand Nikko Tokyo Bay Maihama Acquired Sep. 2025 Asakusa View Hotel Acquired Dec. 2023 Sotetsu Fresa Inn Tokyo- Roppongi (50%) （Index） Jul. 2026 24th FP（Feb. 2026） Average of RevPAR： Impact of China's Travel Restrictions on Visitors to Japan*2 ADR Occupancy Rate RevPAR 0 Jan. 2026 Domestic Korea China Australia Others 50% 6% ⚫ Average of RevPAR in Jul. 2026: +10.2% YoY ⚫ The number of guests from China is also showing signs of recovery. （Index） 100.0 102.7 92.8 98.1 114.6 119.8 4.9％ 34.3％ 5.1％2.6％ 30.7％ 13.9％ 109.5 Sep. Nov.Oct. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Oct.Sep. 2025 2026 USA 42% 10% 3. Results of Internal Growth Hotels 106.1 106.925th FP（Aug. 2026） Average of RevPAR： China's Travel Restrictions on Visitors to Japan （Assum- ption） Based on current booking trends and other factors, an expanding year-on-year outperformance is expected from Sep. onward. Guest Composition at Hotels Subject to Variable Rent (Percentage of Total Guests, Including Japanese Guests) GOP Index Trend (Maihama and Asakusa) *4Trends in Hotel Variable Rent Amount and Variable Rent Ratio (to Hotel Rent) * 3 / (millions of yen) Variable Rent Received (Result/Assumption) Variable Rent Ratio (Annual Average) (RH Axis) Feb. FP Aug. FP 2018 Feb. FP Aug. FP Feb. FP Aug. FP Feb. FP Aug. FP Feb. FP Aug. FP Feb. FP Aug. FP Feb. FP Aug. FP Feb. FP Aug. FP Feb. FP Aug. FP 2019 2020 2021 2022 2023 2024 2025 2026 2027 Feb. FP Aug. FP (*) The After Renewal (Assumption) for Asset Management Company remains unchanged from Assumption for Feb. 2027 FP and Aug. 2027 FP for Maihama, and is a total of the Assumption for Asakusa based on the hotel operator’s after renewal plan with certain assumptions. Result Result Previous Forecast Result Previous Forecast Fore- cast Forecast After-renewal (Assumption) (*) Feb. 2024 FP Aug. 2024 FP Feb. 2025 FP Aug. 2025 FP Feb. 2027 FP (Assumption) Aug. 2027 FP (Assumption) Feb. 2026 FP Aug. 2026 FP （Assum- ption） 42% 17%5% 6% 31% 37% 13%10% 7% 33%
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0 100 200 80 100 120 90 100 110 21,519 21,165 21,085 4,719 4,377 2,058 100.0 101.6 103.0 99 100 101 102 103 104 0 5,000 10,000 15,000 20,000 25,000 2025年1-6月 2025年7-12月 2026年1-6月 訪日外客数 うち中国客数 宿泊費消費単価（右軸） 90 100 110 *1 This was created by our asset management company based on the figures disclosed by the Japan National Tourism Organization (J NTO), an independent administrative institution. *2 About variable rent, we’ve set Maihama’s actual results for the 23rd FP (Aug. 2025) as 100 and Asakusa’s forecast for the 25th FP (Aug. 2026) as 100, and are comparin g them. *3 ADR is indexed with the simple average of the monthly actual ADRs from January to June 2024 set at 100 and compared according ly. *4 RevPAR and ADR are compared on an indexed basis, with the simple average of the monthly actual figures from Mar. to Aug. 2024 set at 100. As the property was under renovation from Mar. to Aug. 2025, figures for Mar. to Aug. 2026 are compared against tho se from two years earlier. Asakusa View Hotel 26Hotels Grand Nikko Tokyo Bay Maihama Inbound Demand*1 Result ・For the 25th FP (Aug. 2026), we’re looking at an +11.0% compared to the forecast, and we expect even more upside after the Reopening. Forecast +11.0% +36.4% Variable Rent (Result and Forecasts) *2・Renovation of the standard floors (7th to 20th) is complete. Some floors have been renovated into Superior Rooms (14th to 20th). ・Reopening in Oct. 2026 with a refresh. Expecting further internal growth. RevPAR Index of the Executive Rooms *4 ADR Trends for Superior Rooms (14th-20th Floors) *4 Forecast After Reopening ・The variable rent income for the 25th FP (Aug. 2026) is +10.6% compared to the forecast. ・The 25th-anniversary event at Tokyo DisneySea, 'Sparkling Jubilee' (Apr. 15, 2026 – Mar. 31, 2027), also coincided, keeping things going strong. ADR trends*3 Jan. to Jun. 2024 Jan. to Jun. 2025 Jan. to Jun. 2026 Result of Variable Rent*2 0 0 +10.6% +6.7%/year Average from Mar. to Aug. 2026 （Index） Average from Mar. to Aug. 2024 (Index) （Index） 100 150 0 （Index） ・Although the number of visitors from China declined, the total number of international visitors to Japan and spending per overnight stay remained solid. （Index） 0 （Index） Standard Rooms before Renovation Superior Rooms 3. Results of Internal Growth （thousand people） Jan. to Jun. 2025 Jul. to Dec. 2025 Jan. to Jun. 2026 Numbers of Foreign Visitors to Japan Lodging Cost Per Person (RH Axis) Number of Guests from China 23rd FP (Aug. 2025) 25th FP (Aug. 2026) 25th FP (Aug. 2026) ResultResult Forecast Superior Deluxe Twin Standard Double 25th FP (Aug. 2026) Forecast 26th FP (Feb. 2027) 27th FP (Aug. 2027) Average from Mar. to Aug. 2026 +17.0% 0 Pre-renovation Post-Renovation Average from Mar. to Aug. 2024 +151.8%
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0 3,000 6,000 9,000 12,000 15,000 18,000 21,000 2月期 8月期 2月期 8月期 2月期 8月期 2月期 8月期 2月期 8月期 2月期 8月期 2月期 2027年 2028年 2029年 2030年 2031年 2032年 2033年 長期借入金 投資法人債 27 *1 With respect to the “Average Remaining Period,” “Average Interest Rate,” “Long-term Liability Ratio” and “Fixed Interest Rate Ratio,” the figures are calculated by excluding from the outstanding balance of borrowings as of the end of each fiscal period the outstanding balance as of the end of the relevant fiscal period of bridge loans (as of the end of 22nd FP (Feb. 28, 2025) and 23rd FP (Aug. 31, 2025): the long-term borrowing made on Dec. 24, 2024; as of the end of 24th FP (Feb. 28, 2026): the long-term borrowing made on Dec. 24, 2024, the short-term borrowing made on Oct. 29, 2025 and the short-term borrowing made on Jan. 16, 2026; and as of the end of 25th FP (Aug. 31, 2026): the short-term borrowing made on Jun. 30, 2026). *2 The figures are estimates calculated by the Hulic REIT Management in preparing its earnings forecasts based on assumptions regarding future interest rates and market conditions, taking into account the interest rate levels and market environment prevailing at the time the forecasts were prepared. No assurance is given as to the levels of such figures or the likelihood of their realization. *3 The figures are presented excluding the outstanding balance as of the end of 25th FP (Aug. 31, 2026) of the borrowing madeon Jun. 30, 2026 (bridge loan). 第25期 (2026年8月末) 有利子負債残高 195,096百万円 22.7% 13.6% 8.6% 7.5%6.5% 6.2% 5.9% 5.8% 15.4% 7.7% みずほ銀行 三井住友銀行 三菱UFJ銀行 農林中央金庫 みずほ信託銀行 三井住友信託銀行 りそな銀行 日本政策投資銀行 その他11行 投資法人債 4. Financial Condition ◼ With the widening of the long-term and short-term interest rate spread, efforts are being made to curb the increase in funding costs, mainly through variable interest rates. Status of Interest-bearing Debt*1 Future Outlook*2 Result End of 22nd FP (Feb. 28, 2025) End of 23rd FP (Aug. 31, 2025) End of 24th FP (Feb. 28, 2026) End of 25th FP (Aug. 31, 2026) Total Interest- bearing Debt (millions of yen） 205,416 198,716 196,896 195,096 (Of Which, Total Sustainability Finance) (11,690) (11,690) (10,690) (14,259) Average Remaining Period （year） 3.6 3.4 3.3 3.2 Average Interest Rate （%） 0.75 0.79 0.90 1.01 Long-term Liability Ratio （%） 100.0 100.0 100.0 100.0 Fixed-interest Rate Ratio（※） （%） 88.8 85.4 79.4 72.5 Credit Rating AA AA AA AA (Outlook) （Stable） （Stable） （Stable） （Stable） （※） Fixed-rate borrowings include those for which interest rates are fixed through interest rate swap agreements. Forecast End of 26th FP (Feb. 28, 2027) End of 27th FP (Aug. 31, 2027) Total Interest- bearing Debt (millions of yen） 216,296 216,296 (Of Which, Total Sustainability Finance) (14,259) (14,259) Average Remaining Period （year） 3.2 3.1 Average Interest Rate （%） Approximately 1.2 Approximately 1.4 Assumed Policy Interest Rate (％) 1.50 (2026/12：+0.25) 1.50 Increase in Interest Payments (millions of yen） 19.1 115.7 DPU Impact (yen) Approximately -12 Approximately -72 Estimation of the Impact on Interest Payments Due to the Rise in Policy Interest Rates Lender FormationDiversification of Interest-bearing Debt Maturities (End of 25th FP (Aug. 31, 2026)) *3 (millions of yen) Long-term Loans Investment Corporation Bonds Aug. Aug. Aug. Aug.Aug.Feb. Feb. Feb. Feb.Feb. Feb. 20312027 2028 20322029 2030 Aug. 2033 Feb. End of 25th FP (Aug. 31, 2026) Total Interest- bearing Debt ¥195,096mn Mizuho Trust & Banking Development Bank of Japan Investment Corporation Bonds The Norinchukin Bank Sumitomo Mitsui Trust Bank Other 11 Banks MUFG Bank Mizuho Bank Sumitomo Mitsui Banking Corporation Resona Bank ※Other 11 Banks Shinkin Central Bank, SBI Shinsei Bank, Aozora Bank, Mitsui- Sumitomo Insurance Company, Nippon Life Insurance Company, The 77 Bank, The Higo Bank, The Bank of Fukuoka, The Gunma Bank, THE NISHI-NIPPON CITY BANK, Sompo Japan Insurance Inc.
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7,107 10,179 14,880 21,136 26,258 31,895 35,351 37,581 41,922 49,135 53,192 57,049 57,059 57,801 58,510 63,528 70,141 72,399 71,584 72,344 74,737 77,776 80,531 84,675 90,045 6.9 6.8 9.4 12.4 13.0 13.7 14.1 14.7 15.5 16.1 17.0 17.3 16.3 16.7 16.9 16.9 18.8 19.3 18.6 18.8 19.5 19.1 20.0 21.1 22.5 0 5 10 15 20 25 0 25,000 50,000 75,000 100,000 125,000 オフィス 商業施設 ホテル その他の用 途のアセッ ト 含み損益率 （右軸） Appraisal Values and Unrealized Gains/Losses at the End of FP End of 25th FP (Aug. 31, 2026) Change From the End of 24th FP (Feb. 28, 2026) No. of Properties Appraisal Value Unrealized Gains/ Losses Unrealized Gains/ Losses Ratio Avg. Direct Cap Rate No. of Properties Appraisal Value Unrealized Gains/ Losses Unrealized Gains/ Losses Ratio Avg. Direct Cap Rate Offices 34 265,552 48,205 22.2% 3.2% 0 +1,418 +2,118 +1.0pt -0.0pt Retails 9 54,945 11,016 25.1% 3.6% +1 +9,150 +3,206 +4.5pt -0.2pt Hotels 6 113,250 21,121 22.9% 3.6% 0 +810 +933 +1.0pt -0.0pt Private Nursing Homes 14 56,115 9,701 20.9% 4.0% 0 -245 -67 -0.1pt +0.0pt Network Centers 0 0 0 0.0% 0.0% -5 -7,640 -822 - - Total 63 489,862 90,045 22.5% 3.4% -4 +3,493 +5,369 +1.4pt -0.1pt 28 Comparison with the End of 24th FP In- Crease Flat De- crease Offices 3 31 0 Retails 0 9 0 Hotels 0 5 1 Private Nursing Homes 0 14 0 Network Centers - - - Total 3 59 1 （％） 5. Status of Appraisal Values ◼ Unrealized gains have increased steadily since the listing, amounting to +¥90,045mn at the end of 25th FP (Aug. 31, 2026); ＋¥5,369mn of yen in comparison with the end of 24th FP (Feb. 28, 2026). ◼ At the end of 25th FP (Aug. 31, 2026), the unrealized gains/losses ratio was +22.5%; +1.4pt in comparison with the end of 24th FP (Feb. 28, 2026). Summary of Appraisal Values Change in Direct Cap Rates* (unit : millions of yen) (unit : numbers of properties) Unrealized Gains/Losses * Results are presented relative to appraisal value at the time of acquisition with respect to properties acquired during 25th FP (Aug. 2026). Unrealized Gains/Losses (millions of yen) End of 2nd FP (Feb. 2015) End of 3rd FP (Aug. 2015) End of 4th FP (Feb. 2016) End of 5th FP (Aug. 2016) End of 6th FP (Feb. 2017) End of 7th FP (Aug. 2017) End of 8th FP (Feb. 2018) End of 9th FP (Aug. 2018) End of 10th FP (Feb. 2019) End of 12th FP (Feb. 2020) End of 13th FP (Aug. 2020) End of 14th FP (Feb. 2021) End of 15th FP (Aug. 2021) End of 16th FP (Feb. 2022) End of 17th FP (Aug. 2022) End of 18th FP (Feb. 2023) End of 19th FP (Aug. 2023) End of 20th FP (Feb. 2024) End of 11th FP (Aug. 2019) End of 21st FP (Aug. 2024) End of 22nd FP (Feb. 2025) End of 1st FP (Aug. 2014) End of 23rd FP (Aug. 2025) End of 24th FP (Feb. 2026) End of 25th FP (Aug. 2026) Offices Retails Assets for Other Uses Hotels Unrealized Gains/Losses Ratio (RH Axis)
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Ⅳ QUARTZ SHINSAIBASHI ESG Initiatives
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30 11,656 11,299 7,056 4,352 6,761 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2022年 2023年 2024年 2025年 目標 （KPI） 67,488 65,297 66,614 56,055 50,616 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2022年 2023年 2024年 2025年 目標 （KPI） Scope1+2 -62.7% Scope3 -16.9% Scope1+2 Scope3 2030年末 (t-CO2) (t-CO2) 59.5 63.0 61.4 56.2 55.1 58.3 80.3 83.9 83.5 82.5 81.2 75.6 30 40 50 60 70 80 90 100 （%) 0 Evaluation by External Organizations and Initiatives 2026 Green Star （10 Consecutive Year） 2026 GRESB Rating 4 Star 2026 Public Disclosure A (Highest/ 8 Consecutive Year) Recent ESG Topics ⚫ Issued ESG Report 2026 Approximately ¥3.6bn was borrowed through green loans in Aug. 2026. ⚫ Acquisition of ZEB-Certified Properties ⚫ Execution of Green Loans Issued on Jul. 31, 2026 Evaluation Property Name ZEB Ready ・QUARTZ SHINSAIBASHI*5 ・Hulic Ginza Building*5 ZEB Oriented ・QUARTZ SHINSAIBASHI*6 ・Hulic Ginza Building QUARTZ SHINSAIBASHI 1. Evaluations and Topics Progress on KPI（For Further Details, Please Refer to Page 62.） Progress on GHG Emission Reduction Targets*1*2 GHG emissions GHG emissions (KPI) GHG emissions GHG emissions (KPI) Total GHG Emissions Reduction Rate Relative to 2022 Total GHG Emissions Reduction Rate Relative to 2022 2022 20242023 End of 2030 Target 2022 20242023 End of 2030 Target 42% Reduction Relative to the Actual Figures for 2022 by the End of 2030 25% Reduction Relative to the Actual Figures for 2022 by the End of 2030 Green Building Certification*3 Acquisition Rate*4 • Entire Portfolio：To be Maintained at 50% or more • Offices and Retails：To be Maintained at 60% or more (*) Based on Gross Floor Area Target of Offices and Retails： 60% or more Target of Entire Portfolio： 50% or more Offices and RetailsEntire Portfolio Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Sep. 30, 2026 Dec. 31, 2025 ⚫ CDP’s Climate Change Program 2025 ⚫ Obtained Certification from the Science Based Targets initiative (SBTi) for GHG emissions Reduction targets Obtained a “B” Score ⚫ GRESB Real Estate Survey *1 The following is the scope of subject properties in the calculation of actual figures. (1)The period during which the prop erty was owned by Hulic Reit (limited to properties for which data is available). (2) For the properties that Hulic Reit holds under co-ownership, calculations are based on the figures equivalent to the co-ownership interest held by Hulic Reit. *2 GHG emissions are calculated by multiplying energy consumption by the factor, etc. in accordance with the Ministry of the Environment’s “GHG Emissions Accounting, Reporting and Disclosure System.” GHG emissions in the table include estimated figures. *3 Refers to certification by a third-party certification body, such as DBJ Green Building Certification, CASBEE, BELS, and JHEP Certification. *4 In the calculation of the percentage of properties that will have acquired green building certification, the properties su bject to calculation do not include properties for which ownership is of the land interest only. *5 Only the office spaces are targeted. *6 Only the retail and hotel spaces are targeted. 2025 2025
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Ⅴ Summary of Financial Results and Earnings Forecast QUARTZ SHINSAIBASHI
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(unit: millions of yen) 24th FP (Feb. 2026) 25th FP Change Main Factors Difference (Aug. 2026) Result（A) Forecast*1(B) Result (C) (C-A) (C-A) (C-B) Operating Revenues ■Real Estate Lease Business Revenues （-308） ・Properties Acquired During 24th FP and 25th FP：+269 ・Properties Transferred During 24th FP and 25th FP：-487 ・Decrease in Revenue from Existing Properties*2：-90 ・Increase in Rent Revenue due to Decrease in Downtime, etc. ：+175 ・Decrease in Variable Rent for Hotels (Seasonal Factors)：-144 ・Decrease in Rent Revenue from Halls and Conferences ：-10 ・Decrease in Rent Revenue due to Gotanda Yamate-dori (Due to Fire Impact) :-103 ・Decrease in Rent Revenue due to Utilities ：-48 ・Increase in Revenue from Original Recovery Fee：：+37 ・Increase in Other Rent Business Revenues：+3 ■Gains on Sales of Real Estate Properties （-66） ・Properties Transferred During 24th FP : Ikebukuro (-807), Nagano (-61) (Gain on Exchange of Real Estate Properties) Kamiyacho (56.0%) (-367) ・Property Transferred During 25th FP : Tabata (+310), Hiroshima (+256), Atsuta (+113) Sapporo (+253), Keihanna (+212) (Gain on Exchange of Real Estate Properties) Kamiyacho (9.0%) (+6) Kudan (+17) ■Expenses Related to Rent Business （-45） ・Properties Acquired During 24th FP and 25th FP :-98 ・Properties Transferred During 24th FP and 25th FP :+153 ・Increase in Expenses for Existing Properties*2：-100 ・Increase in Expenses Related to Taxes and Public Dues ：-58 ・Increase in Expenses Related to Repair：-42 ・Increase in Leasing-related Costs：-23 ・Decrease in Management Outsourcing Expenses ：+15 ・Decrease in Expenses Related to Utilities：+14 ・Increase in Other Rent Business Expenses ：-6 ■Non-operating Income (+121) ・Insurance Proceeds from the Fire at Gotanda Yamate-dori :+116 ・Increase in Interest Received：+5 Real Estate Lease Business Revenues 11,416 11,028 11,107 -308 ＋79 Gains on Sales of Real Estate Properties 1,237 1,113 1,170 -66 ＋57 Total Operating Revenues 12,653 12,141 12,278 -375 ＋136 Operating Expenses Expenses Related to Rent Business -3,849 -3,931 -3,895 -45 ＋36 (Of Which) Taxes and Public Dues -935 -1,007 -983 -48 ＋23 Depreciation and Amortization -1,415 -1,387 -1,405 +9 -18 Repair Expenses -153 -200 -188 -35 ＋11 Leasing-related Costs -12 -33 -36 -24 -3 Other Expenses Related to Rent Business -1,332 -1,303 -1,279 +52 ＋23 Asset Management Fee -1,449 -1,287 -1,340 +109 -52 Other Operating Expenses -345 -270 -309 +36 -39 Total Operating Expenses -5,644 -5,490 -5,545 +99 -55 Operating Profit 7,008 6,651 6,733 -275 ＋81 Non-operating Income 26 122 148 +121 ＋25 Non-operating Expenses Interest Expenses /Borrowing-related Expenses -967 -1,134 -1,116 -149 ＋17 Amortization of Investment Unit Issuance Costs 0 0 0 0 0 Amortization of Investment Corporation Bond Issuance Costs -8 -7 -7 +0 0 Total Non-operating Expenses -975 -1,142 -1,124 -148 ＋18 Ordinary Profit 6,060 5,632 5,757 -302 ＋125 Profit 6,059 5,631 5,754 -305 ＋123 DPU (yen) 4,050 4,000 4,000 -50 0 *1 Figures are based on forecasts released on Apr. 16, 2026. For details, please refer to Financial Report for the Fiscal Period Ended Feb. 28, 2026, which was released on Apr. 16, 2026. *2 “Existing Properties” refers to properties held by Hulic Reit from 24th FP (Feb. 2026）to 25th FP (Aug. 2026), excluding the properties acquired in 24th FP (Feb. 2026) (Asakusa and Hongo), the properties transferred in 24th FP (Feb. 2026) (Ikebukuro, Nagano and Kamiyacho (56.0% )), the properties acquired in 25th FP (Aug. 2026) ( Ginza, Ginza WT and Edogawabashi) and the properties transferred in 25th FP (Aug. 2026) ( 5 Network Centers (Tabata, Hiroshima, Atsuta, Sapporo and Keinanna), Kamiyacho (9.0%) and Kudan). Results of 25th FP (Aug. 2026) 1. Statements of Income 32
