The 48th





Table of Contents

  1. Executive Summary

  2. Financial Results

  3. Portfolio Status

  4. Appendix

    Ｐ 2 Ｐ11 Ｐ16 Ｐ31

    ORIX JREIT | 1



    Executive Summary

    • Key Message

    • DPU Growth

    • Portfolio Performance

    • Asset Transactions

    • Finance

    • Sensitivity Analysis

ORIX JREIT | 2

Key Message



Beyond 3% annual DPU growth: Steady accumulation of additional upside

Further DPU Growth

  • Achieved DPU growth exceeding the 3% annual growth target

    26/2： 2,414 yen (+417 yen） （Note１） 26/8： 2,450 yen （+423 yen） （Note1） 27/2： 2,450 yen （+393 yen） （Note1）

  • EPU maintained steady growth driven by rental increases while both existing and newly acquired

properties achieving rent increases above initial plans

Strong

Internal Growth

  • Achieved annualized period-on-period growth of 3.9% in NOI（Note2） from existing properties（Note3） and 3.2% in rental earnings, respectively

  • Continued to grow steadily in rental earnings, driven primarily by offices and hotels

Earnings-accretive acquisitions

& Ongoing asset

disposals

  • Promoted property transactions to enhance portfolio quality for medium to long-term growth Since 25/8: Disposition (3 properties) 35.1 bil yen, Acquisition (8 properties) 92.3 bil yen, Annual NOI +2.8 bil yen（Note4）

  • Pursuing NOI growth through continuous acquisitions of offices with growth potential

  • Leveraging unrealized gains to strategically dispose properties and deliver additional upside

Sponsor Support

  • Continuing asset transactions in collaboration with the ORIX Group to enhance unitholder value

Note 1: The figures in parentheses refer to the difference from the target "growing DPU by 3% or more annually" announced at the financial results for the fiscal period ended August 2024. Note 2: The NOI figures on this page are calculated excluding the impact of environmental investments related to LED retrofitting.

Note 3: "Existing properties" refer to the properties excluding those acquired or disposed of since the fiscal period ended August 2025 (listed on pages 7 and 8 and Tenjin North Front Building).

Note 4: The difference between appraisal NOI of acquired assets and NOI of disposed assets.

ORIX JREIT | 3

DPU Growth



Beyond 3% annual DPU growth: Steady accumulation of additional upside

Achieved 3% annual DPU growth with additional upside excluding gains on disposition

Additional upside

from gains on disposition

2,270

2,414

2,450 2,450

+ Utilization of internal reserves（826yen/unit）(Note)



+ Realization of unrealized gain（270.4 bil. yen）

+ Property acquisitions to improve portfolio quality Rent increase

(yen/unit)

2,183

2,216

2,249

2,283

Additional upside

2,119

2,151

（except gains on disposition）

2,027

2,057

2,088

1,995

1,938

1,967

1,997

1,910

3% annual DPU growth

1,910

24/8

25/2

25/8

26/2

26/8

27/2

27/8

28/2

28/8

29/2

29/8

30/2

30/8

Actual

Actual

Actual

Actual

Forecast

Forecast

Note: Amount after reversing internal reserve for 26/2 distribution.

ORIX JREIT | 4

Portfolio Performance （1/2）



Capturing diverse growth opportunities by adapting to market conditions

Key strengths: risk diversification, abundant acquisition opportunities, and portfolio flexibility

（as of end 26/2）

Offices

Hotels

Retail Facilities

Residential Properties

Logistics Facilities



ORIX Akasaka 2-chome Building



Hotel Universal Port VITA



CROSS GARDEN KAWASAKI



West Park Tower IKEBUKURO



Sakai Logistics Center North Building

Portfolio

composition(Note1)

100.0%

50.5%

19.0%

13.2%

12.7%

4.7%

Total acquisition price

794.6 bil. yen

401.4 bil. yen

150.6 bil. yen

104.5 bil. yen

100.9 bil. yen

37.1 bil. yen

Properties

121

55

11

25

25

5

Occupancy rate

99.1%

98.2%

100.0%

99.8%

97.9%

100.0%

Average building age

20.5

23.7

18.4

17.8

14.3

17.3

NOI yield

5.0%

4.5%

5.9%

5.2%

5.1%

5.7%

NOI(Note2)

19.7 bil. yen

8.9 bil. yen

4.4 bil. yen

2.6 bil. yen

2.5 bil. yen

1.0 bil. yen

NOI Per Unit

3,586 yen

1,628 yen

811 yen

488 yen

467 yen

190 yen

Note 1: The figures are based on acquisition price. Note 2: NOI is actual for 26/2 (6 months).

ORIX JREIT | 5

Portfolio Performance （2/2）



Steady growth in profitability led by offices and hotels across the portfolio

Achieved rent increases across all asset types

Rental earnings（Note1） NOI（Note1, 2） Portfolio performance

Offices

12,471mil yen

（+162mil yen）

9,769mil yen

（+104mil yen）

  • Drove NOI growth across Tokyo Greater Area, Osaka and other areas through rent increases in 25/8 and 26/2

  • Achieved above-plan rent increases at newly and recently acquired properties

Hotels

5,062mil yen

（+1,232mil yen）

4,505mil yen

（+1,299mil yen）

  • Strengthened hotel performance with Hotel Universal Port Vita and recently acquired hotels driving increases in both rent and NOI

  • Promotes further rent growth across both fixed and variable rents

Retail

Facilities

3,383mil yen

（+67mil yen）

2,707mil yen

（+34mil yen）

  • Increased rents and NOI across the Tokyo Greater Area and other areas

  • Aims to further increase rents in line with tenant initiatives to capture inbound demands

Residential

Properties

3,417mil yen

（+58mil yen）

2,598mil yen

（+50mil yen）

  • In addition to rent increases at tenant turnover, the rate of rent escalation at renewals has improved, resulting in growth in both rents and NOI

  • Continues to steadily achieve rent increases

Logistics Facilities

1,294mil yen

（+10mil yen）

1,050mil yen

（△96mil yen）

  • Increased rent at the tenant turnover at the Komaki Logistics Center

  • NOI temporally declined due to cleaning and repairs conducted at the time of the

tenant's move-out but will increase from 26/8 onward

26/2

Total

25,630mil yen

（+1,530mil yen）

20,631mil yen

（+1,392mil yen）

  • Achieved steady growth across portfolio led by offices and hotels

  • Continues to deliver additional upside by increasing rents at acquired properties

Note 1: The figures in parentheses indicate the change compared to the fiscal period ended August 2025.

Note 2: The NOI figures on this page are calculated excluding the impact of environmental investments related to LED retrofitting.

ORIX JREIT | 6

Asset Transactions（1/2）



Promoted asset transactions as a key driver of growth

Primarily acquired hotels and offices to enhance unitholder value

Acquired assets (total acquisition price：92.3 bil yen)

