21-1 Dogenzaka 1-chome, Shibuya-ku, Tokyo
https://www.comforia-reit.co.jp/en/

CRR 3282

Semi-Annual Report for the 26th Fiscal Period
From February 1, 2023 to July 31, 2023

Lifestyles, living spaces and environments—a step ahead

I. Overview of the Investment Corporation

Highlights
10th Consecutive Year with Public Offering, a J-REIT Record

Greetings
We are pleased to inform you that Comforia Residential REIT, Inc (the “Investment Corporation”) successfully closed all accounts for the 26th Fiscal Period(from February 1, 2023 to July 31, 2023). We would like to thank all of our unitholders and stakeholders for their continued support and cooperation.
In the 26th Fiscal Period, the J-REIT market continued to be volatile due to factors such as global inflation and rising interest rates, both of which still continuing, as well as the risk of the Bank of Japan modifying its monetary policy
and a sense of uncertainty in the office market, but the Investment Corporation’s portfolio has entered increase phase in terms of both occupancy rate
and rent change on tenant turnover, backed by significant net increases in thenumber of population net inflow into Tokyo's 23 wards and the number offoreigners immigrating as economic activities resumed.
Comforia Residential REIT, Inc
In February 2023, we raised funds through 10th public offering for the 10thconsecutive year since our listing and, together with borrowings and cash on
Kentaro Yoshikawa
hand, acquired COMFORIA NIPPORI and seven other properties from our
Executive Director
sponsor, Tokyu Land Corporation, and others. In addition, we acquired two
properties, COMFORIA KANAMECHO and COMFORIA HONKOMAGOME
1-CHOME, in March 2023 through our asset management company's original route. As a result, our asset size as of theend of the period is 157 properties with a total acquisition price of ¥299.9 billion.
With regard to the status for the 26th Fiscal Period and thereafter, in August 2023, we raised funds through 11th public
offering for the 10th consecutive year since our listing and, by using the raised funds and borrowings, will acquire three
rental residences located in Tokyo's 23 wards. Due to this, our asset size is expected to be 160 properties with a total acquisition price of ¥307.3 billion, surpassing our medium-term AUM target of ¥300 billion.
In the next fiscal period onward, we will continue to aim to achieve stable earnings, ensure the steady growth of ourmanaged assets, utilize sponsor support to acquire excellent assets, and conduct asset replacements aimed at improving our portfolio quality in order to maximize unitholders' value. Your continued support and cooperation are highly appreciated.

In February 2023, the Investment Corporation implemented 10th public offering, its 10th consecutive year since listing,and reached an AUM of ¥ 299.9 billion as of the end of the period taking into account the acquisition of two new properties in March. In addition, the Investment Corporation implemented 11th public offering in August, and expects toreach an AUM of ¥ 307.3 billion (about 4.3 times its size at listing).
The Investment Corporation will keep promoting external growth by continuing to invest selectively in high-quality
properties mainly in Tokyo 23 wards, focusing on the collaboration with our sponsor group, as well as original sourcing
by TLC REIT Management Inc. (the “Asset Management Company”), while seeking expansion of the asset size and stable
distribution levels.
Approximately
consecutive
10
years of public
4.3 -foldofferings

Operating revenue¥10,680 million

Operating profit¥4,846 million

Acquisition priceProfit¥4,138 million

Distribution per unit (DPU)¥5,620Appraisal value
Occupancy rate at the 26th
Fiscal Period-end
Average occupancy rate

Total loan to value (LTV)

51.5 %

Number of properties

157 properties¥299.9 billion¥394.8 billion
97.0 %
97.0 %

350.0

300.0
250.0

71.2

200.0 ¥
billion150.0 Listed

in 2013

1st POin 2014

2nd POin 2015

3rd POin 2016

4th POin 2017

5th POin 2018

6th FP 7th FP 8th FP 9th FP 10th FP11th FP12th FP 13th FP14th FP15th FP16th FP17th FP18th FP19th FP20th FP 21st FP22nd FP23rd FP24th FP25th FP26th FP
Feb. 6, Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Dec. 21,
2013 Jul. 2013 Jan. 2014 Jul. 2014 Jan. 2015 Jul. 2015 Jan. 2016 Jul. 2016 Jan. 2017 Jul. 2017 Jan. 2018 Jul. 2018 Jan. 2019 Jul. 2019 Jan. 2020 Jul. 2020 Jan. 2021 Jul. 2021 Jan. 2022 Jul. 2022 Jan. 2023 Jul. 2023 2023

Portfolio Focusing on "Tokyo 23 Wards" and "Near Stations"With “in Tokyo 23 wards” and “near stations” as the focus, the Investment Corporation continues to selectively invest in
high-quality properties and manages its portfolio with an awareness of portfolio quality and stability.

Investment Area
(Rental residence)

Average Minutes on Foot from Nearest Stations(Rental residence)(As of Dec. 21, 2023)(As of Dec. 21, 2023)

Contents
44

Highlights

1

Statement of Changes in Unitholders’ Equity

45

External Growth Results

2Statement of Cash Distributions

46

Internal Growth Results

3

Statement of Cash Flows47

Portfolio Map

4

Notes

48

II. Asset Management Report

7

Supplementary Schedules

60

III. Financial Section

42

Independent Auditor’s Report

68

Balance Sheet

42

10th POin 2023

50.0

Tokyo Other major cities
metropolitan area 4.6%
Central Tokyo
4.7%

Statement of Income

6th POin 2019

8th POin 2021

7th POin 2020

9th POin 202211th POin 2023

100.0

35.1%

I. Overview of the Investment Corporation

AUM growth(billions of yen)

0

Financial Highlights

307.3
billion¥Over 10 min.
5 to 10 min.

5.2%

Within 5 min.

53.5%

41.3%

Tokyo 23
wards

Average minutes
on footPrimarily Tokyo 23 wards

Primarily properties nearstations

90.7%

5.6 min.

Sub-central
Tokyo

55.6%

1

External Growth Results
In the 26th Fiscal Period, the Investment Corporation acquired eight properties with funds including those raised
through a public offering implemented in February 2023, by focusing on a balance between operational rental residences that contribute to ensuring stable earnings and rental residences. After that, the Investment Corporation acquired two properties during the 26th Fiscal Period by capturing a tendency of “returning to Tokyo” that emerged as the
COVID-19 situation settled down, and will acquire three rental residences located in the Tokyo 23 Wards in the 27th Fiscal Period with funds including those raised through a public offering implemented in August 2023.

NEIGHBORS HIGASHI-JUJO

Sponsordeveloped

Address

Sub-central Tokyo

Higashijujo, Kita-ku, Tokyo164

COMFORIA NIPPORI

Sponsordeveloped

AM’s OriginalRoute

Address

Sub-central Tokyo

Completion date July 2021

Honcho, Kawaguchi-shi,
SaitamaSponsordeveloped

COMFORIA NISHITENMA

Warehousing

Address

Nishitenma, Kita-ku,
Osaka-shi, Osaka

Rentable units 52 units

Completion date February 2016

Completion date March 2020

Acquisition price ¥1,082 million

Acquisition price ¥1,400 million

AM’s Original
Route

166

Address

Tokyo metropolitan area

Honcho, Kawaguchi-shi,
Saitama

CAMPUS VILLAGE KYOTO ICHIJOJI

Sponsordeveloped

Address

Takanoizumicho, Sakyo-ku,
Kyoto-shi, Kyoto

Rentable units 115 units

Completion date April 2016

Completion date March 2020

Acquisition price ¥1,395 million

Acquisition price ¥1,722 million

Address

Other major cities

Tanakanishiuracho,
Sakyo-ku, Kyoto-shi, Kyoto

158

CAMPUS VILLAGEAKATSUKA-SHINMACHI

Sponsordeveloped

Address

Sub-central Tokyo

Akatsuka-shinmachi,
Itabashi-ku, Tokyo

Rentable units 81 units

Rentable units 127 units

Completion date January 2021

Completion date February 2021

Acquisition price ¥1,289 million

Acquisition price ¥2,280 million

COMFORIA KANAMECHO

AM’s OriginalRoute

Address

Sub-central Tokyo

Completion date February 2022

Acquisition price ¥ 2, 180 million

Acquisition price ¥ 1, 350 million

Internal Growth Results
Portfolio Occupancy Rates
The average occupancy rate for the 26th Fiscal Period remained high at 97.0%.
Total portfolio

(%)

100

95.6%
96.2%

96.5%

Sep.

Oct.

Nishiikebukuro,
Toshima-ku, Tokyo

2

COMFORIA
HONKOMAGOME 1-CHOME

90

96.8%

96.9%

Dec.

Jan.
2023

Feb.

Mar.

Apr.

AM’s OriginalRoute

Address

Total portfolio (previous year)

96.9%

97.0%

97.0%

Jun.

Jul.

95.7%

25th FP
Aug.
2022

Nov.

26th FP

Honkomagome,
Bunkyo-ku, Tokyo

Rentable units 46 units

Completion date March 2007

Completion date February 2022
Acquisition price ¥1,600 million

May

Rental Residence Rent Change on Tenant Turnover and Per Tsubo
Backed by a tendency of “returning to Tokyo,” rent change on tenant turnover for single type units in Tokyo's 23
wards turned to increase in all areas, and that for the entire portfolio has also recovered significantly following theprevious fiscal period.
6.6% 6.5%
Increase rate in period-end rent of rental residence (vs 13th FP)
6.1% 5.9% 6.1%
5.6%
Rent change on tenant turnover
4.9%
Rent change on tenant renewal

4.0%
Rent change on tenant
turnover has continued
to recover significantly
since bottoming in the
23rd FP

1.9%

Sub-central Tokyo

Rentable units 65 units
Acquisition price ¥1,950 million

96.2%

97.3%

95.6%

2.7%

168

Ojima, Koto-ku, Tokyo

Address

Rentable units 50 units

Completion date November 2021

Properties Acquired in 26th Fiscal Period
167

Sponsordeveloped

Shinohashi, Koto-ku,
Tokyo

Sub-central Tokyo

Other major cities

Rentable units 74 rooms

CAMPUS VILLAGE KYOTO
SHIMOGAMOHIGASHI

Sponsordeveloped

165

COMFORIA OJIMA DEUXOther major cities

Rentable units 29 units

NICHII HOME KAWAGUCHI170

Sub-central Tokyo

Rentable units 62 units

95

160

Address

Nishinippori, Arakawa-ku,
Tokyo

Acquisition price ¥2,660 million

Address

COMFORIA MORISHITA SOUTH

Rentable units 56 units

162

Shingashi, Itabashi-ku, Tokyo

Address

Rentable units 77 units

169

Acquisition price ¥1,860 million

Tokyo metropolitan area

Sponsorrenovated

160 properties / ¥307.3 billion

Completion date February 2020

COMFORIA KAWAGUCHI HONCHO

Sub-central Tokyo

Completion date September 1995

Rentable units 104 units

161

COMFORIA TAKASHIMADAIRA

Acquisition price ¥ 3, 900 million

Properties Acquired in 26th Fiscal Period (Upon public offering)
163

171

27th FP ( Through to Dec. 21, 2023)

End of 25th FP

148 properties / ¥283.1 billion

Properties to be Acquired in the 27th Fiscal Period (Upon public offering)

0.2%

0.7%

3.4%

3.7%

0.4%

14th FP

0.6%

15th FP

1.3%
4.6%

0.5%

16th FP

5.7%

6.8%

7.9%

8 .3 %
3 .0 %

0 .6 %

0.8%

0.8%

1.1%

0 .9 %

0 .5 %

0 .4 %

17th FP

18th FP

19th FP

20th FP

21st FP

22nd FP

0 .2 %▲1.4%

23rd FP

0 .8 %

2 .5 %

4 .6 %

0 .3 %

0 .3 %

0 .5 %

24th FP

25th FP

26th FP

3

Portfolio Map (As of December 21, 2023)
The Investment Corporation manages assets with superb accessibility
located mainly in the Tokyo 23 wards.
Central Tokyo

Central Tokyo

Sub-central Tokyo

Tokyo metropolitan area

Other major cities

48 properties

Saitama47

96 COMFORIA AZABU EAST
1 COMFORIA NIHONBASHI NINGYOCHO 31 COMFORIA SHIBAURA BOWHOUSE 71 COMFORIA SASAZUKA
2 COMFORIA WASEDA
48 COMFORIA SHIROKANETAKANAWA 72 COMFORIA SHINJUKUGYOENⅡ 98 COMFORIA SHINJUKU EASTSIDE TOWER
3 COMFORIA SHIMOOCHIAI
49 COMFORIA NIHONBASHI NINGYOCHO EAST 73 COMFORIA ICHIGAYAYANAGICHO 103 COMFORIA ICHIGAYAYAKUOJI
4 COMFORIA HIGASHINAKANO
50 COMFORIA ATAGO
74 COMFORIA KAGURAZAKA
104 COMFORIA AKIHABARA EAST
14 COMFORIA GINZA EAST
56 COMFORIA KUDAN
80 COMFORIA NIBANCHO
105 COMFORIA MITA TROIS
15 COMFORIA AZABUDAI
57 COMFORIA NIHONBASHI NINGYOCHO NORTH 81 COMFORIA NISHISHINJUKU
113 COMFORIA SHIBAURA
16 COMFORIA SHIBAKOEN
58 COMFORIA SHINKAWA
83 COMFORIA KANDAJINBOCHO
120 COMFORIA SHINJUKU
17 COMFORIA NISHIAZABU
59 COMFORIA AKASAKA
84 COMFORIA NIHONBASHI
126 COMFORIA HIGASHINIHONBASHI
18 COMFORIA MINAMIAOYAMA
60 COMFORIA MITA EAST
85 COMFORIA TAMACHI
133 COMFORIA GINZA EAST NIBANKAN
20 COMFORIA NISHIWASEDA
61 COMFORIA SHIBAURA CANAL
86 COMFORIA AZABUJUBAN
135 COMFORIA HIGASHISHINJUKU STATION FRONT
26 COMFORIA HARAJYUKU
69 COMFORIA KITASANDO
92 COMFORIA SHINJUKUGYOENⅠ 138 COMFORIA NAKAOCHIAI
30 COMFORIA MITA NORTH
70 COMFORIA YOYOGIUEHARA
93 COMFORIA KAGURAZAKA DEUX 139 COMFORIA WASEDA DEUX
Sub-central Tokyo

Tokyo metropolitan area

47 COMFORIA YATSUKA
77 COMFORIA SHINKOYASU
112 COMFORIA GYOTOKU
122 GRANCREER CENTER-MINAMI
132 COMFORIA TAMA-PLAZA
150 COMFORIA OMIYAOther major cities95

11 properties

151 CAMPUS VILLAGE URAYASU
154 GRANCREER TACHIKAWA
159 COMFORIA SAGINUMA 3-CHOME
160 NICHII HOME KAWAGUCHI
161 COMFORIA KAWAGUCHI HONCHO

Adachi-ku

Akabane163

Itabashi-ku

Kita-ku

94

Nerima-ku

11

Chiba
Arakawa-ku

134

Toshima-ku

Katsushika-ku

45

27

Kichijoji

Tokyo

164
41
64 168131 167
Taito
Ikebukuro2275
147 114 -ku
106
Sumida-ku
138
141 76
Nakano-ku
Bunkyo-ku
3
Ueno
55
21 5
6
8
33
4 20 139
62 143 127 3440
135 98
63
74
2
32 29
87
155
81
104 51 119
73 93
120
83
Suginami-ku
84
56
124
43
123
103
52
Shinjuku 72
126
Shinjuku
Chiyoda-ku 57 49 144 65
99 17092 -ku 80
35
1
169
Tokyo
69
12
Shibuya-ku
121
36
58
108
71
137 145 88
59
26 18
156
14
9
70
66 Koto-ku
50
133
15
157
ShibuyaChuo-ku 148
125
17
86 96 16
53
82
23
30 60
Setagaya-ku
48 105 61
115
38
113
Minato67 -ku 85 31
153
116
13
39 Meguro-ku
91
Shinagawa
146
37
97
90
89

Nishifunabashi
Edogawa-ku

112
151

Shinagawa-ku

149
130 140
159
132

Kanagawa

128

Ota-ku44
100
129Acquired in the 26th Fiscal Period

10 107

167
122

COMFORIA
KANAMECHO168

COMFORIA
HONKOMAGOME 1-CHOME

101

Total

160

properties
Properties to be Acquired in the 27th Fiscal Period (Upon public offering)

77

150

Yokohama

12 properties

95 COMFORIA KITASANJO
117 COMFORIA KITAHAMA
101 COMFORIA SAPPORO SHOKUBUTSUEN 136 COMFORIA ESAKAHIROSHIBACHO
102 COMFORIA OGIMACHI
152 CAMPUS VILLAGE KYOTOFUSHIMI
109 COMFORIA SHINSAIBASHI EAST 162 COMFORIA NISHITENMA
110 COMFORIA KYOMACHIBORI
165 CAMPUS VILLAGE KYOTO ICHIJOJI
111 COMFORIA AWAZA
166 CAMPUS VILLAGE KYOTO SHIMOGAMOHIGASHI

