financial results for the 1st quarter of fy 2017...20.5 23.4 1q fy 2016 1q fy 2017 5.8 9.6 1q fy...

Financial Results for the 1st Quarter of FY 2017

August 3, 2017 NTT Urban Development Corporation

Operating revenue and operating income were ¥40.7 billion and ¥9.3 billion respectively, both increased on a year-to-

year basis

The main factors in these results were the expiry of free rent in the Offices/Retail Businesses and an increase in

the number of units delivered in the Residential Business

The progress towards the forecast for the period ending March 31, 2018 is going steadily in line with the plan

1

Financial Results for the 1st Quarter of FY 2017

(Billion yen)

FY 2016 1QPerformance

FY 2017 1QPerformance

Change in Change from earnings progress

ForecastsFor FY 2017

<Excluding sales>Figures Rate

① ② ③：②－① ③/① ②/④ ④

Operating revenue ¥33.2B ¥40.7B +¥7.5B +22.6% 25.0% ¥163.0B<¥159.0B>

Operating income ¥5.2B ¥9.3B +¥4.0B +78.4% 32.1% ¥29.0B<¥26.0B>

Ordinary income ¥4.4B ¥9.2B +¥4.8B +109.2% 34.4% ¥27.0B

Profit attributable toowners of parent ¥2.8B ¥6.1B +¥3.3B +117.9% 35.3% ¥17.5B

Investments ¥6.3B ¥22.0B +¥15.6B +246.9% 31.5% ¥70.0B

Both revenue and income increased primarily due to the expiry of free rent in the existing properties such as the

Shinagawa Season Terrace, improvement in the vacancy rate for new properties and receipt of transient compensation

associated with the urban redevelopment project.

5.8 4.5 5.8 9.6

4.0 11.3

8.9 2.0 23.5 29.9

33.8 30.0

21.1 20.3 20.5 23.4

6.6 21.9 29.6 2.5 91.7

105.3 113.6 90.0

2

(Billion yen)

Offices/Retail Business ・ Operating Revenue / Income

1Q PerformanceFY 2017

* Actual value by Former segments (Leasing Business)

1Q

1Q

Sales of property

Sales of property

Operatingrevenue

Operatingincome

2Q〜4Q 2Q〜4Q2Q〜4Q

2Q〜4Q 2Q〜4Q2Q〜4Q

Forecasts＊

PerformanceFY 2014

PerformanceFY 2015

PerformanceFY 2016

20.523.4

1Q FY 2016 1Q FY 2017

5.89.6

1Q FY 2016 1Q FY 2017

Offices/Retail Leasing

Sales of income-generating

properties

Others

+2.6+0.1 －

Others(Including SG & A)

Offices/Retail Leasing

(Gross margin)

Sales of income-generating

properties(Gross margin)

+0.5 －

Operating revenue

YoY +2.8

Operating income

YoY +3.7

(Billion yen)

Offices/Retail Business ・ Factors

■New Properties +0.1■Existing Properties +1.0■Others (0.5)

+3.2

・Urban Redevelopment Compensation, +2.5 etc.

・Urban Redevelopment Compensation, etc. +2.5

・Decrease in SG & A +0.5 etc.

■New Properties +0.1Grand Cube, etc.

■Existing Properties +0.9Shinagawa ST, UN Nihonbashi 2-Chome Building, etc.

■Others (0.9)

3

4

7.4%8.1% 8.3%

6.7%

10.9%

10.5%

8.7%

7.5%

5.7%4.8% 4.5% 4.1% 4.1%

3.6%6.4% 6.8%

5.9%

2.9%

14.7%

14.2%

10.8%

9.2%

6.3%

4.2% 3.9%2.9% 3.2%

2.1%

Mar.2014 Jun.2014 Sep.2014 Dec.2014 Mar.2015 Jun.2015 Sep.2015 Dec.2015 Mar.2016 Jun.2016 Sep.2016 Dec.2016 Mar.2017 Jun.2017

Vacancy Rate (Nationwide) Vacancy Rate (5 wards of central Tokyo)

Offices/Retail Business ・ Vacancy Rate

Market average vacancy rate of 5 wards of Tokyo

3.26％（in June 2017）※report by Miki-Shoji Corp.

