REIT Securities Issuer:
Securities Code:
Representative:(REIT) Financial Report for the Fiscal Period Ended February 2022

April 13, 2022
Listing: Tokyo Stock Exchange
URL: https://xymaxreit.co.jp/en/index.html

XYMAX REIT Investment Corporation
3488
Shotaro Kanemitsu, Executive Director

Asset Management Company: XYMAX REAL ESTATE INVESTMENT ADVISORS Corporation
Representative:
Shotaro Kanemitsu, Representative Director and President
Contact:
Tatsuya Nakayama, Head of Business Planning Division
TEL: +81-3-5544-6880
Scheduled date for submission of securities report:
Scheduled date for commencement of distribution payment:
Supplementary materials for financial results:
Financial results briefing session:1.

May 30, 2022
May 20, 2022

Yes
Yes (for institutional investors and analysts)(Amounts are rounded down to the nearest million yen)
Status of Management and Assets for the Fiscal Period Ended February 2022(from September 1, 2021 to February 28, 2022)(1) Results of Operations(% figures are the rate of period-on-period increase (decrease))

Fiscal period
ended Feb. 2022
Fiscal period
ended Aug. 2021

Operating revenue
million yen
%
1,611
1,305

23.5

(2) Distribution

Fiscal period
ended Feb. 2022
Fiscal period
ended Aug. 2021

yen

701

(2.1)

%

3.7

2,899
Total
distribution(excluding
distribution
in excess ofearnings)
million yen

2,900

647

870

Distribution
in excess ofearnings
per unityen-

Total assets
million yen

Net assets
million yen

38,971

23,233

41,249Ordinary income
million yen
%
871

34.3

648

(0.4)

Ratio ofordinary income tototal assets

23,456

%

2.2

2.8

Distribution
per unit(excluding
distribution
in excess ofearnings)
yen
3,896

35.0

Return on equity

3,895(3) Financial Position
Fiscal period
ended Feb. 2022
Fiscal period
ended Aug. 2021

946

0.9

Net income per unit
Fiscal period
ended Feb. 2022
Fiscal period
ended Aug. 2021

Operating income
million yen%

Net income
million yen
870
647

100.0

Equity ratio

%

49.7

%

-

(0.4)

54.1

Payout ratio

million yen

34.3

Ratio ofordinary income tooperating revenue

1.7
Total
distribution
in excess ofearnings%

100.0

Ratio ofdistribution to
net assets

%

3.7
2.8

%

Net assets per unit
yen

59.6

104,000

56.9

104,996(4) Cash Flows

Fiscal period
ended Feb. 2022
Fiscal period
ended Aug. 2021
2.

Net cashprovided by (used in)operating activities
million yen

Net cashprovided by (used in)investing activities
million yen

Net cashprovided by (used in)financing activities
million yen

Cash andcash equivalents
at end of period
million yen

783(1,393)

619

2,877

2,583

(3,163)

1,002

3,299

Operating Forecasts for the Fiscal Period Ending August 2022 (from March 1, 2022 to August 31, 2022) and Fiscal PeriodEnding February 2023 (from September 1, 2022 to February 28, 2023)(% figures are the rate of period-on-period increase (decrease))

Operating revenue Operating income

Ordinary income

Net income

Distribution
per unit(excluding
distribution
in excess ofearnings)

Distribution
in excess ofearnings
per unit

mn yen% mn yen% mn yen% mn yen%yen
yenFiscal period
1,825
39.8
1,086
54.9
966
49.0
965
49.0
3,867
ended Aug. 2022
Fiscal period
1,597(12.5)
880(18.9)
772(20.1)
771(20.1)
3,091
ended Feb. 2023
(Reference) Forecast net income per unit
(Forecast net income ÷ Forecast total number of investment units issued and outstanding at end of period)
Fiscal period ending August 2022: 3,866 yen Fiscal period ending February 2023: 3,090 yen* Other(1) Changes in Accounting Policies, Accounting Estimates, and Retrospective Restatements
i. Changes in accounting policies accompanying amendments to accounting standards, etc.:
ii. Changes in accounting policies other than i.:iii. Changes in accounting estimates:
iv. Retrospective restatements:(Note) Please see “Notes concerning the change of accounting policy” on page 16.

Yes
None
None
None

(2) Total number of investment units issued and outstandingi. Total number of investment units issued and outstanding (including treasury investment units) at end of period
Fiscal period ended Feb. 2022
223,400 units
Fiscal period ended Aug. 2021
223,400 units
ii. Number of treasury investment units at end of period
Fiscal period ended Feb. 2022
0 units
Fiscal period ended Aug. 2021

(Note)

0units

For the number of investment units serving as the basis for calculation of net income per unit, please see “Notes on Per Unit Information”
on page 25.

* This Financial Report is not subject to the audit by the certified public accountant and/or audit corporation* Explanation of Appropriate Use of Operating Forecasts, and Other Matters of Special Note
The operating forecasts and other forward-looking statements contained in this document are based on information currently
available to and certain assumptions deemed reasonable by XYMAX REIT. Accordingly, the actual results of operations, etc. may
differ materially due to various factors. Key factors that could affect the actual operational status include a decline in rent revenue,
non-payment of rent and bankruptcy of tenants occupying owned properties, as a result of the further spread of the newcoronavirus infectious diseases (COVID-19) and the prolongation of the period until the contagion converges. Factors affecting
the investment status are not limited to these. In addition, the forecasts are not a guarantee of the amount of distribution. For
the assumptions underlying the operating forecasts, matters of note in the use of the operating forecasts, etc., please see“Assumptions Underlying the Operating Forecasts for the Fiscal Period Ending August 2022 (from March 1, 2022 to August 31,2022) and Fiscal Period February 2023 (from September 1, 2022 to February 28, 2023)” on page 7. Accordingly, the actual
operating revenue, operating income, ordinary income, net income, distribution per unit and distribution in excess of earnings
per unit may vary due to changes in the circumstances.

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

Table of Contents
1. Management Status ............................................................................................................................................................................. 2(1) Overview of the Fiscal Period under Review ............................................................................................................................... 2(2) Outlook for the Next Fiscal Period ................................................................................................................................................ 3
2. Financial Statements ........................................................................................................................................................................... 9(1) Balance Sheet ................................................................................................................................................................................. 9(2) Statement of Income ................................................................................................................................................................... 11(3) Statement of Unitholders’ Equity ............................................................................................................................................... 12(4) Statement of Cash Distribution .................................................................................................................................................. 13(5) Statement of Cash Flows ............................................................................................................................................................. 14(6) Notes on the Going Concern Assumption .................................................................................................................................. 15(7) Notes on Matters Concerning Significant Accounting Policies ................................................................................................. 15(8) Notes concerning the change of accounting policy ................................................................................................................... 16(9) Notes on the Financial Statements ............................................................................................................................................. 16(10)Changes in Total Number of Investment Units Issued and Outstanding ................................................................................ 26
3. Reference Information ...................................................................................................................................................................... 27(1) Investment Status ........................................................................................................................................................................ 27(2) Investment Assets ....................................................................................................................................................................... 28-1-

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

1. Management Status(1) Overview of the Fiscal Period under Review
I.
Brief History of the Investment Corporation

XYMAX REIT was incorporated under the Act on Investment Trusts and Investment Corporations (Act No. 198 of1951, as amended) (hereinafter, the “Investment Trusts Act”) with XYMAX REAL ESTATE INVESTMENT ADVISORS

Corporation (hereinafter, the “Asset Management Company”) as the organizer and investments in capital of 300
million yen (3,000 units) on September 14, 2017, and completed the registration with the Kanto Local Finance
Bureau on October 31, 2017 (Registration No. 131 with the Director-General of the Kanto Local Finance Bureau).
Later, XYMAX REIT implemented an issuance of new investment units through public offering (209,905 units) with
February 14, 2018 as the payment due date, and listed on the Real Estate Investment Trust Securities Market of Tokyo
Stock Exchange, Inc. (hereinafter, “Tokyo Stock Exchange”) on February 15, 2018 (securities code: 3488). In addition,

an issuance of new investment units through third-party allotment (10,495 units) was implemented on March 20,
2018.
These resulted in total number of investment units issued and outstanding of 223,400 units as of the last day of the
fiscal period.

XYMAX REIT utilizes the real estate management (Note 1) strengths of the XYMAX Group (Note 2) to conduct
appropriate portfolio management and thereby maximize the value of real estate with the aim of maximizing
unitholder value.
(Note1)(Note2)II.

“Real estate management” collectively refers to property management, comprehensive building
maintenance services, and combined property management and comprehensive building maintenanceservices (including cases where contracted with such services in subleasing cases). The same shall apply
hereinafter.

“XYMAX Group” refers to the corporate group comprising XYMAX Corporation and its consolidated
subsidiaries and affiliates accounted for using the equity method. The same shall apply hereinafter.

Management Environments

With regard to the economic environment during the fiscal period under review, the spread of COVID-19 stabilized,
and the recovery in consumer spending following the resumption of economic activities had an impact. As a result, thereal GDP growth rate for the fourth quarter of 2021 increased by 1.1% (an annualized increase of 4.6%). With regard to
financial markets, according to "Loans and Discounts Outstanding by Sector" published by the Bank of Japan, total loans
outstanding as of the end of December 2021 were 547 trillion yen and loans outstanding for real estate were 91.3
trillion yen, which remained at extremely high levels. We believe that trends in capital markets and financial markets

need to continue to be closely monitored, as there are concerns over the impact on J-REIT market from the next fiscal
period onwards of rising interest rates in each country, the Ukrainian situation, and the future infectious conditions of
COVID-19.
Under these circumstances, the following developments have been observed in the markets for office, retail andhotels and the real estate buy/sell market, in which XYMAX REIT is primarily invested.
As for offices, according to "Office Market Report Tokyo 2021Q4" (Note) published by Xymax Real Estate InstituteCorporation, the vacancy rate in the 23 wards of Tokyo in the fourth quarter of 2021 increased by 0.17 percentage
points from the previous quarter to 3.58%. Although the vacancy rate rose for seven consecutive quarters, the degree ofincrease in the vacancy rate has moderated. There have also been moves, such as certain rent reductions by owners andthe granting of free rents contributing to the attraction of tenants, which has shortened the time between the notice ofcancellation of current tenants and the decision of a successor tenant.
Regarding retail facilities, according to the Ministry of Economy, Trade and Industry's Current Survey of Commerce,

retail sales in the fourth quarter of 2021 increased by 1.3% from the same quarter of the previous year. Sales atsupermarkets and drugstores, which mainly sell daily necessities, remained firm even under the impact of the spread of
COVID-19. In addition, according to a survey of trends in the service industry conducted by the Statistics Bureau of the
Ministry of Internal Affairs and Communications, restaurant sales declined 7.0% from the same quarter of the previous
year, and a full-fledged recovery is expected to take time.
As for hotels, according to the Japan Tourism Agency's Accommodation Travel Statistical Survey, the total number ofguests increased 4.2% year on year in the second half of 2021 (July-December). The movement of people domesticallyand abroad and the relaxation of restrictions due to COVID-19 continue to fluctuate. However, compared to the second-2-

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

half of 2020, when Go To travel campaigns were implemented, such as in Miyagi Prefecture, where Hotel Vista Sendai
owned by XYMAX REIT is located, there are signs of a slight recovery, with the total number of guests increasing insome areas in the second half of 2021.
With regard to the real estate trading market, the real estate market is active and real estate prices have been in ahigh price range against the backdrop of a favorable financing environment and continued strong demand fromoverseas investors.

(NOTE) For more information on the survey, please refer to the website (https://soken.xymax.co.jp/) of Xymax Real Estate Institute Co., Ltd.

III. Management Status
As of the last day of the fiscal period under review, XYMAX REIT had 16 properties in its portfolio. Its total acquisition
price stood at 37,208 million yen, a total leasable area at 82,725.73 m2 and total leased area at 82,335.25 m2. The
occupancy rate as of the last day of the fiscal period under review was 99.5%.

IV. Financing Status(Equity Financing)In the fiscal period under review, XYMAX REIT did not procure funds through issuance of new investment units. Asof the last day of the fiscal period under review, unitholders’ capital was 22,585 million yen.

(Debt Financing)In the fiscal period under review, XYMAX REIT refinanced short-term loans of 1,770 million yen and long-term loansof 3,088 million yen on January 31, 2022 and borrowed a new loan of 1,650 million yen for the purpose to allocate
the funds to the purchase price of the new assets, etc.

V.

As a result, as of the last day of the fiscal period under review, the balance of loans outstanding was 15,700 million
yen.

Overview of Business Performance

Business performance in the fiscal period under review resulted in operating revenue of 1,611 million yen, operating
income of 946 million yen, ordinary income of 871 million yen and net income of 870 million yen.
Concerning distribution for the fiscal period under review, pursuant to the distribution policy provided in XYMAXREIT’s Articles of Incorporation, the decision was made to distribute unappropriated retained earnings in theamount of 870,366,400 yen, which is the largest integral multiple of the total number of investment units issued andoutstanding (223,400 units) by application of special provisions for taxation on investment corporations (Article 67-

15 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957, as amended)). This resulted in
distribution per unit of 3,896 yen.

(2) Outlook for the Next Fiscal Period

I. General Management Outlook(A) External Growth Strategy

Capture wide range of real estate disposition needs through real estate management customer base
XYMAX REIT captures real estate disposition needs from the customer base of the XYMAX Group based on a sponsor

support agreement with XYMAX Corporation with the aim to lead such needs to property acquisition opportunities
for XYMAX REIT.

(B) Internal Growth Strategy

Utilization of the real estate management insight and know-how and network of the XYMAX GroupThrough the sponsor support agreement with XYMAX Group, XYMAX REIT is provided with various real estate

management insight, know-how, databases, management systems, private fund management experience, etc. On thisbasis, XYMAX REIT can and will perform stable and efficient management.

(C) Financial Strategy
Financial management with emphasis on stability and soundness, and LTV ratio control

XYMAX REIT shall execute a financial strategy that places emphasis on stability and soundness and secure agility infund procurement, taking into consideration the securing of stable revenue over the medium to long term, steady
growth in size of assets under management and stability of management.
-3-

II.

