19th Fiscal Period Results(from Jul. 1, 2012 to Dec. 31, 2012)

Invincible Investment Corporation

http://www.invincible-inv.co.jp/eng/(Feb. 28, 2013)1

Table of Contents
Sponsor Support and Activities
from Year 2011 to Year 2012

(P.3)

- History and Background- Activities during the 19th fiscal period ended Dec. 2012
- Highlights of the 19th fiscal period Results/Forecast for the 20th fiscal period
mid-termterm- Ensuring the Stability of Distribution Amount in the mid- Simulation of Changes in the Amount of Distribution by
Refinancing

Operational Results for the 19th Fiscal Period (P.9)(P 9)- Acquisition Details and Results- Overview of Borrowings (as of the end of Dec. 2012)- Overview of Borrowings (as of the end of Dec. 2012 /Feb. 28, 2013)- Overview of Borrowing Mortgages (As of Dec.31, 2012)- Investment in Residential Properties for the Stable Cash Flow
- Characteristics of Portfolio- Historical
Hi t i l O
Occupancy R
Ratest- Initiatives for Cost Reductions- Improvement of the Asset Value and the Profitability- Major Unitholders (TOP 10)- Overview of Unitholders- Historical Unit PriceAppendix（P.25）

Section 1 Highlights of Performance (P.26)- Financial Metrics- Comparison between Forecast and Results for the 19th fiscal period- Difference between the Initial Forecast (as of Aug. 27, 2012)
and Results for the 19th fiscal period- Difference between Forecast (as of Dec. 20, 2012) and Results
for the 19th fiscal period- Forecast for the 20th fiscal period (as of Feb. 27, 2013)- Difference between Results for the 19th fiscal period
and Forecast for the 20th fiscal period- Conduit Requirements and Distributions- Distributions for the 19th fiscal period and the 20th fiscal period
Section 2 Financial Statements for the 19th Fiscal Period (P.35)- Income Statement- Difference between results for the 18th fiscal period
and the 19th fiscal period- Balance Sheet- Cash Flow Statement/a ca S
Statementsa e e s pe
pertainingag too Distributions bu o oof Monieso es
Financial
Section 3 Overview of New 24 Properties (P.43)- New 24 Properties (Residences)
Section 4 Other Information ((P.54))- Performance by Properties in the 19th Fiscal Period- Appraisal Values & Book Values at the end of 19th Fiscal Period- Portfolio List
■Disclaimer

2

Sponsor Support and Activities from Year 2011 to Year 20123

History and Background With regard to the debt facilities, the REIT had a cause for forfeiture of the benefit of time wasestablished, leading to a statement on “Note regarding the Going Concern Basis” being added in thefiscal period ended December 2010 .
 Calliope Godo Kaisha, an affiliate of Fortress Investment Group LLC, became the new sponsor of
Invincible Investment Corporation (hereinafter, “INV”) in July 2011 helping to recapitalize INV through:- Financing approximately JPY 7 billion of equity by way of third party allotment- Refinancing majority of debt with new loans to realize extension of loan periods withdiversified maturity dates- Acquiring 97% of share of asset manager (Consonant Investment Management Co., Ltd.) Since there arose certain prospects of full repayment of the then-existing securitized loan, INV decided
to remove the statement on “Note
Note regarding the Going Concern Basis”
Basis in the financial summary(Kessan-Tanshin) for the fiscal period ended June 2011.
 As a result of series of transactions mentioned above, avoidance of the bankruptcy risk of INV andremoval of the cause for forfeiture of the benefit of time were successfully donedone.
 INV has been focusing on further Internal Growth through the improvement of occupancy rates andconducting cost reductions since the fiscal period ended December 2011 (17th fiscal period) .

Broke away from the critical phase by the recapitalization
4

Activities during the 19th fiscal period
ended Dec. 2012
Acquisition of Properties

Asset Management

 Acquired properties
by new debt financing andrefinancing
fi
i withith theth
increased loan amount Improved the averageoccupancy rate compared totheh priori fiscalfi
l period
i d
18th
19th

- Residences: 24 properties- Residences 94.2%→ 95.2%*(*of these, occupancy based on
the existing 39 properties: 95.0%- Acquisition
Acq isition price:JPY
price JPY14,043
14 043mn- Offices etc.

94.4%→ 95.7
95 7%

- NOI yield: 6.1%

- Total

95.2%→ 96.0%*- Averaged age: 7.7years(*of these, occupancy based on
the existing 54 properties: 96.0%)
 Cost reduction of PM /BM fees
: JPY -18mn
 Improved the appraisal values
compared to the last time(Jun. 2012/ Sep. 2012)- Total
JPY73,249mn→JPY73,483mn(JPY+234mn/+0.3%)

Expansion of asset size/
Establishment offoundation for Profits

Enhancement of profitability/ Enhancement of Asset value

New debt financing andRefinancing with
the increased loan amountUnitholders’ Meeting New debt financing
Procuring funds through a loan
backed by trust assets

 Revision of the Articles ofIncorporation: JPY 9,960mn
 Refinancing with the increased
loan amount
Repayment of Syndicate Loan A: JPY10,850mn
Borrowing of Syndicate Loan B: JPY13,400mn((increase of JPY 2,550,mn))
 LTV based on Unitholders’Capital after such financing

57.6% (during the fiscal period
ended Jun. 2012: 49.4%)<Distribution Policy>
Enabling INV to determine
the amount of
distributions flexibly
regardless of thesatisfaction of conduit
requirements<Change of Structure of
Asset Management Fees>
Reduction of asset
management fees
(Reduction of asset management
fees for the period up to December
2014)

 Average interest rate during
the fiscal period ended Dec. 2012

3.964% (during the fiscal period
ended Jun. 2012: 4.407%)→Excluding the Shinsei Trust Loan A/ B
2 321%
2.321

Achieved the acquisitionof the new properties

Flexible utilization of Surplus/ Cost reduction

By external growth without capital increase, INV has established a solid platform that will enable INV to pay a consistent dividend(distribution per unit of approximately JPY 200) over the mid- term from portfolio earnings in and after the fiscal period ended June 2013.

5

Highlights of the 19th fiscal period Results/ Forecast for the 20th fiscal period
18th fiscal period

19th fiscal period(Jun. 2012)
Results(Dec. 2012)
Results

Compared to18th fiscal
period20th fiscal period(Jun. 2013)
Forecast
As of Feb. 27, 2013

Compared to19th fiscal
period

54

78

24

78

－

Operating revenues

JPY 2,176 mn

JPY 2,476 mn

JPY +299 mn

JPY 2,761 mn

JPY +284 mn

Operating expenses

JPY 1,282 mn

JPY 1,392 mn

JPY +109 mn

JPY 1,578 mn

JPY +185 mn

Operating income

JPY 894 mn

JPY 1,084 mn

JPY +190 mn

JPY 1,183 mn

JPY +98 mn

Other operating
expenses

JPY 770 mn

JPY 972 mn

JPY +202 mn

JPY 902 mn

JPY -70 mn

Interest expenses

JPY 695 mn

JPY 763 mn

JPY +67 mn

JPY 803 mn

JPY +39 mn

Finance related
costs

JPY 73 mn

JPY 208 mn

JPY +134 mn

JPY 98 mn

JPY -110 mn

JPY 128 mn

JPY 114 mn

JPY -13 mn

JPY 280 mn

JPY+165 mn

EPS

JPY 95

JPY 85JPY -10

JPY 207

JPY +122

Reversal of Surplus
per Unit

JPY 105

JPY 32

JPY -73－

JPY -32

Distribution per Unit

JPY 200

117

JPY -83

200

JPY +83

5.2％

+0.2％

5.1％

-0.1%

No. of properties

Net Income

NOI yield

5.0％

JPY

JPY

6

Ensuring the Stabilityof Distribution Amount in the mid-term
11 563
11,563
Paying DPU of approximately JPY 200
by utilizing the Surplus

2,255

435

2,036

200

105
95 20032 11785

207 200

17th(Dec. 2011)18th(Jun. 2012)

19th(Dec. 2012)

20th(Jun. 2013)(Forecast)

200
16th
(Jun. 2011)

15th(Dec. 2010)-2,055Distribution focusing on the stability
in the mid-term-1,83621th(Dec. 2013)(Target)22th(Jun. 2014)(Target)Reversal of Surplus per Unit (JPY) (Note) (Note) Net income/ loss (JPY) is calculated based
Net Income/ loss per Unit (JPY) (Note)
Distribution per Unit (JPY)-11,128<DPU from 15th to 18th><DPU of 19th>

DPU of JPY 200
with relying on the negative goodwill surplus (Note)

DPU was decreased(Note) Term of the 15th fiscal period was 1 year from Jan. 1, 2010 to Dec.
31, 2010 and the distribution per unit for this period is JPY 435.

Feb. 2010- Split units- MergerFeb. to Jun. 2010
- Partial repayments ofthe existing borrowings
by the sale ofmortgaged properties
2010.9- “Note regarding

the Going
Concern Basis”
Basis

Jul. to Aug. 2011
- Invitation of new sponsor- Implement of Third Party Allotment- New borrowings- A certain expectation of realizing therefinance & repayment of all of theexisting borrowings→ RemovalR
l off

statement on “Note regarding
the Going Concern Basis”

Oct. 2011- Full payment of the existing borrowing
by the sale of mortgaged property- Additional borrowing
Jul 2011Jul.
- Focus on internal growth such as improvementof occupancy rates, cost reductions

Aiming for
furtherenhancementof DPUsignificantly due totemporary costs that
accompanied theacquisition of properties.
properties

Sep. 2012- Acquisition of

new 24 properties- New borrowings- Refinancing ofSyndicate Loan A with
the increased loan
amountNov. 2012- Reduction of asset

management fees

Other
- Implement of various
initiatives
for internal growthon the following formula in this page:
Net income/ loss per unit (JPY)＝
Net income/ loss ÷Issued investment units
at the end of fiscal period<DPU from 20th over the mid term>
By the acquisition of new 24 properties,
INV has established a solid platform since the 20th fiscal
period ended June 2013.

Aiming to ensure the stability of
distribution amount in the mid-term.
mid-term

Action Plan from 20th over the mid term
Internal Growth Strategy- Further enhancement of profitabilityof portfolio earnings,
earnings and of asset
value(Implement of strengthening leasing
activities and various Measures)- Working continnously
on further cost reductions

Financial Strategy- Further enhancement of therelationshipl ti
hi withith ththe existingi tifinancial institutions- Developing the relationshipwith new financial institution/
Strengthening lender formation

Note
The descriptions regarding forward-looking statements and goals mentioned above are merely statements based on the currently available information and certain assumptions that areconsidered to be reasonable; therefore, there may be currently unknown risks and uncertainties in such descriptions. Accordingly, said forward-looking statements and goals are subject to suchrisks, uncertainties, assumptions and other factors. Please be fully aware that INV does not give any assurance on these descriptions.

7Simulation of Changes in the Amount ofDistribution by Refinancing
INV aims to reduce interest rates through its stable operational performance when refinancing the Shinsei Trust Loan A / B,
due on January 30, 2015 each.

Interest rates on
Shinsei Trust Loan
A/B
Changes in theAmount ofDistribution(Calculation period: 6 months)(Current)

8.5% / 9.5%

8.0 %

7.0 %

6.0 %

5.0 %

4.0 %

3.0 %

2.0 %

JPY +35 mn(JPY+26/ unit)

JPY +82 mn(JPY+61/ unit)

JPY +129 mn(JPY+96/ unit)

JPY +176 mn(JPY+131/ unit)

JPY +223 mn(JPY+166/ unit)

JPY+271 mn(JPY+201/ unit)

JPY+318 mn(JPY+236/ unit)(Weighted average:
8.7%)

JPY - mn
(JPY- / unit)

Note
The simulations, forward-looking statements and goals mentioned above are merely a provisional calculation of Changes in theAmount of Distribution if a refinancing is achieved with the conditions stated in the simulations above, based on the currently
available information and certain assumptions that are considered to be reasonable.
reasonable Accordingly,
Accordingly said simulations,
simulations forward-looking
statements and goals do not ensure that a refinancing is feasible under these conditions or that the distribution amount will be
increased as a result of such refinancing. INV has not yet entered into negotiations with lenders with respect to the refinance of theShinsei Trust Loan A/B at this point. Therefore, please be fully aware that the above descriptions are merely simulations made on
the assumption that interest rates are reduced to certain levels.
No negotiations have been held at this point with respect to the feasibility of refinancing such loan or possibilities of interest rate
reduction after refinancing. Accordingly, there is no assurance that the refinancing and the interest rate reduction will be achieved.
Decreased amounts of the Interest Expenses due to lower interest rates are stated in the column of Changes in the Amount ofDistribution, and figures are rounded down to the indicated unit.
Moreover, this simulation is based on the premise that there is no change made to the number of the issued investment units(1,348,292 units) as of today. Numbers within parentheses are calculated by dividing each decreased amounts of Interest Expenses
due to lower interest rates by the number of the issued investment units (1,348,292 units).

8

Operational Results for the 19th Fiscal Period9Acquisition Details and Results
Existing 54 properties

as of the 18th FP(Jun. 2012)
Acquisition Details
Property Type24

Acquisition Price

JPY 14,043 mn

SellerRhodia Godo Kaisha

Acquisition Date

Sep. 28, 2012

Acquisition Fund

Debt financing(JPY 12,510 mn)/ Cash on hand
(JPY 1,533 mn）

Payment of
Acquisition Fees toAsset Manager

JPY 1,400 ths (Note 1)

as of the 19th FP(Dec. 2012)

Acquisition Price

JPY 63,118 mn

JPY 14,043 mn

JPY 77,161 mn

Appraisal Value

JPY 59,106 mn

JPY 14,143 mn

JPY 73,483 mn

No. of Properties

54

24

78

Debt Financing

JPY 31,603 mn

JPY 12,510 mn

JPY 43,982 mn

LTV based on
Unitholders’ Capital

49.4 %

LTV based on
Appraisal Value

53 5 %
53.5

70 4 %
70.4

59 9 %
59.9

NOI yield (Note 2)

5.0 %

6.1 %

5.2 %

Residences

No. of Properties

78 properties

New 24 properties(Sep. 28, 2012)57.6 %(Note 1) The acquisition fees of the new 24 properties to the Asset Manager are held down as follows.
“Acquisition Price (JPY14,043 mn) x 0.01%= JPY1.4 mn”.
(Note 2) NOI yield is calculated based on the following formula:
NOI yield (based on Acquisition Price) (%)= (( Rental Revenues - Property Related Expenses + Depreciation Expenses) / days during the period x 365) / Acquisition Price
Furthermore, the above NOI yield of 6.1％ of the new 24 properties is an estimate as of September 26, 2012,
calculated based on the number (362 days) calculatedby doubling the number of days under INV’s management from January 1, 2013 to June 30, 2013 (181 days).