Since FP25/8

Residential

Residential

Baysidepark Osaka South Residences

Baysidepark Osaka North Residences

Acquisition date Acquisition price Appraisal value

（As of acquisition）

Appraisal NOI

yield

Appraisal yield

after depreciation

Building age

Acquisition date

Acquisition price Appraisal value

（As of acquisition）

Appraisal NOI yield

Appraisal yield after depreciation

Building age

Apr. 28, 2026

3.54 bil yen

3.97 bil yen 4.2％

3.0％

1.9 years

Apr. 28, 2026

2.86 bil yen

3.18 bil yen 4.2％

3.0％

2.2 years

KAMATA

PRIME

Office

PRIME SHINYOKOHAM A BUILDING

Hotel

Holiday Inn Express Osaka City Centre - Midosuji

Acquisition date



Acquisition price Appraisal value

（As of acquisition） Appraisal NOI yield

Appraisal yield after depreciation

Building age

Acquisition date

Acquisition price Appraisal value

（As of acquisition）

Appraisal NOI yield

Appraisal yield after depreciation

Building age

Acquisition date

Acquisition price Appraisal value

（As of acquisition）

Appraisal NOI yield

Appraisal yield after

depreciation Building age

Mar. 31, 2026

11.3 bil yen

12 bil yen 3.8％

3.5％

15.9 years

Nov. 20, 2025

9.25 bil yen

9.9 bil yen

4.2％

3.8％

30.7 years

Oct. 21, 2025

22.516 bil yen

26.4 bil yen

4.6％

4.2％

6.7 years

Office

MIMARU Osaka Shinsaibashi East

Hotel

Hotel

MIMARU SUITES

Kyoto Shijo

Hotel

Hotel Universal Port Vita

Acquisition date

Acquisition price Appraisal value

（As of acquisition） Appraisal NOI yield

Appraisal yield after

depreciation

Building age

Acquisition date

Acquisition price Appraisal value

（As of acquisition） Appraisal NOI yield

Appraisal yield after depreciation

Building age

Acquisition date

Acquisition price Appraisal value

（As of acquisition） Appraisal NOI yield

Appraisal yield after depreciation

Building age

Apr. 1, 2025

5.3 bil yen

6.59 bil yen 5.0％

4.0％

4.1 years

Apr. 1, 2025

2.55 bil yen

3.66 bil yen 7.6％

4.1％

4.5 years

Mar. 31, 2025

35 bil yen

37 bil yen 5.1％

3.6％

7.0 years

Note: Appraisal NOI yield and appraisal yield after depreciation of acquired assets are calculated by dividing appraisal NOI and appraisal income after depreciation by acquisition price. Appraisal NOI of acquired assets is net operating income based on direct capitalization method indicated in an appraisal report at the time of decision to acquire. Appraisal income after depreciation is calculated as appraisal NOI minus depreciation expense estimated by OAM.

ORIX JREIT | 7

Asset Transactions（2/2）



Promoted asset transactions as a key driver of growth

Enhanced profitability and improved portfolio age through asset replacement

Disposed assets (total disposition price：35.1 bil yen)

Since FP25/8

Effect of Asset Replacement since FP25/8



17.15 bil yen

Disposition price (Total)

Mar. 27, 2026

Sep. 1, 2026

Disposed assets

Acquired assets

NOI：1.51 bil yen Income after depreciation：

0.96 bil yen

Appraisal NOI：4.36 bil yen Appraisal income after

Depreciation：3.45 bil yen

1 Income Growth （Note1,2)

Disposition date (2 installments)

Building age

Yield after depreciation

6.9％

NOI yield

14.7 bil yen

Appraisal value (As of disposition)

Office

Hamamatsu Act Tower

  1. Profitability Improvement （Note3）

    Acquired assets

    Disposition date (3 installments)

    Mar. 31, 2025

    Sep. 1, 2025

    Mar. 2, 2026

    Appraisal NOI yield：4.7％ Appraisal yield after depreciation：3.7%

    NOI yield：4.3％

    Yield after depreciation：2.7%

    Disposed assets

13.36 bil yen

Appraisal value (As of disposition)

16.99 bil yen

Disposition price (Total)

31.6 years

3.9％

Office

  1. Building Age Improvement （Note4）

    NOI yield

    1.7％

    Acquired assets

Average building age：9.8 years

Average building age：37.0 years

Disposed assets

45.2 years

Building age

1.5％

Yield after depreciation

Aoyama Suncrest Building

1.01 bil yen

Disposition price

Mar. 31, 2025

Disposition date

Retail

Acquired assets

  • Offices and residential properties offering potential for future rent increases

  • Hotels in the greater Osaka area capturing inbound demand

  1. Property acquisition to enhance unitholder value

Appraisal value (As of disposition)

1.01 bil yen

NOI yield

3.4％

17.0 years

Building age

2.8％

Yield after depreciation

Kita Aoyama Building

Note1: Appraisal NOI of acquired assets is net operating income based on direct capitalization method indicated in an appraisal report at the time of decision to acquire. Appraisal income after depreciation is calculated as appraisal NOI minus depreciat ion expense estimated by OAM. Note2: NOI and income after depreciation of disposed assets is the sum of actual figures for two fiscal periods before the fi scal period to which the disposition date belongs. However, it is calculated as the sum of actual figures for 25/2 and 25/8 for "Hamamatsu Act Tower".

Note3: Appraisal NOI yield and appraisal yield after depreciation of acquired assets are calculated by dividing appraisal NOI and appraisal income after depreciation by acquisition price. NOI yield and yield after depreciation of disposed assets is calculated by dividing NOI and income after depreciation by disposition price.

Note4: Building age is calculated on a weighted average basis by acquisition price as of acquisition date for acquisition properties and disposition date for disposition properties.

ORIX JREIT | 8

Finance



Primarily funding with long-term fixed-rate loans while diversifying maturities

Flexible financing reflecting interest rate trends, including selective use of long-term floating-rate debt

（as of end 26/2）

Credit ratings

R&I：AA-JCR：AA

LTV based on total asset 46.8%

(Appraisal-based LTV: 34.3%)

Average funding Cost (Note)

1.07%

Fixed-rate debt ratio

90.8%

Average duration to maturity

4.1 years

Maturity and duration of interest-bearing liabilities

（billion yen）

30

20

10

0

26/8

（FP49）

27/2

（FP50）

27/8

（FP51）

28/2

（FP52）

28/8

（FP53）

29/2

（FP54）

29/8

（FP55）

30/2

（FP56）

30/8

（FP57）

31/2

（FP58）

31/8

（FP59）

32/2

（FP60）

32/8

（FP61）

33/2

（FP62）

33/8

（FP63）

34/2

（FP64）

34/8

（FP65）

35/2

（FP66）

35/8

（FP67）

36/2

（FP68）

Note: The figure represents the annualized percentage calculated by dividing the total amount of interest expense, investment corporation bond interest, loan-related fees excluding costs related to early repayment and commitment line contracts, and amortization of investment corporation bond issuance costs recorded on the state ments of income for the fiscal period ended 26/2 by the average balance of total interest-bearing liabilities during the fiscal period. The figure is rounded to the second decimal place.

ORIX JREIT | 9

Sensitivity Analysis



The impact of additional measures on DPU is as follows

+15 yen

+10 yen

+20 yen

+10 yen

+10 yen

+10 yen

-10 yen

+10 yen

External

Growth

Acquisition of property by utilizing FCF

5 bil yen

Acquisition of property by utilizing borrowing capacity

10 bil yen

Internal

Growth

Change in rent for existing offices

10％

Change in rent for existing retail facilities

25％

Change in rent for

existing residential properties

10%

Change in rent for existing hotels

1%

Finance

Change in funding cost

30bps

Capital

Management

Acquisition of own investment

units by utilizing FCF

5 bil yen

  • Funding source

  • Yield after dep.

  • Other assumptions

  • Funding source

  • Yield after dep.

  • Other assumptions

  • Area subject to calculation

  • Rent increase rate

  • Area subject to calculation

  • Rent increase rate

  • Area subject to calculation

  • Rent increase rate

    ： FCF of 5 bil yen

    ： 3.5% （Ref.: Yield after dep. of properties acquired since FP25/8:3.7% （see p.8))

    ： Earnings (after deducting AM fees) contribute for a full fiscal period

    ： Borrowings of 10 bil yen

    ： 3.5% （Ref.: Yield after dep. of properties acquired since FP25/8:3.7% (see p.8))

    ： Earnings (after deducting AM fees and additional funding costs) contribute for a full fiscal

    period

    ： 35,000㎡

    （Ref.：Tenant turnover or rent renewal with rent changes（26/2）：total 34,229.50㎡）

    ： 10% （Ref.： Rent increase rate in 26/2 9.2%（see p.20））

    ： 4,000㎡ （Ref.：Tenant turnover or rent renewal at urban-type retail facilities with rent changes（26/2）：total 3,912.48㎡）

    ： 25% （Ref.：Rent increase rate in 26/2: total 26.62%（see p.26））

    ： 22,000㎡

    （Ref.：Tenant turnover or rent renewal with rent changes（26/2）：total 22,817.21㎡）

    ： 10% （Ref.：Rent increase rate in 26/2: total 6.1%（see p.29））

  • Rent increase rate ：1% increase in the base for variable rent calculation (sales or GOP(Note))

    (Ref.: GOP growth rate at hotels with variable rent components from 25/8 to 26/2: 1.1%)

  • Interest bearing liabilities due for repayments

  • Change

  • Funding source

  • Other assumptions

： 44,972 mil yen （26/8 17,097 mil yen、27/2 27,875 mil yen）

： Increase further 30 bps cost from current assumptions

： FCF of 5 bil yen

： Repurchase and cancellation of own investment units while maintaining LTV

Note: "GOP" stands for Gross Operating Profit, indicating the amount deducting expenses relating to the hotel operation from the amount of sales of the hotel.