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

Significant Subsequent Events
Issuance of new investment unitsXYMAX REIT made a resolution at a meeting of its Board of Directors held on February 10, 2022 to issue newinvestment units for the purpose of allocating the funds to the part of purchase price of the assets acquired on March
2, 2022, etc. as follows. The payment for issuance of new investment units through public offering was completed
on March 1, 2022, and the payment for issuance of new investment units through third-party allotment wascompleted on March 28, 2022, respectively. As a result, the total unitholders’ capital is 25,440,013,500 yen and thetotal number of outstanding investment units is 249,650 units as of March 28, 2022.
(Issuance of new investment units through public offering)Number of new investment units to be issued
25,000 units
Issue priceTotal issue price

113,024 yen per unit
2,825,600,000 yen

Issue amount
Total issue amount

108,734 yen per unit
2,718,350,000 yen

Payment due date
Distribution start date

March 1, 2022
March 1, 2022

(New Investment Units to be Issued Through Third‐Party Allotment)
Number of new investment units to be issued
Issue amount
Total issue amountPayment due date

Distribution start date
Allottee

1,250 units
108,734 yen per unit

135,917,500 yen
March 28, 2022

March 1, 2022
SMBC Nikko Securities Inc.

(Reference Information)(A) Acquisition of Assets

XYMAX REIT acquired assets below;

Classification
OfficeOfficeOther(Residential)

Asset no.
(Note 1)

Asset name

OF-09

XYMAX Sapporo
Odori Building

OT-02

L-Place
Nishikasai

OF-10

XYMAX Kiba
koen Building

Location

Acquisition date

Sapporo-shi,
Hokkaido

SellersMar. 2, 2022

Undisclosed

Edogawa-ku,
Tokyo

Mar. 2, 2022

JDC
CORPORATION

Koto-ku, Tokyo

Total

Mar. 2, 2022

Undisclosed

Acquisition price Appraisal value(million yen)(million yen)
(Note 2)
(Note 3)

4,707

4,910

901

996

2,003
7,611

2,150
8,056

(Note 1) “Asset No.” refers to the property codes and numbers according to the type of the asset held by XYMAX REIT. For each code,
OF represents Office, RT represents Retail, HT represents Hotel, and OT represents other. The same shall apply hereinafter.
(Note 2) “Acquisition price” is the purchase price of the asset as set forth in the purchase and sale agreement.
The purchase price does not include national and local consumption taxes nor acquisition costs and is rounded down to the nearest
million yen. The same shall apply hereinafter.
(Note 3) "Appraisal value" is the value stated in the real estate appraisal report with the price as of January 1, 2022.
XYMAX Sapporo Odori Building and XYMAX Kiba koen Building were appraised by Japan Real Estate Institute and L-Place Nishikasai
was by The Tanizawa Sō gō Appraisal Co., Ltd.

(B) Borrowing of Funds

XYMAX REIT borrowed the loans for the purpose to allocate the funds to the purchase price of the new assets, etc.
acquired on March 2, 2022 as follows;-4-

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
Term
(Note 1)

BorrowingAmount(millionyen)

Lenders

Short-term Mizuho Bank, Ltd.

Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Resona Bank, Limited
The Hiroshima Bank, Ltd.

Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Resona Bank, Limited

Long-term Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Aozora Bank, Ltd.
The Nanto Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Aozora Bank, Ltd.
The Nanto Bank, Ltd.
Kansai Mirai Bank, Limited
Total

345
950

Interest rate

Base rate + 0.150%(Note 3)(Note 4)

Drawdown Date

Borrowing
Method

0.37500％(Note 4)200

Base rate + 0.350%(Note 3)(Note 4)1,200

0.49500％(Note 4)1,400

0.62000％(Note 4)1,250

0.74750％(Note 4)

5,345-

Maturity
Date(Note 2)January 31,
2023

Principal
RepaymCollateralentmethodJanuary 31,
2024
January 31,
2025

March 2,
2022

Borrowingbased on a
January 31, LumpLoan
sum Unsecured
2025
agreement
repayme unguarantewith theednt atlenders
maturity
shown at left
as lender
January 31,
2026

January 31,
2027
-

-

-

-

(Note 1) “Short-term” refers to borrowing for a period from the drawdown date to the maturity date of one year or less. “Long-term” refers
to borrowing for a period from the drawdown date to the maturity date of more than one year.
(Note 2) If the maturity date is a non-business day, it shall be the following business day. If such day falls in the following month, it shall be
the immediately preceding business day.
(Note 3) The base rate applicable to the period for the calculation of the interest payable on an interest payment dateis the JBA one- month Japanese Yen TIBOR as of a date two business days prior to the interest payment date
immediately preceding each interest payment date. However, if the base rate applicable to the calculation period
doesn’t exist, the base rate will be the one corresponding to the period that will be calculated based on amethod provided in the agreement. Please refer the website of the JBA TIBOR Administration(http://www.jbatibor.or.jp/english) for the JBA Japanese Yen TIBOR.
(Note 4) The interest payment will be made on March 31, 2022 and the last day of each month thereafter as well as on the maturity date.
(If an interest payment date is a non-business day, it shall be the following business day. If such day falls in the following month, it
shall be the immediately preceding business day.)(Note 5) During the period from the abovementioned drawdown to the maturity date, XYMAX REIT may make early repayment of loans, inwhole or in part, if XYMAX REIT gives prior written notice and other certain terms and conditions are met.

(C) Disposition of Domestic Real Estate Trust Beneficiary RightXYMAX REIT disposed the domestic real estate beneficiary right as described below.
Classification
Other(Residential)

Asset no.
(Note 1)

Asset name

OT-01

Renaissance 21
ChihayaLocation(i)

Fukuokashi,(ii)
Fukuoka

Date of disposition

January 31,
2022
March 31,2022

Purchaser

Sales price (Million yen) (Note 2)

Japan
(i)
Metropolitan
Fund Investment (ii)
Corporation

1,640 (50% quasi-coownership interest)
1,640 (50% quasi-coownership interest)(Note 1) “Asset No.” refers to the property codes and numbers according to the type of the asset held by XYMAX REIT. For each code,
OF represents Office, RT represents Retail, HT represents Hotel, and OT represents other. The same shall apply hereinafter.
(Note 2) “Sales price” is rounded down to the nearest million yen for the sales price of the asset disposed (excluding various expenses such as
consumption tax, local consumption tax, transfer expenses and settlement amount of fixed property tax and city planning tax).

-5-

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
III. Operating Forecasts

XYMAX REIT’s operating forecasts for the fiscal period Ending August 2022 (from March 1, 2022 to August 31, 2022)
and Fiscal Period Ending February 2023 (from September 1, 2022 to February 28, 2023) are as follows:
Distribution
per unit
Distribution
OperatingOperating
Ordinary(excluding
in excess of
Net income
revenueincomeincomedistribution
earnings
in excess of
per unit
earnings)
million yen
million yen
million yen
million yen
yenyen
Fiscal period
1,825
1,086
966
965
3,867
ending Aug. 2022
Fiscal period
1,597
880
772
771
3,091
ending Feb. 2023
Furthermore, for the assumptions underlying the operating forecasts, please refer to “Assumptions Underlying the
Operating Forecasts for the Fiscal Period Ending August 2022 (from March 1, 2022 to August 31, 2022) and Fiscal

Period Ending February 2023 (from September 1, 2022 to February 28, 2023)” presented later in this document.
(Note)

The forecast figures above are the current forecast figures calculated under certain assumptions. Accordingly, the actual operating
revenue, operating income, ordinary income, net income, distribution per unit and distribution in excess of earnings per unit mayvary due to changes in the circumstances. In addition, the forecasts are not a guarantee of the amount of distribution.

-6-

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

Assumptions Underlying the Operating Forecasts for the Fiscal Period Ending August 2022 (from March 1, 2022 to August 31,2022) and Fiscal Period Ending February 2023 (from September 1, 2022 to February 28, 2023)
Item

Accounting
periodAssets undermanagement

Operatingrevenue

Assumption

 Fiscal period ending August 2022 (9th fiscal period)(from March 1, 2022 to August 31, 2022) (184 days)
 Fiscal period ending February 2023 (10th fiscal period)(from September 1, 2022 to February 28, 2023) (181 days) The assumption is that in addition to the 16 actual real estate and real estate trust beneficiary rights
held by XYMAX REIT at the end of fiscal period ended February 2022, XYMAX Sapporo Odori Building,
XYMAX Kiba koen Building and L-Place Nishikasai acquired on March 2, 2022, and excluding
Renaissance 21 Chihaya (50% of quasi-co-ownership)completely disposed on March 31, 2022, total of
18 properties (hereinafter, the “current portfolio assets”) will continue to be held and there will be no
acquisition of new properties other than the current portfolio assets through to the end of the fiscal
period ending February 2023 (10th fiscal period).
 Change may arise due to acquisition of new properties other than the current portfolio assets,
disposition of the current portfolio assets, etc.
 Operating revenue from leasing is calculated on the basis of various factors, such as the content of leaseagreements entered into for the current portfolio assets and past tenant and market trends, and by
taking into account various factors, such as the assumed occupancy rate and rent fluctuation projections
based on tenant move-in/move-out and rent level projections.
 Variable rent is budgeted assuming that the negative impact of the spread of COVID-19 will be
prolonged at least more than 12 month onward. Therefore, XYMAX REIT assumes conservatively thatno variable rents occur for both fiscal period ending August 2022(9th fiscal period) and fiscal period
ending February 2023(10th fiscal period) in reference to the operating budget prepared by theoperator.
[Hotel Vista Sendai](1) From March 2022 to August 2022
Fixed rent: 20 million yen per month
Variable rent: Calculated by multiplying the amount obtained by subtracting 21 million yen fromthe GOP of the current month (Note 1) by a certain percentage (Note 2).
(2) From September 2022 onwards
Fixed rent: 20.5 million yen per month
Variable rent: Calculated by multiplying the amount obtained by dividing the total GOP of past 12
month (including the preceding month) by 12 then subtract 21.5 million yen (Note1), by certain
percentage(Note2)(Note1) If the amount obtained becomes negative, the variable rent for the current month shall be 0 yen.
(Note2) The percentage shall not be disclosed because the consent of the Lessee has not been obtained.

Operatingexpenses Assumed the gain on sale of disposed asset (excluding cost and expenses relating to the disposition)in fiscal period ending August 2022 (the 9th fiscal period) The assumption is that there will be no delinquent or unpaid rent by tenants and no gain (loss) on salesof real estate properties.
 Of operating expenses, the main components are as follows:
Fiscal period
Fiscal period
ending Aug. 2022
ending Feb. 2023
(9th fiscal period) (10th fiscal period)
Expenses related to leasing business [Total]
545 million yen
558 million yen
Management fees
107 million yen
107 million yen
Repair expenses
42 million yen
43 million yen
Property taxes
133 million yen
133 million yen
Depreciation
157 million yen
164 million yen
Other than expenses related to leasing business
193 million yen
158 million yen[Total]Asset management fees
123 million yen
96 million yen
 Expenses related to leasing business, which are the main operating expenses, are calculated on thebasis of historical data at XYMAX REIT (historical data disclosed by the previous owner, etc. in the caseof periods for which there is no historical data at XYMAX REIT) and by taking into consideration factors
causing fluctuation in expenses.
 Depreciation is calculated using the straight-line method inclusive of incidental expenses, etc.
 Repair expenses are the amount necessary in each fiscal period as assumed on a property-by-property
basis by the Asset Management Company. However, repair expenses possibly increasing in amount or
additionally arising from unforeseeable factors, the amount generally tending to vary materially fromfiscal year to fiscal year and not being an amount that arises periodically, etc. may result in repair
expenses for each fiscal period differing materially from the forecast amount.
-7-

Item

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

Non-operating
expenses

Interest-bearing
liabilities

Investment units
Distribution
per unit(excluding
distribution
in excess ofearnings)
Distribution
in excess ofearnings
per unit
Other

Assumption

 For the fiscal period ending August 2022 (9th fiscal period), interest expenses and other borrowing
related expenses are assumed to be 114 million yen.
 For the fiscal period ending February 2023 (10th fiscal period), interest expenses and other borrowing
related expenses are assumed to be 102 million yen.
 Issuance cost for the issuance of new investment units will be amortized monthly in three-years fromthe month new investment units issued. 5 million yen in fiscal period ending August 2022 (9th fiscal
period) and 5 million yen in fiscal period ending February 2023 (10th fiscal period).
 The assumption is that total interest-bearing liabilities will be 19,945 million yen at the end of the fiscal
period ending August 2022 (9th fiscal period) and 19,715 million yen at the end of the fiscal period
ending February 2023 (10th fiscal period). Short-term loans of 345 million yen and long-term loans of
2,796 million are due in the fiscal period ending February 2023. The assumption is that these loans will
be repaid with funds on hand and funds procured through loans, etc.
 LTV ratio is expected to be 40.9% at the end of the fiscal period ending August 2022 (9th fiscal period)and 40.8% at the end of the fiscal period ending February 2023 (10th fiscal period). In addition, thefollowing formula is used in the calculation of LTV ratio.
LTV ratio = Total interest-bearing liabilities ÷ Total assets × 100
 The assumption is the total number of investment units issued and outstanding is 249,650 units as oftoday and that there will be no change in the number of investment units due to issuance of new
investment units, etc. through to the end of the fiscal period ending February 2023 (10th fiscal period).
 Distribution per unit (excluding distribution in excess of earnings) and distribution in excess ofearnings per unit are calculated on the basis of the forecast total number of investment units issued
and outstanding at the end of the fiscal period ending August 2022 (9th fiscal period) and fiscal period
ending February 2023 (10th fiscal period) of 249,650 units.
 Distribution per unit (excluding distribution in excess of earnings) is calculated based on theassumption that distribution will be in accordance with the cash distribution policy provided in XYMAXREIT’s Articles of Incorporation.
 Distribution per unit (excluding distribution in excess of earnings) may vary due to various factors,
such as fluctuation in rent revenue accompanying change in assets under management, change intenants, etc. or incurrence of unexpected repairs.
 No cash distribution in excess of earnings (distribution in excess of earnings per unit) is scheduled tobe made at this point in time.

 The assumption is that there will be no revision of laws and regulations, tax systems, accounting

standards, listing regulations provided by Tokyo Stock Exchange, rules provided by The Investment
Trusts Association, Japan, etc. that will impact the forecast figures above.
 The assumption is that there will be no unforeseen material change in general economic trends, realestate market conditions, etc.