PerformanceFY 2014

220 units41million yen

5

(Billion yen)

Residential Business ・ Operating Revenue / Income

PerformanceFY 201566 units

41million yen

1Q Performance

292 units39million yen

FY 2017Performance

FY 201687 units

39million yen

*1 Actual value by Former segments (Residential property sales Business)*2 First quarter results for the fiscal years ending March 2015, March 2016 *3 Annual results for the fiscal years ending March 2015, March 2016

Revenue and income increased due to the larger number of units delivered resulted from increase in completed new

units

Operatingrevenue

Operatingincome

Sales of property

＊1

12.8 3.7 8.7 14.2

12.7 1.5 46.6

64.4 59.6 58.0

1Q2Q〜4Q 2Q〜4Q2Q〜4Q

1.5 0.4 1.0

5.5

1.0 4.4

11.8

3.05.0

1Q 2Q〜4Q 2Q〜4Q

0.3

Sales of property

Forecasts

1,100 units42million yen

Units deliveredAverage Sales Price

＊2

＊3

8.7 14.2

1Q FY 2016 1Q FY 2017

0.3 1.0

1Q FY 2016 1Q FY 2017

6

OthersResidential property sales

Operating revenue

YoY +5.4

Operating income

YoY +0.6

(Billion yen)

Residential Business ・ FactorsResidential rentals

Residential property sales(Gross margin)

Residential rentals(Gross margin)

Others (Sales of property)(Including SG & A)

+5.4

■Condominiums units delivered +7.7■Condominiums average sales price +0.4■Share-outs (3.3)■Residential Lots Sale +0.4

+2.1(0.1)

(1.3)

+0.0 ー

786Units592Units

347Units531Units

294Units

462Units

514Units 204Units

1,080Units 1,054Units

861Units

736Units

1,100Units

7

Residential Business ・ Condominiums Units Sales

*Excluding sales by share-outsAnnual results for the fiscal years ending March 2015, March 2016

Units delivered

Percentage of units contracted in the end of the first quarter

The contract rate for the delivery of units for the fiscal year ending March 31, 2018 has been steady and going according

to plan. 204 units of new contracts has been acquired for the first quarter .

Number of units

contracted at the end of year ended March

31, 2017

Number of units

contracted at the end of the first quarterNumber of

units contracted

at the end of the first quarter

PerformanceFY 2014

72.8％

21.4%

PerformanceFY 2015

56.2％

23.9%

PerformanceFY 2016

40.3％

19.1%

1Q Performance

66.9％

24.3%

FY 2017Forecasts

－

20.5%Gross profit margin

Units contracted

7.5 7.7 6.3

22.0

79.9

54.5

38.6

1Q

8

Investments

(Billion yen)

＊ Otemachi 2-Chome Area 1st Class Urban Redevelopment Project Building A

Investment in current projects, mainly in the Otemachi 2-1 and the Universal City Station Project, has been progressing

as planed

■Major investments・Otemachi 2-1*・Universal City

Station Project , etc.

*

1Q Performance

FY 2017

ForecastsPerformanceFY 2014

PerformanceFY 2015

PerformanceFY 2016

2Q〜4Q

2Q〜4Q2Q〜4Q

70.0

868.0 871.6

137.8 146.1

As of March 31,2017 As of June 30,2017

9

(Billion yen)

Balance Sheet 1■ Assets

■ Liabilities/Net assets

Current assets

Non-currentassets

258.5 261.0

225.2 201.2

522.0 555.5

As of March 31,2017 As of June 30,2017

・Investment securities(Redevelopment related) etc.