4

118
142 158

89 properties

5 COMFORIA BUNKYOKASUGA
43 COMFORIA RYOGOKU DEUX
99 COMFORIA OJIMA
142 COMFORIA NARIMASU
6 COMFORIA ASAKUSAMATSUGAYA 44 COMFORIA OMORI DEUX
100 COMFORIA OMORI TROIS
143 COMFORIA SHIN-OKACHIMACHI
8 COMFORIA NAKANO
45 COMFORIA MACHIYA
106 COMFORIA BUNKYOHAKUSAN
144 COMFORIA MORISHITA WEST
9 COMFORIA SHIMOKITAZAWA
51 COMFORIA ASAKUSABASHI
107 COMFORIA KAMATA
145 COMFORIA TOYOCHO
10 COMFORIA NISHIKAMATA
52 COMFORIA RYOGOKU SOUTH
108 COLLEGE COURT HACHIMANYAMA 146 COMFORIA FUDOMAE
11 COMFORIA OYAMA
53 COMFORIA TOYOSU
114 COMFORIA UENOIRIYA
147 COMFORIA TAITONEGISHI
12 COMFORIA KIYOSUMISHIRAKAWA SOUTH 55 COMFORIA SUMIDA-TACHIBANA 115 COMFORIA IKEJIRI
148 COMFORIA MONZENNAKACHO SOUTH
13 COMFORIA KOMAZAWA
62 COMFORIA UENOHIROKOJI
116 COMFORIA SETAGAYAKAMIUMA 149 COMFORIA MAGOME
21 COMFORIA KOISHIKAWA
63 COMFORIA KASUGATOMISAKA 118 COMFORIA AKABANEIWABUCHI 153 GRANCREER BAJIKOEN (LAND)
22 COMFORIA SENGOKU
64 COMFORIA HONKOMAGOME
119 COMFORIA RYOGOKU TROIS
155 COMFORIA AKIHABARA NORTH
23 COMFORIA DAIKANYAMAAOBADAI 65 COMFORIA MORISHITA
121 COLLEGE SQUARE HACHIMANYAMA 156 COMFORIA SAKURAJOSUI
27 COMFORIA IKEBUKURO
66 COMFORIA KIBAKOEN
123 COMFORIA KINSHICHO DEUX
157 COMFORIA KITAZAWA
29 COMFORIA RYOGOKUISHIWARA 67 COMFORIA MEGURO CHOJAMARU 124 COMFORIA KAMEIDO SOUTH
158 CAMPUS VILLAGE AKATSUKA-SHINMACHI
32 COMFORIA ASAKUSABASHI DEUX 75 COMFORIA HIGASHIIKEBUKURO EAST 125 COMFORIA SHIBUYA WEST
163 NEIGHBORS HIGASHI-JUJO
33 COMFORIA OSHIAGE
76 COMFORIA HIGASHIIKEBUKURO 127 COMFORIA ASAKUSAKOMAGATA 164 COMFORIA NIPPORI
34 COMFORIA HONJOAZUMABASHI 82 COMFORIA KOMABA
128 COMFORIA OMORIKASHIMA
167 COMFORIA KANAMECHO
35 COMFORIA KIYOSUMISHIRAKAWA TROIS 87 COMFORIA KINSHICHO
129 COMFORIA OMORIMACHI
168 COMFORIA HONKOMAGOME 1-CHOME
36 COMFORIA MONZENNAKACHO 88 COMFORIA MINAMISUNAMACHI 130 COMFORIA KAMIIKEDAI
169 COMFORIA MORISHITA SOUTH
37 COMFORIA HIMONYA
89 COMFORIA HIGASHISHINAGAWA 131 CAMPUS VILLAGE SHIINAMACHI 170 COMFORIA OJIMA DEUX
38 COMFORIA MISYUKU
90 COMFORIA MEGUROYAKUMO
134 COMFORIA TAKINOGAWA
171 COMFORIA TAKASHIMADAIRA
39 COMFORIA GAKUGEIDAIGAKU
91 COMFORIA YOGA
137 COMFORIA KIBASHINSUIKOEN
40 COMFORIA HIGASHINAKANO DEUX 94 COMFORIA ITABASHINAKAJUKU 140 COMFORIA NISHIMAGOME HILLSIDE
41 COMFORIA HIGASHIIKEBUKURO WEST 97 COMFORIA SHINAGAWA EAST
141 COMFORIA IKEBUKURO DEUX

160
161

171

169

COMFORIA
MORISHITA SOUTH

170

COMFORIA
OJIMA DEUX

171

COMFORIA
TAKASHIMADAIRA

152 165 166

154
102 109 110 111 117 136 162

5II. Asset Management Report
II. Asset Management Report

Overview
Asset Management
Overviewof Asset ofManagement
Asset Management Report for the 26th Fiscal Period(Semi-Annual Report)

1. Performance of the Investment Corporation
Fiscal period

22nd
Fiscal Period

23rd
Fiscal Period

24thFiscal Period

25thFiscal Period

26th
Fiscal PeriodBusiness period

FromFeb. 1, 2021 toJul. 31, 2021

From
Aug. 1, 2021 toJan. 31, 2022

From
Feb. 1, 2022 toJul. 31, 2022

From
Aug. 1, 2022 toJan. 31, 2023

From
Feb. 1, 2023 toJul. 31, 2023

From February 1, 2023 to July 31, 2023

Comforia Residential REIT, Inc
21-1 Dogenzaka 1-chome, Shibuya-ku,
Tokyo 150-0043, Japan

Operating revenue(millions of yen)

10,770

9,433

9,785

10,194

10,680[Rent revenue - real estate](millions of yen)

[9,420][9,433][9,785][9,997][10,472]

Operating expenses(millions of yen)

5,180

5,210

5,399

5,567

5,833

[Expenses related to rent business](millions of yen)

[4,263][4,267][4,438][4,552][4,805]

Operating profit(millions of yen)

5,590

4,223

4,386

4,626

4,846

Ordinary profit(millions of yen)

4,995

3,622

3,771

3,995

4,147

Profit(millions of yen)

4,950

3,616

3,704

3,986

4,138

Total assets(millions of yen)

282,839282,277

300,510

303,392

318,577[Period-on-period change](%)

Net assets(millions of yen)

Asset Management Report
Financial Section
Balance Sheet
Statement of Income
Statement of Changes in Unitholders’ Equity
Statement of Cash Distributions
Statement of Cash Flows
Notes
Supplementary Schedules
Independent Auditor’s Report

[6.5]

[1.0]

[5.0]

142,063

142,230

148,121[5.6][-0.3]

[5.0]

[0.1]

[4.1]

129,791

129,791

136,744

136,744

142,425

Number of investment units issued(units)692,994

692,994

715,982

715,982

736,982

Net assets per unit

(yen)

195,802

195,149

198,417

198,650

200,983

Total distributions(millions of yen)

4,069

3,831

3,819

3,928

4,141

Distribution per unit

(yen)

5,872

5,529

5,334

5,487

5,620

[Earnings distribution per unit](yen)[5,872][5,529][5,334][5,487][5,620][Distribution in excess of earnings
per unit]

(yen)

[－]

[－]

[－]

[－]

[－]

Return on assets(Note 1)

(%)

1.8

1.3

1.3

1.3

1.3

Return on unitholders’ equity(Note 2)

(%)

3.7

2.7

2.7

2.8

2.9

Unitholders’ equity ratio(Note 3)

(%)

48.0

47.9

47.3

46.9

46.5

(%)

Unitholders’ capital[Period-on-period change](%)

Interest-bearing debt

(millions of yen)

[1.3][-0.1][-0.6][-0.4][-0.4]

141,630

141,630

152,429

155,029

164,010

Interest-bearing debt ratio (LTV) (Note 4)

(%)

50.1

50.2

50.7

51.1

51.5

Payout ratio

(%)

82.2

105.9

103.0

98.5

100.0

(Note 5)

Number of properties(properties)

Total leasable area(m2)

Occupancy rate at end of period
Depreciation
Capital expenditure
NOI(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)

6[-0.2]
135,237(millions of yen)

[Period-on-period change]

II.
III.

[2.7]
135,689

140

140

147

148

157

389,457.28

389,430.80

418,546.86

421,273.09

442,363.79

(%)

95.7

96.0

95.9

96.2

97.0

(millions of yen)

1,398

1,400

1,451

1,483

1,533

(millions of yen)

406

398

(millions of yen)

6,555
6,566
Ordinary profit ÷ [(Total assets at beginning of period + Total assets at end of period) ÷ 2] × 100
Profit ÷ [(Net assets at beginning of period + Net assets at end of period) ÷ 2] × 100
Net assets at end of period ÷ Total assets at end of period × 100
Interest-bearing debt at end of period ÷ Total assets at end of period × 100
Total distributions ÷ Profit × 100
Payout ratio is rounded down to the first decimal place.
Income from real estate rental business + Depreciation(Note 6)

－

1

－

619

802

682

6,797

6,928

7,200

7

2. Asset Management Status for the 26th Fiscal Period

3. Capital Increases(1) History of the Investment Corporation
Comforia Residential REIT, Inc (the “Investment Corporation”) was established on June 8, 2010 as an investment corporationthat invests mainly in residential properties in accordance with the “Act on Investment Trusts and Investment Corporations”
of Japan (Act No. 198 of 1951, as revised; hereinafter referred to as the “Investment Trusts Act”), with registration by thePrime Minister completed as of June 30, 2010 under Article 187 of the Investment Trusts Act (registration number: Director of
Kanto Finance Bureau No. 71). Investments by the Investment Corporation commenced in August 2010. The Investment
Corporation issued new investment units through a public offering on February 6, 2013 and was listed on the real estate
investment trust market of the Tokyo Stock Exchange, Inc. (securities code: 3282).
Managed assets of the Investment Corporation at the commencement of operations totaled 11 properties, acquired for a totalof ¥15,508 million. As a result of additional acquisition and sale of properties under the basic policy of asset management (tomanage assets with the aim of achieving stable earnings and ensuring the steady growth of our managed assets based on
medium- to long-term perspectives to maximize our unitholders’ value) stipulated in the Articles of Incorporation of theInvestment Corporation, the portfolio (the “Acquired Assets”) owned as of the end of the 26th Fiscal Period includes 157
properties, acquired for a total of ¥299,960 million.

Date

Number of investment units
issued (units)
ChangeBalanceUnitholders’ capital(millions of yen)
ChangeRemarks

Balance

June 8, 2010

Establishment throughprivate placement

200

200

100

100

(Note 1)

August 30, 2010

Capital increase throughprivate placement

7,800

8,000

3,900

4,000

(Note 2)

March 18, 2011

Capital increase throughprivate placement

24,27032,27011,84015,840(Note 3)February 2, 2012

Capital increase throughprivate placement

16,40048,6708,200

24,040(Note 4)

February 5, 2013

Capital increase throughpublic offering

18,691

67,361

9,935

33,975(Note 5)February 3, 2014

Capital increase throughpublic offering

31,90099,261

21,96055,936(Note 6)

February 26, 2014

Capital increase throughthird-party allotment

1,401

100,662964

56,900(Note 7)

August 1, 2014

Investment unit split

301,986

402,648–

56,900(Note 8)February 2, 2015

Capital increase throughpublic offering

70,000472,648

18,02574,926(Note 9)February 27, 2015

Capital increase throughthird-party allotment

1,156

473,804297

February 1, 2016

Capital increase throughpublic offering

37,800511,604

7,159

February 26, 2016

Capital increase throughthird-party allotment

1,900

513,504359

82,743 (Note 12)

February 1, 2017

Capital increase throughpublic offering

47,800561,304

11,251

93,995 (Note 13)

February 22, 2017

Capital increase throughthird-party allotment

2,390

563,694562

94,557 (Note 14)

February 1, 2018

Capital increase throughpublic offering

22,190585,884

5,006

99,563 (Note 15)

February 15, 2018

Capital increase throughthird-party allotment

1,110

586,994250

99,814 (Note 16)(3) Overview of funding
During the 26th Fiscal Period, the Investment Corporation conducted funding based on its financial strategy of focusing on
stability, flexibility, and efficiency as the basis of its finance operations and reducing funding costs in an effort to maximize its
unitholders’ value.

February 1, 2019

Capital increase throughpublic offering

51,270638,264

13,551

113,366 (Note 17)

February 20, 2019

Capital increase throughthird-party allotment

2,570

640,834

679

114,045 (Note 18)

Consequently, as of the end of the 26th Fiscal Period (July 31, 2023), unitholders’ capital was ¥142,425 million, interestbearing debt was ¥164,010 million, the ratio of interest-bearing debt to total assets (LTV) was 51.5%, the average maturity ofinterest-bearing debt was 4.3 years, the ratio of long-term debt was 86.7%, and the fixed rate ratio was 94.6%.

February 3, 2020

Capital increase throughpublic offering

29,330670,164

9,432

123,477 (Note 19)

February 19, 2020

Capital increase throughthird-party allotment

1,460

671,624469

123,947 (Note 20)

February 1, 2021

Capital increase throughpublic offering

20,360691,984

5,568

129,515 (Note 21)

February 17, 2021

Capital increase throughthird-party allotment

1,010

692,994276

129,791 (Note 22)

February 1, 2022

Capital increase throughpublic offering

22,960715,954

6,944

136,736 (Note 23)

February 16, 2022

Capital increase throughthird-party allotment

28

715,9828

136,744 (Note 24)

February 1, 2023

Capital increase throughpublic offering

20,000735,982

5,410

142,154 (Note 25)

February 8, 2023

Capital increase throughthird-party allotment

1,000

736,982

270

142,425 (Note 26)(2) Investment performance(i) Investment environment
During the 26th Fiscal Period, the Japanese economy remained solid as economic activities resumed, with restrictions onsocio-economic activities due to the spread of the novel coronavirus infection (COVID-19) being relaxed. Under suchcircumstances, the residential rental market saw the supply and demand situation heading for tightening, given thesignificant increases in net migration into the Tokyo 23 wards caused by a larger number of new job openings, etc., andin foreign arrivals over departures due to relaxation of restrictions on entering Japan, among other factors. The occupancy
rate of the Investment Corporation’s properties was also kept at a high level in a stable manner in the fiscal period underreview. In the real estate investment market, while interest rate hikes are continuing to take place globally and it is
becoming increasingly necessary in Japan to pay close attention to the impact of that trend, the level of transaction prices
continues to stay at a high price range, with investors in and outside Japan showing strong willingness to acquire properties.
(ii) Acquisition and sale of assets
During the 26th Fiscal Period, the Investment Corporation sold COMFORIA NISHIOI (51% quasi co-ownership interest)
and acquired NICHII HOME KAWAGUCHI and another property in February 2023. Subsequently, the Investment
Corporation acquired COMFORIA KANAMECHO and two other properties in March 2023, followed by the acquisitionof NEIGHBORS HIGASHI-JUJO and four other properties in April 2023. As a result, assets owned by the Investment
Corporation as of the end of the 26th Fiscal Period totaled 157 properties with a total acquisition price of ¥299,960 million.
(iii) Operation management of assets owned by the Investment Corporation
The Investment Corporation consigns property management operations mainly to Tokyu Housing Lease Corporation,
which has an extensive track record in managing the Comforia series of properties. Under the Comforia series, theInvestment Corporation promotes unified management and strives to improve operational efficiency and shorten periodsof vacancy.

The Investment Corporation obtained the following rating as of the end of the 26th Fiscal Period.
Name of credit rating agency

RatingOutlookJapan Credit Rating Agency, Ltd. (JCR)

AA

Stable(4) Overview of performance and distributions
As a result of investment during the 26th Fiscal Period, the Investment Corporation posted operating revenue of ¥10,680
million, operating profit of ¥4,846 million, ordinary profit of ¥4,147 million, and profit of ¥4,138 million.
The Investment Corporation carries out distributions so that the Special Provisions for Taxation on Investment Corporations(Article 67-15 of the Act on Special Measures Concerning Taxation [Act No. 26 of 1957, as revised; hereinafter referred to as
the “Act on Special Measures Concerning Taxation”]) would be applied. For the 26th Fiscal Period, the Investment Corporation
decided to internally reserve ¥368 million from the amount obtained by adding the reversal of reserve for reduction entry (¥118
million) and reversal of reserve for reduction entry under special provisions for property replacement (¥253 million) tounappropriated retained earnings, in application of the Special Provisions on Taxation in the Case of Repurchase of Specified
Assets (Article 65-7 of the Act on Special Measures Concerning Taxation). As a result, the distribution per unit (DPU) was¥5,620 for the period.

(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)

8

Type

－

2

－

75,224 (Note 10)
82,383(Note 11)

Established at an issue price of ¥500,000 per investment unit.
Issued privately placed investment units at an issue price of ¥500,000 per investment unit to fund the acquisition of new properties.
Issued privately placed investment units at an issue price of ¥500,000 (subscription price of ¥487,852) per investment unit to fund the acquisition of
new properties and repay loans.
Issued privately placed investment units at an issue price of ¥500,000 per investment unit to fund the acquisition of new properties and repay loans.
Issued investment units at an issue price of ¥550,000 (subscription price of ¥531,575) per investment unit to fund the acquisition of new properties andrepay loans.

－

3

－

9

(Note 6)

Issued investment units at an issue price of ¥712,530 (subscription price of ¥688,413) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 7) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥688,413 per investment unit.
(Note 8) Carried out a four-for-one-split of investment units effective as of August 1, 2014, with July 31, 2014 as the record date.
(Note 9) Issued investment units at an issue price of ¥266,253 (subscription price of ¥257,514) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 10) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥257,514 per investment unit.
(Note 11) Issued investment units at an issue price of ¥195,828 (subscription price of ¥189,400) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 12) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥189,400 per investment unit.
(Note 13) Issued investment units at an issue price of ¥243,252 (subscription price of ¥235,393) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 14) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥235,393 per investment unit.
(Note 15) Issued investment units at an issue price of ¥233,132 (subscription price of ¥225,600) per investment unit to fund the acquisition of new properties andto repay loans.
(Note 16) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥225,600 per investment unit.
(Note 17) Issued investment units at an issue price of ¥273,146 (subscription price of ¥264,321) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 18) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥264,321 per investment unit.
(Note 19) Issued investment units at an issue price of ¥332,328 (subscription price of ¥321,591) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 20) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥321,591 per investment unit.
(Note 21) Issued investment units at an issue price of ¥282,623 (subscription price of ¥273,492) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 22) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥273,492 per investment unit.
(Note 23) Issued investment units at an issue price of ¥312,555 (subscription price of ¥302,457) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 24) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥302,457 per investment unit.
(Note 25) Issued investment units at an issue price of ¥279,532 (subscription price of ¥270,500) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 26) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥270,500 per investment unit.