ORIX JREIT | 10



Financial Results

  • Factors for Change in DPU

  • P/L for the Fiscal Period Ended February 2026

  • Balance Sheet for the Fiscal Period Ended February 2026

  • Forecasts

ORIX JREIT | 11

Factors for Change in DPU



Key Factors for Change in DPU

Increase in rental revenues from existing

（Note 1) and acquired properties（Note 2)

+ 294 yen

Increase in repair costs for existing and acquired properties

Decrease in profit from disposed properties（Note 3）

Increase in financing related costｓ

△ 80 yen

△ 8 yen

△ 38 yen

Increase in capital gains

Change in internal reserve（Note 4）

+ 228 yen

△ 201 yen

Others（Costs related to operation, etc.)

△ 51 yen

2,270

144

Increase in rental revenues fro

and acquired properties

m existing + 46 yen

Decrease in repair costs for e acquired properties

Decrease in profit from dispo properties

Increase in financing related

xisting and + 41 yen

sed △ 16 yen

costｓ △ 65 yen

Increase in capital gains

Change in internal reserve

+ 125 yen

0 yen

Others（Costs related to operation, etc.) △ 95 yen

2,450

36

Rental income growth offsets funding costs while strategic asset replacement drives DPU growth

Increase in rental revenues from existing and acquired properties

+ 129 yen

Decrease in repair costs for existing and acquired properties

Decrease in profit from disposed properties

Increase in financing related costｓ

+ 33 yen

△ 30 yen

△ 16 yen

Decrease in capital gains

Change in internal reserve

△ 470 yen

+ 341 yen

Others（Costs related to operation, etc.)

+ 13 yen

2,414

0

2,450

（yen/unit)

25/8

(Actual)

26/2

(Actual)

26/8

(Forecast)

27/2

(Forecast)

Note 1: "Existing properties" refer to the properties excluding those acquired or disposed of since the fiscal period ended August 2025 (listed on pages 7 and 8 and Tenjin North Front Building).

Note 2: "Acquired properties" refer to the properties acquired since the fiscal period ended August 2025 (listed on page 7) and the Tenjin North Front Building.

Note 3: " Disposed properties" refer to the properties disposed of since the fiscal period ended August 2025 (listed on page 8).

Note 4: Positive figures (+) indicates decreases in the total amount of internal reserves, while negative figures(△) indicate increases in the total amount of internal reserves.

ORIX JREIT | 12

P/L for 26/2



26/2

（FP48）

Change

Forecast (C)

(B)-(C)

Financial Results for 26/2

25/8

（FP47）

26/2

（FP48）

Change

（million yen）

Actual (A)

Actual (B)

(B)-(A)

Major variation factors

Total operating revenues

28,423

31,181

2,757

31,063

118

  • Actual (26/2) - Actual (25/8)

Rental revenues

24,100

25,630

1,530

(1)

25,519

111

(4)

(1)

Increase in rental revenues

1,530

Other operating revenues

2,829

2,795

-34

2,788

6

Existing Properties

354

Gains on disposition of real estate properties

1,482

2,744

1,262

2,745

-0

Offices

127

Dividend income

11

10

-1

10

0

Hotels

87

Total operating expenses

14,276

14,931

654

15,186

-255

Retail Facilities

70

Property-related expenses

12,384

12,947

562

13,164

-217

Residential Properties

59

Property management fees

2,143

2,246

103

2,157

88

Logistics Facilities

11

Utility charges

2,226

2,082

-143

2,179

-96

Acquired / Disposed Properties

1,176

Property-related taxes

2,027

2,004

-22

2,004

0

(2)

Increase in repair costs

440

Repair costs

1,408

1,848

440

(2)

2,017

-168

(5) Increase environmental investment costs utilizing gains on

Depreciation expenses

4,175

4,318

142

4,311

7

disposition of real estate properties

315

Others 402 445 42 494 -48

Losses from property dispositions - - - - -Expenses other than property-related expenses 1,892 1,984 91 2,022 -38

Asset management fees 1,559 1,629 69 1,629 -0

Administrative service fees 92 107 14 111 -4

Other expenses 239 247 8 281 -33

Operating income

14,147

16,250

2,103

Non-operating income

22

33

10

Non-operating expenses

1,653

1,865

212

15,876 373

25 7

1,900 -35

Financing-related costs 1,651 1,864 212 (3) 1,898 -34

Other expenses 1 1 -0 2 -0

Ordinary income

12,516

14,417

1,900

Extraordinary income or losses

-

-

-

Income before income taxes

12,516

14,417

1,900

14,001 416

- -

14,001 416

Net income

12,496

14,404

1,908

13,978

426

Provision for income taxes 20 12 -7 23 -10

Provision of internal reserves (+) / Reversal of internal reserves (-)

Distributable profits

-33

12,530

1,080

13,325

1,113

794

841

13,137

239

187

Provision of internal reserves (+) / Reversal of internal reserves (-) -33 1,080 1,113 841 239 (6) Distributable profits 12,530 13,325 794 13,137 187

Number of investment units outstanding (unit) 5,520,000 5,520,000 - 5,520,000 -

  1. Increase in financing-related costs 212

    Increase in financing-related costs

    212

    Increase in financing-related costs due to property acqisition 156

    Increase in financing-related costs due to interest rate hike, etc. 55

    • Actual (26/2) - Forecast (26/2) Increase in rental revenues

    Existing Properties

    111

    124

    • Actual (26/2) - Forecast (26/2)

  2. Increase in rental revenues 111

    Existing Properties 124

    Offices 32

    Hotels 36

    Retail Facilities -1

    Residential Properties 57

    Acquired / Disposed Properties

    Decrease in repair costs

    -13

    -168

    Logistics Facilities -

    Acquired / Disposed Properties -13

  3. Decrease in repair costs -168

    Increase/Decrease in internal reserves

    239

    Increase in utilities income due to change in billing rate -168

  4. Increase/Decrease in internal reserves 239

    1,076

    19,797

    18,721

    NOI(Note2)

    144

    2,414

    2,270

    DPU (yen)(Note1)

    343

    19,454

    34

    2,380

    15,544

    434

    CAPEX

    1,530

    2,103

    572

    2,204

    -101

    13,339

    535

    Note 1: DPU for 25/8 is presented on a post-split basis for reference, reflecting the investment unit split effective as of August 31, 2025 (1 unit split into 2 units). Note 2: NOI includes neither gains on disposition of real estate properties nor losses from property dispositions.

