DPU outlook largely unchanged

Research evidence excerpt

DPU outlook largely unchanged

30 June 2026

ESG

Environment

The REIT aims to help create a sustainable society based on the sustainable vision

created by NTT Urban Solutions. The REIT’s goal is to reduce greenhouse gas

emissions by 42% versus the FY20 level by FY30 and achieve net-zero emissions by

FY50. In FY24, Scope 1 and 2 GHG emissions intensity fell by 56.1% versus the FY20

level.

At the same time, the REIT is also working to secure environmental certifications for

its properties and has acquired certifications for 72.5% of its entire portfolio (total floor

area basis) as of end-April 2026. For the NTT Urban Solutions Group, a biodiversity

policy has been created.

Social

The REIT has been contributing to local communities. At some of its properties, it

holds events for tenants and nearby residents and has introduced an umbrella rental

service using empty space on its properties to provide more convenience and reduce

the number of discarded umbrellas. One of its initiatives to improve tenant satisfaction

is the opening of a tenant-only café lounge in Tokyo Opera City.

The asset management company is also taking steps to create a healthy and

supportive work environment for all of its employees. It offers financial support for

regular health checkups and comprehensive health screenings to maintain and

improve the employee medical screening rates, and provides a comfortable work

environment and work/leave options tailored to different life stages. These efforts

have earned it recognition as a Certified Health & Productivity Management

Outstanding Organization.

Governance

For the second straight year, NTT UD REIT Investment received four stars (out of five)

in the GRESB Rating in 2025, which is based on a relative assessment.