AEON REIT Investment : Presentation Materials for Investor Meeting For the 20th Fiscal Period Ended January 31, 2023

AEON REIT Investment Corporation

20th FP(Jan. 2023)

Financial Results

Presentation Material

(the Asset Manager)

AEON Reit Management Co., Ltd.

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

AEON MALL Wakayama

Table of contents (1/2)

Ⅰ.20th FP Financial Result / Forecast for 21st FP and 22nd FP

1.	Executive Summary	P.5
2.	Status of operations in 20th FP ～Retail facility trends～	P.6
3.	20th FP (Jan. 2023) financial summary	P.7
4.	20th FP (Jan. 2023) FP ～Actual vs Forecast analysis～	P.8
5.	21st FP (Jul. 2023), 22nd FP (Jan. 2024) forecast	P.9
6.	Progress toward Mid-term target	P.10
7.	The 7th follow-on offering	P.11-14
8.	Internal growth	P.15-17
9. Sustainability ～Main topics of the 20th FP～	P.18
10.	AEON REIT's approach to stability and growth potential ....	P.19
11.	Securing stability	P.20-21
12.	Maintaining growth potential	P.22-23
13.	Summary as of 20th FP (Jan. 2023)	P.24
14.	Notes (Ⅰ)	P.25-26

Ⅱ. AEON REIT's Strengths

1.	AEON REIT's Strengths	P.28
2.	"Community Infrastructure Asset" localized successfully	P.29
3.	Points of the "Community Infrastructure Asset"	P.30
4.	Stability of "Community Infrastructure Asset" and its rent ...	P.31
5.	External growth ～Selective investments backed by Pipeline Support～ ...	P.32
6.	External growth ～Further growth backed by Pipeline Support～	P.33
7.	Internal growth ～Enhancing valuesof properties～	P.34
8.	Financial policy ～Stable funding～	P.35
9.	Financial strategy ～Financial management～	P.36
10.	Financial strategy ～LTV & Cost trends～	P.37
11.	Risk management ～Resilient to natural disasters～	P.38
12.	Utilization of abundant cash-on-hand	P.39
13.	Sustainability Initiatives	P.40-45
14. Management message	P.46
15.	Notes (Ⅱ)	P.47-48

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Table of contents (2/2)

Ⅲ. Appendix１ Features of AEON REIT Investment Corporation

1.	Corporate philosophy and policy	P.50
2.	Portfolio development policy	P.51
3.	Summary of portfolio (Jan. 2023)	P.52
4.	Properties ownedby AEONREIT(Afteracquisition of new properties) ....	P.53
5.	Expansion of asset size since listing	P.54
6.	Growth of DPU and NAV per unit	P.55
7.	Transition ofProperty Tax Benefit from asset acquisition	P.56
8.	Overview of overseas properties	P.57
9.	Schemes for acquisition of overseas properties	P.58
10.	Overview of logistics facilities	P.59
11.	About AEON Group (1/3) ~Pipeline support~	P.60
12.	About AEON Group (2/3) ~Overview of the group~	P.61
13.	About AEON Group (3/3) ~Major large-scale retail properties~	P.62
14.	Notes (Ⅲ)	P.63-64

Ⅳ. Appendix２ Numeric data

1. Balance Sheet of 20th FP (asof Jan. 31, 2023) ...............................
2. Statements of income of 20th FP（as of Jan. 31, 2023) .................
3. Portfolio list ..................................................................................
4. Appraisal value ..............................................................................
5. Major revitalization investments with rent increase ..............
6. Revitalization investment cases ................................................
7. Performance trends of stores in the portfolio .........................
8. Average cap rate ..........................................................................
9. Status of debts .............................................................................
10. Unit price chart .............................................................................
11. Composition of unitholders ........................................................
12. Notes(Ⅳ) .....................................................................................
13. Disclaimer .....................................................................................

P.66

P.67

P.68-69

P.70-71

P.72

P.73

P.74-75

P.76

P.77-78

P.79

P.80

P.81-82

P.83

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2 0 t h FP(Jan. 2023) Financial Results Presentation Material

I. 20th FP Financial Result /

Forecast for 21st FP and 22nd FP

Executive Summary

1 Steady DPU growth

• DPU in 20th FP (period ended Jan. 2023) was 3,283 yen, outperforming initial forecast
• DPU expected to grow to 3,350 yen in 21st and 22nd FP, due to new asset acquisitions through the 7th follow-on offering

20th FP	3,283 yen	21st FP	3,350 yen
・22nd FP	Growthfromnewly
（Actual）
Initial forecast：3,270yen	（Forecast）
	acquiredassets（Note）

2 Initiatives

• External growth：Newly acquired AEON MALL Wakayama and AEON MALL Miyakonojo Ekimae at 21.3 bn yen in conjunction with the 7th follow-on offering
• Internal growth：Conducted revitalization investments in accordance with "Construction using Green Leases" and "Floor space expansion to improve competitiveness of property" mentioned when announcing Mid-term Target
• Sustainability：Promoted various initiatives centered around the issuance of the Sustainability Report

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