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東京建物 | TOKYO TATEMONO GROUP Presentation Material for the First Two Quarters of FY2026 Ending December 31 , 2026 ) August 6 , 2026 ----
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Contents 2 ◼ Summary p.3 ◼ Consolidated Statement of Income for the First Two Quarters of FY2026 p.5 ◼ Breakdown of Business Profit by Segment p.6 ◼ Consolidated Balance Sheet for the First Two Quarters of FY2026 p.7 ◼ Balance of Real Estate for Sale p.9 ◼ Investment Achievements for the First Two Quarters of FY2026 p.10 ◼ Consolidated Statement of Cash Flows for the First Two Quarters of FY2026 p.11 ◼ Assessment of the Market Environment and Future Policies p.12 ◼ Revision of Full-Year Earnings Forecast for FY2026 p.13 ◼ Changes in Business Profit and Profit p.14 ◼ Shareholder Returns p.15 ◼ Changes in Major Indicators p.16 ◼ Financial Standing p.17 ◼ Progress and Future Direction of the Medium-Term Business Plan p.18 ◼ Business Results by Segment p.20 − (1) Commercial Properties Business p.21 − (2) Residential Business p.32 − (3) Asset Service Business p.37 − (4) Other p.39 ◼ Implementation of Strategic Investments p.44 ◼ Initiatives toward Management Mindful of Equity Costs and Stock Prices p.45 ◼ Fair Value of Rental Properties p.47 ◼ Overview of the Medium-Term Business Plan p.48 − Long-Term Vision and Medium-Term Business Plan p.49 − Quantitative Target in Medium-Term Business Plan p.50 − Key Strategies in the Medium-Term Business Plan p.51 − Approach to the Business Portfolio Strategy p.52 − Cash Allocation p.54 − Acceleration of the property sales business to investors p.55 − Governance Initiatives p.56 − Initiatives for Human Capital p.57 − Initiatives for DX p.58 ◼ Sustainability-related Initiative p.59 ◼ Appendix p.63 − Materiality of the Tokyo Tatemono Group p.64 − Quarterly Segment Data p.65 − Market Data p.68
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. ◼ The forecast for the dividend per share for FY2026 has been revised upward to 126 yen, an increase of 4 yen from the annual dividend forecast of 122 yen announced at the beginning of the fiscal year. This represents a 21 -yen increase compared to the actual dividend of 105 yen for the previous fiscal year, and the dividend payout ratio is expected to be 40.2%. Revision of Dividend Forecast Summary 3 Financial Results for the First Two Quarters of FY 2026 ◼ Although operating revenue decreased due to a one-time large-scale recognition of for-sale condominiums in the previous fiscal year, profits increased due to steady growth in revenue from leasing of buildings, etc., as well as steady progress in property sales to investors. Financial Results for the First Two Quarters of FY 2026 Operating Profit ¥39.8 billion (YoY: +¥5.8 billion, +17.1%) Business Profit* ¥41.3 billion (YoY: +¥6.8 billion, +20.0%) ¥23.3 billion (YoY: +¥2.8 billion, +13.7%) ◼ Reflecting steady progress in our Commercial Properties business and our Residential business, as well as property sales to investors, and taking into account variable factors such as a reassessment of equity method investment gains and losses in our Overseas businesses and an increase in company -wide expenses, we have revised our full- year earnings forecast upward. ◼ Operating profit, business profit, and ordinary profit are expected to reach record highs. Profit attributable to owners of parent has also been revised upward to ¥65.0 billion. ◼ The company expects to exceed all major quantitative targets set out in its current Medium-Term Business Plan one year ahead of schedule. A new management plan for the next term is scheduled to be announced in February 2027. Revision to Full-Year Earnings Forecast for FY2026 Operating Profit ¥105.5 billion【¥100.0billion】 (YoY: +¥9.7 billion, +10.2%) Business Profit* ¥105.0 billion【¥102.0 billion】 (YoY: +¥15.5 billion, +17.4%) ¥65.0 billion【¥63.0 billion】 (YoY: +¥6.1 billion, +10.4%) * Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method, etc. * + Gain (loss) on sale of non-current assets *Share of profit (loss) of entities accounted for using equity method, etc. includes interest and dividend incomes, and gain (loss) on sale of investment equity in investment vehicles for overseas businesses. Figures in 【】 are the forecasts at the start of this period Profit attributable to owners of parent Profit attributable to owners of parent
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Summary 4 Topics [Steady promotion of large -scale redevelopment ] ・Start of New Construction for Kita -Aoyama 3 -Chome District Urban Redevelopment Project (June) ➤ Completion schedule: 2030 (P. 30) [Utilization of the Strategic Funds] ・Capital and Business Alliance with Star Mica Holdings Co., Ltd., Undertaking of Third -Party Allotment of Shares, and Acquisition of Shares (May) ➤ Start of discussions on collaboration to create synergies (P. 44) [Strengthening the stable revenue base/ Disciplined control of balance sheet] ・Rating Change: Long -term issuer rating by Japan Credit Rating Agency, Ltd. (JCR) upgraded from “A” to “A+”(May) ➤ Aiming to balance with growth investments through continued disciplined financial strategy (P.17) Kita-Aoyama 3-Chome Project Kita-Aoyama 3-Chome District Urban Redevelopment Project • The largest-scale redevelopment project in the Aoyama area • Development of a vast “wooded area” (including the initial section) spanning approximately 1 hectare in a rare location immediately adjacent to Omotesando Station and Gaienmae Station ➢ June 2026: Start of new construction ➢ Summer 2026: Start of leasing activities (planned) ➢ 2030: Completion (planned) Capital and Business Alliance with Star Mica Holdings Co., Ltd.,
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 2026/8 Announced 2026/12 2026/12 Revised full-year Forecasts Operating revenue 208.7 194.4 (14.3) 524.0 524.0 37% Commercial properties 73.1 118.2 45.1 284.0 287.0 41% Residential 102.5 38.4 (64.0) 139.0 139.0 28% Asset service 21.8 26.8 4.9 77.0 74.0 36% Other 11.2 10.8 (0.3) 24.0 24.0 45% Operating profit 34.0 39.8 5.8 100.0 105.5 38% Non-operating income 2.9 3.3 0.3 4.5 4.5 74% Non-operating expenses 9.0 11.7 2.6 24.0 26.5 44% Interest expense 5.8 9.1 3.2 - - - Ordinary profit 27.9 31.4 3.4 80.5 83.5 38% Extraordinary income 2.8 5.7 2.8 15.0 15.0 38% Extraordinary loss 0.1 1.0 0.9 3.0 3.0 37% Profit before income taxes 30.6 36.0 5.3 92.5 95.5 38% Profit attributable to owners of parent 20.5 23.3 2.8 63.0 65.0 36% Operating profit 34.0 39.8 5.8 100.0 105.5 38% Share of profit (loss) of entities accounted for using equity method, etc. 0.4 (0.9) (1.3) (1.0) (3.5) - Gain (loss) on sale of non-current assets 0.0 2.4 2.4 3.0 3.0 - Business profit * 34.4 41.3 6.8 102.0 105.0 39% Commercial properties 18.2 42.7 24.5 83.0 88.5 48% Residential 17.6 2.9 (14.7) 22.0 23.0 13% Asset service 3.5 3.8 0.3 12.0 12.0 32% Other 1.0 (0.8) (1.8) (1.0) (3.5) - Elimination/Corporate (5.9) (7.3) (1.4) (14.0) (15.0) - See Business Results by Segment Achievement rate （Unit: ¥ billion） Decrease Increase/ Main factors for increase/decrease Full-year Forecasts2Q Actual 2026/12 2Q Actual 2025/12 See Business Results by Segment Increase in gains on sale of cross- shareholdings Increase in dividend income Increase in equity method investment losses, etc. Consolidated Statement of Income for the First Two Quarters of FY2026 ◼ Although operating revenue declined due to a reversal from the significant sales of for-sale condominiums recorded in the previous fiscal year, profits increased despite the revenue decrease. This was driven by steady growth in leasing revenue and facility management, as well as steady progress in property sales to investors. 5 * Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method, etc. * + Gain (l oss) on sale of non-current assets *Share of profit (loss) of entities accounted for using equity method, etc. includes interest and dividend incomes, and gain (loss) on sale of investment equity in investment vehicles for overseas businesses.
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. *1 Figures for property sales to investors are the gross profit *2 Including gains on sales of non-current assets Breakdown of Business Profit by Segment (Unit: ¥ billion) 6 Segment: Item 2025/12 2Q Actual 2026/12 2Q Actual 2026/12 Revised Full-year forecasts (A) 2026/12 Full-year forecasts (B) Differences (A)-(B) All segments (excluding property sales to investors) Total 35.2 19.2 49.5 47.0 +2.5 Commercial Properties Building leasing, etc. 16.7 14.1 27.0 23.0 +4.0 Residential For-sale condominiums, etc. 14.4 2.9 19.5 18.5 +1.0 Asset Service Parking lots, brokerage, etc. 2.9 2.8 6.5 6.5 - Other Leisure, fund, overseas, etc. 1.0 (0.8) (3.5) (1.0) (2.5) Property sales to investors Total*1,2 5.2 29.5 70.5 69.0 +1.5 Commercial Properties Logistics Properties, Hotels, Retail facilities, Offices 1.4 28.5 61.5 60.0 +1.5 Residential For-rent condominiums 3.2 − 3.5 3.5 - Asset Service Asset solutions 0.5 0.9 5.5 5.5 - Other − − − − - Elimination / Corporate (5.9) (7.3) (15.0) (14.0) (1.0) Total business profit 34.4 41.3 105.0 102.0 +3.0 ◼ The property sales to investors are proceeding smoothly, with progress reaching approximately 70% of the revised full-year earnings forecast of ¥70.5 billion (based on actual results and provisional agreements). 2026/8 Announced 2026/2 Announced
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Consolidated Balance Sheet for the First Two Quarters of FY2026 ◼ Total assets increased by 203.4 billion yen, driven by factors such as an increase in real estate for sale resulting from investments in properties for sale to investors, and an increase in non-current assets resulting from investments in large-scale redevelopment projects 7 *1 Debt equity ratio = Interest-bearing debt / Equity capital *2 Interest-bearing debt / EBITDA multiple = Interest-bearing debt / (Operating profit + Interest & dividend income + Share of p rofit (loss) of entities accounted for using equity method + Depreciation expense + Goodwill amortization expense) Increase/ Decrease Total assets 2,272.7 2,476.1 203.4 Current assets 826.8 890.1 63.2 Cash and deposits 152.2 94.2 (58.0) Real estate for sale 612.1 720.6 108.5 Investment in properties for sale to investors, etc. Other 62.4 75.1 12.7 Non-current assets 1,445.8 1,586.0 140.1 Property, plant and equipment 1,005.1 1,116.2 111.1 Investment in large-scale redevelopment projects, etc. Intangible assets 136.5 132.2 (4.2) Investments and other assets 304.1 337.4 33.3 Investments in overseas business, etc. Total liabilities 1,669.5 1,857.1 187.5 Interest-bearing debt 1,345.4 1,536.6 191.1 Increase in loans payable Other liabilities 324.0 320.5 (3.5) Total net assets 603.1 619.0 15.8 Shareholders’ equity 461.0 471.0 9.9 Accumulated other comprehensive income 129.9 135.7 5.8 Non-controlling interests 12.1 12.1 0.0 Capital adequacy ratio 26.0% 24.5% (1.5p) Debt equity ratio*1 2.3 2.5 0.3 11.4 - - （Unit: ¥ billion） ・Net debt equity ratio: 2.4x Interest-bearing debt / EBITDA multiple*2 Profit attributable to owners of parent +¥23.3 billion; Dividends paid -¥11.8 billion Main factors for increase/decrease2025/12-end 2026/6-end
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 890.1 1,857.1 Cash and deposits 94.2 Interest-bearing debt 1,536.6 Real estate for sale 720.6 Loans payable 1,190.0 Real estate for sale 338.0 Bonds payable 305.0 Real estate for sale in progress Other 75.1 Other 1.5 1,586.0 Other liabilities 320.5 Property, plant and equipment 1,116.2 619.0 Intangible assets 132.2 Shareholders’ equity 471.0 Accumulated other comprehensive income Non-controlling interests 12.1 135.7 Investments and other assets 337.4 Total assets： ¥2,476.1 billion Current assets Non-current assets Liabilities 382.5 Commercial papers 40.0 Net assets Consolidated Balance Sheet for the First Two Quarters of FY2026 8 By Status of Development By Segment Breakdown of Real Estate for Sale Breakdown of Property, Plant and Equipment and Intangible Assets Breakdown of Interest-Bearing Debt Status of Debt Equity Ratio Commercial Properties business Residential business Asset Service business Other Real estate for sale in progress Real estate for sale (completed) Commercial Properties business Residential business Asset Service business Other *1 Debt equity ratio = Interest-bearing debt / Equity capital *2 Net debt equity ratio = (Interest-bearing debt - Cash and deposits) / Equity capital *3 Calculated by taking into account the total equity credit of ¥140 billion concerning ¥70 billion of the total amount procured from the hybrid bonds payable Loans payable Bonds payable Commercial papers Other Taking into account hybrid loans/bonds*3 Debt equity ratio*1 2.5x 2.1x Net debt equity ratio*2 2.4x 2.0x 2026/6-end
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. （Unit:\ billion） Asset type, etc. Segment Balance of real estate for sale Total investment amount*1 Logistics, hotels, retail facilities and offices Commercial Properties 314.3 Approx. 665.0 For-rent condominiums Residential 61.6 Approx. 115.0 Asset solutions Asset Service 97.0 97.0 472.9 Approx. 880.0 For-sale condominiums, etc. 247.6 ― Total 720.6 ― Properties for sale to investors ◼ In the first two quarters, as a result of progress in acquisition of land for development of properties for sale to investors, balance of real estate for sale increased to ¥720.6 billion. (An increase of ¥108.5 billion from the end of the previous fiscal year.) ◼ Total investment amount (based on decisions made) in properties for sale to investors increased by ¥90.0 billion to approximately ¥880.0 billion. For-sale condominiums of approximately 7,600 units were secured in land bank. Balance of Real Estate for Sale Balance of Real Estate for Sale ► p.38 ► p.36 ► p.31 (Unit: ¥ billion) (Projection) 9 Sales and Gross Profit on Property Sales to Investors Property sales to investors (Commercial properties, for-rent condominiums, asset solution) Total investment amount*1 (based on decisions made) Approx. ¥880.0 billion (up ¥90.0 billion from the end of 2025) Estimated gain on sale*2 Approx. ¥152.0 billion Projects to be acquired in 2026 • 5 logistics, 2 hotels, 5 retail facilities • 5 for-rent condominiums • 26 asset solutions Projects already sold in 2026*3 • 1 logistics, 1 hotel, 1 office • 6 asset solutions Number of reclassifications between non-current assets and real estate for sale (for sale → non-current) • 1 for-rent condominium For-sale condominiums Land bank (including 950 units scheduled to be posted in 2026) Approx. 7,600 units Cumulative acquisition of 300 units by Q2 2026 *1 Calculated by aggregating total investment amount, in which construction costs, etc. that arise after the acquisition are added to the book value of each property at the time of acquisition. *2 Calculated by subtracting the “total investment amount” from the total estimated sales amount, which is provisionally calculated based on the estimated income and expenditure and the estimated cap rate at the time of sale for the property assumed to be sold. *3 The number of projects already sold includes the sales of projects in both the pre-development phase and in the development phase. (Projection) Sales Gross Profit
