As a company of Tokyu Fudosan Holdings Group (the “Group”), TLC REIT Management Inc. (“TRM”) was established in April 2017, after reorganization of its predecessors, as an asset manager to manage the diversified assets held by two listed J-REITs and one private REIT: Activia Properties Inc. (listed in June 2012 on the Tokyo Stock Exchange); Comforia Residential REIT, Inc. (listed in February 2013 on the Tokyo Stock Exchange); and Broadia Private REIT, Inc. (of which management was commenced in March 2014). With outstanding assets under management on an acquisition price basis of over \1.2 trillion, we have grown to become one of the leading asset managers of REITs in Japan.

The Group is a comprehensive real estate developer with over 100 group companies. As a professional organization in the real estate management field, we are working to improve the organizational capabilities by supporting personnel from diverse backgrounds to continuously improve their skills and cooperate with each other. TRM will continue to make constant effort to maximize unitholder value seeking to realize external growth and internal growth of the REITs, through providing a high-quality real estate investment management service by fully utilizing the expertise that it has developed thus far as well as the Group’s multi-faceted support to us.

In recent years, with the issues related to the sustainable society such as environmental challenges caused by climate change, reforms in work styles, and linkage with local communities, it has been assuming more importance for companies to incorporate measures to address such issues into their operations in order to continue their businesses. With the recognition that the implementation of ESG (Environmental, Social, and Governance) initiatives will contribute to the enhancement of our corporate value, we will further promote a variety of such initiatives.

In our new medium-term management plan formulated in April 2025, we set the goal of driving further growth for the REITs we manage while solving various social issues through our business activities as a “professional organization that keeps on challenge”. This comes amid a significantly changing business environment, including the rapid advancement of digitalization during the COVID-19 pandemic and major shifts in people's work styles and lifestyles.

We will continue to strive as a professional organization specializing in real estate investment management to achieve stable earnings over the medium to long term through AUM expansion, as well as to contribute to the realization of a sustainable society by providing high-quality real estate investment management services that leverage the Group's comprehensive strengths and will continue to strive to be selected by all stakeholders, including investors, tenants, business partners, and employees, while conducting human capital management.

We look forward to your continued support and cooperation in our endeavors.