-8-

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

2. Financial Statements(1) Balance Sheet

AssetsCurrent assets
Cash and bank deposits
Cash and bank deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes refund receivable
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings(Unit: thousand yen)

7th fiscal period(As of Aug. 31, 2021)

Accumulated depreciation

8th fiscal period(As of Feb. 28, 2022)

973,089
1,904,372
28,27533,683
19,212694
2,959,327

1,219,048
2,080,797
19,412
41,776
6,124
3,367,159

308,882(1,175 )308,882(4,701 )

307,707

Buildings, net

1,814

Structures(11 )Accumulated depreciation

1,802

Structures, net

Machinery and equipment

Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Investments and other assets
Long-term prepaid expenses
Deferred tax assets
Lease and guarantee deposits
Other
Total investments and other assets
Total non-current assets
Total assets

(45 )

1,768

10,65910,592
109,618(86,980 )
22,637229,752
9,895,194(784,826 )
9,110,368
74,366(7,573 )66,79330,755(8,511 )22,243
26,138,580
2,006
35,912,484

10,389109,618(91,467 )
18,151
229,752
9,196,322(839,067 )
8,357,255
65,930(7,812 )58,11832,597(11,200 )21,39628,745,430
37,746,444

36,432
13
22,60040,57999,62536,012,109
38,971,437

-9-

1,814

10,659(67 )Accumulated depreciation

304,181(270 )

54,09813
22,60058,999135,71137,882,156
41,249,315

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

7th fiscal period(As of Aug. 31, 2021)
81,2671,770,000
3,088,000
96,729878
202,993
4,577
5,244,446

8th fiscal period(As of Feb. 28, 2022)

90,854
1,100,000
2,796,000
209,246876
142,898
202,992
2,045
4,544,914

9,192,000
33,3491,267,943
10,493,292
15,737,739

11,804,000
33,3491,410,853
13,248,202
17,793,116

22,585,746

22,585,746

647,952
23,233,698*１ 23,233,698
38,971,437

870,452
23,456,198*１ 23,456,198
41,249,315

647,952- 10 -(Unit: thousand yen)

870,452

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

(2) Statement of Income

Operating revenue
Leasing business revenue
Other leasing business revenue
Gain on sale of real estate property
Total operating revenue
Operating expenses
Expenses related to leasing business
Asset management fees
Asset custody fees
Administrative service fees
Directors’ compensations
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Settlement income on Property tax, etc.
Interest on refund
Gain on forfeiture of unclaimed distributions
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing related expenses
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)(Unit: thousand yen)

7th fiscal period
From: Mar. 1, 2021
To: Aug. 31, 2021
*１

1,193,065
112,400
1,305,465

1,289,778
102,432*２ 219,655
1,611,865

13
129
11
154

14
65
56
136

*１

*１

481,704
76,297876
10,0742,400
32,768604,122
701,343

41,498
11,25852,757648,740
648,740880
0881
647,85992
647,952- 11 -

8th fiscal period
From: Sep. 1, 2021
To: Feb. 28, 2022
*１

*１

*１

490,977
113,258
1,056
11,4372,400
45,834
664,965
946,900

42,79133,00675,797871,239871,239878
0879
870,360
92
870,452

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

(3) Statement of Unitholders’ Equity

7th fiscal period (from March 1, 2021 to August 31, 2021)(Unit: thousand yen)

Unitholders’ equity

Unitholders’ capital

22,585,746

Balance as ofMarch 1, 2021
Changes of items
during period

Dividends of surplus
Net income

Total changes
during period
Balance as ofAugust 31, 2021

*1-

22,585,746

Surplus

Unappropriatedretained earnings(undisposed loss)

650,410Total
surplus650,410

Total
unitholders’ equity

23,236,156

23,236,156(650,317)(650,317)(650,317)(650,317)

647,952

647,952

23,233,698

23,233,698

647,859

647,859(2,457)(2,457)

647,859(2,457)8th fiscal period (from September 1, 2021 to February 28, 2022)

Balance as of
September 1, 2021
Changes of items
during period

22,585,746

Dividends of surplus
Net income

Total changes
during period
Balance as ofFebruary 28, 2022

*1-

22,585,746

Surplus

Unappropriatedretained earnings(undisposed loss)

647,952

647,859(2,457)(Unit: thousand yen)

Unitholders’ equity

Unitholders’ capital

Total
net assets

Total
surplus647,952

Total
unitholders’ equity

Total
net assets

23,233,698

23,233,698(647,860)(647,860)(647,860)(647,860)

222,500

222,500

222,500

222,500

870,360
870,452- 12 -

870,360
870,452

870,360

23,456,198

870,360

23,456,198

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

(4) Statement of Cash Distribution

I.
II.

Classification

Unappropriated retained earnings
Amount of distribution[Amount of distribution per unit]
III. Retained earnings carried forward
Method of calculation ofamount of distribution

7th fiscal period
From: Mar. 1, 2021
To: Aug. 31, 2021

647,952,287 yen
647,860,000 yen[2,900 yen]
92,287 yen

8th fiscal period
From: Sep. 1, 2021
To: Feb. 28, 2022

870,452,631 yen
870,366,400 yen[3,896 yen]
86,231 yen

Pursuant to the cash distribution Pursuant to the cash distribution
policy stipulated in Article 35, policy stipulated in Article 35,

Paragraph 1 of XYMAX REIT’s Articles Paragraph 1 of XYMAX REIT’s Articles
ofIncorporation,amountof ofIncorporation,amountofdistribution must be equal or less distribution must be equal or lessthan the amount of profit and exceed than the amount of profit and exceed
90% of XYMAX REIT’s distributable 90% of XYMAX REIT’s distributableprofit that is defined by Article 67-15 profit that is defined by Article 67-15

of the Act on Special Measures of the Act on Special Measures
Concerning Taxation. Based on this Concerning Taxation. Based on thispolicy, XYMAX REIT has decided to policy, XYMAX REIT has decided to
distribute 647,860,000 yen, which is distribute 870,366,400 yen, which is
the maximum value of the integral the maximum value of the integral
multiple of the total number of units multiple of the total number of units

issued and outstanding (223,400 issued and outstanding (223,400
units), not exceeding unappropriated units), not exceeding unappropriatedretained earnings.
XYMAX REIT
does

not

retained earnings.
make XYMAX REIT
does

not

make

Articlesof

distribution in excess of earnings distribution in excess of earnings
defined by Article 35, Paragraph 2 of defined by Article 35, Paragraph 2 of
XYMAX
REIT’sIncorporation.

- 13 -

Articlesof XYMAX
REIT’sIncorporation.

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

(5) Statement of Cash Flows

Cash flows from operating activities
Income before income taxes
Depreciation
Interest income
Gain on forfeiture of unclaimed distributions
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes refund receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Decrease in property, plant and equipment held in trust due to
sale
Other
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Increase in long-term loans payable
Decrease in long-term loans payable
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 14 -

7th fiscal period
From: Mar. 1, 2021
To: Aug. 31, 2021

648,740
137,139(13 )
41,498(10,538 )(19,212 )3,359
18,376
2,369(7,973 )36,77910,011(34,694 )825,84213(41,934 )(893 )
783,028(551,109 )(910,900 )
33,349(55,704 )91,182(1,393,183 )

1,270,000(650,222 )
619,777
9,622
2,867,839*１ 2,877,461(Unit: thousand yen)

8th fiscal period
From: Sep. 1, 2021
To: Feb. 28, 2022

871,239
142,326(14 )(56 )42,791
8,862
19,212(8,092 )(10,736 )
112,517
142,898(0 )(17,666 )
1,365,978(42,503 )2,626,756
14(42,756 )(880 )
2,583,133(3,306,159 )(31,495 )
174,404(3,163,249 )

1,100,000(1,770,000 )
5,408,000(3,088,000 )(647,499 )
1,002,500
422,384
2,877,461*１ 3,299,845

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

(6) Notes on the Going Concern Assumption
Not applicable.

(7) Notes on Matters Concerning Significant Accounting Policies
1. Method of depreciation (1) Property, plant and equipment (including trust assets)of non-current assets
The straight-line method is adopted.
Furthermore, the useful life of core property, plant and equipment is as follows:
Buildings
3–63 years
Structures
10–51 years
Machinery and equipment
27 years
Tools, furniture and fixtures
2–13 years(2) Long-term prepaid expenses
The straight-line method is adopted.
(1)Accounting
standards for revenue
2. Standards for
Detailsof
XYMAX
REIT's main performance obligations with respect to revenues fromrevenue and expense
contracts with customers and the normal time at which such performance obligations
recognition
are satisfied (the normal time at which revenues are recognized) are as follows:(i)Sale of real estate, etc.
Real estate and other sales are recorded as revenue when the buyer, who is acustomer, obtains control of the real estate and other assets by fulfilling the delivery
obligations specified in the agreements governing the sale of the real estate.
(ii)Utility reimbursements
Utility revenues are earned based on the supply of electricity, water and othersupplies to the lessee, which is a customer, under real estate and other leaseagreements and associated agreements.
For utilities revenues determined by XYMAX REIT to be an agent, the net amountreceived as electricity, gas, and other charges supplied by other parties, less amounts
paid to such other parties, is recognized as revenues.
(2)Accounting for fixed property tax, etc.
For fixed property tax, city planning tax, depreciable property tax, etc. on real estateor trust beneficiary rights that have real estate as trust assets held, the accounting isthat, of the tax amount assessed and determined, the amount corresponding to thefiscal period is expensed as expenses related to rent business.
Furthermore, the amount equivalent to fixed property tax, etc. in the initial fiscal
period borne by XYMAX REIT upon acquisition of real estate or trust beneficiaryrights that have real estate as trust assets is not recognized as expenses but includedin the cost of acquisition of the concerned real estate, etc. In the fiscal period underreview, amount of fixed property tax, etc. included in the cost of acquisition of the realestate, etc. is 5,883 thousand yen, and 3,168 thousand yen in the previous fiscal
period.
3.

Method ofhedge accounting(1) Hedge accounting approach
Special accounting is adopted for interest rate swaps that meet the requirements for
special treatment.
(2) Hedging instruments and hedged items
Hedging instruments: Interest rate swap transaction
Hedged items:
Interest on loans(3) Hedging policy
XYMAX REIT conducts derivative transactions for the purpose of hedging the risks
provided in its Articles of Incorporation based on its risk management policy.
(4) Method of assessing the effectiveness of hedging
The assessment of the effectiveness is omitted for interest rate swaps that meet therequirements for special treatment.

4.

Scope of funds in the
The funds (cash and cash equivalents) in the statement of cash flows comprise cash onstatement of cash flows hand and cash in trust, demand deposits and bank deposits in trust, and short-term
investments with a maturity of 3 months or less from the date of acquisition that arereadily convertible to cash and that are subject to a low risk of changes in value.
- 15 -5.

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

Other matters serving
as the basis for
preparation of thefinancial statements(1) Accounting for trust beneficiary rights that have real estate, etc. as trust assets
Concerning trust beneficiary rights that have real estate, etc. as trust assets held, allaccounts of assets and liabilities within trust assets and all accounts of revenue andexpenses from the trust assets are recognized in the relevant account item of thebalance sheet and the statement of income.
Furthermore, the following material items of the trust assets recognized in therelevant account item are separately listed on the balance sheet.
(i) Cash and bank deposits in trust(ii) Buildings in trust; Structures in trust; Tools, furniture and fixtures in trust; Landin trust; Construction in progress in trust(iii) Tenant leasehold and security deposits in trust(2) Accounting for non-deductible consumption tax, etc.
Non-deductible consumption tax, etc. on acquisition of assets is included in the costof acquisition of each asset.

(8) Notes concerning the change of accounting policy
1. Application of Accounting Standard for Revenue Recognition
XYMAX REIT adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020,
hereinafter referred to as the "Revenue Recognition Accounting Standard") from the beginning of the fiscal period underreview and recognized revenue when control of promised goods or services is transferred to customers in an amountthat is expected to be received in exchange for those goods or services. The effect of this change on the financial
statements for the current accounting period is immaterial. In accordance with the transitional treatment set forth in
Section 89-3 of the Revenue Recognition Accounting Standards, XYMAX REIT has not included "Revenue Recognition
Notes" for the prior calculation period.

2. Application of Accounting Standard for Calculation of Fair Value
The "Accounting Standard for Calculation of Fair Value" (ASBJ Statement No. 30, July 4, 2019; hereinafter referred to as
the "Accounting Standard for Calculation of Fair Value") and other standards were applied from the beginning of thecurrent accounting period, and in accordance with the transitional treatment stipulated in paragraph 19 of the
Accounting Standard for Calculation of Fair Value and paragraph 44-2 of the Accounting Standard for Financial
Instruments (ASBJ Statement No. 10, July 4, 2019), the new accounting policy stipulated by the Accounting Standard for
Calculation of Fair Value will be applied in the future. The effect of this change on the financial statements for the current
accounting period is immaterial.
In accordance with the provisions of Article 2, Paragraph 5 of the Supplementary Provisions of the Cabinet Office
Ordinance for Partial Revision of the Ordinance on Terminology, Forms, and Preparation Methods of Financial
Statements, etc. (Cabinet Office Ordinance No. 61, September 24, 2021), the matters listed in Article 8-6-2, Paragraph 1,
Item 3 of the Ordinance on Terminology, Forms, and Preparation Methods of Financial Statements, etc. after the revision
have been omitted.

(9) Notes on the Financial Statements[Notes on the Balance Sheet]*1. Minimum net assets as provided in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment
Corporations
7th fiscal period(As of Aug. 31, 2021)

50,000 thousand yen

8th fiscal period(As of Feb. 28, 2022)

50,000 thousand yen- 16 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
[Notes on the Statement of Income]*1. Breakdown of operating income (loss) from real estate leasing business

A. Operating revenue from real estate leasing business
Lease business revenue
Rent revenue

Common area maintenance revenue

7th fiscal period
From: Mar. 1, 2021
To: Aug. 31, 2021

1,045,369
147,696

Other lease business revenue
Utility reimbursement

53,727

Parking revenue
Other rental revenue

Total operating revenue from real estate leasing

B. Operating expenses from real estate leasing
Expenses related to leasing businessTax and public dues
Maintenance fees
Utility expenses

31,99026,681

1,193,065

112,400

1,305,465

Depreciation
Other expenses related to rent businessTotal operating expenses from real estate leasing

C. Operating income (loss) from real estate leasing [A-B]- 17 -

1,136,281
153,496
60,003
31,976
10,452

137,163

137,819

31,6103,602

28,881
3,485

86,581
48,625

Repair expenses
Insurance premiums(Unit: thousand yen)
8th fiscal period
From: Sep. 1, 2021
To: Feb. 28, 2022

137,139
36,982

1,289,778

102,432

1,392,210

91,25956,329481,704
481,704
823,760

142,326
30,875490,977
490,977
901,232

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

*2. Breakdown of gain on sale of real estate property
7th fiscal period (from March 1, 2021 to August 31, 2021)
Not applicable.