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. ◼ For the first two quarters, approximately ¥323.2 billion in investments were made (55.7% of the annual plan) and progress is generally in line with the initial plan. ◼ In the second half of the fiscal year, we plan to continue making carefully selected investments while steadily recovering funds through our strong asset-turnover businesses (property sales to investors and for-sale condominiums), among other initiatives. 10 * Sales of fixed assets will also include properties transferred from fixed assets to real estate held for sale after December 2024. Investment Achievements for the First Two Quarters of FY2026 The Second Quarter of FY2026 Investment Progress 2025 actual 2026 forecast Total 1,280.0 312.0 580.0 892.0 Large-scale redevelopment 200.0 43.1 130.0 173.1 Asset-turnover businesses - For-sale condominium business 340.0 86.2 120.0 206.2 Asset-turnover businesses - Property sales business to investors 520.0 123.9 230.0 353.9 Asset-turnover businesses - Overseas business 110.0 39.6 50.0 89.6 Other 110.0 18.9 50.0 68.9 Gross recovered 1,140.0 265.8 375.0 640.8 Asset-turnover businesses 1,010.0 236.7 320.0 556.7 Non-current asset sales * Cross-shareholdings sales 130.0 29.1 55.0 84.1 Net investment 140.0 46.1 205.0 251.1 Gross investment 2025-2027 total over 3 years 2025 Actual / 2026 forecast （Unit: ¥ billion） Cumulative 2Q Achievement rate 323.2 55.7% 100.3 77.2% 62.8 52.3% 100.7 43.8% 25.3 50.6% 33.9 67.8% 99.9 26.6% 90.8 28.4% 9.0 16.4% 223.3 108.9% 2026 Actual
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Consolidated Statement of Cash Flows for the First Two Quarters of FY2026 ◼ In the first two quarters, as a result of progress in investments in asset-turnover businesses and large-scale redevelopment projects, the ending balance of cash and cash equivalents decreased. ◼ For the fiscal year, in addition to advancing recovery of investments through property sales to investors, etc., the Company is continuing to focus on growth investment in asset -turnover businesses. 11 2026/2 Announced Cash flows from operating activities 32.1 (91.3) Profit before income taxes ¥36.0 billion; Depreciation ¥12.7 billion; Increase in inventories -¥117.1 billion; Income taxes paid -¥11.5 billion 5.0 Cash flows from investing activities (97.4) (143.0) Acquisition of investment securities (U.S., Australia, U.K., etc.) -¥34.7 billion; Acquisition of non-current assets -¥116.9 billion (220.0) Cash flows from financing activities 104.1 170.6 Long-term loans payable ¥141.3 billion; Commercial papers ¥40.0 billion; Dividend payment -¥11.8 billion 140.0 Effect of exchange rate change on cash and cash equivalents 2.2 5.6 - Cash and cash equivalents at end of period 152.2 94.2 77.2 Actual RevisedUnit: \ billion 2026/6-end Main breakdown 2026/12 Full-year forecasts 2025/12
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Recognition of the overall business environment and impact on Tokyo Tatemono Assessment of the Market Environment and Future Policies ◼ It is necessary to monitor events that have an impact on profitability such as construction costs and interest rate trends. ◼ Profitability is determined by taking into an account the trend of rising prices when considering acquisitions of new projects. 12 Recognition of the environment in each segment and Tokyo Tatemono’s initiatives Construction expenses • Soaring construction costs and prolonged construction periods are ongoing issues. Further hikes in labor costs are projected going forward. • While considering improvements in plans to enhance product salability and increase anticipated income, we will further focus on cost management, including the efficiency of facility planning, reduced scope of construction, and shortening of construction periods, thereby securing the initially anticipated profits. • When considering acquiring new projects, we conduct investment value assessments based on trends in construction expenses and periods. Interest rates • With interest rates trending upward, interest payments are expected to increase for the time being due to rising interest-bearing debt accompanying investment progress. However, we will continue disciplined control of balance sheet and mitigate the impact of rising rates by achieving strong profit growth. • Although mortgage interest rates are currently not having a significant impact on business performance—such as sales trends—they are on an upward trend, so it is necessary to closely monitor future trends. • The cap rate in real estate transactions has not shown any signs of significant change recently due to the expectation of earnings growth from inflation. However, there is growing attention being paid to the feasibility of revenue growth. Other • Although the situation in the Middle East has not yet affected our business performance, we will continue to monitor developments closely, as prolonged instability could lead to tangible impacts on construction costs and economic trends. Commercial Properties • Amid robust demand driven by factors such as workforce recruitment and improvements in location and workplace environments, the market vacancy rate continues to decline, and favorable conditions are expected to persist going forward. • Taking market trends into account, Tokyo Tatemono maximizes our portfolio’s advantages in location, specifications, and services, focusing on rent increase negotiations and the expansion of ancillary income. In addition, we aim to enhance risk tolerance and increase the yield of rental assets through a review of the portfolio. Residential • While purchasing intent remains strong, it is necessary to monitor the impact of anticipation of elevated mortgage rates and fluctuations in wealth effects. • Taking advantage of the Brillia brand, Tokyo Tatemono will further strengthen redevelopment projects with its track record and product planning for the wealthy, thereby maintaining our competitiveness. Asset Service • Brokerage: The distribution market remains active. Tokyo Tatemono focuses on acquiring large projects in wholesale markets and gaining market share in the secondary distribution of Brillia in retail markets. • Parking business: Efforts such as strengthening management services for large parking lots are being made to increase the number of parking spaces. Property sales to investors • Preferences vary for each asset, but the overall sales market remains strong. However, acquiring business opportunities remains a challenge. • While leveraging the acquisition expertise and information channels accumulated, Tokyo Tatemono aims to expand the scale of acquisitions through measures such as strengthening human resources and developing new assets.
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Announced Announced in Aug. 2026 in Feb. 2026 2025/12 2026/12 2026/12 Revised full- Full-year year forecast forecast (A) (B) Operating revenue 474.5 524.0 49.4 524.0 - Commercial properties 220.1 287.0 66.8 284.0 3.0 Increase in revenue from leasing of buildings and facility management in the Commercial Properties business, as well as dividends, etc. Residential 165.1 139.0 (26.1) 139.0 - Asset service 63.4 74.0 10.5 77.0 (3.0) Decrease due to factors such as a review of properties targeted for property sales to investors in the Asset service business, etc. Other 25.8 24.0 (1.8) 24.0 - Operating profit 95.7 105.5 9.7 100.0 5.5 Non-operating income 5.4 4.5 (0.9) 4.5 - Non-operating expenses 23.0 26.5 3.4 24.0 2.5 Increase due to a revision of equity method investment gains and losses in Overseas businesses Ordinary profit 78.1 83.5 5.3 80.5 3.0 Extraordinary income 12.3 15.0 2.6 15.0 - Extraordinary loss 2.1 3.0 0.8 3.0 - Profit before income taxes 88.4 95.5 7.0 92.5 3.0 Profit attributable to owners of parent 58.8 65.0 6.1 63.0 2.0 0.0 Operating profit 95.7 105.5 9.7 100.0 5.5 Share of profit (loss) of entities accounted for using equity method, etc. (6.3) (3.5) 2.8 (1.0) (2.5) Gain (loss) on sale of non-current assets 0.0 3.0 2.9 3.0 - Business profit * 89.4 105.0 15.5 102.0 3.0 Commercial properties 67.3 88.5 21.1 83.0 5.5 Increased due to leasing revenue for buildings,etc. and facility management in the Commercial Properties business, as well as dividends and other factors Residential 25.5 23.0 (2.5) 22.0 1.0 Asset service 11.4 12.0 0.5 12.0 - Other (2.5) (3.5) (0.9) (1.0) (2.5) Elimination/Corporate (12.4) (15.0) (2.5) (14.0) (1.0) Cash flows from operating activities 32.1 5.0 5.0 - Cash flows from investing activities (97.4) (220.0) (220.0) - Cash flows from financing activities 104.1 140.0 140.0 - Overview of Revision from Figures Announced at Beginning of Period Full-year Actual (Unit: ¥ billion) Decrease Increase/ （A)-(B) Difference Revision of Full-Year Earnings Forecast for FY2026 ◼ Reflecting steady progress in the Commercial Properties business and the Residential business, as well as property sales to investors, and taking into account variable factors such as a revision to equity method investment gains and losses in Overseas businesses and an increase in company-wide expenses, the company has revised its full-year earnings forecast upward. ◼ Operating profit, business profit, and ordinary profit are all expected to reach record highs. Profit attributable to owners of parent has also been revised upward to ¥65.0 billion, and the company is projected to exceed all major quantitative targets set out in the current Medium-Term Business Plan one year ahead of schedule. 13
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 2020/12 (Actual) 2021/12 (Actual) 2022/12 (Actual) 2023/12 (Actual) 2024/12 (Actual) 2025/12 (Actual) 2027/122026/12 (forecast) (¥ billion) Changes in Business Profit and Profit ◼ The trends in business profits and profit attributable to owners of parent for the previous fiscal years are as follows. ◼ Based on changes in the business environment since the plan's formulation and progress toward quantitative targets, we will accelerate discussions to further refine our growth strategy, including quantitative targets for FY 2027 and beyond, and plan to announce the next management plan in February 2027. Image of profit growth during the Medium-Term Business Plan (FY2025-2027) Commercial Properties: − Building leasing, etc. • The occupancy rate of existing properties has remained at a high level, and leasing revenue is expected to increase steadily through rent increase negotiations and other factors, including growth in commission-based rents for hotel properties. • At the same time, due to the impact of extended construction periods for redevelopment properties and other factors, the full profit contribution from the large-scale redevelopment projects currently under development is expected to be slightly further in the future. Residential: − For-sale condominiums • The number of condominium sales posted is expected to return to a standard level for the Company. In the face of rising construction expenses, we expect that solid demand will allow for adequate adjustments in sales prices, thereby maintaining a high gross margin. Suffic ient land bank continues to be secured. Other • For the time being, we anticipate a decline in profit, mainly due to the expansion of investment in overseas businesses, but plan to offset this with steady growth in our service business. We will steadily build up our stock, leading to profit growth in the next medium-term plan period and beyond. Property sales to investors • Amid a favorable real estate transaction market, we will significantly increase profit by accelerating sales of the stock we have built up to date, while also expanding new investments to secure future stock. 14 Current Medium -Term Business Plan (FY2025 -2027)Previous Medium -Term Business Plan Commercial Properties Other - Asset Service - Other Residential Profit attributable to owners of parent Elimination / Corporate Business profit* (Assumptions at the time of formulation of the Medium- term Business Plan) * Until FY2024 : business profit (before change) FY2025 and beyond : business profit (after change) 105.0 Profit Target: Expected to be achieved ahead of schedule 2026/8 Announced
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 2013/12 2019/12 2020/12 2021/12 2022/12 2023/12 2024/12 2025/12 2026/12 2027/12 (Actual) (Actual) (Actual) (Actual) (Actual) (Actual) (Actual) (Actual) (Forecast) Consolidated payout ratio 21.2% 29.0% 30.2% 30.5% 31.5% 33.8% 30.1% 37.1% 40.2% 40% Consolidated total return ratio 21.2% 62.5% 30.2% 30.5% 31.5% 33.8% 30.1% 42.2% 40.2% - Stock price at end of period*1 ¥2,336 ¥1,709 ¥1,415 ¥1,680 ¥1,599 ¥2,112 ¥2,607 ¥3,546 - - Dividend yield*3 0.4% 2.4% 3.3% 3.0% 4.1% 3.5% 3.6% 3.0% - - Shareholder Returns ◼ The company has revised its forecast for the dividend per share for FY2026 to 126 yen, an increase of 4 yen from the annual dividend forecast of 122 yen announced at the start of the fiscal year. This represents a 21-yen increase compared to the previous fiscal year’s actual dividend of 105 yen. The dividend payout ratio will be 40.2%, and the company expects to achieve the quantitative target set out in its Medium-Term Business Plan (*FY2027: 40%) one year ahead of schedule. 15 Per-Share Dividend Trends (¥) *1 A 1-for-2 reverse stock split was implemented on July 1, 2015. The figures for 2013 is calculated by factoring in the reverse stock split. *2 Dividend yield is calculated based on the closing price at the end of each fiscal period. During the period of the medium-term business plan (FY2025-FY2027), a consolidated payout ratio of 40% in FY2027 has been set as a quantitative target, with the aim of continuously increasing shareholder returns through sustainable growth. We will flexibly repurchase company shares, comprehensively taking into account the stock price level, business environment and financial situation, among other factors. ◼ Shareholder returns policy To realize 13th consecutive year of the dividend increase in line with income growth *1 ～～ (Assumptions at the time of formulation of the Medium-term Business Plan) Dividend payout ratio: 40% Expected to achieve ahead of schedule 2026/8 Announced
