United Urban Investment : SUMMARY OF FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED NOVEMBER 30, 2020 (June 1, 2020 – November 30, 2020)

For Translation Purposes Only

January 15, 2021

SUMMARY OF FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED

NOVEMBER 30, 2020 (June 1, 2020 - November 30, 2020)

Name of issuer:	United Urban Investment Corporation (United Urban)
Listing:	Tokyo Stock Exchange
Securities code:	8960
URL:	https://www.united-reit.co.jp/en/
Representative:	Ikuo Yoshida, Executive Officer
Asset Management Company:	Japan REIT Advisors Co., Ltd.
Representative:	Norimasa Gaun, President and Chief Executive Officer
Inquiries:	Takehide Sasaki, Chief Financial Officer
	TEL: [phone]
Scheduled date of filing of Securities Report:	February 24, 2021
Scheduled date for commencing dividend payments:	February 15, 2021
Supplementary Materials on Financial Results:	Scheduled
Financial Results Conference:		Scheduled (for analysts and institutional investors (Japanese language only))

(Amounts are rounded down to the nearest millions of yen, unless otherwise indicated)

1. Performance for the Fiscal Period Ended November 30, 2020 (June 1, 2020 - November 30, 2020)

(1) Business Results

(Percentage figures show the increase/decrease rate compared to the previous period)

	Operating Revenues	Operating Income	Ordinary Income	Net Income
Fiscal period ended	Millions of yen		%	Millions of yen		%	Millions of yen		%	Millions of yen		%
23,945		1.6	10,644		0.2	9,650		0.2	9,650		0.2
November 30, 2020
Fiscal period ended	23,565		(4.5)	10,622		(8.2)	9,633		(8.6)	9,633		(8.6)
May 31, 2020
	Net Income per Unit	Return on Equity	Return on Assets	Ordinary Income to
	Operating Revenues
Fiscal period ended	Yen				%			%	%
3,094		2.6		1.4		40.3
November 30, 2020
Fiscal period ended	3,089		2.6		1.4		40.9
May 31, 2020

(2) Distributions

	Cash	Total Cash	Distributions in	Total Distributions		Distribution
	Distributions	Distributions	Payout Ratio	Ratio to
	per Unit	Excess of Earnings	in Excess of
	(excluding excess	Unitholders'
	(excluding excess	of earnings)	per Unit	Earnings		Equity
	of earnings)
Fiscal period ended	Yen	Millions of yen	Yen	Millions of yen	%	%
3,119	9,726	－	－	100.8	2.7
November 30, 2020
Fiscal period ended	3,470	10,820	－	－	112.3	2.9
May 31, 2020

Notes: 1. "Payout Ratio" is rounded down to the nearest one decimal place.

1. 2. For the fiscal period ended May 31, 2020, because a reversal of reserve for temporary difference adjustments (¥77 million) and a reversal of reserve for reduction entry (¥1,109 million) were added to the net income, there was a difference between cash distribution per unit and net income per unit. For the fiscal period ended November 30, 2020, because a reversal of reserve for temporary difference adjustments (¥77 million) was added to the net income, there was a difference between cash distribution per unit and net income per unit.

2. Financial Position

	Total Assets	Total Unitholders'	Equity Ratio	Net Asset per Unit
	Equity (Net Asset)
Fiscal period ended	Millions of yen	Millions of yen	%	Yen
701,982	365,666	52.1	117,263
November 30, 2020
Fiscal period ended	694,089	366,863	52.9	117,647
May 31, 2020

1

(4) Conditions of Cash Flows

	Cash Flows from	Cash Flows from	Cash Flows from	Cash and Cash
	Equivalents at the End
	Operating Activities	Investing Activities	Financing Activities
	of the Period
Fiscal period ended	Millions of yen	Millions of yen	Millions of yen	Millions of yen
13,457	6,175	(3,761)	65,483
November 30, 2020
Fiscal period ended	12,668	(21,576)	8,045	49,612
May 31, 2020

2. Forecasts of Results for the Fiscal Period Ending May 31, 2021 (December 1, 2020 - May 31, 2021) and the Fiscal Period Ending November 30, 2021 (June 1, 2021 - November 30, 2021)