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1. Statements of Income New Forecasts for 26th FP (Feb. 2027) and Forecast for 27th FP (Aug. 2027) (unit: millions of yen) 25th FP (Aug. 2026) 26th FP Forecast Difference Main Factors 27th FP (Aug. 2027) Change (Feb. 2027) Result（A) Previous*1(B) New (C) (C-B) (C-B) Forecast (D) (D-C) Operating Revenues ■Real Estate Lease Business Revenues （+534） ・Properties Acquired after 24th FP Earnings Anouncement ：+1,401 ・Properties Transferred after 24th FP Earnings Anouncement ：-844 ・Decrease in Revenue from Existing Properties*2：-22 ・Decrease in Rent Revenue due to Downtime, etc. ：-12 ・Increase in Variable Rent for Hotels：+17 ・Increase in Rent Revenue from Halls and Conferences：+5 ・Decrease in Rent Revenue due to Gotanda Yamate-dori (Due to Fire Impact) :-36 ・Increase in Rent Revenue due to Utilities ：+5 ・Decrease in Other Rent Business Revenues：-1 ■Gains on Sales of Real Estate Properties （+199） ・Property Transferred During 26th FP : (Gain on Exchange of Real Estate Properties) Shibuya 1 Chome (+92), Yoga (+107) (Previous Forecast *1：0, New Forecast： 199) ■Expenses Related to Rent Business （-303） ・Properties Acquired after 24th FP Earnings Anouncement :-363 ・Properties Transferred after 24th FP Earnings Anouncement:+253 ・Increase in Expenses for Existing Properties*2：-194 ・Decrease in Expenses Related to Taxes and Public Dues ：+4 ・Decrease in Expenses Related to Depreciation and Amortization：+2 ・Increase in Expenses Related to Repair：-203 ・Decrease in Related to Leasing-related Costs：+13 ・Increase in Expenses Related to Utilities：-10 ・Decrease in Other Rent Business Expenses ：+0 ■Non-operating Income (+162) ・Insurance Proceeds from the Fire at Gotanda Yamate-dori:+152 ・Increase in Interest Received：+10 Real Estate Lease Business Revenues 11,107 11,493 12,028 ＋534 12,002 -25 Gains on Sales of Real Estate Properties 1,170 0 199 ＋199 652 ＋452 Total Operating Revenues 12,278 11,493 12,228 ＋734 12,655 ＋427 Operating Expenses Expenses Related to Rent Business -3,895 -3,898 -4,202 -303 -5,028 -825 (Of Which) Taxes and Public Dues -983 -1,007 -907 ＋99 -1,093 -185 Depreciation and Amortization -1,405 -1,416 -1,496 -79 -1,536 -40 Repair Expenses -188 -139 -341 -202 -912 -570 Leasing-related Costs -36 -27 -12 ＋15 -33 -21 Other Expenses Related to Rent Business -1,279 -1,307 -1,444 -137 -1,452 -7 Asset Management Fee -1,340 -1,119 -1,209 -90 -1,177 ＋32 Other Operating Expenses -309 -221 -326 -104 -242 ＋83 Total Operating Expenses -5,545 -5,239 -5,738 -499 -6,448 -710 Operating Profit 6,733 6,254 6,489 ＋235 6,206 -283 Non-operating Income 148 84 247 ＋162 759 ＋511 Non-operating Expenses Interest Expenses /Borrowing-related Expenses -1,116 -1,217 -1,450 -232 -1,701 -251 Amortization of Investment Unit Issuance Costs 0 0 0 0 0 0 Amortization of Investment Corporation Bond Issuance Costs -7 -7 -7 0 -6 ＋1 Total Non-operating Expenses -1,124 -1,224 -1,457 -232 -1,708 -250 Ordinary Profit 5,757 5,114 5,279 ＋165 5,257 -22 Profit 5,754 5,113 5,278 ＋165 5,256 -22 DPU (yen) 4,000 4,000 4,000 0 4,000 0 *1 Figures are based on forecasts released on Apr. 16, 2026. For details, please refer to Financial Report for the Fiscal Period Ended Feb. 28, 2026, which was released on Apr. 16, 2026. *2 “Existing Properties” refers to assets hold by Hulic Reit from 25th FP (Aug. 2026） to 26th FP (Feb. 2027), excluding the property acquired after 24th FP earnings anouncement (Ginza, Ginza WT, Edogawabashi, Shinsaibashi and Toyocho) and properties transferred after 24th FP earnings anouncement (Kamiyacho (9.0%), Kudan, Kojimachi, Shibuya 1 Chome and Yoga (Of these, Kojimachi, Shibuya 1 Chome and Yoga are assets transferred during 26th FP)) . 33
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1. Statements of Income Results of 25th FP (Aug. 2026) and New Forecasts of 26th FP (Feb. 2027) (unit: millions of yen) 25th FP (Aug. 2026) 26th FP Forecast Change Main Factors 27th FP (Aug. 2027) Change (Feb. 2027) Result（A) Previous*1(B) New (C) (C-A) (C-A) Forecast (D) (D-C) Operating Revenues ■Real Estate Lease Business Revenues （+920） ・Properties Acquired During 25th FP and 26th FP：+1,241 ・Properties Transferred During 25th FP and 26th FP：-766 ・Increase in Revenue from Existing Properties*2：+446 ・Increase in Rent Revenue due to Decrease in Downtime, etc. ：+109 ・Increase in Variable Rent for Hotels：+319 ・Increase in Rent Revenue from Halls and Conferences：+7 ・Increase in Revenue From Utilities：+52 ・Decrease in Revenue from Original Recovery Fee：-37 ・Decrease in Other Rent Business Revenues：-4 ■Gains on Sales of Real Estate Properties （-970） ・Property Transferred During 25th FP : Tabata (-310), Hiroshima (-256), Atsuta (-113) Sapporo (-253), Keihanna (-212) (Gain on Exchange of Real Estate Properties) Kamiyacho (9.0%) (-6), Kudan (-17) ・Property Transferred During 26th FP : (Gain on Exchange of Real Estate Properties) Shibuya 1 Chome (+92), Yoga (+107) ■Expenses Related to Rent Business （-307) ・Properties Acquired During 25th FP and 26th FP：-333 ・Properties Transferred During 25th FP and 26th FP ：+227 ・Increase in Expenses for Existing Properties*2：-201 ・Increase in Expenses Related to Taxes and Public Dues：-2 ・Increase in Expenses Related to Depreciation and Amortization：-18 ・Increase in Expenses Related to Repair Expenses：-152 ・Decrease in Expenses Related to Leasing-related Costs：+13 ・Increase in Expenses Related to Utilities：-24 ・Increase in Management Outsourcing Expenses ：-8 ・Increase in Other Rent Business Expenses：-10 ■Non-operating Income (+99) ・Insurance Proceeds from the Fire at Gotanda Yamate-dori:+106 ・Decrease in Interest Received：-6 Real Estate Lease Business Revenues 11,107 11,493 12,028 ＋920 12,002 -25 Gains on Sales of Real Estate Properties 1,170 0 199 -970 652 ＋452 Total Operating Revenues 12,278 11,493 12,228 -50 12,655 ＋427 Operating Expenses Expenses Related to Rent Business -3,895 -3,898 -4,202 -307 -5,028 -825 (Of Which) Taxes and Public Dues -983 -1,007 -907 ＋76 -1,093 -185 Depreciation and Amortization -1,405 -1,416 -1,496 -90 -1,536 -40 Repair Expenses -188 -139 -341 -152 -912 -570 Leasing-related Costs -36 -27 -12 ＋24 -33 -21 Other Expenses Related to Rent Business -1,279 -1,307 -1,444 -164 -1,452 -7 Asset Management Fee -1,340 -1,119 -1,209 +130 -1,177 ＋32 Other Operating Expenses -309 -221 -326 -16 -242 ＋83 Total Operating Expenses -5,545 -5,239 -5,738 -193 -6,448 -710 Operating Profit 6,733 6,254 6,489 -243 6,206 -283 Non-operating Income 148 84 247 ＋99 759 ＋511 Non-operating Expenses Interest Expenses /Borrowing-related Expenses -1,116 -1,217 -1,450 -333 -1,701 -251 Amortization of Investment Unit Issuance Costs 0 0 0 0 0 0 Amortization of Investment Corporation Bond Issuance Costs -7 -7 -7 +0 -6 ＋1 Total Non-operating Expenses -1,124 -1,224 -1,457 -333 -1,708 -250 Ordinary Profit 5,757 5,114 5,279 -477 5,257 -22 Profit 5,754 5,113 5,278 -475 5,256 -22 DPU (yen) 4,000 4,000 4,000 0 4,000 0 34 *1 Figures are based on forecasts released on Apr. 16, 2026. For details, please refer to Financial Report for the Fiscal Period Ended Feb. 28, 2026, which was released on Apr. 16, 2026. *2 “Existing Properties” refers to properties hold by Hulic Reit from 25th FP (Aug. 2026）to 26th FP (Feb. 2027), excluding the properties acquired in 25th FP (Aug. 2026) (Ginza, Ginza WT and Edogawabashi), the properties transferred in 25th FP (Aug. 2026) (5 Network Centers(Tabata, Hiroshima, Atsuta, Sapporo and Keinanna), Kamiyacho (9.0%) and Kudan)., the properties acquired in 26th FP (Feb. 2027) (Shinsaibashi and Toyocho) and the properties transferred in 26th FP (Feb. 2027) (Kojimachi, Shibuya 1 Chome and Yoga).
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352. Balance Sheets (unit: millions of yen) (unit: millions of yen) End of 24th FP End of 25th FP Change End of 24th FP End of 25th FP Change(Feb. 28, 2026) (Aug. 31, 2026) (Feb. 28, 2026) (Aug. 31, 2026) （A) （B) （B-A) （A) （B) （B-A) Assets Liabilities Current Assets Current Liabilities Cash and Deposits 6,209 6,755 +545 Operating Accounts Payable 498 996 +497 Cash and Deposits in Trust 9,259 10,085 +825 Short-term Borrowings 3,880 4,600 +720 Operating Accounts Receivable 801 367 -433 Current Portion of Long-term Investment Corporation Bonds 1,000 3,000 +2,000 Prepaid Expenses 55 48 -7 Current Portion of Long-term Borrowings 32,498 26,571 -5,927 Consumption Taxes Receivable 258 - -258 Accounts Payable - Other 1,699 1,571 -128 Other 6 121 +115 Accrued Expenses 18 18 0 Total Current Assets 16,591 17,378 +787 Income Taxes Payable 0 0 0 Noncurrent Assets Accrued Consumption Taxes 174 307 +133 Property, Plant and Equipment Advances Received 1,810 1,886 +76 Buildings, net 637 634 -3 Deposits Received 28 10 -17 Land 589 589 0 Total Current Liabilities 41,608 38,963 -2,644 Buildings in Trust, net 63,935 63,148 -787 Noncurrent Liabilities Structures in Trust, net 180 163 -16 Investment Corporation Bonds 14,000 12,000 -2,000 Machinery and Equipment in Trust, net 156 165 +9 Long-term Loans Payable 145,518 148,925 +3,407 Tools, Furniture and Fixtures in Trust, net 89 117 +27 Tenant Leasehold and Security Deposits in Trust 16,421 16,653 +231 Land in Trust 330,251 328,853 -1,398 Asset Retirement Obligations 290 291 +0 Construction in Progress in Trust 14 312 297 Total Noncurrent Liabilities 176,230 177,869 1,639 Total Property, Plant and Equipment 395,858 393,987 -1,871 Total liabilities 217,838 216,833 -1,005 Intangible Assets Net Assets Leasehold Interests in Land 2,345 2,345 0 Unitholders’ Equity Land Leasehold Interests in Trust 3,488 3,482 -5 Unitholders’ Capital 194,754 194,754 0 Total Intangible Assets 5,834 5,828 -5 Deduction From Unitholders’ Capital Investments and Other Assets Allowance for Temporary Difference Adjustments -3 -3 0 Leasehold and Guarantee Deposits 360 360 0 Total Deduction From Unitholders’ Capital -3 -3 0 Long-term Prepaid Expenses 916 930 +14 Unitholders’ Capital, Net 194,750 194,750 0 Total Investments and Other Assets 1,276 1,290 +14 Surplus Total Noncurrent Assets 402,969 401,107 -1,862 Voluntary Retained Earnings Deferred Assets Reserve for Tax Purpose Reduction Entry 433 665 +231 Investment Corporation Bond Issuance Costs 36 29 -7 Total Voluntary Retained Earnings 433 665 +231 Total Deferred Assets 36 29 -7 Unappropriated Internal Reserves 6,575 6,265 -309 Total Assets 419,598 418,515 -1,082 Total Surplus 7,008 6,931 -77 Total Unitholders’ Equity 201,759 201,682 -77 Total Net Assets 201,759 201,682 -77 Total Liabilities and Net Assets 419,598 418,515 -1,082 25th FP（Aug. 2026）Developments ■ Properties Acquired During 25th FP (Aug. 2026) ■ Properties Transferred During 25th FP (Aug. 2026) ■ Book Value LTV at the End of 25th FP（Aug. 31, 2026）: 46.6％ ・ Ginza （Acquisition Price : 14,700) ・Tabata, Hiroshima, Atsuta, Sapporo, Keihanna(Transfer Price：8,000) ・ Ginza WT（Acquisition Price : 8,163) ・Kamiyacho（9.0％/Transfer Price：6,030) ・ Edogawabashi (Acquisition Price : 3,084) ・Kudan (Transfer Price：15,300)
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Appendix East Net Building
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95 100 105 110 115 120 125 130 135 140 Dec.2024 Feb.2025 Apr.2025 Jun.2025 Aug.2025 Oct.2025 Dec.2025 Feb.2026 Apr.2026 Jun.2026 Aug.2026 本投資法人投資口価格 東証REIT指数 37 0 Sep. 30, 2026 Investment Unit Price of Hulic Reit, Inc. 111.6 TSE REIT INDEX 105.3 Difference +6.3 （Index） Decision to Exchange and Acquisition Acquisition: Hulic Ginza Building Hulic Ginza World Town Building Transfer: Hulic Kamiyacho Building Hulic Kudan Building Jun. 25, 2026 Decision to Exchange and Acquisition Acquisition: QUARTZ SHINSAIBASHI East Net Building Transfer: Hulic Kojimachi Building Hulic Shibuya 1 Chome Building Trust Garden Yoganomori Sep. 25, 2026 Hulic Ginza Building QUARTZ SHINSAIBASHI East Net BuildingHulic Ginza World Town Building Jun. 26, 2025 Sep. 24, 2025 Decision to Exchange Acquisition: Hulic Shinjuku Building Transfer: Hulic Kamiyacho Building Announcement of Basic Concept of Asset Replacement Profitability Upside Quality Decision to Exchange Acquisition: Asakusa View Hotel Transfer: Hulic Kamiyacho Building Hulic Shinjuku Building 1. Actions since 22nd FP (Feb. 2025) and Trend of Investment Unit Price Decision on Asset Replacement Acquisition: Grand Nikko Tokyo Bay Maihama Transfer: Dining Square Akihabara Building and 8 Network Center properties * 3 Announcement Concerning Policy Gains on Sales Dec. 18, 2024 Announcement Two-Year Plan to Strengthen Returns to Unitholders for the Future DPU and Adjusted EPU Asakusa View Hotel Investment Unit Price of Hulic Reit, Inc. TSE REIT INDEX After the Announcement of Two-year plan, the Investment Unit Price of Hulic Reit, Inc. Outperformed the TSE REIT Index by 6.3pt *1 The investment unit price of Hulic Reit and the TSE REIT Index from Dec. 2, 2024 to Sep. 30, 2026 are indexed with the closing price as of Dec. 18, 2024 (Two-year Plan to Strengthen Returns to Unitholders announcement date) set at 100.
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2. Actions to Improve Capital Efficiency (Management that is Conscious of Cost of Capital and Investment Unit Prices) 38 * The implied cap rate is calculated using the following formula: (Annual forecast NOI / (market value + net interest-bearing debt (interest-bearing debt - cash and deposits) + tenant leasehold and security deposits). Taking the market environment and other factors into consideration, we will weigh measures that help to improve unitholder value over the medium to long term. Properties Held by Hulic Reit （Market Value） Interest-bearing Debt Cash on Hand Effective Utilization of Unrealized Gains from Property Transfers <Utilizing Financial Leverage> Book ValueUnrealized Gain Utilization of Excess Capacity in Market Value LTV by Effective Utilization of Unrealized Gains Returning Gains on Sales Improvement of Growth Potential ◼ Increasing the Investment Ratio for Properties that Contribute to Better Growth Potential and Stronger Resistance to Inflation ◼ Property Acquisition Decisions are Made with an Awareness of the Implied Cap Rate* as a Cost of Capital ◼ Strengthening Returns to Unitholders by Increasing DPU Levels through the Realization of Unrealized Gains ◼ In Addition to the Level of the Investment Unit Price, the Market Environment, and the Effects of Measures, etc., Progress Made with the Plan to Reinforce Returns to Unitholders is also Taken into Consideration Improvement of Capital Efficiency Improvement of DPU Increase in Investment Unit Price Decrease of capital costs Improving Cash Efficiency Effective Utilization of Cash on Hand Acquisition Repurchase of Own Investment Units Enhancement of Unitholder Value Pursuing Growth Through a Virtuous Cycle We Are Promoting “Three Basic Measures” to Strengthen Returns to Unitholders
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39 End of 16th FP End of 17th FP End of 18th FP End of 19th FP End of 20th FP End of 21st FP End of 22nd FP End of 23rd FP End of 24th FP End of 25th FP (Feb. 28, 2022) (Aug. 31, 2022) (Feb. 28, 2023) (Aug. 31, 2023) (Feb. 29, 2024) (Aug. 31, 2024) (Feb. 28, 2025) (Aug. 31, 2025) (Feb. 28, 2026) (Aug. 31, 2026) No. of Properties 62 62 62 66 67 67 67 67 67 63 Total Assets Portfolio Overall ¥380.1bn ¥379.0bn ¥380.3bn ¥390.9bn ¥393.2bn ¥392.7bn ¥416.5bn ¥416.5bn ¥421.5bn ¥424.2bn Offices ¥249.2bn ¥249.2bn ¥255.4bn ¥261.1bn ¥252.5bn ¥252.0bn ¥252.0bn ¥259.0bn ¥228.1bn ¥229.8bn Retails ¥50.4bn ¥47.0bn ¥42.2bn ¥42.2bn ¥42.2bn ¥42.2bn ¥39.0bn ¥39.0bn ¥39.0bn ¥47.1bn Hotels ¥23.5bn ¥23.5bn ¥23.5bn ¥23.5bn ¥34.3bn ¥34.3bn ¥61.3bn ¥61.3bn ¥99.3bn ¥99.3bn Others ¥57.1bn ¥59.3bn ¥59.3bn ¥64.2bn ¥64.2bn ¥64.2bn ¥64.2bn ¥57.2bn ¥55.2bn ¥48.0bn Unrealized Gains/Losses ¥63.5bn ¥70.1bn ¥72.4bn ¥71.6bn ¥72.3bn ¥74.7bn ¥77.8bn ¥80.5bn ¥84.6bn ¥90.0bn Average NOI Yield 4.4% 4.3% 4.3% 4.3% 4.3% 4.3% 4.3% 4.3% 4.4% 4.3% Average NOI Yield After Depreciation 3.7% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.7% 3.6% Appraisal Direct Cap Rate 3.6% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.4% Average Age of Buildings 22.0years 22.3years 22.9years 22.0years 21.0years 21.6years 22.9years 21.7years 22.3years 22.3years Occupancy Rate 98.4% 98.7% 99.0% 99.0% 99.7% 99.5% 99.5% 99.1% 99.8% 99.7% PML*2 3.6 3.6 3.6 3.5 3.5 3.5 3.9 3.9 3.5 3.7 EPU ¥3,784 ¥3,802 ¥3,394 ¥3,516 ¥3,583 ¥3,650 ¥4,117 ¥4,177 ¥4,207 ¥3,996 DPU ¥3,600 ¥3,700 ¥3,480 ¥3,480 ¥3,583 ¥3,654 ¥4,000 ¥4,000 ¥4,050 ¥4,000 NAV per Unit ¥179,675 ¥184,369 ¥185,851 ¥185,321 ¥185,850 ¥187,509 ¥189,736 ¥191,827 ¥194,863 ¥198,588 FFO per Unit ¥4,159 ¥4,264 ¥4,212 ¥4,209 ¥4,292 ¥4,323 ¥4,229 ¥4,222 ¥4,331 ¥4,159 AFFO per Unit ¥3,933 ¥4,077 ¥3,904 ¥3,978 ¥3,899 ¥4,121 ¥3,843 ¥3,840 ¥3,821 ¥3,170 Pay out ratio（FFO） 86.6% 86.8% 82.6% 82.7% 83.5% 84.5% 94.6% 94.7% 93.5% 96.2% Pay out ratio（AFFO） 91.5% 90.8% 89.1% 87.5% 91.9% 88.7％ 104.1% 104.2% 106.0% 126.2% 3. Various Indicators *1 The asset categories are based on operational guidelines for each period. *2 In regards to the PML assessor, since the earthquake PML assessment system was updated with the aim of improving the precision of earthquake PML assessments and changing the seismic risk assessment, the PML value calculated based on the updates to the system in question will be stated from the end of 16th FP (Feb. 28, 2022).
