AEON REIT Investment : 21st Fiscal Period(Ended Jul. 2023) Presentation Material

AEON REIT Investment Corporation

21st FP(Jul. 2023)

Financial Results

Presentation Material

(the Asset Manager)

AEON Reit Management Co., Ltd.

Stock code : 3292 https://www.aeon-jreit.co.jp/en/index.html

AEON Chigasaki-ChuoShopping Center

Table of contents (1/2)

Ⅰ.21st FP Financial Result / Forecast for 22nd FP and 23rd FP

1.	Executive Summary	P.5
2.	21st FP(Jul. 2023) financial summary	P.6
3.	21st FP (Jul. 2023) FP ~ Actual vs Forecast analysis ~	P.7
4.	22nd FP (Jan. 2024), 23rd FP (Jul. 2024) forecast	P.8
5.	Progress towards Mid-term target	P.9
6.	External growth	P.10-12
7.	Utilization of abundant cash-on-hand	P.13
8.	Internal growth	P.14-16
9.	Finance ~ Upgrade of external credit rating ~	P.17
10.	Sustainability ~ Main topics of the 21st FP ~	P.18
11.	Summary as of 21st FP (Jul. 2023)	P.19
12.	Stable growth during the pandemic of COVID-19	P.20
13.	Achieve stabilized DPU target with stability and growth potential	P.21
14.	Notes (Ⅰ)	P.22-23

Ⅱ. AEON REIT's Strengths

1.	AEON REIT's Strengths	P.25
2.	"Community Infrastructure Asset" localized successfully	P.26
3.	Points of the "Community Infrastructure Asset"	P.27
4.	Stability of "Community Infrastructure Asset" and its rent ...	P.28
5.	External growth ~ Selective investments backed by Pipeline Support~ ..	P.29
6.	External growth ~ Further growth backed by Pipeline Support ~ ....	P.30
7.	Internal growth ~ Enhancing values of properties ~	P.31
8.	Financial policy ~ Stable funding ~	P.32
9.	Financial strategy ~ Financial management ~	P.33
10.	Financial strategy ~ LTV & Cost trends ~	P.34
11.	Risk management ~ Resilient to natural disasters ~	P.35
12.	High ability of generating cash-on-hand	P.36
13.	Sustainability Initiatives	P.37-42
14. Management message	P.43
15.	Notes (Ⅱ)	P.44-45

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Table of contents (2/2)

Ⅲ. Appendix１ Features of AEON REIT Investment Corporation

1.	Corporate philosophy and policy	P.47
2.	Portfolio development policy	P.48
3.	Summary of portfolio(Jul.31, 2023)	P.49
4.	Properties owned by AEON REIT (As of end of Jul. 31, 2023)	P.50
5.	Expansion of asset size since listing	P.51
6.	Growth of DPU and NAV per unit	P.52
7.	Transition ofProperty Tax Benefit from asset acquisition	P.53
8.	Overview of overseas properties	P.54
9.	Schemes for acquisition of overseas properties	P.55
10.	Overview of logistics facilities	P.56
11.	About AEON Group (1/3) ~ Pipeline support ~	P.57
12.	About AEON Group (2/3) ~ Overview of the group ~	P.58
13.	About AEON Group (3/3) ~ Major large-scale retail properties~	P.59
14.	Notes (Ⅲ)	P.60

Ⅳ. Appendix２ Numeric data

1.	Balance Sheet of 21st FP (as of Jul. 31, 2023)	P.62
2.	Statements of income of 21st FP（asof Jul. 31, 2023)	P.63
3.	Portfolio list	P.64-65
4.	Appraisal value	P.66-67
5. Major revitalization investments with rent increase	P.68
6.	Revitalization investment cases	P.69
7. Performance trends of stores in the portfolio	P.70-71
8.	Average cap rate	P.72
9. Status of debts	P.73-74
10.	Unit price chart	P.75
11. Composition of unitholders	P.76
12.	Notes(Ⅳ) ...................................................................................... P.77-78
13. Disclaimer	P.79

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2 1 s t F P(Jul. 2023) Financial Results Presentation Material

I. 21st FP Financial Result /

Forecast for 22nd FP and 23rd FP

Executive Summary

1 Continuingstable operations,achievingDPUgrowth towards mid-termtarget

第21期		22nd FP
21st FP
実績	3,350 yen	第22期	3,350 yen
actual	forecast
（ 2023年	20th FP actual：3,283 yen	（予想）
（Jul. 2023）	（Jan. 2024）
7月期）

23rd FP
第23期	3,335 yen
forecast
（予想）
（Jul. 2024）	Stabilized DPU(Note 1)

▶ DPU in the 21st FP was 3,350yen, outperformingthe previousperiod

▶ Forecasting3,335yen for the 23rd FP (decline is in relationto the removalof propertytax effect)

▶ End tenant occupancy as of the end of 21st FP was 97.8%,End tenant sales robust at 108.2%year on year (Note 2)

2 Highlights

• External growth：Acquired2 properties:AEON MALLWakayamaand AEON MALLMiyakonojoEkimae Signed pipeline support contract with United Super MarketsHoldingsInc. (U.S.M.H)
• Internal growth：Increasedrents through refurbishmentsand property expansions that enhance competitivenessof properties
• Finance：Achievedupgrade of long-term issuerrating,due to expansion of asset size and stable cashflow
• • Japan Credit Rating Agency,Ltd.（JCR）：AA－(Positive)⇒AA (Stable)
• Sustainability： Achievedtarget for ratioof third-partycertified properties

Progressingwithconstruction workto reduce electricityusage by air-conditioningsystems,

to lowerthe environmentalfootprint

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