[Fluctuation in market price of the investment securities]
The highest and lowest prices (closing price) in the real estate investment trust market of the Tokyo Stock Exchange, Inc., where theInvestment Corporation is listed, by fiscal period are as follows.
Fiscal period

22nd Fiscal Period

23rd Fiscal Period

24th Fiscal Period

25th Fiscal Period

26th Fiscal Period

Closing month/year

Jul. 2021

Jan. 2022

Jul. 2022

Jan. 2023

Jul. 2023

Highest¥379,000¥358,500¥345,000¥341,500¥355,000

Lowest¥290,700¥296,300¥304,000¥284,500¥287,500

4. Performance of Distributions
The Investment Corporation pays out distributions per unit (DPUs) with the intent of including the maximum amount of earnings
distributions in deductible expenses by applying special measures concerning taxation (Article 67-15 of the Act on Special Measures
Concerning Taxation). For the 26th Fiscal Period, the Investment Corporation decided to internally reserve ¥368 million from theamount obtained by adding the reversal of reserve for reduction entry (¥118 million) and reversal of reserve for reduction entry
under special provisions for property replacement (¥253 million) to unappropriated retained earnings, in application of the Special
Provisions on Taxation in the Case of Repurchase of Specified Assets (Article 65-7 of the Act on Special Measures Concerning
Taxation). As a result, the DPU for the 26th Fiscal Period was ¥5,620.
Fiscal period

22nd Fiscal Period

23rd Fiscal Period

24th Fiscal Period

25th Fiscal Period

26th Fiscal PeriodBusiness period

From Feb. 1, 2021
to Jul. 31, 2021

From Aug. 1, 2021
to Jan. 31, 2022

From Feb. 1, 2022
to Jul. 31, 2022

From Aug. 1, 2022
to Jan. 31, 2023

From Feb. 1, 2023
to Jul. 31, 2023

Unappropriated retained earnings
Voluntary retained earnings
Total distributions[Distribution per unit (DPU)]
Of which, total earnings
distributions[Earnings distribution per unit]
Of which, total return on
unitholders’ capital¥4,950,436 thousand ¥3,616,868 thousand ¥3,704,781 thousand ¥3,986,198 thousand ¥4,138,609 thousand¥881,175 thousand¥– thousand¥– thousand¥352,506 thousand¥368,653 thousand¥4,069,260 thousand ¥3,831,563 thousand ¥3,819,047 thousand ¥3,928,593 thousand ¥4,141,838 thousand[¥5,872][¥5,529][¥5,334][¥5,487][¥5,620]¥4,069,260 thousand ¥3,831,563 thousand ¥3,819,047 thousand ¥3,928,593 thousand ¥4,141,838 thousand[¥5,872][¥5,529][¥5,334][¥5,487][¥5,620]¥– thousand¥– thousand¥– thousand¥– thousand¥– thousand[Return on unitholders’ capitalper unit]

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

Of the total return on
unitholders’ capital, the total
distribution payments from theallowance for temporary
difference adjustment¥– thousand¥– thousand¥– thousand¥– thousand¥– thousand[Of the return on unitholders’capital per unit, the distribution
payment from the allowance fortemporary difference adjustment
per unit]

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

Of the total return on
unitholders’ capital, the total
distribution payments frominvestments and other decreased
distribution under tax laws¥– thousand¥– thousand¥– thousand¥– thousand¥– thousand[Of the total return on
unitholders’ capital per unit, thedistribution payments frominvestments and other decreased
distribution under tax laws]

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

(Note) Figures above are rounded down to the nearest unit.

10

－

4

－

－

5

－

11

5. Future Investment Policy and Issues to Address
Founded on our basic policies of investment management, the Investment Corporation has carried out investment and management
based on the concept and expertise incorporated into the urban rental residence Comforia series, which Tokyu Land Corporation(hereinafter referred to as “Tokyu Land”) has been producing. Going forward, we aim to achieve medium- to long-term growth bycontinuing to carry out investment and management based on our basic policies.
(1) External growth strategy
The Investment Corporation aims to acquire higher quality assets and expand the asset size, fully utilizing the support of the
Tokyu Fudosan Holdings Group, primarily the sponsor support of Tokyu Land, and original information from the AssetManagement Company.
Specifically, we will acquire properties developed by our sponsor, Tokyu Land, using the sponsor support agreement the AssetManagement Company entered into with Tokyu Land, and continually and steadily acquire quality residential properties thatare under stable operation. In addition, we intend to utilize real estate brokerage capabilities through the vast information
network of the Tokyu Fudosan Holdings Group other than the sponsor, to acquire quality residential properties, achieve stable
operation and enhance profitability. Based on this perspective, the Asset Management Company has entered into a support
agreement with each of the seven support companies of the Tokyu Fudosan Holdings Group (Tokyu Livable, Inc., Tokyu
Community Corp., Tokyu Housing Lease Corporation, National Students Information Center Co., Ltd., Tokyu E-Life Design
Inc., Ewel Inc. and Tokyu Sports Oasis, Inc.,) for managed assets of the Investment Corporation.
(2) Internal growth strategy
With the aim of maximizing portfolio value and cash flows from individual properties from a medium- to long-term perspective
and to make the most of the experience and comprehensive strength of the Tokyu Fudosan Holdings Group in property
management, we will consign property management operations mainly to the Tokyu Fudosan Holdings Group, which has
extensive experience in the management of J-REITs and the Comforia series. In addition, we will strive for efficientmanagement by examining the adequacy of building management specifications and costs.
Furthermore, we will actively utilize the expertise of the Tokyu Fudosan Holdings Group in asset and fund management toachieve higher-quality overall management of the Investment Corporation. Moreover, as we believe that endeavors on theissues of environmental and social considerations and reinforced governance, among other matters, should contribute to theprogress of a sustainable society, we will aim to achieve growth over a medium to long term by conducting asset management
based on such thinking.
In the 27th Fiscal Period and onwards, we will continue to aim to maintain and improve occupancy rates by closely monitoring
the property management situation, as we did in the 26th Fiscal Period.

(Reference Information)
Property Acquisition
The Investment Corporation acquired the following properties:
Type of specified
asset

Location

Acquisition price(thousands of yen)
(Note 1)Main usage

Acquisition date

COMFORIA MORISHITA
SOUTH (Note 2)

Property in trust

Koto-ku, Tokyo

2,180,000

Apartment building

October 3, 2023

COMFORIA OJIMA DEUX
(Note 2)

Property in trust

Koto-ku, Tokyo

1,350,000

Apartment building

October 3, 2023

Property name(Note 1)
(Note 2)

The acquisition price does not include miscellaneous expenses required for the acquisition of the property, fixed property tax, city planning tax,
consumption tax and local consumption tax.
The sales agreement for the property falls under the category of “forward commitment, etc.” (a postdated sales contract under which settlement payment
and asset delivery shall be made at least one month after the conclusion of the contract) as defined in the “Comprehensive Guidelines for Supervisionof Financial Instruments Business Operators, etc.” established by the Financial Services Agency, the Japanese Government.

The Investment Corporation plans to acquire the following properties:
Property name

Type of specified
asset

Location

Plannedacquisition price(thousands of yen)
(Note 1)COMFORIA
TAKASHIMADAIRA (Note 2)

Property in trust

Itabashi-ku, Tokyo

3,900,000(Note 1)
(Note 2)Main usage

Planned acquisition
date

Apartment building December 21, 2023

The planned acquisition price does not include miscellaneous expenses required for the acquisition of the property, fixed property tax, city planning tax,
consumption tax and local consumption tax.
The sales agreement for the property falls under the category of “forward commitment, etc.” (a postdated sales contract under which settlement payment
and asset delivery shall be made at least one month after the conclusion of the contract) as defined in the “Comprehensive Guidelines for Supervisionof Financial Instruments Business Operators, etc.” established by the Financial Services Agency, the Japanese Government.

(3) Financial strategy
In consideration of addressing future interest rate risk and refinance risk, we will carry out funding activities by paying attention
to financial soundness and earnings stability. With regard to debt, we will efficiently combine short-term funding that focuseson agility with long-term stable funding. Furthermore, we will consider the issuance of new investment units in accordancewith financing needs for property acquisition and the financial situation of the Investment Corporation, while paying attention
to the market development and distribution level, with the upper limit of the ratio of interest-bearing debt to total assets (LTV)
at around 60%.

6. Significant Subsequent Events(1) Issuance of New Investment Units
The Investment Corporation resolved at the Board of Directors’ meetings held on August 4, 2023 and August 9, 2023
concerning the issuance of new investment units as described below. Based on the resolution, payments completed on August
16, 2023 for the new investment units issued through public offering and on September 1, 2023 for the new investment units
offered by way of third-party allotment, respectively. As a result, unitholders’ capital increased to ¥148,969,166,798, with thenumber of investment units issued and outstanding being 757,842 units.
Issuance of New Investment Units through Public Offering (Primary Offering)Number of investment units issued:
19,870 units
Issue price:¥324,187 per unit
Total issue amount:¥6,441,595,690
Paid-in amount (issue value):¥313,713 per unit
Total paid-in amount (issue value):¥6,233,477,310
Payment date:August 16, 2023
Issuance of New Investment Units Offered by Way of Third-Party Allotment
Number of investment units offered:
990 units
Paid-in amount (issue value):¥313,713 per unit
Total paid-in amount (issue value):¥310,575,870
Payment date:
September 1, 2023
Allottee:Mizuho Securities Co., Ltd.

12

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6

－

－

7

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13

Overview of the Investment Corporation
Overview of the Investment Corporation
1. Unitholders’ Capital
22nd Fiscal
Period23rd Fiscal
Period24th Fiscal
Period25th Fiscal
Period26th Fiscal
PeriodAs ofJul. 31, 2021

As ofJan. 31, 2022

As ofJul. 31, 2022

As ofJan. 31, 2023

As ofJul. 31, 2023

Total number of authorized
investment units(units)8,000,000

8,000,000

8,000,000

8,000,000

8,000,000

Total number of investment
units issued(units)692,994

692,994

715,982

715,982

736,982

Unitholders’ capital(millions of yen)

129,791

129,791

136,744

136,744

142,425

Number of unitholders(people)

5,320

5,317

5,429

5,479

5,336

(2) Policy for decisions on dismissal or non-reappointment of Independent Auditor
The Board of Directors shall, with the consent of all its members, dismiss the Independent Auditor if it is deemed that it falls
under any of the grounds set forth in each item of Paragraph 1 of Article 105 of the Investment Trusts Act, and when it isdetermined that there is no hope for improvement.
In addition, when it is determined that an Independent Auditor is not fit for his or her role, upon comprehensive examinationof their execution of duties as the Independent Auditor and other various circumstances, the Board of Directors shall dismissor not reappoint said Independent Auditor with the consent of all of its members, and forward a proposal for the appointmentof a new Independent Auditor to the unitholders’ meeting.

4. Matters concerning Directors and Officers Liability Insurance Agreement
The Investment Corporation has entered into a directors and officers liability insurance agreement as follows.
Scope of the insured

2. Matters concerning Investment Units

The Investment Corporation has concluded a directors and officers liability insurance agreement
to cover such losses as compensation payment and dispute costs to be borne by the insured to acertain extent when they receive a claim for compensation for the actions they have taken as an
officer of the Investment Corporation.

Major unitholders as of July 31, 2023 are as follows.
Number of investment units
owned (units)

Name

Ratio to the total number ofinvestment units issued (%) (Note)

Custody Bank of Japan, Ltd. (trust account)

181,342

24.60

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

111,639

15.14

Tokyu Land Corporation

66,774

9.06

The Nomura Trust & Banking Co., Ltd. (trust account)

31,824

4.31

SMBC Nikko Securities Inc.

14,8192.01

The State Street Bank West Client—Treaty 505234(Standing proxy: Settlement & Clearing Services Department,
Mizuho Bank, Ltd.)12,921

1.75

Custody Bank of Japan, Ltd. (taxable trust money account)

12,6791.72

State Street Bank and Trust Company 505103(Standing proxy: Settlement & Clearing Services Department,
Mizuho Bank, Ltd.)

9,201

1.24

Mitsubishi UFJ Trust and Banking Corporation(Standing proxy: The Master Trust Bank of Japan, Ltd.)8,527

SSBTC CLIENT OMNIBUS ACCOUNT(Standing proxy: Tokyo Branch, The Hongkong and Shanghai
Banking Corporation Limited)

8,500

Total

458,226(Note)

Overview of agreement[Overview of insured event covered by the insurance]

All Executive Director andSupervisory Directors[Burden ratio of insurance premium]
The insurance agreement contains the special provision concerning the unitholder lawsuit. The
Executive Director and the Supervisory Directors shall bear the insurance premium in relation
to special provision (10% of all insurance premium), and the Investment Corporation shall bearother insurance premium (90%).
[Measures to ensure the appropriateness of the execution of duties]
When the insured suffers damages by actions which they executed while recognizing that it may
constitute criminal act or violate the laws and regulations, the loss is not subject to the protection.

5. Asset Management Company, Asset Custodian and General Administration
The asset management company, asset custodian and general administration as of July 31, 2023 are as follows.
Consignment segment

Name

Asset management company

TLC REIT Management Inc.

Asset custodian

Mitsubishi UFJ Trust and Banking Corporation

General administration (unitholder registry administration)

Mitsubishi UFJ Trust and Banking Corporation

1.15

General administration (accounting service)Reiwa Accounting Holdings Co., Ltd.

General administration (tax service)Reiwakaikeisha Tax Corporation

62.17

General administration (administrative service)

Mitsubishi UFJ Trust and Banking Corporation

General administration (corporation bond service)

Sumitomo Mitsui Trust Bank, Limited, MUFG Bank, Ltd.

1.15

The ratio of investment units owned to the total number of investment units issued is rounded down to the second decimal place.

3. Matters concerning Directors, etc.
(1) Name of directors, etc.
The names of directors, etc. during the 26th Fiscal Period are as follows.
Position

Name of director, etc.

Executive Director(Note 1)

Kentaro Yoshikawa

Main concurrent posts
General Manager, Asset Management
Department of Comforia Management
Division, TLC REIT Management Inc.

Total amount of remuneration
paid during the period(thousands of yen)–Supervisory Director
Koji Yamamoto(Note 1)

Partner, WAKABA PARTNERS Law andAccounting Office

1,800Supervisory Director
Masamichi Ohshima(Note 1)

Kataoka & Kobayashi

1,800

–

17,038

Independent Auditor

Ernst & Young
ShinNihon LLC(Note 2)

(Note 1) None of the Executive Director or Supervisory Directors own investment units in the Investment Corporation, either in their own name or insomeone else’s name. Furthermore, although Supervisory Directors may be officers of a corporation other than those mentioned above, neither
one has an interest in the Investment Corporation.
(Note 2) The amount includes the fees pertaining to the production of an “Auditor’s Comfort Letter to Lead Underwriting Firm” related to the issuanceof investment corporation bonds conducted in March 2023.

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8

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14
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9

15
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Status of Managed Assets of Investment Corporation

Status of Managed Assets of the Investment Corporation
1. Composition of Assets of the Investment Corporation
Type ofasset

25th Fiscal Period(as of January 31, 2023)

Area

Real
estate3. Statement of Properties Incorporated in the Portfolio

Total amount owned(millions of yen) (Note 1)

The overview of assets under management of the Investment Corporation as of July 31, 2023 is as follows.

26th Fiscal Period(as of July 31, 2023)

Percentage of total
assets (%) (Note 2)

Total amount owned(millions of yen) (Note 1)

Percentage of total
assets (%) (Note 2)

Central Tokyo

1,115

0.4

1,113

0.3

Sub-central Tokyo

7,887

2.6

9,581

3.0

Area

Property name

Address

Ownership form

(Note 1)COMFORIA NIHONBASHININGYOCHO

3-5-10 Nihonbashi Ningyocho, Chuo-ku, Tokyo

COMFORIA WASEDA

147 Bentencho, Shinjuku-ku, Tokyo

COMFORIA SHIMOOCHIAI

2-7-10 Nakaochiai, Shinjuku-ku, Tokyo

COMFORIA HIGASHINAKANO

4-34-2 Kita-Shinjuku, Shinjuku-ku, Tokyo

Tokyo metropolitan area

6,078

2.0

6,046

1.9

Central Tokyo

94,51631.2

94,222

29.6

Properties Sub-central Tokyo
in trust Tokyo metropolitan area

142,39646.9

150,69147.3

15,3065.0

18,0005.7

12,6984.2

17,3005.4

Subtotal

279,998

92.3

296,955

93.2

Deposits and other assets

23,393

7.7

21,621

6.8

Total assets

303,392

100.0

318,577

100.0

COMFORIA GINZA EAST

1-3-1 Irifune, Chuo-ku, Tokyo“Total amount owned” indicates the amount posted on the Balance Sheet as of the closing of accounts (the carrying value after depreciation for realestate and properties in trust).
The sum may not total 100.0% since figures are rounded to the first decimal place.