10Overview of Borrowings(as of the end of Dec. 2012) Balance of the outstanding of borrowings:

 LTV based on Unitholders’ Capital /LTV based on Appraisal Value (Note 1):

 Average interest rate (Note 2):

 Interest coverage ratio (Note 3):

 Ratio of long-term debt:

JPY 43,982
43 982 mn (the previous fiscal period: JPY 31
31,603603 mn)57.6% (the previous fiscal period: 49.4%) /59.9% (the previous fiscal period: 53.5%)
3.964% (the previous fiscal period: 4.407%)→ Except for Shinsei Trust Loan A / B: 2.321%

30.8% (the previous fiscal period: 32.0%)
100.0% (the previous fiscal period: 100.0%)<Diversification of maturity dates on loans (Note 4) >13,362

Syndicate Loan B
Shinsei Trust Loan A

Average period of loans: 3.6 years

Shinsei Trust Loan B
Prudential LPS Loan
Prudential LPS Loan B

9,660

Jul. 31,2014

Jan. 25,
2017

Jan. 30,
2015

23th
Dec. 2014

24th
Jun. 2015

25th
Dec. 2015

26th
Jun. 2016

27th
Dec. 2016

28th
Jun. 2017

5,430
3,630

3,620
2,700

3,750

Jan. 25, 2018
Jan. 31, 2018
29th
Dec. 201730th
Jun. 2018

1,830

Jan. 25, 2019
Jan. 31, 201931th
Dec. 2018

32th
Jun. 201933th
Dec. 2019

Mar. 31,2020
34th
Jun. 2020(Note 1) The LTV based on Unitholders’ Capital is calculated based on the following formula:
LTV based on Unitholders’
Unitholders Capital = Interest
Interest-bearing
bearing debt / (Interest-bearing(Interest bearing debt + unitholders’unitholders capital + unitholders’unitholders capital surplus)) x 100
The LTV based on Appraisal Value is calculated based on the following formula: LTV based on Appraisal Value = Interest-bearing debt / Appraisal Value x100
(Note 2) The average interest rate is calculated by using weighted average by days and is rounded to three decimal places.
(Note 3) Interest coverage ratio is calculated based on the following formula: Interest coverage ratio= Interest Expenses / Operating Revenues(Note 4) ‘Current portion of long term debts on “ Syndicate Loan A” and “Shinsei Trust Loan B”’ are included in “Long term Debt”.
Furthermore, JPY 150 million a year (JPY 37.5 million every three months) with respect to syndicate Loan A and JPY 112 million a year (JPY 28 million every three months)
with respect to Shinsei Trust Loan B, are repaid by the scheduled repayments. Also, regarding each Prudential LPS Loans, on each principal and interest payment date(every three months) after three years have passed since the borrowing date, INV will pay the amount calculated on the assumption that the remaining principal as of the dateis repaid in equal installments of the principal and the interest over 20 years (80 times in total)] Also, regarding each Prudential LPS Loans (i.e. the first lending through the third lending),
on each principal and interest payment date (every three months) after three years have passed since the borrowing date, INV will pay the amount calculated on the assumption thatthe remaining principal as of the date is repaid in equal installments of the principal and the interest over 20 years (80 times in total). With respect to the second lending and the third endingof Prudential LPS Loan B, on each principal and interest payment date (every three months) after five years have passed since the borrowing date, INV will pay the amount calculated on
the assumption that the remaining principal as of the date is repaid in equal installments of the principal and the interest over 30 years (120 times in total). On the maturity date, INV will
make a lump sum repayment of the remaining amount after such payments are made. As for the fourth lending, on each principal and interest payment date (every three months) after
three years have passed since the borrowing date, INV will pay the amount calculated on the assumption that the remaining principal as of the date is repaid in equal installments of theprincipal and the interest over 27 years (108 times in total). On the maturity date, INV will make a lump sum repayment of the remaining amount after such payments are made.
(Note 5) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

11

Overview of Borrowings(as of the end of Dec. 2012 / Feb. 28, 2013)
Loan

LenderBorrowingdate

Borrowing amount
As of the end of
Dec. 2012

Syndicate
Loan B

Maturity date

As of Feb. 28,
2013

As of the end of
Dec. 2012

As of Feb. 28,
2013

2.26143%(Note 2)
Variable interestrate(3 month LIBOR+2.1％)

Jul. 31, 2014

MetLife Alico Life Insurance
K.K.
KK
The Bank of New York
Mellon Trust (Japan), Ltd.

Interest rate (annual rate) etc.

Sep. 28, 2012

JPY 13,362 mn

JPY 13,325 mn

2.28857% (Note 1)
Variable interestrate(3 month LIBOR+2.1％)

Citibank Japan Ltd.
Shinsei Bank, Limited
Shinsei Trust
Loan A

Shinsei Trust & Banking Co.,
Ltd.

Jul. 29, 2011

JPY 7,100 mn

JPY 7,100 mn

8.50000％
Fixed interest rate

8.50000％
Fixed interest rate

Jan. 30, 2015

Shinsei Trust
Loan B

Shinsei Trust & Banking Co.,
Ltd.

Jul. 29, 2011

JPY 2,560 mn

JPY 2,532 mn

9.50000％
Fixed interest rate

9.50000％
Fixed interest rate

Jan. 30, 2015

JPY 23,022 mn

JPY 22,957mn

Subtotal of long-term debt

Prudential
LPS LoanPrudential
LPS Loan B

Prudential Mortgage Asset
Holdings 1 Japan
Investment Business
Limited Partnership

Prudential Mortgage Asset
Holdings 1 Japan
Investment Business
Limited Partnership
Subtotal of long-term debt
in trust
Total

Jul. 29, 2011

JPY 3,750 mn

Jul. 29, 2011

JPY 3,620 mn

Jul. 29, 2011

JPY 3,630 mn

Jan. 25, 2019

Sep. 28, 2012

JPY 2,700 mn

Mar. 31, 2018

Sep. 28, 2012

JPY 2,860 mn

Sep 28Sep.
28, 2012

JPY 1
1,830
830 mnSep. 28, 2012

JPY 2,570 mn

Jan. 25, 2017
2.50000％
Fixed interest rate

1.90000％
Fixed interest rate

Jan. 25, 2018

Mar. 31, 2019
Mar 31
Mar.
31, 2020
Mar. 31, 2019

JPY 20,960 mn
JPY 43,982mn

JPY 43,917mn(Note 1) The interest rates are applicable for the period from November 30, 2012 through February 27, 2013.
(Note 2) The interest rates are applicable for the period from February 28, 2013 through May 30, 2013.
(Note 3) The outstanding of borrowing is rounded down to the indicated unit.

12

Overview of Borrowing Mortgages(As of Dec.31, 2012)
Loan

Maturity
Date

B
BorrowingiAmount as ofDec. 2012

A
Appraisali lValues as ofDec. 2012

LTV
based onAppraisal
ValuesMortgages

No. ofProperties

21

SyndicateS
di tLoan B

JJull 3131,2014

JPY 13,362 mn

JPY 24,991 mn

53.5%City House Tokyo Shinbashi, Winbell Kagurazaka, Nishiwaseda Cresent
Mansion, Lexington Square Akebonobashi, Casa Eremitaggio, Towa City
Coop Shinotsuka II, Bichsel Musashiseki, Lexel Mansion Ueno Matsugaya,
T
Towa
City
Cit C
Coop S
Sengencho,
h R
Royall P
Park
kO
Omachi,hi L
Lexington
i t S
SquareHaginomachi, Visconti Kakuozan, Lexington Square Daitabashi, Lexington
Square Honjo Azumabashi, AMS TOWER Minami 6-Jo, Cross Square
NAKANO, Ohki Aoba Building, Lexington Plaza Hachiman , AEON TOWN
Sukagawa, Shinjuku Island and Stop Parking Kanda-Sudacho

Shinsei Trust
Loan AJan 30,2015

JPY 7,100 mn

JPY 11,000 mn

64.5%

Spacia Ebisu and Lexington Plaza Nishigotanda

2

Shinsei Trust
Loan BJan 30,2015

JPY 2,560 mn

JPY 4,708 mn

54.4%

Bon Sejour Chitose Funabashi, Bon Sejour Yotsugi, Bon Sejour Hino, Bon
Sejour Musashi Shinjo, Bon Sejour Komaki, Bon Sejour Hadano
Shibusawa and Bon Sejour Itami

7

8

Prudential
LPS LoanPrudential
LPS Loan B

Total

Jan 25,
2017

JPY 3
3,750
750 mnJPY 6
6,439
439 mn

58 2%
58.2%

Nisshin Palacestage Daitabashi, Nisshin Palacestage Higashi-Nagasaki,
Growth Maison Shin-Yokohama, Belle Face Ueno-Okachimachi, Growth
Maison Yoga, Shibuya-Honmachi Mansion, City Heights Kinuta and Foros
Nakamurabashi

Jan 25,2018

JPY 3,620 mn

JPY 5,985 mn

60.5%

Growth Maison Gotanda, Growth Maison Kameido, Emerald House, Growth
Maison Ikebukuro, Route Tachikawa, College Square Machida, Belair
Meguro and Wacore Tsunashima I

8Jan 25,2019

JPY 3,630 mn

JPY 6,166 mn

58.9%

Harmonie Ochanomizu, Suncrest Shakujii-Koen, Grand Rire Kameido,
Acseeds Tower Kawaguchi-Namiki, Capital Heights Kagurazaka, Growth
Maison Kaijin, College Square Machiya and Kindai Kagakusha Building

8

Mar 31,
2018

JPY 2,700 mn

JPY 3,869 mn

69.8%

Neo Prominence, Salvo Sala, Luna Court Edobori, Wintage Kobe
Motomachi, Revest Meieki Minami

5

Mar 31,
2019

JPY 2,860 mn

JPY 4,084 mn

70.0%

S Terrace
Sun
T
MinamiMi
i Ik
Ikebukuro,b k
E
Excellente
ll t Kagurazaka,Kk HERMITAGE
NANBA WEST, Little River Honmachibashi, Invoice Shin-Kobe Residence,
Cosmo Court Motomachi

6

Mar 31,
2020

JPY 1,830 mn

JPY 2,622 mn

69.8%

Queen‘s Court Fukuzumi, Prime Life Sannomiya Isogami Koen, Revest
Honjin, Revest Matsubara, Corp Higashinotoin

5

Mar31,
2019

JPY 2,570 mn

JPY 3,619 mn

71.0%West Avenue
Avenue, Belair Oimachi,
Oimachi Siete Minami
Minami-Tsukaguchi,
Tsukaguchi Prime Life Mikage
Mikage,Alba Noritake Shinmachi, Revest Heian, Century Park Shinkawa 1-bankan,
Vendir Hamaotsu Ekimae

8―

JPY 43,982mn

JPY 73,483mn

59.9 %

―

78

13

Memo

14

Investment in Residential Properties
for the Stable Cash Flow(as of the end of Dec. 2012)

Residences
No. of Properties: 63(Previous Period: 39)(Based on Acquisition Price)Asset Size: JPY 58 billion
Total Rentable Units: 3,413 units(Previous Period: JPY 44 billion)(Previous Period: 2,241 units)

By Ro
oom Type

As of the end of 18th fiscal period(Jun. 30, 2012)

As of the end of 19th fiscal period(Dec. 31, 2012)

Large
3.8%

Large
8.6%

Medium
25.3%
Small
61.7%

Small：61.7％

By Rent Range

New 24 Properties
as of the end of 19th fiscal period(Dec. 31, 2012)

Large
11.0%

Medium27.3%

Greater than
JPY 200 ths
JPY 150 ths ‐ 6.8%
JPY 200 ths
10.7%
JPY 100 ths‐JPY 150 ths
18 6%
18.6%

Less than JPY
100 ths
63.9%

Less than JPY 100 ths: 63.9 %Total Leasable Area: 109,585.97 ㎡(Previous Period: 74,663.33 ㎡)

Medium
26.6%
Small
70.9%

Small：70.9％
JPY 150 ths ‐JPY 200 ths
2.7%
JPY 100 ths ‐JPY 150 ths
10.0%Less than JPY
100 ths
87.3%

Less than JPY 100 ths: 87.3 %

Small
64.8%

Small： 64.8％
JPY 150 ths ‐JPY 200 ths
7.7% Greater than
JPY 200 ths
JPY 100 ths ‐4.2%
JPY 150 ths
15.7%
LLess thanth JPY
100 ths
72.4%

Less than JPY 100 ths: 72.4 %(Note 1) INV defines “Small” a rentable unit with an area of less than 30㎡, “Medium” as a rentable unit with an area of 30㎡ or more and less than 60㎡ and “Large” as a rentable
unit with an area of 60㎡ or more..
(Note 2) Percentages are rounded to one decimal place.

15

Characteristics of Portfolio
As of the end of 18th fiscal period(Jun. 30, 2012)

By Geograp
phyKansai
0.8%
Chubu
2.1%
GreaterG
ea eTokyo Area
excludingTokyo 23
wards
11.0%

Others13.2%

Central 5
wards of
Tokyo
30.9%

Kansai
46.6%

Central 5
wards of Tokyo 23
Tokyo
wards
3.9%
excludingCentral 5
wards
22.5%

Tokyo 23
wards
excludingCentral 5
wards
42.1%

Chubu
24.7%

Greater Tokyo Area: 84.0 % (Tokyo 23 wards:73.0 %)Byy Property Typpe

New 24 Properties
as off theth endd off 19th fiscalfi
l period
i d(Dec. 31, 2012)

Seniors
7.3%
Commercial
Facilities
8.9%

Greater Tokyo
Area
excludingTokyo 23
wards
2.4%

As of the end of 19th fiscal period(Dec. 31, 2012)
OthersCentral 5
Kansai 10.8%
wards of
9.2%
y
Tokyo
Chubu
26.0%
6.1%
GreaterTokyo 23
Tokyo Area
wards
excludingexcludingTokyo 23
Central 5
wards
wards
9.4%
38.5%

Greater Tokyo Area: 28.7% (Tokyo 23 wards: 26.3 %) Greater Tokyo Area: 73.9 % (Tokyo 23 wards: 64.5 %)Parking Lots
0.2%
Seniors
Commercial
6.0%
Facilities
7 3%
7.3%

Parking Lots
0.1%

Offices
11.4%

Offices
13.9%
Residences
69.8%

Residences: 69.8 %Residences
75.3%

Residences
100.0%

Residences:100.0 %Residences: 75.3 %20- years
2.4%

15-19
years
11.8%
10-14 years
6.8%

By Age20- years
21 8%
21.8%

15-19 years
23.0%

5-9 years
53.0%

15-19 years
18.9%
5-9 years
79.0%

10-14 years
2.2%

Weighted average age: 13.2years

20- years
21 3%
21.3%

Weighted average age: 7.9 years(Note 1) “Tokyo”, "Kanagawa, Chiba, and Saitama prefectures" are defined as “Greater Tokyo Area“.
(Note 2) Percentages are calculated based on acquisition price and are rounded to one decimal place.

5-9 years
57.8%

10-14 years
2 0%
2.0%

Weighted average age: 12.5 years

16Historical Occupancy Rates
In order for INV to maintain a stable and high occupancy rate, INV flexibly reviewed the leasing strategy for rooms for rent
which had been vacant for more than 30 days, and implemented measures against this issue.
The occupancy rate as of the end of November 2012 reached 96.4%, which is the highest rate since the merger in February 2010.

94.3%

92.7%

96.0%

95.2%

Averaged occupancy rates
during the each fiscal periods

100.0%
98.0%
96.0%
94 0%
94.0%
92.0%
Existing 39 properties

90.0%

Occupancy Rate in July 2011
Total: 93.5 %R id
Residences:
92
92.1
1%
Offices etc..: 92.6 %Seniors etc..: 100.0%

88 0%
88.0%
86.0%

New 24 properties
Offices/ Commercial Facilities
Parking Lots/ Senior Properties
Total

84.0%
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.
Y
Year
2011

Y
Year
2012

Existing 39 properties

New 24 properties

Offices/Commercial
Facilities

End of Dec. 2012

95.3%

95.7%

96.3%

100.0%

96.2%

End of Nov. 2012

95.9%

95.7%

95.8%

100.0%

96.4%

End of Oct. 2012

95.7%

95.2%

95.8%

100.0%

96.2%

End of Sep. 2012

95.0%

96.1%

95.9%

100.0%

96.1%

E d off Aug.
End
A
2012

94 2%
94.2%

-

95 8%
95.8%

100 0%
100.0%

95 6%
95.6%

End of Jul. 2012

93.9%

-

94.6%

100.0%

95.1%

Residences

Parking Lots/
Senior Properties

Total(Note 1) Occupancy rate = total leased area / total leasable area x100
(Note 2) The occupancy rates from January to September, 2011 are calculated excluding the effect of the sale of New Edobashi Building as of October 21, 2011.
(Note 3) Percentages are rounded to one decimal place.