    ORIX JREIT | 13

    B/S for 26/2



Balance Sheet as of end 26/2

25/8

FP47

26/2

FP48

Change

Actual (A)

Forecast (B)

(B)-(A)

Assets

  • Acquisition and Disposal prices of properties during the 26/2

    (millions yen)

    Acquisition Price (Acquired Property) 32,782

Current assets 23,819 21,819 -1,999

Cash and cash equivalents

21,384

20,376

-1,008

Other current assets

2,435

1,443

-991

Fixed assets

694,515

721,452

26,937

Tangible fixed assets

685,359

712,265

26,905

Intangible fixed assets

5,309

5,308

-1

Investments and other assets

3,845

3,878

33

Tenjin North Front Building (16%) 1,016

PRIME SHINYOKOHAMA 9,250

Holiday Inn Express Osaka City Centre - Midosuji 22,516

Disposal Price (Disposed Property) 6,796

Aoyama Suncrest Building (40%) 6,796

Deferred assets

88

82

-6

Total assets

718,423

743,354

24,931

  • Retained Earnings after Distribution (26/2)

Retained Earnings after Distribution (26/2)

4,563

Liabilities and Net Assets

Reserve for tax purpose reduction entry as of end 26/2

3,483

25/8

FP47

26/2

FP48

Change

Increase in internal reserves

1,080

Actual (A)

Forecast (B)

(B)-(A)

Current liabilities

47,386

55,308

7,921

Short-term borrowings

4,000

9,500

5,500

Current portion of long-term borrowings

34,447

35,472

1,025

Current portion of investment corporation bonds

-

-

-

Other

8,939

10,336

1,396

Fixed liabilities

319,265

334,399

15,134

Investment corporation bonds

21,000

21,000

-

Long-term borrowings

267,750

281,725

13,975

Security deposits received

30,330

31,488

1,158

Other

185

186

1

Total liabilities

366,652

389,708

23,056

Net assets

351,771

353,645

1,874

Unitholders' capital

335,757

335,757

-

Retained earnings

16,013

17,888

1,874

Reserve for tax purpose reduction entry

3,516

3,483

-33

Undistributed earnings

12,497

14,405

1,907

  • LTV based on total asset(as of end 26/2)

    LTV based on total asset 46.8%

Total assets 743,354

Interest-Bearing Liabilities 347,697

Total net assets

351,771

353,645

1,874

Total liabilities and net assets

718,423

743,354

24,931

ORIX JREIT | 14

Forecasts



27/2

（FP50）

Change

Forecast (C)

(C)-(B)

Forecasts for 26/8 & 27/2

26/2

（FP48）

26/8

（FP49）

Change

（million yen）

Actual (A)

Forecast (B)

(B)-(A)

Major variation factors

Total operating revenues

31,181

31,621

440

28,508

-3,113

  • Forecast (26/8) - Actual (26/2)

Rental revenues

25,630

25,392

-238

(1)

25,265

-126

(4)

(1)

Increase in rental revenues

-238

Other operating revenues

2,795

2,793

-1

2,405

-388

Existing Properties

-111

Gains on disposition of real estate properties

2,744

3,435

690

838

-2,597

Offices

61

Dividend income

10

-

-10

-

-

Hotels

-231

Total operating expenses

14,931

14,788

-142

13,475

-1,313

Retail Facilities

57

Property-related expenses

12,947

12,415

-531

11,128

-1,287

Residential Properties

8

Property management fees

2,246

2,108

-138

1,845

-263

Logistics Facilities

-7

Utility charges

2,082

2,026

-56

1,616

-409

(5)

Acquired / Disposed Properties

-126

Property-related taxes

2,004

2,092

88

1,962

-130

(2)

Decrease in repair costs

-290

Repair costs

1,848

1,558

-290

(2)

1,269

-288

(6)

Dncrease environmental investment costs utilizing gains on

Depreciation expenses

4,318

4,207

-111

3,995

-211

disposition of real estate properties

-255

Others

445

423

-22

438

15

(3)

Increase in financing-related costs

359

Losses from property dispositions

-

-

-

-

-

Increase in financing-related costs due to property acqisition

117

Expenses other than property-related expenses

1,984

2,373

388

2,346

-26

Increase in financing-related costs due to interest rate hike, etc.

242

Asset management fees

1,629

1,991

362

2,016

24

Administrative service fees

107

98

-8

99

0

  • Forecast (27/2) - Forecast (26/8)

Other expenses

247

282

34

231

-51

(4)

Increase in rental revenues

-126

Existing Properties

529

Offices

135

Hotels

200

Financing-related costs

1,864

2,223

359

(3)

2,313

90

Retail Facilities

107

Other expenses

1

2

0

2

-0

Residential Properties

66

Ordinary income

14,417

14,629

212

Logistics Facilities

22

Extraordinary income or losses

-

-

-

Acquired / Disposed Properties

-656

Income before income taxes

14,417

14,629

212

(5)

Decrease in utility charges

-409

Note: NOI includes neither gains on disposition of real estate properties nor losses from property dispositions.

(6)

Provision for income taxes

12

23

10

23

-

Net income

14,404

14,606

201

12,718

-1,888

Provision of internal reserves (+) / Reversal of internal reserves (-)

1,080

1,080

-

-805

-1,885

(7)

Distributable profits

13,325

13,526

201

13,527

0

Number of investment units outstanding (unit)

5,520,000

5,520,000

-

5,520,000

-

DPU (yen)

2,414

2,450

36

2,450

-

20,537

560

15,875

497

CAPEX

2,103

3,103

999

2,555

-548

13,320

1,045

Decrease in utility charges of Acquired / Disposed Properties -269

Decrease in repair costs -288

Operating income

16,250

16,832

582

Non-operating income

33

22

-10

Non-operating expenses

1,865

2,225

359

15,033 -1,799

24 1

2,316 90

12,741 -1,888

- -

12,741 -1,888

Dncrease environmental investment costs utilizing gains on

disposition of real estate properties -377

Increase/Decrease in internal reserves -1,885

ORIX JREIT | 15



Portfolio Status

  • Asset Type and Location Breakdown

  • Offices

  • Hotels

  • Retail Facilities

  • Residential Properties

  • Logistics Facilities

ORIX JREIT | 16

Asset Type / Location



Diversified portfolio in terms of asset type and location

Flexibly operated following market trend while mainly investing in offices and in the Greater Tokyo Area

Asset type Location (as of end 26/2)

Residential Properties 12.7%

Retail Facilities 13.2%

Hotels 19.0%

Logistics

Facilities 4.7%

Target Office ratio approx.

50%±10%

Offices 50.5%

Other Areas

39.0% Target

Greater Tokyo Area approx.

70%±10%

Other Parts of the Greater Tokyo Area 19.4%

Greater Tokyo Area 61.0%



6 Central Tokyo Wards 32.9%

Remaining Tokyo Wards 8.7%

Note 1: The figures are based on acquisition price.

Note 2: "6 Central Tokyo Wards" refers to Chiyoda, Chuo, Minato, Shinjuku, Shibuya and Shinagawa wards, "Remaining Tokyo Wards" refers to the remaining Tokyo wards other than the "6 Central Tokyo Wards", "Other Parts of the Greater Tokyo Area" refers to parts of Tokyo other than the "6 Central Tokyo Wards" and "Remaining Tokyo Wards", Kanagawa, Saitama and Chiba Prefectures and "Other Areas" refers to areas other than the "6 Central Tokyo Wards", "Remaining Tokyo Wards" and "Other Parts of the Greater Tokyo Area".

ORIX JREIT | 17



Office (1/3)

Steady internal growth with continued rent increases

Rent increases achieved in the Greater Tokyo Area and other area with further growth potential

Internal growth of office rent

Achieved a 2.2% annual rent increase compared to the previous FP, solely from existing properties（Note） in 26/2.

Rent gap

25/2

25/8

26/2

Greater Tokyo Area

+5.9％

+8.2%

+11.4%

Other area

+5.0%

+8.1%

+10.6%

Total

+5.4%

+8.2%

+11.0%

Widening gap with non-renewed leases supports further rent increases

2.2% annual growth

（million yen）

Calculation scope: Properties with at least one tenant turnover over the most recent one-year period (the calculation period and the prior period)

(Excludes non-office spaces including retail spaces from the scope of calculation)

Calculation formula: Average unit rent per tsubo of replacement tenants over the past year ÷ Average in-building unit rent per tsubo as of the end of the target fiscal period -1.