8th fiscal period (from September 1, 2021 to February 28, 2022)(Unit: thousand yen)
Renaissance 21 Chihaya（quasi-co-ownership interest 50%）
Revenue on sale of real estate
1,640,000
property
Cost on sale of real estate
1,365,978
property
Other cost on sale54,366
Gain on sale of real estate
219,655
property[Notes on the Statement of Unitholders’ Equity]*1. Total number of investment units authorized and total number of investment units issued and outstanding

Total number of investment units authorized

Total number of investment units issued and outstanding

7th fiscal period
From: Mar. 1, 2021
To: Aug. 31, 2021

8th fiscal period
From: Sep. 1, 2021
To: Feb. 28, 2022

223,400 units

223,400 units

5,000,000 units

5,000,000 units[Notes on the Statement of Cash Flows]*1. Reconciliation of cash and cash equivalents at end of period to the amount of balance sheet items

Cash and bank deposits

7th fiscal period
From: Mar. 1, 2021
To: Aug. 31, 2021

8th fiscal period
From: Sep. 1, 2021
To: Feb. 28, 2022

1,904,372

2,080,797

973,089

Cash and bank deposits in trust
Cash and cash equivalents

2,877,461[Notes on Financial Instruments](Unit: thousand yen)

1,219,048
3,299,845

1. Matters concerning status of financial instruments(1) Policy for handling financial instruments

XYMAX REIT shall procure funds for acquisition of assets, repayment of liabilities, etc. through issuance ofinvestment units, borrowing from financial institutions, issuance of investment corporation bonds, etc. Dueconsideration shall be given to the balance between agility in fund procurement and financial stability when
procuring funds.

Surplus funds may be invested in securities and monetary claims, but shall be invested as bank deposits as a rulein consideration of security.

Derivative transactions may be utilized only if for the purpose of hedging the risk of fluctuation in interest rates,
etc., but no speculative transactions shall be conducted.

(2) Description of financial instruments and associated risks, and risk management system

Bank deposits are those for investing XYMAX REIT’s surplus funds and are exposed to credit risk, such as failureof the depository financial institutions, but the credit risk is limited by limiting the deposit period to short term
and transacting with depository financial institutions that have high credit rating.
Loans are those for mainly the purpose of acquisition of real estate, etc., repayment of liabilities, etc. and are

exposed to the liquidity risk of not being able to procure substitute funds upon maturity, but the liquidity risk is
mitigated through diversification of fund procurement means and sources, staggering of maturities and securingliquidity on hand and the liquidity risk is also managed by preparing monthly fund management plans and othermeans. In addition, loans with floating interest rates are exposed to the risk of rise in interest rates payable, but
the impact of the rise in market interest rates on XYMAX REIT’s operations is limited by keeping the ratio of- 18 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

interest-bearing liabilities to total assets at a low level and maintaining a balance between the ratio of loans withfloating interest rates and the ratio of loans with fixed interest rates.
Derivative transactions are utilized for the purpose of hedging the risk of fluctuation in interest rates payable on

certain loans. For the hedge accounting approach, hedged items, contract amount, etc., please refer to “2. Mattersconcerning fair value, etc. of financial instruments.”
Tenant leasehold and security deposits are deposits from tenants and are exposed to liquidity risk from tenants
vacating, but the risk is limited by retaining an amount in the range that will not hinder the return of deposits as a
rule.

(3) Supplementary explanation to matters concerning fair value, etc. of financial instruments
The fair value of financial instruments is values based on market price, but may otherwise include values based onreasonable calculation when no market price is available. Variable factors are taken into account in the calculationof the concerned values. Accordingly, the concerned values may vary when different assumptions are adopted. In2.

addition, the contract amount, etc. of derivative transactions in “2. Matters concerning fair value, etc. of financial
instruments” do not itself represent the market risk involved in the derivative transactions.
Matters concerning fair value, etc. of financial instruments

The following are the carrying amount and fair value as of August 31, 2021, and the amount of difference between these.
Financial instruments for which estimation of fair value is recognized to be extremely difficult are not included in thefollowing table. (Please refer to Note 2 below.)(1) Current portion of long-termborrowings(2) Long-term loans payable
Total liabilities

Derivative transactions

Carrying amount(thousand yen)

Fair value(thousand yen)Amount of difference(thousand yen)

3,088,000

3,088,000-

12,280,000

12,288,751

9,192,000-

9,200,751
-

8,751
8,751
-

The following are the carrying amount and fair value as of February 28, 2022, and the amount of difference between
these. Financial instruments for which estimation of fair value is recognized to be extremely difficult are not includedin the following table. (Please refer to Note 2 below.)(1) Current portion of long-termborrowings(2) Long-term loans payable
Total liabilities

Derivative transactions

Carrying amount(thousand yen)

Fair value(thousand yen)Amount of difference(thousand yen)

11,804,000

11,807,985

3,985

2,796,000

14,600,000-

2,796,000

14,603,985
-

-

3,985
-

(Note 1) Method of calculation of the fair value of financial instruments and matters concerning derivative transactions
Liabilities(1) Current portion of long-term borrowings, (2) Long-term loans payable
Of long-term loans payable, because those with floating interest rates reflect market interest rates in a short period oftime, the fair value is thought to resemble the book value and thus stated at that book value. However, in the case oflong-term loans payable with floating interest rates that qualify for special treatment for interest rate swaps (pleaserefer to “Notes on Derivative Transaction” presented later in this document) and long-term loans payable with fixedinterest rates, the fair value is calculated based on the present value of their future cash flows discounted by the time
to maturity and rate adjusted for credit risks.

- 19 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

Derivative transactions
Please refer to “Notes on Derivative Transactions” below.

(Note 2) Amount of repayment of Long-term loans scheduled to be due after the end of the fiscal period (August 31, 2021)
Due within
1 year

3,088,000

Long-term loans payable

Due after
1 to 2 years

2,796,000

Due after
2 to 3 years

3,426,000

Due after
3 to 4 years

1,920,000(Unit: thousand yen)

Due after
4 to 5 years

1,050,000

Due after
5 years-

Amount of repayment of Long-term loans scheduled to be due after the end of the fiscal period (February 28, 2022)

Long-term loans payable

Due within
1 year［Notes on Derivative Transactions］
1.

2,796,000

Due after
1 to 2 years

3,426,000

Due after
2 to 3 years

2,902,000

Due after
3 to 4 years

3,456,000(Unit: thousand yen)

Due after
4 to 5 years

2,020,000

Due after
5 years-

Derivative transactions to which hedge accounting is not applied

7th fiscal period (as of August 31, 2021)
Not applicable.

8h fiscal period (as of February 28, 2022)
Not applicable.

2. Derivative transactions to which hedge accounting is applied
7th fiscal period (as of August 31, 2021)

The following is the contract amount or the amount equivalent to the principal provided in the contract, etc. at the endof the fiscal period for each hedge accounting approach.
Hedge accounting
approachSpecial treatment forinterest rate swaps(Note 1)

(Note 2)

Type, etc. of
derivative transaction

Main hedged
itemInterest rate swap

transaction(receive floating; pay fixed)

Contract amount, etc. is based on notional principal.

Long-termloans payable(Unit: thousand yen)Contract amount, etc. (Note 1)
Of which,

630,000

due after 1 year
630,000

Fair value(Note 2)Since those with special treatment for interest rate swaps are treated integrally with hedged long-term loans payable, the fair valuesof such are included in the fair value of said long-term loans payable. (Please refer to [Notes on Financial Instruments] 2. Mattersconcerning fair value, etc. of financial instruments (Note 1) Method of calculation of the fair value of financial instruments andmatters concerning derivative transactions, Liabilities (2) Long-term loans payable.

8th fiscal period (as of February 28, 2022)
The following is the contract amount or the amount equivalent to the principal provided in the contract, etc. at the endof the fiscal period for each hedge accounting approach.
Hedge accounting
approachSpecial treatment forinterest rate swaps(Note 1)

(Note 2)

Type, etc. ofMain hedged

Interest rate swap
transaction

Long-term

derivative transaction

item(receive floating; pay fixed)

Contract amount, etc. is based on notional principal.

loans payable(Unit: thousand yen)Contract amount, etc. (Note 1)

630,000

Of which,due after 1 year
630,000

Fair value(Note 2)Since those with special treatment for interest rate swaps are treated integrally with hedged long-term loans payable, the fair valuesof such are included in the fair value of said long-term loans payable. (Please refer to [Notes on Financial Instruments] 2. Matters- 20 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

concerning fair value, etc. of financial instruments (Note 1) Method of calculation of the fair value of financial instruments andmatters concerning derivative transactions, Liabilities (2) Long-term loans payable.

[Notes on Tax-Effect Accounting]
1. Breakdown of main causes for occurrence of deferred tax assets and deferred tax liabilities

Deferred tax assets

Non-deductible accrued enterprise tax
Total

2.

7th fiscal period(As of Aug. 31, 2021)

8th fiscal period(As of Feb. 28, 2022)

13

13

13

Deferred tax assets, net(Unit: thousand yen)

13

13
13

Breakdown of major components that caused any significant differences between the statutory tax rate and theeffective income tax rate after application of tax-effect accounting

Statutory tax rate

7th fiscal period(As of Aug. 31, 2021)

8th fiscal period(As of Feb. 28, 2022)(31.42)(31.43)

31.46[Adjustments]
Distribution deductible for tax purposes
Other

Effective income tax rate after application of tax-effect accounting[Notes on Related-Party Transactions]
1. Parent company, major corporate unitholder, etc.

7th fiscal period (from March 1, 2021 to August 31, 2021)
Not applicable.

8th fiscal period (from September 1, 2021 to February 28, 2022)
Not applicable.

2. Affiliated company, etc.
7th fiscal period (from March 1, 2021 to August 31, 2021)
Not applicable.

8th fiscal period (from September 1, 2021 to February 28, 2022)
Not applicable.
3. Fellow subsidiary, etc.
7th fiscal period (from March 1, 2021 to August 31, 2021)
Not applicable.

8th fiscal period (from September 1, 2021 to February 28, 2022)
Not applicable.

- 21 -(Unit: %)

0.10
0.14

31.46
0.07

0.10

4.

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
Director, major individual unitholder, etc.

7th fiscal period (from March 1, 2021 to August 31, 2021)
Attribute

Name ofcompany, etc.

Capital stock

Locationorinvestments
in capital(thousandyen)

Percentage of Description of relationship

Description of voting rights,
businessor

occupation
Executiveetc.

held by (in)Concurrent
holding of

XYMAX REIT,

Director

ShotaroKanemitsu

Executive Director of

and

-

-

Representative

Director andPresident of
XYMAX

Description of transaction

XYMAX REIT positions, etc. relationship(%)
by directors

Director of

XYMAX REIT, and-management

INVESTMENT ADVISORS(Note 4)XYMAX REAL ESTATE
Corporation

INVESTMENT

Asset

Representative Director andPresident of

REAL ESTATE

Description of

ADVISORS

fees, etc.

(Note 3)

Transaction
amount(thousandyen)(Note 2)

85,677

Balance

Account itemat end ofperiod(thousandyen)(Note 2)

Accounts
payable other

83,926

Corporation(Note 1) The above discloses a related-party transaction which includes a material transaction, among related-party
transactions subject to disclosure.
(Note 2) Of the amounts above, transaction amount does not include consumption tax, etc., while balance at end of period
includes consumption tax, etc.

(Note 3) The amount of asset management fees, etc. is for transactions conducted by Shotaro Kanemitsu as representative of
XYMAX REAL ESTATE INVESTMENT ADVISORS Corporation, and transaction amount is based on the terms andconditions provided in XYMAX REIT’s Articles of Incorporation.
(Note 4) Asset management fees, etc. includes asset acquisition fees of 9,380 thousand yen which counted in the booked
acquisition price.
(Note 5) Transaction terms and conditions are determined based on the actual market situation.
8th fiscal period (from September 1, 2021 to February 28, 2022)

Attribute

Name ofcompany, etc.

Capital stock

Locationorinvestments
in capital(thousandyen)

Percentage of Description of relationship

Description of voting rights,
businessor

occupation
Executiveetc.

held by (in)Concurrent
holding of

XYMAX REIT positions, etc. relationship(%)
by directors

Director of

XYMAX REIT,

Director

ShotaroKanemitsu

Executive Director of

and

-

-

Representative

Director andPresident of
XYMAX

REAL ESTATEINVESTMENT-

Description of

Description of transaction

XYMAX REIT, andAsset

Representative Director andmanagement

INVESTMENT ADVISORS(Note 4)President of

XYMAX REAL ESTATE
Corporation

ADVISORS

fees, etc.

(Note 3)

Transaction
amount(thousandyen)(Note 2)

145,708

Balance

Account itemat end ofperiod(thousandyen)(Note 2)

Accounts
payable other124,584

Corporation(Note 1) The above discloses a related-party transaction which includes a material transaction, among related-party
transactions subject to disclosure.
(Note 2) Of the amounts above, transaction amount does not include consumption tax, etc., while balance at end of period

includes consumption tax, etc.
(Note 3) The amount of asset management fees, etc. is for transactions conducted by Shotaro Kanemitsu as representative of
XYMAX REAL ESTATE INVESTMENT ADVISORS Corporation, and transaction amount is based on the terms andconditions provided in XYMAX REIT’s Articles of Incorporation.

(Note 4) Asset management fees, etc. includes asset acquisition fees of 32,450 thousand yen which counted in the booked
acquisition price.
(Note 5) Transaction terms and conditions are determined based on the actual market situation.
- 22 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
[Notes on Segment Information, Etc.]
1. Segment information

Segment information is omitted, because XYMAX REIT has a single segment, which is the real estate leasing business.

2. Related information
7th fiscal period (from March 1, 2021 to August 31, 2021)(1) Information by product and service
Information by product and service is omitted, because operating revenue to external customers for a single
products and services category is in excess of 90% of operating revenue on the statement of income.