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404.Overview of the Asset Acquired 吉祥寺富士ビル（準共有持分90％） ヒューリック神戸ビル（準共有持分90％）Edogawabashi Fuji Building（90.0% quasi co-ownership interest ） Co-ownership with the Sponsor of an Office Building Occupied by Mizuho Bank’s Edogawabashi Branch Offices ◼ The property is located approximately a 1-minute walk from Edogawabashi Station on the Tokyo Metro Yurakucho Line and occupies a highly visible three-sided corner site fronting both Mejiro-dori Avenue and Edogawabashi-dori Avenue. Given its position directly in front of a station exit, the property enjoys a highly rare and attractive location. ◼ The surrounding area includes Edogawa Park, Hotel Chinzanso Tokyo, and the Hatoyama Hall. As residential neighborhoods are concentrated around Edogawabashi Station, the property is expected to benefit from steady demand from small office users as well as customer-facing offices and service-oriented businesses targeting local residents. ◼ The property is a small-scale office building comprising seven above-ground floors and one basement floor, completed in Oct. 1983, with a total floor area of approximately 2,929 m² (approximately 886 tsubo) and a typical floor plate of approximately 160 tsubo. ◼ The surrounding market also contains a large number of aging office buildings of similar vintage. However, the property maintains a certain level of competitiveness due to its location within close proximity to the station, its prominent corner position at the intersection of major thoroughfares, and its excellent visibility from the surrounding area. Location Property Sponsor Support from Hulic*2 *1 The appraisal value and NOI yield are based on the real estate appraisal report at the time of acquisition, and the NOI yieldis calculated by dividing the NOI under the direct capitalization method by the acquisition price. *2 For details of sponsor support, please refer to the Securities Report for the 24th FP (Feb. 2026). Acquisition ratios are calculated based on acquisition prices, while disposition ratios are calculated based on disposition prices. Both ratios are rounded to the nearest whole percentage, with the second decimal place rounded off. *3 “Sponsor-owned properties, etc.” refer to properties acquired and held by the sponsor from third parties, as well as properties acquired from special purpose companies in which the sponsor held an investment interest through a silent partnership arrangement. 65.6% Sponsor Group, etc. 98.0% Sponsor Develop- ment Sponsor Owned, etc.*3 Property Acquisition Channels of Hulic Reit 63.6% 34.4% Sponsor 85.4% Non-Sponsor 14.6% 1-min Walk from Station Sponsor- owned Acquisition Price ¥3,084mn Location Bunkyo-ku, Tokyo Appraisal Value*1 ¥3,230mn Nearest Station 1-minute walk from Edogawabashi Station on the Tokyo Metro Yurakucho Line Appraisal NOI yield*1 3.9% Occupancy Rate 100.0% (As of Aug. 31, 2026) Property Transfer Channels of Hulic Reit
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Offices Retails ・In Tokyo and Government-ordinance-designated Cities in the Surrounding Areas or Areas with Economic Zones Equivalent to the Tokyo Metropolitan Area ・In Principle, Located within a 5 min Walking Distance from the Nearest Train Station or in Areas with a High Concentration of Retail Activities ・Highly Visible Commercial Facilities that can be Expected to Attract Demand from Tenants who Offer Goods and Services that Match the Characteristics of the Commercial Area 41 Property Name Location Operator Sotetsu Fresa Inn Ginza 7 Chome Ginza, Chuo-ku, Tokyo Sotetsu Group*3 Sotetsu Fresa Inn Tokyo-Roppongi Roppongi, Minato-ku, Tokyo Hulic Tsukiji 3 Chome Building Tsukiji, Chuo-ku, Tokyo HATO BUS CO., LTD. Hulic Kaminarimon Building Kaminarimon, Taito-ku, Tokyo Hulic Hotel Management CO., LTD. Grand Nikko Tokyo Bay Maihama Urayasu City, Chiba Okura Nikko Hotel Management Co., Ltd. Asakusa View Hotel Nishiasakusa, Taito-ku, Tokyo Hulic Hotel Management CO., LTD. QUARTZ SHINSAIBASHI Minami-Senba, Chuo-ku, Osaka City ＜ Hotels Held by Hulic Reit ＞ Offices and Retails *1 Hotels ・Make Prudent Investment Decisions by Comprehensively Considering Individual Factors such as Use, Scale, Quality, Specifications, and Tenants, while Placing the most Importance on Selecting a Location that Includes the Surrounding Environment *1 *1 Assets for Other Uses 5. Hulic Reit’s Portfolio Composition Policy ⚫ Tokyo Metropolitan Area (Tokyo and Government-ordinance-designated Cities in the Surrounding Areas) or Areas with Economic Zones Equivalent to the Tokyo Metropolitan Area ⚫ In Principle, Located within a 5 min Walking Distance from the Nearest Station or Areas with Competitiveness and Advantages in the Region ⚫ In Principle, the Investment Ratio in the Tokyo Metropolitan Area is 90% or more of the Total Office Investment*1 ・ Properties that are Located in Areas with Good Transportation Access or in Major Tourist Destinations in Japan, and are Expected to Attract Demand for Tourism or Business Use, etc. ・ Facilities that are Managed on a Lease Basis as a General Rule ・ Facilities that have a Fixed Rent or a Fixed Rent Plus a Variable Rent Linked to Sales Performance or Other are Investment Targets *1 Based on the acquisition price, not including consumption or local taxes or the costs and expenses related to the acquisition. Note that the investment ratio can differ from these ratios depending on the individual specific assets acquired, etc. *2 For detailed information, please refer to the "Notice Concerning Partial Amendments to the Internal Rules (Operational Guidelines) of Hulic REIT Management Co., Ltd." announced on Aug. 6, 2026. *3 Hotels form lease agreements with Sotetsu Hotel Development Co., Ltd. and Sotetsu Hotel Management CO., LTD., an operator, administers the hotels. ・ Assets for Other Uses are those that Hulic Reit Determines that Solid Demand can be Expected in the Future and Stable Earnings can be Generated Over the Long Term ・ Hulic Reit Stringently Selects Investment Targets after Carefully Examining the Individual Properties’ Profitability, Characteristics of the Location and Competitiveness of the Location ・ Investment Properties are Private Nursing Homes（with Mid-range and Higher Assumed Monthly Usage Fee ） and Other Investment Target Assets Added following the partial amendment to Operational Guidelines dated Aug. 6, 2026. *2
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Offices 65.0% Retails 16.5% Hotels 5.0% Others 13.5% 42 Others 11.3% Hotels 23.4% Retails 11.1% Offices 54.2% Others 9.5% Hotels 22.1% Retails 17.0% Offices 51.4% Others 16.4% Hotels 8.7% Retails 10.7% Offices 64.2% Increase in Ratio for Retails Acquisition of a Property with Rent Upside Potential in an Inflationary Environment 6. Portfolio Strategy Asset Replacement Policy Offices ・Consideration Taking into Property Characteristics Such as Location, Tenant Leasing Needs, and Future Growth Potential ・With respect to the sponsor’s mixed-use development properties and well- located urban retail facilities, selective investments are made after carefully considering their potential for rent upside and other growth opportunities.Retails Hotels ・Continued Study as an Asset with Potential for Growth ・Aiming to Improve Growth Potential by Accepting Variable Rents Based on Revenue Stability, While Taking into Account Management Performance and Other Factors Others ・Carefully Selected Investment in Private Nursing Homes, While Ensuring Profitability by Utilizing Warehousing and by Assessing the Operating Status of Operators and Other Efforts Acquisition Policy for Each Sector Property Transfer Strategy <Properties Under Consideration for Transfer> • Properties whose future earnings potential is a concern due to factors such as increasing costs associated with aging buildings. • Properties for which it is difficult to expect future upside potential, taking into account the lease structures and other arrangements of existing tenants. • Properties that have accumulated significant unrealized gains but are considered to have limited growth potential going forward. • Aiming to improve DPU Levels by Realizing Unrealized Gains with Asset Replacement • We are also considering replacement aimed at reducing risk and improving the quality of the portfolio as well as stabilizing DPU via reduction entry, etc. utilizing the exception for reduction due to replacement of long-held assets. We aim to pursue asset replacements with a focus on assets that are expected to offer growth potential. Portfolio Management Adapted to the Market Environment End of 12th FP (Feb. 29, 2020) End of 21st FP (Aug. 31, 2024) End of 25th FP (Aug. 31, 2026) As of 25th FP Earnings Announcement (Oct. 19, 2026) About 4.5 years About 2.0 years Increase in Ratio for Hotels Decrease in Ratio for Others Assuring Stability and Concerns Asset Replacement Intended to Transfer Property Transfer of Properties that Have Fixed Rents and are Expected to See a Decline in Profitability 55properties ¥332.1bn 67properties ¥392.7bn 63properties ¥424.2bn 62properties ¥449.7bn
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43 No. Property Name OF-03 Toranomon First Garden OF-04 Rapiros Roppongi OF-05 Hulic Takadanobaba Building OF-06 Hulic Kanda Building OF-07 Hulic Kandabashi Building OF-08 Hulic Kakigaracho Building OF-09 Ochanomizu Sola City OF-10 Hulic Higashi Ueno 1 Chome Building OF-12 Tokyo Nishi Ikebukuro Building OF-14 Hulic Toranomon Building OF-17 Hulic Jimbocho Building OF-20 Hulic Gotanda Yamate-dori Building OF-22 Bancho House OF-23 Ebisu Minami Building OF-24 Hulic Iidabashi Building OF-25 Hulic Asakusabashi Building OF-26 Hulic Ebisu Building OF-27 Hulic Ryogoku Building OF-28 Hulic Asakusabashi Edo-dori OF-29 Hulic Nakano Building OF-30 Hulic Ueno Building OF-32 Kichijoji Fuji Building OF-33 Hulic Hachioji Building OF-35 Hulic Gotanda Building OF-36 Hulic Oji Building OF-37 Hulic Kobunacho Building OF-38 Hulic Komagome Building OF-39 Kameido Fuji Building OF-40 Hulic Shinjuku Building OF-41 Hulic Ginza Building No. Property Name OF-42 Edogawabashi Fuji Building OF-43 East Net Building RE-01 Oimachi Redevelopment Building (#2) RE-02 Oimachi Redevelopment Building (#1) RE-04 Hulic Jingu-Mae Building RE-09 Hulic Todoroki Building RE-11 HULIC &New SHIBUYA RE-12 HULIC &New SHINBASHI RE-13 Hulic Shimura-sakaue RE-14 Hulic Mejiro RE-15 Hulic Ginza World Town Building HT-01 Sotetsu Fresa Inn Ginza 7 Chome HT-02 Sotetsu Fresa Inn Tokyo-Roppongi HT-03 Hulic Tsukiji 3 Chome Building HT-04 Hulic Kaminarimon Building HT-05 Grand Nikko Tokyo Bay Maihama HT-06 Asakusa View Hotel Central Tokyo Greater Tokyo 7. Portfolio Map (Offices, Retails and Hotels) * The map shown above plots Offices, Retails and Hotels, from among the assets held by Hulic Reit as of 25th FP (Aug. 2026) earnings announcement. “Hulic Kobe Building (Office)” and “QUARTZ SHINSAIBASHI (Retail)” are also held in addition to the properties above. New New New New
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44 Offices Hulic Takadanobaba Building OF-05 6 min Walk from Station Area Other Tokyo 23 Wards Location Toshima-ku, Tokyo Acquisition Price ¥3,900mn Completion of Construction Nov. 1993 Leasable Area 5,369.71㎡ NOI Yield 6.0% Occupancy Rate 100.0% Ochanomizu Sola City OF-09 Directly Connected to Station Sponsor Development Area 6 Central Tokyo Wards Location Chiyoda-ku, Tokyo Acquisition Price ¥38,149mn Completion of Construction Feb. 2013 Leasable Area 13,923.42㎡ NOI Yield 3.8% Occupancy Rate 100.0% Toranomon First Garden OF-03 1 min Walk from Station Sponsor Development Area 6 Central Tokyo Wards Location Minato-ku, Tokyo Acquisition Price ¥8,623mn Completion of Construction Aug. 2010 Leasable Area 5,689.97㎡ NOI Yield 4.4% Occupancy Rate 100.0% Rapiros Roppongi OF-04 Directly Connected to Station Area 6 Central Tokyo Wards Location Minato-ku, Tokyo Acquisition Price ¥6,210mn Completion of Construction Aug. 1997 Leasable Area 6,730.52㎡ NOI Yield 6.1% Occupancy Rate 100.0% By Usage No. of Properties Acquisition Price （millions of yen） Share（％） Average Age of Buildings（years） Leasable Area （㎡） Average NOI Yield （％） Occupancy Rate （％） Offices 33 231,181 51.4 20.4 140,424.56 4.1 98.8 Retails 10 76,621 17.0 16.4 54,777.09 4.4 99.7 Hotels 6 99,342 22.1 29.2 106,140.17 4.7 100.0 Private Nursing Homes 13 42,561 9.5 13.7 56,081.34 4.7 100.0 Total 62 449,705 100.0 21.0 357,423.16 4.3 99.5 Hulic Kandabashi Building OF-07 3 min Walk from Station Sponsor Development Area 6 Central Tokyo Wards Location Chiyoda-ku, Tokyo Acquisition Price ¥2,500mn Completion of Construction Jun. 2001 Leasable Area 2,566.95㎡ NOI Yield 4.6% Occupancy Rate 100.0% Hulic Kanda Building OF-06 1 min Walk from Station Area 6 Central Tokyo Wards Location Chiyoda-ku, Tokyo Acquisition Price ¥3,780mn Completion of Construction Sep. 2008 Leasable Area 3,728.36㎡ NOI Yield 4.4% Occupancy Rate 100.0% Hulic Kakigaracho Building OF-08 2 min Walk from Station Sponsor Development Area 6 Central Tokyo Wards Location Chuo Ward, Tokyo Acquisition Price ¥2,210mn Completion of Construction Mar. 1993 Leasable Area 2,858.48㎡ NOI Yield 5.8% Occupancy Rate 100.0% Tokyo Nishi Ikebukuro Building OF-12 3 min Walk from Station Area Other Tokyo 23 Wards Location Toshima-ku, Tokyo Acquisition Price ¥1,580mn Completion of Construction Oct. 1990 Leasable Area 1,429.74㎡ NOI Yield 5.3% Occupancy Rate 100.0% Hulic Higashi Ueno 1 Chome Building OF-10 2 min Walk from Station Area Other Tokyo 23 Wards Location Taito-ku, Tokyo Acquisition Price ¥2,678mn Completion of Construction Jul. 1988 Leasable Area 3,137.09㎡ NOI Yield 4.7% Occupancy Rate 100.0% Hulic Toranomon Building OF-14 1 min Walk from Station Sponsor Development Area 6 Central Tokyo Wards Location Minato-ku, Tokyo Acquisition Price ¥18,310mn Completion of Construction May 2015 Leasable Area 8,574.65㎡ NOI Yield 3.3% Occupancy Rate 100.0% Hulic Jimbocho Building OF-17 2 min Walk from Station Area 6 Central Tokyo Wards Location Chiyoda-ku, Tokyo Acquisition Price ¥1,460mn Completion of Construction Sep. 1989 Leasable Area 1,561.38㎡ NOI Yield 4.8% Occupancy Rate 100.0% Hulic Gotanda Yamate-dori Building OF-20 1 min Walk from Station Area 6 Central Tokyo Wards Location Shinagawa-ku, Tokyo Acquisition Price ¥3,450mn Completion of Construction Mar. 1996 Leasable Area 3,276.05㎡ NOI Yield 3.6% Occupancy Rate 85.4% 8 . List of Portfolio Properties (As of 25th FP（Aug. 2026） Earnings Announcement) *1 This refers to assets held by Hulic Reit as of 25th FP (Aug. 2026) earnings announcement. *2 All figures are calculated based on data as of the acquisition date for properties acquired in 26th FP (Feb. 2027), and as of the end of 25th FP (Aug. 31, 2026) for all other properties. Average age of buildings shown is as of Sep. 30, 2026.
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45 Offices Ebisu Minami Building OF-23 4 min Walk from Station Area 6 Central Tokyo Wards Location Shibuya-ku, Tokyo Acquisition Price ¥2,420mn Completion of Construction Sep. 1992 Leasable Area 1,629.09㎡ NOI Yield 4.3% Occupancy Rate 100.0% Hulic Ryogoku Building OF-27 2 min Walk from Station Sponsor Development Area Other Tokyo 23 Wards Location Sumida-ku, Tokyo Acquisition Price ¥5,610mn Completion of Construction Jan. 2010 Leasable Area 4,569.34㎡ NOI Yield 4.1% Occupancy Rate 89.1% Hulic Iidabashi Building OF-24 4 min Walk from Station Area 6 Central Tokyo Wards Location Chiyoda-ku, Tokyo Acquisition Price ¥1,450mn Completion of Construction Feb. 1991 Leasable Area 1,431.94㎡ NOI Yield 4.0% Occupancy Rate 100.0% Hulic Asakusabashi Edo-dori OF-28 1 min Walk from Station Sponsor Development Area Other Tokyo 23 Wards Location Taito-ku, Tokyo Acquisition Price ¥5,420mn Completion of Construction Sep. 2015 Leasable Area 3,956.73㎡ NOI Yield 4.0% Occupancy Rate 100.0% Hulic Asakusabashi Building OF-25 1 min Walk from Station Sponsor Development Area Other Tokyo 23 Wards Location Taito-ku, Tokyo Acquisition Price ¥4,750mn Completion of Construction Feb. 2013 Leasable Area 5,280.72㎡ NOI Yield 6.0% Occupancy Rate 100.0% Hulic Nakano Building OF-29 1 min Walk from Station Sponsor Development Area Other Tokyo 23 Wards Location Nakano-ku, Tokyo Acquisition Price ¥3,200mn Completion of Construction Oct. 1994 Leasable Area 2,616.83㎡ NOI Yield 4.3% Occupancy Rate 100.0% Bancho House OF-22 3 min Walk from Station Area 6 Central Tokyo Wards Location Chiyoda-ku, Tokyo Acquisition Price ¥2,750mn Completion of Construction Aug. 1989 Leasable Area 1,981.83㎡ NOI Yield 4.7% Occupancy Rate 100.0% Hulic Ebisu Building OF-26 6 min Walk from Station Area 6 Central Tokyo Wards Location Shibuya-ku, Tokyo Acquisition Price ¥1,275mn Completion of Construction Feb. 1992 Leasable Area 1,059.22㎡ NOI Yield 5.2% Occupancy Rate 100.0% Hulic Ueno Building OF-30 3 min Walk from Station Area Other Tokyo 23 Wards Location Taito-ku, Tokyo Acquisition Price ¥4,100mn Completion of Construction (Bank Branch Building) *3 Apr. 1986 Leasable Area 3,031.85㎡ NOI Yield 3.8% Occupancy Rate 100.0% Kichijoji Fuji Building OF-32 4 min Walk from Station Area Others Location Musashino-shi, Tokyo Acquisition Price ¥5,150mn Completion of Construction Oct. 1980 Leasable Area 3,958.37㎡ NOI Yield 5.1% Occupancy Rate 100.0% Hulic Hachioji Building OF-33 8 min Walk from Station Sponsor Development Area Others Location Hachioji City, Tokyo Acquisition Price ¥4,900mn Completion of Construction (Bank Branch Building) *3 Feb. 2009 Leasable Area 3,768.00㎡ NOI Yield 5.1% Occupancy Rate 100.0% Hulic Kobe Building OF-34 2 min Walk from Station Sponsor Development Area Others Location Kobe City, Hyogo Acquisition Price ¥6,710mn Completion of Construction Oct. 1990 Leasable Area 5,126.08㎡ NOI Yield 4.4% Occupancy Rate 100.0% Hulic Gotanda Building OF-35 2 min Walk from Station Sponsor Development Area 6 Central Tokyo Wards Location Shinagawa-ku, Tokyo Acquisition Price ¥6,162mn Completion of Construction May 1986 Leasable Area 4,246.19㎡ NOI Yield 4.3% Occupancy Rate 100.0% Hulic Oji Building OF-36 1 min Walk from Station Sponsor Development Area Other Tokyo 23 Wards Location Kita-ku, Tokyo Acquisition Price ¥5,300mn Completion of Construction (Bank Branch Building) *3 Jan. 2020 Leasable Area 3,695.59㎡ NOI Yield 4.2% Occupancy Rate 100.0% Hulic Kobunacho Building OF-37 4 min Walk from Station Sponsor Development Area 6 Central Tokyo Wards Location Chuo-ku, Tokyo Acquisition Price ¥10,970mn Completion of Construction May 1994 Leasable Area 7,781.30㎡ NOI Yield 4.2% Occupancy Rate 100.0% Hulic Komagome Building OF-38 2 min Walk from Station Sponsor Development Area Other Tokyo 23 Wards Location Bunkyo-ku, Tokyo Acquisition Price ¥1,930mn Completion of Construction Jan. 2012 Leasable Area 1,310.40㎡ NOI Yield 3.8% Occupancy Rate 100.0% 8 . List of Portfolio Properties (As of 25th FP（Aug. 2026） Earnings Announcement) *1 This refers to assets held by Hulic Reit as of 25th FP (Aug. 2026) earnings announcement. *2 All figures are calculated based on data as of the acquisition date for properties acquired in 26th FP (Feb. 2027), and as of the end of 25th FP (Aug. 31, 2026) for all other properties. *3 There are other parking lots, but the completion date is not noted.