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. About 2.4x Changes in Major Indicators (Partially updated as of the announcement of financial results for FY2025) 16 About 4% 10% (Assumptions at the time of formulation of the Medium-term Business Plan) ROA, ROE* Earnings Per Share (EPS) Debt Equity Ratio Interest-Bearing Debt / EBITDA Multiple (¥) Net debt equity ratio Debt equity ratio * ROA = Business profit / Average balance of total assets at beginning of period and total assets at end of period ROE = Profit attributable to owners of parent / Average balance of equity capital at beginning of period and equity capital a t end of period Assumptions at the time of formulation of the Medium-term Business Plan (Assumptions at the time of formulation of the Medium-term Business Plan) About 12x (Assumptions at the time of formulation of the Medium-term Business Plan) About 290 (Forecast) 2026/8 Announced
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Financial Standing JCR long-term issuer rating A+ Average interest rate*1 1.05 % Average remaining years*2 6.2 years Ratio of long-term debt 100.0 % Ratio of fixed-interest rate 97.5 % 17 *1 Average interest rate = Interest expenses ÷ Average balance of interest-bearing debt at beginning and end of year *2 Average remaining years are figures excluding hybrid bonds payable and commercial papers Average Interest Rates Diversification of Repayment Dates Onward External Ratings Interest-Bearing Debt ■ Loans payable, etc. ■ Bonds payable （¥ billion) ◼ Upgraded from “A” to “A+” in May of this year
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Progress and Future Direction of the Medium-Term Business Plan (FY2025-2027) 18 ・TOFROM YAESU has been completed. Large- scale redevelopment projects are progressing smoothly, primarily in the YNK area. ・Leasing and rent increase negotiations are proceeding favorably. ・We aim to achieve further robust profit growth and an increase in NAV through the diversification of our rental asset portfolio. ・Continue to reduce cross-share holdings to less than 10% of net assets (as of the end of 2027) ➤ Results for FY 2025: 12.0 billion yen ・Implement strategic sales of non-current assets ・Plan to continue borrowing primarily through long- term, fixed-rate loans. ・JCR’s long-term issuer rating has improved (A → A＋). Accelerate Growth and Further Improve Capital Efficiency (ROE of 10% is a Milestone) Toward Sustainable Profit Growth and Increased Corporate Value that Exceeds the Cost of Capital Basic Policies and Progress of the Medium-Term Business Plan (FY2025–FY2027) ・Sales of for-sale condominiums and property sales to investors remained robust, exceeding initial expectations. ・Thoroughly pursue carefully selected investment by leveraging the proposal capabilities and agility cultivated as a comprehensive real estate developer ・In the overseas businesses, we are accelerating disciplined investment, focusing primarily on developed markets such as the US and Australia. Overall Summary ◼ The Company expects to achieve all key quantitative targets set in its medium-term business plan one year ahead of schedule in its full-year earnings forecast for FY2026 ROE Payout ratio Long-Term Vision ROE Payout ratio ◼ We accelerate discussions to further refine our growth strategy, including quantitative targets for FY 2027 and beyond, and plan to announce the next management plan in February 2027. ¥95.0 billion 10% 40% On track On track On track Business profit* (FY2027) Business profit* (FY2030) Business profit* (FY2026) * Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method, etc. * + Gain (l oss) on sale of non-current assets *Share of profit (loss) of entities accounted for using equity method, etc. includes interest and dividend incomes, and gain (loss) on sale of investment equity in investment vehicles for overseas businesses. ¥120.0 billion 10% Or More 40.2%¥105.0 billion Strengthening the stable revenue base Disciplined control of balance sheet Accelerating and expanding asset-turnover business Full-Year Outlook for FY 2026Quantitative Target in the Medium-Term Business Plan
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 10% Business Profit Payout Ratio ROE 1 year ahea d of schedule Direction of the Next Management Plan Progress and Future Direction of the Medium-Term Business Plan (FY2025-2027) 19 —Meeting Investor Expectations by Achieving Both ROE Improvement and EPS Growth— ① Sustainable ROE improvement in light of rising interest rates and the cost of capital ② EPS growth through accelerating asset-turnover businesses, strengthening our stable revenue base, and optimizing our asset portfolio ③ Disciplined balance sheet management with an eye toward “the completion of large-scale redevelopment projects” and “a world with rising interest rates” ◼ Building on the achievements of the current Medium-Term Business Plan and taking into account changes in the business environment, including inflation and rising interest rates, we plan to announce our next management plan in February 2027. The new plan will aim to achieve further profit growth and enhance corporate value by proactively capturing growth opportunities while appropriately managing risks and uncertainties. Trends in Key Indicators Set Out in the Medium-Term Business Plan and Future Outlook Previous Medium -Term Business Plan Current Medium -Term Business Plan (FY 2025 –2027) Long -Term Vision (2030) （Long-term Vision）(Assumptions Made When Formulating the Medium-Term Plan) （Forecast）（Actual） (¥) 2026/8 Announced
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Business Results by Segment 20
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Announced in Aug. 2026 Operating revenue 73.1 118.2 45.1 287.0 41% Leasing of buildings and operating of facilities 45.7 46.5 0.8 95.0 49% Sales of real estate 7.9 50.7 42.7 147.0 34% Building management service, etc. 19.1 19.4 0.3 43.0 45% Dividends 0.3 1.4 1.1 2.0 74% Operating profit 18.0 40.1 22.1 85.5 47% Business profit 18.2 42.7 24.5 88.5 48% Announced in Announced in Aug. 2026 Feb. 2026 2025/12 2026/12 2026/12 Full-year Revised full- Full-year Increase/ Actual year forecast Forecast Decrease (A) (B) (C) (B)-(C) Operating revenue 220.1 287.0 66.8 284.0 3.0 Leasing of buildings and operating of facilities 94.4 95.0 0.5 93.5 1.5 Sales of real estate 86.1 147.0 60.8 147.0 - Building management service, etc. 38.9 43.0 4.0 43.0 - Dividends 0.6 2.0 1.3 0.5 1.5 Operating profit 67.0 85.5 18.4 80.0 5.5 Business profit 67.3 88.5 21.1 83.0 5.5 rate Achievement year forecast Revised full- 2026/12 Decrease Increase/ 2Q Actual 2026/12（Unit: ¥ billion） （Unit: ¥ billion） Decrease Increase/ Factors for increase/decrease on left Main factors for increase/decrease2Q Actual 2025/12 New operations +\0.2 billion; Full-year operations +\0.1 billion; Sale, reconstruction, etc. -¥2.6 billion; Existing buildings +¥2.9 billion Property sales to investors +¥42.7 billion (FY2025 2Q: ¥7.9 billion; FY2026 2Q: ¥50.7 billion) Property sales to investors +¥24.7 billion (FY2025 2Q: ¥1.4 billion; FY2026 2Q: ¥26.1 billion) New operations +\1.8 billion; Full-year operations +\0.2 billion; Sale, reconstruction, etc. -¥5.3 billion; Existing buildings +¥3.8 billion Property sales to investors +¥60.8 billion (FY2025 cumulative total: ¥86.1 billion; FY2026 cumulative total: ¥147.0 billion) Property sales to investors +¥25.8 billion (FY2025 cumulative total: ¥32.6 billion; FY2026 cumulative total: ¥58.5 billion) (1) Commercial Properties Business: Business Results for the First Two Quarters and Full-Year Earnings Forecast for FY2026 21 • New operation in 2026: TOFROM YAESU, one logistics property, two hotels, two retail facilities, three offices (Ave. Takanawa etc.) • 2026 full-year operation: minanoba Sagamihara, Two logistics properties (T-LOGI Sagamihara etc.) ◼ New and full-year operations * New operations: Impact of increase in revenue attributable to the buildings that were completed or acquired in the current fiscal year; Full-year operations: Impact of increase in revenue attributable to the buildings that were completed or acquired in the previous fiscal year contributing to full-year operations; Sale, reconstruction, etc.: Impact of decrease in revenue attributable to decrease in buildings in operation due to sale, rec onstruction, etc.; Existing buildings: Total amount of the effects of rent revisions, end of rent-free periods, occupancy rate changes, etc. at buildings other than those covered by new operations, full-year operations and sale, reconstruction, etc. ◼ In the first two quarters, TOFROM YAESU and other large-scale redevelopment projects resulted in one-time expenses; however, revenue and profit increased, driven in part by steady progress in property sales to investors. ◼ For the full year, while the company expects revenue and profit to increase significantly YoY due to an increase in property sales to investors, it has revised its full-year earnings forecast upward to reflect positive surprises resulting from steady growth in Leasing of buildings,etc. revenue, reduced expense burdens, and higher gross profit margins on property sales.
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. +28.8 ◼ Business profit for the Commercial Properties business is expected to increase, despite the impact of property taxes and public charges associated with the progress of redevelopment projects and the effects of newly operational properties—including TOFROM YAESU—due to a significant increase in gains from property sales to investors. ◼ Based on steady growth in leasing revenue and facility management, as well as the smooth progress of property sales to investors, business profit for the Commercial Properties business is expected to increase by 5.5 billion yen compared to the full-year forecast (announced in February 2026). 22 2025/12 Actual 2026/12 Revised Forecast (Announced in Aug. 2026) Public tax burden associated with redevelopment progress Depreciation and other upfront costs for newly operational properties including TOFROM YAESU Loss of profit due to property sale and reconstruction Profit improvement for existing properties Increase in other and general expenses *For figures related to property sales to investors, this refers to gross profit. Property sales to investors, etc. (1) Commercial Properties Business: Business Results for FY2025 and Revised Full-Year Earnings Forecast for FY2026 (Unit: ¥ billion) 88.5 67.3 ▲2.0 ▲5.5 ▲1.5 ▲1.6 +3.0 +28.8 Revised Forecast (Announced in Aug. 2026) 67.3 ▲2.0 ▲5.5 ▲1.5 ▲1.6 +3.0 +28.8 88.5 (Difference from Full-Year Forecast) （－） （+0.5） （+1.5） （+0.5） （+1.0） （+0.5） （+1.5） （+5.5） Full-Year Forecast* (Announced in February 2026) 67.3 ▲2.5 ▲7.0 ▲2.0 ▲2.6 +2.5 +27.3 83.0 Increase / decrease in Business Profit
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Office Building Portfolio*1 ◼ At the end of June 2026, average rent*2 was ¥30,025 per tsubo and the occupancy rate remained high at 98.9%. ◼ We work to further build a resilient portfolio of owned facilities through redevelopment in areas with high rent growth rates, replacement and diversification of assets with an awareness of asset efficiency and growth potential, and other measures. 23 （¥/tsubo） *1 Please refer to the note on page 65 for the definition for the subject of calculation of the number of owned office buildings, average rent and occupancy rate. Additionally, starting with the first quarter of FY 2026, the definition has been changed to exclude properties that have been completed less than one year ago. *2 Starting with the first quarter of FY 2026, we disclose “rental rates per tsubo based on leasing agreements.” *3 Refers to the hotels/retail facilities within owned office buildings, SMARK, Hilton Kyoto, etc. *4 Simple addition of the leasable area of the four large -scale redevelopment projects listed on page 26 and Kita-Aoyama 3-chome project. Portfolio of owned facilities After completion of large scale redevelopment*3 Office buildings Appx.240,000㎡ others Appx.50,000㎡ Asset turnover, seed-lot sites, others Appx.460,000㎡ inclusion Revenue from Leasing of Buildings and Operating of Facilities Owned office buildings*1 37 buildings Appx.520,000㎡ Others*3 Appx.120,000㎡ replacement Average Rent*2 (Left axis) / Occupancy Rate (Right axis) (Projection) (¥ billion) Breakdown of Leasable Area by Area of Location Breakdown of Leasable Area by Building Age After completion of large scale redevelopment*4 5 central wards of Tokyo：68% (Actual) After completion of large scale redevelopment*4 Under 10 years old：32%
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 24 Diverse Regional Features and Potential of the YNK Area ◼ Access to various locations including regional cities, areas in Tokyo and international airports is excellent due to the existence of bullet trains, existing JR lines and multiple subway lines, giving the area overwhelming transportation convenience, its main feature. ◼ Large-scale redevelopment projects are currently in progress at a total of 9 locations*, including three projects in which our company is participating. (*Includes two projects in adjacent areas) ◼ Japan’s foremost business environment is being formed where venture firms, leading companies, investors, research institutions and other players from the fields of industry, academia and government come together and collaborate, thereby nurturing cutting-edge industries and giving rise to positive economic growth cycles. Overwhelming transportation convenience Concentration of leading firms Excellent halls and meeting room facilities Highly diverse small and medium-size properties Rich cultural resources carrying on culinary and craftsmanship traditions Initiatives in the Yaesu-Nihonbashi-Kyobashi (YNK) Area YNK*1 Marunouchi/ Otemachi Market asking rent of large-scale office buildings (200 tsubo or more)*2 ¥53,200 per tsubo ¥48,623 per tsubo Land price*3 ¥20,480 thousand per m2 (Sotobori-dori Avenue / in front of Tokyo Station) ¥25,800 thousand per m2 (Daimyo-Koji Avenue / in front of Marunouchi Building) Comparison of Asking Rent and Land Price of Large-Scale Office Buildings (200 tsubo or more) *1 Appellative for the Yaesu, Nihonbashi and Kyobashi areas *2 Source: Office Market Report by Sanko Estate (as of the end of June 2026 / average asking rent) *3 Land price of inheritance tax (fiscal 2025) Redevelopment with other companies’ participation Redevelopment with Tokyo Tatemono’s participation 2 ３ Buildings owned by Tokyo Tatemono Redevelopment by other companies Redevelopment with Tokyo Tatemono’s participation Buildings owned by Tokyo Tatemono ➊TOFROM YAESU ➋Gofukubashi Project ➌Kyobashi 3-chome Project 1
