Mission Statement, Vision, & Core Values (2026) of NTT UD REIT Investment Corporation.

NTT UD REIT Investment Corporation (8956.T) stands at the intersection of stability and sustainability, managing a portfolio with ¥298.8 billion in assets under management (as of September 30, 2025) across 63 properties-an ensemble averaging 25.1 years in building age-that delivers tenant confidence reflected in a remarkable 97.9% occupancy rate (April 30, 2025); backed by its strategic sponsor, NTT Urban Development Corporation, NUD leverages that pipeline while pursuing unit repurchases, targeted capital management and concrete ESG goals (CO₂ and water reduction) as core elements of its mission to provide stable returns, a vision to be a sustainability leader among Japanese REITs, and values of integrity, innovation, collaboration, excellence and accountability that drive its portfolio strategy and operational execution.

NTT UD REIT Investment Corporation (8956.T) Intro

• Established: 2002 - a J-REIT focused on office buildings and residential properties, primarily within the Tokyo metropolitan area.
• Assets under management (AUM): ¥298.8 billion (as of September 30, 2025).
• Portfolio composition: 63 properties; average building age 25.1 years (as of September 30, 2025).
• Occupancy: 97.9% (as of April 30, 2025), indicating resilient tenant demand and active asset management.
• Sponsor relationship: Strategic alignment with NTT Urban Development Corporation providing a pipeline of development and acquisition opportunities.
• Capital management: Ongoing initiatives include acquisition of its own investment units to optimize capital structure and support earnings per unit.
• Sustainability focus: Formal targets in place to reduce CO₂ emissions and water usage integrated into asset management and operations.

• Preserve and enhance long-term unitholder value through disciplined acquisition, active property management, and selective redevelopment within Greater Tokyo.
• Leverage sponsor capabilities to secure high-quality urban assets and realize value through urban development expertise.

• To be a leading urban-focused J-REIT that combines stable income generation with value growth driven by integrated property lifecycle management and sustainability-led asset upgrades.
• Maintain top-tier occupancy and tenant retention across core office and residential holdings while selectively pursuing accretive acquisitions.

• Stewardship - long-term asset preservation and enhancement.
• Integrity - transparent governance, reporting, and alignment with unitholders.
• Operational excellence - proactive leasing, maintenance, and cost control to sustain high occupancy (97.9% as of 2025-04-30).
• Sustainability - embed environmental targets (CO₂ and water reductions) into capex and operations planning.
• Partnership - leverage sponsor NTT Urban Development for pipeline and development expertise.

• Sponsor support: Access to NTT Urban Development's deal flow and urban redevelopment projects strengthens acquisition pipeline and redevelopment prospects.
• Capital actions: Unit repurchases and disciplined financing aimed at improving earnings per unit and long-term return on equity.
• Reporting & transparency: Periodic disclosure of portfolio metrics (AUM, occupancy, property count, asset ages) to maintain investor confidence.

• Energy & emissions: Asset-level initiatives aligned with corporate targets to reduce CO₂ intensity across the portfolio.
• Water management: Operational measures and retrofit programs to lower water consumption across residential and office assets.
• Asset modernization: Selective redevelopment and energy-efficiency upgrades to extend asset life and support high occupancy rates.

NTT UD REIT Investment Corporation (8956.T) - Overview

• Core mission: Provide stable and sustainable returns to unitholders via effective management of a diversified real estate portfolio and strategic sponsor support.
• ESG integration: Embed environmental, social, and governance considerations across acquisition, leasing, renovation, and disposal decisions to support long-term resilience and social value.
• Operational focus: Maintain high occupancy and tenant satisfaction through proactive asset management and facility services.
• Capital strategy: Enhance unitholder value via selective acquisitions, disciplined leverage, and unit repurchases when accretive.
• Growth horizon: Target medium- to long-term NAV and cashflow growth by integrating sustainability into the full lifecycle of assets.

• Energy and emissions: Ongoing programs for energy efficiency upgrades (LED retrofits, HVAC optimization) and portfolio-level greenhouse gas reduction targets tied to asset renovation schedules.
• Certification and resilience: Pursuit of CASBEE/DBJ Green Building/other local green certifications on eligible assets and seismic/BCP investments to protect tenant operations.
• Social / tenant engagement: Programs aimed at tenant satisfaction, health & safety, and community contribution through local engagement and service standards.
• Governance: Transparent disclosure, alignment of asset-management incentives with unitholder returns, and prudent leverage/capital management including opportunistic buybacks of investment units.