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46 Offices Kameido Fuji Building OF-39 3 min Walk from Station Area Other Tokyo 23 Wards Location Koto-ku, Tokyo Acquisition Price ¥3,000mn Completion of Construction Aug. 1979 Leasable Area 2,376.29㎡ NOI Yield 4.2% Occupancy Rate 100.0% Hulic Shinjuku Building OF-40 Directly Connected to Station Sponsor Development Area 6 Central Tokyo Wards Location Shinjuku-ku, Tokyo Acquisition Price ¥26,350mn Completion of Construction Oct. 2014 Leasable Area 2,723.84㎡ NOI Yield 3.1% Occupancy Rate 100.0% Hulic Ginza Building OF-41 Directly Connected to Station Sponsor Development Area 6 Central Tokyo Wards Location Chuo-ku, Tokyo Acquisition Price ¥14,700mn Completion of Construction Aug. 2025 Leasable Area 2,279.32㎡ NOI Yield 3.3% Occupancy Rate 100.0% Edogawabashi Fuji Building OF-42 1 min Walk from Station Area Other Tokyo 23 Wards Location Bunkyo-ku, Tokyo Acquisition Price ¥3,084mn Completion of Construction Oct. 1983 Leasable Area 2,635.95㎡ NOI Yield 3.8% Occupancy Rate 100.0% East Net Building OF-43 7 min Walk from Station Area Other Tokyo 23 Wards Location Koto-ku, Tokyo Acquisition Price ¥19,100mn Completion of Construction (Building 1) Mar. 2001 (Building 2) Mar. 2010 Leasable Area 16,119.36㎡ NOI Yield 4.1% Occupancy Rate 96.0% 8 . List of Portfolio Properties (As of 25th FP（Aug. 2026） Earnings Announcement) *1 This refers to assets held by Hulic Reit as of 25th FP (Aug. 2026) earnings announcement. *2 All figures are calculated based on data as of the acquisition date for properties acquired in 26th FP (Feb. 2027), and as of the end of 25th FP (Aug. 31, 2026) for all other properties. Retails Oimachi Redevelopment Building (#2) RE-01 1 min Walk from Station Area 6 Central Tokyo Wards Location Shinagawa-ku, Tokyo Acquisition Price ¥9,456mn Completion of Construction Sep. 1989 Leasable Area 14,485.66㎡ NOI Yield 5.6% Occupancy Rate 100.0% HULIC ＆New SHIBUYA RE-11 5 min Walk from Station Sponsor Development Area 6 Central Tokyo Wards Location Shibuya-ku, Tokyo Acquisition Price ¥3,150mn Completion o Construction Apr. 2017 Leasable Area 898.62㎡ NOI Yield 3.3% Occupancy Rate 100.0% Oimachi Redevelopment Building (#1) RE-02 1 min Walk from Station Area 6 Central Tokyo Wards Location Shinagawa-ku, Tokyo Acquisition Price ¥6,166mn Completion of Construction Sep. 1989 Leasable Area 10,612.67㎡ NOI Yield 5.5% Occupancy Rate 100.0% Hulic Jingu-Mae Building RE-04 7 min Walk from Station Area 6 Central Tokyo Wards Location Shibuya-ku, Tokyo Acquisition Price ¥2,660mn Completion of Construction Sep. 2000 Leasable Area 1,660.60㎡ NOI Yield 4.7% Occupancy Rate 100.0% Hulic Todoroki Building RE-09 1 min Walk from Station Area Other Tokyo 23 Wards Location Setagaya-ku, Tokyo Acquisition Price ¥1,200mn Completion of Construction Aug. 1990 Leasable Area 1,676.02㎡ NOI Yield 5.7% Occupancy Rate 100.0% HULIC ＆New SHINBASHI RE-12 3 min Walk from Station Sponsor Development Area 6 Central Tokyo Wards Location Minato-ku, Tokyo Acquisition Price ¥3,100mn Completion o Construction Apr. 2017 Leasable Area 1,725.35㎡ NOI Yield 4.0% Occupancy Rate 100.0% Hulic Simura-sakaue RE-13 12 min Walk from Station Sponsor Development Area Other Tokyo 23 Wards Location Itabashi-ku, Tokyo Acquisition Price ¥7,556mn Completion of Construction (Retail Property Block) Nov. 2015 (Private Nursing Home Block） Feb. 2016 Leasable Area 11,528.34㎡ NOI Yield 4.5% Occupancy Rate 100.0% Hulic Mejiro RE-14 2 min Walk from Atation Sponsor Development Area Other Tokyo 23 Wards Location Toshima-ku, Tokyo Acquisition Price ¥5,670mn Completion of Construction Oct. 2018 Leasable Area 3,805.72㎡ NOI Yield 4.1% Occupancy Rate 100.0%
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47 Sotetsu Fresa Inn Ginza 7 Chome HT-01 5 min Walk from Station Sponsor Development Area 6 Central Tokyo Wards Location Chuo-ku, Tokyo Acquisition Price ¥11,520mn Completion of Construction Aug. 2016 Leasable Area 6,984.32㎡ NOI Yield 4.8% Occupancy Rate 100.0% Grand Nikko Tokyo Bay Maihama HT-05 4 min Walk from Station Area Others Location Urayasu City, Chiba Acquisition Price ¥27,000mn Completion of Construction Mar. 1990 Leasable Area 33,744.31㎡ NOI Yield 4.7% Occupancy Rate 100.0% Aria Matsubara OH-01 Sponsor Development Area Other Tokyo 23 Wards Location Setagaya-ku, Tokyo Acquisition Price ¥3,244mn Completion of Construction Sep. 2005 Leasable Area 5,454.48㎡ NOI Yield 5.9% Occupancy Rate 100.0% Sotetsu Fresa Inn Tokyo-Roppongi HT-02 1 min Walk from Station Sponsor Development Area 6 Central Tokyo Wards Location Minato-ku, Tokyo Acquisition Price ¥9,950mn Completion of Construction Aug. 2017 Leasable Area 4,816.89㎡ NOI Yield 4.1% Occupancy Rate 100.0% Asakusa View Hotel HT-06 Directly Connected to Station Area Other Tokyo 23 Wards Location Taito-ku, Tokyo Acquisition Price ¥38,000mn Completion of Construction Jul. 1985 Leasable Area 49,360.52㎡ NOI Yield 5.4% Occupancy Rate 100.0% Hulic Tsukiji 3 Chome Building HT-03 1 min Walk from Station Sponsor Development Area 6 Central Tokyo Wards Location Chuo-ku, Tokyo Acquisition Price ¥6,972mn Completion of Construction Nov. 2018 Leasable Area 4,740.31㎡ NOI Yield 3.8% Occupancy Rate 100.0% Trust Garden Sakurashinmachi OH-03 Area Other Tokyo 23 Wards Location Setagaya-ku, Tokyo Acquisition Price ¥2,850mn Completion of Construction Aug. 2005 Leasable Area 3,700.26㎡ NOI Yield 6.0% Occupancy Rate 100.0% Hulic Kaminarimon Building HT-04 2 min Walk from Station Sponsor Development Area Other Tokyo 23 Wards Location Taito-ku, Tokyo Acquisition Price ¥5,900mn Completion of Construction Jul. 2012 Leasable Area 6,493.82㎡ NOI Yield 3.6% Occupancy Rate 100.0% Trust Garden Suginami Miyamae OH-04 Area Other Tokyo 23 Wards Location Suginami-ku, Tokyo Acquisition Price ¥2,760mn Completion of Construction Apr. 2005 Leasable Area 3,975.99㎡ NOI Yield 6.0% Occupancy Rate 100.0% Hulic Ginza World Town Building RE-15 1 min Walk from Station Area 6 Central Tokyo Wards Location Chuo-ku, Tokyo Acquisition Price ¥8,163mn Completion of Construction Mar. 1982 Leasable Area 645.78㎡ NOI Yield 3.7% Occupancy Rate 100.0% QUARTZ SHINSAIBASHI RE-16 Directly Connected to Station Sponsor Development Area Others Location Chuo-ku, Osaka City Acquisition Price ¥29,500mn Completion of Construction Feb. 2026 Leasable Area 7,738.33㎡ NOI Yield 3.9% Occupancy Rate 97.7% Himedic Residence The Garden Tokiwamatsu OH-05 Sponsor Development Area 6 Central Tokyo Wards Location Shibuya-ku, Tokyo Acquisition Price ¥3,030mn Completion of Construction Jan. 2016 Leasable Area 2,893.82㎡ NOI Yield 4.7% Occupancy Rate 100.0% *1 This refers to assets held by Hulic Reit as of 25th FP (Aug. 2026) earnings announcement. *2 All figures are calculated based on data as of the acquisition date for properties acquired in 26th FP (Feb. 2027), and as of the end of 25th FP (Aug. 31, 2026) for all other properties. Others Hotels Retails 8 . List of Portfolio Properties (As of 25th FP（Aug. 2026） Earnings Announcement) (Private Nursing Homes)
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48 Hulic Chofu OH-09 Sponsor Development Area Others Location Chofu City, Tokyo Acquisition Price ¥3,340mn Completion of Construction Mar. 2017 Leasable Area 4,357.58㎡ NOI Yield 4.5% Occupancy Rate 100.0% Sonare Shakujii OH-13 Sponsor Development Area Other Tokyo 23 Wards Location Nerima-ku, Tokyo Acquisition Price ¥2,400mn Completion of Construction Oct. 2018 Leasable Area 2,295.79㎡ NOI Yield 4.1% Occupancy Rate 100.0% Aristage Kyodo OH-10 Sponsor Development Area Other Tokyo 23 Wards Location Setagaya-ku, Tokyo Acquisition Price ¥9,000mn Completion of Construction May 2012 Leasable Area 13,279.12㎡ NOI Yield 4.2% Occupancy Rate 100.0% Hospitalment Hongo OH-14 Sponsor Development Area Other Tokyo 23 Wards Location Bunkyo-ku, Tokyo Acquisition Price ¥2,884mn Completion of Construction Mar. 2019 Leasable Area 2,116.93㎡ NOI Yield 4.0% Occupancy Rate 100.0% Granda Gakugeidaigaku OH-11 Sponsor Development Area Other Tokyo 23 Wards Location Meguro-ku, Tokyo Acquisition Price ¥2,200mn Completion of Construction Apr. 2013 Leasable Area 2,803.79㎡ NOI Yield 4.1% Occupancy Rate 100.0% Charm Premier Den-en-Chofu OH-12 Sponsor Development Area Other Tokyo 23 Wards Location Setagaya-ku, Tokyo Acquisition Price ¥2,550mn Completion of Construction Feb. 2018 Leasable Area 1,983.71㎡ NOI Yield 4.0% Occupancy Rate 100.0% SOMPO Care La vie Re Kita-Kamakura OH-06 Sponsor Development Area Others Location Kamakura City, Kanagawa Acquisition Price ¥1,780mn Completion of Construction Mar. 2009 Leasable Area 4,912.57㎡ NOI Yield 5.7% Occupancy Rate 100.0% Charm Suite Shinjukutoyama OH-07 Sponsor Development Area 6 Central Tokyo Wards Location Shinjuku-ku, Tokyo Acquisition Price ¥3,323mn Completion of Construction Jun. 2015 Leasable Area 4,065.62㎡ NOI Yield 4.4% Occupancy Rate 100.0% Charm Suite Shakujiikoen OH-08 Sponsor Development Area Other Tokyo 23 Wards Location Nerima-ku, Tokyo Acquisition Price ¥3,200mn Completion of Construction Jun. 2014 Leasable Area 4,241.68㎡ NOI Yield 4.6% Occupancy Rate 100.0% *1 This refers to assets held by Hulic Reit as of 25th FP (Aug. 2026) earnings announcement. *2 All figures are calculated based on data as of the acquisition date for properties acquired in 26th FP (Feb. 2027), and as of the end of 25th FP (Aug. 31, 2026) for all other properties. Others (Private Nursing Homes) 8 . List of Portfolio Properties (As of 25th FP（Aug. 2026） Earnings Announcement)
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（unit : millions of yen） Property Name Acquisition Price ① Book Value (Aug. 31, 2026)② Appraisal Value Cap Rate*1（Direct Capitalization Method) DCF Appra isal Firm *2 Unrealized Gains / Losses ③－② 25th FP (Aug. 2026)③ 24th FP (Feb. 2026) Differe- nce 25th FP (Aug. 2026) 24th FP (Feb. 2026) Differe- nce Discount Rate*1 Terminal Cap Rate*1 OF-03 Toranomon First Garden 8,623 7,730 12,300 12,300 0 3.0% 3.0% 0.0pt 2.7% 3.1% C 4,569 OF-04 Rapiros Roppongi 6,210 6,689 10,300 10,300 0 3.2% 3.2% 0.0pt 2.9% 3.4% N 3,610 OF-05 Hulic Takadanobaba Building 3,900 3,611 5,550 5,460 +90 3.7% 3.7% 0.0pt 3.5% 3.9% D 1,938 OF-06 Hulic Kanda Building 3,780 3,558 3,870 3,820 +50 4.0% 4.0% 0.0pt 3.8% 3.8% T 311 OF-07 Hulic Kandabashi Building 2,500 2,386 2,970 2,970 0 3.4% 3.4% 0.0pt 3.2% 3.5% D 583 OF-08 Hulic Kakigaracho Building 2,210 2,242 2,900 2,760 +140 3.9% 3.9% 0.0pt 4.1% 4.1% T 657 OF-09 Ochanomizu Sola City 38,149 35,213 46,655 46,221 +434 3.0% 2.9% +0.1pt 2.8% 3.1% N 11,441 OF-10 Hulic Higashi Ueno 1 Chome Building 2,678 2,733 3,210 3,160 +50 3.6% 3.6% 0.0pt 3.4% 3.7% N 476 OF-12 Tokyo Nishi Ikebukuro Building 1,580 1,540 2,110 2,120 -10 3.8% 3.8% 0.0pt 3.6% 4.0% N 569 OF-14 Hulic Toranomon Building 18,310 17,367 21,500 21,800 -300 2.7% 2.7% 0.0pt 2.5% 2.8% N 4,132 OF-15 Hulic Shibuya 1 Chome Building 5,100 5,025 5,930 5,890 +40 3.2% 3.2% 0.0pt 3.4% 3.4% T 904 OF-17 Hulic Jimbocho Building 1,460 1,523 1,840 1,760 +80 3.6% 3.6% 0.0pt 3.4% 3.7% N 316 OF-20 Hulic Gotanda Yamate-dori Building 3,450 3,572 3,030 3,420 -390 3.6% 3.4% +0.2pt 3.3% 3.7% D -542 OF-22 Bancho House 2,750 2,780 3,560 3,610 -50 3.5% 3.5% 0.0pt 3.3% 3.7% D 779 OF-23 Ebisu Minami Building*3 2,420 2,408 2,640 2,610 +30 3.6% 3.6% 0.0pt 3.7% 3.7% T 231 OF-24 Hulic Iidabashi Building 1,450 1,553 1,440 1,390 +50 3.7% 3.7% 0.0pt 3.9% 3.9% T -113 OF-25 Hulic Asakusabashi Building*4 4,750 3,985 4,780 4,810 -30 4.8% 4.7% +0.1pt 4.8% - T 794 OF-26 Hulic Ebisu Building 1,275 1,284 1,620 1,550 +70 3.5% 3.5% 0.0pt 3.3% 3.6% C 335 OF-27 Hulic Ryogoku Building 5,610 5,275 6,219 6,102 +117 3.6% 3.6% 0.0pt 3.4% 3.7% N 943 OF-28 Hulic Asakusabashi Edo-dori 5,420 5,175 5,895 5,895 0 3.5% 3.5% 0.0pt 3.3% 3.6% N 719 OF-29 Hulic Nakano Building 3,200 3,191 3,492 3,492 0 3.6% 3.6% 0.0pt 3.4% 3.7% N 300 OF-30 Hulic Ueno Building 4,100 4,095 4,104 4,140 -36 3.4% 3.4% 0.0pt 3.2% 3.5% N 8 OF-31 Hulic Kojimachi Building 12,600 12,648 12,900 12,900 0 2.9% 2.9% 0.0pt 2.7% 3.0% D 251 OF-32 Kichijoji Fuji Building 5,150 5,127 6,510 6,310 +200 4.0% 4.0% 0.0pt 4.2% 4.2% T 1,382 OF-33 Hulic Hachioji Building 4,900 4,699 5,265 5,220 +45 4.6% 4.6% 0.0pt 4.4% 4.7% N 565 OF-34 Hulic Kobe Building 6,710 6,824 6,950 6,980 -30 4.0% 4.0% 0.0pt 3.8% 4.2% D 125 OF-35 Hulic Gotanda Building 6,162 6,217 6,560 6,360 +200 3.9% 3.9% 0.0pt 4.1% 4.1% T 342 OF-36 Hulic Oji Building*5 5,300 5,195 5,560 5,450 +110 3.9% 3.9% 0.0pt 4.1% 4.1% T 364 OF-37 Hulic Kobunacho Building 10,970 11,331 11,900 11,800 +100 3.4% 3.4% 0.0pt 3.2% 3.5% C 568 OF-38 Hulic Komagome Building 1,930 1,924 2,007 1,989 +18 3.6% 3.6% 0.0pt 3.4% 3.7% N 82 OF-39 Kameido Fuji Building 3,000 3,015 3,357 3,375 -18 3.8% 3.8% 0.0pt 3.6% 3.9% N 341 OF-40 Hulic Shinjuku Building 26,350 22,443 28,249 28,290 -41 2.4% 2.4% 0.0pt 2.2% 2.5% N 5,805 OF-41 Hulic Ginza Building*6 14,700 11,867 17,199 17,199 0 2.2% 2.2% 0.0pt 2.0% 2.3% N 5,331 OF-42 Edogawabashi Fuji Building*6 3,084 3,105 3,180 3,230 -50 3.6% 3.6% 0.0pt 3.4% 3.8% D 74 Subtotal for Offices（34 Properties） 229,781 217,346 265,552 264,683 +869 3.2% 3.2% +0.0pt 3.0% 3.2% 48,205 499. Status of Appraisal Values by Property (End of 25th FP (Aug. 31, 2026)) *1 Subtotals of respective yields are stated as the weighted averages of yields of each property based on appraisal values. *2 The letters “D”, “N”, “C” and “T” in the appraisal agency column stand for Daiwa Real Estate Appraisal Co., Ltd., Japan Real Estate Institute, CBRE K.K. and Tanizawa Sogo Appraisal Co., Ltd., respectively. *3 Although the OF-23 discount rate was 3.6% from the 1st FY to the 2nd FY, and 3.7% from the 3rd FY, the figures from the 3rd(3.7%) are stated in the table. *4 For OF-25, a calculation method based on the capitalization method over a definite term (modified Inwood method) has been adopted in view of the fact that the land lease right acquired is a fixed-term land sublease right for business use, and therefore the capitalization rate is the discount rate for a capitalization method over a definite term (modified Inwood method). In addition, because the final capitalization rate does not apply to the DCF method, it is not stated. For the sake of comparison, the discount rate for the DCF method has been substituted for the subtotal, the intermediate total, and the total of the final capitalization rate for the DCF method. *5 Although the OF-36 discount rate was 4.0% from the 1st FY to the 8th FY, and 4.1% the 9th FY, the figures for the 9th FY (4.1%) are stated in the table. *6 Regarding properties acquired during 25th FP (Aug. 2026), the figures noted under “24th FP (Feb. 2026)” are for the time of acquisition, and these are used in each calculation.
