Message from the Executive Director

Executive Director:Hiroshi Naito

We would first like to take this opportunity to express our gratitude to investors for their support of MORI TRUST REIT, Inc. (MTR).

It is our pleasure to present the investment management summary and financial results for the 42nd fiscal period (ended February 28, 2023) of MTR.
MTR posted operating revenues of 7,258 million yen, ordinary income of 3,731 million yen and profit of 3,614 million yen. The dividend per unit came to 2,545 yen ※1. The number of properties owned by MTR at the end of the 42nd fiscal period was 17 (total acquisition price 323,972 million yen), and the overall occupancy rate of the portfolio was 97.6%(93.1% ※2)

MTR merged with MORI TRUST Hotel Reit, Inc. and started operation as MORI TRUST REIT, Inc. on March 1, 2023. Through this merger, MTR will aim to maximize unitholder value by managing its core assets, which are office properties that generate stable cash flow and hotels with growth potential, bearing in mind the Mori Trust Group's common principles of "stability," "growth," "continuity," "trust," "social responsibility," and "sharing rewards" shared among the Mori Trust Group companies.

※1 The 42nd fiscal period (ending February 28, 2023) is an irregular length of five months due to the merger with MORI TRUST Hotel Reit, Inc. (dated March 1, 2023).
※2 The occupancy rate in parenthesis is the figure after taking sublease agreements into account.