Yoshitaka Kimura
Executive Director
TOKYU REIT, Inc.

 On behalf of TOKYU REIT, I would like to express my sincere appreciation to all of you, our unitholders, for your continued support and patronage.
 I hereby report our operating environment and results for the fiscal period ended January 2024.
 During the fiscal period ended January 2024, we disposed of our 30% quasi-co-ownership in Tokyo Nissan Taito Building, posting a gain on the sale of ¥1,295 million and provision of reserve for reduction entry of replaced property of ¥804 million. We also completed leasing for the extended section of Tokyu Toranomon Building, at which extension work was completed in June 2022, and the occupancy rate rose by 1.5 percentage points from the end of the previous fiscal period to 100%. Furthermore, due to factors such as the end of the free-rent period at Tokyu Toranomon Building and rent increases accompanying move-ins at other properties, leasing NOI was ¥5,372 million (increase of ¥146 million period on period). Additionally, gain on sale of real estate, etc. rose by ¥12 million compared with the previous fiscal period, and operating income stood at ¥4,843 million (increase of ¥160 million period on period), net income at ¥4,410 million (increase of ¥150 million period on period), and net income per unit at ¥4,511 (increase of ¥153 period on period). The distribution per unit will be ¥3,750 (same amount as the previous fiscal period), with provision and partial reversal of reserve for reduction entry of replaced property.
 With regard to the next fiscal period onward, after estimating the gain on sale of real estate, etc. to be recorded due to the disposition of our 40% quasi-co-ownership in Tokyo Nissan Taito Building in February 2024, net income per unit is forecast to be ¥4,800 (increase of ¥289 period on period) in the fiscal period ending July 2024. After estimating the temporary decrease in leasing NOI accompanying tenant move-outs, net income per unit is forecast to be ¥2,883 (decrease of ¥1,917 period on period) in the fiscal period ending January 2025.
 Distribution per unit is planned to be ¥3,750 (same amount as the previous fiscal period) after provision and partial reversal of reserve for reduction entry of replaced property for the fiscal period ending July 2024 and ¥3,400 (decrease of ¥350 period on period) after partial reversal of reserve for reduction entry and reserve for reduction entry of replaced property for the fiscal period ending January 2025.
 Positioning ESG and the SDGs as important management issues, TOKYU REIT and Tokyu REIM have promoted identification of material issues (materiality) and ESG initiatives in various fields based on the Sustainability Policy. We also prepared a new sustainability report, which was disclosed on the TOKYU REIT website, in the current fiscal period.
 TOKYU REIT will continue to strive to maximize unitholder value through “investment in highly competitive properties in areas with strong growth potential.”
 TOKYU REIT greatly appreciates your continued support.

March 2024