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50 （unit : millions of yen） Property Name Acquisition Price ① Book Value (Aug. 31, 2026)② Appraisal Value Cap Rate*1（Direct Capitalization Method) DCF Appra isal Firm *2 Unrealized Gains / Losses ③－② 25th FP (Aug. 2026)③ 24th FP (Feb. 2026) Differe- nce 25th FP (Aug. 2026) 24th FP (Feb. 2026) Differe- nce Discount Rate*1 Terminal Cap Rate*1 RE-01 Oimachi Redevelopment Building (#2) 9,456 9,394 12,200 12,100 +100 3.9% 3.9% 0.0pt 4.1% 4.1% T 2,805 RE-02 Oimachi Redevelopment Building (#1) 6,166 6,312 7,300 7,240 +60 4.1% 4.1% 0.0pt 4.3% 4.3% T 987 RE-04 Hulic Jingu-Mae Building*3 2,660 2,686 3,630 3,600 +30 3.3% 3.3% 0.0pt 3.5% 3.5% T 943 RE-09 Hulic Todoroki Building 1,200 1,175 1,460 1,460 0 4.3% 4.3% 0.0pt 4.5% 4.5% T 284 RE-11 HULIC &New SHIBUYA 3,150 3,009 3,645 3,655 -10 2.8% 2.8% 0.0pt 2.6% 2.9% N 635 RE-12 HULIC &New SHINBASHI 3,100 2,891 3,490 3,440 +50 3.5% 3.5% 0.0pt 3.3% 3.6% N 598 RE-13 Hulic Simura-sakaue 7,556 6,908 7,650 7,690 -40 4.3% 4.3% 0.0pt 4.1% 4.5% N 741 RE-14 Hulic Mejiro 5,670 5,466 6,690 6,610 +80 3.4% 3.4% 0.0pt 3.2% 3.5% N 1,223 RE-15 Hulic Ginza World Town Building*4 8,163 6,084 8,880 8,860 +20 2.5% 2.5% 0.0pt 2.2% 2.5% N 2,795 Subtotal for Retails（9 Properties） 47,121 43,928 54,945 54,655 +290 3.6% 3.6% -0.0pt 3.5% 3.7% 11,016 Subtotal for Offices and Retails（43 Properties） 276,902 261,274 320,497 319,338 +1,159 3.3% 3.2% +0.0pt 3.1% 3.3% 59,222 HT-01 Sotetsu Fresa Inn Ginza 7 Chome 11,520 11,113 16,000 15,600 +400 3.4% 3.4% 0.0pt 3.2% 3.5% N 4,886 HT-02 Sotetsu Fresa Inn Tokyo-Roppongi 9,950 9,543 11,100 11,100 0 3.6% 3.6% 0.0pt 3.4% 3.7% N 1,556 HT-03 Hulic Tsukiji 3 Chome Building 6,972 6,635 7,250 7,350 -100 3.5% 3.5% 0.0pt 3.3% 3.6% N 614 HT-04 Hulic Kaminarimon Building 5,900 5,832 6,150 6,340 -190 3.3% 3.3% 0.0pt 3.1% 3.4% N 317 HT-05 Grand Nikko Tokyo Bay Maihama 27,000 27,065 30,650 30,050 +600 3.7% 3.7% 0.0pt 3.5% 3.8% N 3,584 HT-06 Asakusa View Hotel 38,000 31,938 42,100 42,000 +100 3.6% 3.7% -0.1pt 3.4% 3.7% N 10,161 Subtotal for Hotels（6 Properties） 99,342 92,128 113,250 112,440 +810 3.6% 3.6% -0.0pt 3.4% 3.7% 21,121 OH-01 Aria Matsubara 3,244 3,072 4,540 4,560 -20 4.2% 4.2% 0.0pt 3.9% 4.3% N 1,467 OH-02 Trust Garden Yoganomori 5,390 5,118 7,140 7,170 -30 4.5% 4.5% 0.0pt 4.2% 4.6% N 2,021 OH-03 Trust Garden Sakurashinmachi 2,850 2,721 3,820 3,830 -10 4.4% 4.4% 0.0pt 4.1% 4.5% N 1,098 OH-04 Trust Garden Suginami Miyamae 2,760 2,613 3,690 3,700 -10 4.4% 4.4% 0.0pt 4.1% 4.5% N 1,076 OH-05 Himedic Residence The Garden Tokiwamatsu 3,030 2,781 3,560 3,570 -10 3.9% 3.9% 0.0pt 3.7% 4.0% N 778 OH-06 SOMPO Care La vie Re Kita-Kamakura 1,780 1,620 1,900 1,900 0 5.0% 5.0% 0.0pt 4.8% 5.2% N 279 OH-07 Charm Suite Shinjukutoyama 3,323 3,236 3,700 3,720 -20 3.8% 3.8% 0.0pt 3.6% 3.9% N 463 OH-08 Charm Suite Shakujiikoen 3,200 3,046 3,430 3,440 -10 4.1% 4.1% 0.0pt 3.9% 4.2% N 383 OH-09 Hulic Chofu 3,340 3,240 3,620 3,630 -10 4.0% 4.0% 0.0pt 3.8% 4.1% N 379 OH-10 Aristage Kyodo 9,000 8,874 9,975 10,070 -95 3.7% 3.7% 0.0pt 3.5% 3.8% N 1,100 OH-11 Granda Gakugeidaigaku 2,200 2,187 2,410 2,430 -20 3.6% 3.6% 0.0pt 3.4% 3.7% N 222 OH-12 Charm Premier Den-en-Chofu 2,550 2,553 2,710 2,710 0 3.7% 3.7% 0.0pt 3.5% 3.8% N 156 OH-13 Sonare Shakujii 2,400 2,400 2,570 2,570 0 3.8% 3.8% 0.0pt 3.6% 3.9% N 169 OH-14 Hospitalment Hongo 2,884 2,945 3,050 3,060 -10 3.7% 3.7% 0.0pt 3.5% 3.8% N 104 Subtotal for Private Nursing Homes（14 Properties） 47,951 46,413 56,115 56,360 -245 4.0% 4.0% +0.0pt 3.8% 4.1% 9,701 Total（63 Properties） 424,195 399,816 489,862 488,138 +1,724 3.4% 3.4% +0.0pt 3.3% 3.5% 90,045 9. Status of Appraisal Values by Property (End of 25th FP (Aug. 31, 2026)) *1 Subtotals of respective yields are stated as the weighted averages of yields of each property based on appraisal values. *2 The letters “D”, “N”, “C” and “T” in the appraisal agency column stand for Daiwa Real Estate Appraisal Co., Ltd., Japan Real Estate Institute, CBRE K.K. and Tanizawa Sogo Appraisal Co., Ltd., respectively. *3 Although the RE-04 discount rate was 3.4% for the 1st FY, 3.5% for the 2nd FY and thereafter. The table shows the 2nd FY and thereafter (3.5%). *4 Regarding properties acquired during 25th FP (Aug. 2026), the figures noted under “24th FP (Feb. 2026)” are for the time of acquisition, and these are used in each calculation.
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No. End-tenant Property Name Leased Area （㎡）*1 Area Ratio （％）*2 Expiration Date*1 Form of Agreement*1 1 Hulic Hotel Management Co., Ltd Hulic Kaminarimon Building Grand Nikko Tokyo Bay Maihama Asakusa View Hotel 88,725.76 25.6 Jul. 1, 2032 Dec. 31, 2040 Jun. 30, 2031 Ordinary Building Lease Agreement Fixed-term Building Lease Agreement Fixed-term Building Lease Agreement 2 Mizuho Bank, Ltd. Hulic Ryogoku Building Hulic Asakusabashi Edo-dori Hulic Nakano Building Hulic Ueno Building Hulic Kojimachi Building Kichijoji Fuji Building Hulic Hachioji Building Hulic Kobe Building Hulic Gotanda Building Hulic Oji Building Hulic Kobunacho Building Hulic Komagome Building Kameido Fuji Building Hulic Shinjuku Building Edogawabashi Fuji Building 32,023.04 9.2 -*3 Ordinary Building Lease Agreement 3 Hulic Co., Ltd. Oimachi Redevelopment Building (#2) Oimachi Redevelopment Building (#1) 25,098.33 7.2 Feb. 6, 2027 Sep. 30, 2027 Ordinary Building Lease Agreement 4 HIMEDIC, Inc. Trust Garden Yoganomori Trust Garden Sakurashinmachi Trust Garden Suginami Miyamae Himedic Residence The Garden Tokiwamatsu 16,547.82 4.8 Jan. 24, 2028 Jan. 24, 2028 Jan. 24, 2028 Feb. 29, 2036 Ordinary Building Lease Agreement 5 Charm Care Corporation Co., Ltd. Charm Suite Shinjukutoyama Charm Suite Shakujiikoen Hulic Chofu Charm Premier Den-en-Chofu 13,792.86 4.0 Oct. 31, 2045 Oct. 31, 2044 Jul. 20, 2047 Mar. 31, 2048 Ordinary Building Lease Agreement 6 Keio Corporation Aristage Kyodo 13,279.12 3.8 May 7, 2042 Ordinary Building Lease Agreement 7 Sotetsu Hotel Development Co., Ltd. Sotetsu Fresa Inn Ginza 7 Chome Sotetsu Fresa Inn Tokyo-Roppongi 11,801.21 3.4 Sep. 30, 2046 Oct. 9, 2047 Fixed-term Building Lease Agreement 8 Benesse Style Care Co., Ltd. Aria Matsubara Granda Gakugeidaigaku 8,258.27 2.4 Sep. 30, 2030 Apr. 30, 2043 Ordinary Building Lease Agreement 9 Sakurajyuji Co., Ltd Hulic Simura-sakaue Hospitalment Hongo 6,477.56 1.9 Feb. 29, 2036 Mar. 14, 2044 Ordinary Building Lease Agreement 10 Sompo Care Inc. SOMPO Care La vie Re Kita-Kamakura 4,912.57 1.4 Mar. 31, 2029 Ordinary Building Lease Agreement 5110. Top End-Tenants by Leased Area (End of 25th FP (Aug. 31, 2026) *1 Leased area, expiration date and form of agreement are shown on the lease agreement with the end tenant as lessee that is in effect as of the end of 25th FP (Aug. 31, 2026). *2 It is calculated based on the leased area as of the end of 25th FP (Aug. 31, 2026). *3 Hulic Reit has not obtained permission from the end-tenant or other relevant party of these properties to disclose the relevant information.
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-6,000 -4,000 -2,000 0 2,000 4,000 6,000 Toranomon First Garden Rapiros Roppongi Hulic Kanda Building Hulic Kandabashi Building Hulic Kakigaracho Building Ochanomizu Sola City Hulic Toranomon Building Hulic Jimbocho Building Hulic Gotanda Yamate-dori Building Bancho House Ebisu Minami Building Hulic Iidabashi Building Hulic Ebisu Building Hulic Gotanda Building Hulic Kobunacho Building Hulic Shinjuku Building Hulic Ginza Building Hulic Takadano-baba Building Hulic Higashi Ueno 1 Chome Building Tokyo Nishi Ikebukuro Building Hulic Asakusabashi Building Hulic Ryogoku Building Hulic Asakusabashi Edo-dori Hulic Nakano Building Hulic Ueno Building Hulic Oji Building Hulic Komagome Building Kameido Fuji Building Edogawabashi Fuji Building East Net Building Kichijoji Fuji Building Hulic Hachioji Building Hulic Kobe Building （㎡） 5211. Overview of Office Portfolio Data on New Entry and Departure Area by Property*1 *1 The figure noted here is based on the leased area (equity) for tenants who entered or departed in the applicable period. The departure area and the estimated vacant area as of the end of 27th FP (Aug. 31, 2027) are shown as negative numbers. *2 The figures for the new tenant entry and departure areas (assumption) and estimated vacant areas are the forecasts in the earnings forecasts announced on Oct. 19, 2026, and could change depending on operation conditions in the future and other factors. 6 Central Tokyo Wards Other Tokyo 23 Wards Others New Tenant Entry and Departure Area in 26th FP (Feb. 2027) and 27th FP (Aug. 2027) (Assumption)*2 New Tenant Entry and Departure Area in 22nd FP (Feb. 2025) and 23rd FP (Aug. 2025) Estimated Vacant Area as of the End of 27th FP (Aug. 31, 2027)*2 New Tenant Entry and Departure Area in 24th FP (Feb. 2026) and 25th FP (Aug. 2026)
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0 50 100 150 200 250 300 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 大規模ビル供給量 中規模ビル供給量 80 90 100 110 120 130 140 0 2 4 6 8 10 12 2000 2005 2010 2015 2020 2025 2030 系列2 空室率 系列4 新規賃料 15,000 17,000 19,000 21,000 23,000 25,000 0 2 4 6 8 10 Vacancy Rates and Average Rents of Existing Offices *1 （2002-） *1 This material has been prepared by the Asset Management Company based on office data provided by Miki Shoji Co., Ltd., c overing vacancy rates and average rents of existing office buildings (buildings that are at least one year old with a standard f loor area of 100 tsubo or more) in the five central wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku, and Shibuya).The terminology used herein is quoted from the office data and conforms to the definitions used in suc h data. *2 Office supply volumes have been prepared by the Asset Management Company based on the leasable floor area of newly supplied o ffice buildings as defined in “[Tokyo 23 Wards] New Office Supply 2026” published by XYMAX RESEARCH INSTITUTE Corporation, where offices with a total floor area of 10,000 tsubo or more are classified as large-scale buildings and those with a total floor area of 3,000 tsubo or more but less than 10,000 tsubo are classified as mid -scale buildings. *3 Source: MUFG Real Estate Research Institute, Real Estate Market Research Report Trends in Office Supply by Size (Leasable Area) *2 （%） （Index CY2000=100） Aug. 2026 Jan.2002 Nov.2007 Aug.2003 Jun.2012 Feb.2020 （%） Sep. 2022 53 Outlook for Vacancy Rates and New Rents (Tokyo Central 5 Wards)(Forecast as of Aug. 2026) *3 ＜Average(2016-2025)＞ 164 thousands of tsubo 11. Overview of Office Portfolio (Market Data) （yen/tsubo） Large Office Supply Volume Mid-sized Office Supply Volume (thousands of tsubo) Forecast Vacancy Rate (Forecast) Vacancy Rate New Rent Index Forecast New Rent Index (Forecast) (RH Axis) (RH Axis) Forecast as of Aug. 2026 Forecast as of Jan. 2026
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12. Hotels 54 6,712 2,905 1,673 1,818 6,123 7,420 4,510 5,402 2,942 3,156 2,173 2,305 1,998 1,591 2,253 3,029 0 40 80 120 160 200 0 1,000 2,000 3,000 4,000 5,000 訪日外客数 2019年同月比指数 9,594 6,981 9,096 2,291 2,683 2,517 5,585 8,818 9,460 4,891 6,044 6,763 3,834 4,304 4,800 1,724 2,725 3,307 1,987 2,390 3,168 1,978 2,924 3,572 Inbound Demand* 31,882 +15.8 +32.6 +7.3 -6.2 +30.3 +21.4 +11.9 +22.1 +11.5 The Number of Foreign Visitors to Japan has been on the Rise from 2023 Onwards 36,870 42,684 Jan. to Aug. 2025 28,384 27,626 -2.7 -20.4 +21.2 +8.7 -56.7 +6.1 +19.8 +34.4 +7.3 Number of Foreign Visitors to Japan by Country/Region （Thousand People） （thousand people） Numbers of Foreign Visitors to Japan Indicators Compared to the Same Month in 2019 （Index） Jan. Oct.Apr. Jul. Jan. Jan.Jul.Apr. Oct. Oct.Apr. Jul. Jul.Apr.Jan. 2024 20252019 America Others China Hong Kong South Korea Taiwan European Countries Southeast Asia Rate of Change Compared to 2024 （%） Change（%） Jan. to Aug. 2026 The Number of Foreign Visitors to Japan and Indicators Compared to the Same Month in 2019 • Each graph has been prepared by the Asset Manager based on the figures disclosed by the Japan National Tourism Organization (JNTO). Note that the figures for Jan. through Jun. 2026 are provisional, and those for Jul. 2026 and Aug. 2026 are based on estimated values. 2023 2024 2025 2026 100.0 116.1 116.6 125.8 100.0 102.9 107.8 117.3 70 100 130 100.0 102.6 99.1 101.2 100.0 96.4 96.6 102.1 70 100 130 100.0 113.3 119.7 125.9 100.0 107.7 114.1 115.3 70 100 130 Trends in ADR, Occupancy Rate, and RevPAR (Index Compared with the Same Period in 2024) (For Calculation Methods and Other Assumptions, See "Definitions of Terms" on page 74) ADR Occupancy rate RevPAR Feb. FP Aug. FP Feb. FP Aug. FPFeb. FP Aug. FP （Index） （Index） （Index） 2024 20th FP (Result) 2025 22nd FP (Result) 2024 21st FP (Result) 2025 23rd FP (Result) 2026 25th FP (Result) 2026 24th FP (Result) 2027 26th FP (Assum- ption) 2024 20th FP (Result) 2025 22nd FP (Result) 2024 21st FP (Result) 2025 23rd FP (Result) 2026 25th FP (Result) 2026 24th FP (Result) 2027 26th FP (Assum- ption) 2024 20th FP (Result) 2025 22nd FP (Result) 2024 21st FP (Result) 2025 23rd FP (Result) 2026 25th FP (Result) 2026 24th FP (Result) 2027 26th FP (Assum- ption) +13.3pt +6.4pt +7.7pt +2.6pt +16.1pt +2.9pt +4.9pt 0 +6.4pt 0 +6.2pt -3.5pt +0.5pt +2.1pt -3.6pt +9.2pt 0 +0.2pt +1.2pt +5.5pt +9.5pt 2027 27th FP (Assum- ption) 2027 27th FP (Assum- ption) 2027 27th FP (Assum- ption) (RH Axis) (LH Axis)
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31,885 rooms（5.3％） ¥480k ¥380k¥390k ¥380k¥440k Others 10.2% 16,239 rooms（2.7％） Himedic Residence The Garden Tokiwamatsu ¥900k ¥870k ¥680k ¥680k ¥750k ¥680k¥690k ¥620k 55 80.9% 80.0% 87.0% 81.0% 79.0%86.0% 94.4% 94.0% 94.0% 91.9% 89.0% 92.0% 87.0% ¥700k 84.0% Data of Private Nursing Homes held by Hulic Reit（Based on Acquisition Price ）*4 ＜ Legend ＞ （Monthly Usage Fee） （Occupancy rate） （Photo） （Property name） 13. Private Nursing Homes Distribution by Pricing for Facilities for Those Who Require Nursing Care and Assumed Monthly Usage Fee for Property Holdings *1 ◼ Continuing stable operations of all properties and operators, as for occupancy rate *2, stable trend continues. In principle, the tenant is responsible for utility fees and maintenance and management fees.Assumed Monthly Usage FeeHighLow Assumed Monthly Usage Fee ¥350k-¥200k 96,618 rooms （16.1％） Assumed Monthly Usage Fee Less than ¥200k 457,190 rooms （76.0％） Assumed Monthly Usage Fee More than ¥500k Assumed Monthly Usage Fee ¥500k-¥350k <Properties Held by Hulic Reit> <Properties Held by Hulic Reit> Aria Matsubara Aristage Kyodo Hospitalment Hongo Sonare Shakujii Granda Gakugei-daigaku Charm Premier Den-en-Chofu Trust Garden Suginami Miyamae Trust Garden Sakurashinmachi Charm Suite Shinjukutoyama SOMPO Care La vie Re Kita-Kamakura Hospitalment Itabashi Tokiwadai Charm Suite Chofu Charm Suite Shakujiikoen Nursing Care Operator (Tenant) ・Benesse Style Care Co., Ltd. ・HIMEDIC, Inc (Formerly Trust Garden Co., Ltd.) ・Sompo Care Inc. ・Sakurajyuji Co., Ltd ・Charm Care Corporation Co., Ltd ・Keio Group*5 ・Lifecare Design Inc. < Area Diversification >< Share by Price Range of Assumed Monthly Usage Fees > < Composition of Remaining Contract Years > ¥500k- ¥350k 38.3% More than ¥500k 61.7% More than ¥350k 100.0% Tokyo 23 words 89.8% Tokyo Central 8 Wards 52.3% Other Tokyo 23 Wards 37.5% Within 3 years 14.7% Within 5 years 6.5%Over 5 years 78.8% *1 The initial lump-sum payment listed in the important information released by the respective operators is divided by 60 months (the period of time tenants are expected to be in residence) and the monthly usage fees for the general plan are added to this figure, arriving at a simplified estimate of the amount that the resident will bear. The figures have been rounded down to the nearest ten thousandyen. *2 The tenant entry rate (the ratio of tenants to total capacity) publicly disclosed by each operator in the statement ofimportant matters is stated. For Aristage Kyodo, room capacity is 1-2 people. Accordingly, the tenant entry rate (the ratio of occupied rooms to total rooms) provided inthe statement of important matters is stated. *3 Prepared by the asset management company based on KPMG Healthcare Japan Co., Ltd. “Market Size by Price (Fee-based Homes for the Elderly Requiring Nursing Care/who are Independent). *4 It is based on assets held by Hulic Reit as of 25th FP (Aug. 2026) earnings announcement. *5 Private Nursing Homes form lease agreements with Keio Corporation, and Keio Wealthy Stage Corporation, an operator, administers the Private Nursing Homes. The Entire Market*3
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56 Changes in Construction Costs and Depreciation *1 Result Forecast 21st FP （Aug. 2024） 22nd FP （Feb. 2025） 23rd FP （Aug. 2025） 24th FP （Feb. 2026） 25th FP （Aug. 2026） 26th FP （Feb. 2027） 27th FP （Aug. 2027） of which, Fire-Related* of which, Fire-Related* of which, Fire-Related* Depreciation 1,399 1,434 1,412 1,415 1,405 - 1,496 - 1,536 - Maintenance and Repairs 138 126 150 153 188 16 341 135 912 734 Capital expenditures 290 556 550 735 1,424 11 1,171 56 1,798 523 （millions of yen） 14. Repair and Maintenance Expenses and Capital Expenditures （millions of yen） Property Name Purpose Period Capital Expenditure for Work Hulic Gotanda Yamate-dori Building Building Restoration Work From Oct 2026 to Apr. 2027 573 Grand Nikko Tokyo Bay Maihama Renewal Work for Boiler From Apr. 2026 to Aug. 2028 167* Oimachi Redevelopment Building (#2) Renovation Work for Air- conditioning Equipment (1st Basement Floor and 1st Floor) From Nov. 2026 to Mar. 2027 131 Ochanomizu Sola City Renewal Work for Lighting (17th to 19th Floors) From Mar. 2026 to Oct. 2026 116 Rapiros Roppongi Renewal work for restrooms From Jul. 2026 to Mar. 2027 99 Grand Nikko Tokyo Bay Maihama Renovation Work for External Wall From Mar. 2026 to Jan. 2027 70 Ochanomizu Sola City Renewal Work for Lighting (1st Basement Floor and 14th Floors) From Mar. 2026 to Dec. 2026 58 Aristage Kyodo Renovation Work for Air- conditioning Equipment From Nov. 2026 to Jan. 2027 55 Capital Expenditures for the 25th FP (Aug. 2026) （millions of yen） Property Name Purpose Period Capital Expenditure for Work Hulic Kobunacho Building Renewal Work for Air- conditioning Heat Source Equipment From Sep. 2025 to Apr. 2026 331 Hulic Kojimachi Building Maintenance Work for Rental Facilities From Mar. 2026 to May 2026 226 Hulic Kanda Building Renovation Work for Air- conditioning Equipment From Dec. 2025 to Apr. 2026 70 Hulic Kakigaracho Building Renewal Work for Air- conditioning Heat Source Equipment From Mar. 2026 to Jun. 2026 70 Rapiros Roppongi Renewal work for restrooms From Oct. 2025 to Apr. 2026 57 Hulic Asakusabashi building Work for LED Performance Lighting From Jul. 2026 to Aug. 2026 57 Others 613 Total 1,424 Plans for Main Capital Expenditures *1,2 *1 Figures are based on forecasts released on Oct. 19, 2026. For details, please refer to Financial Report for the Fiscal Period Ended August 31, 2026, which was released on Oct. 19, 2026. *2 Plans for capital expenditures with a scheduled construction cost of ¥55mn or more are listed. * Construction costs related to the restoration of fire damage at Gotanda Yamate-dori are expected to be reimbursed through insurance proceeds. * Of the total amount, ¥77mn has already been paid.
