We classify our properties into the following four groups:

Urban Multi-tenant Retail Properties (UM) Retail properties that we classify as urban multi-tenant retail properties are typically properties in large cities, such as Tokyo, Osaka and Fukuoka, with respect to which we have lease agreements with multiple tenants. Suburban Multi-tenant Retail Properties (SM) Retail properties that we classify as a suburban multi-tenant retail properties are typically properties in suburban areas outside large cities, with respect to which we have lease agreements with multiple tenants. Urban Single-tenant Retail Properties (US) Retail properties that we classify as urban single-tenant retail properties are typically properties in large cities, with respect to which we have long-term master lease agreements with single anchor tenants. Suburban Single-tenant Retail Properties (SS) Retail properties that we classify as a suburban single-tenant retail properties are typically properties in suburban areas outside large cities, with respect to which we have long-term master lease agreements with single anchor tenants.

We also classify the properties by investment style into two groups: income-type and growth-type.

Income-type An income-type property is a property that we believe provides stable cash flow in the medium to long-term pursuant to long-term leases with tenants that pay fixed rents. Growth-type A growth-type property is a property that we believe offers potential growth in property value and cash flow by linking a portion of our rental revenues to the business performance of certain tenants, with fixed minimum rents or scheduled minimum rent increases, as well as through active property management to improve tenant quality and occupancy rates.