Beyond 96%
of occupancy
rates for 4
months in a
row

17

Memo

18

Initiatives for Cost Reductions
Effect of cost reduction for the fiscal period ended December 2012 (19th fiscal period): JPY-51mn(Forecast as of the end of fiscal period ended June 2012: JPY-21 mn)
In addition to further improvement of its operations and cost reduction, on which INV has been continuously working since the fiscal
period ended June 2012,, INV has revised its Articles of Incorporationpp
at the unitholders’ meetingg held in November 2012 to reduce theasset management fees paid to the Asset Manager (Note)<Property
p yRelations>
Reduction ofproperty
management feesand building
management fees
throughcomprehensive
cost management<Management
Relations>
Reduction ofexpert fees
(accountant
auditorsdit
andd ttaxaccountants)<Management
Relations>
Reduction ofadministrative
service fees
(accounting)<Management
Relations>
Reduction ofgeneral fee forinvestigation of theproperties<Management
Relations>
Reduction of asset
management fees
(Note)

JPY -18 mn

JPY -1 mn

JPY -3 mn

JPY -0.6
0 6 mn

JPY -26
26 mn

Projected effect of cost reduction for the fiscal period ending June 2013 (20th fiscal period): JPY -39mn (Note)
INV continues to work on further improvement of its operations and cost reductions during the fiscal period ending June 2013.
<Property Relations>
INV plans to improve management quality and conduct cost reductions by changing building management companies.
<Management Relations>
The effects of conducting cost reductions on “Asset
Asset management fees and Administrative service fees (accounting)”(accounting) will continue.
continue
INV will work assiduously on further cost reductions other than the above.
(Note) INV plans to continue the reduction of asset management fees for the period up to December 2014.
The decreased amounts is calculated by comparing against the amount calculated based on the fee structure before the revision of the article of incorporation.

19

Improvement of the Asset Value and the Profitability
NOI (Note 1)<Dec. 2012: JPY1,800 mn (Compared to the previous period: JPY：+236 mn)>(unit: mn JPY)

1,959

2,000

1,600

1,800

New 24
properties

1,800

1,478

1,447

235

1,564
Existing 54
properties

1 400
1,400

1,000
0
Jun.
Jun
2011
2011
2011.6
6

Appraisal Values (Note 1)

Dec.
Dec
20112011
2011.12
12

Jun.
Jun
2012
2012
2012.66431

Existing 54
properties

1,564

1,200

New 24
properties

Dec.
Dec
20122012
2012.12
12

1,527

Jun.
Jun
2013
2013
2013.6
6 (Fiscal(Fi
lP
Period)i d)(Forecast)<Dec. 2012: JPY 73,483 mn (Compared to the previous period: JPY +14,377mn)>
New 24 properties
Compared to theappraisal
i l valueslas offthe acquisition(JPY
14,143mn): Sep. 2012:
JPY +51 mn((unit: mn JPY))

75,00065,00058,65858,19973,483
14,194

59,106

Existing54properties
Compared to theprevious period:
JPY +183 mn

55,00059,28945,000035,000Jun.
20112011.6Dec.
2011
2011.12Jun.
20122012.6Dec.
2012
2012.12(Note 1) Figures are calculated excluding the effect of New Edobashi Building which was sold as of October 21, 2011.
(Note 2) Figures are rounded down to the indicated unit.

(Fiscal Period)20

Major Unitholders (TOP 10)
18th Fiscal Period (As of Jun. 30, 2012)
Name

19th Fiscal Period (As of Dec. 31, 2012)
Number ofunits held

Name

(%)

Number ofunits held(%)

1 Calliope Godo Kaisha

609,94245.23

1 Calliope Godo Kaisha

609,94245.23

2 JP MORGAN CHASE BANK 380180

136,248

10.10

2 New Mission Funding G.K.

129,400

9.59

3 New Mission Funding G.K.

129,400

9.59

3 PROSPECT JAPAN FUND LIMITED

105,496

7.82

4 PROSPECT JAPAN FUND LIMITED

61,165

4.53

4 JP MORGAN CHASE BANK 380180

67,2804.99

5 The
Th NomuraN
T
Trustt andd BankingB ki C
Co., Ltd
Ltd. (i(investmenttt ttrustt account)t)

59 912
59,9124 44
4.44

5 JapanJ
T
Trusteet Services
S i
Bank,
B k Ltd.
Ltd (t(trustt account)t)

52 23952,2393 87
3.87

6 Japan Trustee Services Bank, Ltd. (trust account)

39,306

2.91

6 The Nomura Trust and Banking Co., Ltd. (investment trust account)

46,992

3.48

7 CGML - IPB CUSTOMER COLLATERAL ACCOUNT

17,094

1.26

7 MELLON BANK TREATY CLIENTS OMNIBUS

26,361

1.95

8 Trust & Custody Services Bank, Ltd. (securities investment account)

15,936

1.18

8 Trust & Custody Services Bank, Ltd. (securities investment account)

19,896

1.47

9 The Master Trust Bank of Japan, Ltd. (trust account)

13,4280.99

9 CGML - IPB CUSTOMER COLLATERAL ACCOUNT

17,337

1.28

10 MELLON BANK TREATY CLIENTS OMNIBUS

13,0500.96

10 The Master Trust Bank of Japan, Ltd. (trust account)

16,318

1.21

Total

1,095,481

81.24

Issued investment units

1,348,292

Total

1,091,261

80.93

Issued investment units

1,348,292(Note 1) Percentages (%) are rounded down to two decimal places.
(Note 2) Changes in major unitholding report was submitted by Prospect Asset Management, Inc. as of January 16, 2013, announcing that their holding ratio wasdecreased by 1.04 % to 15.84 %.

21

Overview of Unitholders
Breakdown of numberof unitholders by their status
所有者別投資主数
Other domestic companies
1.1% (118 persons)Foreign investors
0.4%(47 persons)Financial institutions(incl. securities companies)
0.3% (28 persons)

Other domestic companies
1.1% (115 persons)Financial institutions(incl. securities companies)
0.3% (29 persons)Foreign investors

0.4%(46 persons)Individual & Others

98.2%(10,510 persons)

As of the end of the 18th fiscal period (Jun. 2012)
Number of total unitholders: 10,703 persons

Individual & Others
98.2%(10,135 persons)

As of the end of the 19th fiscal period (Dec. 2012)(Note) Percentages are rounded to one decimal place. The same shall apply hereinafter.

Number of total unitholders: 10,325 persons

Breakdown of number of units held by the status of unitholders
Individual & Others
Foreign investors
15.0%
18.6%
(202,567units)(250,234 units)
Financial institutions(incl. securities companies)
10.8%（145,272units)
Other domestic companies
55.6% (750,219units)

As of the end of the 18th fiscal period (Jun. 2012)
Issued investment units: 1,348,292 units

Individual & Others
Foreign investors
15.5%
17.6%
(208,528units)(237,364units)
Financial institutions(incl. securities companies)
11.3%(152,183units)
Other domestic companies
55.6% (750,217units)

As of the end of the 19th fiscal period (Dec. 2012)
Issued investment units: 1,348,292 units

22

Historical Unit Price
15th

16th

17th

18th

19th

(JPY)

20th

(Volume)

Unit Price (TSE)
VolumeNote ofGC

Merger1

2

3

Invitation of
New Sponsor &Recapitalization

4

5

6

2010

7

8

9 10 11 12

1

2

3

4

5

Removal of
GC

6

2011

7

8

9 10 11 12

Acquisitionof New 24
properties
ti
1

2

3

4

5

6

2012

7

8

9 10 11 12

1 (Month)

2013 (Year)(Note 1) The unit price indicates the closing price on the TSE market.
(Note 2) Former TGR (INV) merged with former LCP effective on Feb. 1, 2010 and split its investment units with one investment unit into five unit.
(Note 3) For the purpose of providing continuity to the unit prices, the unit prices on or before Jan. 31, 2010 as indicated in the above chart are the figures adjusted by dividing the actualunit prices by five.

23

Memo

24

Appendix

25Section 1 Highlights of Performance

26

Financial Metrics
16th Fiscal Period 17th Fiscal Period 18th Fiscal Period 19th Fiscal Period
Items

Return on Asset (ROA)

2011/1/1-

2011/7/1-

2012/1/1-

2011/6/30

2011/12/31

2012/6/30

2012/7/12012/12/31

-0.1%

-4.8%

0.2%

0.2%

-0.1%

-9.6%

0.4%

0.3%

-4.4%

-7.1%

0.4%

0.3%

-8.8%

-14.0%

0.8%

0.7%

Loan-to-Value (LTV 1)

62.6%

49.5%

49.4%

57.6%

Loan-to-Value based on total assets at the end of fiscal period (LTV 2)

58.2%

46.6%

46.7%

54.8%

Capital-to-Asset Ratio (fiscal year-end)

39.1%

48.4%

48.5%

40.7%

Net Operating Income (NOI) (ths JPY)

1,554,015

1,486,538

1,564,247

1,800,380

4.4%

4.4%

5.0%

5.2%

Depreciation Expense (ths JPY)

428,247

422,084

411,685

480,622

Funds from Operation (FFO) (ths JPY)

369,542-600,801

539,860

594,802

annualized
Return on Equity (ROE)
annualized

annualized NOI yield

・ ROA＝ Ordinary Income / Weighted Average Total Assets during the period x 100
・ ROE＝ Net Income / Weighted Average Net Assets during the period x100
・ LTV(1)＝ End-of-period Interest-Bearing Debt / (End-of-period Interest-Bearing Debt + Unitholders’ Capital + Unitholders’ Capital Surplus)x100
・ LTV(2)＝( ) End-of-period Interest-Bearingg Debt / End-of-period Total Assets x 100
・ NOI＝ Rental Revenues - Property Related Expenses + Depreciation Expenses
・ Annualized NOI yield=((Rental Revenues - Property Related Expenses + Depreciation Expenses)/ days during the period x 365)/ Acquisition Price
・FFO= Net Income + Depreciation Expenses + Other Amortization – Gain on Sales of Properties + Loss from Sales of Properties(Note 1) FFO is calculated excluding the effects of “Impairment Loss” in the 16th Fiscal Period , and “Exit fees unpaid” in the 17th Fiscal Period, respectively.
(Note 2) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

27

Comparison between Forecast and Results
for the 19th Fiscal Period
19th fiscal period 19th fiscal period
19th fiscal period
Initial Forecast (1)Forecast (2)Results (3)(Note 1)

(Note 1)

(2012/7/12012/12/31)(2012/7/12012/12/31)(2012/7/12012/12/31)(3) - (1)Changes

20th fiscal period
Forecast(3) - (2)(%)

Changes(2013/1/12013/6/30)(%)

Days of
Operation

184

184

184

－

－

－

－

181

No. of properties

54

78

78

24

－

－

－

78

2,161

2,464

24 6
2,476

314

14.6

11

0.5

2 61
2,761

Operating
Income (ths JPY)

858

1,020

1,084

225

26.3

63

6.3

1,183

O d a y Income
Ordinaryco e(ths JPY)

81

48

114

32

40 1
40.1

66

138 9
138.9

280

Net Income(ths JPY)

81

47

114

32

40.4

66

141.1

280

Distribution per
Unit (JPY)

177

72

117

- 60

- 33.9

45

62.5

200

Reversal of
Surplus(ths JPY)

157

49

43

- 113

- 72.3-6- 12.4－

Surplus after theDistributions foreach fiscalfperiod (ths JPY)

0

107

114

113

－

6

57
5.7

124

1,348,292

1,348,292

1,348,292

－

－

－

－

1,348,292

OperatingR
Revenues(ths JPY)

IssuedInvestment
Unit(Note 1) “Initial Forecast (1)” is the forecast for the 19th fiscal period ended Dec. 31, 2012 reported in the financial summary (Kessan-Tanshin) dated Aug. 28, 2012, “Forecast (2)” is theforecast for the 19th fiscal period ended Dec. 31, 2012 announced in the press release dated Dec. 20, 2012. In addition, “Forecast” in the right end is the forecast for the 20th fiscal
period ending Jun. 30, 2013 reported in the financial summary (Kessan-Tanshin) dated Feb. 27, 2013.
(Note 2) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

28

Difference between the Initial Forecast(as of Aug. 27, 2012)
and Results for the 19th fiscal period

No. of Properties
Operating
Revenues

19th fiscal period
Initial Forecast(Dec. 2012)as of Aug. 27, 2012

19th fiscal period
Results(Dec. 2012)

54

78

+24

JPY 2,161 mn

JPY 2,476 mn

JPY +314 mn

Revenues were increased mainly due to the acquisition of new
24 properties.
While asset management fees were reduced (JPY -19 mn) andconservatively estimated repair costs were decreased (JPY -17mn), expenses were increased mainly due to the expenses
associated with the acquisition of new 24 properties (JPY +122mn) .

Changes

Reasons for changes

No. of Properties was increased due to the acquisition of new 24
properties dated September 28, 2012.

OperatingExpenses

JPY 1,303 mn

JPY 1,392 mn

JPY +88 mn

Operating Income

JPY 858 mn

JPY 1,084 mn

JPY +225 mn

Non-Operating
Expenses

JPY 776 mn

JPY 972 mn

JPY +195 mn

InterestExpenses

JPY 699 mn

JPY 763 mn

JPY +63 mn

Finance
Related Costs

JPY 75 mn

JPY 208 mn

JPY +132 mn

Increased mainly due to temporary costs in the amount of JPY
120 mn, associated with refinancing.

Net Income

JPY 81 mn

JPY 114 mn

JPY +32 mn

Temporary costs were increased due to the acquisition of new
24 properties.
ti

EPS

JPY 60JPY 85

JPY +25

Reversal of
Surplus per Unit

JPY 117

JPY 32

JPY -85

Distribution per
Unit

JPY 177

JPY 117

JPY -60

4.8％

5.2％

+0.4％

NOI yield

Increased due to the effect of new debt financing andrefinancing with the increased loan amount.

Limited utilization of the Surplus as a result of the policy that
focuses on ensuring the stability of the distribution amount in the
mid-term.

29Difference between Forecast(as of Dec. 20, 2012)
and Results for the 19th fiscal period

No. of Properties
Operating Revenues

19th fiscal period(Dec. 2012)
Forecast
As of Dec. 20,
201219th fiscal period(Dec. 2012)
Results

78

78

JPY 2,464 mn

JPY 2,476 mn

Increased due to the fact that the revenues in relation to
JPY+11 mn fees for restoration were conservatively estimated.

Changes

Reasons of Changes－

Operating Expenses

JPY 1,444 mn

JPY 1,392 mn

Decreased by JPY 26 mn due to the fact that the repair
costs and the costs incurred for promoting the leasing
activities (such as costs of construction work forrestoration, fees payable for new contracts andadvertising expenses) in connection with change in
JPY-52 mn tenants were conservatively estimated.Also, due tochange in the calculation method for the amount ofconsumption
ti taxt credit
dit iin relationl ti tto th
thatt imposedid onpurchase amount, the depreciation expenses and taxes
and other public charges were decreased by JPY 9 mn intotal.

Operating Income

JPY 1,020 mn

JPY 1,084 mn

JPY+63 mn

Non-Operating Expenses

JPY 973 mn

JPY 972 mn－

Interest Expenses

JPY 762 mn

JPY 763 mn－

Finance Related Costs

JPY 209 mn

JPY 208 mn－

N t IIncome
Net

JPY 47 mn

JPY 114 mn

JPY +66
66 mn

EPS

JPY 35

JPY 85

JPY +50

Reversal of Surplus per
Unit

JPY 37

JPY 32Distribution per Unit

JPY 72

JPY 117

By utilizing a part of the Surplus in the amount of JPY 43
JPY -5 mn for payment of distribution, in addition
to the Net Income, the total amount of JPY 157 mn wasdetermined to be distributed, and the amount of the
JPY +45 distribution per unit was JPY 117.