Examples of rent increase

10,970

10,849

10,654

10,666



Rent increase rate

（2 tenant turnovers, 2 rent renewals）



+32．5%

Rent increase rate

（1 tenant turnover, 1 rent renewal)

+16.1%

Rent increase rate

（2 tenant turnovers）

+15．9%



24/8 25/2 25/8 26/2 26/8

(Forecast)

27/2

(Forecast)

ORE Nishiki 2-chome Bldg.（Nagoya-shi, Aichi)

ORIX Ikebukuro Building

（Toshima-ku, Tokyo）

ORE Omiya Building

（Saitama-shi, Saitama）

Note: "Existing properties" refer to the properties excluding those acquired or disposed of since the fiscal period ended August 2025 (listed on pages 7 and 8 and Tenjin North Front Building).

ORIX JREIT | 18



Office (2/3)

Occupancy rate remains at a high level above 98%

Achieved rent increases in both tenant turnovers and renewals while reducing downtime

Leased space and Occupancy rate (Note)

（thousand ㎡）

Move-in / Move-out floor space

（thousand ㎡）

Leasable space Leased space Occupancy rate Actual occupancy rate

Upward Same rent Downward Move-out

7

7

8

7

9

10

2

1

2

1

2

0

2

2

0

2

2

1

1

0

-9

-9

-11

-9

-6

-6

-6

4

4

5

6

5

6

10 10

97.2%

98.5%

98.1%

98.2%

96.4%

97.1%

97.3%

96.7%

98.4% 98.3% 98.3%

97.8% 97.6% 97.8%

409 398

401 394

408 400

409 402

409 402

415

408

386 379

23/8 24/2 24/8 25/2 25/8 26/2 26/8

(Forecast)

Rent renewal floor space

（thousand ㎡）

74

8 65

7

Upward Same rent Downward

95

58

35

89

66

56

1 9

13

12

69

81

28

85

105

23/8 24/2 24/8 25/2 25/8 26/2 26/8

(Forecast)

62

4

2

2 0 1

Note: Actual occupancy rate is calculated by dividing leased space excluding free rent space by leasable space.

23/8 24/2 24/8 25/2 25/8 26/2 26/8

69

35

57

(Forecast)

ORIX JREIT | 19



Office (3/3)

Progress in rent increase

Rent growth achieved steadily in both tenant turnovers and renewals

Rent fluctuation upon tenant turnover & rent renewal Rent fluctuation upon tenant turnover

23/8

24/2

24/8

25/2

25/8

26/2

26/8

(forecast)

Fluctuation amount

-31

11

7

9

17

24

52

Fluctuation rate

-14.2%

4.7%

3.2%

2.9%

7.4%

11.2%

15.2%

Increase amount

12

17

14

25

23

34

53

Increase rate

12.2%

9.0%

9.1%

12.4%

16.6%

20.3%

15.7%

（million yen）

（million yen）

Increase amount on turnover

Increase amount on renewal

(9.7%)

Decrease amount on renewal

98

(8.2%)

100

(9.2%)

Decrease amount on turnover

Fluctuation amount (rate)

40

(5.3%)

-31

(-4.8%)

27

(4.8%)

11

(1.3%)



127

Rent fluctuation upon rent renewal

（million yen）

23/8

24/2

24/8

25/2

25/8

26/2

26/8

(forecast)

Fluctuation amount

1

15

4

31

82

76

75

Fluctuation rate

0.2%

4.9%

0.6%

7.1%

8.3%

8.7%

7.7%

Increase amount

18

19

32

33

87

76

76

Increase rate

8.1%

8.2%

10.6%

7.8%

9.3%

8.7%

8.0%

23/8 24/2 24/8 25/2 25/8 26/2 26/8

(Forecast)

Note: Fluctuation amount indicates the difference between the monthly contract rent before and after tenant turnover and rent renewal over the 6 months. It does not reflect vacant periods or rent-free contracts, and thus is not an amount of contribution to performance in each fiscal period.

Fluctuation rate is calculated by dividing the difference between the monthly contract rent before and after tenant turnover and rent renewal of tenants with turnover and renewal (excluding tenants with same rent before and after turnover and renewal) by the monthly contract rent before turnover and renewal.

ORIX JREIT | 20



Hotel (1/3)

11 hotels including 3 official theme park hotels

Portfolio combining variable rent for profit growth and fixed rent for stable income

Official theme park hotels

Apartment hotels

Business hotels

Property name

Hotel Universal Port Vita

Hotel Universal Port

Tokyo Bay Maihama Hotel First Resort

MIMARU Osaka Shinsaibashi East

MIMARU SUITES

Kyoto Shijo

Holiday Inn Express Osaka City Centre -Midosuji

Cross Gate

VIA INN SHINSAIBASHI BLDG.

HOTEL KEIHAN SAPPORO

Richmond Hotel Yamagata Ekimae

HOTEL LiVEMAX NAGOYA SAKAE-EAST

Location

Osaka

Osaka

Chiba

Osaka

Kyoto

Osaka

Yokohama

Osaka

Sapporo

Yamagata

Nagoya

Acquisition price (million yen)

35,000

34,000

26,800

5,300

2,550

22,516

15,040

3,100

2,550

2,300

1,500

Acquisition date

March 2025

April 2018

January 2017

April 2025

April 2025

October 2025

January 2002

September 2015

September 2015

September 2015

December 2017

Completion

March 2018

May 2005

Existing wing: June 1986 Extension wing: October 2003

March 2021

October 2020

January 2019

September 2000

March 2011

April 2009

December 2007

September 2017

Operator

ORIX Group

ORIX Group

Operator in which ORIX Group has approx. a 30% stake

Cosmos Hotel Management

Cosmos Hotel Management

InterContinental Hotels Group

FUJITA KANKO

West Japan Railway Company Group

Keihan Holdings Group

ROYAL HOLDINGS

Group

LiVE MAX

Rent condition

Fixed & Variable

Fixed & Variable

Fixed & Variable

Fixed & Variable

Fixed & Variable

Fixed & Variable

Fixed: 100% (Hotel area)

Fixed: 100%

Fixed: 100%

Fixed: 100%

Fixed: 100%

Number of guest rooms

428

600

696

40

37

304

553

197

200

220

113

Exterior























ORIX JREIT | 21



Hotel (2/3)

HUP achieved record-high rent while VITA began full-period contribution

Driven by temporary Osaka-Kansai Expo-related demand in 26/2 with further growth going forward



HUP/VITA Total rent (fixed + variable) （million yen）

Period ending in Aug. (HUP) Period ending in Feb. (HUP) Period ending in Aug. (VITA) Period ending in Feb. (VITA)

4,800

1,712

1,202

1,355

1,348

1,123

1,452

1,452

241

977

1,167

1,167

4,217

大阪IR株式会社提供/転載禁止



2,471

2,101

22/8 & 23/2 23/8 & 24/2 24/8 & 25/2 25/8 & 26/2 26/8 & 27/2

(Forecast)

Variable rent

calculation period

Oct. 2023 Oct. 2024 Oct. 2025

Former contract - - -Sep. 2024 Sep. 2025 Sep. 2026

Variable rent calculation

Calculated using the following calculation method for April to September and October to March, and received twice a year in December and June

(6 months GOP up to 1,050 million yen for HUP / 1,000 million yen for VITA) x 80% + （6 months GOP exceeding 1,050 million for HUP / 1,000 million yen for VITA） x 52% - Fixed rent

Note: "HUP" stands for Hotel Universal Port. "VITA" stands for Hotel Universal Port Vita.

Integrated Resort

(MICE-IR)

(Around Autumn 2030)

ORIX JREIT | 22



Hotel (3/3)

Maihama rent remains at a high level

Improving occupancy and ADR through collaboration with operators at MIMARU and Holiday Inn

Tokyo Bay Maihama Hotel First Resort Total rent

(fixed + variable) （million yen）

Other Hotels with Variable Rent Components Total rent

(fixed + variable)

（million yen）

Period ending in Aug. Period ending in Feb.