・Current assets +8.3

・Non-current assets +3.5

・Increase of interest-bearing debt

+33.4

・Decrease in Accounts payable-other (17.7)

［Otemachi 2-1 construction related ］

・Increase in Shareholders' equity +3.2

Net Interest-bearing debt

497.9

Assets have expanded in conjunction with

our investment in fixed assets

Interest-bearing debt has increased in

conjunction with the securing of

investment funds and reducing accounts

payable


521.4

1,005.8 1,017.8+11.9

・Cash etc.(Investment fund) +10.0

・Inventory (0.1)

Interest-bearing debt

Otherliabilities

Net assets＊ Interest-bearing debt excluding short-term loans payable

Average interest rate … 0.81%(at the end of March 2017 … 0.87 %)

Weighted average tenor* …5.19years(at the end of March 2017 … 5.07years)

10

(Billion yen)

1Q FY 2017

Current assets 146.1

Non-currentAssets871.6


555.5

Otherliabilities

201.2

Net assets261.0

81.8

11.8

Inventories¥93.7B

8.0 17.1

419.4

110.9


¥555.5B

Bonds payable

Total assets 1,017.8

Rental properties, etc.

Residential property sales


521.4

(Property, plant and equipment 797.5）

Short-termloans payable

Current portion of long-term

loans payable

Long-termLoans payable

Balance Sheet 2

11

Latest Topics

Mixed-use

development

Construction will start in late August 2017, Completion scheduled for July 2019

Leasing for the office space is underway

Shimbashi 1-chome Project

Hotel, R

esorts

Kiyomizu Elementary

School development

Project

In July 2017, we signed a letter of agreement with the Neighborhood Association of the

Kyoto Municipal Government and started development of the first directly-managed

hotel (with operations commissioned to the Prince Hotel Co., Ltd.)

Universal City Station Project

In late August 2017 we plan to open "The Singulari Hotel and SkySpa Universal Hotel at

Universal Studios Japan ®" which will be operated by Candeo Hotels.

We will open a wedding ceremony hall in September 2017 as "Avancer Lien Osaka," to

be operated by BLESSGATE Co., Ltd.

Serviced Senior Housing

Residential

In May 2017 we opened Wellith OLIVE Kamakura Iwase, an apartment complex for

seniors, with 76 units. In July 2017, we opened by Wellith OLIVE Musashino Sekimachi,

with 70 units.

Global

175 Pearl Street (New York)

185 Dartmouth Street (Boston)

Scale of operation

In March 2017 we acquired equity interest in a value-added, joint business project with a

local developer

Acquired in May 2017

Operating revenue for the first quarter was ¥1.3 billion, operating income was ¥0.2 billion.

**Reflected after the second quarter

12

Mixed-use development

Otemachi 2-1 Project Approx.202,000㎡（Building A total） Approx. ¥57.0B

Shimbashi 1-chome Project Approx.36,100㎡ Approx. ¥44.0B

Harajuku Station Project Approx.26,800㎡ Approx. ¥55.0B

Hotel/Resort Business

Universal City Station Project Approx.20,800㎡ Approx. ¥11.0B

Small Luxury Hotels(THE HIRAMATSU HOTELS & RESORTS)

- -

Hyatt RegencyOkinawa Seragaki Project

Approx.38,200㎡ n/a

Kiyomizu Elementary School development Project

Approx.7,000㎡ n/a

Shinpukan redevelopment project Approx.25,000㎡ n/a

Global Business (Value-add)

1015 18th Street (Washington D.C.) Approx.110,000sqf n/a

799 Broadway (New York) Approx.133,000sqf n/a

175 Pearl Street (New York) Approx.204,000sqf n/a

2019.3 2021.3～2017.3Development Project Gross floor space

Investments(our stake)

Sale

着工

Completion

Opening

Opening

Start ofConstruction Opening

Start ofConstruction

Start ofConstruction Completion

Completion

July 2018(Scheduled)