NOI yield

5.0 ％

5.2 ％

+0.2 ％

30

Forecast for the 20th Fiscal Period(as of Feb. 27, 2013)
19th Fiscal Period (Results)

20th Fiscal Period (Forecast)

2012/7/12012/12/31

2013/1/12013/6/30

Ths JPY

Operating revenues
Rental revenues (1)Operating expenses

Ths JPY%

ChangesThs JPY%%

2,476,430

100.0

2,761,000

100.0

284,570

2,476,430

100.0

2,761,000

100.0

284,570

1,392,258

56.2

1,578,000

57.2

185,742

Property related expenses (2)1,156,672

1,339,000

182,328

Facilities management fees

403,390471,000

67,610

Taxes and other public charges

141,455

155,000

13,545

4,677

5,000

323

Other expenses

126,526

168,000

41,474D
Depreciationi ti expenses (3)480 622480,622537 000
537,000

56 37856,378

NOI (1)-(2)+(3)1,800,380

1,959,000

158,620

Rental income (1)-(2)1,319,757

1,422,000

102,243

Asset management fees

130,067

125,000-5,067

Other operating expenses

105 517
105,517114 000
114,000

8 483
8,483

Insurance expenses

Operating income

11.5
13.3

1,084,17143.8

1,183,000

42.8

98,8299.1

Non-operating revenues

3,391

0.1

0

0.0

-3,391-100.0Non-operating expenses

972,77839.3

902,000

32.7-70,778-7.3

Ordinary income

114 784
114,78446
4.6

280 000
280,000

10 2
10.2

165 216
165,216

143 9
143.9

Income before income taxes

114,784

4.6

280,000

10.2

165,216

143.9

604

0.0

0

0.0

-604

-100.0114,179

4.6

280,000

10.1

165,821145.2

Income and other taxes
Net income(Note 1) In order to enhance the stability of maintaining the distribution amount at the same level as before in the mid-term, Distribution per Unit will
be JPY 200, which is the same amount as the previous forecast (as of Sep. 26, 2012), out of Net Income per Unit of JPY 207 under the policy
to retain some net income as a reserve for future distributions.
(Note 2) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.
Furthermore, figures of the 20th Fiscal Period (Forecasts) are rounded down to the million JPY.
(Note 3) If INV decides to acquire or dispose a property, INV will review and revise the forecast and will disclose the revised forecast in compliancewith the rules of Tokyo Stock Exchange.

Forecasted Distribution
for the 20th fiscal period
JPY

200 per unit (Note 1)
31

Difference between Results for the 19th fiscal period
and Forecast for the 20th fiscal period
19th fiscal period 20th fiscal period(Jun. 2013)(Dec. 2012)
Forecast
Results
as of Feb. 27, 2013
No. of Properties

Changes

Reasons for changes

78

78

－

Operating
Revenues

JPY 2,476 mn

JPY 2,761 mn

JPY+284mn

Revenues from the new 24 properties will contribute to the revenues throughout the entire
20th fiscal period whereas they only contributed to the revenues for 95 days out of the 184
days in the 19th fiscal period. Moreover, other miscellaneous revenues, including revenues
from key money, are expected to increase due to the fact that the 20th fiscal period includes
y and March, which are the busyy periodpfor the rental market.
February

OperatingExpenses

JPY 1,392 mn

JPY 1,578 mn

JPY+185mn

Administration related expenses for INV (asset management fees, administrative service
fees and expert fees) are expected to decrease by JPY 12 mn. However, Operating
Expenses are expected to increase by JPY 185 mn due to increase in various asset related
expenses for the new 24 properties and in other expenses affected by seasonal factors.

Operating Income

JPY 1,084 mn

JPY 1,183 mn

JPY +98mn

Non-OperatingpgE
Expenses

JPY 972 mn

JPY 902 mn

JPY - 70mn

InterestExpenses

JPY 763 mn

JPY 803 mn

JPY +39mn

Expected to increase due to the effect of new debt financing and refinancing with theincreased loan amount in the 19th fiscal period.

Finance
Related Costs

JPY 208 mn

JPY 98 mn

JPY -110mn

While the effect of new debt financing and refinancing with the increased loan amount is
expected to contribute to increase, temporary costs in the amount JPY 120 mn associatedwith the new debt financing and refinancing with the increased loan amount were recordedin the 19th fiscal period. Therefore, there will be a decrease in the 20th fiscal period to theextent of that recorded amount.

Net Income

JPY 114 mn

JPY 280 mn

JPY+165mn

Mainly due to the fact that revenues from the new 24 properties will contribute to therevenues throughout the entire 20th fiscal period.

EPS

JPY 85

JPY 207

JPY+122

Reversal of
Surplus per Unit

JPY 32－

JPY-32Net Income per Unit is expected to exceed JPY 200 without utilizing the Surplus.

Distribution per
Unit

JPY 117

JPY 200

JPY+83

JPY 7 out of JPY 207 of EPS will be retained as a reserve for the future distribution in orderto ensure the stability of the distribution amount in the mid-term.

NOI yield

5.2％

5.1％

-0.1%

CapitalExpenditure

Repair costs

Total

JPY 118 mn(of which 54 properties areexisting properties: JPY117 mn/of which 24 properties are
new properties: JPY 0.2 mn)

JPY 198 mn(of which 54 properties areexisting properties: JPY 195 mn/of which 24 properties are
new properties: JPY 3 mn)

JPY 29 mn(of which 54 properties areexisting properties: JPY 29 mn/of which 24 properties are
new properties: JPY 0.6 mn)
JPY 148 mn

JPY 50 mn(of which 54 properties areexisting properties: JPY 37mn /of which 24 properties are
new properties: JPY 12mn)
JPY 249 mn

Expectedp
to increase due to the fact that ((i)) the large-scalegrepairp of the Ohki Aoba
Building (JPY 21,000 thousand for the air conditioning renewal, JPY 10,930
thousand for the maintenance construction for mechanical parking equipment), theJPY80mn Lexington Plaza Nishigotanda (JPY 16,000 thousand for renewal of fire
extinguishing equipment), and the Kindai Kagakusha Building (JPY 11,600
thousand for the air conditioning renewal) are planned and (ii) renewing equipment
is expected for some other properties (Nisshin Palacestage Daitabashi, Nisshin
Palacestage Higashi-Nagasaki).
Attributable to (i) the increased repair costs associated with operations of new 24
JPY20mnproperties throughout the entire 20th fiscal period, and (ii) the conservatively
recorded repair costs commensurate with age-related deterioration for someproperties, which are over 15 years old.

JPY101mn

32

Conduit Requirements and Distributions
Payment of distribution by INV
in and after the 20th fiscal period (ending Jun. 2013)

Conduit Requirements
Investment corporations are granted a corporation tax
exemption if they satisfy the conduit requirements.

The dividend payment requirement, which is one of the conduit
requirements, is to distribute more than 90% of
the distributable income.

＜Overview image of payment of distribution amount＞
Part of negative goodwill thatis required to be amortized
for a 100-year period

Reversal of
surplus(C)Negative goodwill x numberof months of the fiscal period /1,200 =approximately JPY 59mn

(B)

Tax standards
Amount of
distributable
incomeMore than
90% ofdistributable
incomeNet income before
income taxes for (A)accounting purposes

INV Situation
INV revised its Articles of Incorporation in relation to the distribution
policy, as resolved at its unitholders’ meeting held on Nov. 30, 2012.
Regarding the conduit requirements,
requirements with respect to the satisfactionof the dividend payment requirement,
which is one of the conduit requirements, INV takes into account,as much as possible, the satisfaction of this requirement, but

INV believes that INV should place more emphasis on
Ensuring the stability of distribution amounts
in the mid-term,
and in the case INV determines that it is necessary to do soin that respect, INV may determine the distribution amountin a way that does not satisfy the dividend payment requirement.
Since INV has a loss carried forward for tax purposes totaling
JPY 20,561 mn(as at the end of the 19th fiscal period),no corporation tax will be levied for a certain period even if INV does
not satisfy the conduit requirements.



The amount of distributable income of INV is the amountcalculated by adding part of negative goodwill (B) to Net

Income before income taxes (A) For satisfaction of the conduit requirements,q, it is necessary
y to
distribute more than ((A)+(B))x 90%.

Until now, INV has made distribution in the amount that satisfies
the conduit requirements by utilizing the reversal of surplus (C),but from the 20th fiscal period, INV’s policy is to ensure stabilized
distribution (approximately JPY 200 of distribution per unit ) in the
mid-term only from (A).

33

Distributions for the 19th fiscal period
and the 20th fiscal period
19th fiscal period(Dec. 2012)
Dividend Payment Requirement

Satisfied

20th fiscal period(Jun. 2013)
Forecast(Reference) in thecase satisfied

Not satisfied

Net Income Before Income Taxes (A)JPY 114 mn

JPY 280 mn

JPY 280 mn

Amount Added in the fiscal period (B)JPY +59 mn

JPY +59 mn

JPY +59 mn

Amount of Distributable Income(A) + (B)JPY 174 mn

JPY 339 mn

JPY 339 mn

90.66 %

90.04 %

79.33 %

JPY 157 mn

JPY 306 mn

JPY 269 mn

JPY 85

JPY 207

JPY 207(Breakdown)

JPY 114 mn

JPY 280 mn

JPY 269 mn

Reversal of Surplus (c)JPY 43 mn

JPY 25 mn－

Ratio for Discriminate (α)
Amount of Distribution((A) + (B)) × (α)
EPS＜Overview image of payment of distribution amountfor the 19th fiscal period＞

JPY 43 mn
Amount of
distributable
income (A) + (B)JPY 174 mn

JPY

157 mnNet Income before
income taxes (A)JPY 280 mn
Net Income before
income taxes (A)JPY 114 mn<Overview image of (Note)>

Amount addedin the fiscal period (B)= approximately JPY
59 mn

Negative goodwill × number ofmonths of the fiscal period / 1,200= approximately JPY 59 mn

More than 90%
of distributable
income= distribution
amount(Note)
If the (amount of distributable income(A) + (B)) x 90% is less than Net Income
before income taxes (A),i.e.,Net Income before income taxes (A)exceeds the amount equivalent toapproximately JPY 59 mn x 9,
it is possible to satisfy the dividend
payment requirement without the reversalof surplus.

＜Overview image of payment of distribution amountfor 20th fiscal period＞

Amount added in the fiscal
period (B)= Part of negative
goodwill that must be amortized
for a 100-year period

Reversal of
surplus(C)INV will not satisfy the dividend
payment requirement forthe 20th fiscal period.
Distribute JPY 200 per unit x
1 348 292, which is total number
1,348,292
of issued investment units=JPY269mn

More than
90% ofdistributable
incomeDistribution
amountJPY 269 mn

Amount of distributable
income (A)+(B)
JPY 339 mn
Net Income before
income taxes(A)Exceeding amountequivalent toapproximately JPY
59 mn x 9More than
90% ofdistributable
incomeAmount of
distributable
income(A) + (B)34

Section 2 Financial Statements
for the 19th Fiscal Period

35

Memo

36

Income Statement
Items

18th Fiscal Period

19th Fiscal Period

2012/1/12012/06/30

2012/7/1
2012/12/31

Ths JPY
Operating revenues
Rental revenues (1)Operating expenses
Property related expenses (2)Depreciationp
expensesp((3))
NOI(1)-(2)+(3)Directors' remuneration
Asset management fees
Asset custodian fees
Administrative service fees
Provision of allowance for doubtful accounts
Bad debt expenses
Other operating expenses
Operating income / loss
Non-operating revenues
Interest revenues
Miscellaneous income
Non-operating expenses
Interest expenses
Finance related costs
Public listing related costs
Ordinary income / loss
Income / loss before income taxes
Corporate tax, etc.
Net income / loss
Retained earnings at the beginning of the period
Unappropriated retained earnings / loss at the end of the period

2,176,839
2,176,839
1,282,766
1,024,277
411,685,
1,564,247
4,800
150,000
3,328
25,273646
1,137
73,303894,072
2 390
2,390
515
1,875
770,482695,689
73 56273,562
1,230
125,981
125,981-2,194
128 175
128,175
299,171427,346%

Ths JPY

100.0(Note) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

58.9

41.1
01
0.1

35.4

5.8
5.8
59
5.9

2,476,430
2,476,430
1,392,258
1,156,672
480,622,1,800,380
4,800
130,067
3,351
24,781797
71,786
1,084,171
3 391
3,391
487
2,904
972,778
763,201
208 347
208,347
1,230
114,784
114,784604
114 179
114,179
157,688271,868

Changes%Ths JPY

100.0
56.2

43.8
01
0.1

39.3

4.6
4.6
46
4.6

299,590299,590
109,491
132,395
68,937,
236,132-19,932
23
-491
491
150
-1,137-1,516
190,099
1 000
1,000
-28
1,028
202,296
67,511
134 784
134,784-11,196-11,196
2,798-13,995
13 995-141,483-155,478

%
13.8
8.5

21.3
41 9
41.9

26.3

-8.9
-8.9
-10.9
10 9

37

Difference between Results
for the 18th fiscal period and the 19th fiscal period

No. of Properties
Operating
Revenues

18th fiscal period(Jun. 2012)
Results

19th fiscal period(Dec. 2012)
Results

54

78

24

No of Properties was increased due to the acquisition ofNo.
new 24 properties dated September 28, 2012.

JPY 2,176 mn

JPY 2,476 mn

JPY +299 mn

Revenues were increased mainly due to the acquisition of
new 24 properties.
While asset management fees were reduced (JPY -19mn)
19mn)
and cost reductions (JPY -24 mn) were achieved,
expenses were increased due to the acquisition of new 24
properties.

Changes

Reasons for changes

OperatingExpenses

JPY 1,282 mn

JPY 1,392 mn

JPY +109 mn

Operating Income

JPY 894 mn

JPY 1,084 mn

JPY +190 mn

Non-Operating
Expenses

JPY 770 mn

JPY 972 mn

JPY +202 mn

InterestExpenses

JPY 695 mn

JPY 763 mn

JPY +67 mn

Increased due to the effect of new debt financing andrefinancing with the increased loan amount.

Finance
Related Costs

JPY 73 mn

JPY 208 mn

JPY +134 mn

Increased mainly due to temporary costs in the amount of
JPY 120 mn associated with refinancing.

Net Income

JPY 128 mn

JPY 114 mn

JPY -13 mn

Temporary costs were increased due to the acquisition of
new 24 properties.

EPS

JPY 95

JPY 85JPY -10

Reversal of
Surplus per Unit

JPY 105

JPY 32

JPY -73

Limited utilization of the Surplus as a result of the policythat focuses on ensuring the stability of the distribution
amount in the mid-term.

DistributionDit ib tiper Unit

JPY 200

JPY 117

JPY -83T
Temporarycosts
t were increasedid due
d tto theth acquisition
i iti off
new 24 properties.

NOI yield

5.0％

5.2％

+0.2％

38

Balance Sheet – Assets
Items

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Accounts receivables
Advances paid
Deposits paid
Prepaid expenses
Consumption tax receivable
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment, at cost
Buildings
Equipment
Building improvements
Land
Buildings in trust
Equipment in trust
Building improvements in trust
Tools, furniture and fixtures in trust
Land in trust
Total property, plant and equipment, at cost
Intangible assets
OthersTotal intangible assets
Investment and other assets
Guarantee deposits
Long-term prepaid expenses
OthersTotal investment and other assets
Total non-current assets
Total assets

18th Fiscal Period

19th Fiscal Period( As of Jun. 30, 2012)( As of Dec. 31, 2012)

Ths JPY

Ths JPY%

3,080,041
2,130,105
19,103
208
696,804
164,645
23,311-831
6,113,388

Changes%Ths JPY%

9.0

745,429
2,786,480
18,370664
690,495
208,056
115,447-797
4,564,147

2,544,613
29,5392,726
2,713,620
21 488 840
21,488,840
3,209,656
175,265
61,30531,056,639
61,282,207

90.5

2,517,007
26,5662,587
2,713,620
27 882 085
27,882,085
5,328,309
220,693
69,44336,582,527
75,342,842

93.9-27,605-2,973-139
6 393 245
6,393,245
2,118,653
45,4288,138
5,525,888
14,060,634

621
621

0.0

244
244

0.0

-377
-377

-60.7

0.4
91.0
100.0

10,000253,406
29,381
292,787
75,635,874
80,200,022

0.4
94.3
100.0

-10,576694-9,881
14,050,376
12,501,135

-3.3
22.8
18.5

10,000263,982
28,686
302,669
61,585,498
67,698,887(Note) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

5.7-2,334,611
656,375-733
456-6,30843,411
92,13533-1,549,240

-25.3

22.9

39

Balance Sheet – Liabilities/ Net Assets

Items

Liabilities
Current liabilities
Accounts payable
Current portion of long-term debts
Accrued liabilities
Accrued expenses
Accrued income taxes
Advances received
Deposits received
Total current liabilities
Non-current liabilities
LLong-termddebtsbLong-term debts in trust
Tenant leasehold and security deposits in trust
Tenant leasehold and security deposits
Long-term accrued expenses
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
SurplusCapital surplus
Unappropriated retained earnings / loss
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

18th Fiscal Period

19th Fiscal Period( As of Jun. 30, 2012)( As of Dec. 31, 2012)