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Initiatives in the Yaesu-Nihonbashi-Kyobashi (YNK) Area ◼ With the aim of securing talent, improving productivity, and fostering innovation, corporate office strategies are increasingly focused on “prime locations and enhanced functionality.” ◼ The YNK area, centered around Tokyo Station and offering excellent transportation access and a diverse range of urban amenities, is highly competitive in meeting this demand. Combined with the effects of recent redevelopment, it has maintained top-tier rental growth rates compared to other major business districts in Tokyo. ◼ With multiple ongoing redevelopment projects, the value of the entire area is expected to increase further. 25 * Source: Office Market Report by Sanko Estate (December 2010 to June 2026) Large-Scale Office Buildings (200 tsubo or more) Asking Rent Unit Price by Area* Large-Scale Office Buildings (200 tsubo or more) Asking Rent Unit Index by Area* （¥/tsubo） 53,200 48,623 37,147 30,756 2026/6 2026/6 1.96 1.56 1.41 1.23 YNK Nishi-Shinjuku Marunouchi・Otemachi Shibuya・Dogenzaka YNK Nishi-Shinjuku Marunouchi・Otemachi Shibuya・Dogenzaka
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Policy and significance of large-scale redevelopment initiatives (Partial revision of the Medium-Term Business Plan announced in January 2025) ◼ Aiming to strengthen the stable revenue base through high-value-added urban development that contributes to increasing global competitiveness. ◼ Strictly managing costs and schedules to counter rising construction costs and longer construction periods due to workstyle reforms in the construction industry, while appropriately addressing issues including coordination among property rights holders (e.g. urban redevelopment committee), thereby achieving higher leasing revenue. ◼ Precisely controlling the balance sheet, including utilizing funds recovered from both asset-turnover businesses and non-current asset sales, and considering strategic share-outs. 26 Current status Name of project (Block name) Area Completion timing (scheduled) Estimated leasable area *2 (owned by Tokyo Tatemono) Completion Yaesu Project (TOFROM YAESU) Chuo Ward 2026 Approx. 270,000 ㎡ in total Under construction Gofukubashi Project Chuo Ward 2029 （South Block ） Approval of the Rights Exchange Procedures (Demolition Work in Progress) Kyobashi 3 -Chome Project Chuo Ward 2032 Establishment of urban redevelopment consortium Shibuya 2 -Chome Project Shibuya Ward under discussion Major Project Underway *1 At end of Dec. 2024 At completion of large -scale redevelopment *3 Leasable office area (owned by Tokyo Tatemono) Approx. 530,000 ㎡ Approx. 750,000 ㎡ Under 10 years old (ratio of leasable area) Approx. 11% Approx. 29% Tokyo central 5 wards (ratio of leasable area) Approx. 49% Approx. 64% *1 In addition to the above, large-scale redevelopment projects are underway in Minato -ku (estimated leased area: approx. 50,000 ㎡ in total) *2 Estimated leased area includes leased area of hotels, etc., in addition to office space. *3 The figures at the completion of large-scale redevelopment are a simple sum of the leasable office area of all 4 projects sho wn on the left (excluding the impact of acquisitions and sales of properties other than these large -scale redevelopment projects ). • Redevelopment business expertise is essential for large -scale development projects at acutely scarce, prime locations in central Tokyo. • Helping to enhance the potential of urban areas by leveraging our strengths, including product planning capabilities that dra w o ut regional attractions • Accomplishing flagship, large -scale redevelopment projects in highly visible locations will further enhance our presence as a comprehensive real estate developer, instilling further trust and broadening business opportunities. Significance of large -scale redevelopment initiatives Enhancement of portfolio competitiveness Driving large -scale redevelopment projects to realize a highly competitive office portfolio 2 1 3 ➤ Among these, construction on the “Kita -Aoyama 3-chome Urban Redevelopment Project” began this June (P. 30)
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 27Development Projects in the Yaesu-Nihonbashi-Kyobashi (YNK) Area (1) • Large-scale redevelopment project directly connected to Tokyo Station, including Tokyo Tatemono’s former headquarters building • Accumulation of sophisticated urban functions worthy for the land gateway of Tokyo, an international city • Formation of prosperity that passes down Yaesu’s history and tradition to the future TOFROM YAESU Urban Redevelopment Project for Yaesu 1-Chome East Area in Front of Tokyo Station (District A, District B) THE FRONT TOWER −Total floor area about 12,200 m2 about 225,000 m2 −Main uses offices, shops, etc. offices, medical facilities, bus terminal, conference halls, etc. −No. of floors 10 floors above ground, 2 below 51 floors above ground, 4 below −Construction start 2024 2021 −Completion date July 2026 February 2026 ◼ In 2026, “TOFROM YAESU TOWER” (February) and “TOFROM YAESU THE FRONT” (July) completed. ◼ Directly connected to Tokyo Station. The exceptional scarcity resulting from this large-scale redevelopment will drive sustained growth in asset value well into the future. ◼ Against the backdrop of demand for prime locations and high-end amenities, we are actively pursuing a leasing strategy aimed at further enhancing both property value and the value of the surrounding area. View from TOFROM YAESU THE FRONT
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 28Development Projects in the Yaesu-Nihonbashi-Kyobashi (YNK) Area (2) ◼ Promoting “Urban Redevelopment Project for Yaesu 1-Chome North Area” along Nihonbashi River. Gofukubashi Project Urban Redevelopment Project for Yaesu 1-Chome North Area • Large-scale redevelopment project in an excellent location directly connected to Tokyo station and Nihonbashi subway station • Accumulation of urban functions forming the international financial city of Tokyo • Accumulation of city functions forming a sophisticated financial hub December 2024 Start of construction South Block North Block −Total floor area about 185,500 m2 about 1,000 m2 −Main uses Offices, shops, lodging facility, Facility supporting highly skilled financial professionals, etc. −No. of floors 44 floors above ground, 3 below 2 floors above ground −Construction start 2024 2024 −Completion date Scheduled for FY2029 Scheduled for FY2032 Low-rise area along the river (image) Luxury SA Cabin (Image) ➢ December 2024: Start of new construction ➢ Spring 2026: Start of leasing activities ➢ FY 2029: Completion schedule
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 29Development Projects in the Yaesu-Nihonbashi-Kyobashi (YNK) Area (3) Kyobashi 3-Chome Project Kyobashi 3-Chome Higashi District Urban Redevelopment Project ◼ Promoting the “Kyobashi 3-Chome Higashi District Urban Redevelopment Project (Kyobashi 3-Chome Project)” in the Kyobashi area. • Urban development linked to the Tokyo Expressway (KK Line) Revitalization Policy • Directly connected to Kyobashi Station, forming an underground pedestrian network from Tokyo Station • Creation of continuity of the bustle of Chuo-dori connecting Kyobashi and Ginza March 2026: Approval of the rights exchange procedures −Total floor area Approximately 166,800 m2 −Main uses Offices, hotel, shops, etc. −No. of floors 35 floors above ground, 3 below −Construction start Scheduled for FY2026 −Completion date Scheduled for FY2032 −Start of Operation Offices, retail stores, etc. : Scheduled for FY 2030 Hotels, etc. : Scheduled for FY 2032 Connecting space Lower Levels (Image)② Lower Levels (Image)① ➢ March 2026: Approval of the Rights Exchange Procedures ➢ FY2026: Scheduled start of new construction ➢ FY2030: Scheduled partial opening (offices, shops, etc.) ➢ FY2032: Scheduled completion Connecting space
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 30Development Projects in the Minato and Shibuya Areas ◼ In the Aoyama area, we are currently promoting the “Kita-Aoyama 3-chome District Urban Redevelopment Project.” Kita-Aoyama 3-chome Project Kita-Aoyama 3-chome District Urban Redevelopment Project. • The largest-scale redevelopment project in the Aoyama area • Development of a vast “wooded area” (including the initial phase) spanning approximately 1 hectare in a rare location in close proximity to Omotesando Station and Gaienmae Station June 2026: Start of new construction ➢ June 2026: Start of new construction ➢ Summer 2026: Start of leasing activities ➢ FY 2030: Completion schedule Block B-1 Block B-2 −Total floor area about 178,000 m2 about 2,000 m2 −Main uses Offices, shops, hotel, public facilities, etc. −No. of floors 38 floors above ground, 2 below 3 floors above ground, 2 below −Construction start 2026 2026 −Completion date Scheduled for FY2030 Scheduled for FY2030
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. ( ¥ billion) Asset type Asset size Balance of real estate for sale Total investment amount* Logistics properties 170.5 Approx. 400.0 Hotels, retail facilities, mid-sized offices, etc 143.8 Approx. 265.0 Total 314.3 Approx. 665.0 Asset type Number of properties Sold during the period In operation Under development Logistics properties 1 10 26 Hotels, retail facilities, mid-sized offices, etc. 2 19 26 (1) Commercial Properties Business: Initiatives for Property Sales to Investors ◼ In the first two quarters, the Company acquired projects for 5 logistics properties, 2 hotels and 5 retail facilities. ◼ The balance of real estate for sale increased by ¥33.6 billion from the end of FY2025 to ¥314.3 billion and the value of stock in terms of total investment amount increased by approximately ¥65.0 billion to approximately ¥665.0 billion. 31 ▲ minanoba Sagamihara (Completed in 2025) ▲ kokonoyu Beppu (Completion in 2027 (planned)) ▲ T-LOGI Sagamihara (Completed in 2025) (¥ billion） * Calculated by aggregating the total investment amount, in which construction costs, etc. that arise after the acquisition are added to the book value of each property at the time of acquisition. ▲ T-PLUS Hatchobori (Completed in 2026) Completed Commercial Properties Business: Balance of Real Estate for Sale
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. ◼ In the first two quarters, revenue and profit declined due to a reversal from the significant sales of for-sale condominiums recorded in the previous fiscal year. ◼ For the full year, while revenue and profit are expected to decline due to factors such as a decrease in property sales to investors, the full-year earnings forecast has been revised upward to reflect the progress of for-sale condominium contracts and expected improvements in costs and expenses. 32(2) Residential Business: Business Results for the First Two Quarters and Full-Year Earnings Forecast for FY2026 Announced in Aug. 2026 Operating revenue 102.5 38.4 (64.0) 139.0 28% Sales of condominiums 68.6 18.6 (49.9) 91.0 21% Sales of residential houses - - - - - Sales of real estate 19.2 4.5 (14.6) 17.5 26% Residence leasing 3.2 3.6 0.4 7.0 52% Fee from sales outsourcing services 0.7 0.4 (0.2) 1.5 31% Building management service, etc. 10.7 11.1 0.3 22.0 51% Operating profit 17.6 2.9 (14.7) 23.0 13% Business profit 17.6 2.9 (14.7) 23.0 13% Announced in Announced in Aug. 2026 Feb. 2026 2025/12 2026/12 2026/12 Full-year Revised full- Full-year Increase/ Actual year forecast Forecast Decrease (A) (B) (C) (B)-(C) Operating revenue 165.1 139.0 (26.1) 139.0 - Sales of condominiums 97.2 91.0 (6.2) 91.0 - Sales of residential houses - - - - - Sales of real estate 37.6 17.5 (20.1) 17.5 - Residence leasing 6.6 7.0 0.3 7.0 - Fee from sales outsourcing services 1.1 1.5 0.3 1.5 - Building management service, etc. 22.5 22.0 (0.5) 22.0 - Operating profit 25.5 23.0 (2.5) 22.0 1.0 Business profit 25.5 23.0 (2.5) 22.0 1.0 2026/12 Achievement Revised full- （Unit: ¥ billion） Increase/ Factors for increase/decrease on left Decrease （Unit: ¥ billion） 2025/12 Property sales to investors -¥3.2 billion (FY2025 2Q: ¥3.2 billion; FY2026 2Q: -) Property sales to investors -¥21.1 billion (FY2025 cumulative total: ¥34.1 billion; FY2026 cumulative total: ¥13.0 billion) 2Q Actual 2Q Actual Decrease rateyear forecast Number of condo sales posted: 270 units; Condo unit price: ¥69.11 million; Gross margin: 27.8% Property sales to investors -¥16.0 billion (FY2025 2Q: ¥16.0 billion; FY2026 2Q: -) 2026/12 Increase/ Main factors for increase/decrease Number of condo sales posted: 950 units; Condo unit price: ¥95.00 million; Gross margin: 33% Property sales to investors -¥4.2 billion (FY2025 cumulative total: ¥7.7 billion; FY2026 cumulative total: ¥3.5 billion)
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. − FY2026 2Q 270 units posted (Units) (Full-year forecast) Number of Condominium Sales Posted and Gross Margin Achievement Rate Against Number of Condominium Sales Posted Breakdown of Number of Condominium Sales Posted by Area − FY2025 2Q 969 units posted Inventory of Completed Condominiums (Units) Of which, contracted 23 units ■ Tokyo ■ Tokyo metropolitan area ■ Kansai and others (2) Residential Business: For-Sale Condominiums – Major Operating Indicators ◼ In the first two quarters, gross margin maintained a favorable level at 27.8%. ◼ The inventory of completed condominiums remained at a low level of 96 units as of the end of the first two quarters due to steady progress of sales. ◼ The achievement rate at the end of the first two quarters against the number of units planned to be posted for FY2026 stood at 90% and contracts progressed smoothly. 33 (2Q Actual) 2023/12 2024/12 2025/12 2026/12 At beginning 72% 86% 80% 63% At end of 1Q 80% 92% 89% 80% At end of 2Q 89% 96% 94% 90% At end of 3Q 96% 99% 99% − Number of condo sales 1,058 units 1,711 units 1,287 units 950 units (Scheduled)