July 2019(Scheduled)

August 2017(Scheduled)

Summer 2018(Scheduled)

Summer 2019(Scheduled)

Completion

Sale 2020 and later (Scheduled)

Pipeline

Start ofConstruction Opening Spring 2020

(Scheduled)

2020 and later (Scheduled)

Second half of 2019(Scheduled)

2020 and later (Scheduled)

Start ofConstruction

Completion Sale

OpeningStart ofConstruction

13

APPENDIX

(i) (ii) (ii)－(i)

(ii)/(iii)Progress

Operating revenue 33,255 40,776 +7,521 163,000 25.0%

Operating expenses 28,029 31,454 +3,425

Operating income 5,225 9,321 +4,096 29,000 32.1%

Non-operating income 808 1,093 +284

Non-operating expenses 1,594 1,127 (467)

Ordinary income 4,439 9,287 +4,848 27,000 34.4%

Extraordinary loss 42 66 +23

Income before income taxes and minority interests 4,396 9,221 +4,824

Income taxes 1,019 2,534 +1,514

Profit 3,377 6,687 +3,310

Profit attributable to non-controlling interests 544 515 (28)

Profit attributable to owners of parent 2,832 6,172 +3,339 17,500 35.3%

Comprehensive income 638 5,904 +5,266

Category Key Factors

(iii) FY 2017 Forecast(Announced in May 11, 2017)

FY 20161Q

FY 20171Q Change

14

Statements of Income（Million yen）

■Operating revenue +7,521・Office/Retail business +2,829・Residential business +5,467■Operating Income +4,096・Office/Retail business +3,788・Residential business +681

■Non-operating income +284・ Equity in earnings of affiliates +287 [99→386]■Non-operating expenses (467)・Interest expenses (201) [1,312→1,111]

■Income taxes +1,514・Increase of income +1,488

■Comprehensive income +5,266・Profit +3,310・Foreign currency translation adjustment

+1,821 [(2,404)→(583)]

(i) (ii) (ii)－(i)

(ii)/(iii)Progress


Operating income 5,828 9,616 +3,788 30,000 32.1%

Operating income margin 28.3% 41.1% +12.8pt 33.3% －


Operating income 338 1,020 +681 5,000 20.4%

Operating income margin 3.9% 7.2% +3.3pt 8.6% －

Operating revenue 5,114 4,354 (759) 20,000 21.8%

Operating income 395 268 (126) 1,500 17.9%

Operating income margin 7.7% 6.2% (1.5pt) 7.5% －

ResidentialBusiness

Others

Category Key Factors

(iii) FY 2017 Forecast(Announced in May 11, 2017)

FY 20161Q

FY 20171Q Change

Offices/RetailBusiness

15

Statements of Income by Segment

■Operating revenue +2,829・Rental revenue +190

New properties +162, Existing properties +997,Others (969)

・Others： Dividend income +2,638■Operating income +3,788・Rental income(Gross margin) +577

New properties +112, Existing properties +1,063, Others (597)

・Others (Gross margin) ： Dividend income +2,638■Operating revenue +5,467・Residential property sales +5,402

Condominiums +4,209, Residential lots, etc. +443, Others +750

・ Residential rentals +64

■Operating income +681・ Residential property sales (Gross margin) +2,124・ Residential rentals (Gross margin) (133)・ Increased SG & A (1,310)

（Million yen）

1,005,898 1,017,837 +11,939

137,816 146,188 +8,371

16,945 27,005 +10,059

93,865 93,742 (123)

27,004 25,440 (1,564)

(Restated) Operating accounts receivable 9,026 8,505 (521)

868,081 871,649 +3,567

797,557 797,589 +31

25,228 25,021 (206)

45,296 49,039 +3,742

747,341 756,816 +9,475

112,792 80,301 (32,491)

53,974 45,156 (8,818)

58,817 35,145 (23,672)

