Premier Investment Corporation

TSE code 8956

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Message to Our Unitholders

Dear Investor,

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

As of April 1, 2017, I assumed the office of Executive Director of Premier Investment Corporation (PIC), concurrently with the assignment of President and CEO of Premier REIT Advisors Co., Ltd. (PRA), the asset management company of PIC, in which I have been engaged since June 2013. Taking this opportunity, I would like to deliver an address to the unitholders, representing the two corporations.

PIC has continued to grow steadily through close collaboration with NTT Urban Development Corporation (NTTUD), the main sponsor.

During the 29th fiscal period ended April 2017, PIC conducted a property swap transaction with NTTUD in December 2016, in an effort to further reinforce collaboration with the sponsor.

Specifically, PIC acquired an office building in Osaka City from NTTUD for 4.6 billion yen, while simultaneously transferring an office building (land with leasehold interest) it owned in Osaka City to NTTUD for 6.7 billion yen.

This brought PIC’s owned assets as of April 30, 2017 to 59 properties in total, comprising 28 office buildings and 31 residential properties and asset size standing at 234.0 billion yen. The occupancy rate of the entire portfolio was 95.4% as of that date.

For the 29th fiscal period, PIC posted operating revenues of 8,443 million yen, an increase of 0.2% from the previous fiscal period, and net income of 3,318 million yen, a decrease of 0.5% from the previous fiscal period.

As for distribution per unit, PIC secured 2,520 yen that surpassed the forecast for the period (2,450 yen) announced in the Financial Report for the Fiscal Period Ended October 31, 2016 dated December 16, 2016.

Furthermore, PIC also focuses on acquiring properties from third parties other than the sponsors. In June 2017, it acquired a large office building (67.0% quasi co-ownership interest) in central Tokyo at an acquisition price of 15.0 billion yen. With the acquisition, its asset size has grown to 249.0 billion yen.

Going forward, we will continue our endeavors 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.

June 16, 2017

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Premier Investment Corporation
Executive Director
Takahiro Okuda

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