United Urban Investment : 34th Fiscal Period Presentation Material (six months ended November 2020)

34th

Fiscal Period

(Six months ended November 2020)

https://www.united-reit.co.jp/en/ Securities Code: 8960

January 2021

Asset Management Policy Under the COVID-19

United Urban will focus on stable management in accordance with the following basic policies.

• Property replacements that will serve to enhance the quality and profitability of the portfolio
• Balance social responses with stable management of the portfolio
• Flexible financial management in accordance with change
• Stable distribution through reversal of retained earnings

Sustainable

growth of unitholder value

Information Disclosure of Individual Properties

In light of ongoing discussions concerning the reduction and postponement of rent payments, etc. with individual tenants that have been impacted by COVID-19, income and expenses by property have not been disclosed for the results of the 34th FP and the forecasts of the 35th FP and 36th FP. Once these matters have been resolved, the information will be disclosed as in the past.

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Table of Contents

1 Executive Summary			3-3 Finance	p.27
		● Major Topics of 34th FP & 35th FP	p.5			● LTV and Interest-Bearing Debt Cost	p.28
		● Distribution Policy Under COVID-19	p.6			● Financial Standing	p.29
		● Impact of COVID-19 on DPU	p.7			● Policy of Retained Earnings Utilization	p.30
2	Business Results & Forecast			3-4 ESG Initiatives	p.31
		● DPU: 34th FP	p.9		4 Appendix
		● Business Results: 34th FP	p.10			● DPU: 34th FP (Supplement)	p.35
		● DPU Forecast: 35th FP & 36th FP	p.11			● United Urban Investment Corporation (UUR)	p.36
		● Business Forecast : 35th FP & 36th FP	p.12			● Portfolio Summary	p.37
		● Mid-term Initiatives	p.13			● Portfolio Performance	p.38
3	Strategy & Implementation				● Change in Rent at Existing Properties	p.39
	3-1 External Growth	p.16			● Financial Indices	p.40
		● Overview of Property Replacement	p.17			● Balance Sheet	p.41
		● Acquisition & Disposition	p.18			● Income Statement	p.42
		● Acquisition	p.19			● Change in Unrealized Gain or Loss / NAV per unit	p.43
		● Track Record of External Growth	p.20			● Appraisal Value	p.44
	3-2 Internal Growth	p.22			● Property Income and Occupancy	p.47
		● Asset Management: Hotels	p.23			● Properties	p.48
		● Asset Management: Retail properties	p.25			● Retained Earnings: Negative Goodwill and Reserve for Distribution	p.51
		● Asset Management: Office buildings	p.26			● Overview of Unitholders and Unit Price	p.52
						● Definitions	p.53

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MEMO

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