634,548 676,515 +41,966

468,108 510,419 +42,311

166,440 166,095 (344)

258,556 261,020 +2,464

209,604 212,814 +3,210

3,067 2,283 (783)

45,884 45,922 +37

1,005,898 1,017,837 +11,939

Shareholders' equityAccumulated other comprehensive incomeNon-controlling interests

Total liabilities and net assets

Other current liabilitiesNon-current liabilities

Interest-bearing debt (long-term)Other non-current liabilities

Total net assets

Property, plant and equipmentIntangible assetsInvestments and other assets

Total liabilities

Current assets

Current liabilitiesInterest-bearing debt (short-term)

InventoriesOther currents assets

Non-current assets

Cash and deposits

Total assets

Category(i)March 31,

2017(ii) June 30,

2017(ii)－(i)Change

Key Factors

16

Balance Sheets

■Cash and deposits +10,059・ Investment fund etc.

■Investments and other assets +3,742・ Investment securities +3,920

■Interest-bearing debt +33,492Net interest-bearing debt +23,447

■Other current liabilities (23,672)・Decrease of accounts payable-other

■Shareholders' equity +3,210・Profit attributable to owners of parent +6,172・Dividend (2,962)

（Million yen）

17

Major Properties

18

BuildingB

Project outline

Otemachi First Square

JA Building, Keidanren Kaikan

Urbannet Otemachi Building

Building A

Otemachi Financial CityNorth Tower

Location Chiyoda-ku, Tokyo

Main use Office, Retail

Land scale Approx. 19,900㎡ (Building A & B total)

Gross floor space

Approx. 202,000㎡ (Building A)〔Approx. 35,000㎡ (our stake)〕

Building scale 35 stories above ground and 3 below (Building A)

Stake Co-owned

ScheduleConstruction started May 2015

Completed July 2018 (Scheduled)

Otemachi 2-Chome Area 1st ClassUrban Redevelopment Project Building A

19

Project outlineLocation Minato-ku, Tokyo

Main use Office, Hotel and Retail

Land scale 3,072.17㎡

Gross floor space

Approx. 36,100㎡

Building scale 27 stories above ground and 2 below

Stake Co-owned

ScheduleConstruction started August 2017 (Scheduled)

Completed July 2019 (Scheduled)

Shimbashi1-Chome Project

Uchisaiwaicho Sta.

Shimbashi Sta.

Shimbashi 1-chome Project

20


Location Osaka-shi, Osaka

Main use Hotel, Retail

Land scale 2,639㎡

Gross floor space

Approx. 20,800㎡

Building scale 17 stories above ground and 1 below

Total rooms 390 rooms (Hotel)

Stake 100%

Completion Hotel part : August 2017 (Scheduled to open)Retail part : September 2017 (Scheduled to open)

Project outline

Universal City Sta.


21

Project outline

※Shinpukan (already closing in 2016, the end of March)

Location Kyoto-shi, Kyoto


Land scale 6,395㎡

Gross floor space

Approx. 25,000㎡

Building scale －

Stake 100%

Schedule Fiscal Year 2019 (Scheduled to open)

Karasuma Oike Sta.

Shijo Sta.Karasuma Sta.

Shinpukan redevelopment project

Kar

asum

a S

treet

Shinpukan redevelopment project

22

Kiyomizu Elementary School development project

Location Kyoto-shi, Kyoto


Land scale 7,296㎡

Gross floor space

Approx. 7,000㎡

Building scale 4 stories above ground

Total rooms Approx. 50 rooms

Stake Land : Leasehold, Building : 100%

Schedule Summer 2019 (Scheduled to open)

Project outline

Former Kiyomizu Elementary school

Kiyomizu Temple

Kyoto Sta.

23

Kyoto Area Map

UD Kyoto Kiyomizu Building

Kiyomizu Elementary Schooldevelopment project

イメージ図

Kyoto Sta.