Ths JPY

Ths JPY%

76,887
262,000
6,062
371 854371,854506
288,1623,307
1,008,782
20 341 00
20,341,500
11,000,000
925,696
183,579
1,413,153
33,863,929
34,872,711

Changes%

1.5

133,791
262,000
18,748362 514362,514503
378,770
5,268
1,161,597

50.0
51.5

22 60 00
22,760,500
20,960,000
1,059,315
183,579
1,404,333
46,367,728
47,529,325

Ths JPY%

1.4

56,904
12,685-9,3409 340-390,607
1,960
152,815

15.1

57.8
59.3

2 419 000
2,419,000
9,960,000
133,618-8,82012,503,798
12,656,613

36.9
36.3

26,134,396

26,134,396-

6,264,432
427,346
6,691,778
32,826,175
32,826,175
67,698,887

6,264,432
271,868
6,536,300
32,670,697
32,670,697
80,200,022-155,478-155,478-155,478-155,478
12,501,135

9.9
48.5
48.5
100.0

8.1
40.7
40.7
100.0

-2.3
-0.5
-0.5
18.5

The end of the 19th fiscal period
Net assets per unit

JPY 24,231(Note) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

(Issued investment units: 1,348,292 units)

40Cash Flow Statement /Financial Statements pertaining to Distribution of Monies
Items

Cash flows from operating activities
Net income (loss) before taxespexpensesp
Depreciation
Public listing related costs
Finance related costs
Amortization of tenant leasehold and security deposits in trust
Interest received
Interest paid
Increase (decrease) in allowance for doubtful accounts
Decrease ((increase)) in accounts receivable
Decrease (increase) in deposit payments
Decrease (increase) in consumption tax receivable
Increase (decrease) in accrued consumption taxes
Increase (decrease) in accounts payable
Increase (decrease) in accrued liabilities
Increase (decrease) in accrued expenses
Increase ((decrease)) in advances received
Increase (decrease) in deposits received
Decrease due to sale of tangible assets in trust
OthersSubtotal
Proceeds of interest
Payment of interest
Payment of loss due to disaster
Payment of corporate taxes, etc.
Cash flows from operating activities
Cash flows from investment activities
Payment for acquisition of tangible assets in trust
Payment of tenant leasehold and security deposits in trust
Proceeds of tenant leasehold and security deposits in trust
OthersCash flows from investment activities
Cash flows from financing activities
Proceeds from long-term debt
Repayment of long-term debt
Proceeds from long-term debt in trust
Public listing related costs
Finance related costs
Payment of distributions
Cash flows from financing activities
Increase (decrease) in cash and cash equivalents
Beginning balance of cash and cash equivalents
Closing balance of cash and cash equivalents(Note) Figures are rounded down to the indicated.

18th Fiscal Period

19th Fiscal Period

2012/1/1
2012/6/30

2012/7/31
2012/12/31

Ths JPY

Ths JPY

125,981
412,110,1,230
73,562(927)(515)
695,689519((902))(49,446)(23,311)(59,401)(38,383)
(344)
(570)
6,598
(2,315)15,097
1,154,670
493(688,459)(3,667)(595)
462,441

114,784
481,000,
1,230
208,347(1,354)(487)
763,201
(33)
733
6,308
(92,135)
62,798
13,696(31,930)
90,6071,960
0714
1,619,439
487(740,409)(608)
878,909(38,277)(49,274)
45,436(694)(42,810)(14,547,093)(39,366)
174,339(694)(14,412,815)(131,000)(1,230)(10,452)(270,167)(412,849)
6,780
5,203,366
5,210,146

13,400,000(10,981,000)
9,960,000(1,230)(251,904)(270,196)
11,855,670(1,678,236)
5,210,146
3,531,910

18th Fiscal Period
Items

19th Fiscal Period

2012/1/1

2012/1/1

2012/06/30

2012/12/31

Unappropriated retained earnings(Ths JPY)

427,346

271,868

Distributions(Ths JPY)

269,658

157,750200

117

157,688

114,118

Distribution per unit
Retained earnings carried forward(JPY)(Ths JPY)

41

Memo

42

Section 3 Overview of New 24 Properties

43

New 24 Properties (Residences)(1/10)
A76 Neo Prominence

Location

 The
Shimo
StationTokyo
Metro
Th propertyt isi aboutb t 1 minute’s
i t ’ walklk fromfShi
St ti on the
th T
k M
t

3-21-5 Shimo, Kita Ward, Tokyo

Namboku Line.

Transport
AccessAbout 1 minute walk from Shimo Station on Tokyo Metro Namboku
Line

Structure &FloorsSteel-reinforced
concrete, rooff deck,d k 12stories

Total Leasable
Area

as Ikebukuro and Shinjuku is also good.

 The residential units are suitable for families, centering on 3LDK of around 60㎡(43units).

C
Completion
l i D
Date

A 4
Apr.
4, 1994

 The propert
property is a rental apartment withith shops (family(famil resta
restaurant
rant and bea
beautytparlor) on the lower floor.

3,574.70 ㎡

Total Leasable
Units

AppraisalValue

JPY 1,670 mn

Acquisition PriceNOI (Note)

JPY 27 mn

Occupancy Rate JR Akabane Station is also an option for residents and so access to places such

 Nearby are facilities such as large supermarkets, convenience stores and a post
52
JPY 1,660 mn

Price Per Unit Area

94.8 ％(Note) The term of calculation of NOI is from Sep. 28, 2012 to Dec. 31, 2012.

JPY 8,767

office, making the property excellent also in terms of living convenience.

 Demand from families is expected that seek rents that are more reasonable than
downtown areas in addition to the preciousness since there are few competitive
properties nearby
nearby.
 Pets allowed.
 2 lifts.
 By Seller’s expense, implemented large-scale repairs, including outer wall repair,
replacement of shared corridor sheet , iron parts paint and waterproof
construction.

44

New 24 Properties (Residences)(2/10)
A77 Invoice Shin-Kobe
Shin Kobe Residence

Location

3-3-8 Ikutacho, Chuo Ward, Kobe City, Hyogo Prefecture

Transport Access

About 6 minute walk from Shin-Kobe Station on Kobe Municipal Subway
Seishin-Yamate Line

Structure &FloorsReinforced concrete,concrete roof
deck, 10 stories

Completion Date

Total Leasable
Area

2,773.71 ㎡

Total Leasable
Units

Appraisal Value

JPY 1,260 mn

Acquisition PriceNOI (Note)
Occupancy Rate

JPY 21 mn

Price Per Unit
Area

99.1 ％(Note) The term of calculation of NOI is from Sep. 28, 2012 to Dec. 31, 2012.

Jan. 24, 2007

81
JPY 1,260 mn
JPY 9,450

 It takes 2 minutes by the train from Shin-Kobe Subway Station,
which is the nearest to the property, to Sannomiya Subway
Station, and Shin-Kobe Subway Station is connected to ShinKobe Station on the Sanyo Shinkansen Line where the Nozomi
train service is available. Therefore, there is excellent access tolocations across the country.
country The south side of Shin-Kobe Station is directly connected toShin-Kobe Oriental City which is a hotel, shopping and theater
complex. On the north side sits Mount Rokko.
 As Sannomiya Station on JR Tokaido Main Line, the central
area of administration and economy in Hyogo Prefecture, is only
about a 12 minute walk away from the property, demand fromthe tenants is expected.
expected The property is a relatively large rental apartment for single
persons and DINKS consisting of1K (27units) and lLDK
(54units),which is popular.
 All units face south-southeast.

45

New 24 Properties (Residences)(3/10)
A78 Cosmo Court Motomachi

A81 Sun Terrace Minami Ikebukuro

Location

3-12-20 Motomachi Dori, Chuo Ward, Kobe City, Hyogo
Prefecture

Location

2-22-6 Minami Ikebukuro, Toshima Ward, Tokyo

Transport Access

About 1 minute walk from Motomachi Station on JR Kobe
Line

Transport
Access

Structure &FloorsReinforced concrete,
roof deck, 13 stories
with basement

About 5 minute walk from Ikebukuro Station on JR
Yamanote Line
Line, Tokyo Metro Marunouchi Line and otherlines.

Structure &FloorsSteel-reinforced
concrete, roof
deck, 11 stories

Completion Date

Total LeasableArea

2,310.49 ㎡

Total Leasable
Units

Appraisal ValueJPY 981 mn

Acquisition PriceNOI (Note)
Occupancy Rate

JPY 17 mn

Price Per Unit
Area

Mar. 6, 2007
82
JPY 973 mn
JPY 8,993

97.5 ％

 The property is located approximately 1 minute’s walk from Motomachi Stationon the JR Tokaido Main Line and has good access to the nearest train station.
 It takes approximately 1 minute to Sannomiya Station, which is the central areaof the prefecture’s administration and economy, from Motomachi Station. In
addition to JR, access to the Hankyu Kobe Line and Hanshin Main Line is also
excellent.
 The JR Motomachi Station area is a busy area where commercial facilities
such as department stores and large electronics retail stores are located, andthe area is also near to Motomachi Chinatown.
 Rental apartment targeting single persons and consisting of 82 1K units.
 Many tenants reside for medium- to long-term and the occupancy rate isstable.
(Note) The term of calculation of NOI is from Sep. 28, 2012 to Dec. 31, 2012

Completion Date

Feb. 28, 1998

Total Leasable
Area898.70 ㎡

Total Leasable
Units

Appraisal ValueJPY 625 mn

Acquisition Price

JPY 625 mn

Price Per Unit
Area

JPY 12,536

NO I (Note)

JPY 7 mnOccupancy Rate

100.0 ％

38

 The property is located approximately 5 minutes’ walk from Ikebukuro Station,
which is one of Tokyo’s terminal stations with trains coming from JR lines,
Tokyo Metro lines, Tobu Line and Seibu Line. The access to all directions is
excellent.
 The area surrounding the JR Ikebukuro Station is a busy area where,
centeringg on large
g departmentpstores,, commercial facilities such as
electronics retail stores and specialized stores, and restaurants are located.
 Rental apartment targeting single persons and consisting of 38 1K units.
 By Seller’s expense, implemented large-scale repairs, including outer wall
repair, replacement of shared corridor sheet, iron parts paint and waterproof
construction.

46

New 24 Properties (Residences)(4/10)
A79 Revest Honjinj((Note)) The term of calculation of NOI is from Sep.
p 28, 2012 to Dec. 31, 2012.

Location

2-13 Torii Dori Nakamura Ward, Nagoya City, Aichi Prefecture

Transport Access

About 2 minute walk from Honjin Station on Nagoya Municipal
Subway Higashiyama Line

Structure & Floors

Steel concrete, roof
deck, 11 stories

Completion Date

Mar. 8, 2007

Total Leasable Area

1,933.80 ㎡

Total Leasable Units

Appraisal ValueJPY 678 mn

Acquisition Price

JPY 674 mn

NOI(Note)

JPY 12 mn

Price Per Unit Area

JPY 8,560

Occupancy Rate80

93 8 ％
93.8

A80 Revest Matsubara
Location

3-13-12 Matsubara Naka Ward ,Nagoya City, Aichi Prefecture

Transport Access

About 12 minute walk from Higashi Betsuin Station on Nagoya
Municipal Subwayy Meijoj LineStructure & Floors

Steel concrete, roof
deck, 11 stories

Completion Date

Mar. 6, 2007

Total Leasable Area

1,955.40 ㎡

Total Leasable Units

Appraisalpp
Value

JPY 664 mn

Acquisitionq
Price

JPY 657 mn

NOI(Note)

JPY 13 mn

Price Per Unit Area

JPY 8,045

Occupancy Rate70

91.9 ％

47

New 24 Properties (Residences)(5/10)(Note) The term of calculation of NOI is from Sep. 28, 2012 to Dec. 31, 2012

A82 Alba Noritake Shinmachi
Location

3-6-8 Noritake Shinmachi, Nishi Ward, Nagoya City, Aichi
Prefecture

Transport Access

About 7 minute walk from Kamejima Station on Nagoya Municipal
Subway Higashiyama Line

Structure & Floors

Steel concrete, roofd k 9 stories
deck,
t i

Completion Date

Nov 6
Nov.
6, 2006

Total Leasable Area

1,731.68 ㎡

Total Leasable Units

Appraisal ValueJPY 617 mn

Acquisition Price

JPY 608 mn

NOI(Note)

JPY 10 mn

Price Per Unit Area

JPY 7,979

Occupancy Rate

64

98.6 ％

A83 Revest Meieki Minami
Location

2-13-33 Meiekiminami, Nakamura Ward, Nagoya City, Aichi
Prefecture

Transport Access

About 6 minute walk from Kintetsu-Nagoya Station on Kintetsu
Nagoya Line

Structure & Floors

Steel concrete, roof
deck, 15 stories

Total Leasable Area

1,634.60 ㎡

Total Leasable Units

Appraisal Value

JPY 599 mn

Acquisition Price

NOI(Note)

JPY 10 mn

Price Per Unit Area

Occupancy Rate

A84 Revest HeianCompletion Date

Feb. 23, 2007
61
JPY 597 mn
8,266

97.0 ％

Location

2-13-17 Heian, Kita Ward, Nagoya City, Aichi Prefecture

Transport Access

About 3 minute walk from Heian-dori Station on Nagoya Municipal
Subway Meijo Line,etc.

Structure & Floors

Steel concrete, roof
deck, 9 stories

Completion Date

Nov. 22, 2006

Total Leasable Area,
1,554.03㎡

Total Leasable Units

Appraisal Value

JPY 599 mn

Acquisition Price

JPY 595 mn

JPY 9 mnPrice Per Unit Area

JPY 8,231

NOI(Note)
Occupancy Rate

95.2 ％

40

48

New 24 Properties (Residences)(6/10)(Note) The term of calculation of NOI is from Sep. 28, 2012 to Dec. 31, 2012.

A85 Vendir Hamaotsu Ekimae
Location

1-2-15 Hama Otsu, Otsu City, Shiga Prefecture

Transport Access

About 1 minute walk from Hamaotsu Station on Keihan Ishiyama
Sakamoto Line and Keishin Line

Structure & Floors

Steel concrete, roof
deck, 10 stories

Completion Date

Feb. 28, 2007

Total Leasable Area

2,670.66 ㎡

Total Leasable Units

Appraisal ValueJPY 638 mn

Acquisition Price

JPY 581 mn

NOI(Note)

JPY 13 mn

Price Per Unit Area

JPY 6,403

Occupancy Rate81

93.3 ％A86 Salvo Sala
Location

2-6-21 Shimanouchi Chuo Ward, Osaka City, Osaka PrefecutreTransport Access

About 6 minute walk from Nagahoribashi Station on Osaka
Municipal Subway Sakaisuji Line and Nagahori Tsurumi-ryokuchi
Line

Structure & Floors

Steel concrete, roof
deck, 10 stories

Completion Date

Jan. 5, 2007

Total Leasable Area

1,428.12 ㎡

Total Leasable Units

Appraisal Value

JPY 548 mn

Acquisition Price

JPY 544 mn

JPY 5 mnPrice Per Unit Area

JPY 9,427

NOI(Note)
Occupancy Rate

54

89.9 ％A87 Excellente Kagurazaka
Location

128-1 YamabukichoShinjuku Ward, Tokyo

Transport Access

About 6 minutes walk from Edogawabashi Station on Tokyo Metro
Yurakucho Line

Structure & Floors

Steel concrete, roof
deck, 12 stories

Total Leasable Area

Completion Date

Jan.11, 2007

701.92 ㎡

Total Leasable Units

JPY 544 mn

Acquisition Price

JPY 543 mn

NOI(Note)

JPY 6 mnPrice Per Unit Area

JPY 14,208

Occupancy Rate

100.0 ％

Appraisal Value

33

49

New 24 Properties (Residences)(7/10)
A88 Luna Court Edobori(Note) The term of calculation of NOI is from Sep. 28, 2012 to Dec. 31, 2012.