(2) Information by geographic area(i) Operating revenue

Information by geographic area of operating revenue is omitted, because operating revenue to externalcustomers in Japan is in excess of 90% of operating revenue on the statement of income.

(ii) Property, plant and equipment
Information by geographic area of property, plant and equipment is omitted, because the amount of property,
plant and equipment located in Japan is in excess of 90% of the amount of property, plant and equipment on
the balance sheet.

(3) Information by major customer
Name of customer(Note)

Operating revenue

New Urban Life Holdings Inc.

Not disclosed (Note)

Nohara Holdings, Inc.

Not disclosed (Note)(Unit: thousand yen)

Related segment

Real estate leasing business

Real estate leasing businessNot disclosed due to unavoidable circumstances in that consent for disclosure has not been obtained from the lessee.

8th fiscal period (from September 1, 2021 to February 28, 2022)(1) Information by product and service
Information by product and service is omitted, because operating revenue to external customers for a single
products and services category is in excess of 90% of operating revenue on the statement of income.

(2) Information by geographic area(i) Operating revenue

Information by geographic area of operating revenue is omitted, because operating revenue to externalcustomers in Japan is in excess of 90% of operating revenue on the statement of income.

(ii) Property, plant and equipment
Information by geographic area of property, plant and equipment is omitted, because the amount of property,
plant and equipment located in Japan is in excess of 90% of the amount of property, plant and equipment on
the balance sheet.

(3) Information by major customer(Note)Name of customer

New Urban Life Holdings Inc.

Operating revenue

Not disclosed (Note)(Unit: thousand yen)

Related segment

Real estate leasing businessNot disclosed due to unavoidable circumstances in that consent for disclosure has not been obtained from the lessee.

- 23 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
[Notes on Investment and Rental Properties]XYMAX REIT owns office, retail, hotel, and other properties for the purpose of earning revenue from leasing. The
carrying amount, amount of increase (decrease) during period and fair value of these investment and rental properties
are as follows:

Carrying amount

Balance at beginning of period

Amount of increase (decrease) during period
Balance at the end of the period

Fair value at the end of the period(Note 1)
(Note 2)

(Note 3)(Note 4)

(Unit: thousand yen)

7th fiscal period
From: Mar. 1, 2021
To: Aug. 31, 2021

8th fiscal period
From: Sep. 1, 2021
To: Feb. 28, 2022

34,515,588

35,910,478

37,746,444

35,910,478
1,394,889

1,835,966

35,910,478

37,746,444

45,887,000

48,348,000

Carrying amount is the amount of cost of acquisition, less accumulated depreciation.
Of the amount of increase (decrease) during period for 7th fiscal period, the amount of increase is mainly attributable to theacquisition of two real estate (1,229,746 thousand yen) and capital expenditure (302,282 thousand yen), while the amount ofdecrease is mainly attributable to depreciation (137,139 thousand yen). Of the amount of increase (decrease) during period for 8th
fiscal period, the amount of increase is mainly attributable to the acquisitions of one trust beneficiary right (3,289,783 thousandyen) and capital expenditure (54,488 thousand yen), while the amount of decrease is mainly attributable to the disposition of one
trust beneficiary right (1,365,978 thousand yen) and depreciation (142,326 thousand yen).
Fair value at the end of the period is the appraisal value by an outside real estate appraiser. As for Renaissance 21 Chihaya, of whichsales agreement is concluded on January 27, 2022 (50% quasi-co-ownership at the end of the fiscal period under review), XYMAXREIT adopted the sales price as its Fair Value.
Carrying amount does not include Construction in progress in trust.

The income (loss) concerning investment and rental properties is stated in “Notes on the Statement of Income” above.

[Notes on revenue recognition]
1. Disaggregated information on revenue from contracts with customers
8th fiscal period (from September 1, 2021 to February 28, 2022)
Disposition of real estate, etc.
Utility revenue
OthersTotal

Revenue from contracts with customers(Note1)
1,640,000
60,0031,700,003(Unit: thousand yen)

Sales to external customers(Note2) 219,655
60,003
1,332,206
1,611,865(Note 1) Rent revenues subject to Accounting Standard for Lease Transactions (ASBJ Statement No. 13) is excluded from “Revenue fromcontracts with customers” as it is not subject to Accounting Standard for Revenue Recognition. The revenue from contracts withcustomers is mainly revenues from the gain on sales of real estate, etc. and the utilities.
(Note 2) As proceeds from sale of real estate property is recorded as gain or loss on sale of real estate property in the statements of income
and retained earnings, the amount sought by deducting the cost of real estate property sales and other sales expenses from proceedsfrom sale of real estate property according to Article 48-2 of the Calculation Rules for Investment Corporation (Cabinet Office
Ordinances No. 47 in2006).

2. Foundational information for understanding revenues generated from contracts with customers
As indicated in the Summary of Significant Accounting Policies.

3. Information on relationship of fulfillment of performance obligations based on contracts with customers with cash
flow generated from said contracts and amount and period of revenue expected to be recognized in the next fiscal
period or thereafter from contracts with customers existing at the end of the fiscal period under review- 24 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

(1) Balance of contract assets and contract liabilities, etc.

Claims generated from contracts with customers(balance at beginning of fiscal year)
Claims generated from contracts with customers(balance at end of fiscal year)
Contract assets (balance at beginning of fiscal year)
Contract assets (balance at end of fiscal year)
Contract liabilities (balance at beginning of fiscal year)
Contract liabilities (balance at end of fiscal year)(Unit: thousand yen)

8th fiscal period
From: Sep. 1, 2021
To: Feb. 28, 2022

16,716
16,483-(2) Transaction value allocated to remaining performance obligations
As of February 28, 2022, the total transaction price allocated to the remaining performance obligations for the sale ofreal estate, etc. was 1,640,000 thousand yen for real estate, etc. for which an agreement to sell was concluded on
January 27, 2022. XYMAX REIT expects to recognize revenue for such remaining performance obligations upondelivery of such property, etc. scheduled on March 31, 2022.
In addition, XYMAX REIT recognizes utility revenue in an amount that is entitled to claim in accordance withparagraph 19 of the Accounting Standard Guidance on revenue recognition as XYMAX REIT is entitled to receive fromthe tenant the amount of consideration that directly corresponds to the value to the tenant, which is the customer, forthe portion of performance completed by the end of the fiscal period under review. Accordingly, XYMAX REIT has
applied the provisions of paragraph 80-22(2) of the Accounting Standard for Revenue Recognition and has notincluded them in the notes to the transaction price allocated to its remaining performance obligations.
[Notes on Per Unit Information]

Net assets per unit

7th fiscal period
From: Mar. 1, 2021
To: Aug. 31, 2021

8th fiscal period
From: Sep. 1, 2021
To: Feb. 28, 2022

2,899 yen

3,895 yen

104,000 yen

Net income per unit

104,996 yen(Note 1)

Net income per unit for 8th fiscal period is calculated by dividing net income by the period’s daily weighted average number ofinvestment units. In addition, diluted net income per unit is not stated, because there are no diluted investment units.

(Note 2)The basis for calculation of net income per unit is as follows:

Net income (thousand yen)Amount not attributable to common unitholders (thousand yen)

Net income attributable to common investment units (thousand yen)
Average number of investment units during the period (units)

7th fiscal period
From: Mar. 1, 2021
To: Aug. 31, 2021

8th fiscal period
From: Sep. 1, 2021
To: Feb. 28, 2022--

647,859
647,859
223,400

870,360
870,360
223,400[Notes on Significant Subsequent Events]
Issuance of new investment unitsXYMAX REIT made a resolution at a meeting of its Board of Directors held on February 10, 2022 to issue newinvestment units for the purpose of allocating part of the funds to the purchase price of the assets acquired on March
2, 2022, etc. as follows. The payment for issuance of new investment units through public offering was completed on
March 1, 2022, and the payment for issuance of new investment units through third-party allotment was completed
on March 28, 2022, respectively. As a result, the total unitholders’ capital as of is 25,440,013,500 yen and the total
number of outstanding investment units is 249,650 units as of March 28, 2022.
- 25 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
(Issuance of new investment units through public offering)Number of new investment units to be issued
25,000 units
Issue priceTotal issue price

113,024 yen per unit
2,825,600,000 yen

Issue amount
Total issue amount

108,734 yen per unit
2,718,350,000 yen

Payment due date
Initial date for distribution reckoning

March 1, 2022
March 1, 2022

(New Investment Units to be Issued Through Third‐Party Allotment)

Number of new investment units to be issued
Issue amount
Total issue amountPayment due date

Distribution start date
Allottee[Omission of Disclosure]

1,250 units
108,734 yen per unit

135,917,500 yen
March 28, 2022

March 1, 2022
SMBC Nikko Securities Inc.

Disclosure of notes on lease transactions, securities, retirement benefits, equity in net income and asset retirement
obligations is omitted since no substantial need for disclosure in the financial report is recognized.

(10)Changes in Total Number of Investment Units Issued and Outstanding
Changes in unitholders’ capital and the total number of investment units issued and outstanding from the incorporationof XYMAX REIT to the last day of the fiscal period under review are as follows:
Date
Sep. 14, 2017
Feb. 14, 2018

Mar. 20, 2018
(Note 1)
(Note 2)

(Note 3)

Description
Incorporation throughprivate placement
Capital increase throughpublic offering
Third-party allotment

Total number of investment units
issued and outstanding(units)Increase
Balance(Decrease)
3,000

209,905
10,4953,000

212,905
223,400

Unitholders’ capital(thousand yen)

Increase(Decrease)

Balance

21,224,544

21,524,544

300,000

1,061,201

Remarks

300,000(Note 1)

22,585,746(Note 3)(Note 2)XYMAX REIT was incorporated with issuance of investment units at a paid-in amount of 100,000 yen per unit.
New investment units were issued through public offering at an issue price of 105,000 yen (paid-in amount of 101,115 yen) per unit
for the purpose of procuring funds for acquisition of new properties.
New investment units were issued with SMBC Nikko Securities Inc. as allottee at a paid-in amount of 101,115 yen per unit.

- 26 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

3. Reference Information(1) Investment Status
Type of asset

Use

Geographic area
(Note 1)Tokyo
Actual real
Retaileconomic area
estateTotal actual real estateTokyo central
5 wards
Tokyo 23
Officewards
Tokyo
economic areaTokyoeconomic area
Real estate in
Cabinet order
Retailtrust
designatedcitiesOthersCabinet orderHoteldesignatedcitiesCabinet order
Other designatedcitiesTotal real estate in trust
Deposits and other assets(Note 4)
Total assets(Note 1)

7th fiscal period
As of Aug. 31, 2021

Total amount held(million yen)
(Note 2)549

8th fiscal period
As of Feb. 28, 2022

As a percentage Total amount heldof total assets(million yen)(%) (Note 3)(Note 2)

As a percentage
of total assets(%) (Note 3)

1.4

546

15,13338.8

15,120

36.7

2,671

6.9

2,665

6.5

549

1.4

1,170

546

3.0

8,300

21.3

-

-

1,081
4,255

10.9

2,748

7.1

35,3603,060
38,971

1.3

1,170

2.8

2.8

8,277

20.1

3,289

8.0

1,079

90.7
7.9
100.0

1.3

2.6

4,234

10.3

1,364

3.3

37,2003,502
41,249“Tokyo central 5 wards” refers to Tokyo’s Chiyoda Ward, Chuo Ward, Minato Ward, Shinjuku Ward and Shibuya Ward.

90.2
8.5
100.0

”Tokyo 23 wards” does not include “Tokyo central 5 wards.”“Tokyo economic area” refers to Tokyo excluding “Tokyo central 5 wards” and “Tokyo 23 wards”, Kanagawa Prefecture, Chiba Prefecture(Note 2)
(Note 3)(Note 4)and Saitama Prefecture.

“Total amount held” is based on the carrying amount (in the case of actual real estate and real estate in trust, the depreciated bookvalue) as of the end of each fiscal period, rounded down to the nearest million yen. Furthermore, the total amount held for real estatein trust as “Hotel” includes the book value of movables incidental to hotels.
“As a percentage of total assets” is rounded to one decimal place.

Deposits and other assets include Construction in progress in trust.

7th fiscal period
As of Aug. 31, 2021

Total liabilities

Total net assets
Total assets(Note 1)

(Note 2)

Amount(million yen)
(Note 1)

15,737
23,233As a percentage of
total assets(%) (Note 2)

40.4
59.6

38,971

100.0

8th fiscal period
As of Feb. 28, 2022

Amount(million yen)
(Note 1)

17,79323,456
41,249As a percentage of
total assets(%) (Note 2)

43.1
56.9

100.0

The total liabilities, total net assets and total assets amounts are based on the carrying amounts as of the book closing date, rounded

down to the nearest million yen.

“As a percentage of total assets” is rounded to one decimal place.

- 27 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
(2)

I.