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Main properties to be posted Total no. of units*1 Tokyo Tatemono’s stake FY 2026 Brillia Okayama Nakasange 195 78 LEBEN WAKO THE GRANDE 304 91 Brillia Nibancho 104 51 Grand City Tower Tsukishima 1,352 192 W Towers Minoh Semba 730 183 Brillia Tower Chiba 499 200 FY 2027 Livio City Bunkyo Koishikawa 523 79 THE TOYOMI TOWER MARINE&SKY 2,046 340 Brillia Nagano Kitaishido ALPHA RESIDENCIA 269 161 Brillia Tachikawa 117 117 FY 2028 Brillia Tower Nogizaka 103 103 Brillia Honancho 179 123 The Parkhouse Musashi-kosugi Towers 1,439 288 (2) Residential Business: For-Sale Condominiums – Main Posting Results/Schedule ◼ For FY2026, the plan is to post profitable properties such as Brillia Nibancho and Brillia Tower Chiba. ◼ We have secured a land bank for approximately 7,600 units (including the number of units scheduled to be posted in 2026) Total: approx. 7,600 unitsTotal: approx. 12,600 units 34 Main Properties Posted in FY2026 *1 Total number of units in total, including landowners’ units and shops (excluding some properties) Projects Promoted Under Tokyo Tatemono’s Business Land Bank Incorporated into land bank 7,600 units ▲ Brillia Nibancho ▲ Brillia Tower Chiba 撮影：ナカサアンドパートナーズ
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (2) Residential Business: For-Sale Condominiums – Main Posting Results/Schedule ▲ Brillia Nibancho (Kōjimachi Sanno Condominium Reconstruction Project) (Total units: 104; Units to be posted: 51) ▲ Livio City Bunkyo Koishikawa (Total units: 523; Units to be posted: 79) ▲ Grand City Tower Tsukishima (Total units: 1,352; Units to be posted: 192) ▲ Brillia Nagano Kitaishido ALPHA RESIDENCIA (Total units: 269; Units to be posted: 161) ▲ Brillia Tower Chiba (Total units: 499; Units to be posted: 200) ◼ The plan is to continue posting properties such as large-scale redevelopment projects in metropolitan areas and centrally located properties within regional cities that draw great attention. 2027 20282026 ▲ Brillia Honancho ▲ (Total units: 179; Units to be posted: 123) ▲ THE TOYOMI TOWER MARINE&SKY (Toyomi Area Type 1 Urban Redevelopment Project) ▲ (Total units: 2,046; Units to be posted: 340) ▲ Brillia Tower Nogizaka ▲ (Total units: 103; ▲ Units to be posted: 103) 35
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. ( ¥ billion) Asset type Asset size Balance of real estate for sale Total investment amount* For-rent condominiums 61.6 Approx. 115.0 Asset type Number of properties Sold during the period In operation Under development For-rent condominiums 0 15 27 For-Rent Condominiums: Balance of Real Estate for Sale (2) Residential Business: Initiatives for Property Sales to Investors ◼ In the first two quarters, 5 new for-rent condominium projects were acquired. ◼ The balance of real estate for sale increased by ¥10.7 billion from the end of FY2025, to ¥61.6 billion and total investment amount increased by ¥5.0 billion, to approximately ¥115.0 billion. ▲ Brillia ist Senzokuikenomori (Completed in 2026) ▲ Brillia ist Oimachi (Completed in 2024) 36 Completed (¥ billion) * Calculated by aggregating the total investment amount, in which construction costs, etc. that arise after the acquisition are added to the book value of each property at the time of acquisition. ▲ Brillia ist Sumida Hikifune (Completed in 2025) ▲ Brillia ist Asakusa (Completed in 2025)
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. ◼ In the first two quarters, revenue and profit increased, driven by factors such as higher sales and gross profit from property sales to investors in the Asset solution segment. ◼ For the full year, revenue and profit are expected to increase, driven by factors such as an increase in property sales to investors. 37(3) Asset Service Business: Business Results for the First Two Quarters and Full-Year Earnings Forecast for FY2026 Announced in Aug. 2026 Operating revenue 21.8 26.8 4.9 74.0 36% Brokerage 3.1 2.9 (0.1) 7.5 40% Asset solution 4.3 9.0 4.7 36.0 25% Management service, etc. 2.3 2.4 0.0 4.5 54% Parking business 12.0 12.3 0.2 26.0 47% Operating profit 3.5 3.8 0.3 12.0 32% Business profit 3.5 3.8 0.3 12.0 32% Announced in Announced in Aug. 2026 Feb. 2026 2025/12 2026/12 2026/12 Full-year Revised full- Full-year Increase/ Actual year forecast Forecast Decrease (A) (B) (C) (B)-(C) Operating revenue 63.4 74.0 10.5 77.0 (3.0) Brokerage 6.6 7.5 0.8 7.5 - Asset solution 27.3 36.0 8.6 39.0 (3.0) Management service, etc. 4.6 4.5 (0.1) 4.5 - Parking business 24.8 26.0 1.1 26.0 - Operating profit 11.4 12.0 0.5 12.0 - Business profit 11.4 12.0 0.5 12.0 - （Unit: ¥ billion） Increase/ Factors for increase/decrease on left Decrease （Unit: ¥ billion） 2025/12 2026/12 Increase/ Main factors for increase/decrease 2026/12 AchievementRevised full-2Q Actual 2Q Actual Decrease rateyear forecast Property sales to investors +¥8.3 billion (FY2025 cumulative total: ¥22.1 billion; FY2026 cumulative total: ¥30.5 billion) Increase in number of parking spaces Property sales to investors *¥0.4 billion (FY2025 2Q: ¥0.5 billion; FY2026 2Q: ¥0.9 billion) Property sales to investors +¥4.5 billion (FY2025 2Q: ¥1.8 billion; FY2026 2Q: ¥6.4 billion) Property sales to investors +0.4 billion (FY2025 cumulative total: ¥5.0 billion; FY2026 cumulative total: ¥5.5 billion)
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (3) Asset Service Business: Major Operating Indicators ◼ Asset solution business: Securing stock mainly in central Tokyo through selective investment that utilizes sharp real estate assessment abilities. ◼ Parking business: The number of parking spaces increased by 617 from the end of 2025 to 92,267. 38 Asset Solution Business: Balance of Assets Owned Asset Solution Business: Breakdown of Balance of Assets Owned Parking Business: Number of Parking Spaces − Breakdown by Asset Type− Breakdown by Area of Location(¥ billion) (Parking spaces)
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (4) Other: Business Results for the First Two Quarters and Full-Year Earnings Forecast for FY2026 ◼ In the first two quarters, revenue and profit declined due to factors such as the reversal of the increase in fees from the Fund business recorded in the previous fiscal year and the recognition of a loss on equity-method investments in Overseas businesses. ◼ For the full year, while we expect revenue and profit to decline due to factors such as the reversal of the increase in fees from the Fund business recorded in the previous fiscal year, we have revised our full-year earnings forecast to reflect, among other things, a reassessment of gains and losses on equity-method investments in Overseas businesses. 39 Announced in Aug. 2026 Operating revenue 11.2 10.8 (0.3) 24.0 45% Leisure business 7.5 7.8 0.3 17.5 45% Fund business 3.1 2.4 (0.7) 5.0 49% Other* 0.5 0.5 0.0 1.5 38% Operating profit 0.8 0.2 (0.5) 0.0 - Business profit 1.0 (0.8) (1.8) (3.5) 24% Share of profit (loss) of entities accounted for using equity method 0.2 (1.1) (1.3) (3.5) - Announced in Announced in Aug. 2026 Feb. 2026 2025/12 2026/12 2026/12 Full-year Revised full- Full-year Increase/ Actual year forecast Forecast Decrease (A) (B) (C) (B)-(C) Operating revenue 25.8 24.0 (1.8) 24.0 - Leisure business 16.5 17.5 0.9 17.5 - Fund business 8.0 5.0 (3.0) 5.0 - Other* 1.1 1.5 0.3 1.5 - Operating profit 4.1 0.0 (4.1) 0.0 - Business profit (2.5) (3.5) (0.9) (1.0) (2.5) Share of profit (loss) of entities accounted for using equity method (6.6) (3.5) 3.2 (1.0) (2.5) （Unit: ¥ billion） Increase/ Factors for increase/decrease on left Decrease 2026/12 AchievementRevised full-2Q Actual 2Q Actual Decrease rateyear forecast （Unit: ¥ billion） 2025/12 2026/12 Increase/ Main factors for increase/decrease Temporary loss of compensation, etc. Overseas businesses +\1.7 billion (FY2025 cumulative total: -¥8.8 billion; FY2026 cumulative total: -¥7.1 billion) Temporary decreases in compensation, etc. Overseas businesses -\1.3 billion (FY2025 2Q: -¥0.9 billion; FY2026 2Q: -¥2.2 billion) * Operating profit from overseas businesses is classified under “Other”
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 40 As of December 2025 Group AUM As of December 2025 (4) Other: Initiatives for Fund Business (Not updated since the announcement of FY2025) ◼ Further expansion of profit opportunities for the Group will be pursued through sales of developed/owned properties to REITs and such sponsored by Tokyo Tatemono. ◼ Japan Prime Realty Investment Corporation (JPR), which has entrusted asset management to the consolidated subsidiary Tokyo Tatemono Realty Investment Management, Inc. (TRIM), as well as private funds and private REITs operated by Tokyo Tatemono Investment Advisors Co., Ltd. have steadily expanded their asset size. (Unit: ¥ billion) ■ Private funds and private REIT managed by Tokyo Tatemono Investment Advisors Co., Ltd. ■ Japan Prime Realty Investment Corporation • Source:Tokyo Tatemono Investment Advisors Co., Ltd. website (https://www.tt-ia.com/english/business/result.html) • Source: Japan Prime Realty Investment Corporation website (https://www.jpr-reit.co.jp/en/index.html) Private funds and private REIT managed by Tokyo Tatemono Investment Advisors Co., Ltd.*1 ◼ Tokyo Tatemono Investment Advisors Co., Ltd. A J-REIT with a combined portfolio of office and urban retail facilities, etc.*2
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (4) Other: Initiatives for Overseas Business ◼ Leveraging the strengths and expertise we have cultivated in Japan, we aim to secure business opportunities in growth markets, primarily in developed countries but also in other regions. ◼ In the first two quarters, the company acquired two for-rent condominiums projects in the US. As of the end of the second quarter, the total amount of investments and project-related loans for Overseas businesses was approximately ¥113.0 billion. 41 • Conduct business centering on collaboration with partner companies that are familiar with the local market and have strong development and sourcing capabilities and high credit worthiness. • Dispatch resident officers to the area and enhance relationships with partner companies, in addition to strictly managing risks. • Invest mainly in asset-turnover businesses primarily in the U.S., Australia, Thailand, and China, in which Tokyo Tatemono has previously invested. Basic Strategy Overseas Business（U.S.） Name of projects Location Main uses Scale FY of construction completion Status Vista Highlands PJ Bloomfield, Colorado For rent condominiums Approx. 300 units 2026 Under development Pena Station PJ Denver, Colorado Approx. 580 units 2027 San Jose PJ San Jose, California Approx. 350 units 2027 5200 Hillsborough PJ Raleigh, North Carolina Approx. 270 units 2027 555 Herndon Parkway PJ Herndon, Virginia Approx. 400 units 2027 Fremont PJ Fremont, California Approx. 340 units 2027 Campanile at SDSU PJ San Diego, California Student for rent condominiums Approx. 310 units 2028 Country Number of properties Residential For rent condominiums Logistics Other U.S. - 12 2 - AUS・UK 1 1 1 1 Asia （ex China) 9 - 2 5 China 4 - 1 - Overseas Business Number of PJs by Country* * Data is aggregated by project based on primary use. Projects with multiple primary uses are categorized as “Other.” ◼ We are currently advancing 14 projects, primarily in the residential business sector. Going forward, we aim to secure investment projects totaling more than ¥20.0 billion annually.
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (4) Other: Initiatives for Overseas Business ◼ As a medium to long-term profit growth driver, we are investing in developed countries such as Australia and the UK, in addition to the US. ◼ In Thailand, we are investing in a diverse range of asset types, including for-sale condominiums and logistics properties. 42 Overseas Business（Ex U.S.） Name of project Location Main uses Scale (Total number of units/total floor area) FY of construction Completion Status AUS Alex＆Willow Project Sydney, New South Wales For-sale Condominium Approx. 25 units 2027 On sale Rockwater Brookvale Project Storage Warehouse Approx. 80 lots 2026 On sale Stream Northmead Project Approx. 80 lots 2026 On sale 899Collins Street Project Melbourne, Victoria For-rent condominium Approx. 500 units 2027 Under development UK 125 Shaftesbury Avenue PJ London Office Approx. 23,900㎡ 2028 Under renovation Thailand Sukhumvit 25 Project Bangkok Office, retail facility Approx. 7,000㎡ 2023 In operation Onnut Project For-sale condominium Approx. 1,100 units 2023 On sale Laem Chabang Project Chonburi Logistics Approx. 46,600㎡ 2025 In operation Metro Cat Project Samut Prakan Logistics Approx. 78,800㎡ 2026 In partial operation Ref. Ekkamai Project Bangkok For-sale condominium Approx. 400 units 2027 On sale Ref. Kasetsart Project For-sale condominium Approx. 380 units 2027 On sale Sukhumvit 25 Project For-sale condominium Approx. 120 units 2028 On sale Indones ia Dharmawangsa Project Jakarta Office, For-sale condominium Approx. 47,000㎡ Approx. 90 units TBD Business under review ChinaSuzhou Changshu Project Suzhou City Logistics Approx. 43,800㎡ 2017 In operation Guiyang Guanshanhu Project Guiyang City For-sale condominium retail facility Approx. 590 units 2026 On sale U.S. ▲ Jefferson Portico Project (For rent condominiums) (Completion in 2028 (planned)) Australia UK ▲ Campanile at SDSU PJ (For rent condominiums) (Completion in 2028 (planned)) ▲ 899Collins Street PJ (For rent condominiums) (Completion in 2027 (planned)) ▲ 125 Shaftesbury Avenue PJ (Office) (Completion in 2028 (planned)) ▲ Metro Cat Project (Logistics property) (Completion in 2026 (planned)) ▲ Ref. Kasetsart Project (For-sale condominium) (Completion in 2027 (planned)) Thailand
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 43(4) Other: Initiatives for New Business ◼ We pursue new business development under the key themes including: creating the value of place and value of experience, wellbeing, and promoting a decarbonized society. Arena Sports and entertainment Wellness / Well -being Infrastructure industry / Sustainability Mega solar ▲ New Chichibunomiya Rugby Stadium SMBC Olive SQUARE* ▲ Metropolitan Meiji Park (Metropolitan park's first Park-PFI project) ▲ TOTOPA Metropolitan Meiji Park▲ livedoor URBAN SPORTS PARK ▲ (officially Ariake Urban Sports Park) Data center Rental lab office Space industry domain Sports and leisure complex Park Urban spa Main domains of business activity Established a new company “WonderScape ” First project: Otemachi Tower ■ Planning and development of large digital signage Planning, development, and operation of large digital signage, centering on properties related to the Group ■ Implementation support for promotional events Planning and operation of promotional events linked with large digital signage ▲ Zeus OSA1 ▲ Minoh Senba Higashi 1-chome Rental Lab Project (Provisional Name) Spatial Media Business *“New Chichibunomiya Rugby Stadium” is a provisional name at this time. * The name “SMBC Olive SQUARE” will take effect from the facility's operational start date in May 2030 (planned). *The logos and visuals shown here are subject to change based on future discussions and deliberations.