Location

3-4-11 Edobori, Nishi Ward, Osaka City, Osaka Prefecture

Transport Access

About 4 minute walk from Awaza Station on Osaka Municipal
Subway Chuo Line and Sennichimae Line

Structure & Floors

Steel concrete, roof
deck 11 stories
deck,

Completion Date

Feb. 25, 2004

Total Leasable Area

1,185.50 ㎡

Total Leasable Units

Appraisal Value

JPY 528 mn

Acquisition Price

JPY 525 mn

JPY 8 mnPrice Per Unit Area

JPY 9,793

NOI(Note)
O
Occupancy
Rate
R t

50

96 0 ％
96.0

A89 Winntage Kobe Motomachi
Location

7-2-2 Motomachi Dori, Chuo Ward, Kobe City, Hyogo Prefecture

Transport Access

About 2 minute walk from Nishi-Motomachi Station on Kobe
Kosoku Line

Structure & Floors

Steel concrete, roof
deck, 13 stories withbasement

May.28, 2007

Total Leasable Area

1,433.35 ㎡

Total Leasable Units

Appraisal Value

JPY 524 mn

Acquisition Price

JPY 512 mn

JPY 8 mnPrice Per Unit Area

JPY 9,156

NOI(Note)

A90 Queen's Court Fukuzumi

Completion Date

Occupancy Rate

57

98.2 %

Location

1-3-10 Fukuzumi, Koto Ward, Tokyo

Transport Access

About 7 minute walk from Monzen-Nakacho Station on Tokyo
Metro Tozai Line,etc

Structure & Floors

Steel , roof deck , 6
stories

Total Leasable Area

Completion Date

Sep. 22, 2006

765.18 ㎡

Total Leasable Units

JPY 461 mn

Acquisition Price

JPY 456 mn

NOI(Note)

JPY 5 mnPrice Per Unit Area

JPY 11,301

Occupancy Rate

100.0 ％

Appraisal Value

25

50

New 24 Properties (Residences)(8/10)(Note) The term of calculation of NOI is from Sep. 28, 2012 to Dec. 31, 2012.

A91 Corp Higashinotoin
Location

380-1
380
1K
Kawaranomachi,hi Hi
Higashinotoin
hi t i D
Dorii Nij
Nijo K
Kudaru,dCh
Chukyok
Ward Kyoto City, Kyoto Prefecture

Transport Access

About 5 minute walk from Karasuma Oike Station on Kyoto
Municipal Subway Karasuma Line and Tozai Line

Structure & Floors

Steel concrete, roof
deck, 10 stories

Completion Date

Feb. 27, 2004

Total Leasable Area

1,029.05 ㎡

Total Leasable Units

42

Appraisal Value

JPY 447 mn

Acquisition Price

JPY 446 mn

NOI(Note)

JPY 7 mnPrice Per Unit Area

JPY 9,230

Occupancy Rate

100.0 ％

A92 Belair Oimachi
Location

5-14-17 Higashi Oi, Shinagawa Ward, Tokyo

Transport Access

About 3 minute walk from Oimachi Station on JR Keihin-Tohoku
Line,etc.

Structure & Floors

Steel concrete, roof
deck, 10 stories

Total Leasable Area
Appraisal ValueNOI(Note)
Occupancy Rate

A93 Siete Minami-Tsukaguchi

Completion Date

Apr. 19, 2006

530.60 ㎡

Total Leasable Units

26

JPY 413 mn

Acquisition Price

JPY 412 mn

JPY 6 mnPrice Per Unit Area

JPY 15,210

92.6 ％

Location

3-18 Minami Tsukaguchimachi, Amagasaki City, Hyogo Prefecture

Transport Access

About 7 minute walk from Tsukaguchi Station on JR Fukuchiyama
Line

Structure & Floors

Steel concrete, roof
deck, 5 stories

Completion Date

Jan. 30, 2007

Total Leasable Area

1,020.86 ㎡

Total Leasable Units

Appraisal Value

JPY 380 mn

Acquisition Price

JPY 374 mn

JPY 7 mnPrice Per Unit Area

JPY 8,863

NOI(Note)
Occupancy Rate40

94.9 ％

51

New 24 Properties (Residences)(9/10)
A94 Prime Life Sannomiya Isogami Koen

(Note) The term of calculation of NOI is from Sep. 28, 2012 to Dec. 31, 2012.

Location

4-3-23 Isogamidori ,Chuo Ward, Kobe City Hyogo Prefecture

Transport Access

About 5 minute walk from Sannomiya-Hanadokeimae Station on
Kobe Municipal Subway Line

Structure & Floors

Steel concrete, roof
deck, 9 stories

Total Leasable Area

Completion Date

Nov. 21, 2006

789.12 ㎡

Total Leasable Units

JPY 372 mn

Acquisition Price

JPY 373 mn

NOI(Note)

JPY 6 mnPrice Per Unit Area

JPY 9,961

Occupancy Rate

100.0 ％

Appraisal Value

32

A95 HERMITAGE NANBA WEST
Location

4-10-3 Sakuragawa Naniwa Ward, Osaka City, Osaka Prefecture

Transport Access

About 6 minute walk from Sakuragawa Station on Osaka
Municipal Subway Sennichimae Line

Structure & Floors

Steel concrete, roof
deck, 7 stories

Total Leasable Area
Appraisal ValueNOI(Note)
Occupancy Rate

Completion Date

Dec. 10, 2006

992.76 ㎡

Total Leasable Units

21

JPY 358 mn

Acquisition Price

JPY 355 mn

JPY 3 mnPrice Per Unit Area

JPY 8,776

91.2 ％A96 Century Park Shinkawa 1-bankan
Location, g y City,y, Aichi Prefecture
4-1-2 Shinkawamachi Minato Ward,Nagoya

Transport Access

About 9 minute walk from Tokai-dori Station on Nagoya Municipal
Subway Meiko Line

Structure & Floors

Steel, roof deck,
11stories

Completion Date

Sep. 7, 2001

Total Leasable Area,
1,477.62㎡

Total Leasable Units

44

Appraisal Value

JPY 340 mn

Acquisition Price

JPY 335 mn

NOI(Note)

JPY 7 mnPrice Per Unit Area

JPY 5,685

Occupancy Rate

100.0 ％

52

New 24 Properties (Residences)(10/10)
A97 West Avenue((Note)) The term of calculation of NOI is from Sep.
p 28, 2012 to Dec. 31, 2012.

Location

1-5-17 Nishi,Kunitachi City, Tokyo

Transport Access

About 14 minute walk from Nishi-Kunitachi Station on JR Nambu
Line

Structure & Floors

Steel concrete, roof
deck, 4 stories

Total Leasable Area
Appraisal ValueNOI(Note)
Occupancy Rate

A98 Little River Honmachibashi

Oct. 15, 1991

794.80 ㎡

Total Leasable Units40

JPY 333 mn

Acquisition Price

JPY 331 mn

JPY 5 mnPrice Per Unit Area

JPY 9,660

90 0 ％
90.0

Location

1-34 Honmachibashi Chuo Ward,Okasa City, Osaka Prefecture

Transport Access

About 8 minute walk from Sakaisuji-Hommachi Station on Osaka
Municipal Subway Sakaisuji Line and Chuo Line

Structure & Floors

Steel-reinforced
concrete, roofing
cover, 11 stories

Total Leasable Area
Appraisalpp
Value
NOI(Note)

A99 Prime Life Mikage

Completion Date

Occupancy Rate

Completion Date

Jun. 15, 2007

974.81 ㎡

Total Leasable Units

31

JPY 316 mn

Acquisitionq
Price

JPY 310 mn

JPY 4 mnPrice Per Unit Area

JPY 7,510

96.9 ％

Location

2-25-11Mikage Tsukamachi Higashi Nada Ward, Kobe City, Hyogo
Prefecture

Transport Access

About 5 minute walk from Ishiyagawa Station on Hanshin Main
Line

Structure & Floors

Steel concrete, roof
deck, 8 stories

Total Leasable Area
Appraisal ValueNOI(Note)
Occupancy Rate

Completion Date

Jan. 24, 2007

761 18 ㎡
761.18

Total Leasable Units

JPY 299 mn

Acquisition Price

JPY 297 mn

JPY 4 mnPrice Per Unit Area

JPY 9,006

85.5 ％

2853

Section 4 Other Information

54

(Other Information) Performance by Properties in the 19th Fiscal Period

A26 Nisshin Palacestage Daitabashi

41,03137,751

3,280

17,972

6,171

1,437

74

2,655

7,633

23,05930,693

4.9

5.5

A27 Nisshin Palacestage Higashi-Nagasaki

46,86441,757

5,106

24,691

8,889

2,585

102

1,804

11,30922,172

33,482

5.4

5.6

A28 Growth Maison Gotanda

27,39926,772

627

8,877

2,653

1,323

34

513

4,350

18,522

22,873

5.1

5.0

A29 Growth Maison Kameido

33,06631,871

1,194

12,162

3,220

1,693

47

1,322

5,879

20,904

26,7835.0

5.2

A30 Emerald House

42,02739,411

2,616

18,614

5,553

2,577

105

768

9,609

23,412

33,022

4.4

5.7

A31 Harmonie Ochanomizu

40,401

38,1082,292

13,932

3,132

1,808

72

2,054

6,863

26,46933,332

4.6

5.6

A32 Suncrest Shakujii Koen

35,27332,432

2,841

22,758

11,494

3,086

105

1,483

6,587

12,515

19,102

3.5

3.8

A33 Growth Maison Shin Yokohama

35,18432,5042,680

14,826

3,751

2,399

73

2,653

5,949

20,35826,3084.9

5.1

A34 Belle Face Ueno Okachimachi

30,59330,593-

12,544

4,924

1,679

46

538

5,355

18,04923,404

4.6

5.1

A35 Grand Rire Kameido

26,61926,619

-

7,809

75

1,696

49

501

5,487

18,80924,297

5.3

5.4

A36 Growth Maison Ikebukuro

25,01623,977

1,038

11,550

3,733

1,061

42

1,539

5,173

13,465

18,6394.5

4.7

A37 Growth Maison Yoga

22,96421,753

1,210

9,530

2,754

1,350

42

1,596

3,787

13,433

17,220

4.3

5.2

A38 Route Tachikawa

20,021

18,525

1,496

9,197

1,860

1,047

43

2,432

3,812

10,823

14,636

4.3

5.0

A39 Shibuya Honmachi Mansion

19,691

18,904

787

6,974

2,341

879

36

1,703

2,012

12,716

14,7284.5

5.1

A40 City Heights Kinuta

16,876

16,160

716

5,964

2,285

907

37

982

1,752

10,912

12,664

3.9

5.6

A41 Acseeds Tower Kawaguchi Namiki

25,13823,397

1,740

11,109

2,464

1,133

40

2,432

5,038

14,02919,067

6.1

5.9

A42 Capital Heights Kagurazaka

18,276

17,777

498

7,040

2,522

1,063

40

1,458

1,955

11,236

13,191

4.3

5.0

A43 College Square Machida

18,26818,268

-

5,227

534

1,503

31

500

2,659

13,04015,6995.3

6.1

A44 Belair Meguro15,463

14,752

710

6,558

2,077

832

23

1,422

2,202

8,904

11,107

3.8

4.2

A45 Wacore Tsunashima Ⅰ

16,96916,211

758

13,529

5,139

883

33

3,550

3,921

3,439

7,361

2.6

3.0

A46 Foros Nakamurabashi

17,094

15,918

1,175

10,334

3,334

977

37

1,737

4,246

6,759

11,006

3.9

4.2

A47 Growth Maison Kaijin

23,017

20,961

2,055

14,358

5,974

2,032

89

964

5,297

8,658

13,955

5.0

6.2

A48 College Square Machiya

14,706

14,706

-

5,025

-

945

30

499

3,549

9,680

13,230

5.2

5.4

A51 City House Tokyo Shinbashi

84,981

81,043

3,938

38,231

14,108

4,916

140

6,000

13,06446,75059,815

4.7

4.6

A52 Winbell Kagurazaka

98,837

93,195

5,642

41,546

12,348

6,284

154

7,195

15,56357,29072,8544.4

4.4

A53 Nishiwaseda Cresent Mansion

68,772

65,141

3,630

27,306

11,424

3,468

110

6,149

6,153

41,46547,6195.0

4.8

A54 Lexington Square Akebonobashi

47,53645,441

2,095

18,060

4,609

2,155

62

2,509

8,724

29,47538,2005.2

5.0

Property Name

Other
IncomeInsurance
Expenses

Other
Expenses

Depreciation
Expenses (3)(1)－(2)NOI((1)－(2) +(3))(unit:JPY ths)
NOI Yield(Appraisal
Value Basis(%)) (Note 2)

Rents andCommonExpenses

No.

Property
Facilities
Taxes and
RelatedManagement Other Public
Expenses (2)Fees
ChargesNOI Yield(Acquisition
Price Basis(%)) (Note 1)

RentalRevenues (1)A56 Casa Eremitaggio

29,761

27,5342,227

18,008

4,288

1,731

48

3,098

8,841

11,753

20,5943.8

4.1

A59 Towa City Coop Shin-otsukaⅡ

33,61232,514

1,097

16,538

6,764

1,363

78

3,263

5,068

17,07322,141

5.1

4.8

A61 Bichsel Musashiseki

24,41823,900518

10,059

4,954

1,170

50

1,104

2,779

14,35917,1385.9

5.9

A62 Lexel Mansion Ueno Matsugaya

33,27629,864

3,411

15,552

3,121

1,928

60

2,225

8,216

17,72325,9405.3

5.0

A63 Towa City Coop Sengencho

60,001

54,905

5,095

34,933

16,759

3,002

124

5,814

9,232

25,06734,3006.1

5.6

A64 Royal Park Omachi

24,44821,056

3,392

13,991

6,506

1,585

64

1,159

4,677

10,45615,133

7.3

6.9

A65 Lexington Square Haginomachi

17,46815,954

1,514

7,230

1,758

1,156

40

731

3,543

10,237

13,780

8.3

7.6

A66 Visconti Kakuozan

11,680

10,110

1,569

7,525

3,410

915

29

1,388

1,782

4,154

5,937

4.6

5.4

A71 Lexington Square Daitabashi

29,171

27,831

1,339

15,313

3,021

1,545

44

2,699

8,002

13,857

21,8604.5

4.4

A72 Lexington Square Honjo-Azumabashi

17,52917,171

357

8,634

1,635

809

32

1,263

4,893

8,895

13,7885.4

5.4

A73 AMS TOWER Minami 6-Jo

47,194

44,7762,418

30,481

6,521

3,937

126

5,622

14,274

16,71230,987

5.2

6.1

A75 Spacia Ebisu

186,857

169,667

17,18972,644

15,6988,630

251

11,396

36,668114,212150,881

4.3

4.4

A76 Neo Prominence

31,424

27,768

3,656

8,735

3,221

-

61

468

4,984

22,68927,673

6.4

6.4

A77 Invoice Shin-Kobe Residence

25,29623,856

1,439

9,810

2,638

-

34

1,320

5,816

15,48521,301

6.5

6.5

A78 Cosmo Court Motomachi

19,528

19,106

422

7,174

1,327

-

34

753

5,059

12,354

17,414

6.9

6.8

A79 Revest Honjin

15,724

14,663

1,061

6,480

1,713

-

31

1,027

3,708

9,243

12,952

7.4

7.4

A80 Revest Matsubara

15,031

14,256

775

5,394

1,380

-

28

483

3,502

9,636

13,1397.7

7.6

A81 Sun Terrace Minami Ikebukuro

10,867

10,269

598

5,489

1,554

-

14

1,445

2,474

5,378

7,853

4.8

4.8

A82 Alba Noritake Shinmachi

13,104

12,423

681

5,726

1,394

-

28

801

3,501

7,377

10,8796.9

6.8

A83 Revest Meieki Minami

12,852

12,306

545

5,586

1,317

-

30

796

3,441

7,265

10,7076.9

6.9

A84 Revest Heian

11,283

11,069

214

5,388

921

-

20

1,215

3,231

5,894

9,125

5.9

5.9

A85 Vendir Hamaotsu Ekimae

16,60015,199

1,400

6,642

2,150

-

33

924

3,533

9,957

13,491

8.9

8.1

A86 Salvo Sala

10,95810,050

907

7,702

2,498

-

23

2,465

2,714

3,255

5,970

4.2

4.2

A87 Excellente Kagurazaka

8,945

8,697

248

4,160

740

-

13

1,263

2,142

4,784

6,927

4.9

4.9

A88 Luna Court Edobori

10,787

10,432

354

4,574

1,167

-

17

793

2,595

6,212

8,807

6.5

6.4

A89 Winntage Kobe Motomachi

11,636

11,272

363

5,926

1,570

-

21

1,379

2,955

5,709

8,665

6.5

6.4

A90 Queen's Court Fukuzumi

8,191

7,995

195

3,858

1,600

-

12

609

1,635

4,332

5,968

5.0

5.0

A91 Corp Higashinotoin

9,189

8,702

487

3,523

1,025

-

15

546

1,935

5,666

7,601

6.6

6.6

A92 Belair Oimachi

7,351

7,267

84

2,337

582

-

10

363

1,380

5,014

6,394

6.0

6.0

A93 Siete Minami-Tsukaguchi

8,935

8,397

537

3,417

1,388

-

23

376

1,629

5,517

7,146

7.4

7.2

A94 Prime Life Sannomiya Isogami Koen

7,741

7,371

369

2,863

740

-

11

343

1,768

4,878

6,646

6.9

6.9

A95 HERMITAGE NANBA WEST

7,889

6,955

934

5,865

2,108

-

13

2,045

1,697

2,024

3,721

4.0

4.0

A96 Century Park Shinkawa 1-bankan

9,010

7,834

1,175

3,124

750

-

20

416

1,937

5,885

7,822

9.0

8.9

A97 West Avenue

6,787

6,617

169

2,615

724

-

10

368

1,511

4,172

5,683

6.6

6.6

A98 Little River Honmachibashi

6,685

6,642

43

3,056

1,099

-

12

588

1,355

3,629

4,985

6.2

6.1

A99 Prime Life Mikage

6,292

5,778

513

3,057

1,009

-

10

530

1,507

3,234

4,742

6.2

6.1

1,719,628

1,614,183

105,445

769,166

236,450

79,508

3,195

118,066

331,944

950,462

1,282,407

5.1

5.3

Subtotal of Residences55

(Other Information) Performance by Properties in the 19th Fiscal Period

No.