• Maximize NCREIF-like income stability by focusing on long-term leases with creditworthy tenants and diversified sector exposure (primarily office plus retail/other).
• Active portfolio rotation-acquire strategically located assets and dispose of non-core holdings to improve yield and enhance NAV per unit.
• Maintain liquidity and prudent LTV to preserve funding flexibility and support unit repurchase programs when economically justified.

NTT UD REIT Investment Corporation (8956.T) - Mission Statement

• Acquire and manage high-quality office, retail, and mixed-use assets in prime urban locations to deliver stable rental income.
• Employ active asset management to maintain high occupancy, enhance tenant satisfaction, and optimize net operating income (NOI).
• Preserve and grow unitholder value through prudent capital structure management, transparent governance, and disciplined investment selection.
• Integrate environmental, social, and governance (ESG) considerations into investment decisions and property operations to support a sustainable society.

• Strategic access to NTT Urban Development pipeline and development collaborations for selective acquisitions and redevelopment.
• Portfolio diversification across asset types and geographies within Japan to reduce concentration risk and capture sector-specific upside.
• Proactive tenant engagement and building upgrades (energy efficiency, safety, digital connectivity) to sustain high occupancy and rental resilience.
• Financial discipline: conservative leverage targets, diversified funding sources, and active liability management to protect distributions.

• Integrity and transparency in reporting and governance.
• Tenant-centric operations emphasizing service quality and long-term relationships.
• Commitment to sustainability: energy efficiency, carbon reduction targets, and green certifications.
• Innovation in urban development and property management leveraging NTT group expertise (technological and planning capabilities).
• Responsibility to stakeholders: employees, tenants, unitholders, and local communities.

• Targeted energy consumption reductions via retrofits and green building standards.
• Pursuit of green certifications (e.g., CASBEE/BREEAM equivalents) for eligible assets.
• Regular disclosure of sustainability initiatives and performance in investor communications.

NTT UD REIT Investment Corporation (8956.T) - Vision Statement

• Integrity: Upholding ethical conduct and transparency in governance, disclosure, and investor communications.
• Innovation: Employing data-driven asset management, proptech, and adaptive reuse to enhance asset value and tenant experience.
• Sustainability: Committing to measurable reductions in environmental impact - targeting CO₂ reductions, energy efficiency, and water-use reductions across the portfolio.
• Collaboration: Leveraging strategic partnership synergies with NTT Urban Development Corporation to source assets, optimize operations, and unlock value.
• Excellence: Pursuing operational excellence reflected in high occupancy and tenant satisfaction through proactive asset and facility management.
• Accountability: Delivering stable, sustainable returns and maintaining disciplined stewardship of unitholder capital.

Strategic Pillars and Measurable Targets

• Portfolio Quality: Focus on core office, retail, and mixed-use assets in prime Tokyo and regional hubs to sustain rent resilience and capital stability.
• Sustainability Targets:
  • CO₂ Emissions: Targeting portfolio-wide reductions consistent with science-based pathways (example targets include ~30% reduction by 2030 relative to a recent baseline and net-zero by 2050).
  • Energy & Water: Implementing LED retrofits, BEMS, and water-saving fixtures to reduce energy intensity and water consumption year-over-year.
• Operational Metrics: Maintaining occupancy in the high 90s (%) and improving tenant retention through service enhancements and digital tenant engagement.
• Capital Allocation: Prioritizing accretive acquisitions, selective redevelopment, and capex that enhances ESG credentials and NOI growth.

How Core Values Translate to Portfolio Actions

• Integrity → Regular, comprehensive disclosure cycles, independent governance, and adherence to TSE listing standards.
• Innovation → Trialing smart building systems, tenant apps, and flexible workspace conversions to increase utilization and revenue per sqm.
• Sustainability → Rolling out energy-efficiency retrofits, green leases, and ESG-linked financing to reduce carbon intensity and lower operating costs.
• Collaboration → Joint sourcing and redevelopment projects with NTT Urban Development Corporation to access off-market deals and technological expertise.
• Excellence → KPI-driven property management: occupancy, rent collection, CapEx ROI, and tenant satisfaction indices.
• Accountability → Distribution policy aligned with long-term NAV preservation and conservative LTV targets to protect unitholder returns.