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Revitalization and Utilization of Real Estate Assets (Materialities of the Tokyo Tatemono Group) Capital and Business Alliance with STMHD Creating New Synergies/ Expanding and Accelerating Business Opportunities Implementation of Strategic Investments 44 ◼ With the aim of creating new synergies and expanding and accelerating business opportunities in the pre-owned condominium market, which is expected to grow in the future,we have implemented a capital and business alliance (equity ratio: approximately 13.7%) with Star Mica Holdings Co., Ltd. (hereinafter “STMHD”). Expected New Synergies Trust and a proven track record as Japan’s oldest comprehensive real estate company Product planning capabilities and value-added creation centered on the “Brillia” brand A broad customer base and information network spanning the entire group Leading company in the pre-owned condominium market Advanced Expertise in the Acquisition, Renovation, and Sale of Pre-Owned Condominiums An excellent business model that balances asset turnover and stable returns The Pre-Owned Condominium Market, With Expectations for Growth <Examples of Initiative Considerations> ① Joint Investment in High-End Pre-Owned Condominiums ② Joint Investment in Whole-Building Renovation Projects ③ Creating New Business Opportunities Through the Mutual Utilization of Customer Bases The Significance of Strategic Investment ✓ Focusing on the pre-owned condominium market, which is expected to grow, the company operates businesses such as asset solution and real estate brokerage ✓ A leading company in the pre-owned condominium market, guided by the corporate philosophy of “We strive to realize society from build to utilize” ✓ By effectively leveraging both companies’ management resources and expertise and further strengthening our collaboration, we will contribute to the advancement of a stock-based society. Trends in Annual Condominium Sales in the Greater Tokyo Area（units） The pre-owned condominium market is showing a long-term upward trend * Source: Compiled by our company based on “Nationwide Condominium Market Trends” and “Nationwide New -Construction For-Sale Condominium Market Trends” by the Real Estate Economic Research Institute, Inc.,and “Trends in the Greater Tokyo Area Real Estate Market” by the Real Estate Information Network for East Japan (public interest incorporated foundation)* Data for 2025 may be affected by system modifications resulting from amendments to the Regulations for Enforceme nt of the Real Estate Brokerage Act (Japan). Number of New Condominium Units Sold Number of Closed Sales for Pre- Owned Condominiums
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 0.0 0.5 1.0 1.5 2020/1 2021/1 2022/1 2023/1 2024/1 2025/1 Initiatives toward Management Mindful of Equity Costs and Stock Prices (Not updated since the announcement of FY2025) PBR Recognition of Current Situation ◼ ROE in FY2025 was 10.4% and remains at a level exceeding shareholders’ equity costs (CAPM estimate: approx. 8%). ◼ PER has generally trended upward throughout FY 2025, with PBR at the end of December 2025 standing at approximately 1.4 times. ◼ We will continue to strive to enhance profit stability and foster growth expectations, thereby increasing our valuation by the stock market. PER ROE 45 *1 As of December 30, 2025 （倍） 12.69x*1 （倍） 1.37x*1 1.0 0.0 10.0 2020/1 2021/1 2022/1 2023/1 2024/1 2025/1 8.3% 8.7% 10.0% 9.6% 12.8% 10.4% 0.0% 4.0% 8.0% 12.0% 2020/12 2021/12 2022/12 2023/12 2024/12 2025/12
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Initiatives toward Management Mindful of Equity Costs and Stock Prices Initiatives to Enhance Corporate Value 46 In line with the basic policy of “Building a robust portfolio that is resilient to changes for accelerated growth and greater capital efficiency,” we will steadily meet the 10% ROE target for this medium-term plan period by accelerating and expanding asset-turnover businesses and other measures. Maintaining /enhancing ROE Key Initiatives ◼ Accelerating and expanding asset -turnover business – Acceleration of the property sales business to investors p.9 – Expansion of overseas business p.41 -42 – Further growth in the for -sale condominium business p.33 -35 ◼ Strengthening the stable revenue base – Steady promotion and leasing of large redevelopment p.26 -30 projects – Diversifying rental asset portfolio p.8,23 – Expanding service business p.38,40 ◼ Disciplined control of balance sheet – Reducing cross -shareholdings p.10,56 (end of 2027: To be less than 10% of net assets) – Strategic sale of non -current assets p.10 (current medium -term plan period: ¥130.0 billion or more including cross -shareholdings) *Based on sale price – Financial leverage control based on fiscal policy p.16,17 In addition to increasing market confidence by exhibiting our tolerance to environmental changes to steadily generate profit, we will foster a sense of expectation by demonstrating the probability of sustainable profit growth and increased shareholder returns in the future in our results and strategies. Improving Profit Stability/ Fostering Growth Expectations (Reducing Cost of Equity) Key Initiatives ◼ Enhanced disclosure and proactive p.48 -56 and attentive dialogue – Comprehensive disclosure of strategies and initiatives aimed at sustainable growth – Enhancing engagement with investors ◼ Evolution of Management Infrastructure to Support Growth p.57 -62 – Accelerating sustainability initiatives – Lowering business risks by enhancing risk management – Developing human capital, promoting DX initiatives ◼ increase shareholder returns p.15 – Through sustained and stable profit growth, we expect to achieve the quantitative dividend payout ratio target set in our medium -term business plan (*FY2027: 40%) ahead of schedule in 2026. – Flexible repurchase of company shares in comprehensive consideration of the stock price level, business environment and financial situation, and other factors
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Fair Value of Rental Properties ◼ Unrealized gain remained at a high level of ¥599.9 billion. 47 Unrealized Gain BPS and Adjusted BPS*1 Trend (¥ billion) ◼ Subject properties Of non-current assets, properties that are currently leased to third parties or properties under development that are scheduled to be leased after completion by the Company and its subsidiaries (including properties where a portion is used by the Company and its group companies) are subject to calculation ◼ Method of calculation For properties newly acquired during the fiscal year or properties under development at the end of the fiscal year, the book value at the end of the fiscal year is taken as the fair value ■ BPS ■ Unrealized gain*2 (net of tax) *1 Adjusted BPS = BPS + (Unrealized gain, net of tax) / Number of shares issued and outstanding at end of period, excluding treasury stock *2 Unrealized gain, net of tax = Unrealized gain × (1 − Statutory tax rate applicable to each fiscal year) (¥ per share) Increase/ Decrease Fair value at end of period Amount on B/S (carrying value) Amount of difference 555.5 599.9 44.3 2024/12-end 2025/12-end(Unit: ¥ billion) 30.3 74.6 1,058.0 1,658.0 1,027.7 1,583.3
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Overview of the Medium-Term Business Plan (FY2025–2027) 48
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Long-Term Vision and Medium-Term Business Plan (Not updated from the time of announcement of financial results for FY2024) 49 ◼ In February 2020, announced a long-term vision for 2030, “Becoming a Next-Generation Developer.” ◼ Aim to achieve goals of Medium-Term Business Plan and realize the long-term vision through promotion of the six key strategies and evolution of the management infrastructure. Long-Term Vision to 2030 Long-Term Vision for 2030*1 Positioning of the Medium-Term Business Plan Key Strategies in the Medium-Term Business Plan Target for 2030: Consolidated business profit*2 of ¥120.0 billion Contributing to the achievement of the SDGs Based on stable rental profits, aim for a well- balanced profit structure with an awareness of capital efficiency*3 Achieve the dual goals of “solving social issues” and “company growth” at higher levels Business profit ¥120.0 billion 51.6 2019 2024 2030 *1 The target period of the Long-Term Vision has been updated from around 2030 to by 2030 from this medium-term-plan period. *2 We have redefined business profit from the medium-term business plan (2025-2027). Before change: Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method After change: Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method, etc.* + Gain (loss) on sale of non-current assets *Share of profit (loss) of entities accounted for using equity method, etc. includes interest and dividend incomes, and loss (gain) on sale of investment equity in investment vehicles for overseas businesses. *3 Updated to reflect the projected future shift in per-area profit from this medium-term-plan period. Steady promotion of large- scale redevelopment1 Further growth in the for- sale condominium business2 Acceleration of the property sales business to investors3 Expansion of overseas business4 Expansion of service business5 Previous Medium-Term Business Plan “Becoming a Next-Generation Developer” ◼ Basic Profit Growth Policy 80.4 2027 95.0 Medium-Term Business Plan 2025-2027 Establishment of new business6
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Quantitative Target in the Medium-Term Business Plan (Excerpt from the medium-term management plan announced in January 2025) ◼ Accelerate and expand asset-turnover businesses based on the business portfolio strategy, and implement disciplined control of balance sheet, thereby achieving steady profit growth, greater capital efficiency, and increased shareholder returns 50 *1 We have redefined business profit from this medium-term-plan period to allow for flexible sale of non-current assets and diversification of investment schemes in overseas businesses. Before change: Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method After change: Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method, etc. * + Gain (loss) on sale of non-current assets *Share of profit (loss) of entities accounted for using equity method, etc. includes interest and dividend incomes, and loss (gain) on sale of investment equity in investment vehicles for overseas businesses. Profit indicator ¥95.0 billion Business profit *1 (FY2027) Capital efficiency indicator 10% ROE (current medium -term -plan period) Shareholder return policy 40% Payout ratio (FY2027) Financial indicators (FY2027) Debt -equity ratio *2 approx. 2.4x Interest -bearing debt / EBITDA *3 approx. 12x Profit attributable to owners of parent (FY2027) ¥60.0 billion *2 Interest-bearing debt ÷ Equity capital *3 Interest-bearing debt ÷ (Operating profit + Interest & dividend income + Share of profit (loss) of entities accounted for using equity method + Depre ciation expense + Goodwill amortization expense) Cross -shareholdings to net assets (as of end of FY2027) 10% or less Non -current asset sales Cross -shareholdings sales (cumulative over current medium -term -plan period) ¥130.0 billion or more (based on sale price) ROA (current medium -term - plan period) *Based on business profit approx. 4 ％ EPS (FY2027) approx. ¥290 ▍Balance sheet control ▍Reference indicators We will flexibly repurchase company shares, comprehensively taking into account the stock price level, business environment and financial situation, among other factors.
