OJR has taken the strategic initiatives for its assets, debt and equity respectively based on the above management philosophy. Specifically, on the assets side, as a diversified REIT, we are diversifying the property types and regions, and replacing our assets and implementing our flexible external growth strategy of utilizing ORIX Synergy as well. Also we are promoting our internal growth strategy by the tenant diversification and the utilization of ORIX Synergy such as with the direct property management in an effort to enhance the portfolio's profitability and stability. On the debt side, promoting our financial strategy of reducing the financing costs, and increasing the financial stability as well as considering the appropriate cash management, we seek to reduce the financing costs and increase the financial stability. Through these efforts, on the equity side we seek to maintain and improve the distributions level in the medium to long term and aim for the sustainable growth of unitholders value.

• A "diversified REIT" is a real estate investment corporation that invests in a variety of sectors of real estate, etc., such as offices, retail facilities, residential properties, logistics facilities, hotels and others.
• The "ORIX Synergy" refers to the cooperative relationship between OJR, ORIX Corporation and its group companies.
• "Direct property management" is the supplementation of property management operations by OJR’s asset management company, ORIX Asset Management Corporation, through leasing activities, adding of value to properties and other means while utilizing ORIX Synergy.
• As for flexible leasing options as a diversified REIT, we may seek rent growth opportunities by converting usage of our properties. e.g. inviting a retail tenant to our office space.

Growth Strategy