Property Name

B8 Kindai Kagaku Sha Building
B9 Shinjuku Island

RentalRevenues (1)37,386(Note 3)

Rents andCommonExpenses
31,479(Note 3)

Property
Facilities
Taxes and
RelatedManagement Other Public
Expenses (2)Fees
Charges

Other
Income5,906(Note 3)

22,628(Note 3)8,364
(Note 3)

4,325
(Note 3)

Insurance
Expenses
78(Note 3)

Other
Expenses

Depreciation
Expenses (3)1,234(Note 3)8,625
(Note 3)(1)－(2)

14,757(Note 3)NOI((1)－(2) +(3))
23,383(Note 3)

NOI Yield(Acquisition
Price Basis(%)) (Note 1)(unit:JPY ths)
NOI Yield(Appraisal
Value Basis(%)) (Note 2)

3.6

4.7

2.6

3.5

B14 Lexington Plaza Nishigotanda

157,111

138,765

18,34590,48930,785

12,740209

2,923

43,83066,622

110,452

4.5

5.2

B15 Cross Square NAKANO

29,23424,197

5,037

15,426

6,915

3,865

89

916

3,638

13,807

17,446

3.3

3.7

B16 Ohki Aoba Building

39,761

32,1597,601

29,881

12,647

3,885

111

851

12,384

9,879

22,2645.4

7.5

B17 Lexington Plaza Hachiman

158,959

127,325

31,633

79,48645,82011,659172

1,792

20,041

79,472

99,513

6.0

6.3

B18 AEON TOWN Sukagawa

143,761

143,761-

94,77756,124

8,260

213

740

29,43848,98478,423

6.7

7.5

Subtotal of Offices etc.

583,412514,886

68,525

342,474

165,41747,887947

8,459

119,761

240,938

360,699

5.0

5.8

C1 Stop Parking Kanda-Sudacho

2,443

2,443

-

265

-

252

-

-

13

2,178

2,191

4.4

4.8

C21 Bon Sejour Chitose Funabashi

23,90622,541

1,364

5,527

319

1,754

61

-

3,393

18,37821,771

6.3

5.9
6.2

C22 Bon Sejour Yotsugi

22,52822,528

-

4,817

225

1,022

41

-

3,529

17,711

21,240

6.5

C23 Bon Sejour Hino

21,405

21,405

-

4,128

214

1,188

47

-

2,678

17,276

19,955

6.9

6.2

C24 Bon Sejour Musashi-Shinjo

17,747

17,747

-

3,264

167

924

43

-

2,129

14,483

16,612

6.8

6.1

C25 Bon Sejour Komaki

45,58245,582-

12,953

201

4,744

198

-

7,810

32,62940,4397.7

7.6

C26 Bon Sejour Hadano Shibusawa

23,802

23,472

330

8,830

249

2,772

84

-

5,723

14,971

20,695

6.0

6.7

C27 Bon Sejour Itami

15,971

15,971

-

5,243

145

1,404

56

-

3,638

10,72814,3666.0

6.6

Subtotal of Parking lots etc.

173,388

171,694

1,694

45,032

1,521

14,060533-

28,916

128,356

157,273

6.6

6.5

Total

2,476,430

2,300,764

175,665

1,156,672

403,390

141,455

4,677

126,526

480,622

1,319,757

1,800,380

5.2

5.5

(Note 1) NOI Yield (%) (Acquisition Price Basis)= (( Rental Revenues - Property Related Expenses + Depreciation Expenses)/ Operation Days x 365)/ Acquisition Price(Note 2) NOI Yield (%) (Appraisal Value Basis)= (( Rental Revenues - Property Related Expenses + Depreciation Expenses)/ Operation Days x 365)/ Appraisal Value(Note 3) Figures are not written since the tenants do not give approvals to disclose them in public.
(Note 4) Accounting period: from Jul. 1, 2012 to Dec. 31, 2012. However; the accounting period of the new 24 properties (A76-A99): Sep. 28, 2012 to Dec. 31, 2012
(Note 5) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

56

(Other Information) Appraisal Values & Book Values at the end of 19th Fiscal Period

Appraisal ValueNo.

Property NameBook Valueas of Dec.
2012

(ths JPY)

Cap Rate

As of Acquisition As of Dec. 2011 As of Jun. 2012 As of Dec. 2012

(ths JPY)(ths JPY)(ths JPY)

As of Jun. 2012
(existingproperties)/
As of Dec. 2012
As of Aug. 2012
(new 24properties)

Compared toJun. 2012(ths JPY)

(%)

(%)

(%)

Changes(%)

A26 Nisshin Palacestage Daitabashi

1,153,274

1,300,000

1,090,000

1,110,000

1,110,000

0

-

5.35

5.35

-

A27 Nisshin Palaistage Higashi-Nagasaki

1,102,798

1,300,000

1,120,000

1,180,000

1,190,000

0

0.8

5.35

5.35

-

A28 Growth Maison Gotanda

859,737

991,000

891,000

909,000

909,000

0

-

5.00

5.00

-

A29 Growth Maison Kameido

1,030,185

1,110,000

1,000,000

1,020,000

1,020,000

0

-

5.10

5.10

-

A30 Emerald House

1,444,571

1,570,000

1,160,000

1,160,000

1,160,000

0

-

5.30

5.30

-

A31 Harmonie Ochanomizu

1,392,333

1,710,000

1,160,000

1,180,000

1,190,000

0

0.8

5.10

5.10

-

A32 Suncrest Shakujii Koen

1,052,477

1,220,000

990,000

993,000

990,000

0

-0.3

5.15

5.15

-

A33 Growth Maison Shin Yokohama

1,010,603

1,110,000

1,020,000

1,020,000

1,020,000

0

-

5.25

5.25

-

A34 Belle Face Ueno Okachimachi

999,191

1,100,000

922,000

915,000

916,000

0

0.1

5.00

5.00

-

A35 Grand Rire Kameido

871,705

930,000

889,000

889,000

889,000

0

-

5.25

5.25

-

A36 Growth Maison Ikebukuro792,180

856,000

682,000

781,000

783,000

*

0.3

5.15

5.10

-0.05

A37 Growth Maison Yoga

774,535

831,000

597,000

664,000

664,000

*

-

5.10

5.10

-

A38 Route Tachikawa

655,720

749,000

607,000

582,000

583,000

0

0.2

5.35

5.35

-

A39 Shibuya Honmachi Mansion

656,802

678,000

564,000

576,000

575,000

0

-0.2

5.15

5.20

0.05

A40 City Heights Kinuta

646,275

707,000

457,000

447,000

446,000

0

-0.2

5.25

5.25

-

A41 Acseeds Tower Kawaguchi Namiki

586,706

698,000

627,000

645,000

648,000

0

0.5

6.00

6.00

-

A42 Capital Heights Kagurazaka

619,234

647,000

536,000

528,000

528,000

0

-

5.15

5.15

-

A43 College Square Machida578,333

597,000

514,000

515,000

515,000

0

-

5.75

5.75

-

A44 Belair Meguro

577,911

608,000

519,000

532,000

526,000

0

-1.1

4.90

4.90

-

A45 Wacore Tsunashima Ⅰ

557,358

665,000

507,000

508,000

489,000

0

-3.7

5.45

5.45

-

A46 Foros Nakamurabashi

542,509

634,000

518,000

518,000

518,000

0

-

5.10

5.10

-

A47 Growth Maison Kaijin

524,144

603,000

434,000

448,000

449,000

0

0.2

5.80

5.80

-

A48 College Square Machiya

488,224

521,000

484,000

482,000

483,000

0

0.2

5.25

5.25

-

A51 City House Tokyo Shinbashi

2,444,537

2,790,000

2,470,000

2,540,000

2,560,000

0

0.8

5.20

5.20

-

A52 Winbell Kagurazaka

3,171,521

3,690,000

3,200,000

3,260,000

3,320,000

0

1.8

5.00

4.90

-0.10

A53 Nishiwaseda Cresent Mansion

1,854,398

2,190,000

1,930,000

1,980,000

1,990,000

0

0.5

5.30

5.20

-0.10

A54 Lexington Square Akebonobashi

1,402,533

1,600,000

1,430,000

1,480,000

1,520,000

0

2.7

5.20

5.10

-0.10

A56 Casa Eremitaggio

1,021,245

1,240,000

999,000

997,000

996,000

0

-0.1

5.00

5.00

-

A59 Towa City Coop Shin-otsukaⅡ

841,088937,000

908,000

916,000

915,000

0

-0.1

5.60

5.60

-

A61 Bichsel Musashiseki566,602703,000

552,000

562,000

580,000

0

3.2

5.50

5.40

-0.10
-0.10

A62 Lexel Mansion Ueno Matsugaya
A63 Towa City Coop Sengencho
A64 Royal Park Omachi

924,020

1,130,000

966,000

1,010,000

1,030,000

0

2.0

5.30

5.20

1,066,907

1,240,000

1,170,000

1,210,000

1,210,000

0

-

6.20

6.20

-

402,848

564,000

394,000

416,000

434,000

0

4.3

6.70

6.60

-0.10
-0.10

A65 Lexington Square Haginomachi

317,294

411,000

326,000

357,000

363,000

*

1.7

6.80

6.70

A66 Visconti Kakuozan

245,372

397,000

218,000

224,000

218,000

0

-2.7

6.10

6.10

-

A71 Lexington Square Daitabashi

930,752

1,019,000

948,000

975,000

989,000

0

1.4

5.20

5.10

-0.10

482,844525,000

492,000

506,000

507,000

0

0.2

5.30

5.20

-0.10

1,097,733

1,400,000

994,000

1,000,000

1,010,000

0

1.0

6.30

6.20

-0.10

A72 Lexington Square Honjo-Azumabashi
A73 AMS TOWER Minami 6-Jo
A75 Spacia Ebisu

6,801,887

9,140,000

6,620,000

6,790,000

6,800,000

0

0.1

4.90

4.90

-

A76 Neo Prominence

1,678,187

1,660,000－－

1,670,000

0

0.6

5.50

5.50

-

A77 Invoice Shin-Kobe Residence

1,285,326

1,260,000－－

1,260,000

0

-

5.90

5.90

-

A78 Cosmo Court Motomachi

996,547

980,000－－

981,000

0

0.1

5.80

5.80

-

A79 Revest Honjin

691,567

679,000－－

678,000

0

-0.1

6.40

6.40

-

A80 Revest Matsubara

673,525

662,000－－

664,000

0

0.3

6.00

6.00

-

A81 Sun Terrace Minami Ikebukuro

634,465

625,000－－

625,000

0

-

5.10

5.10

-

A82 Alba Noritake Shinmachi

625,145

608,000－－

617,000

0

1.5

6.00

5.90

-0.10

A83 Revest Meieki Minami

614,097

597,000－－

599,000

0

0.3

5.80

5.70

-0.10

A84 Revest Heian

610,742

599,000－－

599,000

0

-

6.00

6.00

-

A85 Vendir Hamaotsu Ekimae

597,494

638,000－－

638,000

0

-

6.60

6.60

-

A86 Salvo Sala

558,989

548,000－－

548,000

0

-

6.00

6.00

-

A87 Excellente Kagurazaka

554,698

543,000－－

544,000

0

0.2

5.00

5.00

-

A88 Luna Court Edobori

537,195

525,000－－

528,000

0

0.6

5.80

5.80

-

A89 Winntage Kobe Motomachi

526,051

516,000－－

524,000

0

1.6

5.90

5.90

-

A90 Queen's Court Fukuzumi

463,989

456,000－－

461,000

0

1.1

5.10

5.10

-

A91 Corp Higashinotoin

455,762446,000－－

447,000

0

0.2

5.70

5.70

-

A92 Belair Oimachi

419,621412,000－－

413,000

0

0.2

5.10

5.10

-

A93 Siete Minami-Tsukaguchi

383,246

377,000－－

380,000

0

0.8

6.10

6.10

-

A94 Prime Life Sannomiya Isogami Koen

381,813373,000－－

372,000

0

-0.3

5.80

5.80

-

A95 HERMITAGE NANBA WEST

364,518

358,000－－

358,000

0

-

5.90

5.90

-

A96 Century Park Shinkawa 1-bankan

344,558

337,000－－

340,000

0

0.9

6.40

6.40

A97 West Avenue

336,499

333,000－－

333,000

0

-

6.00

6.00

-

A98 Little River Honmachibashi

318,427

312,000－－

316,000

0

1.3

5.70

5.70

-

0

-

6.10

6.10

-

0.5

-

-

-

A99 Prime Life Mikage
Subtotal of Residences

304,869

299,000－－

299,000

56,845,746

64,254,000

40,905,000

41,825,000

56,237,00057

(Other Information) Appraisal Values & Book Values at the end of 19th Fiscal Period

Appraisal ValueNo.

Property NameBook Valueas of Dec.
2012

(ths JPY)
B8 Kindai Kagaku Sha Building

Cap Rate

As of Acquisition As of Dec. 2011 As of Jun. 2012 As of Dec. 2012

(ths JPY)(ths JPY)(ths JPY)

As of Jun. 2012
(existingproperties)/
As of Dec. 2012
As of Aug. 2012
(new 24properties)

Compared toJun. 2012(ths JPY)

(%)

(%)

(%)

Changes(%)

1,221,658

1,340,000

993,000

989,000

989,000

0

-

5.15

5.15

-

717,697

871,000

488,000

520,000

520,000

0

-

5.40

5.40

-

B14 Lexington Plaza Nishigotanda

4,827,122

7,160,000

4,280,000

4,280,000

4,200,000

0

-1.9

5.20

5.20

-

B15 Cross Square NAKANO

1,041,211

1,038,000

981,000

932,000

935,000

0

0.3

5.50

5.50

-

B9 Shinjuku Island

B16 Ohki Aoba Building
B17 Lexington Plaza Hachiman
B18 AEON TOWN Sukagawa

749,693

847,000

593,000

591,000

593,000

0

0.3

6.50

6.50

-

3,218,123

4,760,000

3,090,000

3,100,000

3,140,000

0

1.3

6.70

6.60

-0.10

0

-

2,179,504

2,563,000

2,070,000

2,070,000

2,070,000

13,955,010

18,579,000

12,495,000

12,482,000

12,447,000

-

7.30

7.30

-0.3

-

-

C1 Stop Parking Kanda-Sudacho

100,865

100,000

91,20091,30091,300

-

0

-

4.70

4.70

-

C21 Bon Sejour Chitose Funabashi

666,152

791,000

734,000

734,000

C22 Bon Sejour Yotsugi

631,677

765,000

681,000

681,000

734,000

0

-

5.90

5.90

-

681,000

0

-

6.20

6.20

C23 Bon Sejour Hino

558,572

699,000

641,000-

641,000

641,000

0

-

6.20

6.20

C24 Bon Sejour Musashi-Shinjo

473,722610,000-

543,000

543,000

543,000

0

-

6.10

6.10

1,004,442-

1,940,000

1,060,000

1,060,000

1,060,000

0

-

7.60

7.60

C26 Bon Sejour Hadano Shibusawa-

647,613962,000

616,000

616,000

616,000

0

-

7.00

7.00

C27 Bon Sejour Itami-

459,038

748,000

433,000

433,000

433,000

0

-

6.70

6.70

-

Subtotal of Parking lots etc.