COMFORIA AZABUDAI

3-4-4 Azabudai, Minato-ku, Tokyo

COMFORIA SHIBAKOEN

2-2-15 Shibakoen, Minato-ku, Tokyo

COMFORIA NISHIAZABU

4-1-10 Nishiazabu, Minato-ku, Tokyo

COMFORIA MINAMIAOYAMA

4-1-12 Minami-Aoyama, Minato-ku, Tokyo

COMFORIA NISHIWASEDA

1-5-19 Takadanobaba, Shinjuku-ku, Tokyo

COMFORIA HARAJYUKU

3-61-3 Sendagaya, Shibuya-ku, Tokyo

COMFORIA MITA NORTH

2-7-16 Mita, Minato-ku, Tokyo

COMFORIA SHIBAURABOWHOUSE

3-13-12 Kaigan, Minato-ku, Tokyo

COMFORIASHIROKANETAKANAWA

5-1-21 Mita, Minato-ku, Tokyo

Other major cities(Note 1)
(Note 2)

2. Major Assets Owned

Carrying value(millions of yen)

Rentable area(m2)

Rented area(m2)

Ratio to total
Occupancy rate
rental revenues Main usage(%)(%)

COMFORIA SHINJUKUEASTSIDE TOWER

11,89748,267.61

45,479.16

94.2

Apartment
16.2
building

COMFORIA KAMATA

5,632

6,027.98

5,755.39

95.5

1.4

Apartment
building

COMFORIAHIGASHISHINJUKUSTATION FRONT

5,607

4,080.10

4,009.11

98.3

1.4

Apartment
building

Central Tokyo

The overview of major assets owned by the Investment Corporation (top 10 properties in terms of period-end carrying value) is asfollows.
Property name

COMFORIA SHIBUYA WEST

5,411

4,278.52

4,147.94

96.9

Apartment
1.3
building

COMFORIA KOMABA

5,045

5,342.38

5,240.25

98.1

1.4

Apartment
building

COMFORIA OMIYA

4,623

6,527.59

6,468.90

99.1

1.3

Apartment
building

GRANCREER BAJIKOEN(LAND)

4,591

7,799.15

7,799.15

100.0

0.8

Homes forthe elderly

COMFORIA NIHONBASHININGYOCHO EAST

3-6-3 Nihonbashi Ningyocho, Chuo-ku, Tokyo

COMFORIA
MINAMISUNAMACHI

4,514

6,216.78

6,053.89

97.4

1.3

Apartment
building

COMFORIA ATAGO

3-23-7 Toranomon, Minato-ku, Tokyo

COMFORIA AKIHABARA
EAST

4,359

4,582.07

4,495.66

98.1

1.2

Apartment
building

COMFORIA KUDAN

2-6-12 Kudan Minami, Chiyoda-ku, Tokyo

COMFORIA KITASANDO

4,161

4,958.97

4,692.25

94.6

1.3 Residence

55,84498,081.15

94,141.70

96.0

27.6

COMFORIA NIHONBASHININGYOCHO NORTH

1-1-6 Nihonbashi Horidomecho, Chuo-ku, Tokyo

COMFORIA SHINKAWA

2-15-5 Shinkawa, Chuo-ku, Tokyo

COMFORIA AKASAKA

2-17-63 Akasaka, Minato-ku, Tokyo

COMFORIA MITA EAST

4-18-1 Shiba, Minato-ku, Tokyo

COMFORIA SHIBAURA CANAL

3-1-9 Kaigan, Minato-ku, Tokyo

COMFORIA KITASANDO

4-5-10 Sendagaya, Shibuya-ku, Tokyo

Total

－

16

10

－

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)－11－

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

2,720

1,436

3,020

1,790

2,030

1,090

874

519

5,260

2,821

999

537

2,390

1,324

1,330

735

2,140

1,085

2,450

1,583

6,730

3,480

1,210

840

4,480

2,520

2,080

1,305

3,200

1,983

1,120

824

1,940

1,263

1,670

1,055

2,650

1,776

3,370

1,851

4,410

2,936

2,220

1,482

5,830

4,161

17

Area

Property name

Address

Ownership form

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)Area

Property name

Address

Ownership form

(Note 1)

(Note 1)COMFORIA SASAZUKA

2-31-5 Uehara, Shibuya-ku, Tokyo
1-59-10 Sasazuka, Shibuya-ku, Tokyo

COMFORIA SHINJUKUGYOEN
II

1-13-3 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA
ICHIGAYAYANAGICHO

18-2 Ichigaya Yanagicho, Shinjuku-ku, Tokyo

COMFORIA KAGURAZAKA

26-1 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA NIBANCHO

4-8 Nibancho, Chiyoda-ku, Tokyo

COMFORIA NISHISHINJUKU

1-20-12 Kita-Shinjuku, Shinjuku-ku, Tokyo

COMFORIA KANDAJINBOCHO

1-42-2 Kanda Jinbocho, Chiyoda-ku, Tokyo

COMFORIA NIHONBASHI

1-2-2 Nihonbashi Bakurocho, Chuo-ku, Tokyo

COMFORIA TAMACHI

4-5-13 Shibaura, Minato-ku, Tokyo

COMFORIA AZABUJUBAN

1-2-15 Mita, Minato-ku, Tokyo

Central Tokyo

COMFORIA SHINJUKUGYOEN I 1-10-4 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA KAGURAZAKA
DEUX

7-3 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA AZABU EAST

2-29-1 Higashi-Azabu, Minato-ku, Tokyo

COMFORIA SHINJUKUEASTSIDE TOWER(Tower Building)
6-27-29 Shinjuku, Shinjuku-ku, Tokyo(Annex Building)
6-27-28 Shinjuku, Shinjuku-ku, Tokyo(Gate Building)
6-27-14 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA ICHIGAYAYAKUOJI 74-23 Ichigayayakuojimachi, Shinjuku-ku, Tokyo
COMFORIA AKIHABARA EAST

2-9-19 Higashikanda, Chiyoda-ku, Tokyo

COMFORIA MITA TROIS

3-43-6 Shiba, Minato-ku, Tokyo

COMFORIA SHIBAURA

2-3-33 Shibaura, Minato-ku, Tokyo

COMFORIA SHINJUKU

5-8-20 Shinjuku, Shinjuku-ku, Tokyo

COMFORIAHIGASHINIHONBASHI

3-6-4 Higashi-Nihonbashi, Chuo-ku, Tokyo

COMFORIA GINZA EASTNIBANKAN

2-1-8 Minato, Chuo-ku, Tokyo

COMFORIA HIGASHISHINJUKU
7-27-12 Shinjuku, Shinjuku-ku, Tokyo
STATION FRONT18

COMFORIA NAKAOCHIAI

2-16-29 Nakaochiai, Shinjuku-ku, Tokyo

COMFORIA WASEDA DEUX

173 Bentencho, Shinjuku-ku, Tokyo

－

12

－

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

2,360
2,560
2,400
2,240

1,553
1,775

2,620

1,606

2,230

1,635

2,020

1,497

2,550

1,950

4,810

3,382

1,800

1,460

1,570

1,417

17,500

1-15-12 Nishikata, Bunkyo-ku, Tokyo

COMFORIAASAKUSAMATSUGAYA

1-11-5 Matsugaya, Taito-ku, Tokyo

COMFORIA NAKANO

2-40-12 Kamitakada, Nakano-ku, Tokyo

COMFORIA SHIMOKITAZAWA

1-9-14 Hanegi, Setagaya-ku, Tokyo

COMFORIA NISHIKAMATA

6-37-3 Nishi-Kamata, Ota-ku, Tokyo

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

1,554
688

3,920

COMFORIA BUNKYOKASUGA

1,740

1,020

1,700

Subtotal

1,206
1,862

11,897

1,050

964

6,010

4,359

994

947

1,120

1,113

2,410

COMFORIA
3-2-13 Miyoshi, Koto-ku, Tokyo
KIYOSUMISHIRAKAWA SOUTH

Sub-central Tokyo

COMFORIA YOYOGIUEHARA

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)

COMFORIA KOMAZAWA

2-1-5 Komazawa, Setagaya-ku, Tokyo

COMFORIA KOISHIKAWA

2-17-27 Koishikawa, Bunkyo-ku, Tokyo

COMFORIA SENGOKU

4-3-20 Sengoku, Bunkyo-ku, Tokyo

COMFORIA
DAIKANYAMAAOBADAI

2-1-7 Aobadai, Meguro-ku, Tokyo

COMFORIA IKEBUKURO

2-57-1 Ikebukuro, Toshima-ku, Tokyo

COMFORIA
RYOGOKUISHIWARA

1-36-1 Ishiwara, Sumida-ku, Tokyo

COMFORIA ASAKUSABASHI
DEUX

5-24-10 Asakusabashi, Taito-ku, Tokyo

COMFORIA OSHIAGE

4-7-2 Narihira, Sumida-ku, Tokyo

COMFORIA
HONJOAZUMABASHI

2-11-12 Honjo, Sumida-ku, Tokyo

COMFORIA
KIYOSUMISHIRAKAWA TROIS

3-5-14 Shirakawa, Koto-ku, Tokyo

COMFORIA MONZENNAKACHO 16-8 Fuyuki, Koto-ku, Tokyo
COMFORIA HIMONYA

2-3-3 Himonya, Meguro-ku, Tokyo

2,233

COMFORIA MISYUKU

3-23-2 Ikejiri, Setagaya-ku, Tokyo

1,530

1,282

COMFORIA GAKUGEIDAIGAKU 6-46-6 Shimouma, Setagaya-ku, Tokyo

2,570

2,525

COMFORIA HIGASHINAKANO
DEUX

4-2-19 Higashi-Nakano, Nakano-ku, Tokyo

5,850

5,607

COMFORIAHIGASHIIKEBUKURO WEST

3-22-21 Higashi-Ikebukuro, Toshima-ku, Tokyo

1,650

1,555

COMFORIA RYOGOKU DEUX

1-2-10 Chitose, Sumida-ku, Tokyo

1,160

1,109

COMFORIA OMORI DEUX

3-4-2 Omorikita, Ota-ku, Tokyo

－

13

－

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

139,767

95,335

2,350

1,362

1,340

773

1,320

854

4,030

2,364

2,330

1,363

2,630

1,884

1,130

640

2,170

1,203

811

528

2,110

1,254

1,700

897

838

575

1,020

610

1,350

822

985

679

1,160

695

1,290

788

3,810

2,377

1,880

1,150

2,720

1,787

2,130

1,111

1,320

763

5,860

3,550

1,640

991

1,790

1,153

19

Area

Property name

Address

Ownership form

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)Area

Property name

Address

Ownership form

20

COMFORIA MACHIYA

5-51-7 Arakawa, Arakawa-ku, Tokyo

COMFORIA ASAKUSABASHI

2-20-10 Yanagibashi, Taito-ku, Tokyo

COMFORIA RYOGOKU SOUTH

2-14-8 Chitose, Sumida-ku, Tokyo

COMFORIA TOYOSU

1-4-12 Edagawa, Koto-ku, Tokyo

COMFORIA SUMIDATACHIBANA

5-18-5 Tachibana, Sumida-ku, Tokyo

COMFORIA UENOHIROKOJI

3-17-4 Ueno, Taito-ku, Tokyo

COMFORIA
KASUGATOMISAKA

1-11-18 Kasuga, Bunkyo-ku, Tokyo

COMFORIA HONKOMAGOME

2-29-24 Honkomagome, Bunkyo-ku, Tokyo

COMFORIA MORISHITA

3-6-8 Shin-Ohashi, Koto-ku, Tokyo

COMFORIA KIBAKOEN

2-17-7 Kiba, Koto-ku, Tokyo

COMFORIA MEGUROCHOJAMARU

2-6-25 Kami-Osaki, Shinagawa-ku, Tokyo

COMFORIAHIGASHIIKEBUKURO EAST

2-8-1 Higashi-Ikebukuro, Toshima-ku, Tokyo

COMFORIAHIGASHIIKEBUKURO

4-3-5 Higashi-Ikebukuro, Toshima-ku, Tokyo

COMFORIA KOMABA

4-8-25 Ikejiri, Setagaya-ku, Tokyo

COMFORIA KINSHICHO

3-8-6 Taihei, Sumida-ku, Tokyo

COMFORIA
MINAMISUNAMACHI

4-4-20 Minamisuna, Koto-ku, Tokyo

COMFORIAHIGASHISHINAGAWA

3-22-11 Higashi-Shinagawa,Shinagawa-ku, Tokyo

COMFORIA MEGUROYAKUMO

1-12-10 Yakumo, Meguro-ku, Tokyo

COMFORIA YOGA

3-24-3 Yoga, Setagaya-ku, Tokyo

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

COMFORIA SHINAGAWA EAST

1-20-8 Kitashinagawa, Shinagawa-ku, Tokyo

COMFORIA OJIMA

4-8-10 Ojima, Koto-ku, Tokyo

COMFORIA OMORI TROIS

3-36-7 Omorikita, Ota-ku, Tokyo

COMFORIA BUNKYO
HAKUSAN

1-3-2 Honkomagome, Bunkyo-ku, Tokyo

COMFORIA KAMATA

4-21-2 Kamata, Ota-ku, Tokyo

COLLEGE COURTHACHIMANYAMA

1-15-1 Kamitakaido, Suginami-ku, Tokyo

－

14

－

(Note 1)COMFORIA UENOIRIYA

2-6-8 Ryusen, Taito-ku, Tokyo

2,410

COMFORIA IKEJIRI

2-31-18 Ikejiri, Setagaya-ku, Tokyo

1,640

1,125

COMFORIA
SETAGAYAKAMIUMA

3-6-11 Kamiuma, Setagaya-ku, Tokyo

4,370

2,800

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

COMFORIA RYOGOKU TROIS

1-5-15 Kamezawa, Sumida-ku, Tokyo

1,110

889

COLLEGE SQUAREHACHIMANYAMA

1-15-2 Kamitakaido, Suginami-ku, Tokyo

1,480

1,033

COMFORIA KINSHICHO DEUX

2-10-20 Mori, Koto-ku, Tokyo

4,300

2,703

COMFORIA KAMEIDO SOUTH

6-25-5 Kameido, Koto-ku, Tokyo

2,270

1,294

COMFORIA SHIBUYA WEST

4-4-5 Aobadai, Meguro-ku, Tokyo

1,970

1,457

COMFORIAASAKUSAKOMAGATA

2-4-7 Komagata, Taito-ku, Tokyo

1,320

865

COMFORIA OMORIKASHIMA

6-20-10 Oi, Shinagawa-ku, Tokyo

2,790

1,959

COMFORIA OMORIMACHI

4-11-5 Omori-nishi, Ota-ku, Tokyo

3,050

1,564

COMFORIA KAMIIKEDAI

5-7-22 Kamiikedai, Ota-ku, Tokyo

1,770

1,077

CAMPUS VILLAGESHIINAMACHI

3-2-19 Nagasaki, Toshima-ku, Tokyo

7,040

5,045

COMFORIA TAKINOGAWA

7-48-2 Takinogawa, Kita-ku, Tokyo

1,530

996

5,310

4,514

1,180

591

3,710

Sub-central Tokyo

Sub-central Tokyo(Note 1)

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

COMFORIA KIBASHINSUIKOEN 3-11-13 Kiba, Koto-ku, Tokyo
COMFORIA NISHIMAGOMEHILLSIDE

1-30-8 Nishimagome, Ota-ku, Tokyo

COMFORIA IKEBUKURO DEUX 2-19-14 Minami-Ikebukuro, Toshima-ku, Tokyo
2,370

1,546

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)

COMFORIA NARIMASU

3-18-13 Asahi-cho, Nerima-ku, Tokyo

COMFORIA SHINOKACHIMACHI

2-18-8 Misuji, Taito-ku, Tokyo

1,130

822

1,250

1,043

COMFORIA MORISHITA WEST

1-3-5 Shin-Ohashi, Koto-ku, Tokyo

4,990

3,771

COMFORIA TOYOCHO

2-26-11 Minamisuna, Koto-ku, Tokyo

1,710

1,344

COMFORIA FUDOMAE

5-1-12 Nishigotanda, Shinagawa-ku, Tokyo

Real estate

2,270

2,156

Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

1,120

909

COMFORIA TAITONEGISHI

3-18-15 Negishi, Taito-ku, Tokyo

1,610

1,406

COMFORIA MONZENNAKACHO 1-13-6 Botan, Koto-ku, Tokyo
SOUTH

7,160

5,632

COMFORIA MAGOME

1-1-4 Nishimagome, Ota-ku, Tokyo

1,340

1,222

GRANCREER BAJIKOEN(LAND)

1-22-23 Kamiyoga, Setagaya-ku, Tokyo

－

15

－

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

2,460

2,146

1,620

1,375

3,330

2,603

3,210

2,783

1,840

1,730

1,060

881

2,630

2,214

2,360

2,052

7,410

5,411

1,590

1,377

1,020

920

1,360

1,160

2,280

1,953

3,370

2,735

4,290

3,473

1,470

1,357

1,500

1,415

2,110

1,956

1,550

1,647

1,400

1,255

1,330

1,242

4,360

3,729

1,960

1,643

3,350

3,098

1,700

1,462

3,130

3,021

4,860

4,591

21

Area

Property name

Address

Ownership form

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)Area

Property name

Address

Ownership form

COMFORIA AKIHABARA
NORTH

1-1-13 Taito, Taito-ku, Tokyo

COMFORIA SAKURAJOSUI

4-6-4 Shimotakaido, Suginami-ku, Tokyo

COMFORIA KITAZAWA

1-24-8 Kitazawa, Setagaya-ku, Tokyo

CAMPUS VILLAGE AKATSUKA2-10-8 Akatsuka-shinmachi, Itabashi-ku, TokyoSHINMACHI
NEIGHBORS HIGASHI-JUJO

2-14-13 Higashijujo, Kita-ku, Tokyo

COMFORIA NIPPORI

2-7-17 Nishinippori, Arakawa-ku, Tokyo

COMFORIA KANAMECHO

5-27-9 Nishiikebukuro, Toshima-ku, Tokyo

Tokyo metropolitan area

COMFORIA HONKOMAGOME 1- 1-6-7 Honkomagome, Bunkyo-ku, Tokyo
CHOME
Subtotal
COMFORIA YATSUKA

3-38-3 Sezaki, Soka-shi, Saitama

COMFORIA SHINKOYASU

2-216-2 Koyasudori, Kanagawa-ku,
Yokohama-shi, Kanagawa

COMFORIA GYOTOKU

2-1-13 Gyotokuekimae, Ichikawa-shi, Chiba

40-3 Chigasaki Chuo, Tsuzuki-ku, Yokohama-shi,
GRANCREER CENTER-MINAMI Kanagawa
COMFORIA TAMA-PLAZA

2-12-1 Utsukushigaoka, Aoba-ku, Yokohama-shi,
Kanagawa

COMFORIA OMIYA

3-36-1 Nakacho, Omiya-ku, Saitama-shi, Saitama

CAMPUS VILLAGE URAYASU

2-13-2 Kitasakae, Urayasu-shi, Chiba

GRANCREER TACHIKAWACOMFORIA SAGINUMA 3CHOME

2-3-21 Fujimicho, Tachikawa-shi, Tokyo
3-13-2 Saginuma, Miyamae-ku, Kawasaki-shi,
Kanagawa

NICHII HOME KAWAGUCHI

2-11-1 Honcho, Kawaguchi-shi, Saitama

COMFORIA KAWAGUCHIHONCHO

2-11-2 Honcho, Kawaguchi-shi, Saitama

COMFORIA KITASANJO

2-2-51 Kita-Sanjo Higashi, Chuo-ku,
Sapporo-shi, Hokkaido

COMFORIA SAPPOROSHOKUBUTSUEN

10-1-6 Kitanijo-Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

COMFORIA OGIMACHI

3-7-15 Tenjinbashi, Kita-ku, Osaka-shi, Osaka

COMFORIA SHINSAIBASHI
EAST

2-6-8 Bakuromachi, Chuo-ku, Osaka-shi, Osaka

COMFORIA KYOMACHIBORI

1-16-14 Kyomachibori, Nishi-ku, Osaka-shi,
Osaka

COMFORIA AWAZA

1-5-5 Enokojima, Nishi-ku, Osaka-shi, Osaka

COMFORIA KITAHAMA

2-1-14 Imabashi, Chuo-ku, Osaka-shi, Osaka

Other major cities

Subtotal

22

－

16

－

Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust(Note 1)

1,980

1,911

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka

4,130

3,857

CAMPUS VILLAGE
KYOTOFUSHIMI

24-1 Takedakitamitsuguicho, Fushimi-ku, Kyotoshi, Kyoto

4,220

4,082

COMFORIA NISHITENMA

3-9-1 Nishitenma, Kita-ku, Osaka-shi, Osaka

2,440

2,380

CAMPUS VILLAGE KYOTOICHIJOJI

6-109 Takanoizumicho, Sakyo-ku, Kyoto-shi,
Kyoto

2,020

1,935

CAMPUS VILLAGE KYOTO
SHIMOGAMOHIGASHI

44 Tanakanishiuracho, Sakyo-ku, Kyoto-shi,
Kyoto

2,940

2,744

2,060

2,030

1,700

1,721

209,544

160,272

892

607

1,490

1,012

1,190

1,001

4,640

4,106

2,310

2,415

5,420

4,623

1,660

1,552

3,070

3,245

2,660

2,801

1,500

1,511

1,140

1,169

25,972

24,047

1,030

610

1,510

1,288

1,520

1,443

2,310

1,939

1,910

1,529

1,680

1,251

2,030

1,699

Other major cities

Sub-central Tokyo(Note 1)

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)

(Note 1)

(Note 2)

Subtotal
Total

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

1,830

1,725

1,090

1,129

1,500

1,525

1,780

1,806

1,330

1,351

19,520394,803

17,300296,955“Appraisal value at end of period” indicates the appraisal value by a real estate appraiser (based on real estate appraisal reports or research reports
prepared by the Japan Real Estate Institute, Daiwa Real Estate Appraisal Co., Ltd., The Tanizawa Sōgō Appraisal Co., Ltd., JLL Morii Valuation &Advisory K.K. and Japan Valuers Co., Ltd., with the account closing date as the date of value estimate), pursuant to the method of asset appraisal
stipulated in the Articles of Incorporation of the Investment Corporation as well as the “Ordinance on Accountings of Investment Corporations”(Cabinet Office Ordinance No. 47 of 2006).
“Carrying value” indicates the acquisition price (including miscellaneous expenses related to the acquisition) as of the end of the 26th Fiscal Period(July 31, 2023) minus accumulated depreciation.