MIMARU Osaka Shinsaibashi MIMARU Kyoto Shijo Holiday Inn Midosuji

1,006

1,080

1,036

1,076

1,043

1,049

1,067

1,067

221

228

133

137

112

111

115

116

106

111

2,055 2,079

2,144 2,147

271

23/8 & 24/2

24/8 & 25/2

25/8 & 26/2

26/8 & 27/2

25/8

26/2

26/8

27/2

(Forecast)

(Forecast)

(Forecast)

Variable rent calculation period

Dec. 2022 Dec. 2023 Dec. 2024 Dec. 2025

- - - -Nov. 2023 Nov. 2024 Nov. 2025 Nov. 2026

Variable rent calculation

Calculated using the following calculation method and received 4 times a year

(3 months Sales above 300 up to 1,450 million yen) x 18.48% + （3 months Sales exceeding 1,450 million yen） x 8.5%

Variable rent calculation period

Every month

Variable rent Calculation

Calculated using the following calculation method and received every month MiMARU: (monthly GOP - monthly fixed rent) x flat rate

Holiday Inn: GOP - fixed amount (partially linked to GDP) - fixed rent

Note: "MIMARU" refers to "MIMARU Osaka Shinsaibashi EAST" and "MIMARU SUITES Kyoto Shijo." "Holiday Inn" refers to "Holiday Inn Express Osaka City Centre - Midosuji."

ORIX JREIT | 23



Retail (1/3)

Rent increases progressed mainly in Tokyo

Rent increase trends are expanding into other areas supported by a robust market

Internal growth of retail rent

Achieved 2.9% annual rent increase compared to the previous FP,

Contract period

Create growth opportunities by shortening contract period (Note2)

from "existing properties" （Note1） in 26/2

（million yen）

6.8

6.7

6.3

6.4

7.2

（year）

2.9% annual growth

3,864

3,808

3,759

3,711

24/2 24/8 25/2 25/8 26/2

Examples of rent increase

Rent increase rate

（2 tenant turnoverｓ, 1 rent renewal）

+60．7%

Rent increase rate

（2 rent renewals）

+29．1%

Rent increase rate

（1 move-in）

+14．3%



24/8 25/2 25/8 26/2 26/8

(Forecast)

27/2

(Forecast)

aune Ikebukuro

（Toshima-ku, Tokyo）

aune Makuhari

（Chiba-shi, Chiba）

Sendai Minamimachidori Building

（Sendai-shi, Miyagi）

Note 1: "Existing properties" refer to the properties excluding those acquired or disposed of since the fiscal period ended August 2025 (listed on pages 7 and 8 and Tenjin North Front Building). Note 2: Contract period is calculated on a weighted average basis by contract rent for urban-type retail.

ORIX JREIT | 24



Retail (2/3)

High occupancy maintained due to steady market demand

Achieved occupancy retention and rent increases through strategic tenant turnover

Leased space and Occupancy rate

(thousand ㎡)

Breakdown of rents

(as of end 26/2)

Urban-type retail / Suburban-type retail Fixed rent / Variable rent

Suburban-type retail 45.3%

Urban-type retail 54.7%

Variable rent 0.06%

Fixed rent 99.94%

Leased space Leasable space Occupancy rate (Overall) Occupancy rate (Urban-type)

99.0% 99.4% 99.4% 99.6% 99.6% 99.8%

96.3% 96.0% 97.3% 97.5% 99.1%

99.9%

99.4%

92.6%

300 297

300 298

300 298

300 299

300 299

300 299

300 299

Contract remaining period

Urban-type retail Suburban-type retail

less than

1 year

8.4%

more than

5 years

39.8%

1 to less than

3 years

33.1%

3 to less than 5 years

18.7%

more than 5 years

19.9%

less than 1 year

16.5%

3 to less than

5 years

23.8%

1 to less than 3 years

39.8%

23/8 24/2 24/8 25/2 25/8 26/2 26/8

(Forecast)

Note: "Urban-type retail" refers to retail facilities located adjacent to the terminal stations in the Greater Tokyo Area (Tokyo, Kanagawa, Saitama and Chiba pref.) and other major cities.

"Suburban-type retail" refers to retail facilities other than urban-type retail facilities.

ORIX JREIT | 25



Retail (3/3)

Progress in rent increase

Rent growth mainly at urban-type retail facilities upon rent revisions and tenant turnover

Rent fluctuation upon tenant turnover & rent renewal Rent fluctuation upon tenant turnover

23/8

24/2

24/8

25/2

25/8

26/2

26/8

（forecast）

Fluctuation amount

-6

-5

10

-6

9

23

-1

Fluctuation rate

-11.4%

-4.6%

89.6%

-10.5%

28.0%

40.2%

-6.4%

Increase amount

2

3

10

4

10

23

2

Increase rate

23.3%

7.5%

122.0%

32.1%

39.4%

40.2%

25.1%

（million yen）



Increase amount on turnover

（million yen）

Increase amount on renewal Decrease amount on renewal Decrease amount on turnover Fluctuation amount (rate)

27

(12.2%)

3

43

(15.9%)

74

(26.6%)

Rent revisions in 26/8 were limited to small rent gap areas.

Substantial uplifts are expected in 27/2 as major rent increases have already been agreed.

6

(5.9%)

-27

(-17.5%)

-8

(-4.7%)

(1.7%)

Rent fluctuation upon rent renewal

（million yen）

23/8

24/2

24/8

25/2

25/8

26/2

26/8

（forecast）

Fluctuation amount

-21

-3

17

9

34

51

7

Fluctuation rate

-２０.6%

-4.8%

8.2%

7.5%

14.3%

23.1%

7.6%

Increase amount

1

2

17

9

34

51

7

Increase rate

4.0%

15.5%

8.2%

7.5%

14.3%

24.1%

7.6%

23/8 24/2 24/8 25/2 25/8 26/2 26/8

(Forecast)

Note: Fluctuation amount indicates the difference between the monthly contract rent before and after tenant turnover and rent renewal over the 6 months. It does not reflect vacant periods or rent-free contracts, and thus is not an amount of contribution to performance in each fiscal period.

Fluctuation rate is calculated by dividing the difference between the monthly contract rent before and after tenant turnover and rent renewal of tenants with turnover and renewal (excluding tenants with same rent before and after turnover and renewal) by the monthly contract rent before turnover and renewal.

ORIX JREIT | 26



Residential (1/3)

Steady increase in rents

Achieved rent growth in the Greater Tokyo Area and other areas amid a strong residential market

Internal growth of residential rent

Achieved 2.8% annual rent increase compared to the previous FP,

solely from "existing properties" （Note） in 26/2.

Rent gap

25/2

25/8

26/2

Greater Tokyo Area

+4.9％

+5.6%

+7.3%

Other area

+6.7%

+9.3%

+11.2%

Total

+5.5%

+6.7%

+8.0%

Widening gap with non-renewed leases supports further rent increases

2.8% annual growth

（million yen）

Calculation scope: Properties with at least one tenant turnover over the most recent one-year period (the

calculation period and the prior period)

Calculation formula: Average unit rent per tsubo of replacement tenants over the past year ÷ Average in-building unit rent per tsubo as of the end of the target fiscal period -1.

3,638

3,588

3,480

3,269

Rent increase by value-up renovation

Rent increase rate

（10 tenant turnoverｓ, 7 rent renewals）

+15．4%

Rent increase rate

（8 tenant turnoverｓ, 5 rent renewals）

+10．2%

Rent increase rate

（6 tenant turnoverｓ, 12 rent renewals）

+8．8%



24/8 25/2 25/8 26/2 26/8

(Forecast)

27/2

(Forecast)

Cross Residence Kiyosumi-Shirakawa

（Koto-ku, Tokyo）

Cross Residence Shirokane-Takanawa

（Minato-ku, Tokyo）

DS Tower Taihakudori

（Fukuoka-shi, Fukuoka）

Note : "Existing properties" refer to the properties excluding those acquired or disposed of since the fiscal period ended Au gust 2025 (listed on pages 7 and 8 and Tenjin North Front Building).