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50 100 150 200 250 267 314 347 441 450 392 385 310 418 399 266 302 382 560 581 486 410 387 463 473 0 100 200 300 400 500 600 700 57 +0 +12 -35 -119 -45 -74 -131 Result Forecast -94 -25 2026 Mar. Apr. May Jun. Jul. Aug. 受入 Feb. Usage Mar. Usage Apr. Usage May Usage Jun. Usage Jul. Usage 支払 Mar. Usage Apr. Usage May Usage Jun. Usage Jul. Usage Aug. Usage 0 100 107 130 162 200 192 161162157 （Index） / / / -76 159 15. Status of Electricity Costs Actual Electricity Costs and Assumptions in Earnings Forecasts Fluctuations in Unit Price for Paid Electricity Costs (Index) *1 Outbreak of Russia’s Invasion of Ukraine (Feb. 2022) Commencement of U.S.–Israeli Air Attacks on Iran (Feb. 2026) 15th FP Result （Aug. 2021） 17th FP Result （Aug. 2022） 18th FP Result （Feb. 2023） 19th FP Result （Aug. 2023） 16th FP Result （Feb. 2022） 24th FP Result （Feb. 2026） 23rd FP Result （Aug. 2025） 26th FP Forecast （Feb. 2027） 25th FP Result （Aug. 2026） 27th FP Forecast （Aug. 2027） Status of Tenant Invoice Methods (Based on Number of Properties)*2 Fixed +Variable Unit Price 1.6% Fixed Unit Price 3.2% Variable Unit Price ＋Direct Tenant Contract 95.2% Any increase in the unit price of electricity charges for the exclusive areas shall be borne by the tenants. Direct Tenant Contract 38.7% Variable Unit Price 56.5% Fluctuations in Electricity Costs Factors Causing Fluctuations in Revenues and Expenditures for Electricity Costs in Exclusive Areas (Image)*3 （millions of yen） Received Electricity Costs (Result / Forecast) Paid Electricity Costs (Result / Forecast) Revenues and Expenditures for Electricity Costs (Result / Forecast) 15th FP Result （Aug. 2021） 17th FP Result （Aug. 2022） 18th FP Result （Feb. 2023） 19th FP Result （Aug. 2023） 16th FP Result （Feb. 2022） 24th FP Result （Feb. 2026） 23rd FP Result （Aug. 2025） 26th FP Forecast （Feb. 2027） 25th FP Result （Aug. 2026） 27th FP Forecast （Aug. 2027） <Period of Use Covered by Calculations of Electricity Costs in 25th FP (Aug. 2026)> Since the period of use covered differs, there may be disparities in revenues and expenditures for electricity costs for exclusive areas due to fluctuations in tenants’ electricity usage and the unit price for electricity prices. *1 The figure calculated by dividing the paid electricity costs in each period by total electricity usage is indexed with 15th FP (Aug. 2021) set at a value of 100. Data for 26th FP (Feb. 2027) and thereafter are assumptions in our earnings forecasts and may differ in reality. *2 The basic policies on the invoicing method for tenants in each property have been compiled, but invoicing may differ from therelevant basic policy depending on agreements with individual tenants. *3 A rough estimate of the period of use that applies to the posting of electricity costs for properties owned by Hulic Reit is noted here, and there may be disparities depending on the impact of the day on which the meter was read and other factors.
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5816. Simulation of Interest Payments Comparison of Fixed-Rate and Variable-Rate Borrowings Simulation of Fixed-Rate Borrowing Simulation of Variable-Rate Borrowing < Prerequisites for Borrowing> Loan Amount ¥1.0bn Benchmark Interest Rate 2.9% (Fixed) Spread 0.2% Loan Execution Date Sep. 1, 2026 Repayment Deadline Sep. 1, 2031 Loan Period 5years Total Interest Expenses In 5years ¥155.0mn Loan Amount ¥1.0bn Benchmark Interest Rate 1-month TIBOR Spread 0.2% Loan Execution Date Sep. 1, 2026 Repayment Deadline Sep. 1, 2031 Loan Period 5years There will be interest rate hikes in Dec. 2026 and Dec. 2027, with the policy rate rising to around 1.75%. *The 1-month TIBOR is assumed to be linked to the policy interest rate. Scenario 1 Rate hikes continue every 3months, with the policy interest rate rising to around 2.75% in 29th FP (Aug. 2028). Scenario 2 < Prerequisites for Borrowing> Scenario 1 (Policy Interest Rate Rises to Around 1.75%) Scenario 2 (Policy Interest Rate Rises to Around 2.75%) (Million of yen) （％） 15.3 15.6 15.4 15.6 15.3 15.6 15.3 15.6 15.3 15.6 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 0 1 2 3 0 5 10 15 8.2 9.3 9.6 10.5 10.4 10.5 10.4 10.5 10.4 10.5 1.7 1.9 1.9 2.1 2.1 2.1 2.1 2.1 2.1 2.1 0 1 2 3 0 5 10 15 （％） （％） 8.2 10.7 13.1 15.4 15.3 15.6 15.3 15.6 15.3 15.6 1.7 2.1 2.6 3.1 3.1 3.1 3.1 3.1 3.1 3.1 0 1 2 3 0 5 10 15 26th FP (Feb. 2027) 27th FP (Aug. 2027) 28th FP (Feb. 2028) 29th FP (Aug. 2028) 30th FP (Feb. 2029) 31st FP (Aug. 2029) 32nd FP (Feb. 2030) 33rd FP (Aug. 2030) 34th FP (Feb. 2031) 35th FP (Aug. 2031) Interest Expenses (LH Axis) Interest Rate (Midterm Average) (RH Axis) Interest Expenses (LH Axis) Interest Rate (Midterm Average) (RH Axis)(Million of yen) Interest Expenses (LH Axis) Interest Rate (Midterm Average) (RH Axis)(Million of yen) 26th FP (Feb. 2027) 27th FP (Aug. 2027) 28th FP (Feb. 2028) 29th FP (Aug. 2028) 30th FP (Feb. 2029) 31st FP (Aug. 2029) 32nd FP (Feb. 2030) 33rd FP (Aug. 2030) 34th FP (Feb. 2031) 35th FP (Aug. 2031) 26th FP (Feb. 2027) 27th FP (Aug. 2027) 28th FP (Feb. 2028) 29th FP (Aug. 2028) 30th FP (Feb. 2029) 31st FP (Aug. 2029) 32nd FP (Feb. 2030) 33rd FP (Aug. 2030) 34th FP (Feb. 2031) 35th FP (Aug. 2031) Total Interest Expenses In 5years ¥100.7mn Compared to Fixed-Rate -¥54.3mn Total Interest Expenses In 5years ¥140.6mn Compared to Fixed-Rate -¥14.4mn
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5917. Overview of Compensation and Fees Fiscal Agency Administrative Services Fee (3rd,4th,5th,7th,8th Investment Corporation Bonds) Investment Unit Administrative Service Fees (Maximums) Asset Management Fee (Maximums) Fees for Asset Custody Services and Administrative Services (Maximums) ◼ Total assets multiplied by the following rates (fixed monetary amount for assets of up to ¥20.0bn). ◼ Number of unitholders multiplied by the following monetary amounts. Total Assets Asset Custody Services Rate (6 months) Administrative Services Rate (6 months) Portion up to ¥20.0bn ¥1,500,000 ¥4,500,000 Portion over ¥20.0bn up to ¥100.0bn 0.007500% 0.022500% Portion over ¥100.0bn up to ¥150.0bn 0.006300% 0.018900% Portion over ¥150.0bn up to ¥200.0bn 0.005400% 0.016200% Portion over ¥200.0bn up to ¥250.0bn 0.003600% 0.010800% Portion over ¥250.0bn up to ¥300.0bn 0.003000% 0.009000% Portion over ¥300.0bn up to ¥400.0bn 0.002850% 0.008550% Portion over ¥400.0bn up to ¥500.0bn 0.002700% 0.008100% Portion over ¥500.0bn 0.002550% 0.007650% Number of Unitholders Basic Fee (Per Unitholder) (6 months) Distribution Payment Handling Fee (Per Unitholder) Up to 5,000 Unitholders ¥480 ¥120 5,001 to 10,000 Unitholders ¥420 ¥110 10,001 to 30,000 Unitholders ¥360 ¥100 30,001 to 50,000 Unitholders ¥300 ¥80 50,001 to 100,000 Unitholders ¥260 ¥60 Over 100,000 Unitholders ¥225 ¥50 Total Assets × 0.5 of 100th (Annual Rate) Type 1 Management Fee Cash Distributions per Investment Unit (DPU) before Deduction of Management Fee II × Operating Income before Deduction of Management Fee II × 0.004 of 100th Type 2 Management Fee Acquisition Price × 1.0 of 100th (0.5 of 100th in the Case of Acquisition from an Interested Party or Similar) Acquisition Fees Disposition Price × 1.0 of 100th (0.5 of 100th in the Case of Transfer to an Interested Party or Similar) Disposition Fees (Occur Only when Gains on Sales Occur) The Total Valuation Amount of the Real-estate-related Assets of Counterparty to the Merger × 1.0 of 100th Merger Fee 0.075 of 10,000th of the Principal Paid For Payment of Principal 0.075 of 10,000th of Unpaid Principal For Payment of Interest *1 This provides limited information on overall pricing structures with respect to the various forms of compensation and fees. As such, certain details in that regard are not included. For further details, refer to the section on such fees provided in the Annual Securities Report for 24th FP (Feb. 2026) (in Japanese). *2 With the exception of the fiscal agency administrative services fees, payment of the compensation and fees is made as separately agreed upon between Hulic Reit and providers of services, with maximum amounts set on the basis of the stated formulas.
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60 *1 The data is shown based on the unitholder registry as of the end of each FP. *2 Ratios are truncated after 3rd decimal places. 18. Breakdown of Unitholders Number of Investment Units Held by Unitholder Type*1 Number of Unitholder by Type*1 Top 10 Unitholders as of the End of 25th FP (Aug. 31, 2026) End of 24th FP End of 25th FP Change(Feb. 28, 2026) (Aug. 31, 2026) No. of Units Ratio No. of Units Ratio No. of Units Ratio (%) (%) (%) Individuals 81,626 5.7 82,934 5.8 ＋1,308 ＋0.1 Financial Institutions 891,812 61.9 910,503 63.2 ＋18,691 ＋1.3 Major Banks 0 0.0 0 0.0 0 0.0 Regional Banks 48,270 3.4 51,839 3.6 ＋3,569 ＋0.2 Trust Banks 745,898 51.8 761,730 52.9 ＋15,832 ＋1.1 Life Insurers 29,658 2.1 32,385 2.2 ＋2,727 ＋0.2 Non-life Insurers 0 0.0 0 0.0 0 0.0 Shinkin Banks 36,015 2.5 33,940 2.4 -2,075 -0.1 Others 31,971 2.2 30,609 2.1 -1,362 -0.1 Other Domestic Corporations 235,291 16.3 233,917 16.2 -1,374 -0.1 Foreign Investors 189,709 13.2 191,005 13.3 ＋1,296 ＋0.1 Securities Companies 41,562 2.9 21,641 1.5 -19,921 -1.4 Total 1,440,000 100.0 1,440,000 100.0 - - End of 24th FP End of 25th FP Change(Feb. 28, 2026) (Aug. 31, 2026) No. of Unitholders Ratio No. of Unitholders Ratio No. of Ratio (%) (%) Unitholders (%) Individuals 11,545 94.2 11,462 94.2 -83 ＋0.0 Financial Institutions 136 1.1 136 1.1 ＋0 ＋0.0 Major Banks 0 0.0 0 0.0 0 0.0 Regional Banks 21 0.2 19 0.2 -2 -0.0 Trust Banks 6 0.0 7 0.1 ＋1 ＋0.0 Life Insurers 6 0.0 6 0.0 ＋0 ＋0.0 Non-life Insurers 0 0.0 0 0.0 0 0.0 Shinkin Banks 53 0.4 53 0.4 ＋0 ＋0.0 Others 50 0.4 51 0.4 ＋1 ＋0.0 Other Domestic Corporations 313 2.6 311 2.6 -2 ＋0.0 Foreign Investors 242 2.0 233 1.9 -9 -0.1 Securities Companies 18 0.1 21 0.2 ＋3 ＋0.0 Total 12,254 100.0 12,163 100.0 -91 - Name Units Held (No. of Units) Total Units*2 (%) 1 Custody Bank of Japan, Ltd. (Trust Account) 439,539 30.52 2 The Master Trust Bank of Japan, Ltd. (Trust Account) 238,569 16.56 3 Hulic Co., Ltd. 208,800 14.50 4 The Nomura Trust and Banking Co., Ltd. (Investment Trust Account) 64,152 4.45 5 Meiji Yasuda Life Insurance Company 25,203 1.75 6 STATE STREET BANK AND TRUST COMPANY 505001 19,782 1.37 7 JP MORGAN CHASE BANK 385781 18,235 1.26 8 Custody Bank of Japan, Ltd. (Trust Account4) 12,917 0.89 9 STATE STREET BANK AND TRUST COMPANY 505103 11,787 0.81 10 JP MORGAN CHASE BANK 385642 10,715 0.74 Total 1,049,699 72.89
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0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000 220,000 Feb. 2014 Aug. 2014 Feb. 2015 Aug. 2015 Feb. 2016 Aug. 2016 Feb. 2017 Aug. 2017 Feb. 2018 Aug. 2018 Feb. 2019 Aug. 2019 Feb. 2020 Aug. 2020 Feb. 2021 Aug. 2021 Feb. 2022 Aug. 2022 Feb. 2023 Aug. 2023 Feb. 2024 Aug. 2024 Feb. 2025 Aug. 2025 Feb. 2026 Aug. 2026 （億円） （yen） 時価総額（右軸） 投資口価格（左軸） 東証REIT指数（左軸） 61 Price Since Listing As of Sep. 30, 2026 Unit Price ¥144,300 Total Market Value ¥207.8bn * Source: Prepared by the asset management company, based on publicly disclosed information. Mar. 2014 Incorporated into TSE REIT Index Mar. 2016 Announcement of Inclusion in FTSE EPRA/NAREIT Global Real Estate Index Series Apr. 2016 JCR Raises Our Rating as Long-term Issuer to AA- (Stable) Apr. 2019 Changes in Outlook for JCR’s Long-term Issuer Rating to AA- (Positive) Dec. 2024 Announcement of Two-year Plan to Strengthen Returns to Unitholders May 2021 JCR Raises Our Rating as Long-term Issuer to AA (Stable) We Aim to Further Increase Total Market Value and Improve Liquidity ◼ Implementation of Past 8 Public Offerings (Expansion of Total Market Value) ◼ Extending Investor Class with Continued Inclusion in Global Indices (Improving Liquidity) ◼ Upgrade of Credit Ratings (JCR) to AA (Stable) (May 2021) Total Market Value (RH Axis) Unit Price (LH Axis) TSE REIT Index (LH Axis) （billions of yen） 19. Unit Price and Total Market Value Nov. 2014 1st PO Mar. 2016 2nd PO Oct. 2016 3rd PO Oct. 2017 4th PO Oct. 2018 5th PO Sep. 2019 6th PO Apr. 2021 7th PO Oct. 2021 8th PO Feb. 2014 New Listing Issue Price : ¥108,000
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67,488 65,297 66,614 56,055 50,616 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2022年 2023年 2024年 2025年 目標 （KPI） 11,656 11,299 7,056 4,352 6,761 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2022年 2023年 2024年 2025年 目標 （KPI） 59.5 63.0 61.4 56.2 55.1 58.3 80.3 83.9 83.5 82.5 81.2 75.6 30 40 50 60 70 80 90 100 Energy Consumption （%) 62 0 174,176 173,522 174,870 158,208 415.3 406.8 401.4 357.8 0 400 800 0 50,000 100,000 150,000 200,000 2022年 2023年 2024年 2025年 エネルギー消費量 エネルギー消費原単位 Scope1+2 Scope3 (Mwh) 2030年末 Scope3 -16.9%Scope1+2 -62.7% (t-CO2) (t-CO2) 20. Initiatives for ESG Progress in Targets (KPI) for Environment GHG Emissions Green Building Certification*4 Acquisition Rate*5 Target（KPI） • The target (KPI) is reduction of total GHG emissions in Scope 1 and Scope 2 by 42% relative to the actual figures for 2022 by the end of 2030. • The target (KPI) is reduction of total GHG emissions in Scope 3 by 25% relative to the actual figures for 2022 by the end of 2030. • Net-zeroby 2050*1 Result*2*3 GHG emissions GHG emissions (KPI) GHG emissions GHG emissions (KPI) 25% Reduction Relative to the Actual Figures for 2022 by the End of 2030 42% Reduction Relative to the Actual Figures for 2022 by the End of 2030 Total GHG Emissions Reduction Rate Relative to 2022 Total GHG Emissions Reduction Rate Relative to 2022 2022 20242023 End of 2030 Target (KPI) End of 2030 Target (KPI) 2022 202420232025 2025 Target（KPI） -4.8% Result*2 Annual Average Reduction Rate per Unit Energy Consumption The basic target (KPI) is reduction of average energy consumption intensity over the past five years for the entire portfolio by 1% or more (2022 as a benchmark (Note)). (Note) If less than 5 years, it shall be the average of the applicable period. 2022 20242023 2025 Energy Consumption Energy Use Intensity (kwh/㎡) Target（KPI） Result • Entire Portfolio：To be Maintained at 50% or more • Offices and Retails： To be Maintained at 60% or more (*) Based on Gross Floor Area Entire Portfolio Offices and Retails Target of Offices and Retails： 60% or more Target of Entire Portfolio： 50% or more Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Sep. 30, 2026 Dec. 31, 2025 Based on Gross Floor Area*6 Based on No. of Properties Entire Portfolio 58.3％ 61.3％ Offices and Retails 75.6％ 67.4％ （as of Sep. 30, 2026） *1 Excludes properties for which we do not have energy management authority, incl. master lease properties, residential parts ofproperties and non-managerial co-ownership properties, etc. *2 The following is the scope of subject properties in the calculation of actual figures. (1)The period during which the property was owned by Hulic Reit (limited to properties for which data is available). (2) For the properties that Hulic Reit holds under co-ownership, calculations are based on the figures equivalent to the co-ownership interest held by Hulic Reit. *3 GHG emissions are calculated by multiplying energy consumption by the factor, etc. in accordance with the Ministry of the Environment’s “GHG Emissions Accounting, Reporting and Disclosure System.” GHG emissions in the table include estimated figures. *4 Refers to certification by a third-party certification body, such as DBJ Green Building Certification, CASBEE, BELS, and JHEP Certification. *5 In the calculation of the percentage of properties that will have acquired green building certification, the properties subject to calculation do not include properties for which ownership is of the land interest only. Even if a single property will have acquired several green building certifications, it is counted as 1 property. *6 In the case of properties which Hulic Reit holds under sectional ownership or co-ownership, the calculation is based on the floor area corresponding to its sectional ownership or co-ownership interest.