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Key Strategies in the Medium-Term Business Plan (Excerpt from the medium-term management plan announced in January 2025) 51 ◼ Action policies are set out for six key strategies under the BASE (foundation for growth) concept. ◼ Our business portfolio can be classified into three categories based on their profit characteristics: Leasing, Property Sales, and Services. We manage each segment with a focus on the value chain. Key strategies Action policies Classification by principal business segment Profit classification Steady promotion of large - scale redevelopment Commercial Properties Leasing Further growth in the for - sale condominium business Residential Property Sales (for -sale condominiums/p roperty sales to investors) Acceleration of the property sales business to investors Commercial Properties, Residential, AS* Property Sales (for -sale condominiums/p roperty sales to investors) Expansion of overseas business Other (Overseas) Property Sales (for -sale condominiums/p roperty sales to investors) Expansion of service business Commercial Properties, Residential, AS, Other (Leisure, Fund) Services Establishment of new business Other Varied by business Key strategies and classification of business portfolio management Build up Build -up steady efforts to strengthen the stable revenue base Accelerate Accelerate recovery of investments to drive higher capital efficiency Scale Scale business operations as a profit growth driver Establish Establish a new business model for growth 1 2 6 3 4 5 * AS: Asset Services
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Approach to the Business Portfolio Strategy (Excerpt from the medium-term management plan announced in January 2025) 52 ◼ Various efforts are underway based on the characteristics by profit classification of Leasing, Property Sales, and Services. ◼ We diversify rental asset types to enhance risk tolerance and increase yields on rental assets. Leasing Property Sales Services Characterized by • Highly stable profit • Requires significant investment • Highly volatile profit • High capital efficiency • Relatively high stability of profit • Does not involve large investments Action policy • Strengthen the stable revenue base • Accelerate recovery of investments • Scale business operations • Scale business operations Action in the Medium -Term Business Plan • Steadily promote large -scale redevelopment of Yaesu Project (scheduled for completion in 2026), etc. • Strengthen rent increase negotiations based on inflation and market trends • Accelerate the cycle of recovery of investments in existing asset types • Expand investments in advanced overseas countries as a medium - to long -term profit growth driver • Explore new investment menu • Strengthen real estate management through brokerage, parking businesses, funds, and building management and construction • Expand hands -on facility operations to meet consumers' growing preference for consumption of services Diversify asset types for long -term holdings (e.g. hotels, logistics properties, and for -rent condominiums , in addition to offices) to enhance risk tolerance and increase yields on rental assets Residential leasing in the U.S.Logistics properties （T-LOGI ） Hotel buildings For -rent condominiums （Brillia ist ） Image of diversified asset types Property image Property image Regina Resort with DOGS Parking business （NPC ） Ofuro no Ousama
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Approach to the Business Portfolio Strategy (Not updated from the time of announcement of financial results for FY2024) 53 ◼ During this medium-term plan period, while maintaining the profit proportion of Leasing: Property Sales: Services = 30%: 60%: 10%, we aim to generate cash for growth investments and increase capital efficiency. ◼ To achieve profit growth while adapting to changes in the business environment, we have revised the profit proportion for 2030, reducing that of Leasing and increasing that of Property Sales compared with our initial projections. ◼ By optimizing our business portfolio, we will sustainably and stably achieve a high level of capital efficiency and profit growth. 1 2 Projected Shift in Per -Area Profit Over Time 2024 2027 （Forecast ） 2030 （After revision ） 95.0 120.0 79.3 30％ 60% 10% 30％ 60% 10% 30％ 50% ~60% 10% ~20% Around 2030 （Projection before revision ） 30％ 50% 20% 1 Proportion maintained at the same level 2 Revised our projections Property Sales Leasing Services Leasing Property Sales Services Balance Sheet 2024 2027 （Forecast ） 2,081.2 1,212.3 536.0 332.8 2,500 1,500 625 375 Debt - equity ratio approx. 2.4x Total assets Interest-bearing debt Equity capital Other （¥ billion） * business profit (after change)
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Cash Allocation (Excerpt from the medium-term management plan announced in January 2025) 54 Basic policy Accelerate asset turnover for higher capital efficiency, and increase shareholder returns through sustainable profit growth 1 Accelerate recovery of funds and growth investments on the scale of ¥1,000.0 billion • Accelerate the sale of non -current assets and cross -shareholdings • Accelerate investments in asset -turnover businesses 2 Further increase shareholder returns *Adjusted operating CF: Excludes both investment and recovery in real estate for sale, interest expenses, and income taxes *Net procurement: Borrowing amount – Repayment amount – Interest expenses *Net investment: Gross investment – Gross recovery (both investment and recovery include real estate for sale) Three -year cash allocation Cash in Cash out Adjusted operating CF approx. ¥110.0 billion Net procurement approx. ¥230.0 billion Net investment approx. ¥140.0 billion Shareholder returns approx. ¥65.0 billion Strategic funds available for approx. ¥50.0 billion Income taxes (fluctuates due to tax effect accounting, etc.) Net procurement • Financing based on financial indicators, assuming the JCR rating of A is maintained (FY2027 debt -equity ratio: approx. 2.4x, interest -bearing debt / EBITDA: approx. 12x) Adjusted operating CF • Diversify rental asset portfolio and expand service business, etc., thereby strengthening ability to generate stable cash flow Net investment Strategic funds available for • Flexibly utilized in line with strategies, including new businesses* and M&A, efforts to further accelerate investments in asset -turnover businesses and optimize the capital structure. • While considering medium - to long -term investment capital needs, we also expect to use proceeds for additional increases in shareholder returns. Shareholder returns • Through sustained and stable profit growth, the payout ratio will be raised to 40% in FY2027. • We will flexibly repurchase company shares, comprehensively taking into account the stock price level, business environment and financial situation, among other factors. Large -scale redevelopment ¥200.0 billion Asset -turnover businesses ¥970.0 billion -For -sale condominium business ¥340.0 billion -Property sales business to investors ¥520.0 billion -Overseas business ¥110.0 billion Other ¥110.0 billion 1 2 3 Breakdown of gross recoveries *Based on sales price Asset -turnover businesses ¥1,010.0 billion Non -current asset sales Cross -shareholdings sales ¥130.0 billion 1 2 Breakdown of gross investment Gross investment approx.¥1,280.0 billion Gross recovery approx.¥1,140.0 billion approx. ¥140.0 billionNet investment Reinvestment vs. Previous medium-term plan Annual average: approx. 2.0x approx. 1.8x
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Acceleration of the property sales business to investors (Excerpt from the medium-term management plan announced in January 2025) ◼ While accelerating the sales of real estate for sale, we will expand new investments to secure a stock of future gains on sale. ◼ Non-current assets will be strategically sold in terms of optimizing asset portfolio to recognize unrealized gains. ◼ The Group's AUM will be expanded through sales to REITs and other management firms, resulting in sustainable profit growth even after the sale of properties. 55 Expanding the Group's AUM to ensure sustainable profit growth and accelerating asset turnover for greater capital efficiency. Regarding exit strategy for logistics properties, we continue considering the listing of a new REIT, while broadly exploring options including private funds and property sales to external parties. (listed REIT management company) (private REIT/private funds management company) End of September 2024 End of 2027 Approx. ¥110.0 billion Approx. ¥110.0 billion （approx. ¥36.7 billion/year ） Approx. ¥540.0 billion *1 (1.4x per year vs. the previous plan period) Current medium -term -plan period Amount of gain on sale recorded Amount of new investments decided Strategically adjusted balance between selling properties and expanding stock in the previous plan period approx. ¥20.0 billion/year Previous medium -term -plan period Amount of gain on sale recorded ： Stock of gain on sale (i.e. total amount of estimated gross profit on sales in projects with investment decisions made) Fair value at end of period 1,658.0 billion Amount on B/S (carrying value) 1,058.0 billion Amount of difference 555.5 billion →Use funds recovered for growth investments and shareholder returns ◼ Unrealized gains on rental properties *2 (as of end of 2025) Continue to secure the stock of over ¥100.0 billion in gains on sale, while accelerating property sales. Generate profit and improve the asset turnover as a result of sales of real estate for sale Optimize portfolio and recognize unrealized gains through strategic sale of non -current assets Non-current asset sales Cross-shareholdings sales (cumulative over current medium-term-plan period ¥130.0 billion or more (based on sale price) *1 Amount based on total investment (including cash outflows during and after this medium -term-plan period) *2 Subject properties: Of non-current assets, properties that are currently leased to third parties or properties under development that are scheduled to be leased after completion by the Company and its subsidiaries (including properties where a portion is used by the Company and its subsidiaries) are subject to calculation Method of calculation: For properties newly acquired during the fiscal year or properties under development at the end of the fiscal year, the book value at the end of the fiscal year is taken as the fair value. Approx. ¥110.0 billion
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Governance Initiatives 56 ► Strengthening of Board of Directors' Functions to Enhance Corporate Value, etc. ◼ Change of directors' term of office (2 years → 1 year ) Changed from the two -year term to a one -year term for directors in order to build a management structure that was more rapidly adaptable to changes in the business environment. ◼ Increase in ratio of external directors (addition of 1 external director) *1 • Increased the number of external directors from 4 to 5 to further enhance the effectiveness of the Board's management supervisory function. • The ratio of female officers was also increased. ◼ Selection of the Head of External Directors The Head External Director was mutually elected from among the external directors to strengthen cooperation among External Directors and the Board of Directors, Audit & Supervisory Board, etc. *A new External Directors Meeting was also established with external directors as its only members. ◼ Reorganization of the Nomination and Remuneration Advisory Committee The Nomination and Remuneration Advisory Committee was divided into the Nomination Advisory Committee and the Remuneration Advisory Committee, in order to enhance the objectivity and transparency of the nomination and remuneration decision -making processes. Each committee was chaired by an external director. ◼ Partial revision of the remuneration system for directors (excluding external directors) • To clarify the linkage with the Company's business performance and shareholder value, business profit, ROE, shareholder returns, and other elements were added to the factors considered when determining performance -based remuneration. • To enhance the linkage with performance, the proportion of performance -based remuneration and stock -based compensation in the total remuneration was increased. * For details, visit Sustainability > Governance page on our website: https://tatemono.com/english/sustainability/gobernance.html ► Reduction of cross -shareholdings Cross -shareholdings to net assets (as of end of FY2027) 10% or less • Appropriately verify the significance of holding cross -shareholdings and continue to further reduce the number of shares held . • Use funds recovered from the sale for growth investments and shareholder returns (2025 Sales Amount : ¥12.0 billion) ► Strengthen risk management framework • The Risk Management Committee conducts annual planning; evaluation and analysis of risks prioritized for countermeasures; formulation of preventive measures and countermeasures; and regular monitoring of risk owners’ activities. ► Deepening Group Management • Demonstrate synergies throughout the entire Group's value chain, such as in the development and operation of large complex facilities, to maximize the value provided • Strengthen the group governance based on the Group Business Management Standards ▍ Quantitative Target Actual for end of 2025 16.7％
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Initiatives for Human Capital (Excerpt from the medium-term management plan announced in January 2025) 57 ◼ Building on our unique corporate culture, we will sustainably increase corporate value through its dual focus on building a human resource portfolio that supports business strategies and promoting diversity in our workforce. Culture Design Program “TASUKI”TOPIC ▲ olinas ▲ Otemachi Tower ▲ Brillia Mare Ariake TOWER & GARDEN Examples of the projects featured as themes • A training program under the concept of “Passing Tasuki (or a sash handed between runners in a relay race) to develop new ideas based on study of the past” designed to carry on our history and culture and to further deepen and evolve the chain of value creation that is unique to Tokyo Tatemono • Talks by project members on past projects for young and mid -career employees to share their ideas including how they overcame difficulties and later utilized their experiences at that time. • Exchanging opinions among participants on learning and insight from the project stories. • Creating opportunities for every employee to think about the company culture. S u s t a i n a b l e e n h a n c e m e n t o f c o r p o r a t e v a l u e t h r o u g h e x e c u t i o n o f b u s i n e s s s t r a t e g i e s Acquisition and creation of new opportunities Creation of social and economic value Resolution of social issues • Expand hiring of new graduates; career and specialized talent • Reallocate personnel to growth and focus areas (asset -turnover businesses, etc.) • Optimize overall allocation of diverse human resource capabilities • Strengthen development of professionals who build competitive advantages • Monitoring by top management • Maximize the performance of diverse ‘strong individuals’ x ‘team power’ • Improve engagement through regular surveys and improvements • Create a comfortable and rewarding workplace • Promote health management and well -being • Expand investment in human resources (compensation, training, and profit -sharing) Building a human resource portfolio Promotion of diversity in our workforce • Re-clarify and enhance ‘personal strength’ and ‘sense of unity’ as our strengths since founding • Instill and practice: our guiding principles of the spirit of ‘customer first’ and enterprising spirit, and our corporate phi los ophy of ‘Trust beyond the Era’ • Promote diversity and inclusion based on a common set of values Corporate Culture Unique to Tokyo Tatemono ＊For details, refer to the Human Capital page in Integrated Report 2025 (p. 41): https://tatemono.com/english/ir/library/integrated.html
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Initiatives for DX 58 Example of DX Initiatives: Yaesu Project Smartphone Application (under development) Smartphone application for the Yaesu Project for tenant companies and office workers *Screen images for illustrative purposes only • Enhance the value of each individual's experience • Improve the evaluation of the Yaesu Project • Help resolve management issues such as health management Provide convenience for tenant companies and improve the work environment for office workers Objectives • Various coupons redeemable within the facility • Visualization of facility congestion • Well -being score measurement function for office workers • Smartphone access control system • Visitor reservation system Main features (planned) Purpose of DX Focused Themes Underpinning Foundation Driven by digital technology, create value, expand business opportunities, and embody the Next -Generation Developer Enhance the 'value of experience' for customers1 2 Create the 'value of place' 3 Expand 'business opportunities' Creation of new business • Real estate x Digital to create new value of place and communicate information Growth of existing businesses • Enhance value of experience for customers through digitalization • Utilize customer data Productivity improvement • Utilize generative AI • Data-driven management ICT Infrastructure • Utilize cloud services • Cybersecurity measures DX Organization and Structure • Coordination between DX Promotion Department and Business Divisions • Group-wide governance DX Talent • Enhance IT literacy of all executives and employees • Digital x Business talent development
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Sustainability-related Initiatives 59