Properties held by

Urbannet Shijo Karasuma Building(Laque Shijo Karasuma) New Project

KarasumaOike Sta.

Shijo Sta.Karasuma Sta.

Karasuma Area

Kiyomizu Temple

Kiyomizu AreaShinpukan redevelopment

project

24

Project outlineLocation Onna-son, Kunigami-gun, Okinawa

Main use Hotel

Land scale Approx. 40,000㎡

Gross floor space

Approx. 38,200㎡

Building scale 7 stories above ground 3 stories above ground

Total rooms Approx. 340 rooms

Stake Co-owned

Schedule Summer 2018 (Scheduled to open)

Hyatt Regency Seragaki Island, Okinawa

Seragaki Beach Naha Airport

Naha

25

Five wards of central Tokyo

Name Urbannet OtemachiBuilding Otemachi First Square JA Building,

Keidanren KaikanOtemachi Financial City

North Tower

Location Chiyoda-ku, Tokyo Chiyoda-ku, Tokyo Chiyoda-ku, Tokyo Chiyoda-ku, Tokyo

Main use Office Office Office Office

Typical floor rentable space 3,251㎡ 1,632㎡ (West)

1,626㎡ (East)1,680㎡ (JA Building)

1,711㎡ (Keidanren Kaikan) 2,369㎡

Gross floor space 117,618㎡ 54,284㎡

(Our stake)26,517㎡(Our stake)

8,949㎡(Our stake)

Building scale 22 stories above groundand 5 below

23 stories above groundand 5 below (West)

23 stories above groundand 4 below (East)

37 stories above ground and3 below (JA Building)

23 stories above ground and4 below (Keidanren Kaikan)

31 stories above groundand 4 below

Completion June 1990 February 1992 (West)May 1997 (East) April 2009 October 2012

*1 *2

Office Properties

26


Name Akihabara UDX Urbannet KandaBuilding

Urbannet Nihonbashi 2-Chome Building

Urbannet Ginza 1-Chome Building

Location Chiyoda-ku, Tokyo Chiyoda-ku, Tokyo Chuo-ku, Tokyo Chuo-ku, Tokyo

Main use Office, Retail Office Office Office

Typical floor rentable space 4,804㎡ 546㎡ 1,011㎡ 1,058㎡

Gross floor space 155,629㎡ 14,266㎡ 14,795㎡ 11,720㎡

Building scale 22 stories above ground and 3 below 19 stories above groundand 1 below



Completion January 2006 July 2012 January 2016 February 2016

（Retail : Akiba-ichi）*3 *3*3

*3 *4

Office Properties

27


Name Seavans N Building Granpark Tower Shinagawa SeasonTerrace Tokyo Opera City

Location Minato-ku, Tokyo Minato-ku, Tokyo Minato-ku, Tokyo Shinjuku-ku, Tokyo

Main use Office, Retail Office Office, Retail Office

Typical floor rentable space 1,967㎡ 2,059㎡ 4,970㎡ 2,011㎡

Gross floor space 78,488㎡ 117,659㎡

(Our stake) 202,716㎡ 33,086㎡(Our stake)

Building scale 24 stories above ground and 2 below 34 stories above groundand 4 below



Completion January 1991 August 1996 February 2015 July 1996

*1（Retail : Amall） *5*5

Office Properties

28

Other Major Cities

Name Urbannet SapporoBuilding Urbannet Nagoya Building Urbannet Shijo Karasuma

Building Grand Front Osaka

Location Sapporo-shi, Hokkaido Nagoya-shi, Aichi Kyoto-shi, Kyoto Osaka-shi, Osaka

Main use Office Office, Retail Office, Retail Office, Retail and Hotel

Typical floor rentable space 2,441㎡ 1,959㎡ 1,584㎡

2,679㎡ (Tower A)2,603㎡ (Tower B)1,707㎡ (Tower C)





38 stories above groundand 3 below (Tower A, B)33 stories above ground

and 3 below (Tower C)