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50 56 61 63 64 61 60 45 50 55 60 65 70 2021年6月末 2022年6月末 2023年6月末 2024年6月末 2025年6月末 2026年6月末 2026年9月末 63 （Properties） 0 20. Initiatives for ESG Various Initiatives Aimed at Reducing GHG Progress in Shift to LED Use of Solar Energy Equipment ◼ Steadily replace lighting with LED lights when tenant replaced, etc. No. of Properties That Have Introduced LED Lighting (Incl. Properties Where LED Lighting Has Been Partially or Fully Introduced at the Exclusive Floor Area or Common Use Area) ◼ Reduce buildings’ illumination load by using renewable energy. No. of Properties Introducing Solar Energy Equipment and Estimates of the Effect of CO2 Emission Reductions No. of Properties Introducing Solar Energy Equipment : 14properties Power Generation Amount in 2025 136,175kWh*1 (Equivalent to an about 58t Annual Reduction*2 in the CO2 Emission Amount) Ochanomizu Sola City Hulic Asakusabahi Building Charm Suite Shinjukutoyama Charm Suite Shakujiikoen Jun. 30, 2021 Jun. 30, 2022 Jun. 30, 2023 Jun. 30, 2024 Sep. 30, 2026 Jun. 30, 2025 Jun. 30, 2026 Promotion of Introduction of Green Leases ◼ Pursue introduction of green lease provisions when new rental agreements are signed to the effect that Hulic Reit will collaborate with the tenant company on energy conservation and environmental issues in the rental unit. Green Lease Percentage for New lease Signed in 24th and 25th FPs in Offices (Office Spaces) Green Lease Percentage (Based on the No. of Contracts) 100% With Green Lease Provisions 100.0% *1 The following is the scope of subject properties in the calculation of actual figures. (1) The period during which the property was owned by Hulic Reit (limited to properties for which data is available). (2) For the properties that Hulic Reit holds under co-ownership, calculations are based on the figures equivalent to the co-ownership interest held by Hulic Reit. *2 CO2 emission reductions are calculated by multiplying power generation in 2025 by the coefficient in the Ministry of the Environment's Greenhouse Gas Emissions Calculation, Reporting and Publication System.
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ZEB Certification 64 DBJ Green Building Certification BELS Evaluation Acquisition Year Evaluation Property Name Sponsor- developed 2018 ★★★ Hulic Toranomon Building 〇 2019 ★★★★★ HULIC &New SHIBUYA 〇 2019 ★★ Himedic Residence The Garden Tokiwamatsu 〇 2019 ★★ Sotetsu Fresa Inn Tokyo-Roppongi 〇 2020 ★★★★ Hulic Mejiro*1 〇 2020 ★★★ Hulic Kanda Building 2020 ★★★ Hulic Asakusabashi Building 〇 2020 ★★ Hulic Asakusabashi Edo-dori*2 〇 2020 ★★ HULIC &New SHINBASHI*3 〇 2020 ★★ Charm Suite Shinjukutoyama 〇 2021 ★★★★★ Hulic Shimura-sakaue 〇 2021 ★★★ Hulic Kandabashi Building 〇 2021 ★★★ Hulic Ryogoku Building 〇 2021 ★★★ Hulic Hachioji Building 〇 2021 ★★ Hulic Ebisu Building 2021 ★★ Hulic Nakano Building 〇 2023 ★★★ Hulic Jimbocho Building 2024 ★★★★★ QUARTZ SHINSAIBASHI 〇 2025 ★*4 Sotetsu Fresa Inn Ginza 7 Chome 〇 2025 ★★★★*4 Hulic Ginza Building 〇 2025 ★★★★★★*4 Hulic Ginza Building*5 〇 CASBEE CASBEE for Wellness Office Certification JHEP Certification Acquisition Year Evaluation Property Name Sponsor- developed 2022 A Aristage Kyodo 〇 2023 A Granda Gakugeidaigaku 〇 2024 A Charm Suite Shinjukutoyama 〇 2024 A Charm Suite Shakujiikoen 〇 2024 A Hospitalment Hongo 〇 Acquisition Year Evaluation Property Name Sponsor- developed 2021 ★★★★★ Hulic Kandabashi Building 〇 2021 ★★★★★ Hulic Kakigaracho Building 〇 2021 ★★★★ Hulic Kanda Building 2022 ★★★★★ Hulic Higashi Ueno 1 Chome Building 2022 ★★★★★ Hulic Jimbocho Building 2022 ★★★★★ Oimachi Redevelopment Building (#2/#1)*6 2022 ★★★★★ Hulic Jingu-Mae Building 2022 ★★★★ Bancho House 2023 ★★★★★ Hulic Kobunacho Building 〇 2023 ★★★★ Hulic Oji Building 〇 2024 ★★★★★ Toranomon First Garden 〇 2024 ★★★★★ Ochanomizu Sola City 〇 2024 ★★★★ Hulic Takadanobaba Building 2024 ★★★★ HULIC &New SHIBUYA 〇 2025 ★★★★ Hulic Gotanda Yamate-dori Building 2026 ★★★★★ Hulic Asakusabashi Edo-dori 〇 2026 ★★★★★ Hulic Mejiro 〇 2026 ★★★★★ Hulic Ryogoku Building 〇 2026 ★★★★★ Hulic Hachioji Building 〇 2026 ★★★★ Hulic Nakano Building 〇 Acquisition Year Evaluation Property Name Sponsor- developed 2025 ★★★★ Toranomon First Garden 〇 2025 ★★★★ Oimachi Redevelopment Building (#1) 2025 ★★★ Oimachi Redevelopment Building (#2) 2025 ★★★ Hulic Kaminarimon Building 〇 2026 ★★★★★ Hulic Asakusabashi Building 〇 2026 ★★★★ Hulic Shinjuku Building 〇 2026 ★★★★★ Ochanomizu Sola City 〇 2026 ★★★★★ Hulic Toranomon Building 〇 Acquisition Year Evaluation Property Name Sponsor- developed 2024 ★★★★★ Hulic Toranomon Building 〇 Acquisition Year Evaluation Property Name Sponsor- developed 2024 ZEB Ready QUARTZ SHINSAIBASHI*7 〇 2024 ZEB Oriented QUARTZ SHINSAIBASHI*8 〇 2025 ZEB Ready Hulic Ginza Building*7 〇 2025 ZEB Oriented Hulic Ginza Building 〇 CASBEE for Buildings (New Construction) Acquisition Year Evaluation Property Name Sponsor- developed 2024 ★★★★★ QUARTZ SHINSAIBASHI 〇 21. Initiatives for ESG *1 Excl. the rental spaces for tenants (B1 to 4F). *2 Excl. the rental spaces for tenants (1F to 5F). *3 Excl. the rental spaces for tenants (2/3F, B1/1F). *4 The evaluation is based on the new BELS Evaluation that began on Apr. 1, 2024. *5 Only the office spaces are targeted. *6 Oimachi Redevelopment Building (#2) and Oimachi Redevelopment Building (#1) were recognized as a single building. *7 Only the office spaces are targeted. *8 Only the retail and hotel spaces are targeted. *9 This refers to assets held by Hulic Reit as of 25th FP (Aug. 2026) earnings announcement.
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20. Initiatives for ESG Initiatives for GovernanceInitiatives for Society Hulic Sponsor’s Ownership Ratio 14.50% 65 Enhancement of Customer (Tenant/User) Satisfaction • Tenant satisfaction surveys of about 300 tenants have been conducted since 2017. • The majority of tenants who responded have indicated that they are satisfied overall. Implementation of Tenant Satisfaction Surveys Motivating Work Environment (Nurturing of Human Resources, DEI, etc.) Office Environment Improvements • Taking the opportunity of office relocation, we create a work environment with greater consideration for employee comfort. • Multi-functional space in the center of the office to promote communication. • Support for diverse work styles, including a web conferencing space with soundproofing equipment and individual spaces for focused work • Introducing office background music to improve the work environment • Percentage of women among officers: 50% at Hulic Reit, 17% at Hulic REIT Management*1 • Percentage of employees taking childcare leave (2025): female 100% (male:Not applicable) • Enhancing personnel resources (child leave, childcare leave, nursing care leave, short-time working hours for nursing care, and next-generation support leave (for infertility treatment for the employee), etc.) to create a comfortable work environment • Implementation of Employee Satisfaction Survey (President Questionnaire) (fiscal 2025 : response rate of 100%) • Introduction of a Subsidy Program for Social Gathering Expenses to Promote Internal Communication DEI and Human Capital Enhancement Utilization of Corporate Version of Furusato Nozei Hulic REIT Management’s Corporate Governance Breakdown of Full-Time Board Members and Employees at Hulic REIT Management (As of End of Sep. 2026) Employees *2Full-Time Board Members Other Than Seconded Employees 100.0% Seconded Employees 6.9% Other Than Seconded Employees 93.1% Introduction of an Incentive Bonus Partially Linked to the DPU to the Remuneration System for Officers and Employees • The portion equivalent to about 50% of the total amount of remuneration for the main officers is linked with the relative performance of Hulic Reit’s investment unit price. Introduction of Remuneration Linked to the Relative Performance of Investment Unit Prices to Executive Compensation Initiatives for Aligning Unitholder Return Same-Boat Investment by Sponsor and Introduction of Investment Unit Ownership Program incl. Sponsor Investment Unit Ownership Program Hulic Reit’s Unitholders Officers and Employees of Sponsor and Hulic REIT Management Participate in the Investment Unit Ownership Program. Securing Same-Boat Relationship with Unitholders *1 Figures include part-time officers. *2 The total number of employees includes three officers who have concurrent duties as employees. Donations were made through the utilization of the Local Revitalization Contribution Program (Corporate Version of the Hometown Tax). Donation recipient Content 2025 Ofunato City, Iwate Forest Wildfire Recovery and Reconstruction Program(A recovery and reconstruction initiative aimed at restoring the livelihoods and livelihoods of those affected by the large-scale forest wildfire that occurred on February 26, 2025.) Itsuki Village, Kuma District, Kumamoto Forest-Based Community Development(Promoting initiatives centered on forestry policies, including enhancing the value- added utilization of abundant forest resources, securing and developing human resources for the forestry sector, and improving income levels.) Itsuki Village Certificate of Appreciation
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21. Disclosure in Accordance with TCFD Recommendations 66 Main Risks/Opportunities Impact on Business Timeframe Strategy (Countermeasures) 1.5℃/2℃ Scenario 4℃ Scenario Transition risks Policy and legal １ Increased operating costs due to introduction of carbon tax Large Large Medium- to Long-term • Pursuing initiatives aimed at reducing GHG emissions by adopting photovoltaic equipment, natural ventilation systems, and natural lighting systems 2 Increased costs to adapt to the introduction of ZEB/environmental construction regulations Medium Small Medium- to Long-term • Pursuing ZEB adaptation work • Reducing long-term utility costs 3 Increased burden/penalty risks due to disclosure requirements/tighter regulations Small Small Medium- to Long-term • Strengthening compliance with climate change-related regulations • Strengthening initiative-related disclosure to stakeholders such as investors Reputation 4 Decreased competitiveness due to less favorable assessment from customers Large Small Short-term Medium- to Long-term • Improving the green building certification acquisition rate • Pursuing conversion to electricity from renewable energy 5 Decreased competitiveness due to less favorable assessment from investors Large Small Short-term Medium- to Long-term • Improving the green building certification acquisition rate • Pursuing initiatives aimed at reaching GHG emission reduction targets Physical risks Acute 6 Increased damage due to more severe wind and rain Small Small Medium- to Long-term • Enhancing BCP implementation • Considering wind and water damage risks when acquiring properties Chronic 7 Increased operating costs due to higher average temperatures Small Small Medium- to Long-term • Reducing utility costs by adopting photovoltaic equipment, natural ventilation systems, and greening systems 8 Increased insurance premiums due to environmental changes Small Small Short-term Medium- to Long-term • Conducting periodic disaster risk assessments • Enhancing BCP implementation Opportu- nities Products and services 9 Increased demand for environmentally certified/low-carbon buildings and real estate Large Small Short-term Medium- to Long-term • Improving the green building certification acquisition rate • Pursuing conversion to electricity from renewable energy Markets 10 Decreased financing costs due to obtaining favorable assessment from investors Small Small Short-term Medium- to Long-term • Improving the green building certification acquisition rate • Promoting green finance 11 Increased opportunities to use public-institution Incentives Large Large Medium- to Long-term • Promoting initiatives to keep us ahead of other companies in the field with regard to ZEB transition and green finance (timing, proportion of properties, total amount) Energy sources 12 Reduction of running costs due to introduction of energy-recycling/saving technologies Large Large Short-term Medium- to Long-term • Reducing long-term utility costs by introducing LED lighting, photovoltaic equipment, underground spring water, etc. Identification of Risks/Opportunities and Financial Impacts Based on Scenario Analysis ◼ Based on the results of scenario analysis, reducing GHG by promoting a shift to LEDs and introducing power derived from renewable energy, and improving the green building certification acquisition rate, for which KPI are set based, will remain key areas. * Short-term = the next 3 years, medium-term = the next 10 years, long-term = the next 30 years
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67 Governments Investors Technology Customers Nature Introduction of low- carbon transition- related policies/regulations targeting companies, accompanied by the ability to enforce them. Companies‘ reductio n of GHG emissions becomes a factor in investors’ decisions. Renewable energy and decarbonizing technology become widespread. Set ambitious targets for GHG emissions reduction etc., and carbon- reduction needs accelerate. Natural disasters continue to grow more severe. Socioeconomic Development Aimed at Realizing a Decarbonized/Low-Carbon Society We have signed a sponsor support agreement with the sponsor who is proactively adopting environmentally friendly technologies when developing new properties or rebuilding existing ones, and given the trend toward accepting rent increases for office buildings with excellent environmental performance, we will increase the number of properties with green building certification and enhance our renewable energy and energy-saving initiatives, which may be expected to improve our competitive advantage within the industry. <Impact on Hulic Reit/Countermeasures> As society undergoes transformation in the name of decarbonization, it will be necessary to improve the environmental performance of owned properties by converting to ZEB and introducing renewable energy. Overview of Adopted Scenarios 1.5℃/2℃ Scenario 4℃ Scenario As wind and flood damage risks grow, it will be necessary to increase properties’ competitive advantage by enhancing disaster prevention and physical risk countermeasures. Increased Necessity for Social Adaptation Due to Growing Severity of Natural Disasters Investors Technology Customers Nature Want companies to implement BCP measures due to concern about physical risks of disasters. Rapid progress in solutions aimed at adapting to climate change. Increased need for disaster countermeasures, such as BCP implementation. Increased economic damage due to growing severity of natural disasters, such as wind and water damage and temperature rises. <Impact on Hulic Reit/Countermeasures> As wind and water damage risks grow, we will enhance disaster prevention (BCP implementation, etc.) and countermeasures for physical risks, which may be expected to improve our competitiveness within the industry. 21. Disclosure in Accordance with TCFD Recommendations
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0 200,000 400,000 600,000 800,000 2022年 2023年 2024年 2025年 0 30,000 60,000 90,000 120,000 150,000 180,000 2021年 2022年 2023年 2024年 0 30,000 60,000 90,000 120,000 150,000 180,000 2021年 2022年 2023年 2024年 22. About Hulic Consolidated Financial Position Main Indicators Corporate Name Business Outline Real Estate Holding, Leasing, Sales and Brokerage Established Mar. 1957 Listing Tokyo Stock Exchange, Prime Section (Securities Code 3003) Paid-in Capital ¥111,609mn (As of Jun. 30, 2026) Hulic Head Office Building Established as Nihonbashi Kogyo Co., Ltd. Started off in the bank branches and employee housing facilities management business for The Fuji Bank, Limited (currently Mizuho Bank, Ltd.). Acquired bank branches and employee housing facilities, etc. from the bank. Mar. 1957 Changed name from Nihonbashi Kogyo to Hulic Co., Ltd Jan. 2007 Listed on the 1st section of the Tokyo Stock Exchange Nov. 2008 Hulic Reit listed on the Tokyo Stock Exchange Feb. 2014 Hulic Head Office Building Rooftop Natural Ventilation System *1 Figures are based on Hulic's Financial Results Briefing for the fiscal year ending Dec. 31, 2026. Percentages by asset type are calculated based on rental income (Excluding real estate for sale, including Otemachi Place) for Jun. in 2026. *2 The ratio by area and the ratio by the length of the walk from the nearest train station are calculated based on the number of relevant properties out of the number of properties (207), excluding nursing homes and homes. Note that the 5 central Tokyo wards are Chiyoda, Chuo, Minato, Shinjuku, and Shibuya wards. Sources of Rent Revenue*1 Area Distribution by Numbers*2 Walking Distance From the Nearest Train Stations *2 Main Properties Offices Hulic Ginza Sukiyabashi Building HULIC SQUARE TOKYO Hospitalment Yotsuya Daikyocho Revenue From Operations Operating Income Ordinary Income (Recurring Income) 2022 2023 2024 2025 (millions of yen) (millions of yen) (millions of yen) ■ Hulic originally started its business in 1957 in the ownership and management of bank branches and employee housing facilities for The Fuji Bank, Limited (currently Mizuho Bank), and expanded into the reconstruction business in response to the aging of bank branches and employee housing facilities since their construction. ■ Hulic owns a large portfolio of well-located properties, primarily in the 5 central Tokyo wards. While real estate remains its core business, the Company has strengthened its business foundation through a unique growth strategy that incorporates a diverse range of growth businesses. Private Nursing Homes 5 Central Tokyo Wards 45% Other Tokyo 23 Wards 20% Tokyo Suburbs 21% Greater Osaka 5% Other 9% 207 1 min or less 31% 2-3 min 27％ 4-5 min 13% 5 min or more 29% 207 Office Buildings 44% Offices 43% Offices (Mizuho) 2% Rental Apartments 1% Hotels, Ryokan 15% Nursing Homes 6% Retails 21% Others 6% Data Centers 6% 2022 2023 2024 2025 2022 2023 2024 2025 THE GATE HOTELHULIC &New HULIC &New GINZA 8 68 Rissei Garden Hulic Kyoto
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69 HULIC &New SHINJUKU Hulic Nishi Ginza Building Ginza 6-chome Miyuki St. Development Project （2028） HULIC &New GINZA 8 JIYUGAOKA MUSE SQUARE Hulic Ginza World Town Building 23. Hulic's Main Development and Owned Properties Main Sponsor -Developed and Owned Properties Main Sponsor -Developed Projects (Scheduled Completion Year) Ginza 7-chome Showa St. Development Project (2029) Aoyama Building Reconstruction Project(2028) G8 Development Project (2028) Shibuya 1-chome Area Joint Development Project (PPP) (2027) Ginza 8-chome 9-11, 12 Development Project (2026) Hulic Ginza Sukiyabashi Building HULIC SQUARE FUKUOKA TENJIN HULIC SQUARE SAPPORO HULIC SQUARE TOKYO (THE GATE HOTEL TOKYO by HULIC) *1 The main buildings developed and held and development projects that have been disclosed by Hulic as of Jun. 30, 2026, are noted here. *2 Hulic Reit has not decided to acquire the aforementioned properties, with the exception of assets held by Hulic Reit as of 25th FP (Aug. 2026) earnings announcement. There is no guarantee that Hulic Reit will be able to acquire these properties in the future. Retails Retails Offices Offices Retails Retails Offices Hotels
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24. Collaboration with the Hulic Group Properties Properties Older Properties ・Leasing ・Reconstruction ・New Investments ・Development ・CRE/PPP ・REIT ・Value Adding Core Business Evolution of Core Business Approaches in Growth Fields in line with the Needs of the Time ＋ Properties Properties Older Properties Holding ① Purchase ③ ④ Asset Manager Sponsor Properties Main Business Field of Hulic Main Support Received From Sponsor - Asset Circulation Model - Holding ① Purchase Reconstruction / Development② Re-development Support Holding Purchase Market Diagram ➍ : Provision of Sales Information on Properties Owned by Third Parties … The sponsor can provide information regarding the property immediately to the asset manager as long as prior approval is obtained from the owner and other stakeholders as a general rule. Diagram ➌ : Provision of Warehousing Function … The asset manager has the right to ask the sponsor to take on temporary ownership (warehousing) of relevant real estate prope rty or other assets with the understanding that the asset will subsequently be transferred to Hulic Reit. Diagram ➋ : Re-development Support … The asset manager requests review/proposals for the sponsor’s re-development plans before making requests to third parties. If the sponsor accepts the re-development project, the asset manager has preferential negotiation rights for the redeveloped property. Diagram ➊ : Preferential Negotiation Rights … The sponsor provides information to the asset manager whenever properties (excluding some investment properties) are sold by the sponsor’s group and the asset manager has preferential negotiation rights over other third parties. ・Seniors ・Tourism ・Environmental Business ・Education Business for Children 70
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Names of Agreement Fees in 25th FP (Aug. 2026) Asset Management Agreement ¥1,340,623k*1 Asset Custody Agreement ¥14,865k Investment Unit Administrative Service Agreement Administrative Service ¥48,151k*2 Names of Agreement Fees in 25th FP (Aug. 2026) Fiscal Agency Agreement ¥112k Sponsor Support Agreement - 25. Overview of Hulic Reit and Asset Management Company Custodian Mizuho Trust & Banking Co., Ltd. Transfer Agent Mizuho Trust & Banking Co., Ltd. General Administrator Mizuho Trust & Banking Co., Ltd. Asset Manager ➏ ➍ ➌ ➋ ➊ Administrative Agent for Investment Corporation Bonds Mizuho Bank, Ltd. ➎ ➏ ➊ ➋ ➌ ➍ ➎ ➏ 71 Structure Organization of Asset Management Company Board of Directors Investment Committee Compliance Committee Compliance and Risk Management Department Internal Audit Department President and CEO Shareholder's Meeting Planning and Administration Division Investment and Management Division Asset Management Department Finance and Planning Department Corporate Administration Department Investment Department Accounting Department Corporate Auditor (Non Executive) Each Agreement and Fee *1 In addition to the amount stated, the asset management fees also include fees associated with property acquisition factored into the book values of the individual properties (¥64,867k) and fees associated with property transfer in relation to the occurrence of gains on sales of real estate properties with respect to the individual properties (¥73,325k). *2 The figure stated is the sum total of fees incurred on the basis of transfer agency agreements and fees incurred on the basis of general administration agreements relating to institutional operations. General Meeting of Unitholders Board of Directors Executive Officer： Kazuaki Chokki Supervisory Officer : Rika Nakamura Takayuki Tomioka Noriko Kinoshita Independent Auditor ERNEST & YOUNG SHINNIHON LLC Specified Related Corporation Sponsor and Parent Company of the Asset Manager