－

17

－

23

The overview of the rental business by assets under management of the Investment Corporation is as follows.

Central Tokyo

Area

24

Property name

COMFORIA NIHONBASHININGYOCHOCOMFORIA WASEDACOMFORIA SHIMOOCHIAICOMFORIA HIGASHINAKANOCOMFORIA GINZA EASTCOMFORIA AZABUDAICOMFORIA SHIBAKOENCOMFORIA NISHIAZABUCOMFORIA MINAMIAOYAMACOMFORIA NISHIWASEDACOMFORIA HARAJYUKUCOMFORIA MITA NORTHCOMFORIA SHIBAURABOWHOUSECOMFORIASHIROKANETAKANAWACOMFORIA NIHONBASHININGYOCHO EASTCOMFORIA ATAGOCOMFORIA KUDANCOMFORIA NIHONBASHININGYOCHO NORTHCOMFORIA SHINKAWACOMFORIA AKASAKACOMFORIA MITA EASTCOMFORIA SHIBAURA CANALCOMFORIA KITASANDOCOMFORIA YOYOGIUEHARACOMFORIA SASAZUKACOMFORIA SHINJUKUGYOEN II
COMFORIA
ICHIGAYAYANAGICHOCOMFORIA KAGURAZAKACOMFORIA NIBANCHOCOMFORIA NISHISHINJUKUCOMFORIA KANDAJINBOCHOCOMFORIA NIHONBASHICOMFORIA TAMACHICOMFORIA AZABUJUBANCOMFORIA SHINJUKUGYOEN I
COMFORIA KAGURAZAKA DEUXCOMFORIA AZABU EASTCOMFORIA SHINJUKUEASTSIDE TOWERCOMFORIA ICHIGAYAYAKUOJI
COMFORIA AKIHABARA EASTCOMFORIA MITA TROISCOMFORIA SHIBAURACOMFORIA SHINJUKUCOMFORIAHIGASHINIHONBASHICOMFORIA GINZA EASTNIBANKAN
COMFORIA HIGASHISHINJUKUSTATION FRONTCOMFORIA NAKAOCHIAICOMFORIA WASEDA DEUX
Subtotal

25th Fiscal Period(From August 1, 2022 to January 31, 2023)

26th Fiscal Period(From February 1, 2023 to July 31, 2023)

Ratio toRatio toTotal number Occupancy rate Rental revenue
Total number Occupancy rate Rental revenue
total
total
(at end of period)(at end of period)of tenantsoftenants(during period) rental(during period) rental(%)(%)(at end of period)(at end of period)(thousands of yen) revenues(thousands of yen) revenues(Note 1)
(Note 2)
(Note 1)
(Note 2)
(%)
(%)

1

96.3

60,279

0.6

1

95.3

60,769

0.6

1
1
1
1
1
1
1
1
1
1

66,382
48,677
20,548
117,600
22,70453,33627,98746,42660,145
131,620
31,193

0.7
0.5
0.2
1.2
0.2
0.5
0.3
0.5
0.6
1.3
0.3

1
1
1
1
1
1
1
1
1
1

1

98.5
98.2
100.0
97.0
97.1
100.0
100.0
100.0
98.3
95.5
97.1

1

95.1
100.0
97.6
97.2
96.1
98.4
95.8
93.9
92.9
93.5
93.8

68,27049,821
22,162
116,758
22,47352,81529,67945,052
62,031130,969
33,803

0.7
0.5
0.2
1.1
0.2
0.5
0.3
0.4
0.6
1.3
0.3

1

93.3

100,664

1.0

1

93.3

103,762

1.0

1

92.3

43,898

0.4

1

100.0

46,558

0.4

1

95.2

67,392

0.7

1

96.2

66,905

0.6

1
1

100.0
91.0

29,74940,050

0.3
0.4

1
1

97.5
93.9

30,23243,027

0.3
0.4

1

97.2

35,288

0.4

1

100.0

37,093

0.4

1
1
1
1
1
1
1
1

95.0
97.5
96.5
93.7
97.3
98.2
100.0
98.7

61,46371,495
101,12152,339133,204
52,92966,83257,436

0.6
0.7
1.0
0.5
1.3
0.5
0.7
0.6

1
1
1
1
1
1
1
1

96.7
97.5
98.8
93.7
94.6
97.2
100.0
95.5

62,22971,837
105,830
53,927
132,716
52,592
68,90757,347

0.6
0.7
1.0
0.5
1.3
0.5
0.7
0.5

1

95.7

51,457

0.5

1

93.5

51,365

0.5

1
1
1
1
1
1
1
1
1
1

97.1
91.3
94.1
95.2
98.5
97.7
96.4
100.0
97.0
95.9

21,65849,581
46,35046,20964,667
98,971
41,674
42,77642,75377,543

0.2
0.5
0.5
0.5
0.6
1.0
0.4
0.4
0.4
0.8

1
1
1
1
1
1
1
1
1
1

97.5
92.9
100.0
90.5
94.2
96.4
90.9
100.0
100.0
95.8

23,58051,614
48,80944,12066,686103,680
42,02844,283
41,687
77,273

0.2
0.5
0.5
0.4
0.6
1.0
0.4
0.4
0.4
0.7

1

95.9

1,646,460

16.5

1

94.2

1,692,928

16.2

1
1
1
1
1

91.8
97.8
96.9
95.4
97.2

25,253126,01223,94927,98956,291

0.3
1.3
0.2
0.3
0.6

1
1
1
1
1

100.0
98.1
94.2
100.0
97.2

26,013
125,594
22,28828,03656,380

0.2
1.2
0.2
0.3
0.5

1

100.0

36,496

0.4

1

100.0

35,566

0.3

1

98.0

53,123

0.5

1

96.6

52,834

0.5

1

99.3

139,068

1.4

1

98.3

142,795

1.4

1
1
1

98.4
100.0
96.6

－

38,46325,502
4,383,023

18

－

0.4
0.3
43.8

1
1
1

98.6
94.5
95.7

39,59725,937
4,471,162

0.4
0.2
42.7

Area

Property name

Total number Occupancy rate Rental revenue(at end of period)of tenants(during period)(%)(at end of period)(thousands of yen)
(Note 1)Sub-central Tokyo

25th Fiscal Period(From August 1, 2022 to January 31, 2023)

COMFORIA BUNKYOKASUGACOMFORIAASAKUSAMATSUGAYACOMFORIA NISHIOI (Note 3)
COMFORIA NAKANOCOMFORIA SHIMOKITAZAWACOMFORIA NISHIKAMATACOMFORIA OYAMACOMFORIA
KIYOSUMISHIRAKAWA SOUTH
COMFORIA KOMAZAWACOMFORIA KOISHIKAWACOMFORIA SENGOKUCOMFORIA
DAIKANYAMAAOBADAICOMFORIA IKEBUKUROCOMFORIA
RYOGOKUISHIWARA
COMFORIA ASAKUSABASHI
DEUX
COMFORIA OSHIAGE
COMFORIA
HONJOAZUMABASHICOMFORIA
KIYOSUMISHIRAKAWA TROISCOMFORIA MONZENNAKACHOCOMFORIA HIMONYACOMFORIA MISYUKUCOMFORIA GAKUGEIDAIGAKUCOMFORIA HIGASHINAKANODEUXCOMFORIAHIGASHIIKEBUKURO WEST
COMFORIA RYOGOKU DEUXCOMFORIA OMORI DEUXCOMFORIA MACHIYACOMFORIA ASAKUSABASHICOMFORIA RYOGOKU SOUTH
COMFORIA TOYOSUCOMFORIA SUMIDATACHIBANACOMFORIA UENOHIROKOJI
COMFORIA KASUGATOMISAKACOMFORIA HONKOMAGOMECOMFORIA MORISHITACOMFORIA KIBAKOENCOMFORIA MEGUROCHOJAMARUCOMFORIAHIGASHIIKEBUKURO EASTCOMFORIAHIGASHIIKEBUKUROCOMFORIA KOMABACOMFORIA KINSHICHOCOMFORIA
MINAMISUNAMACHICOMFORIAHIGASHISHINAGAWACOMFORIA MEGUROYAKUMOCOMFORIA YOGACOMFORIA
ITABASHINAKAJUKUCOMFORIA SHINAGAWA EAST

(Note 2)

26th Fiscal Period(From February 1, 2023 to July 31, 2023)

Ratio toRatio toTotal number Occupancy rate Rental revenue
total
total
(at end of period)oftenants
rental(during period) rental(%)(at end of period)(thousands of yen) revenues
revenues(Note 1)
(Note 2)
(%)
(%)

1

97.0

64,651

0.6

1

96.4

65,132

0.6

1

97.1

46,428

0.5

1

96.5

46,754

0.4

1
1
1
1
1

83.0
100.0
94.4
98.2
99.0

24,94032,28093,41964,901
79,715

0.2
0.3
0.9
0.6
0.8

－
1
1
1
1

－
92.4
96.8
96.4
99.0

－
32,56896,04066,50777,512

0.0
0.3
0.9
0.6
0.7

1

97.8

27,702

0.3

1

100.0

28,586

0.3

1
1
1

91.9
90.3
97.8

45,506
21,68656,311

0.5
0.2
0.6

1
1
1

97.9
93.0
95.4

45,631
20,92457,350

0.4
0.2
0.5

1

91.3

37,461

0.4

1

88.8

38,712

0.4

1

88.7

23,505

0.2

1

100.0

22,014

0.2

1

100.0

25,590

0.3

1

100.0

25,596

0.2

1

95.3

31,232

0.3

1

97.2

31,917

0.3

1

95.5

25,291

0.3

1

97.4

26,230

0.3

1

100.0

29,004

0.3

1

96.5

29,334

0.3

1

95.9

32,050

0.3

1

100.0

32,132

0.3

1
1
1
1

97.2
87.9
95.5
92.4

90,02545,62370,01841,759

0.9
0.5
0.7
0.4

1
1
1
1

97.9
91.1
96.7
97.2

91,28943,744
69,26942,907

0.9
0.4
0.7
0.4

1

95.7

31,190

0.3

1

97.9

31,796

0.3

1

98.5

172,031

1.7

1

96.6

172,402

1.6

1
1
1
1
1
1

91.9
98.6
100.0
98.8
100.0
96.0

35,053
37,114
27,168102,078
49,863
103,684

0.4
0.4
0.3
1.0
0.5
1.0

1
1
1
1
1
1

98.7
100.0
100.0
96.6
96.5
97.0

37,38940,67027,598105,279
50,336
101,569

0.4
0.4
0.3
1.0
0.5
1.0

1

100.0

33,383

0.3

1

97.7

32,231

0.3

1
1
1
1
1

96.5
100.0
100.0
98.6
95.0

37,32594,42849,62247,52032,847

0.4
0.9
0.5
0.5
0.3

1
1
1
1
1

100.0
98.8
100.0
98.7
98.3

36,164
95,206
51,202
48,521
32,161

0.3
0.9
0.5
0.5
0.3

1

96.3

71,765

0.7

1

93.7

70,889

0.7

1

96.6

72,051

0.7

1

96.8

70,863

0.7

1

98.3

37,727

0.4

1

100.0

40,138

0.4

1
1

95.6
100.0

140,01136,827

1.4
0.4

1
1

98.1
98.2

144,128
35,499

1.4
0.3

1

98.0

135,606

1.4

1

97.4

137,384

1.3

1

97.3

57,167

0.6

1

95.5

62,546

0.6

1
1

92.4
100.0

26,55732,582

0.3
0.3

1
1

91.8
100.0

26,70633,293

0.3
0.3

1

97.0

129,573

1.3

1

99.2

130,489

1.2

1

98.3

74,124

0.7

1

100.0

77,021

0.7

－

19

－

25

Property name

Total number Occupancy rate Rental revenue(at end of period)of tenants(during period)(%)(at end of period)(thousands of yen)

Tokyo metropolitan area

Sub-central Tokyo(Note 1)

26

COMFORIA OJIMACOMFORIA OMORI TROISCOMFORIA BUNKYOHAKUSANCOMFORIA KAMATA
COLLEGE COURTHACHIMANYAMA
COMFORIA UENOIRIYACOMFORIA IKEJIRICOMFORIA
SETAGAYAKAMIUMACOMFORIA
AKABANEIWABUCHICOMFORIA RYOGOKU TROISCOLLEGE SQUAREHACHIMANYAMA
COMFORIA KINSHICHO DEUXCOMFORIA KAMEIDO SOUTH
COMFORIA SHIBUYA WEST
COMFORIAASAKUSAKOMAGATACOMFORIA OMORIKASHIMACOMFORIA OMORIMACHICOMFORIA KAMIIKEDAICAMPUS VILLAGESHIINAMACHICOMFORIA TAKINOGAWACOMFORIA KIBASHINSUIKOENCOMFORIA NISHIMAGOMEHILLSIDE
COMFORIA IKEBUKURO DEUXCOMFORIA NARIMASUCOMFORIA SHINOKACHIMACHICOMFORIA MORISHITA WEST
COMFORIA TOYOCHOCOMFORIA FUDOMAECOMFORIA TAITONEGISHICOMFORIA MONZENNAKACHO
SOUTH
COMFORIA MAGOMEGRANCREER BAJIKOEN (LAND)COMFORIA AKIHABARANORTHCOMFORIA SAKURAJOSUICOMFORIA KITAZAWACAMPUS VILLAGE AKATSUKASHINMACHINEIGHBORS HIGASHI-JUJO(Note 2)

25th Fiscal Period(From August 1, 2022 to January 31, 2023)

Ratio toRatio toTotal number Occupancy rate Rental revenue
total
total
(at end of period)oftenants
rental(during period) rental(%)(at end of period)(thousands of yen) revenues
revenues(Note 1)
(Note 2)
(%)
(%)

1
1
1
1

98.0
94.0
97.0
99.6

58,26025,47736,608155,403

0.6
0.3
0.4
1.6

1
1
1
1

100.0
98.0
94.3
95.5

58,531
26,29537,170151,028

0.6
0.3
0.4
1.4

1

100.0

30,226

0.3

1

100.0

30,222

0.3

1
1

99.1
94.5

62,66434,013

0.6
0.3

1
1

97.2
94.5

63,644
34,593

0.6
0.3

1

92.5

74,454

0.7

1

97.9

75,923

0.7

1

95.6

72,185

0.7

1

95.1

75,845

0.7

1

93.2

41,456

0.4

1

96.5

42,907

0.4

1

100.0

20,976

0.2

1

100.0

20,976

0.2

1
1
1

96.9
100.0
97.1

62,001
65,249140,996

0.6
0.7
1.4

1
1
1

95.9
100.0
96.9

62,86759,258141,005

0.6
0.6
1.3

1

96.8

36,749

0.4

1

96.3

35,881

0.3

1
1
1

94.3
95.9
100.0

26,784
31,66054,418

0.3
0.3
0.5

1
1
1

86.4
93.5
97.7

24,41531,62056,886

0.2
0.3
0.5

1

100.0

66,188

0.7

1

100.0

66,171

0.6

1
1

94.8
100.0

96,88731,322

1.0
0.3

1
1

97.4
100.0

96,02432,209

0.9
0.3

1

98.0

30,359

0.3

1

100.0

30,323

0.3

1
1

95.2
93.5

47,82334,810

0.5
0.3

1
1

100.0
95.1

51,58635,345

0.5
0.3

1

92.5

31,846

0.3

1

100.0

30,190

0.3

1
1
1
1

100.0
93.0
100.0
92.9

30,01289,54939,221
71,945

0.3
0.9
0.4
0.7

1
1
1
1

97.8
99.0
93.0
95.9

30,581
90,16539,46871,448

0.3
0.9
0.4
0.7

1

96.0

32,631

0.3

1

94.0

34,149

0.3

1
1

95.1
100.0

69,41986,610

0.7
0.9

1
1

98.4
100.0

71,734
86,610

0.7
0.8

1

93.3

50,617

0.5

1

100.0

49,439

0.5

1
1

95.3
83.8

97,06539,595

1.0
0.4

1
1

96.6
96.0

97,644
82,375

0.9
0.8

－

－

－

－

1

100.0

35,248

0.3

－

－

－

－

1

100.0

29,5890.3

COMFORIA NIPPORI

－

－

－

－

1

91.4

39,682

0.4

COMFORIA KANAMECHOCOMFORIA HONKOMAGOME 1CHOME
Subtotal
COMFORIA YATSUKACOMFORIA SHINKOYASUCOMFORIA GYOTOKUGRANCREER CENTER-MINAMICOMFORIA TAMA-PLAZACOMFORIA OMIYACAMPUS VILLAGE URAYASUGRANCREER TACHIKAWA

