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To Our Unitholders

Takeshi Kirihara
Executive Director
Ooedo Onsen Reit Investment Corporation

With the support of many stakeholders, not least our valued unitholders,Ooedo Onsen Reit Investment Corporation (“Ooedo Onsen Reit”) was listed on the Real Estate Investment Trust (REIT) section of the Tokyo Stock Exchange on August 31, 2016, as a unique J-REIT specializing in investment primarily in onsen (hot spring) and spa-related facilities.

Onsen, which has been familiar to many people for centuries, may be defined as part of the culture that is built into the daily lives of Japanese people. We take the view that demand for onsen and spas has been growing against the backdrop of today’s aging society. In addition, with the influx of inbound tourists and rising demand for time consumption-type industries in a mature consumer society, we see onsen as a promising sector that will continue to grow into the future.

In February 2023, for the purpose of diversifying risks, improving stability and increasing investment opportunities, we decided to expand the scope of investment to include accommodation facilities that are used as houses for rent or other purposes in conjunction with the main use of properties that Ooedo Onsen Reit considers as investment destinations, in addition to leisure time-oriented facilities including traditional onsen and spa-related facilities. Looking ahead, we will make further efforts for steady management by diversifying risks while simultaneously securing yields from our portfolio by combining onsen and spa-related facilities with high growth potential and accommodation facilities that can be operated with stability.

We are facing a number of changes today due to the prolonged impact of the COVID-19 pandemic. Even so, we will continue to seek unconventional, flexible management going forward to achieve a recovery in earnings, thereby living up to the expectations of unitholders.

We ask for your continuing support and encouragement in the years to come.