Frontier Real Estate Investment : Investors Presentation December 2022 (37th period) results

Contents

1. Overview of FRI

Overview of FRI	・・・・	4
Management strategy	・・・・	5
Portfolio asset categories	・・・・	6
Portfolio map	・・・・	9
Track record	・・・・	10
2. Financial results and forecasts
Summary	・・・・	12
Distribution per unit	・・・・	13
37th period results	・・・・	14
Forecasts	・・・・	15
Stable distributions	・・・・	16
Key Indicators	・・・・	17
3. Management highlights
Operating status of existing properties	・・・・	１９
End tenant sales (vs. same month in 2019)	・・・・	2０
Financial position	・・・・	2１
Sustainability	・・・・	2２
4. Portfolio overview
Portfolio summary	・・・・	２９
Rent revision and lease maturity schedules	・・・・	3１
Overview of leasing contracts	・・・・	3３

5．Appendix

Disclaimer

• All content in this document is provided solely for informational purposes and is not intended to serve as an inducement or solicitation to trade in any product offered by FRI. Investment decisions are made at the investors' discretion and risk. FRI disclaims any responsibility or liability for the consequences of investing in FRI.
• Investment units issued by FRI are subject to price fluctuations due to various factors, including: (1) volatility in the J-REIT market, interest rates and the real estate market; (2) fluctuations in rental revenues from properties; and (3) the occurrence of unexpected losses due to natural disasters. Accordingly, investment in FRI entails the risk of incurring a loss. For more details, please also refer to a section titled "Investment Risk" presented in the Securities Registration Statement (Prospectus) and the Securities Report issued by FRI.
• Information provided in this document contains such forward-looking statements as business forecasts, which should not be construed as commitment to or guarantee of future performance.
• The information provided in this document was originally published in Japanese language form and has been translated for reference purposes only. FRI guarantees neither the completeness nor the accuracy of this English translation. Please be advised that all information provided herein may be subject to change without prior notice.
• Duplication or reproduction of any content presented herein without the prior consent of FRI or its authorized representative is strictly prohibited.

Asset management company: Mitsui Fudosan Frontier REIT Management Inc.

(Financial Instruments Business Registration No. 395; issued by Director- General of the Kanto Finance Bureau based on the Financial Instruments and Exchange Law)

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1. Overview of FRI

Overview of FRI

●Corporate profile

Name

TSE Listing

Sponsor

Frontier Real Estate Investment Corporation ("FRI") August 9, 2004 Securities code: 8964

Mitsui Fudosan Co., Ltd.

Changed from Japan Tobacco Inc. as of March 2008

Key properties

Investment target	Retail facilities
Fiscal period-ends	June 30, December 31
Investment units issued 541,000
Asset management	Mitsui Fudosan Frontier REIT Management Inc.
company	(Wholly owned subsidiary of Mitsui Fudosan Co., Ltd.)
●Portfolio
Asset size
(based on acquisition	39 properties; ¥357.6 billion
prices)
Geographic	Tokyo metropolitan area: 55.0%; Other: 45.0%
distribution1
Total leasable floor	1,394,443㎡
space
Occupancy rate	99.9％
●Financial indicators
LTV2	44.0%
Appraisal-based LTV3	35.3%
Ratings	JCR: AA Stable; R&I: AA－ Stable; S&P: A+ Stable
●Distributions
37th period	¥11,122 per unit
38th period forecast4	¥10,990 per unit 39th period forecast4 ¥10,500 per unit

1. Calculated based on the annualized fixed rent (excluding common area maintenance charges) of lease contracts valid as of December 31, 2022. Variable rent is not taken into account.
2. Loan-to-valueratio = (Borrowings and bonds + Leasehold and security deposits - Unrestricted cash and deposits★) / (Balance of total assets - Unrestricted cash and deposits); same shall apply to all succeeding occurrences of LTV

Mitsui Shopping Park	Mitsui Outlet Park IRUMA
LaLaport SHIN-MISATO

Mitsui Shopping Park	Mitsui Shopping Park
LaLaport IWATA	LaLagarden KASUKABE

GINZA GLASSE

Shinsaibashi Square

1. Appraisal-basedLTV = (Borrowings and bonds + Leasehold and security deposits - Unrestricted cash and deposits) / (Balance of total assets + Unrealized gain Unrestricted cash and deposits★); same shall apply to all succeeding occurrences of appraisal-based LTV
2. Forecasts given here are as announced in "Summary of Financial Results for the 37th
   Fiscal Period," published on February 15, 2023. The same applies throughout this document.

• Unrestricted cash and deposits = Cash and cash equivalents at the end of the period - distributions for the period

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