－

－

－

－

1

95.4

32,557

0.3

－

－

－

－

1

92.2

26,400

0.3

4
1
1
1
1
1
1
1
1

96.7
96.8
94.8
98.3
100.0
98.2
95.2
100.0
100.0

4,651,908
27,69041,40327,129120,300
56,663
135,347
37,080114,990

46.5
0.3
0.4
0.3
1.2
0.6
1.4
0.4
1.2

4
1
1
1
1
1
1
1
1

97.3
98.4
97.1
98.3
100.0
97.4
99.1
100.0
100.0

4,869,196
28,066
42,10530,166
120,300
59,683135,090
37,079114,990

46.5
0.3
0.4
0.3
1.1
0.6
1.3
0.4
1.1

－

20

－

Area

Property name

Total number Occupancy rate Rental revenue(at end of period)of tenants(during period)(%)(at end of period)(thousands of yen)
(Note 1)

Tokyo metropolitan area

Area

26th Fiscal Period(From February 1, 2023 to July 31, 2023)

Other major cities

25th Fiscal Period(From August 1, 2022 to January 31, 2023)(Note 2)

26th Fiscal Period(From February 1, 2023 to July 31, 2023)

Ratio toRatio toTotal number Occupancy rate Rental revenue
total
total
(at end of period)oftenants
rental(during period) rental(%)(at end of period)(thousands of yen) revenues
revenues(Note 1)
(Note 2)(%)(%)

COMFORIA SAGINUMA 3CHOME

1

13.2

605

0.0

1

100.0

NICHII HOME KAWAGUCHI

－

－

－

－

1

100.0

COMFORIA KAWAGUCHIHONCHO

－

－

－

－

1

3
1

92.6
96.6

561,21136,430

5.6
0.4

1

97.6

44,0441

90.1

40,887

1

98.0

1
1
1

Subtotal
COMFORIA KITASANJOCOMFORIA SAPPOROSHOKUBUTSUENCOMFORIA OGIMACHICOMFORIA SHINSAIBASHIEASTCOMFORIA KYOMACHIBORICOMFORIA AWAZACOMFORIA KITAHAMACOMFORIA
ESAKAHIROSHIBACHOCAMPUS VILLAGE
KYOTOFUSHIMICOMFORIA NISHITENMACAMPUS VILLAGE KYOTOICHIJOJI
CAMPUS VILLAGE KYOTO
SHIMOGAMOHIGASHI
Subtotal
Total(Note 1)

(Note 2)
(Note 3)(Note 4)35,7980.3(Note 4)(Note 4)

－

－

97.1

26,179

0.2

4
1

99.4
97.7

664,092
37,039

6.3
0.4

0.4

1

97.6

45,408

0.4

0.4

1

93.0

40,9700.4

58,577

0.6

1

98.2

56,661

0.5

96.4
97.7
91.6

46,73043,31352,981

0.5
0.4
0.5

1
1
1

98.8
96.5
96.6

45,33643,08153,191

0.4
0.4
0.5

1

97.2

48,290

0.5

1

100.0

48,772

0.5

1

100.0

29,940

0.3

1

100.0

29,940

0.3

－

－

－

－

1

98.0

21,563

0.2

－

－

－

－

1

100.0

26,469

0.3

－

－

－

－

1

100.0

19,546

0.2

2
4

96.3
96.2

401,197
9,997,340

4.0
100.0

2
5

98.0
97.0

467,980
10,472,431

4.5
100.0

“Total number of tenants” indicates the total number of tenants under a direct lease relationship with the Investment Corporation or the trustee (including
tenants planned to have lease relationships). Therefore, in cases where the Investment Corporation or trustee comprehensively leases all of the apartments
for rent from each managed property to the master lease company (hereinafter referred to as the “introduction of a master lease”), and said master lease
company subleases each room for rent to end tenants, the total number of tenants will be shown as “1,” and will not include the number of end tenants
related to the said sublease. Tokyu Housing Lease Corporation, MAINICHICOMNET Co., Ltd., Tokyu Land Corporation, Shigma Japan K. K. andNichii Carepalace Company are the five master lease companies hired by the Investment Corporation for its assets under management; therefore, thesum of the total number of tenants is set as “4,” which is the total number of master lease companies. Even for managed assets where a master lease isintroduced, end tenants who do not accept the introduction of a master lease will be under a direct lease relationship with the Investment Corporation
or trustee. However, the number of said end tenants is not included in the total number of tenants. For GRANCREER BAJIKOEN (LAND), theInvestment Corporation has concluded a contract to establish a general fixed-term lease contract with its lessee, and the number of the said lessee as“1”.
“Occupancy rate” is the percentage of rented area vs. the rentable area of each managed asset.
The Investment Corporation sold its 49% quasi co-ownership interest in COMFORIA NISHIOI on December 1, 2022 and 51% quasi co-ownershipinterest on February 1, 2023.
Not disclosed as no consent to disclosure has been obtained from the tenant.

4. Statement of Renewable Energy Power Generation Facilities
Not applicable

5. Statement of Operational License of Public Facilities
Not applicable

6. Statement of Securities Incorporated in the Portfolio
Not applicable

－

21

－

27

7. Details of Specified Transactions
The amount of specified derivative transactions entered into by the Investment Corporation and fair value as of July 31, 2023 are
as follows.
Segment
Over-the-countertransactions

Contract amount (millions of yen)Type
Receive floating, pay
fixed interest-rate swap
transactions
Total(Note 1)
(Note 2)

Over 1 year

(Note 1)

Fair value(millions of yen)
(Note 2)

26,835

21,835–

26,835

21,835–The contract amount of the interest-rate swap transactions is based on the notional principal.
Fair value is evaluated based on the value calculated by the counterparty of the contract using market interest rate, etc. Disclosure of fair value is omitted
for the transactions that meet the requirements for special treatment pursuant to the Accounting Standard for Financial Instruments.

8. Other Assets
Trust beneficial interests in properties owned by the Investment Corporation are listed on the aforementioned “3. Statement of
Properties Incorporated in the Portfolio.” As of the end of the 26th Fiscal Period, there is no incorporation in particular of specified
assets as principal investment targets by the Investment Corporation, other than assets in the aforementioned “3. Statement of
Properties Incorporated in the Portfolio,” “4. Statement of Renewable Energy Power Generation Facilities,” “5. Statement of
Operational License of Public Facilities” and “6. Statement of Securities Incorporated in the Portfolio.”

9. Ownership of Assets by Country and Region
Not applicable for countries and regions other than Japan

28

－

22

－

29

Capital Expenditure for Properties Owned
Capital Expenditure for Properties Owned
1. Expected Capital Expenditure

3. Funding Reserved for Long-Term Repair Plans

Major capital expenditure that accompanies repair work currently planned for assets already acquired (includes assets undermanagement that were acquired after the account closing date) is as follows. The following expected amount of construction work
includes portions that are separately accounted under expenses.
Property name(location)

PurposeCOMFORIAMONZENNAKACHO(Koto-ku, Tokyo)

Large-scale repair work

COMFORIA TOYOSU(Koto-ku, Tokyo)

Large-scale repair work

COMFORIA NIHONBASHININGYOCHO(Chuo-ku, Tokyo)
COMFORIA NIHONBASHININGYOCHO EAST
(Chuo-ku, Tokyo)
COMFORIA
KIYOSUMISHIRAKAWA
SOUTH(Koto-ku, Tokyo)

Scheduled period
From Mar. 2023
to Oct. 2023
From Sep. 2023
to May 2024
From Mar. 2023

Large-scale repair workto Oct. 2023

From the cash flows during the fiscal period, the Investment Corporation sets aside reserves for repairs, which are to be appropriatedfor repairs in the medium to long term.
(Thousands of yen)

Expected amount of construction work
(thousands of yen)for
Total amount
Total amount Payment
the period
already paid
115,000－－

108,200－－

63,100－－Fiscal period
Balance of reserves at the
beginning of period
Amount of reserves
during period
Reversal of reserves
during period
Amount carried forward
to next period(Note)

Large-scale repair work

From Mar. 2023
to Oct. 2023

54,850－－Large-scale repair work

From Sep. 2023
to May 2024

52,000－－22nd Fiscal Period

23rd Fiscal Period

24th Fiscal Period

25th Fiscal Period

26th Fiscal Period

From Feb. 1, 2021
to Jul. 31, 2021

From Aug. 1, 2021
to Jan. 31, 2022

From Feb. 1, 2022 From Aug. 1, 2022
to Jul. 31, 2022
to Jan. 31, 2023

From Feb. 1, 2023
to Jul. 31, 2023

381,851

494,005448,320

501,148564,146

640,850

615,869

823,472

919,364

744,619

528,696

661,555

770,644856,366

899,677

494,005448,320

501,148564,146

409,088

For certain managed assets with sectional ownership, the Investment Corporation pays reserves for repairs to the management associations each month,
but such amounts are not included in the table above.

2. Capital Expenditure during the Period
The overview of main construction work corresponding to capital expenditure that took place in the 26th Fiscal Period for the
managed assets owned as of the end of the period is as follows. Capital expenditure during the 26th Fiscal Period was ¥682,568
thousand. Together with repair expenses of ¥564,695 thousand that were classified as expenses for the 26th Fiscal Period,
construction work totaling ¥1,247,264 thousand was carried out.
Property name(location)

PurposeFrom Oct. 2022

COMFORIA OMIYA(Saitama-shi, Saitama)

Large-scale repair work

COMFORIA SHINKAWA(Chuo-ku, Tokyo)

Large-scale repair work

COMFORIA BUNKYOKASUGA(Bunkyo-ku, Tokyo)

Large-scale repair work

COMFORIASHIROKANETAKANAWA(Minato-ku, Tokyo)

Large-scale repair work

COMFORIA RYOGOKU DEUX
(Sumida-ku, Tokyo)

Large-scale repair work

COMFORIA OSHIAGE(Sumida-ku, Tokyo)

Large-scale repair work

Other properties, etc.

Replacement of air conditioners, etc.

to Apr. 2023
From Oct. 2022
to May 2023
From Oct. 2022
to Jun. 2023
From Oct. 2022
to Jun. 2023
From Nov. 2022
to May 2023
From Nov. 2022
to May 2023

Total

－

30

23

PeriodFrom Feb. 2023
to Jul. 2023

Construction cost(thousands of yen)
82,89866,32059,47050,00536,20330,243
357,426
682,568

－
－

24

－

31

Status of Expenses and Liabilities

Status of Expenses and Liabilities

1. Statement of Expenses Related to Investments
Item(Thousands of yen)

25th Fiscal Period
From Aug. 1, 2022 to Jan. 31, 2023

Asset management fee (Note)

26th Fiscal Period
From Feb. 1, 2023 to Jul. 31, 2023

624,617629,250

Asset custody fee

9,811

9,874

Administrative service fees

29,05730,641

Directors’ compensations
Other expenses
Total

3,600

3,600

348,562355,186

1,015,648

1,028,552

Type

MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Mizuho Bank, Ltd.
Short-term borrowings

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

333

-

333

-

333

-

-

1,520

-

1,520

-

760

1,240

1,240

620

620

620

620

620

620

Sumitomo Mitsui Banking Corporation

310

MUFG Bank, Ltd.

720

310
-

Development Bank of Japan Inc.

360

-

360

-

360

-

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Jul. 14,2022

Apr. 5,2023

MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 3,2015

Feb. 2,
2016

Sumitomo Mitsui Banking Corporation

200-

MUFG Bank, Ltd.

840

840

Development Bank of Japan Inc.

420

420

420

420

420

420

Sumitomo Mitsui Banking Corporation

230

230

MUFG Bank, Ltd.

980

980

Development Bank of Japan Inc.

490

490

490

490

490

490

220

220

2,000

2,000

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 2,
2016

Feb. 2,
2016

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Mar. 23,
2016

2,000

2,000

1,000

1,000

Averageinterest
rate (%)(Note 2)
0. 25251

Development Bank of Japan Inc.
Maturity
date

Repayment
methodUse offunds

Mizuho Bank, Ltd.

Remarks

Sumitomo Mitsui Trust Bank, Limited

Apr. 4,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Development Bank of Japan Inc.
Mizuho Bank, Ltd.

0.35182

Jul. 14,2023

Sumitomo Mitsui Trust Bank, Limited

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

900

900

900

900

900

900

0.246631.04200

Apr. 5,2024

Jan. 31,2025

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

－

1,160

580

580

580

580

580

580

290

290

1,820

1,820

910

910

910

910

910

910

450

450

1,140

1,140

570

570

570

570

570

570

Sep. 29,2017

Sumitomo Mitsui Banking Corporation

300

300

1,040

1,040

520

520

520

520

520

520

260
1,300

260
-

1,300

-

1,300

-

1,000

-

2,700

2,700

1,350

1,350

600

600

500

500

500

500

1,000

1,000

Development Bank of Japan Inc.

550

550

Mizuho Bank, Ltd.

550

550

550

550

MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 2,
2018

Sumitomo Mitsui Banking Corporation
0.58430

Mar. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Shinkin Central Bank
The Norinchukin Bank
The Bank of Fukuoka, Ltd.

Mar. 30,
2018

Mizuho Trust & Banking Co., Ltd.
MUFG Bank, Ltd.
0.62460

Aug. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Nippon Life Insurance Company
Taiyo Life Insurance Company
Resona Bank, Ltd.

0.67745

Feb. 29,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.
0.61950

Mar. 31,2025

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

Mar. 30,
2018
Aug. 31,2018
Aug. 31,2018

Sep. 25,
2018

275

275

Sumitomo Mitsui Banking Corporation

275

275

Development Bank of Japan Inc.

550-

Mizuho Bank, Ltd.

550

-

550

-

550

-

300

-

MUFG Bank, Ltd.

25

450

1,160

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank, Limited－

450

Feb. 2,2017

MUFG Bank, Ltd.

580
290

Feb. 2,2017

MUFG Bank, Ltd.

580

580

1,800

Sumitomo Mitsui Banking Corporation

Long-term borrowings (Note 1)

LenderBalance at the Balance at the
beginning of
end of theDrawdown
the period
perioddate(millions of(millions of
yen)
yen)
800
Apr. 4,
800
2022
400
-

580

580
290

Aug. 1,2016

MUFG Bank, Ltd.

580

1,800

Sumitomo Mitsui Banking Corporation

The status of loans as of July 31, 2023 is as follows.

Long-term borrowings (Note 1)

Aug. 1,2016

MUFG Bank, Ltd.

2. Loan Status

32

Balance at the Balance at the
Average
beginning of
end of theinterest
the period
periodrate (%)(millions of(millions of(Note 2)
yen)
yen)
1,160
1,160

Sumitomo Mitsui Banking Corporation(Note) In addition to the amount stated above, asset management fees came to ¥26,200 thousand and ¥127,887 thousand in the 25th Fiscal Period and 26th
Fiscal Period, respectively, related to the acquisition of properties that were incorporated in the carrying value of each property and asset management
fees came to ¥6,125 thousand and ¥6,375 thousand in the 25th Fiscal Period and 26th Fiscal Period, respectively, related to the sale of property.

TypeLenderDrawdown
dateJan. 31,2019

Sumitomo Mitsui Banking Corporation

－

26

－

Maturity
date

Repayment
methodUse offunds

0.46655

Jul. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.65518

Jul. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.62938

Jan. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.79571Jan. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.77571

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.65428

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.45804

Mar. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.62188

Mar. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.55126

Jan. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.73497

Aug. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.85667

Mar. 31,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.43105

Jul. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks33

Lender

Balance at the Balance at the
Average
beginning of
end of theinterest
the period
periodrate (%)(millions of(millions of(Note 2)yen)
yen)Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Jan. 31,2019

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

MUFG Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited

MUFG Bank, Ltd.

700

700

700

700

350

350

350

350

700

700

1,000
1,000

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Type

LenderDevelopment Bank of Japan Inc.

0.39950

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

620

1,135

1,135

1,000

1,000

350

350

MUFG Bank, Ltd.

350

350

Sumitomo Mitsui Banking Corporation

170

170

1,000

The 77 Bank, Ltd.

500

500

1,000

Daishi Hokuetsu Bank, Ltd.

500

500

500

500

0.54500

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.57826

0.45215

Sep. 30,
2025

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
Sumitomo Mitsui Trust Bank, Limited
Kiraboshi Bank, Ltd.
Mizuho Bank, Ltd.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

The Nishi-Nippon City Bank, Ltd.

500

970

500

500

970

970

Daishi Hokuetsu Bank, Ltd.

500

500

970

970

Oct. 29,
2021

500

500

485

485

500

500

Oct. 29,
2021

1,000

1,000

1,000

1,000

Mizuho Trust & Banking Co., Ltd.

2,000

2,000

The Norinchukin Bank

1,500

1,500

1,000

1,000

Mar. 25,2019

0.60810

Sep. 30,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

The Nishi-Nippon City Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Norinchukin Bank

525

525

525

1,350

1,350

Development Bank of Japan Inc.

750

750

Mizuho Bank, Ltd.

750

750

750

750

375

375

Sumitomo Mitsui Banking Corporation

375

375

MUFG Bank, Ltd.

The 77 Bank, Ltd.

460

460

Shinkin Central Bank

460

460

460

460

460

460

Mar. 20,2019

Mizuho Trust & Banking Co., Ltd.

The Norinchukin Bank
The Bank of Fukuoka, Ltd.

Mar. 2,2020

Mar. 31,2020

Mizuho Trust & Banking Co., Ltd.

460

Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

820

820

820

820

820

820

820

420

420

1,000

1,000

1,000

1,000

1,000

1,000

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

Sep. 29,
2020

500

500

Sumitomo Mitsui Banking Corporation

500

500

Mizuho Bank, Ltd.

800

800

800

800

800

800

400

400

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Sep. 30,
2020

Sumitomo Mitsui Banking Corporation－

27

0.42850

0.546930.47366

0.46156

Mar. 31,2026
Mar. 31,2028

Aug. 31,2028

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed
Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed－

Resona Bank, Ltd.

The Bank of Fukuoka, Ltd.
The 77 Bank, Ltd.