ORIX JREIT | 27



Residential (2/3)

High occupancy rate sustained

Maintained high occupancy while steadily achieving rent increase

Leased space and Occupancy rate

(thousand ㎡)

Breakdown of units

By unit type By area

(As of end 26/2)

Family 16.6%

Compact 26.1%

Single 57.3%

Other Areas

19.8%

Other Greater

Tokyo 8.2%

6 Central

Tokyo Wards 39.7%

Remaining

Tokyo Wards 32.3%

Leasable space Leased space Occupancy rate

96.2% 96.3% 94.9% 97.0% 96.9% 97.9% 97.2%

136

129

136 132

136 132 136 133

121

116

120

115

142 138

Breakdown of rents

By unit type By area

Family 28.4%

Single

40.5%

Compact

31.1%

Other Areas

12.6%

Other Greater

Tokyo 10.0%

6 Central Tokyo

Wards 42.3%

Remaining Tokyo Wards

35.1%

23/8 24/2 24/8 25/2 25/8 26/2 26/8

(Forecast)

Note: "Single" unit is under 40㎡, "Compact" unit is 40㎡or more and 60㎡or less, and "Family" unit is 60㎡or more.

ORIX JREIT | 28



Residential (3/3)

Progress in rent increase

Upward trend with rent increases in 90% of turnovers and over 50% of renewals

Rent fluctuation upon tenant turnover & rent renewal Rent fluctuation upon tenant turnover

23/8

24/2

24/8

25/2

25/8

26/2

Fluctuation amount

7.6

8.3

12.4

16.4

25.6

26.7

Fluctuation rate

3.1%

3.7%

4.4%

5.9%

7.9%

8.6%

Increase amount

10.6

10.8

14.2

17.3

25.8

27.1

Increase rate

6.0%

6.2%

6.1%

6.8%

8.1%

9.0%

（million yen）

（million yen）

Increase amount on renewal

Decrease amount on renewal Decrease amount on turnover Fluctuation amount (rate)

(5.9%)

(6.1%)

22.1

(4.5%)

14.0

(3.5%)

17.9

(3.5%)

12.4

(3.0%)



Increase amount on turnover

36.6

36.1

Rent fluctuation upon rent renewal

（million yen）

23/8

24/2

24/8

25/2

25/8

26/2

Fluctuation amount

4.7

5.7

5.4

5.7

11.0

9.4

Fluctuation rate

2.9%

3.2%

2.4%

2.8%

3.7%

3.4%

Increase amount

4.8

5.8

5.4

5.7

11.0

9.4

Increase rate

2.9%

3.3%

2.4%

2.8%

3.7%

3.4%

23/8 24/2 24/8 25/2 25/8 26/2

Note: Fluctuation amount indicates the difference between the monthly contract rent before and after tenant turnover and rent renewal over the 6 months. It does not reflect vacant periods or rent-free contracts, and thus is not an amount of contribution to performance in each fiscal period.

Fluctuation rate is calculated by dividing the difference between the monthly contract rent before and after tenant turnover and rent renewal of tenants with turnover and renewal (excluding tenants with same rent before and after turnover and renewal) by the monthly contract rent before turnover and renewal.

ORIX JREIT | 29



Logistics

Occupancy rate remained at 100％

All properties are well located and tenant replacements with rent increases are underway

Greater Tokyo area

Iwatsuki Logistics Center

Toda Logistics Center

（Toda-shi, Saitama）



（Kasukabe-shi, Saitama）

Ichikawa Logistics Center

（Ichikawa-shi, Chiba）

Map data ©2024 Google

Other areas

Komaki Logistics Center

（Komaki-shi, Aichi)



Rent Increase Rate

+11.4%

（5-year contract)

Sakai Logistics Center North Building

（Sakai-shi, Osaka）



ORIX JREIT | 30



Appendix

  • Sponsor Pipeline

  • NAV and Appraised Value

  • New Acquisitions

  • Acquisition Track Record

  • ESG

  • P/L by Property Type

  • Interest-Bearing Liabilities

  • Investor Status

  • List of Appraised Values

ORIX JREIT | 31

Sponsor Pipeline



Collaboration with the ORIX Group, pipeline exceeding 100 billion yen

ORIX Group

Same-boat investment by ORIX Real Estate Corporation (1.58%)

100bil+ yen pipeline



OJR Disposition Examples OJR Acquisition Example

Aoyama Suncrest Building

（3 installments）



Disposition of assets with redevelopment potential

Enhancing unitholder value through asset growth

Disposition of

Hotel Universal Port

Vita



developed assets

Kita Aoyama Building



Note: This figure is intended to illustrate the concept of collaboration with the sponsor group and does not represent or guarantee any specific transactions or supply.

ORIX JREIT | 32

NAV / Appraised Value

Trends in NAV per Unit and Appraised Value at Period-End

Delivering additional upside through the realization of unrealized gains

104,164 105,659

107,741

110,653



(yen)

NAV per unit Unrealized gain/loss Book Value

Unrealized gain/loss ratio

85,490

90,359

87,885

92,981 92,657 93,441 93,898

98,655

96,085

100,254 101,243 102,595

831 845 852

887

895

945

987

270

(billion yen)

75,420

78,269

81,105 82,699

755 760 776

799 794 802

805 814 827

235

243

255

703 708

679

133

146

160

174

172

176

179

191

204

213

221

228

628

82

108

94

116

546

15.1%

584

16.2%

594

18.3%

591

19.8%

622

21.4%

614

23.9%

615

26.1%

624

27.9%

622

27.7%

626

28.2%

625

28.6%

623

30.7%

623

32.8%

618

34.5%

623

35.5%

624

36.5%

651

36.2%

651

37.5%

690

37.0%

717

37.7%

16/8

17/2

17/8

18/2

18/8

19/2

19/8

20/2

20/8

21/2

21/8

22/2

22/8

23/2

23/8

24/2

24/8

25/2

25/8

26/2

(FP29)

(FP30)

(FP31)

(FP32)

(FP33)

(FP34)

(FP35)

(FP36)

(FP37)

(FP38)

(FP39)

(FP40)

(FP41)

(FP42)

(FP43)

(FP44)

(FP45)

(FP46)

(FP47)

(FP48)

Note 1: NAV per unit is presented on a post-split basis, reflecting the investment unit split effective as of August 31, 2025 (1 unit split into 2 units). Note 2: NAV per unit = (Unitholders' capital + Voluntary reserves + Unrealized gains/losses) ÷ Number of outstanding investment units.

ORIX JREIT | 33

New Acquisitions



KAMATA PRIME

Highly desirable property with excellent access, capturing office demand in greater Tokyo area

Location

Kamata, Ota-ku, Tokyo

Completion

May 2010

Land area /

Building area

1,437.68㎡/

7,963.47㎡

Transaction date

March 31, 2026

Acquisition price

11,300 million yen

Appraisal value

12,000 million yen

Appraisal NOI yield

3.8%

Appraisal yield after depreciation

3.5%

Occupancy rate

(As of the end of Dec. 2025)

100%



  • Located approx. a 5-minute walk from "Kamata" station on JR Keihin-Tohoku Line, Tokyu Ikegami Line and Tamagawa Line, and approx. a 9-minute walk from "Keikyu Kamata" station on Keikyu Line offering access to two railway stations. It has excellent access to central Tokyo and Haneda Airport.

  • A high-grade building with large floor space which is rare in this area with specifications that meet large tenants'

    demand. Given the limited supply of office buildings in the area, capturing the robust office demand in the greater Tokyo

    area would enable future upside potential.

