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

On July 17, 2025, United Urban announced the financial results for the 43rd fiscal period ended May 31, 2025.

Under our investment policy as a diversified J-REIT, in this fiscal period, United Urban acquired four properties, comprising two retail facilities, one wedding facility, and one health care facility (total acquisition price: 10,948 million yen). In addition, we sold two retail facilities (total sale price: 11,400 million yen) by comprehensively assessing the real estate sales market and the profitability of our properties, etc. As a result, we improved the profitability of our property portfolio and achieved further qualitative improvement, such as replacing some older properties. Moreover, in order to improve capital efficiency and return to unitholders, we decided to acquire our own investment units up to 5 billion yen in the previous fiscal period, of which we acquired approximately 1.9 billion yen (13,608 units) during this fiscal period. Together with the acquisition of approximately 3.1 billion yen (22,383 units) in the previous period, we have completed the acquisition of a total of approximately 5 billion yen. Also, as part of sponsor support, the sponsor group company have acquired investment units (1% of the total number of investment units issued and outstanding, 30,626 units) during this fiscal period.

Despite the continuing uncertainty in domestic and international politics and economies, even after the Bank of Japan's additional interest rate hike in January 2025, the Japanese economy continued on a moderate recovery trend due to improved income conditions from corporate wage increases and growing numbers of inbound visitors, with real estate rental demand also remaining steady.

Under these circumstances, United Urban implemented measures to improve profitability in each type of use and field, then posted operating revenues of 27,380 million yen (a decrease of 829 million yen over the previous fiscal period) and net income of 11,835 million yen (a decrease of 844 million yen over the previous fiscal period). As a result, the cash distribution per unit for the 43rd fiscal period reached 4,010 yen (an increase of 73 yen over the previous fiscal period).

With a continuous focus on improving the quality of our portfolio through asset replacement in order to achieve sustainable growth and improve unitholder value, United Urban has decided to acquire three properties, comprising two hotels and one healthcare facility (total acquisition price: 14,364 million yen), and to sell four properties, comprising three retail properties and one logistics facility (total sale price: 23,660 million yen).

Your continuing support and kind attention are highly appreciated.

July 2025