4,542,084

6,615,000

4,799,200

4,799,300

4,799,300

-

-

-

-

Total

75,342,842

89,448,000

58,199,200

59,106,300

73,483,300

0.3

-

-

-

Subtotal of Offices

C25 Bon Sejour Komaki(note) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

58

(Other Information) Portfolio List

(As of Dec. 31, 2012)
No.

Acquisition
Price(JPY mn)

Location

Property Name

Appraisal
Value(JPY mn)

Acquisition
Date

Completion
Date

PropertyAge (years)

Total Rentable Total Leasable
Units
Area (㎡)Occupancy
Rate (%)

A26 Nisshin Palacestage Daitabashi

23 wards

Suginami, Tokyo

1,251

1,110

Jul. 2005

Dec. 1992

20

98

1,771.13

A27 Nisshin Palacestage Higashi-Nagasaki

23 wards

Toshima, Tokyo

1,229

1,190

Jul. 2005

Mar. 1989

23

60

2,681.94

96.9
90.3

A28 Growth Maison Gotanda

23 wards

Shinagawa, Tokyo

888

909

Jan. 2006

Jul. 2005

748

1,051.50

100.0

A29 Growth Maison Kameido

23 wards

Koto, Tokyo

1,070

1,020

Mar. 2006

Oct. 2005

7

66

1,367.96

94.0

A30 Emerald House

23 wards

Itabashi, Tokyo

1,505

1,160

Aug. 2006

Feb. 1995

17

96

2,152.31

99.0

A31 Harmonie Ochanomizu

23 wards

Bunkyo, Tokyo

1,428

1,190

Aug. 2006

Mar. 1997

15

65

1,748.24

100.0

A32 Suncrest Shakujii Koen

23 wards

Nerima, Tokyo

1,088

990

Aug. 2006

Mar. 1990

22

29

3,029.16

94.7

A33 Growth Maison Shin Yokohama

Surrounding

Yokohama, Kanagawa

1,059

1,020

Aug. 2006

Mar. 2006

6

68

1,858.44

98.5

A34 Belle Face Ueno Okachimachi

23 wards

Taito, Tokyo

1,023

916

Aug. 2006

Feb. 2006

6

64

1,351.11

98.4

A35 Grand Rire Kameido

23 wards

Koto, Tokyo

906

889

Aug. 2006

Mar. 2006

6

72

1,562.26

100.0

A36 Growth Maison Ikebukuro

23 wards

Toshima, Tokyo

825

783

Aug. 2006

Jan. 2006

642952.8990.6

A37 Growth Maison Yoga

23 wards

Setagaya, Tokyo

795

664

Aug. 2006

Mar. 2006

6

39

1,015.34

92.2

A38 Route Tachikawa

Surrounding

Tachikawa, Tokyo

676

583

Aug. 2006

Mar. 1997

15

24

1,368.57

100.0

A39 Shibuya Honmachi Mansion

23 wards

Shibuya, Tokyo

651

575

Aug. 2006

Dec. 1986

26

25

1,167.50

100.0

A40 City Heights Kinuta

23 wards

Setagaya, Tokyo

646

446

Aug. 2006

Mar. 1983

29

19

1,235.93

89.2

A41 Acseeds Tower Kawaguchi Namiki

Surrounding

Kawaguchi, Saitama

620

648

Aug. 2006

Feb. 2006

657

1,210.74

100.0

A42 Capital Heights Kagurazaka

23 wards

Shinjuku, Tokyo

604

528

Aug. 2006

May. 1987

25

26

1,126.65

92.5

A43 College Square Machida

Surrounding

Machida, Tokyo

589

515

Aug. 2006

Mar. 1984

28

62

1,047.75

100.0

A44 Belair Meguro

23 wards

Meguro, Tokyo

589

526

Aug. 2006

Oct. 2005

725

557.0592.1

A45 Wacore Tsunashima Ⅰ

Surrounding

Yokohama, Kanagawa

572

489

Aug. 2006

Feb. 1991

2150

908.9996.1

A46 Foros Nakamurabashi

23 wards

Nerima, Tokyo

566

518

Aug. 2006

Sep. 2001

11

37

815.76

100.0

A47 Growth Maison Kaijin

Surrounding

Funabashi, Chiba

557

449

Aug. 2006

Oct. 1993

19

34

2,040.27

97.1

A48 College Square Machiya

23 wards

Arakawa, Tokyo

510

483

Aug. 2006

Mar. 2006

6

43871.35100.0

A51 City House Tokyo Shinbashi

23 wards

Minato, Tokyo

2,520

2,560

Feb. 2010

Aug. 2004

8

86

3,364.00

90.8

A52 Winbell Kagurazaka

23 wards

Shinjuku, Tokyo

3,260

3,320

Feb. 2010

Feb. 2004

8

118

4,032.70

96.4

A53 Nishiwaseda Cresent Mansion

23 wards

Shinjuku, Tokyo

1,880

1,990

Feb. 2010

Jul. 1987

25

69

4,310.77

100.0

A54 Lexington Square Akebonobashi

23 wards

Shinjuku, Tokyo

1,450

1,520

Feb. 2010

Dec. 2004

8

88

1,987.88

93.1

A56 Casa Eremitaggio

23 wards

Meguro, Tokyo

1,070

996

Feb. 2010

Dec. 2003

917

1,197.19

92.9

A59 Towa City Coop Shin-otsukaⅡ

23 wards

Toshima, Tokyo

866

915

Feb. 2010

May. 1993

19

58

1,627.13

97.3

A61 Bichsel Musashiseki

23 wards

Nerima, Tokyo

577

580

Feb. 2010

Feb. 1992

20

70

1,220.24

97.1

A62 Lexel Mansion Ueno Matsugaya

23 wards

Taito, Tokyo

970

1,030

Feb. 2010

Jan. 2005

729

1,969.45

93.2

A63 Towa City Coop Sengencho

Surrounding

Yokohama, Kanagawa

1,110

1,210

Feb. 2010

Oct. 1992

20

154

3,426.36

94.3

A64 Royal Park Omachi

TohokuSendai, Miyagi

415

434

Feb. 2010

Feb. 1993

19

51

1,929.59

96.4

A65 Lexington Square Haginomachi

TohokuSendai, Miyagi

330

363

Feb. 2010

Aug. 2005

739

1,528.58

100.0

A66 Visconti Kakuozan

Chubu

Nagoya, Aichi

255

218

Feb. 2010

Sep. 2003

98

705.75

88.6

A71 Lexington Square Daitabashi

23 wards

Suginami, Tokyo

977

989

Feb. 2010

Nov. 2006

6

43

1,430.64

95.1

A72 Lexington Square Honjo-Azumabashi

23 wards

Sumida, Tokyo

511

507

Feb. 2010

Oct. 2006

6

33

784.74

100.0

A73 AMS TOWER Minami 6-Jo

Hokkaido

Sapporo, Hokkaido

1,180

1,010

Feb. 2010

Feb. 2007

5120

4,460.56

90.0

A75 Spacia Ebisu

23 wards

Shibuya, Tokyo

7,010

6,800

Feb. 2010

Feb. 2003

9

109

7,794.91

92.2

A76 Neo Prominence

23 wards

Kita, Tokyo

1,660

1,670

Sep. 2012

Apr. 1994

18

52

3,574.70

94.8

A77 Invoice Shin-Kobe Residence

Kansai

Kobe, Hyogo

1,260

1,260

Sep. 2012

Jan. 2007

5812,773.71

99.1

A78 Cosmo Court Motomachi

Kansai

Kobe, Hyogo

973

981

Sep. 2012

Mar. 2007

582

2,310.49

97.5

A79 Revest Honjin

Chubu

Nagoya, Aichi

674

678

Sep. 2012

Mar. 2007

580

1,933.80

93.8

A80 Revest Matsubara

Chubu

Nagoya, Aichi

657

664

Sep. 2012

Mar. 2007

570

1,955.40

91.9

A81 Sun Terrace Minami Ikebukuro

23 wards

Toshima, Tokyo

625

625

Sep. 2012

Feb. 1998

14

38

898.70

100.0

A82 Alba Noritake Shinmachi

Chubu

Nagoya, Aichi

608

617

Sep. 2012

Nov. 2006

6

64

1,731.68

98.6

A83 Revest Meieki Minami

Chubu

Nagoya, Aichi

597

599

Sep. 2012

Feb. 2007

5

61

1,634.60

97.0

A84 Revest Heian

Chubu

Nagoya, Aichi

595

599

Sep. 2012

Nov. 2006

640

1,554.03

95.2
93.3

A85 Vendir Hamaotsu Ekimae

KansaiOtsu, Shiga

581

638

Sep. 2012

Feb. 2007

581

2,670.66

A86 Salvo Sala

Kansai

Osaka, Osaka

544

548

Sep. 2012

Jan. 2007

554

1,428.12

89.9

A87 Excellente Kagurazaka

23 wards

Shinjuku, Tokyo

543

544

Sep. 2012

Jan. 2007533

701.92100.0

A88 Luna Court Edobori

Kansai

Osaka, Osaka

525

528

Sep. 2012

Feb. 2004

850

1,185.50

96.0

A89 Winntage Kobe Motomachi

Kansai

Kobe, Hyogo

512

524

Sep. 2012

May. 2007

557

1,433.35

98.2

A90 Queen's Court Fukuzumi

23 wards

Koto, Tokyo

456

461

Sep. 2012

Sep. 2006

625

765.18100.0

A91 Corp Higashinotoin

Kansai

Kyoto, Kyoto

446

447

Sep. 2012

Feb. 2004

842

1,029.05

100.0

A92 Belair Oimachi

23 wards

Shinagawa, Tokyo

412

413

Sep. 2012

Apr. 2006

6

26

530.6092.6

A93 Siete Minami-Tsukaguchi

KansaiAmagasaki, Hyogo

374

380

Sep. 2012

Jan. 2007

540

1,020.86

94.9

A94 Prime Life Sannomiya Isogami Koen Kansai

Kobe, Hyogo

373

372

Sep. 2012

Nov. 2006

632

789.12100.0

A95 HERMITAGE NANBA WEST

Kansai

Osaka, Osaka

355

358

Sep. 2012

Dec. 2006

621

992.76

91.2

A96 Century Park Shinkawa 1-bankan

Chubu

Nagoya, Aichi

335

340

Sep. 2012

Sep. 2001

11

44

1,477.62

100.0

A97 West Avenue

23 wards

Kunitachi, Tokyo

331

333

Sep. 2012

Oct. 1991

21

40

794.8090.0

A98 Little River Honmachibashi

Kansai

Osaka, Osaka

310

316

Sep. 2012

Jun. 2007531

974.81

96.9

A99 Prime Life Mikage

Kansai

Kobe, Hyogo

297

299

Sep. 2012

Jan. 2007528

761.1885.5-

58,08356,237

-

11.3

3,413

109,585.97

95.4

Subtotal of Residences

-

-

59

(Other Information) Portfolio List

No.

Acquisition
Price(JPY mn)

Location

Property Name

Appraisal
Value(JPY mn)

Acquisition
Date

Completion
Date

PropertyAge (years)

Total Rentable Total Leasable
Units
Area (㎡)Occupancy
Rate (%)

B8 Kindai Kagaku Sha Building

23 wards

Shinjuku, Tokyo

1,301

989

Aug. 2006

Jun. 1991

21

13

1,451.54

B9 Shinjuku Island

23 wards

Shinjuku, Tokyo

715

520

Mar. 2007

Jan. 1995

171

526.43100.0

B14 Lexington Plaza Nishigotanda

23 wards

Shinagawa, Tokyo

4,880

4,200

Feb. 2010

Jun. 1993

19

11

6,033.58

100.0

B15 Cross Square NAKANO

23 wards

Nakano, Tokyo

1,060

935

Feb. 2010

Jan. 1993

19

45

2,145.00

54.2

B16 Ohki Aoba Building

TohokuSendai, Miyagi

816

593

Feb. 2010

Jul. 1997

15

13

2,178.41

100.0

B17 Lexington Plaza Hachiman

TohokuSendai, Miyagi

3,280

3,140

Feb. 2010

Dec. 2005

718

8,419.15

94.6

B18 AEON TOWN Sukagawa

TohokuSukagawa, Fukushima

2,320

2,070

Feb. 2010

Oct. 2005

7

1

18,440.58

100.0

-

14.2

102

39,194.69

96.3

1

81.04

100.0

Subtotal of Offices etc.
C1 Stop Parking Kanda-Sudacho

23 wards

14,372

12,447

Chiyoda, Tokyo

97

91

Jan. 2007

-

-

－

100.0

C21 Bon Sejour Chitose Funabashi

23 wards

Setagaya, Tokyo

685

734

Feb. 2010

Mar. 1988

24

42

2,342.17

100.0

C22 Bon Sejour Yotsugi

23 wards

Katsushika, Tokyo

652

681

Feb. 2010

Mar. 1989

23

62

1,962.87

100.0

C23 Bon Sejour Hino

Surrounding

Hino, Tokyo

574

641

Feb. 2010

May. 1990

22

56

1,984.17

100.0

C24 Bon Sejour Musashi-Shinjo

Surrounding

Kawasaki, Kanagawa

486

543

Feb. 2010

Feb. 1985

27

46

1,710.43

100.0

C25 Bon Sejour Komaki

Chubu

Komaki, Aichi

1,050

1,060

Feb. 2010

Mar. 1991

21

123

8,858.49

100.0

C26 Bon Sejour Hadano Shibusawa

Surrounding

Hadano, Kanagawa

681

616

Feb. 2010

Jul. 1991

21

100

3,435.79

100.0

C27 Bon Sejour Itami

Kansai

Itami, Hyogo

480

433

Feb. 2010

Mar. 1989

23

62

2,129.87

100.0

Subtotal of Parking lots etc.

-

-

4,705

4,799

-

-

22.7

492

22,504.83

100.0

Total

-

-

77,161

73,483

-

-

12.5

4,007

171,285.49

96.2(Note 1) "Tokyo (except for "Tokyo 23 wards")" and "Kanagawa, Chiba, and Saitama prefectures" are defined as "Surrounding".
(Note 2) Property ages in the "Subtotal" and "Total" fields are weighted average figures.
(Note 3) Since "C1 Stop Parking Kanda-Sudacho" is a flat parking lot, there are no buildings on the ground so there are no "Completion Date" and "Property Age".
(Note 4) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

60

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◆ This material does not constitute or form a part of any disclosure document or an asset management report required by
the Financial Instruments and Exchange Act of Japan or regulations thereunder, the Investment Trust and Investment
Corporation Act of Japan or regulations thereunder, or the listing rules of the Financial Instruments Exchanges or otherrelated rules and regulations.
◆ This material contains forward-looking statements and these statements are based on certain assumptions and premises
i consideration
inid ti off theth available
il bl informationi f
ti as off th
the d
date
t off thi
this material;t i l therefore
th f
there
th
may beb currently
tl unknown
k
risks
i k
and uncertainties in such statements. The contents of forward-looking statements are subject to such risks, uncertainties,
assumptions and other factors. Accordingly, there is no assurance as to actual business performance, results of operations
or financial conditions.
◆ INV has given its attention that the information provided herein does not contain mistakes or omissions. However, there
is no assurance given as to the accuracy, certainty or completeness, validity or fairness of any such information and suchinformation is subject to revision or retraction without prior notice.

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