Jan. 31,
2022

500

500

Daishi Hokuetsu Bank, Ltd.

500

500

Development Bank of Japan Inc.

735

735

Mizuho Bank, Ltd.

735

735

735

735

735

735

Sumitomo Mitsui Banking Corporation

360

360

Mizuho Bank, Ltd.

720

320

720

320

360

160

800

800

800

800

800

800

Sumitomo Mitsui Banking Corporation

400

400

Development Bank of Japan Inc.

750

750

Mizuho Bank, Ltd.

750

750

750

750

375

375

Sumitomo Mitsui Trust Bank, Limited

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Jan. 31,2022

Mar. 29,2022

Mizuho Bank, Ltd.

460

820
Jun. 30,2020

Development Bank of Japan Inc.

Mar. 31,
2021

500

525

MUFG Bank, Ltd.

Mar. 31,2021

The 77 Bank, Ltd.

525

Sumitomo Mitsui Trust Bank, Limited

1,220

The Higo Bank, Ltd.

970

Sep. 30,
2019

1,220

1,220

1,920

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

525

Development Bank of Japan Inc.

1,220

1,220
620

Jan. 31,2025

525

The Bank of Fukuoka, Ltd.

1,220

1,920

0.49994525

The Norinchukin Bank

Jan. 29,
2021

Balance at the Balance at the
Average
beginning of
end of theinterest
the period
periodrate (%)(millions of(millions of(Note 2)
yen)
yen)
1,220
1,220

500

Shinkin Central Bank
Long-term borrowings (Note 1)

Jan. 31,2025

Remarks

Drawdown
date

500

Sumitomo Mitsui Banking Corporation

34

Use of
funds

1,000

Mizuho Bank, Ltd.

MUFG Bank, Ltd.

Repayment
method1,000

Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited

670

670

Apr. 5,
2019Mar. 25,
2019

670

320

Apr. 5,2019

Mizuho Bank, Ltd.

670

670

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

670

670
320

Jan. 31,2019

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

670

MaturitydateLong-term borrowings (Note 1)

Type

Drawdown
date

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.
0.67532

Jun. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.
0.56815

Sep. 29,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Mar. 31,2022

Apr. 4,2022

Sumitomo Mitsui Banking Corporation

375

375

Development Bank of Japan Inc.

1,110

1,110

1,110

1,110

1,110

1,110

MUFG Bank, Ltd.

1,110

1,110

Sumitomo Mitsui Banking Corporation

560

560

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
0.57308

Sep. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Jun. 30, 2022

－

28

－

Maturity
date

Repayment
methodUse offunds

0.68068

Jan. 29,
2031

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.40488

Mar. 31,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.42632

Mar. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.39270

Oct. 29,
2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.47703

Apr. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.42000

Jan. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.58600

Jan. 31,2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.18803

Sep. 29,
2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.20303

Mar. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.70725

Apr. 4,2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.90850

Jun. 30,
2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks35

Type

LenderDrawdown
date

Shinkin Central Bank
Daishi Hokuetsu Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
The 77 Bank, Ltd.

1,000

1,000

1,000

1,000

500

500

The Nishi-Nippon City Bank, Ltd.

500

500

Development Bank of Japan Inc.

700

700

700

700

700

700

700

700

Sumitomo Mitsui Banking Corporation

350

350

Development Bank of Japan Inc.

650

650

Mizuho Bank, Ltd.

650

650

650

650

325

325

Sumitomo Mitsui Banking Corporation

325

325

Development Bank of Japan Inc.

760

760

Mizuho Bank, Ltd.

760

760

760

760

760

760

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited
Long-term borrowings (Note 1)

Jul. 1,
2022

Balance at the Balance at the
Average
beginning of
end of theinterest
the period
periodrate (%)(millions of(millions of(Note 2)
yen)
yen)
1,000
1,000

MUFG Bank, Ltd.

Sep. 30,
2022

Nov. 25,
2022

Jan. 31,2023

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Mar. 29,
2023

-

920

-

920
460

-

460

Development Bank of Japan Inc.

-

440

-

440

MUFG Bank, Ltd.

Mar. 31,
2023

-

440

-

440

Sumitomo Mitsui Banking Corporation-

240

Shinkin Central Bank

-

1,300

-

1,300

-

1,300

-

1,000

-

1,000

-

600

-

600

The Norinchukin Bank
The Bank of Fukuoka, Ltd.

Mar. 31,2023

Mizuho Trust & Banking Co., Ltd.
Daishi Hokuetsu Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Apr. 4, 2023
Apr. 5
2023

-

300

Development Bank of Japan Inc.

-

550

Mizuho Bank, Ltd.

-

550

-

550

-

550

MUFG Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

July 312023

Sumitomo Mitsui Banking Corporation
Total

36

920

-

Sumitomo Mitsui Trust Bank, Limited(Note 3)370-

Sumitomo Mitsui Banking Corporation

MUFG Bank, Ltd.

Mizuho Bank, Ltd.

(Note 1)
(Note 2)

370

-

300

139,929

145,9100.76500

3. Investment Corporation Bonds
MaturitydateJul. 1,
2029

Repayment
methodUse offunds

Remarks

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

The status of investment corporation bonds as of July 31, 2023 is as follows.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

1.36625

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Unsecured

0.23000 Dec. 14, 2023

Lump-sum
repayment(Note 2)

Unsecured(Note 2)

Unsecured

Jun. 14, 2018

1,000

1,000

5th Unsecured Bond

Jun. 14, 2018

1,500

1,500

0.95000

Jun. 14, 2033

Lump-sum
repayment

6th Unsecured Bond

Jul. 18, 2019

1,000

1,000

0.23000

Jul. 18, 2024

Lump-sum
repayment(Note 2)

Unsecured

7th Unsecured Bond

Jul. 18, 2019

1,500

1,500

0.90000

Jul. 18, 2034

Lump-sum
repayment(Note 2)

Unsecured

8th Unsecured Bond
(Green Bonds)

Jul. 30, 2020

1,500

1,500

0.55000

Jul. 30, 2030

Lump-sum
repayment(Note 2)

Unsecured

9th Unsecured Bond

Jul. 8, 2021

2,000

2,000

0.18000

Jul. 8, 2026

Lump-sum
repayment(Note 2)

Unsecured

10th Unsecured Bond
(Green Bonds)

Jul. 8, 2021

3,000

3,000

0.46000

Jul. 8, 2031

Lump-sum
repayment(Note 2)

Unsecured

11th Unsecured Bond

Jul. 8, 2021

1,600

1,600

0.73000

Jul. 8, 2036

Lump-sum
repayment(Note 2)

Unsecured

12th Unsecured Bond Mar. 8, 2023
(Note 1)-3,000

0.73000

Mar. 8, 2028

Lump-sum
repayment(Note 2)

Unsecured

15,10018,100(Note 1)

(Note 1)

(Note 1)
(Note 2)Mar. 29,2031(Note 2)

4th Unsecured Bond

Total

0.95225

Lump-sum
repayment

0.52000(Note 1)

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Jul. 16, 2027

2,000

(Note 1)

Jan. 31,
2032

Security

2,000(Note 1)

Nov. 25,
2030

Use offunds

Jul. 18, 2017

(Note 1)

(Note 1)0.92600

Repayment
method

3rd Unsecured Bond

(Note 1)

Sep. 30,
2030

Maturity
dateIssue date

(Note 1)

0.95725

Balance at theBalance at the end
Coupon rate
beginning of the periodof the period(%)(millions of yen)(millions of yen)Issue

The bonds are subject to the pari passu clause among specified investment corporation bonds.
The funds are primarily appropriated to the acquisition of real estate in trust and the repayment of some of the existing borrowings.

4. Short-Term Investment Corporation Bonds
Not applicable

5. Investment Unit Acquisition Rights
Not applicable
0.66250

Mar. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.61750

Mar. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.70573

Oct. 4,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.19663

Apr. 52025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.95725

July 312031

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Long-term borrowings include the current portion of long-term borrowings.
The average interest rate is the interest rate for each loan contract rounded to the fifth decimal place. As for the borrowings hedged by interest-rate swap
transactions in order to avoid interest rate fluctuation risk, the interest rates reflect the effect of interest-rate swap transactions.
The funds are primarily appropriated to the acquisition of real estate in trust and the repayment of existing borrowings.

－

29

－

－

30

－

37

Purchase and Sale during the Period
Purchase and Sale during the Period
1. Purchase and Sale of Properties and Asset Backed Securities
Property name

Purchase

3. Appraisals of Specified Assets
Sale

Purchase price
Purchase date(millions of yen)

Sale date

Sale priceBook value
Gain on sale(millions of yen) (millions of yen) (millions of yen)

(1) Real estate, etc.
Purchase or
sale

CAMPUS VILLAGEAKATSUKASHINMACHI

Apr. 5, 2023

2,280

－

－

－

－

NICHII HOME
KAWAGUCHI

Feb. 1, 2023

1,395

－

－

－

－

Purchase

COMFORIA
KAWAGUCHI
HONCHO

Feb. 1, 2023

1,082

－

－

－

－

Purchase

COMFORIANISHITENMA

Mar. 30, 2023

1,400

－

－

－

－

Purchase

NEIGHBORSHIGASHI-JUJO

Apr. 5, 2023

1,860

－

－

－

－

Purchase

COMFORIA NIPPORI

Apr. 5, 2023

2,660

－

－

－

－

CAMPUS VILLAGE
KYOTO ICHIJOJI

Apr. 5, 2023

1,722

－

－

－

－

CAMPUS VILLAGE
KYOTO
Apr. 5, 2023
SHIMOGAMOHIGASHI

1,289

－

－

－

－

COMFORIA
KANAMECHOMar. 20, 2023

1,950

－

－

－

－

COMFORIA
HONKOMAGOME 1CHOME

Mar. 29, 2023

1,600

－

－

－

－

COMFORIA NISHIOI(51% quasi co-ownershipinterest)－－

Feb. 1, 2023

637

421

207

Total

－

17,238

－

637

421

207

Purchase
Purchase
Purchase

2. Purchase and Sale of Other Assets
Main assets other than the above properties and asset backed securities are bank deposits or bank deposits within trust assets.

2,280

Feb. 1, 2023

2,310

(1)

Aug. 31,
2022

1,395

1,460

(1)

Oct. 31, 2022

COMFORIA
Feb. 1, 2023
KAWAGUCHI HONCHO

1,082

1,130

(1)

Oct. 31, 2022

COMFORIANISHITENMA

Mar. 30,
2023

1,400

1,460

(2)

Oct. 31, 2022

NEIGHBORS HIGASHIJUJO

Apr. 5, 2023

1,860

1,910

(1)

Oct. 31, 2022

COMFORIA NIPPORI

Apr. 5, 2023

2,660

2,770

(1)

Oct. 31, 2022

CAMPUS VILLAGE
KYOTO ICHIJOJI

Apr. 5, 2023

1,722

1,780

(3)

Oct. 31, 2022

Apr. 5, 2023

1,289

1,330

(3)

Oct. 31, 2022

Mar. 20,
2023

1,950

2,050

(1)

Jan. 31, 2023

Mar. 29,
2023

1,600

1,690

(1)

Jan. 31, 2023

Feb. 1, 2023

637

612
(Note 3)

(1)

Jul. 31, 2022

CAMPUS VILLAGE
Beneficial
interest in real AKATSUKAestate trust
SHINMACHINICHII HOME
KAWAGUCHICAMPUS VILLAGE
Beneficial
interest in real KYOTO
estate trust
SHIMOGAMOHIGASHI

Purchase

Beneficial
COMFORIA
interest in real
KANAMECHO
estate trust

Purchase

Real estate

Sale

Apr. 5, 2023

Date ofvaluation

Property name

Purchase(Note) The purchase price and sale price do not include miscellaneous expenses required for the purchase or sale of said property, etc., fixed property tax, city
planning tax, consumption tax and local consumption tax.

Appraisal value(millions ofyen)

Appraisalcompany

Type of asset

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

Real estate appraisal

Purchase priceor sale price(millions ofyen) (Note 1)

Purchase orsale date

COMFORIA
HONKOMAGOME 1CHOME

COMFORIA NISHIOI
Beneficial
interest in real (51% quasi co-ownership
estate trustinterest)(Note 2)

(Note 1) The purchase price and sale price do not include miscellaneous expenses required for the purchase or sale of said property, fixed property tax,
city planning tax, consumption tax and local consumption tax.
(Note 2) The real estate appraisers handling the real estate appraisal or research reports of each property are: (1) Japan Real Estate Institute, (2) Daiwa
Real Estate Appraisal Co., Ltd. and (3) JLL Morii Valuation & Advisory K.K.
(Note 3) The transaction is a sale agreement under which 49% of the quasi co-ownership interest was sold on December 1, 2022, and the remaining 51%
quasi co-ownership interest is to be sold on February 1, 2023. Accordingly, the real estate appraisal value indicates the figure calculated bymultiplying ¥1,200 million, which is the figure equivalent to 100% of the equity interest with July 31, 2022 as the appraisal date, by 51%.

(2) Other
Of the transactions carried out by the Investment Corporation, there were no other transactions than those shown in the
aforementioned “(1) Real estate, etc.” that were deemed to require an appraisal pursuant to the provisions of Article 201 of theInvestment Trusts Act.

4. Transactions with Related Parties(1) Information on transaction
Purchase and sales amount

Category
Total amount

Purchase amount

Sales amount¥17,238,200 thousand¥637,500 thousand

Breakdown of transactions between related parties

－

38

31

Tokyu Land Corporation¥10,299,200 thousand (59.7%)¥－ thousand (－%)

Total

¥10,299,200 thousand (59.7%)¥－ thousand (－%)

－
－

32

－

39

Accounting Status
Accounting Status(2) Amount of commission paid
Category

1. Assets, Liabilities, Principal and Profit/Loss

Total amount ofcommission paid(A)
(thousands of yen)

Breakdown of transaction with related parties
Payee

Amount of payment(B)(thousands of yen)

Percentage of total
amount (B/A)(%)

Tokyu Housing Lease Corporation

511,006

Tokyu Community Corp.

38,607

4.8

144,663 Tokyu Community Corp.

54,336

37.6

2,376

1.0

Property management
entrustment costs

811,800

Utilities expenses
Marketing-related
expenses

236,302 Tokyu Livable, Inc.

62.9

Other expenses related
to rent businessTokyu Sports Oasis, Inc.

7,491

3.9

190,984 Tokyu Resorts & Stays Co., Ltd.

5,847

3.1

Tokyu Community Corp.

961

0.5

Warehousing fees (Note1)

49,276 Tokyu Land Corporation

49,276100.0(Note 1) "Warehousing fees" represent the amount exclusive of the acquisition price, such as due diligence expenses and brokerage fees, agreed on anddetermined with Tokyu Land Corporation upon acquiring the relevant properties.
(Note 2) The term “Related parties” refers to related parties defined in Article 123 of the Order for Enforcement of the Act on Investment Trusts andInvestment Corporations as well as related parties of the Asset Management Company prescribed in Article 26, Paragraph 1, Item 27 of theRegulations Concerning Investment Reports of Investment Trusts and Investment Corporations issued by the Investment Trusts Association, Japan.
Descriptions are included with regard to a related party that falls under any of these and that had transactions or paid commissions, etc. during the26th Fiscal Period.

(3) Major payments to other related parties
Ewel Inc.
¥1,840 thousand (system usage, etc.)

5. Transactions with Asset Management Company Related to Concurrent Operations Carried Out by the AssetManagement Company
The Asset Management Company is not concurrently engaged in type I financial instruments business, type II financial instruments
business, realty business or specified real estate cooperative business.

Please referStatus
to “1. Balance Sheet,” “2. Statement of Income,” “3. Statement of Changes in Unitholders’ Equity,” “4. Statement of
Accounting
Cash Distributions,” “5. Statement of Cash Flows,” and “6. Notes” in III. Financial Section.

1. Assets, Liabilities, Principal and Profit/Loss
2. Changes in the Depreciation Method

Please refer to “1. Balance Sheet,” “2. Statement of Income,” “3. Statement of Changes in Unitholders’ Equity,” “4. Statement of
Not applicable
Cash
Distributions,” “5. Statement of Cash Flows,” and “6. Notes” in III. Financial Section.

3. Changes in the Appraisal
Methodof Real Estate, etc.
2.
Depreciation
MethodNot applicableapplicable
Not

3. Changes in the Appraisal Method of Real Estate, etc.

Other

Not applicable

Other

1. Beneficiary Certificates of Investment Trusts Established by the Investment Corporation
Not applicable
Other

2. Beneficiary
Notices1.
Certificates of Investment Trusts Established by the Investment Corporation(1) Not
Unitholders’Meeting
applicableNot applicable

2. Notices(2) Board of Directors of the Investment Corporation(1) TheUnitholders’Meetingof the major conclusion and change of contracts that were approved by the Board of Directors of the Investment
main overviews
Not applicable
Corporation
during the period are as follows.
Approval date
MatterOverview(2) Board of Directors of the Investment Corporation
A comprehensive
resolutionbyforissuanceof investment
corporation
The main overviews of the major conclusion and change of contracts
that were approved
thetheBoardof Directorsof the Investment
bonds with an aggregate maximum amount of issuance of ¥25 billion
Corporation during the period are as follows.
Comprehensive resolution forand a period of issuance from May 9, 2023 to May 8, 2024 wasApproval date issuance of investment
Matter corporation
Overview duties concerned in offeringresolved. To entrust the administrative
April 26, 2023
A
comprehensive
resolution
for theissuanceof investment
corporation
bonds and entrustment of generalinvestment
corporation
bonds
and
generaladministrative
duties,bonds
withissuing,
an aggregate
maximum
amountissuance of¥25 billion
administrative duties
includingfinancial
and paying
agent,ofa candidate
company
wasanda period
issuance
frommatters
May 9,to May8, left
2024towas
Comprehensive resolution for
approved
and ofothernecessary
to 2023
be decided
weretheresolved.
entrustthe administrative
duties concerned in offering
issuance of investment corporation
discretion To
of theExecutive
Director.
April 26, 2023
investment corporation bonds and general administrative duties,
bonds and entrustment of generalincluding issuing, financial and paying agent, a candidate company wasadministrative
duties
3. Disclosure on Overseas
Property-Owning
Corporations
approved and other necessary matters to be decided were left to thediscretion of the Executive Director.
Not applicable

4. Disclosure on Overseas
Real Estate
Owned by Overseas
Property-Owning Corporations
3.
Property-Owning
Corporations
Not applicableapplicableNot

5. Disclosure
Other
4.
on Real Estate Owned by Overseas Property-Owning Corporations
Figuresin this document are rounded down (values) and rounded to the nearest decimal place (percentages) unless otherwise
Notapplicableindicated.