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72 Terms Definitions 6 Central Tokyo Wards The 6 central Tokyo wards are Chiyoda, Chuo, Minato, Shinjuku, Shibuya, and Shinagawa wards. Tokyo Central 8 Wards The Tokyo central 8 wards are Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Shinagawa, Meguro and Setagaya wards. Properties Acquired During 24th FP The properties acquired during 24th FP (Feb. 2026) is Asakusa View Hotel and Hospitalment Hongo. Properties Acquired During 25th FP The properties acquired during 25th FP (Aug. 2026) is Hulic Ginza Building (49.0% interest in a compartmentalized ownership building), Hulic Ginza World Town Building (Quasi Co-Ownership Interest of 20.0％) and Edogawabashi Fuji Building (Quasi Co-Ownership Interest of 90.0％). Properties Acquired During 26th FP The properties acquired during 26th FP (Feb. 2027) is QUARTZ SHINSAIBASHI (49.0% quasi co-ownership interest in a beneficial interest in trust, the trust property of which consists of a 51.0% co-ownership interest in a building and the underlying land) and East Net Building. Property Transferred During 24th FP The properties transferred during 24th FP (Feb. 2026) is Ikebukuro Network Center, Nagano Network Center and Hulic Kamiyacho Building（Quasi Co- Ownership Interest of 56.0％). Property Transferred During 25th FP The properties transferred during 25th FP (Aug. 2026) is Tabata Network Center, Hiroshima Network Center, Atuta Network Center, Sapporo Network Center, Keihanna Network Center, Hulic Kamiyacho Building (Quasi Co-Ownership Interest of 9.0％) and Hulic Kudan Building (Land). Property Transferred During 26th FP The properties transferred during 26th FP (Feb. 2027) is Hulic Shibuya 1 Chome Building, Hulic Kojimachi Building (Quasi Co-Ownership Interest of 90.0％) and Trust Garden Yoganomori. Sponsor Sponsor Group The Sponsor is Hulic Co., Ltd., and the Sponsor Group is Hulic and its affiliates (Hulic Group). Sponsor-developed Properties The sponsor-developed properties are properties that were developed and owned by the sponsor. Furthermore, as a response to the elapse of years since construction, the sponsor carries out reconstruction projects to promote reconstruction suitable for location characteristics, and in this Financial Results Briefing, sponsor-developed projects include reconstruction projects. Sponsor-owned Properties The sponsor-owned properties are properties that the sponsor acquired from an external party and owned. Bank Branch Properties The bank branch properties are properties occupied in part by Mizuho Bank as a tenant. Asset Size The asset size is the total acquisition price of assets held by Hulic Reit in the subject FP. Unrealized Gains/Losses The unrealized gains/losses was obtained by the following formula: A-B (A: Appraisal value of the assets held at the end of each FP; B: Book value of the assets held at the end of each FP) NAV per Unit The NAV per unit was obtained by the following formula: (A+B)÷C (A：Net assets including surplus deducting surplus at the end of each FP (Total distributions for each FP from 14th FP (Feb. 2021), when internal reserves were set aside) ; B: Unrealized gains/losses at the end of each FP; C: Number of outstanding units at the end of each FP (figures below ¥1 are truncated.)) FFO per Unit FFO per Unit was obtained by the following formula: (Ａ＋Ｂ－Ｃ)÷Ｄ (Ａ：Net income at the end of each FP Ｂ：Depreciation and amortization at the end of each FP､ Ｃ：Gains/losses on sale of real estate properties (including loss on retirement of non-current assets) Ｄ：Number of outstanding units at the end of each FP） AFFO per Unit AFFO per Unit was obtained by the following formula: (Ａ－Ｂ)÷Ｃ (Ａ：FFO at the end of each FP Ｂ：Capital expenditures at the end of each FP Ｃ：Number of outstanding units at the end of each FP) 26. Definitions of Terms
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73 Terms Definitions Pay out ratio（FFO） Pay out ratio (FFO) was obtained by the following formula: Ａ÷B (Ａ：DPU at the end of each FP、Ｂ：FFO per unit) Pay out ratio（AFFO） Pay out ratio (AFFO) was obtained by the following formula: Ａ÷B (Ａ：DPU at the end of each FP、Ｂ：AFFO per unit) Book Value LTV The (book value) LTV ratio was obtained by the following formula: A÷B×100% (A: Total interest-bearing debt at the end of each FP; B: Total assets at the end of each FP) Market Value LTV The market value LTV ratio was obtained by the following formula: A÷(B+C)×100% (A: Total interest-bearing debt at the end of each FP; B: Total assets at the end of each FP; C: Unrealized gains/losses at the end of each FP) Previous Forecasts Unless otherwise noted, figures are based on forecasts released on Apr. 16, 2026. For details, please refer to Financial Repo rt for the Fiscal Period Ended Feb. 28, 2026, which was released on Apr. 16, 2026. New Forecasts The new forecasts are stated on the basis of forecasts released on Oct. 19, 2026. For details, please refer to Financial Report for the Fiscal Period Ended Aug. 31, 2026, which was released on Oct. 19, 2026. Gains on Sales This figure, which deducts the book-value price from the transfer price for the transferred properties in each FP at the time of transfer, is for reference and differs from the actual gains on sales. DPU This refers to the distribution per unit. Adjusted EPU This figure is the EPU adjusted for gains on sales of properties, etc. (including gains on sales after transferring or exchange of property, related type II management fees, and consumption taxes not eligible for exemption (estimated)) . NOI Yield Average NOI Yield The NOI yield is calculated using the following formula. Average NOI yield is calculated based on the sum of A and B for the relevant sector or portfolio. A÷B×100% (A: NOI (direct capitalization method) indicated in the appraisal report at the end of each FP; B: Acquisition price (In the case of an exchange, the acquisition cost after compression following the exchange)) NOI Yield After Depreciation Average NOI Yield After Depreciation The NOI yield after depreciation is calculated using the following formula. Average NOI yield after depreciation is calculate d based on the sum of A, B and C for the relevant sector or portfolio. (A-B)÷C×100% (A:The NOI (direct capitalization method) indicated in the most recent appraisal report obtained; B:Assumptions of depreciation and amortization in forecasts (annualized); C: Acquisition price(In the case of an exchange, the acquisition cost after compression following the exchange)) Cap rate (Based on Direct Capitalization Method) The cap rate (based on direct capitalization method) means the direct capitalization rate indicated in the appraisal report at the end of the FP. If multiple properties are included, the capitalization rate is calculated as a weighted average based on appraisal value. Average Age of Buildings The average age of buildings stated for age of buildings are weighted averages of the ages of properties excl. land, based on the acquisition prices. Total Leasable Area The total leasable area for each property indicates leasable area according to building leasing agreements or building plans at the end of the FP. (Figures for co-owned properties correspond to the owned portion.) Leased Area and Vacancy Area The leased area and vacancy area state the area actually leased and the area vacant based on lease agreements or plans of buildings related to assets owned at the time of acquisition at the end of each FP (for co-owned properties, figures correspond to the owned portion). Rate of New Tenant Entry and Departure The percentage of new tenant entry and departure was obtained by the following formula: A÷B×100% (A: Area of new tenant entry and departure for Offices in the applicable FP; B: Total leasable area of offices at the end of each FP) Please note that departure area and departure rate are indicated by negative numbers. 26. Definitions of Terms
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74 Terms Definitions Percentage Change in Rent Due to Revisions or Tenant Replacement The percentage change in rent due to revisions or tenant replacement was obtained by the following formula: (A-B)÷B×100% (In each FP, for each space with either a rent revision or a tenant replacement, A: Total amount of monthly rents after revisions or tenant replacements (incl. common service fees); B: Total amount of monthly rents before revisions or replacements (incl. common ser vice fees)) Leased Occupancy Rate This figure is calculated by dividing the leased area (contract basis) by the leasable area. Rental Occupancy Rate The figure is calculated by dividing the leased area excluding the areas covered by leases with free rent by the leasable area. Average Free Rent Period The free rent period whose lease agreement began in each respective period weigh-averaged based on the leased area (equity) (rounded to the 1st decimal place). Increased/Decreased Area (Revision) The increased/decreased area (revision) is the total area leased in each lease agreement for which a revision was made with either an increase or decrease in rent in each FP. For properties for which Hulic Reit holds co-ownership or quasi-co-ownership of trust beneficiary rights, this area is calculated based on the area corresponding to the percentage of ownership held by Hulic Reit at the end of the FP. Increased/Decreased Area (Replacement) The increased/decreased area (replacement) is the total area leased in each lease agreement for which, at the time of a tenant replacement in each FP, the tenant replacement occurred with either an increase or a decrease in rent. (The applicable tenants are those starting to lease in the same periods that there were replacements.) If the leased area differs before and after the tenant replacement, then the area is calculated based on the leased area of the tenant before replacement. Market Rent Levels (Office) The market rent levels (office) are rent levels that the asset management company calculated based on assumed new rents asses sed by CBRE Inc. for the Hulic Reit’s offices (excl. land, retail spaces, and residential spaces, etc.). As a rule, Hulic Reit calculates market rent levels as of the last day of February and August of every year. Rent Gap The percentage of divergence with office market rent levels was obtained by the following formula: (A-B)÷B×100% (A: Current rents for offices (excl. land, retail spaces, and residential spaces, etc.), B：The upper level of the market rent levels (offices)) Revenue From Halls and Conferences The revenue from halls and conferences is the profit after deducting expenses from the income in the halls and the conference rooms in Ochanomizu Sola City and Hulic Asakusabashi Building. Changes in Hotel Variable Rent Amount and Variable Rent Ratio (to Hotel Rent) （page 25） The variable rent of a hotel is linked to the revenue of each hotel (the calculation method differs depending on the property), and depending on its level, there may be cases where no variable rent is incurred. Regarding Sotetsu Fresa Inn Ginza 7 Chome and Sotetsu Fresa Inn Tokyo Roppongi, if variable rent arises, for the 23rd FP (Aug. 2025), the variable rent (accepted amount) for one year will be recorded in odd-numbered periods (Aug. term). From the 24th FP(Feb. 2026) onward, variab le rent will be recorded if the cumulative sales for the fiscal year at the end of each period exceed the level at which variable rent arises. The “Variable Rent Ratio" indicates the proportion of variable rent to the total hotel rental income for properties classified as “Hotels," combined for 2 fiscal periods. Please note that the amounts of variable rent, variable rent ratio, revenue-linked ratio, and GOP-linked ratio for the 26th FP (Feb. 2027) and the 27th FP (Aug. 2027) are based on the assumptions in the earnings forecast announced on Oct. 19, 2026, and do not guarantee th eir realization or amounts. Trends in ADR, Occupancy Rate, and RevPAR (2024 Comparison Index) (page 54) For Sotetsu Fresa Inn Ginza 7 Chome, Sotetsu Fresa Inn Tokyo-Roppongi, Grand Nikko Tokyo Bay Maihama, and Asakusa View Hotel, for which variable rents are stipulated in the lease agreement, the figures are indexed by taking the simple average of ADR, Occupancy rate, and RevPA R for the period subject to variable rents recorded in each fiscal period and setting 2024 as 100. For Sotetsu Fresa Inn Ginza 7 Chome and Sotetsu Fresa Inn Tokyo-Roppongi, since 24th FP Feb. 2026, the method of recording variable rents has been changed to the method based on the progress of accumulated sales for the fiscal year as of the end of each fiscal period (before the change, variable rents for 1 year were recorded in the Aug. fiscal period). For the period before the change in the recording method, calculations are based on the average of ADR, Occupancy rate, and RevPAR for each fiscal period (Feb. period: Sep. of the previous year to Feb. of the current year; Aug. p eriod: Mar. to Aug.). The figures for 2027 (26th FP (Feb. 2027) and 27th FP (Aug. 2027)) are calculated based on ADR, Occupancy rate, and RevPAR as sumed by Asset Management Company as the assumptions for recording variable rents while making reference to the plans and results of the ope rators in formulating its earnings forecast. The level and feasibility of these figures are not guaranteed. 26. Definitions of Terms
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75 Terms Definitions Average Interest Rate The interest rate for each interest-bearing debt as of the end of each FP is calculated as a weighted average of the interest rates for each interest-bearing debt balance as of the relevant FP. For borrowings for which we carried out interest rate swaps to avoid interest-rate risk, we use interest rates that take into account the effects of the interest rate swaps. Average Remaining Period The remaining years for each interest-bearing debt as of the end of each FP is calculated as a weighted average of the remaining years for each interest- bearing debt balance as of the relevant FP. GRESB The GRESB, established in 2009 by mainly a group of leading public pension funds that helped lead the effort to create the Un ited Nations’ Principles for Responsible Investment, is a yearly benchmark evaluation that measures consideration given to environment, society and govern ance (ESG) by companies in the real estate sector. Task Force on Climate-related Financial Disclosures (TCFD) The TCFD is an international initiative established in 2015 by the Financial Stability Board (FSB) at the request of the G20 Finance Ministers and the Central Bank Governors Meeting to discuss climate-related issues to be addressed by the financial sector. TCFD discusses how financial institutions and companies should disclose the impacts of climate-related risks and opportunities on the organization’s businesses to investors and other stakeholders, and announces recommendations. CDP CDP is an international non-governmental environmental organization founded in the UK in 2000 to promote corporate disclosure of environmental information in response to requests from institutional investors and purchasing companies worldwide. In FY2025, more than 22,100 companies disclosed information to CDP. SBT Science Based Targets set by companies to reduce greenhouse gas emissions in line with the standards required by the Paris Ag reement goals, which calls for a target of at least 4.2% per year for the next five to ten years. DBJ Green Building Certification The DBJ Green Building Certification is a certification system created by Development Bank of Japan Inc. in Apr. 2011 to supp ort real estate properties with environmental and social awareness (Green Building). The certification system is said to evaluate and certify real estate properties in terms of their desirability for society and the economy based on a comprehensive evaluation, which includes not only environmental performance, but also responsiveness to various stakeholder needs such as consideration for emergency preparedness and the community, and to support these efforts. BELS（Building-Housing Energy- efficiency Labeling System） The BELS is a building energy-efficiency labeling system that was started with the aim of having third-party institutions implement accurate evaluation and labeling of energy-conservation performance in non-residential buildings in accordance with the guidelines set forth in October 2013 by the Ministry of Land, Infrastructure, Transport and Tourism in Evaluation Guidelines for Energy -efficiency Labeling for Non-residential Buildings (2013). CASBEE (Comprehensive Assessment System for Built Environment Efficiency) CASBEE is a method for evaluating and rating the environmental performance of buildings as a system for comprehensively evalu ating the quality of buildings in terms of environmental-friendliness (such as energy conservation and using energy -saving materials with a low environmental footprint), levels of comfort within the building, and consideration given to the scenery. CASBEE for Wellness Office Certification CASBEE for Wellness Office Certification is a system for evaluating building specifications, performance, and initiatives tha t support the maintenance and promotion of users’ health and comfort. In addition to factors that directly impact the health and comfort of workers in buil dings, factors that contribute to improving intellectual productivity and performance in terms of safety and security are also evaluated. The Institute for Bui lding Environment and Energy Conservation (IBEC) is engaged in such activities as promoting CASBEE and operating evaluation and certification systems. JHEP Certification JHEP Certification is a system developed by the US Department of the Interior in the 1970s to 1980s in which the Ecosystem Co nservation Society-Japan quantitatively assesses and certifies the environment in terms of habitats. 26. Definitions of Terms
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76 Abbreviation Target property Kamiyacho Hulic Kamiyacho Builiding Kudan Hulic Kudan Building (Land) Shibuya 1 Chome Hulic Shibuya 1 Chome Building Gotanda Yamate-dori Hulic Gotanda Yamate-dori Building Kojimachi Hulic Kojimachi Building Shinjuku Hulic Shinjuku Building Ginza Hulic Ginza Building Edogawabashi Edogawabashi Fuji Building Toyocho East Net Building Abbreviation Target property Akihabara Dining Square Akihabara Building Ginza WT Hulic Ginza World Town Building Shinsaibashi QUARTZ SHINSAIBASHI Sotetsu 2 Properties Sotetsu Fresa Inn Ginza 7 Chome and Sotetsu Fresa Inn Tokyo-Roppongi Sotetsu Ginza Sotetsu Fresa Inn Ginza 7 Chome Sotetsu Roppongi Sotetsu Fresa Inn Tokyo-Roppongi Maihama Grand Nikko Tokyo Bay Maihama Asakusa Asakusa View Hotel Yoga Trust Garden Yoganomori Abbreviation Target property Hongo Hospitalment Hongo Chiba Chiba Network Center Ikebukuro Ikebukuro Network Center Nagano Nagano Network Center Tabata Tabata Network Center Hiroshima Hiroshima Network Center Atsuta Atsuta Network Center Sapporo Sapporo Network Center Keihanna Keihanna Network Center 26. Definitions of Terms ◼ Property names in this document may be abbreviated below.
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This presentation contains forward-looking statements including the forecasts, outlook, targets and plans of Hulic Reit, Inc. (hereinafter referred to as “HLC”). These forward-looking statements are the views and opinions of HLC and Hulic REIT Management Co., Ltd. (hereinafter referred to as “asset management company”) based on information available at the time this presentation was prepared and contain certain subjective assumptions, and they are subject to the impact of existing or unknown risks or uncertain factors that may influence future performance. Accordingly, these statements do not guarantee future performance and actual results may differ materially from those expressed or implied in such statements. Careful attention was paid in the preparation of this presentation, but HLC has not performed a detailed verification of the information appearing within this presentation, including any information derived from publicity available sources, and as such, HLC cannot guarantee the accuracy, completeness, appropriateness or validity of the information in this presentation, regardless of whether it is information prepared by HLC and its asset management company or information from a third party. In addition, the information appearing in this presentation has not necessarily been updated to reflect the latest available information, and HLC carries no obligation to do such. The information in this presentation is subject to change without notice. This presentation is intended to provide information for reference purposes only and is not intended to offer or solicit investments or to recommend purchases or sales involving securities, financial products, or other transactions. Please inquire with a securities company for the purchase of investment units or investment corporation bonds. Decisions on investments are to be made at your sole discretion and responsibility. Note that it is prohibited to reproduce, appropriate, etc., the contents of this presentation without approval in advance. Cautionary Statement