					(Percentage figures show the increase/decrease rate compared to the previous period)
		Operating								Distributions	Distributions
			Operating Income	Ordinary Income	Net Income	per Unit	in Excess of
		Revenues		(excluding excess	Earnings per
											of earnings)	Unit
	Fiscal period ending	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen	Yen
	24,216	1.1		10,652	0.1	9,683	0.3	9,683	0.3	3,130	－
	May 31, 2021
	Fiscal period ending	23,183	(4.3)		9,428	(11.5)	8,475	(12.5)	8,475	(12.5)	3,100	－
	November 30, 2021
	[Reference] Estimated net income per unit (full business year):
	Fiscal period ending May 31, 2021	¥3,105	Fiscal period ending November 30, 2021 ¥2,717

Note: The resource for cash distributions for the fiscal period ending May 31, 2021 is the result of adding a reversal of reserve for temporary difference adjustments (¥77 million) to the net income. And the resource for cash distributions for the fiscal period ending November 30, 2021 is the result of adding a reversal of reserve for temporary difference adjustments (¥77 million) and a reversal of reserve retained for distribution (¥1,115 million) to the net income. Therefore, it differs from "net income" of each fiscal period.

＊Other

1. Change in Accounting Policies, Change in Accounting Estimate, and Restatement
2. 1. Changes in accounting policies in accordance with a revision of the accounting rules: Not Applicable
   2. Changes in accounting policies other than 1, above: Not Applicable
   3. Changes in accounting estimate: Not Applicable
   4. Restatement: Not Applicable
3. Total Number of Investment Units Issued and Outstanding
4. 1. Total number of investment units issued at the end of the fiscal period (including treasury investment units) As of November 30, 2020: 3,118,337 units
      As of May 31, 2020: 3,118,337 units
   2. Treasury investment units at the end of the fiscal period

As of November 30, 2020: None

As of May 31, 2020: None

Note: For the number of investment units used as the basis for the calculation of net income per unit, please refer to "Notes to Per Unit Information" on page 25.

(3) Rounding of Fractions of Amounts and Ratios

Unless otherwise specifically indicated, amounts in this report have been rounded down to the units stated and the ratios have been rounded to the nearest one decimal place.

•	This report ("Brief Report on the Closing of Accounts" (Kessan-Tanshin)) is not subject to audits by a
	certified public accountant or an audit corporation.
•	Special Instruction
	Forward-looking statements contained in this material are our current expectations produced as of the
	date hereof, based on certain assumptions. Accordingly, the actual operating revenues, operating
	income, ordinary income, net income, distributions per unit and distributions in excess of earnings per
	unit may differ from forecasts because of future acquisitions and sales of properties, real estate market
	trends and changes in other situations concerning United Urban. In addition, forward-looking
	statements are not guarantees of payment of any cash distributions by United Urban. For details of the
	assumptions made, please refer to the "Assumptions for the Forecast of Financial Results for the Fiscal
	Period Ending May 31, 2021 (35th fiscal period: from December 1, 2020 to May 31, 2021) and the Fiscal
	Period Ending November 30, 2021 (36th fiscal period: from June 1, 2021 to November 30, 2021)" on
	page 9.
	2

DISCLAIMER

This is an English-language translation of original Japanese document "the Brief Report on the Closing of Accounts" (Kessan-Tanshin) for the fiscal period ended November 30, 2020. This translation is provided for information purpose only and is not intended to constitute a statutory document for an offer to sell, or seeking an offer to buy, any securities of United Urban. United Urban makes no assurance or warranty with respect to the completeness or accuracy of this English translation; the Japanese versions of the Kessan- Tanshin should always be referred to as the originals of this document.

3

Table of Contents

1. Management Status			…………………………………………………...	5
Management Status	………………………………………………………………………..	5
2. Financial Statement	……………………………………………………………………………….	12
(1) Balance Sheet ………………………………………………………………………………....	12
(2) Statement of Income and Retained Earnings	………………………………………………....	14
(3) Statements of Unitholders' Equity	…………………………………………………………….	15
(4) Statements of Cash Distribution	…………………………………………………………….	17
(5) Statements of Cash Flows …………………………………………...…………………….....	18
(6) Notes to Assumption of Going Concern	…………………………………………………….	19
(7) Notes to Important Accounting Policies	…………………………………………………….	19
(8) Notes to Financial Statements	………………………………………………………………	20
(9) Change in Total Number of Investment Units Issued and Outstanding ………………………	28
3. Reference Information	……………………………………………………………………………	29
(1) Information on the Price of Assets under Management, etc. …………………………………	29
(2) Capital Expenditures	………………………………………………………………………….	39

4