Investment Assets

Itemization of Real Estate and Other Assets in the Portfolio
The assets held by XYMAX REIT (actual real estate or trust beneficiary rights that have real estate as trust assets;

Classification

hereinafter, may be collectively referred to as the “portfolio assets”) as of February 28, 2022 are as follows:

Asset
no.
(Note
1)

OF-01
OF-02
OF-03

Office

OF-04
OF-05
OF-06
OF-07
OF-08

Asset name
XYMAX
Nishi-Shimbashi
Building
XYMAX
Iwamotocho
Building
XYMAX
Shinjuku-Gyoen
Building
XYMAX
Kamiyacho
Building
XYMAX
Higashi-Azabu
Building
XYMAX
Higashi-Ueno
Building

RT-02
RT-03
Retail

RT-04
RT-05

RT-06

Hotel
Other

(Note 1)

(Note 2)

Shinjuku-ku,
TokyoFeb. 16,
2018

Chiyoda-ku,
Tokyo

Minato-ku,
Tokyo
Minato-ku,
Tokyo
Taito-ku,Tokyo

Feb. 16,2018

Feb. 16,2018

Tama-shi,Tokyo

Feb. 16,2018

Vita SeisekiSakuragaoka

Life Fukuizumi
Store

The Park House
Totsuka Front(the RetailPortions of 1stand 2nd Floors)

Valor
KachigawaStore(Leaseholdland) (Note 5)

Sakai-shi,
Osaka

6.7

13.5

4,250
5,020
880

2,600

Feb. 16,2018

Kawasaki-shi,
Kanagawa

2,500

Feb. 16,2018

Feb. 16,2018

Kawasaki-shi,
Kanagawa

Life Kawasaki
Miyuki Store

Share ofportfolio(%)(Note 3)

1,550

Muza Kawasaki-

Acquisition
price(millionyen)(Note 2)Feb. 16,2018

Minato-ku,
TokyoJul. 1,2021-

Feb. 16,
2018

1,150

668
18,618
4,100
790
3,100

Ownership status

2,516

3,290

Trust beneficiaryrights

5,058

7,600

Trust beneficiaryrights

4,378

890

4.2

1,597

7.0

2,665

3.1

1.8

1,170

678

5,930

1,270
1,990
1,660
3,580
736

50.0

18,95526,056

2.1

793

978

11.0

4,065

Trust beneficiaryrightsTrust beneficiaryrightsTrust beneficiaryrightsTrust beneficiaryrightsTrust beneficiaryrightsTrust beneficiaryrights-5,480

Trust beneficiaryrightsTrust beneficiaryrights

8.3

3,417

3,870

Trust beneficiaryrightsYokohama-shi,
Kanagawa

Jul. 1,
2021

540

1.5

546

624

Actual real estate

Kasugai-shi,
Aichi

Jan. 31,
2022

3,245

8.7

3,289

3,330

Trust beneficiaryrights--12,84034.5

13,192

15,372

-

4,400

11.8

4,234

5,280

Feb. 16,2018

Renaissance 21
Chihaya(Note 6)

Fukuoka-shi,
FukuokaFeb. 16,
2018
-

1,350

-

-

37,208

Total/Average

2.4

Appraisal value(million yen)
(Note 4)

1,065

Sendai-shi,
MiyagiSubtotal/Average

11.4

Book value at
end of period(million yen)Sep. 1,
2020

Hotel Vista
SendaiSubtotal/Average
OT-01

Feb. 16,2018

XYMAX Mita
Building

Subtotal/Average
HT-01

Minato-ku,
Tokyo

XYMAX
Hachioji-shi,
Hachioji Building Tokyo

Subtotal/Average
RT-01

Location

Acquisition
date

-

-

-

4,400

1,350

2.9

11.8

3.6
3.6

100.0

1,079

4,234

1,364
1,364

37,746

1,090

Trust beneficiaryrights5,280

Trust beneficiaryrights and movables
incidental to hotel

1,640

Trust beneficiaryrights

48,348

-

1,640

-

-

“Asset no.” is the code and number assigned to the portfolio assets of XYMAX REIT property by property according to each type of use. The
code “OF” represents office properties, “RT” represents retail properties, “HT” represents hotel properties and “OT” represents other properties.
“Acquisition price” is the amount (the amount of the sale and purchase price of the asset stated in sales and purchase agreement for each- 28 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

(Note 3)(Note 4)(Note 5)(Note 6)

portfolio asset) not including the various expenses required for the acquisition of the portfolio assets (brokerage fees, property taxes, etc.),rounded down to the nearest million yen. The sale and purchase price does not include consumption tax and local consumption tax.
“Share of portfolio” is the acquisition price of the portfolio asset expressed as a percentage of the total acquisition price of the portfolio assets,rounded to one decimal place.
Appraisal of each property is entrusted to Japan Real Estate Institute, The Tanizawa Sō gō Appraisal Co., Ltd. and Daiwa Real Estate Appraisal
Co., Ltd. “Appraisal value” is the appraisal value stated in each real estate appraisal report with February 28, 2022 as the date of value.
Figures for Valor Kachigawa Store represents 50% of quasi-co-ownership owned by XYMAX REIT at the end of the fiscal period under review.
Figures for Renaissance 21 Chihaya represents 50% of quasi-co-ownership owned by XYMAX REIT at the end of the fiscal period under review.
XYMAX REIT sold the remaining 50% quasi-co-ownership on March 31, 2022.

II.
Asset no.

Status of Leasing
Asset name

OF-01

XYMAX
Nishi-Shimbashi Building

OF-03

XYMAX
Shinjuku-Gyoen Building

OF-02

OF-04
OF-05
OF-06
OF-07
OF-08
RT-01
RT-02
RT-03
RT-04
RT-05
RT-06

HT-01
OT-01

(Note 1)
(Note 2)

(Note 3)(Note 4)(Note 5)

XYMAX
Iwamotocho Building
XYMAX
Kamiyacho Building

Constructi Number ofon datetenants(Note 1)
(Note 2)
Aug. 22,
2000

8

Operating revenue Security deposit /from leasing
Guarantee(million yen)(million yen)
(Note 3)(Note 4)

1,897.92

1,897.92

188

263

4,792.21

4,792.21

100.0

2,015.97

87.5

133

Apr. 30,
1991

7

42

178

53

XYMAX
Higashi-Azabu Building

Nov. 30,
1999

XYMAX
Hachioji Building

Jan. 26,
1993

23

121

154

Jan. 7,
2004

18

171

270

XYMAX
Higashi-Ueno Building

Apr. 9,1999

XYMAX Mita Building

May 31,
1991

Life Kawasaki Miyuki Store

Jan. 13,
1997

Muza Kawasaki

Vita Seiseki-Sakuragaoka
Life Fukuizumi StoreThe Park House Totsuka Front(the Retail Portions of 1st and2nd Floors)
Valor Kachigawa Store(Leasehold land)

Sep. 17,1999

Dec. 17,1996

May 23,2018-

Hotel Vista Sendai

Mar. 14,2016

Total/Average-

Renaissance 21 Chihaya

Oct. 19,
2006

5

46

8

49

10

18

71

70

9

1

Undisclosed(Note 8)

Undisclosed(Note 8)

1

Undisclosed(Note 8)

Undisclosed(Note 8)

1

5
1
1

139

Undisclosed(Note 8)

Undisclosed(Note 8)

Undisclosed(Note 8)25

Undisclosed(Note 8)103

247

Occupancy
rate(%)(Note 7)

108

13
6

Leasable area(m2)
(Note 6)

81

Mar. 22,2001
Feb. 28,
2001

Leased area(m2)
(Note 5)

1,392

Undisclosed(Note 8)
Undisclosed(Note 8)4,084.33

1,205.27
1,763.97
1,735.29
5,556.05

741.4112

1,444

1,205.27

98.4

100.0

1,735.29

100.0

741.41100.0

5,556.05

100.0

3,703.88

3,703.88

27,610.61

27,610.61

861.60861.60100.0

10,254.55

10,254.55

100.0

5,075.08

5,145.49

98.6

2,677.54

3,309.29

33

4,152.40

100.0

7,066.25

82,335.25

2,677.54

3,309.29

7,066.25

82,725.73

100.0
100.0
100.0
100.0

100.0

99.5

“Construction date” is the date of new construction of the main building stated in the real estate registry.
“Number of tenants” is the total of the number of tenants (the number of end-tenants if a pass-through type master lease contract has beenconcluded) pertaining to the assets based on each lease contract concluded for each asset as of February 28, 2022.
“Operating revenue from leasing” is the total amount of rent revenue, common area maintenance revenue, parking revenue and other revenue(including other lease business revenue) generated from portfolio real estate during the fiscal period, rounded down to the nearest specified
unit.
“Security deposit / Guarantee” is each asset’s total amount of security deposit and guarantee specified in all lease contracts pertaining to theassets concluded for each asset as of February 28, 2022, rounded down to the nearest specified unit.
“Leased area” is the total leased area based on the lease contract and the building drawing, etc. attached to the lease contract for each asset as- 29 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

(Note 6)(Note 7)(Note 8)of February 28, 2022. Figures for Valor Kachigawa Store and Renaissance 21 Chihaya both represent 50% of quasi-co-ownership, owned by
XYMAX REIT at the end of the fiscal period under review.
“Leasable area” is the total leased area based on the lease contract and the building drawing, etc. attached to the lease contract for each asset
as of February 28, 2022 and the area based on the building drawing, etc. of vacant spaces. Figures for Valor Kachigawa Store and Renaissance
21 Chihaya both represent 50% of quasi-co-ownership, owned by XYMAX REIT at the end of the fiscal period under review.
“Occupancy rate” is the ratio of leased area to leasable area for each asset as of February 28, 2022, rounded to one decimal place.
Not disclosed due to unavoidable circumstances in that consent for disclosure has not been obtained from the lessee.

- 30 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

Classification

III. Summary of Real Estate Appraisal Reports

Asset no.

Asset nameAppraiser(Note 2)

Appraisalvalue(million yen)

OF-01

XYMAX
Nishi-Shimbashi Building

Tanizawa Sō gō
Appraisal

3,290

OF-03

XYMAX
Shinjuku-Gyoen Building

Japan Real Estate

7,600

OF-02

Office

OF-04
OF-05
OF-06
OF-07
OF-08

XYMAX
Iwamotocho Building
XYMAX
Kamiyacho Building

XYMAX
Higashi-Azabu Building
XYMAX
Higashi-Ueno Building
XYMAX
Hachioji Building

XYMAX Mita Building

Subtotal/Average

Japan Real Estate

Tanizawa Sō gō
Appraisal

Daiwa Real EstateAppraisal
Daiwa Real EstateAppraisal
Japan Real Estate
Japan Real Estate

RT-01

Muza Kawasaki

Tanizawa Sō gō
Appraisal

RT-03

Vita Seiseki-Sakuragaoka

Tanizawa Sō gō
Appraisal

Tanizawa Sō gō
Appraisal

RT-02

Retail

RT-04
RT-05
RT-06

Life Kawasaki Miyuki StoreLife Fukuizumi StoreThe Park House Totsuka
Front(the Retail Portions of 1stand 2nd Floors)

Valor Kachigawa Store(Leasehold land) (Note 3)

Subtotal/Average

Daiwa Real EstateAppraisal
Daiwa Real EstateAppraisal

Tanizawa Sō gō
Appraisal

Hotel Vista Sendai

Tanizawa Sō gō
Appraisal

OT-01

Renaissance 21 Chihaya(Note 4)

Tanizawa Sō gō
Appraisal

Other

Hotel

HT-01

(Note 1)
(Note 2)

Subtotal/Average

Subtotal/Average

Total/Average

5,930

1,270
1,990
1,660
3,580
736

Value based on income approachValue
based onCapitalization
directrate
capitalization(%)
method(million yen)

3,420

3.5

7,660

3.4

6,000

1,300
2,050
1,680
3,600
745

26,056

26,455

978

992

5,480

3.4

3.6
3.8
3.9
4.7
3.8
－

5,400

4.1

3,870

3,770

624
3,330

Value
based onDCF
method(million yen)

Discount
rate
(%)

3,240

3.6

7,530

3.2

5,850

1,250
1,960
1,650
3,580
727

25,787

3.2

3.7
3.6
3.7
4.5
3.4
－

Terminal
capitalization
rate
(%)
3.7
3.5
3.5
3.8
4.0
4.1
4.8
3.7
－

5,510

4.2

4.3

5.0

3,910

5.1

5.2

627

4.5

622

4.6

4.7

－

－

11,889－4.1－

15,372

3,330

－

－

5,280

5,370

5,240

4.9

5.0

1,630

4.9

5.0

48,081

－

－

1,090

5,280

1,640
1,640

48,348

1,100

4.2

4.5

5,370

4.9

1,670

4.8

45,384

－

1,670

－

－

972

1,080

15,424

5,240

1,630

4.0

4.3

－

－

4.4

4.7

－

－

The date of value for the real estate appraisal reports is February 28, 2022.
“Appraiser” is the name of the appraiser shortened as follows:
Japan Real Estate: Japan Real Estate InstituteTanizawa Sō gō Appraisal: The Tanizawa Sō gō Appraisal Co., Ltd.
Daiwa Real Estate Appraisal: Daiwa Real Estate Appraisal Co., Ltd.
(Note 3) Figures for Valor Kachigawa Store represent 50% of quasi-co-ownership, owned by XYMAX REIT at the end of the fiscal period under review.
(Note 4) Figures for Renaissance 21 Chihaya represent 50% of quasi-co-ownership, owned by XYMAX REIT at the end of the fiscal period under review.

- 31 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

IV. Summary of Engineering Reports and Seismic Risk Evaluation Reports
Engineering report

Asset no.

Asset name

Inspection
company(Note 1)

Inspection
date

OF-01

XYMAX
Nishi-Shimbashi Building

Sompo Risk
Management Inc.

Nov. 30,
2017

OF-02
OF-03
OF-04
OF-05
OF-06

XYMAX
Iwamotocho Building

XYMAX
Shinjuku-Gyoen Building
XYMAX
Kamiyacho Building

XYMAX
Higashi-Azabu Building
XYMAX
Higashi-Ueno Building

OF-07

XYMAX
Hachioji Building

OF-08

XYMAX Mita Building

RT-01

Muza Kawasaki

RT-02

Life Kawasaki Miyuki Store

RT-03

Vita Seiseki-Sakuragaoka

RT-04

Life Fukuizumi Store

RT-05
HT-01
OT-01

(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Earth-Appraisal
Co., Ltd.
Earth-Appraisal
Co., Ltd.
Earth-Appraisal
Co., Ltd.

Sompo Risk
Management Inc.

Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Earth-Appraisal
Co., Ltd.

The Park House Totsuka
Front(the Retail Portions of 1stand 2nd Floors)
Hotel Vista Sendai

Renaissance 21 Chihaya
Total

Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.

-

Nov. 30,
2017-

Feb. 28,2022-

Feb. 28,2022-

Feb. 28,2022-

Nov. 30,
2017-

Jun.10,2021-

Feb. 28,2022-

Nov. 30,
2017-

Nov. 30,
2017

Aug. 24,
2020

Daiwa Real EstateAppraisal Co., Ltd.

Nov. 30,
2017

Tokio Marine &Nichido Risk
Consulting Co., Ltd.

-

Nov. 30,
2017

Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Sompo Risk
Management Inc.

Short-term
repair cost(thousand yen)
(Note 2)
(Note 3)--

Jun.10,2021--

Nov. 30,
2017

-

-

Long-term
repair cost(thousand yen)
(Note 2)
(Note 4)

Seismic risk evaluation report

Inspection
company(Note 1)

Inspection PML value
date
(%)

Tokio Marine &4,503 Nichido Risk
Nov. 2017
Consulting Co., Ltd.

6.1

Tokio Marine &10,665 Nichido Risk
Nov. 2017
Consulting Co., Ltd.

