United Urban Investment Corporation

Securities Code
8960

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To Our Unitholders

Kenmin Asatani
Executive Officer
United Urban Investment Corporation

We would like to express our sincere gratitude for your support and patronage of United Urban Investment Corporation ("United Urban").

On January 19, 2024, United Urban announced the financial results for the 40th fiscal period ended November 30, 2023.

Under our diversified investment policy, in this fiscal period, United Urban acquired two properties: one retail property and one development site for a hotel development project (total acquisition price: 4,500 million yen). In addition, we sold one residential property (sale price: 1,450 million yen) by comprehensively assessing the real estate sales market and the potential of our properties, etc. As a result, we improved the profitability of our property portfolio and achieved further qualitative improvement, such as refreshing some older properties.

For the 40th fiscal period, although instability continued, caused by concerns over the possibility of prolonged increases in global energy and raw material prices resulting from geopolitical risks and a possible economic slowdown due to persistent inflation in Europe and the United States, United Urban posted operating revenues of 25,356 million yen (an increase of 304 million yen over the previous fiscal period) and net income of 10,369 million yen (an increase of 440 million yen over the previous fiscal period). These increases were the result of our drive to improve profitability for each type of property and field by taking advantage of the increase in the number of overseas visitors to Japan and the steady demand in the real estate rental market. As a result, the cash distribution per unit for the 40th fiscal period reached 3,371 yen (an increase of 142 yen over the previous fiscal period).

Your continuing support and kind attention are highly appreciated.

In addition, Japan REIT Advisors Co., Ltd., the asset management company that United Urban entrusts with asset management services, changed its corporate name to Marubeni REIT Advisors Co., Ltd. ("MRA") on December 1, 2023. United Urban, together with MRA, will focus on stable management over the medium to long term with a view to improving our added value.

January 2024

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