Premier Investment Corporation

TSE code 8956

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Message to Our Unitholders

Dear investors,

On behalf of Premier Investment Corporation (PIC), we would like to express our sincere gratitude for your loyal patronage.

PIC has continued to grow steadily through close collaboration with NTT Urban Development Corporation (NTTUD), the main sponsor. As of October 31, 2018, PIC’s owned assets comprise 60 properties (27 office buildings and 33 residential properties) amounting to 246.4 billion yen. The occupancy rate of the entire portfolio has remained strong, standing at 97.7% as of that date.

For the 32nd fiscal period, PIC posted operating revenues of 9,119 million yen and net income of 3,550 million yen. These figures represent a period-on-period decrease in revenues (by 35 million yen or down 0.4%) and profits (by 128 million yen or down 3.5%). However, when excluding the gains from sale of properties recorded in the previous fiscal period, PIC would have achieved a period-on-period increase in revenues (by 236 million yen or up 2.7%) and profits (by 142 million yen or up 4.2%) due to such factors as higher occupancy rates and upward rent revisions.

As for distribution per unit, PIC secured 2,696 yen which surpassed the initial forecast of 2,600 yen announced on June 18, 2018.

Entering the 33rd fiscal period, PIC conducted reshuffling of assets located in Central Tokyo with NTTUD and a third party (selling office buildings in Chuo Ward and Minato Ward and acquiring an office building in Shinagawa Ward), in an effort to enhance the properties in the portfolio.

Going forward, we will continue to strive to further expand the asset size while working to enhance the quality of the portfolio and aim to achieve stable management over the medium to long term. In doing so, we will put forth our utmost efforts to meet the expectations of our unitholders. We appreciate and request your continued support and encouragement of PIC.

December 17, 2018

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Premier Investment Corporation
Executive Director
Tatsuya Takahashi