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Environmental Initiatives 60 • On -site PPA : Private power consumption at for -rent condominiums and logistics properties • Off -site PPA : Transmission of surplus power from logistics properties to other Tokyo Tatemono facilities • In principle, all of Tokyo Tatemono’s newly constructed office buildings, logistics properties, and for -rent condominiums *7 are Green Building -certified. • In principle, all of Tokyo Tatemono’s newly constructed office buildings and logistics properties *4 are ZEB compliant . • In principle, all of Tokyo Tatemono’s newly constructed for -sale condominiums and for -rent condominiums *5 are ZEH -compliant . *1 Scope 1 & 2 emission reduction target of “within 1.5 °C above pre-industrial levels”. *2 Category 11 and 13 are targeted. By FY2050 CO2 emissions Net zeroScope1・2・3 CO2 emissions (compared with FY2019) By FY2030 46.2% reductionScope1・2 40% reductionScope3 *1 *2 (Obtained SBT certification at the 1.5℃ level) Medium - to long -term targets for reducing greenhouse gas (GHG) emissions Shift to renewable energy Promotion of environmentally high -performance real estate developments *3 Includes Nearly ZEB, ZEB-Ready, ZEB-Oriented, Nearly ZEH-M, ZEH-M-Ready, and ZEH-M-Oriented. *4 Applies to new buildings for which design work began in January 2023 or later. Excludes certain properties such as joint venture properties or properties with special uses. *5 Applies to new buildings for which design work began in June 2021 or later. Excludes certain properties such as joint venture properties or properties with special uses. *6 Mainly refers to, but is not limited to, DBJ Green Building certification, CASBEE building certification and BELS (Building-housing Energy-efficiency Labeling System) certification. *7 Applies to new buildings for which design work began in January 2023 or later. Excludes certain properties such as joint venture properties or properties with special uses. *8 All properties owned and managed by the Company ◼ Creation and utilization of renewable energy from solar power generation systems on development properties ◼ Development of ZEB and ZEH *3 ◼ Acquisition of green building certifications *6 Green Building -certified properties (excerpt) Private power consumption & surplus power supply scheme for logistics properties ✓ The T-LOGI logistics facilities intentionally generate more electricity derived from renewable energy than the facilities consume on their own, providing the surplus to Tokyo Tatemono-owned retail facilities and office buildings. Effective use of renewable energy is currently underway. ✓ Going forward, with the increase in the number of T-LOGI developments, we plan to apply the Corporate PPA scheme and expand the scope of renewable energy supply from the suburbs to urban centers. ◼ Deployment of the mega solar business ◼ Introduction of Off -Site PPAs Utilizing Geothermal Power Generation ZEB - and ZEH -certified properties (excerpt) ▲ T-LOGI Fukuoka Island City ▲ TOFROM YAESU TOWER (Office Space) ▲ Brillia Fukasawa Hatchome 『ZEB 』 ZEB Ready 『ZEH-M』 ▲ Hilton Kyoto ▲ T-PLUS Sendai CASBEE S ABINC ・SEGES ▲ Otemachi Tower Certification ※8 75.2％ Percentage of certification （As of FY2025） DBJ GB ★★★★★ * For details, visit Sustainability > Environment page on our website: https://tatemono.com/english/sustainability/environment.html
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. * For details, visit Sustainability > Social page on our website: https://tatemono.com/english/sustainability/social.html Social Initiatives 61 Example of Community Formation Support Associated with Condominium Development Initiatives undertaken to respect human rights of all stakeholders involved in our business based on Tokyo Tatemono Group Human Rights Policy ► Respect for Human Rights Promoting understanding of, and compliance with, Sustainable Procurement Standards established for the entire Group through dialogue with suppliers, etc . ► Building a Sustainable Supply Chain In each region where we operate, contributing to the ‘creation of a prosperous society’ as a member of the local community by working together with various stakeholders, while making efforts to contribute to the development of the region and improving value for local communities . ► Contributing to Our Communities Drill for accepting people stranded by transit disruptions Sanno Festival celebrated since the Edo period TOPIC 1 • At Brillia City Shakujii Koen ATLAS, a reconstruction project of the Shakujii Koen Apartment Complex, a community exchange hub “Shakuji -i BASE” was attached to the model room to promote early community building between the contractors and local residents . • Since the completion of construction, a communication space “and . s ” is open in the building to carry on the historic community into the future . Initiatives for Regional RevitalizationTOPIC 2 ▲ Brillia City Shakujii Koen ATLAS / Communication Space “and.s” ▲ [Nagano City, Nagano Prefecture] Brillia Nagano Kitaishido ALPHA RESIDENCIA ▲ [Takasaki City, Gunma Prefecture] Brillia Takasaki Miyamoto-cho ALPHA RESIDENCIA
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Field Rating agencies and Initiatives Rating, etc. ESG (Real Estate) GRESB Standing Investment Benchmark 5-star Climate change TCFD Agreed TNFD Agreed SBTi “within 1.5℃ above pre-industrial levels” Certified RE100 Participated CDP Climate Change A Social (Human Resources) UN Global Compact Participated Certified Health and Productivity Management Organization Recognition Program Certified Eruboshi Certified Kurumin Certified Evaluation on sustainability-related initiatives 62 ► The only real estate developer in Japan which received the top-rated “5-star” for the nine consecutive year ESG-related external evaluation, participation in ESG-related initiatives, and status of inclusion in indexes “GRESB Standing Investment Benchmark,” an assessment of real estate management portfolios ◼ “GRESB Real Estate Assessment” 2025 Category Index inclusion status Indexes used by GPIF MSCI Japan ESG Select Leaders Index MSCI Japan Empowering Women Index (WIN) FTSE JPX Blossom Japan Index FTSE JPX Blossom Japan Sector Relative Index S&P/JPX Carbon Efficient Index Morningstar Japan ex-REIT Gender Diversity Tilt Index (GenDi J) Other FTSE4Good Index Series SOMPO Sustainability Index * For details, visit Sustainability > Information Disclosure Based on TNFD Recommendations page on our website: https://tatemono.com/english/sustainability/tnfd-info.html
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Appendix 63
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. 64 Important issues Shared value with society Contribution to SDGs Creation of social value Strengthening Tokyo’s competitiveness as an international city Creating value of place and value of experience Contributing to a safe and secure society Community building and revitalization Wellbeing Addressing diverse needs of customers and society Value co-creation and innovation Social implementation of technology Revitalizing and utilizing real estate stock Promoting a decarbonized society Coexistence with the earth and the environmentPromoting a recycling-oriented society Foundation for value creation Improve employee growth and job satisfaction Value-creating talent Diversity & inclusion Advancement of governance Realizing sustainability managementStrengthen risk management framework Materiality of the Tokyo Tatemono Group ◼ To achieve our long-term vision, we identified 14 material issues, mindful of the values to be shared with society through our businesses. ▼Integrated Report 2025 https://tatemono.com/english/ir/ library/integrated.html “Integrated Report 2025” ▼Sustainability Report 2026 https://tatemono.com/english/ sustainability/reports.html “Sustainability Report 2026” * See the Sustainability, ESG Management and Materiality page of our website for the KPIs and targets based on material issues. https://tatemono.com/company/esg_management.html
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. *Standards for areas subject to calculation are as follows. 1. Office buildings owned by group companies are included. 2. Since the area of retail facilities accounts for a large proportion under total leased floor area at GRAND FRONT OSAKA, th e area of retail facilities is excluded from calculation. 3. With regard to buildings owned by consolidated SPCs, the equivalent areas of the SPCs’ equity holdings in other companies have been included along with areas subject to recording of leasing revenue. 4. Addition of following criteria from the end of March 2022: Properties included in a redevelopment project area shall be ex cluded from owned office buildings upon the establishment of an urban redevelopment consortium or project approval. 5. The DNP Gotanda Building (currently the Panasonic Meguro Building), acquired at the end of September 2019, will be include d in the areas subject to calculation from the end of June 2023. 6. From Mar. 31, 2026, the following criterion is added: Properties completed less than one year ago are excluded from “Offic e Buildings Held.” 7. From Mar. 31, 2026, average rent is reported as the “rental rate based on lease agreements.” Quarterly Segment Data 65 Commercial Properties business* 2023/9 2023/12 2024/3 2024/6 2024/9 2024/12 2025/3 2025/6 2025/9 2025/12 2026/3 2026/6 Number of office buildings 41 41 41 40 40 36 36 36 36 36 37 37 Leasable area of office buildings (thousand m²) 540 540 540 535 535 527 527 527 527 520 521 521 Vacancy rate 4.2% 4.2% 3.3% 2.9% 2.7% 2.2% 2.0% 2.3% 2.1% 1.8% 1.2% 1.1% Average rent (Unit: ¥/tsubo) 29,560 29,622 29,586 29,649 29,635 29,748 29,723 29,667 29,697 29,777 29,812 30,025 Residential business 2023/9 2023/12 2024/3 2024/6 2024/9 2024/12 2025/3 2025/6 2025/9 2025/12 2026/3 2026/6 Number of sales posted (cumulative) 712 1,058 688 1,409 1,588 1,711 772 969 1,161 1,287 235 270 For-sale condominiums 712 1,058 688 1,409 1,588 1,711 772 969 1,161 1,287 235 270 Housing and residential land 0 0 0 0 0 0 0 0 0 0 0 0 Gross margin ratio of condo sales (cumulative) 35.4% 33.4% 24.9% 29.4% 29.2% 29.0% 30.8% 30.4% 30.6% 29.4% 25.5% 27.8% Inventory of completed condos 72 181 183 165 151 188 183 212 192 107 131 96 Of which, contracted 21 38 75 30 51 29 29 42 86 26 28 23 Condo units supplied (cumulative) 880 1,243 284 493 622 989 200 448 705 1,132 395 793 Condo units contracted (cumulative) 933 1,334 271 516 641 952 239 460 680 1,103 368 726 Condo units contracted but yet to be posted 2,082 2,136 1,722 1,245 1,189 1,378 845 868 897 1,194 1,327 1,649 Number of condo buildings for rent 18 11 14 12 13 13 17 16 17 15 20 20 Number of managed condo units 99,522 99,083 100,093 99,896 100,223 100,260 101,661 101,680 101,619 99,619 99,558 99,458 Asset Service business 2023/9 2023/12 2024/3 2024/6 2024/9 2024/12 2025/3 2025/6 2025/9 2025/12 2026/3 2026/6 Brokerage: Number of deals (cumulative) 783 1,097 277 567 854 1,128 280 527 795 1,077 254 520 Of which, sales (cumulative) 759 1,062 274 560 846 1,119 278 522 788 1,065 252 515 Of which, rentals (cumulative) 24 35 3 7 8 9 2 5 7 12 2 5 Parking lots: Number of locations 1,919 1,919 1,889 1,887 1,893 1,905 1,862 1,884 1,893 1,906 1,890 1,888 Parking lots: Number of parking spaces 82,287 82,542 81,333 82,473 85,129 86,792 85,778 88,007 89,967 91,650 91,404 92,267 Other 2023/9 2023/12 2024/3 2024/6 2024/9 2024/12 2025/3 2025/6 2025/9 2025/12 2026/3 2026/6 Spa facility 10 10 11 11 11 11 11 11 11 11 11 11 Golf Courses 12 12 12 12 12 12 12 13 13 13 13 13 Pet-Friendly Hotels (Regina Resort with DOGS) 8 8 8 8 8 8 8 8 9 10 10 10
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Full-Service Hotels Aman Tokyo Raffles Tokyo Hilton KYOTO SEN/KA TOKYO by The Crest Collect ion Accommodation- Focused Hotels Hotels that combine comfort and functionality CANDEO HOTELS TOKYO ROPPONGI CANDEO HOTELS OSAKA SHINSAIBASHI Apartment Hotels Apartment-style accommodations designed to meet the needs of long-term stays Capsule Hotels Simple lodging options that prioritize convenience and design Resort Hotels that utilize natural and local resources / Hotels where you can stay with your dog (Regina Resort) Hotel Business 66 Kanto ●Aman Tokyo ●CANDEO HOTELS TOKYO ROPPONGI ●CANDEO HOTELS OMIYA 〇Raffles Tokyo 〇SEN/KA TOKYO by The Crest Collection 〇Kyobashi 3-chome Project 〇Kita-Aoyama 3-chome Project 〇Shibuya 2-chome Project Kansai ●Hilton KYOTO ●Four Seasons Hotel Osaka ●CANDEO HOTELS OSAKA SHINSAIBASHI Chubu ●Regina Resort Kyu-Karuizawa ●Hotel Regina Kawaguchiko Kyushu and Okinawa ●Regina Resort Yufuin 〇Fukuoka Family Court Site Project List of Major Hotels ●Completed 〇Under Development High-value-added hotels for domestic and international guests In addition, we are planning to develop multiple hotel brands as part of other large-scale redevelopment projects currently underway. ➤ Kyobashi 3-chome Project ➤ Kita-Aoyama 3-chome Project ➤ Shibuya 2-chome Project Hokkaido and Tohoku ●Holiday Inn Express SAPPORO SUSUKINO *In addition to the projects listed here, we are currently advancing multiple projects across the country. Four Seasons Hotel Osaka Regina Resort Yufuin Hotel Regina Kawaguchiko ◼ Developing diverse brands and types of hotels tailored to specific locations ◼ Achieving stable profit growth by meeting a wide range of accommodation needs Developing various brands and types of hotels
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. T-LOGI Sagamihara Dry Warehouse (Ambient Temperature) The most versatile and standard type of warehouse. It can handle a wide variety of goods and accommodates custom fit- outs after move-in. T-LOGI Funabashi Minami-Kaijin Refrigerated and Frozen Warehouse (Low Temperature/Frozen) Capable of maintaining food, pharmaceuticals, and other items at a constant low temperature, ensuring long-term quality preservation. T-LOGI Atsugi Hazardous Materials Warehouse A dedicated facility built to strict construction standards for the safe storage of substances that pose a risk of fire or explosion. Logistics Business 67 ◼ We develop logistics properties across Japan to meet diverse logistics needs. List of Major Logistics Properties *While our standard approach is multi-tenant, we also flexibly accommodate BTS (tenant-specific) requirements based on tenant needs. *We are currently developing cold storage and refrigerated warehouses that are all low-temperature facilities or combined with dry warehouses (on the lower floors of large-scale properties). *We are currently developing hazardous materials warehouses, primarily as combined facilities with dry warehouses. Operating a wide variety of logistics properties T-LOGI Kuki （Completed） T-LOGI Fukuoka Island City （Completed） T-LOGI Minami- Funabashi (Under Development) MISAWA･T-LOGI Konan-Komaki （Under Development) T-LOGI Kashiwa・Noda （Under Development） T-LOGI Osaka Bentencho （Under Development） Kanto ●T-LOGI Kuki ●T-LOGI Sagamihara ●T-LOGI Shiraoka 〇T-LOGI Minami-Funabashi 〇T-LOGI Funabashi Minami-Kaijin 〇T-LOGI Atsugi 〇Shin-Narashino Station Front Logistics Properties Plan (provisional name) 〇T-LOGI Kashiwa・Noda Kansai ●T-LOGI Kyoto Fushimi 〇T-LOGI Osaka Bentencho Chubu Kyushu ●T-LOGI Fukuoka Island City 〇T-LOGI Fukuoka Hisayama 〇Kitakyushu Shinmoji Logistics Properties Project (provisional name) 〇T-LOGI Kumamoto Toshima (provisional name) ●T-LOGI Ichimiya 〇MISAWA･T-LOGI Konan-Komaki 〇Togo Town Logistics Properties Project (provisional name) 〇Komaki Oogusa Logistics Properties Project (provisional name) Tohoku ●T-LOGI Sendai 〇T-LOGI Iwate Kitakami *In addition to the projects listed here, we are currently advancing multiple projects across the country. ●Completed 〇Under Development
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (%) Market Data (1) Office Building Market 68 Large-Scale Office Building Supply Volume Trends in Tokyo’s 23 Wards Average Rent and Vacancy Rate Trends in Tokyo’s Central Business District (Chiyoda, Chuo, Minato, Shinjuku, and Shibuya Wards) Volume of supply Number of properties of supply (Properties)(10,000 ｍ2) Average rent Vacancy rate Source: Mori Buildings’ “Survey of Large-scale Office Building Market in Tokyo’s 23 Wards 2025”; Miki Shoji Average supply volume in the past 1,020,000 m2/year Average supply volume for 2026 to 2030 820,000 m2/year (¥/tsubo) Volume of supply Number of properties of supply
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Market Data (2) For-Sale Condominium Market 69 Number of New Condominium Units for Sale and Average Price Trends in the Tokyo Metropolitan Area (Tokyo, Kanagawa, Saitama, and Chiba Prefectures) Trends in Double-Income Household Ratio and Average Annual Household Income Among Buyers of Condominium Units in the Tokyo Metropolitan Area (Units) Average price (¥10,000) Double-income household ratio (¥10,000) Source: Real Estate Economic Institute; Recruit’s 2025 survey on contract trend of new condominium units in the Tokyo Metropo litan Area Average annual household income Number of new units for sale
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Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Disclaimer 70 This material has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation, nor for direct, indirect, or any other form of damages that may arise from using this translation. This English version includes some explanatory notes. The utmost care is applied to the information presented in this material; nevertheless, the accuracy and reliability of this information is not guaranteed. Please be aware that content may be changed without advance notice. This material contains the current plans and forecasts concerning the business performance of the Tokyo Tatemono Group. These forecasts are based on the Company’s assumptions and judgments on the basis of information currently available to the Company and include various risks and uncertain factors. Actual results may differ from these forecasts due to changes in the environment and other various factors.