4.5

Tokio Marine &12,297 Nichido Risk
Nov. 2017
Consulting Co., Ltd.
Tokio Marine &8,546 Nichido Risk
Nov. 2017
Consulting Co., Ltd.
Tokio Marine &7,340 Nichido Risk
Nov. 2017
Consulting Co., Ltd.
Tokio Marine &4,218 Nichido Risk
Nov. 2017
Consulting Co., Ltd.

Tokio Marine &13,742 Nichido Risk
Nov. 2017
Consulting Co., Ltd.
Tokio Marine &5,232 Nichido Risk
Consulting Co., Ltd.

Jun. 2021

Tokio Marine &15,756 Nichido Risk
Nov. 2017
Consulting Co., Ltd.
Tokio Marine &3,662 Nichido Risk
Nov. 2017
Consulting Co., Ltd.

Tokio Marine &150,664 Nichido Risk
Nov. 2017
Consulting Co., Ltd.

5.2

3.8
3.4
5.1
3.9
2.6
1.2
7.0
2.1

Tokio Marine &3,626 Nichido Risk
Aug. 2020
Consulting Co., Ltd.

14.7

Tokio Marine &8,071 Nichido Risk
Nov. 2017
Consulting Co., Ltd.

1.7

Tokio Marine &2,422 Nichido Risk
Consulting Co., Ltd.

Jun. 2021

Tokio Marine &6,958 Nichido Risk
Nov. 2017
Consulting Co., Ltd.

257,701

Entire portfolio (Note 5)

6.7

1.7
1.8

Inspection company are the names when the inspection was performed.
“Short-term repair cost” and “Long-term repair cost” are indicated based on the engineering report.
“Short-term repair cost” refers to the cost for repair or upgrading that has priority over daily maintenance and indicates the total amount of
estimates of repair costs deemed necessary within one year from the date of the engineering report.
“Long-term repair cost” refers to the cost for repair or upgrading to maintain functions and safe operations against the deterioration with age
and indicates the total amount of repair/upgrading costs deemed necessary within 12 years from the date of the engineering report, which isthe annual average calculated by the Asset Management Company, rounded to the nearest thousand yen. For Muza Kawasaki, Vita SeisekiSakuragaoka, The Park House Totsuka Front (the Retail Portions of 1st and 2nd Floors) and Renaissance 21 Chihaya, amounts corresponding
to the ownership ratios (6.9%, 49.6%, 12.3% and 50.0% respectively, rounded down to one decimal place) are indicated. The ownership ratios
are rounded down to one decimal place.
“Entire portfolio” is a PML value for a group of the 15 portfolio assets, obtained in the same manner as for each property based on the seismic
risk evaluation (portfolio) report dated June 2021 prepared by Tokio Marine & Nichido Risk Consulting Co., Ltd.

- 32 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

(Note 6) Valor Kachigawa Store does not appear on the above list because the asset is the leasehold land only with no building and is not subject to entireV.

portfolio PML

Capital Expenditures(A) Schedule of Capital Expenditures

Of capital expenditures associated with renovation work, etc. currently planned for assets held by XYMAX REIT as ofthe end of the fiscal period under review, the following are the major estimated amounts. The estimated construction
costs below may include the portion separately booked as expenses in accounting.

Name ofreal estate, etc.
XYMAX
Iwamotocho
Building

Vita Seiseki-

Sakuragaoka

Estimated construction costs

Location

PurposeScheduled period

Chiyoda-ku,
Tokyo

Renewal of air
conditioners

From: July 2022
To: July 2022

Tama-shi,exchange ofParking A

From: January 2023

Tokyo

Overhaul & parts(located on
basement floor)

To: January 2023

Total
amount47,66054,335(thousand yen)Amount ofpayment
duringperiod

-

-

Total

amountalreadypaid--(B) Capital Expenditures during the Fiscal Period
The construction work, etc. falling under the category of capital expenditures conducted in the fiscal period underreview for assets held by XYMAX REIT as of the end of the fiscal period under review amounted to 54,488 thousand
yen. Combined with repair expenses booked as expenses in the fiscal period under review (28,881 thousand yen),construction work, etc. totaling 83,370 thousand yen was conducted.
Furthermore, there were no Important Capital Expenditures made to the portfolio assets in the fiscal period underreview.

- 33 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

VI. Property Overview and Earnings/Expenses of PropertiesXYMAX Nishi-Shimbashi Building

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

February 16, 2018

Type of Specified Asset

Trust beneficiary right

Acquisition Price
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

2,500 million yen

Sumitomo Mitsui Trust Bank, Ltd.

2-6-2 Nishi-Shimbashi, Minato-ku,
Tokyo
2-10-30 Nishi-Shimbashi, Minato-ku,
Tokyo, and other
80%

700%

OfficeLease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing
Tax and public dues
Utility expenses

402.53 m2

Repair expenses

Ownership

August 22, 2000

Reinforced concrete structure withflat roof 9F
2,517.50 m2

RUI SEKKEISHITSU Co., Ltd.
Fujiki Komuten Co., Ltd.
Ownership

6,536

81,922(2) Operating expenses from real estate leasing
Maintenance fees

Commercial district

75,385

Insurance premiums
Depreciation

Other expenses related
to lasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

6,906
5,458
4,433
2,010

59

2,829
514

22,21162,541
59,711

ML Company
PM Company
XYMAX Corporation
Notes:
There is a 2-meter setback from the centerline of the road on the south side of the property. However, the Site Area includes the setback
portion (33.96 m2).

- 34 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

XYMAX Iwamotocho Building

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

February 16, 2018

Type of Specified Asset

Trust beneficiary right

Acquisition Price
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

ML Company
PM Company
Notes:
None

4,250 million yen

Sumitomo Mitsui Trust Bank, Ltd.

2-3-3 Iwamotocho, Chiyoda-ku, Tokyo
2-175-2 Iwamotocho, Chiyoda-ku,
Tokyo
80%

800%、600%

OfficeLease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing
Tax and public dues
Utility expenses

864.83 m2

Repair expenses

Ownership

March 22, 2001

Steel-framed reinforced concrete
structure with flat roof B1F/9F
6,261.06 m2

Nikken Sekkei Ltd.

Kumagai-Sumitomo Construction
Consortium
Ownership

Godo Kaisha ML2
XYMAX Corporation- 35 -

15,852

133,487(2) Operating expenses from real estate leasing
Maintenance fees

Commercial district

117,635

Insurance premiums
Depreciation

Other expenses related
to lasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

13,471
9,976
7,786
2,859

211

15,367
1,453

51,126

97,72882,361XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

XYMAX Shinjuku-Gyoen Building

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

February 16, 2018

Type of Specified Asset

Trust beneficiary right

Acquisition Price
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

ML Company
PM Company
Notes:
None

5,020 million yen

Sumitomo Mitsui Trust Bank, Ltd.

1-1-11 Shinjuku, Shinjuku-ku, Tokyo
1-1-8 Shinjuku, Shinjuku-ku, and
other
80%

OfficeLease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing
Maintenance fees

Commercial district

Utility expenses

839.09 m2

Repair expenses

Ownership

February 28, 2001

Steel-construction / Reinforced
concrete structure with flat roof
B1F/9F
6,084.32 m2

U Associates Co., Ltd.

Kajima-Oriental Construction
Consortium
Ownership

Godo Kaisha ML2
XYMAX Corporation- 36 -

13,039188,335(2) Operating expenses from real estate leasing
Tax and public dues

700%

175,296

Insurance premiums
Depreciation

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

14,342
11,659
8,693
3,732

203

11,279996

50,907

148,708
137,428

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

XYMAX Kamiyacho Building

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

February 16, 2018

Type of Specified Asset

Trust beneficiary right

Acquisition Price
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

ML Company
PM Company
Notes:
None

880 million yen

Sumitomo Mitsui Trust Bank, Ltd.

5-12-13 Toranomon, Minato-ku, Tokyo
5-13-1 Toranomon, Minato-ku, Tokyo,
and other
80%

600%

OfficeLease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing
Tax and public dues
Utility expenses

228.83m2

Repair expenses

Ownership

April 30, 1991

Steel-construction with flat roof 8F
1,356.51m2

HASEKO Corporation
HASEKO Corporation
OwnershipXYMAX Corporation
XYMAX Corporation- 37 -

3,773

42,505(2) Operating expenses from real estate leasing
Maintenance fees

Commercial district

38,732

Insurance premiums
Depreciation

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

4,615
4,518
2,559
1,219

44

1,443
552

14,95328,99627,552

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
XYMAX Higashi-Azabu Building

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

February 16, 2018

Type of Specified Asset

Trust beneficiary right

Acquisition Price
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

ML Company
PM Company
Notes:
None

1,550 million yen

Sumitomo Mitsui Trust Bank, Ltd.

1-5-2 Higashi-Azabu, Minato-ku,
Tokyo
1-5-11 Higashi-Azabu, Minato-ku,
Tokyo
80%

600%

OfficeLease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing
Tax and public dues
Utility expenses

365.05 m2

Repair expenses

Ownership

November 30, 1999

Steel-framed reinforced concrete
structure with flat roof B1F/9F
2,570.13 m2

Tokyo Branch of TOZAI KENCHIKUSERVICE CO., LTD.

Kanto Branch of Maeda Corporation
OwnershipXYMAX Corporation
XYMAX Corporation- 38 -

5,952

46,416(2) Operating expenses from real estate leasing
Maintenance fees

Commercial district

40,463

Insurance premiums
Depreciation

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

6,417
5,609
2,713

576

78

5,876
2,674

23,94628,346
22,469XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
XYMAX Higashi-Ueno Building

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

February 16, 2018

Type of Specified Asset

Trust beneficiary right

Acquisition Price
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

ML Company
PM Company
Notes:
None

1,150 million yen

Sumitomo Mitsui Trust Bank, Ltd.

1-11-4 Higashi-Ueno, Taito-ku, Tokyo
1-22-11 Higashi-Ueno, Taito-ku,
Tokyo, and other80%

600%、500%

OfficeLease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing
Tax and public dues
Utility expenses

368.84 m2

Repair expenses

Ownership

April 9, 1999

Steel-framed reinforced concrete
structure with flat roof 8F
1,942.54 m2

Architect 5 PartnershipTokyo Branch of Kajima Corporation
OwnershipXYMAX Corporation
XYMAX Corporation(Note) The Site Area includes a portion of private road burden (48.62 m2).

- 39 -

6,164

49,336(2) Operating expenses from real estate leasing
Maintenance fees

Commercial district

43,172

Insurance premiums
Depreciation

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

3,694
4,327
3,422
1,290

57

3,205

780

16,77935,76332,557

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
XYMAX Hachioji Building

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

February 16, 2018

Type of Specified Asset

Trust beneficiary right

Acquisition Price
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

ML Company
PM Company
Notes:
None

2,600 million yen

Mitsubishi UFJ Trust and Banking
Corporation
25-6 Yokoyamacho, Hachioji-shi,Tokyo
3-2 Yokoyamacho, Hachioji-shi, Tokyo,
and other
80%

600%

OfficeLease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing
Tax and public dues
Utility expenses

1,220.58 m2

Repair expenses

Ownership

January 26, 1993

Steel-framed reinforced concrete/
Steel-construction with flat roof
B1F/9F
7,404.81 m2

NIHON SEKKEI Inc.

MATSUMURA-GUMI Corporation
Ownership

Godo Kaisha ML1
XYMAX Corporation- 40 -

14,862

121,812(2) Operating expenses from real estate leasing
Maintenance fees

Commercial district

106,950

Insurance premiums
Depreciation

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

8,380
15,409
6,981
2,954

264

11,294
1,556

46,83986,267
74,973

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
XYMAX Mita Building

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

July 1, 2021

Type of Specified Asset

Trust beneficiary right

Acquisition Price
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

ML Company
PM Company
Notes:
None

668 million yen

Mitsubishi UFJ Trust and Banking
Corporation
5-13-11 Shiba, Minato-ku,Tokyo
5-3-39 Shiba, Minato-ku,Tokyo
80%

OfficeLease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing
Maintenance fees

Commercial district

Utility expenses

137.02 m2

Repair expenses

Ownership

May 31, 1991

Steel-construction with flat roof 10F
799.78 m2

KOKEN ARCHITECTS, INC.
Tosei Corporation

Insurance premiums
Depreciation

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

Ownership

Godo Kaisha ML1
XYMAX Corporation- 41 -

1,877

18,108(2) Operating expenses from real estate leasing
Tax and public dues

600%

16,230

2,700
1,028
1,259

35

1,071
2,171
8,266

10,9139,841

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
Muza Kawasaki

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

February 16, 2018

Type of Specified Asset

Trust beneficiary right

Acquisition Price
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

ML Company
PM Company
Notes:
None

4,100 million yen

Sumitomo Mitsui Trust Bank, Ltd.

1310 Omiyacho, Saiwai-ku, Kawasakishi, Kanagawa
1310 Omiyacho, Saiwai-ku, Kawasakishi, Kanagawa
80%

600%、400%

Commercial district

10,669.34 m2 (Note 1)

Co-ownership interest in ownershipright (ratio of right of site:
Approximately 6.9%)
January 7, 2004

Steel-framed/Steel-framed reinforced
concrete structure with flat
roof/stainless steel plate roofing
B2F/27F
108,955.90 m2 (Note 2)

Kanagawa Area Branch of Urban
Development Corporation
Shimizu-Taisei-Ando Construction
Consortium
Sectional ownership
XYMAX Corporation
XYMAX Corporation

RetailLease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing

152,132
19,120171,252(2) Operating expenses from real estate leasing
Tax and public dues
Maintenance fees
Utility expenses

Repair expenses
Insurance premiums
Depreciation

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

10,543
14,928
14,792
5,368

183

17,8007,255

70,872

118,180
100,380(Note 1) Although the subject asset is a sectional ownership building, Site Area above represents the entire site area of the building.
XYMAX REIT owns 742.44 m2 , approx. 6.9% of 10,669.34 m2.
(Note 2) Although the subject asset is a sectional ownership building, Total Floor Area above represents the entire floor area of the building
including the subject asset. Exclusive spaces owned by XYMAX REIT is 3,671.09 m2 (registered area) in total of the owned sectional
ownership building.