    ORIX JREIT | 34

    New Acquisitions



Baysidepark Osaka South Residences / North Residences

Properties with excellent access to business and commercial area in Osaka



Baysidepark Osaka South Residences





Property name

Baysidepark Osaka South Residences

Baysidepark Osaka North Residences

Location

Minato-ku, Osaka-shi, Osaka

Minato-ku, Osaka-shi, Osaka

Completion

May 2024

February 2024

Land area / Building area

1,358.51㎡/

4,468.28㎡

1,094.94㎡/

3,547.05㎡

Acquisition date

April 28, 2026

April 28, 2026

Acquisition price

3,540 million yen

2,860 million yen

Appraisal value

3,970 million yen

3,180 million yen

Appraisal NOI yield

4.2%

4.2%

Appraisal yield after depreciation

3.0%

3.0%

Occupancy rate

(As of the end of Jan. 2026)

92.2%

95.1%

Baysidepark Osaka North Residences

  • Located approx. a 7-minute walk from "Bentencho" Station on the JR Osaka Loop Line and approx. a 9-minute walk from "Bentencho" Station on the Osaka Metro Chuo Line, offering excellent access to major business and commercial districts in Osaka, including Umeda, Namba, and Hommachi.

  • A favorable living environment with convenient retail and service facilities supporting competitiveness and solid future

upside potential.

ORIX JREIT | 35

Acquisition Track Record

Expanding the portfolio size and sustaining distribution growth



(billion yen)

Other Sponsor

48 48

45

44

42

37

34

33 32

31

28

26

22

17 18

15

12

6 6

3

2 2 3

1 1

0 0

13/8

14/2

14/8

15/2

15/8

16/2

16/8

17/2

17/8

18/2

18/8

19/2

19/8

20/2

20/8

21/2

21/8

22/2

22/8

23/2

23/8

24/2

24/8

25/2

25/8

26/2

26/8

（FP23） （FP24） （FP25） （FP26） （FP27） （FP28） （FP29） （FP30） （FP31） （FP32） （FP33） （FP34） （FP35） （FP36） （FP37） （FP38） （FP39） （FP40） （FP41） （FP42） （FP43） （FP44） （FP45） （FP46） （FP47） （FP48） （FP49）

ORIX JREIT | 36

ESG



ESG Policy and Materiality

ESG Policy

OJR and OAM believe in the importance of sustainable asset management that takes into account ESG issues in achieving stable growth of unitholder value. To achieve this, we have established the ESG Policy.

1. Respect for human rights and compliance with labor practices

2. Response to climate change

3. Consideration for the environment

4. Collaboration with stakeholders

5. Promotion of health and comfort for customers (tenants and users)

6. Response to executives and employees

7. Risk management, compliance, and fair business practices

8. Promotion of information disclosure and visualization of ESG

Materiality and Key Indicators/Goals

Targeted

period

Target

Progress

Promotion of Climate Change Countermeasures (reduction of greenhouse gas emissions)

2050

  • Aim for net zero by 2050 in accordance with the Paris Agreement

  • Reduce GHG emissions 90% or more over 2021 (including all Scopes 1, 2 and 3) in 2050

ー

2030

  • Reduce GHG emissions 42% over 2021 (including Scopes 1, 2 and areas of Scope 3 over which OJR has operational control)

In FY2024, reduced 25.4% compared to FY 2021

  • Reduce GHG emission intensity 42% over 2021 (including energy-derived emissions over which OJR has operational control in Scopes 1, 2 and 3)

In FY2024, reduced 29.5% compared to FY 2021

  • Achieve Green Building Certification ratio of 80% or higher based on floor area

FY2025： 80％

-

  • Aiming to reduce by an average of 1% or more a year the energy consumption intensity of the properties based on the intensity over the past five years

The average annual increase over the five-year period is 1.1% Compared to the previous year, reduced 2.2％

Waste Management

2030

  • We measure the amount of waste (both waste managed by OJR and other detectable waste) and maintain recycling rate of waste to be 50% or more

FY2024： 53％

Management of Water Resources

-

  • We ascertain the water use in properties held by OJR, promote its efficient use, and set a target of no increase in water use compared to the previous year

Water use was decreased compared to the previous year

（280,000m3 in FY 2023→ 278,000m3 in FY 2024）

Note: Please see our website to view details about our ESG initiatives. (https://www.orixjreit.com/en/feature/)

ORIX JREIT | 37

P/L by Property Type

Overall Portfolio

Offices

Hotels

（million yen）

（million yen）

（million yen）

Rental revenues

26,929

28,425

1,496

Rental revenues

14,113

14,260

147

Rental revenues

4,114

5,348

1,233

Rental earnings

24,100

25,630

1,530

Rental earnings

12,309

12,471

162

Rental earnings

3,830

5,062

1,232

Other operating revenues

2,829

2,795

-34

Other operating revenues

1,803

1,788

-15

Other operating revenues

283

285

1

Property-related expenses

12,384

12,947

562

Property-related expenses

6,652

7,087

434

Property-related expenses

1,886

1,933

47

Property management fees

2,143

2,246

103

Property management fees

1,263

1,338

74

Property management fees

200

204

3

Utility charges

2,226

2,082

-143

Utility charges

1,448

1,332

-116

Utility charges

284

280

-3

Property-related taxes

2,027

2,004

-22

Property-related taxes

1,256

1,235

-21

Property-related taxes

161

161

0

Repair costs

1,408

1,848

440

Repair costs

766

1,232

465

Repair costs

244

167

-77

Depreciation expenses

4,175

4,318

142

Depreciation expenses

1,797

1,816

19

Depreciation expenses

954

1,062

108

Others

402

445

42

Others

118

131

12

Others

40

57

16

Gain/loss on property rental

14,545

15,478

933

NOI

18,721

19,797

1,076

Gain/loss on property rental

7,460

7,173

-287

NOI

9,258

8,989

-268



25/8

（FP47）

26/2

（FP48）

Change

Actual (A)

Actual (B)

(B)-(A)

25/8

（FP47）

26/2

（FP48）

Change

Actual (A)

Actual (B)

(B)-(A)

25/8

（FP47）

26/2

（FP48）

Change

Actual (A)

Actual (B)

(B)-(A)

Gain/loss on property rental

2,228

3,414

1,186

NOI

3,182

4,477

1,294

25/8

（FP47）

26/2

（FP48）

Change

Actual (A)

Actual (B)

(B)-(A)

25/8

（FP47）

26/2

（FP48）

Change

Actual (A)

Actual (B)

(B)-(A)

25/8

（FP47）

26/2

（FP48）

Change

Actual (A)

Actual (B)

(B)-(A)

CAPEX 1,530 2,103 572

CAPEX 767 1,399 632

CAPEX 196 251 54

Retail Facilities

Residential Properties

Logistics Facilities

（million yen）

（million yen）

（million yen）

Rental revenues

3,810

3,867

56

Rental revenues

3,588

3,640

51

Rental revenues

1,302

1,309

6

Rental earnings

3,316

3,383

67

Rental earnings

3,359

3,417

58

Rental earnings

1,284

1,294

10

Other operating revenues

494

484

-10

Other operating revenues

229

222

-6

Other operating revenues

18

14

-4

Property-related expenses

1,564

1,600

36

Property-related expenses

1,768

1,758

-9

Property-related expenses

513

568

54

Property management fees

287

319

31

Property management fees

370

359

-11

Property management fees

20

24

4

Utility charges

426

405

-21

Utility charges

53

51

-2

Utility charges

13

13

-0

Property-related taxes

312

311

-0

Property-related taxes

184

183

-0

Property-related taxes

112

112

-0

Repair costs

87

96

8

Repair costs

255

249

-6

Repair costs

54

103

49

Depreciation expenses

423

429

5

Depreciation expenses

690

700

9

Depreciation expenses

309

309

-0

Others

26

37

11

Others

213

213

0

Others

3

4

1

Gain/loss on property rental

2,246

2,267

20

Gain/loss on property rental

1,820

1,882

61

Gain/loss on property rental

789

741

-48

NOI

2,670

2,696

26

NOI

2,511

2,582

71

NOI

1,098

1,050

-48

CAPEX

214

213

-0

CAPEX

339

184

-154

CAPEX

5

55

49

ORIX JREIT | 38

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ORIX JREIT Inc. published this content on April 20, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 21, 2026 at 07:10 UTC.