Completion October 2004 September 2005 October 2010 March 2013

（Retail : Laque）*3*3 *3

(Retail : Blossa）*6*6*3

Office Properties

29

Five wards of central Tokyo Tokyo Metropolitan area

Name Harajuku Quest Festa Azabu Placeo Aoyama Machida NT building

Location Shibuya-ku, Tokyo Minato-ku, Tokyo Minato-ku, Tokyo Machida-shi, Tokyo

Main use Retail Retail Hotel, Retail Retail


(Our stake)





Completion March 1988 May 1990 April 1992 October 1992

*7 *1*4

Retail Properties

Other Major Cities

Name NTT Credo Motomachi Building (Pacera) NTT-T building Urbannet Tenjin building

(Resola Tenjin) Resola South Terrace

Location Hiroshima-shi, Hiroshima Fukuoka-shi, Fukuoka Fukuoka-shi, Fukuoka Fukuoka-shi, Fukuoka

Main use Retail, Hotel Retail Retail, Office Retail




9 stories above groundand 1 below 9 stories above ground

Completion March 1994 September 1996 August 2011 August 2013

*7 *3*8

Retail Properties

30

Properties in the U.K.

U.K.

Name 1 King William Street 20 Finsbury Circus 265 Strand

Location London, U.K. London, U.K. London, U.K.

Main use Office Office, Retail Office

Stake 100% 100% 100%

Rentable floor space

Approx. 100,000sqf(Approx. 9,300㎡)



Building scale 8 stories above ground and 1 below 7 stories above ground and 1 below 8 stories above ground and 1 below

Acquisition June 2011Renewal completed in November 2016 September 2012 April 2013

31

Properties in the U.S. 1

U.S.

Name 141 Tremont Street 27 School Street Two Oliver Street 185 Dartmouth Street

Location Boston, U.S. Boston, U.S. Boston, U.S. Boston, U.S.

Main use Office Office, Retail Office, Retail Office, Retail

Stake Co-owned Co-owned Co-owned Co-owned





Approx.164,000sqf(Approx. 15,200㎡)

Building scale 13 stories above ground 6 stories above groundand 1 below



Acquisition January 2015 January 2015 July 2015 May 2017

New acquisition

32

U.S.

Name 575 Lexington Avenue 799 Broadway 175 Pearl Street 1015 18th Street

Location New York, U.S. New York, U.S. New York, U.S. Washington D.C., U.S.

Main use Office, Retail Office, Retail Office Office, Retail

Stake Co-owned Co-owned Co-owned Co-owned










Acquisition August 2015 July 2016 March 2017 December 2015

New acquisition

Properties in the U.S. 2

33

34

Disclaimer

Plans, strategies, opinions and other statements by and for the Company presented in this document, excluding historical facts, are forward-looking statements about its operating performance in the future. As such, they contain risks and uncertainties. The contents stated above are based on the assumptions and opinions of the Company using information available at the time of writing. Changes in the environment and other factors may cause actual results to differ substantially from these forecasts.

The information on this document is not a solicitation to buy securities of NTT Urban Development. Any investment in securities of NTT Urban Development must be based upon the independent investment judgment of the investor, and must not depend upon the information on this document.

Unless otherwise noted, this document is prepared in conformity with Japan generally accepted accounting principles.

*3

*1

*2

[Photo]*1 Kokyu Miwa Architectural Photography：P25,P27,P29*2 Nacasa & Partners：P25*3 Forward Stroke：P26,P28,P30*4 SS Tokyo：P26,P29*5 Kaneaki Monma：P27*6 Kurumata Photography Office：P28*7 Kawasumi Architectural Office：P29,P30*8 Hiroshi Ito：P30

* The actual finished construction may differ due to planning going forward

financial results for the 1st quarter of fy 2017...20.5 23.4 1q fy 2016 1q fy 2017 5.8 9.6 1q fy...

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