- 42 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
Life Kawasaki Miyuki Store

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

February 16, 2018

Type of Specified Asset

Trust beneficiary right

Acquisition Price
Trustee

Location
Lot Number
Land

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

790 million yen

Mitsubishi UFJ Trust and Banking
Corporation
4-93 Komukai-nishimachi, Saiwai-ku,
Kawasaki-shi, Kanagawa
4-94-1 Komukai-nishimachi, Saiwaiku, Kawasaki-shi, Kanagawa, andother
80%、60%200%
Neighborhood commercial district,
category 1 residential districts
1,879.15 m2
Ownership

January 13, 1997

Steel-construction with flat roof 2F
2,596.80 m2

Tokyo First-class Architect Office,Takenaka Corporation
Yokohama Branch of Takenaka
Corporation
Ownership

RetailLease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing

Undisclosed
Undisclosed
Undisclosed(2) Operating expenses from real estate leasing
Tax and public dues
Maintenance fees

Undisclosed
Undisclosed

Repair expenses

Undisclosed

Utility expenses

Insurance premiums
Depreciation

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

Undisclosed

Undisclosed

1,581

Undisclosed

Undisclosed

22,72921,147

ML Company
PM Company
XYMAX Corporation
Notes:
Under the lease contract with the tenant, in the case the lessor intends to transfer the ownership right of the property to a third party
through sale, etc., the lessor is to notify such to the lessee in advance to allow the lessee to preferentially discuss acquisition if the lessee
wishes.

- 43 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
Vita Seiseki-Sakuragaoka

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

February 16, 2018

Type of Specified Asset

Trust beneficiary right

Acquisition Price
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors

Building

Total Floor Area
Architect
Builder
Type of Ownership

ML Company
PM Company

Notes:

3,100 million yen

Mitsubishi UFJ Trust and Banking
Corporation
4-72 Sekido, Tama-shi, Tokyo
4-72 Sekido, Tama-shi, Tokyo
80%

500%

Commercial district

9,003.26m2 (Note 1)

Co-ownership interest in ownershipright (ratio of right of site:
Approximately 49.6%)
September 17, 1999

Steel-framed reinforced concrete
structure/reinforced concrete
structure/steel-construction with flat
roof B3F/27F
62,849.56 m2 (Note 2)

Tokyo Branch First-Class Architect
Office Corporation, Housing and
Urban Development Corporation
Toda-Tokyu-ICHIKEN Construction
Consortium
Sectional ownership (however, forhouse numbers 72-3 and 72-7, coownership interest of
937,995/1,000,000 and
591,485/1,000,000, respectively)
XYMAX Corporation

RetailLease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing

Undisclosed
Undisclosed
Undisclosed(2) Operating expenses from real estate leasing
Tax and public dues
Maintenance fees

Undisclosed
Undisclosed

Repair expenses

Undisclosed

Utility expenses

Undisclosed

Insurance premiums

Undisclosed

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing

Undisclosed(4) Operating income (loss)
from real estate leasing

150,737

Depreciation(3) NOI

23,403

Undisclosed

174,141

As to the part of the building (house numbers 72-3 and 72-7), an agreement on the following matters has been concluded with the co-ownersof the sections.

· Non-division covenant for five years from the conclusion date (renewed automatically unless any one of the co-owners claims not to renew

at least six months prior to the expiration date)· When transferring or dispositioning by other means the co-ownership interest, the party must notify other co-owners (hereinafter, the“Counterparties”) of such at least one month prior to the transfer or disposition in writing. The Counterparties shall have the preferential

negotiation right to purchase the said co-ownership interest within 20 business days after the notice, and such purchase shall be effective after

two months of a written notice stating exercise of right-to-purchase (hereinafter, the “Notice of Exercising Right-to-Purchase”) reaching theparty wishing to transfer the co-ownership interest. In such a case, the price shall be the value on an as-is basis, and if the parties do not reachan agreement on the price, the price shall be the real estate appraisal value as of the date of the Notice of Exercising Right-to-Purchase delivered

to the party wishing to transfer the co-ownership interest.
(Note 1) Although the subject asset is a sectional ownership building, Site Area above represents the entire site area of the building.
XYMAX REIT owns 4,467.51m2, approx. 49.6% of 9,003.26 m2.
(Note 2) Although the subject asset is a sectional ownership building, Total Floor Area above represents the entire floor area of the building
Including the subject asset.
Exclusive spaces owned by XYMAX REIT is 27,161.00m2 (registered area) in total (provided that, the area of 2 common-ownership
lots of house number 72-3 and 72-7 is calculated by multiplying ownership ratio of 937,995/1,000,000 and 591,485/1,000,000,
respectively)of the owned sectional ownership building.

- 44 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

Life Fukuizumi Store

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

September 1, 2020

Type of Specified Asset

Trust beneficiary right

Acquisition Price
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

1,065 million yen

Mitsubishi UFJ Trust and Banking
Corporation
444-1, Kami, Nishi-ku, Sakai-shi,Osaka444-1, Kami, Nishi-ku, Sakai-shi,
Osaka
60%

200%

Category 1 residential districts
6,225.21 m2
Ownership

December 17, 1996

Steel-construction with flat roof 2F
3,358.26 m2

KAJIMA CORPORATION
KAJIMA CORPORATION
Ownership

RetailLease business revenue

Undisclosed

Total operating revenue
from real estate leasing

Undisclosed

Other lease businessrevenue

Undisclosed(2) Operating expenses from real estate leasing
Tax and public dues
Maintenance fees

Undisclosed
Undisclosed

Repair expenses

Undisclosed

Utility expenses

Insurance premiums
Depreciation

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

Undisclosed

Undisclosed

2,223

Undisclosed

Undisclosed

26,10323,880ML Company
XYMAX REIT Investment Corporation
PM Company
XYMAX KANSAI Corporation
Notes:
Under the lease contract with the tenant, in the case the lessor intends to transfer the ownership right of the property to a third party
through sale, etc., the lessor is to notify such to the lessee in advance to allow the lessee to preferentially discuss acquisition if the lessee
wishes.

- 45 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

The Park House Totsuka Front(the Retail Portions of 1st and 2nd Floors)

Category

Overview of the Specified Asset
Acquisition Date

July 1, 2021

Type of Specified Asset

Actual Real Estate

Acquisition Price
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

RetailEarnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

540 million yen-

4018-1 Totsuka-cho, Totsuka-ku,
Yokohama-shi, Kanagawa
4022-1 Totsuka-cho, Totsuka-ku,
Yokohama-shi, Kanagawa, and other
80%

600%

Commercial district

1,595.49 m2 (Note 1)

Co-ownership interest in ownershipright (ratio of right of site:
Approximately 12.3%)
May 23, 2018

Reinforced concrete structure withflat roof B1F/14F
12,236.50 m2 (Note 2)

Fujita Corporation 1st Class Architects
OfficeFujita Corporation
Sectional ownership

Lease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing

23,211
2,771

25,982(2) Operating expenses from real estate leasing
Tax and public dues
Maintenance fees
Utility expenses

Repair expenses
Insurance premiums
Depreciation

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

5,078
2,362

13
50

3,763

90

11,35918,386
14,623ML Company
XYMAX Corporation
PM Company
XYMAX Corporation
Notes:
The asset may not change the designated use, not be transferred and loaned to a third party until Sep. 30, 2023, unless approved by
Yokohama City in writing. However, in the case Yokohama City approves, transfer and loan to the third party may be possible.
The management association leases a part of the roof free of charge to Tsunagu Network Communications, Inc. (hereinafter Tsunagu Net)
under a temporary loan for use agreement. Tsunagu Net installed its solar power generation equipment and is supplying electricity to thecommon area of the asset.
(Note 1) Although the subject asset is a sectional ownership building, Site Area above represents the entire site area of the building.
XYMAX REIT owns 197.84 m2, approx. 12.3% of 1,595.49 m2.
(Note 2) Although the subject asset is a sectional ownership building, Total Floor Area above represents the entire floor area of the building
including the subject asset.
Exclusive spaces owned by XYMAX REIT is 1,080.19 m2 (registered area) in total of the owned sectional ownership building.

- 46 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022
Valor Kachigawa Store (Leasehold land)

Building Coverage Ratio
Site Area

20,509.10 m2 (Note2)

Acquisition Price

Overview of the Specified Asset
January 31, 2022

Type of Specified Asset
TrusteeLand

Lot Number

Floor-Area Ratio

Land Use District

Type of ownership
Construction Date
Building

RetailEarnings and Expenses (Unit: thousand yen)Managementfrom January 31, 2022
Periodto February 28, 2022
3,245 million yen
Number of
29 days
operating days
Trust beneficiary right (50% quasi-co– (1) Operating expenses from real estate leasing
ownership interest)
Mitsubishi UFJ Trust and Banking
Lease business revenue
Undisclosed
Corporation
2-1-1, Ono-cho, Kasugai-shi, Aichi
Other lease business
Undisclosed
revenue
2-1-1, Ono-cho, Kasugai-shi, Aichi
Total operating revenue
Undisclosed
from real estate leasing
60%(2) Operating expenses from real estate leasing

Acquisition Date

Location

Category200%

Tax and public dues

Undisclosed

Ownership

Repair expenses

Undisclosed

Industrial area

Utility expenses

Insurance premiums-

Structure/Number of Floors-

Architect-

Type of Ownership-

Total Floor Area-

Builder-

ML Company

Maintenance fees

Depreciation(3) NOI

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(4) Operating income (loss) fromreal estate leasing-

Undisclosed
Undisclosed
Undisclosed-

Undisclosed
Undisclosed

11,90911,909Jones Lang LaSalle Incorporated
PM Company
Notes:
・Upon the acquisition of the asset, the XYMAX REIT has entered into a Quasi-Co-Owners Agreement (hereinafter the "Agreement") with theseller of the asset. The main contents of this Agreement are as follows.
(1) Special provision regarding Non-Split clause of Beneficiary Right in the Trust (for a period of five years from the date ofthis Agreement and to be renewed thereafter unless there is a manifestation of intention to refuse renewal)(2) In the event each quasi-co-owner wishes to sell its quasi-co-ownership interest to a third party, the other quasi-co-owner has been
granted the right of preferential negotiation rights for the purchase of the quasi-co-ownership interest held by the other quasi-coowners.
(Note1) XYMAX REIT owns trust beneficiary right with other quasi-co-owner (50% quasi-co-ownership interest) and owns 50% quasi-coownership interest.
(Note2) The site area is the area of the entire site. In addition, the site area XYMAX REIT owns as trust beneficiary right is approximately
10,254.55 m2 that equals to the 50% of quasi-co-ownership interest owned by XYMAX REIT.

- 47 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

Hotel Vista Sendai

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

Acquisition Price

Type of Specified Asset
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

February 16, 2018
4,400 million yen

Trust beneficiary right and movables
property incidental to hotel
Mitsubishi UFJ Trust and Banking
Corporation
1-7-3 Tsutsujigaoka, Miyagino-ku,
Sendai-shi, Miyagi
1-7-2 Tsutsujigaoka, Miyagino-ku,
Sendai-shi, Miyagi, and other
80%

500%

Commercial district
1,461.36 m2

Ownership (partial surface right)
March 14, 2016

Steel-construction with flat roof 12F
6,977.47 m2

First-class Architect Office, AA and
SUN Associates INC.

Tohoku Branch of Maeda Corporation
Ownership

Hotel

Lease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing

Undisclosed
Undisclosed
Undisclosed(2) Operating expenses from real estate leasing
Tax and public dues
Maintenance fees

Undisclosed
Undisclosed

Repair expenses

Undisclosed

Utility expenses

Insurance premiums
Depreciation

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

Undisclosed
Undisclosed

22,556

Undisclosed
Undisclosed

97,87875,321

ML Company
PM Company
XYMAX Corporation
Notes:
Sendai City has sectional surface rights to part of the land (lot number 7-18) aimed at the ownership of facilities required for high-speed
railway business. No ground rent arises under this surface right.
(Note) The Site Area includes 524.21 m2 of surface right.

- 48 -

XYMAX REIT Investment Corporation (3488) Financial Report for the Fiscal Period Ended February 2022

Renaissance 21 Chihaya

Category

Overview of the Specified Asset

Earnings and Expenses (Unit: thousand yen)Managementfrom September 1, 2021
Periodto February 28, 2022
Number of
181 days
operating days
(1) Operating expenses from real estate leasing

Acquisition Date

Acquisition Price

Type of Specified Asset
Trustee

LocationLand

Lot Number

Building Coverage Ratio
Floor-Area Ratio

Land Use District
Site Area

Type of ownership
Construction Date

Structure/Number of Floors
Building

Total Floor Area
Architect
Builder

Type of Ownership

February 16, 2018
1,350 million yen

Trust beneficiary right (50% quasico–ownership interest)
Mitsubishi UFJ Trust and Banking
Corporation
5-4-25 Chihaya, Higashi-ku, Fukuokashi, Fukuoka
5-2332 Chihaya, Higashi-ku, Fukuokashi, Fukuoka, and other
80%

400%

Other (Residential)

Lease business revenue

Other lease businessrevenue
Total operating revenue
from real estate leasing
Tax and public dues
Utility expenses

2,644.63 m2 (Note2)

Repair expenses

Ownership

October 19, 2006

Steel-framed reinforced concrete
structure with flat roof 14F
10,856.15 m2 (Note3)

Tei Architectural Design Office
Kyushu Branch of Nishimatsu
Construction Co., Ltd.
Ownership

8,918

103,495(2) Operating expenses from real estate leasing
Maintenance fees

Commercial district

94,576

Insurance premiums
Depreciation

Other expenses related
to leasing businessTotal operating expenses
from real estate leasing(3) NOI(4) Operating income (loss)
from real estate leasing

9,391
7,367
1,555
4,609

233

18,628
5,372

47,15974,96456,335ML Company
Miyoshi Asset Management Co., Ltd.
PM Company
Miyoshi Asset Management Co., Ltd.
Notes:
None(Note 1) XYMAX REIT owns trust beneficiary right with other quasi-co-owner (50% quasi-co-ownership interest) and owns 50% quasi-coownership interest.
(Note 2) Site Area above represents the entire site area of the asset. The site area XYMAX REIT owns as trust beneficiary right is approximately
1,322.31 m2 which equals to the 50% of quasi-co-ownership interest owned by XYMAX REIT.
(Note 3) Total Floor Area above represents the entire floor area of the building. The site area XYMAX REIT owns as trust beneficiary right isapproximately 5,428.07m2 which equals to the quasi-co-ownership interest owned by XYMAX REIT.

- 49 -