5. Other

Figures in this document are rounded down (values) and rounded to the nearest decimal place (percentages) unless otherwise
indicated.

－

40

－

33

－

34

－

41

III. Financial Section
III. Financial Section
1. Balance Sheet(Thousands of yen)
25th Fiscal Period(As of January 31, 2023)

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold rights
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Leasehold and security deposits
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total assets(Thousands of yen)

26th Fiscal Period(As of July 31, 2023)

11,396,439
8,729,675
7,592
458,112
5,734
20,597,555

9,181,404
9,107,028
6,717
514,50752
18,809,709

5,635,547(354,501)
5,281,045
115,511(15,273)
100,237
17,687(3,655)
14,032
4,564(3,168)1,396
8,948,694
113,828,707(19,791,313)
94,037,394
1,516,570(556,912)
959,658
1,679,965(480,788)
1,199,176
721,339(415,985)
305,354
167,309,084
590
278,156,665

6,199,144(420,951)
5,778,193
122,509(18,547)
103,962
17,687(3,929)13,7585,020(3,444)
1,575
8,948,694
119,432,764(21,051,887)
98,380,876
1,649,649(592,062)
1,057,587
1,678,770(509,221)
1,169,549
794,119(466,493)
327,625
178,181,520
293,963,343

735,970
1,106,351
3,331
1,845,654

1,894,589
1,097,786
2,040
2,994,416

1,563,926
1,107,806
14,4942,686,227
282,688,547

1,564,415
1,108,323
16,9142,689,653
299,647,413

28,281
77,908106,189
303,392,292

32,08088,223
120,303
318,577,426

25th Fiscal Period(As of January 31, 2023)
Liabilities
Current liabilities
Operating accounts payable
Short-term borrowings
Current portion of investment corporation bonds
Current portion of long-term borrowings
Accounts payable – otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term borrowings
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary retained earnings
Reserve for reduction entry
Reserve for reduction entry under special
provisions for property replacement
Total voluntary retained earnings
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

26th Fiscal Period(As of July 31, 2023)

641,257
2,999,000
1,000,000
17,720,000
95,764
374,717
7,285
26,8681,602,991
8,059
24,475,945

801,0483,800,000
2,000,000
15,980,000
69,573395,201
9,750
16,9301,667,784
16
24,740,304

14,100,000
119,210,000
159,728
2,936,616
214,256
65,257
136,685,860
161,161,805

16,100,000
126,130,000
174,749
3,031,246
215,682
64,440145,716,118
170,456,423

136,744,613

142,425,113

618,498*2

881,175

919,455*2

637,824

1,499,674

1,557,280

3,986,198

4,138,609

5,485,873
142,230,486*1 142,230,486
303,392,292

5,695,889
148,121,002*1 148,121,002
318,577,426- 28 -

42

43

2. Statement of Income(Thousands of yen)
25th Fiscal Period(From August 1, 2022
to January 31, 2023)

26th Fiscal Period(From February 1, 2023
to July 31, 2023)

3. Statement of Changes in Unitholders’ Equity
25th Fiscal Period (From August 1, 2022 to January 31, 2023)(Thousands of yen)
Unitholders' equity
SurplusOperating revenue
Lease business revenue
Other lease business revenue
Gain on sales of real estate properties
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Directors' compensations
Audit fee
Asset custody fee
Administrative service fees
Other operating expenses
Total operating expenses
Operating profit
Non-operating income
Interest income
Compensation received for damage
Gain on forfeiture of unclaimed dividends
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing related expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bondissuance costs
Amortization of investment unit issuance expenses
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitRetained earnings brought forward
Unappropriated retained earnings (undisposed loss)*1 9,623,473*1373,867*2
197,170
10,194,511*1 10,065,727*1
406,704*2
207,577
10,680,009*1*1

4,552,304
624,6173,600
15,1389,811
29,057
333,424
5,567,953
4,626,557

4,805,425
629,250
3,600
15,1389,874
30,641
340,048
5,833,9784,846,031

99
21,505524
22,12898
168
267

417,648
176,980
40,143447,235
183,929
48,565

6,563

8,070

12,208653,5433,995,142
3,995,142
7,300
1,642
8,943
3,986,198
3,986,198

10,940698,741
4,147,557
4,147,557
9,765
(817)
8,947
4,138,609
4,138,609

Voluntary retained earnings
Unitholders'
capitalBalance at beginningof the period
Changes of items
during period
Reversal of reserve
for reduction entry
Dividends ofsurplus136,744,613*1

732,764

881,175

142,063,336

114,266–––(3,819,047)(3,819,047)(3,819,047)(3,819,047)

3,986,198

3,986,198

3,986,198

3,986,198–(114,266)–(114,266)

281,417

167,150

167,150

167,150

136,744,613

618,498

881,175

1,499,674

3,986,198

5,485,873

142,230,486

142,230,486(Thousands of yen)
Unitholders' equity
Surplus

Voluntary retained earnings
Unitholders'
capitalBalance at beginningof the period
Changes of items
during period
Issuance of new
investment units
Reserve for
reduction entry
Reversal of reserve
for reduction entry
Reversal of reserve
for reduction entry
under special
provisions forproperty
replacement
Dividends ofsurplus136,744,613

Reserve for
reduction
entry

Reserve for
reduction
entry under
specialprovisions forproperty
replacement

Total
voluntary
retainedearnings

618,498

881,175

1,499,674

Unappropriatedretainedearnings(undisposed
loss)

3,986,198

Total net assets

Total surplus

Totalunitholders'equity5,485,873

142,230,486

142,230,486

5,680,500

5,680,500

5,680,500
352,506

352,506(352,506)–––(51,549)(51,549)

51,549–––(243,351)

243,351–––(3,928,593)(3,928,593)(3,928,593)(3,928,593)

4,138,609

4,138,609

4,138,609

4,138,609(243,351)

Profit- 30 -

142,063,336

26th Fiscal Period (From February 1, 2023 to July 31, 2023)

Total changes of
items during period
Balance at end of
the period

44

5,318,722(114,266)

Total
voluntary
retainedearnings

ProfitTotal changes of
items during period
Balance at end of
the period

3,704,781

1,613,940

Reserve for
reduction
entry(114,266)

Total net assets

Total surplus

Totalunitholders'equityUnappropriatedretainedearnings(undisposed
loss)

Reserve for
reduction
entry under
specialprovisions forproperty
replacement*15,680,500

300,957(243,351)

57,605

152,410210,016

5,890,516

5,890,516

142,425,113

919,455

637,824

1,557,280

4,138,609

5,695,889

148,121,002

148,121,002- 31 -

45

5. Statement of Cash Flows

4. Statement of Cash Distributions
Category

I. Unappropriated retained earnings
II. Reversal of voluntary retained
earnings
Reversal of reserve for reduction
entry
Reversal of reserve for reduction
entry under special provisions forproperty replacement
III. Distributions

25th Fiscal Period(From August 1, 2022
to January 31, 2023)

26th Fiscal Period(From February 1, 2023
to July 31, 2023)¥3,986,198,783¥4,138,609,320¥51,549,057¥118,598,997¥243,351,649¥253,284,370¥3,928,593,234¥4,141,838,840[¥5,487][¥5,620]¥352,506,255¥368,653,847[Distribution per unit]
IV. Voluntary retained earnings
Provision of reserve for reduction
entry
V. Retained earnings carried forward
Method for calculating distributions

46¥0
The Investment Corporation will makecash distributions up to the amount ofaccounting profit based on the
distribution policy outlined in Article 351 of the Investment Corporation’s
Articles of Incorporation, in an amountthat exceeds 90% of the “amount of
distributable profit” of the Investment
Corporation as set forth in Article 67-15
of the Act on Special Measures
Concerning Taxation.
Based on this policy, the Investment
Corporation has determined to pay out¥3,928,593,234 as the total amount ofdividends for the period under review,which is equivalent to the entire amountof unappropriated retained earnings after
adding reversal of reserve for reduction
entry and reversal of reserve for
reduction entry under special provisions
for property replacement and deducting
provision of reserve for reduction entry
pursuant to Article 65-7 of the Act on
Special Measures Concerning Taxation.
Furthermore, the Investment Corporation
does not pay out dividends that exceed
accounting profit as outlined in Article
35-2 of the Investment Corporation’s
Articles of Incorporation.

- 32 -¥0
The Investment Corporation will makecash distributions up to the amount ofaccounting profit based on the
distribution policy outlined in Article 351 of the Investment Corporation’s
Articles of Incorporation, in an amountthat exceeds 90% of the “amount of
distributable profit” of the Investment
Corporation as set forth in Article 67-15
of the Act on Special Measures
Concerning Taxation.
Based on this policy, the Investment
Corporation has determined to pay out¥4,141,838,840 as the total amount ofdividends for the period under review,which is equivalent to the entire amountof unappropriated retained earnings after
adding reversal of reserve for reduction
entry and reversal of reserve for
reduction entry under special provisions
for property replacement and deducting
provision of reserve for reduction entry
pursuant to Article 65-7 of the Act on
Special Measures Concerning Taxation.
Furthermore, the Investment Corporation
does not pay out dividends that exceed
accounting profit as outlined in Article
35-2 of the Investment Corporation’s
Articles of Incorporation.

(Thousands of yen)
25th Fiscal Period(From August 1, 2022
to January 31, 2023)

Cash flows from operating activities
Profit before income taxes
Depreciation
Borrowing related expenses
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance expenses
Interest income
Gain on forfeiture of unclaimed dividends
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable – other
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Decrease in property, plant and equipment in trust due tosales
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets
Payments for leasehold and security deposits
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits in trust
Repayments of tenant leasehold and security deposits in trust
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of investment corporation bonds
Proceeds from issuance of investment units
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 33 -

26th Fiscal Period(From February 1, 2023
to July 31, 2023)

3,995,142
1,484,751
176,980
6,563
12,208(99)(524)
457,792(244)
28,62413,013
12,8896,910
9,398
29,525
9,851

4,147,557
1,534,673
183,929
8,070
10,940(98)(168)
495,800
875(43,579)(9,938)112,977
1,568
7,423
64,792
7,010

406,339

421,961

2,760
6,651,884
99(461,978)(31,721)
6,158,283(2,360)6,941,435
98(487,337)(7,300)6,446,896(2,759,598)(827,000)
(382)
7,863
(6,389)274,186(263,137)(2,420)(3,576,878)(621,177)(17,094,979)(1,164,084)(489)
21,072(6,225)384,234(295,997)(2,420)(18,780,066)

8,954,651(6,560,000)(3,818,742)(12,951)(1,437,042)
1,144,362
18,981,752*1 20,126,114

3,800,000(2,999,000)
15,393,328(10,400,000)
2,981,615
5,660,978(3,928,429)(13,004)
10,495,488(1,837,682)
20,126,114*1 18,288,432

47

6. Notes

5.

Scope of funds (cash andcash equivalents) on theStatement of Cash Flows6.

Other significant accounting
policies applied in the
preparation of financial
statements<Summary of Significant Accounting Policies>
1.

Method of depreciation andamortization of non-current
assets(1) Property, plant and equipment (including trust assets)
Property, plant and equipment are depreciated by the straight-line method over theestimated useful lives as follows:
Buildings
Structures
Machinery and equipment
Tools, furniture and fixtures

2–70 years
2–69 years
10–38 years
2–15 years(2) Intangible assets (including assets in trust)Intangible assets are amortized by the straight-line method.

2.

3.

4.

Accounting policies fordeferred assets

Accounting standards forrevenues and expenses

Method of hedge accounting(3) Long-term prepaid expenses
Long-term prepaid expenses are amortized by the straight-line method.
(1) Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized by the straight-line method
over the redemption periods.

The funds (cash and cash equivalents) on the Statement of Cash Flows consist of cash on
hand and cash in trust, deposits and deposits in trust that are readily available, and shortterm investments with maturities of three months or less from the date of purchase which
are readily convertible to cash and with insignificant risk of market value fluctuation.
(1) Accounting method for beneficial interests in real estate trust and other assets
Regarding trust beneficiary interests in real estate, all assets and liability accounts of
entrusted properties as well as revenue and expense accounts generated by the property
in trust are recorded in relevant accounts on the Balance Sheet and Statement of Income.
Important line items included in accounting for financial assets and liabilities in theInvestment Corporation’s Balance Sheet are as follows:(i) Cash and deposits in trust(ii) Buildings in trust; structures in trust; machinery and equipment in trust; tools,
furniture and fixtures in trust; land in trust; construction in progress in trust; andleasehold rights in trust(iii) Tenant leasehold and security deposits in trust(2) Accounting method for consumption taxes
Non-deductible consumption taxes applicable to the acquisition of non-current assets,etc. are included in the cost of acquisition for each asset.

(2) Investment unit issuance expenses
Investment unit issuance expenses are amortized by the straight-line method over three
years.
(1) Standards for revenue recognition
Details of major performance obligations and typical time to fulfil the performanceobligations (typical time to recognize revenue) with regard to the Investment
Corporation’s revenue from contracts with customers are as follows.
(i) Sale of real estate properties
For sale of real estate properties, revenue is recorded at a point in time when thebuyer, a customer, obtains control of the real estate property, etc., as a result of theInvestment Corporation fulfilling its delivery obligation set forth in the agreement
for the sale of the real estate property.
(ii) Utilities income
For utilities income, revenue is recorded in accordance with the supply ofelectricity and water, etc. to the tenant, a customer, based on the lease contract of
the real estate property, etc. and any accompanying agreement. Of the utilities
income, for such income for which the Investment Corporation is considered to bean agent, the net amount of the amount received as charges for electricity and gas,etc. supplied by other parties less the amount paid to the other parties is recognized
as revenue.
(2) Accounting treatment of property tax, city planning tax, and depreciable asset tax
For property tax, city planning tax, and depreciable asset tax (“property tax”) for realestate properties held, the amounts to be paid for the current fiscal period are expensed
as expenses related to rent business out of the tax amounts decided to be levied.
Of the amounts paid for the acquisition of real estate property or beneficial interests inreal estate trust, the amounts equivalent to property tax settled with the seller of theproperty are capitalized as part of the acquisition cost of the relevant property rather
than being charged as expenses.
(1) Method of hedge accounting
The deferred hedge method is applied.
However, the special accounting treatment is applied for interest-rate swap transactions
that meet certain criteria.
(2) Hedging instruments and hedged items
Hedging instruments: Interest rate swap transactions
Hedged items: Interest expenses on borrowings(3) Hedging policy
The Investment Corporation enters into derivative transactions based on its investment
management guidelines with the objective of hedging interest rate fluctuation risks andother risks pertaining to borrowings, etc.
(4) Method of evaluating the effectiveness of hedging
As for the method of assessing the effectiveness of the hedge, the cumulative changes
in cash flow of the hedged items and hedging instruments are compared and a judgment
is made by verifying the ratio of the changed amount. However, an assessment of theeffectiveness of hedging activities is omitted in the case of interest-rate swap
transactions that meet the requirements for the special treatment.

48- 34 -- 35 -

49

<Notes to the Balance Sheet>*1. Minimum net assets pursuant to Article 67-4 of the Act on Investment Trusts and Investment Corporations
25th Fiscal Period(As of January 31, 2023)
50,000(Thousands of yen)

26th Fiscal Period(As of July 31, 2023)
50,000*2. Breakdown of reserve for reduction entry under special provisions for property replacement defined in Article 2, Paragraph 2,
Item 28 of the Regulations on Accounting of Investment Corporations is as follows.
Item
Relevant properties
Reason for recognition and amount
Policy for reversal
Description of reversal in the period
Amount (thousands of yen)
Balance before provision or reversal in the
periodReversal in the Statement of Income
Balance on the Balance Sheet
Provision in the Statement of CashDistributions
Reversal in the Statement of CashDistributions
Balance after provision or reversal in the
period3.

Breakdown
COMFORIA HIGASHINAKANO, COMFORIA NISHIOI and COMFORIA
NAKANO
Gain on sale of ¥1,350,205 thousand due to sale of COMFORIA SHINOSAKA in March 2021
Reversal into retained earnings is made when it becomes taxable inaccordance with tax regulations.
Reversal into retained earnings was made in accordance with the sale of
COMFORIA NISHIOI (51% quasi co-ownership interest) in February 2023.
25th Fiscal Period
26th Fiscal Period(As of January 31, 2023)(As of July 31, 2023)
881,175

637,824－
881,175－
637,824－－

243,351

253,284

637,824

384,539

Commitment line agreement
The Investment Corporation has commitment line contracts with three of the banks (as of January 31, 2023) and three of thebanks (as of July 31, 2023), respectively.
(Thousands of yen)
25th Fiscal Period
26th Fiscal Period(As of January 31, 2023)(As of July 31, 2023)
Credit limit
13,500,000
13,500,000－
Outstanding debt
999,000
Unused commitment line
12,501,000
13,500,000<Notes to the Statement of Income>*1. Breakdown of real estate rental revenues and expenses(Thousands of yen)

A. Real estate rental revenue
Lease business revenue(Rental revenues and common service charges)(Parking revenues)
Other lease business revenue(Key money and contract renewal fees)(Other revenues)
Total real estate rental revenues
B. Real estate rental expenses
Expenses related to rent business(Property management fees and facility
management fees)(Repairs and maintenance)(Land rent)(Tax and public dues)(Insurance)(Utilities)(Marketing-related expenses)(Trust fees)(Depreciation)(Other expenses related to rent business)
Total real estate rental expenses
C. Income from real estate rental business(A - B)

25th Fiscal Period(From August 1, 2022
to January 31, 2023)

26th Fiscal Period(From February 1, 2023
to July 31, 2023)

9,462,942
160,530

9,901,572
164,154

9,623,473

207,815
166,052

373,867
9,997,340

234,817
171,887

762,950

811,800

433,632
734,994
502,060
10,589169,044
227,50251,7381,483,424
176,367

564,695
736,646
522,019
10,737
144,663
236,30252,967
1,533,382
192,210

4,552,304
5,445,035

10,065,727
406,704
10,472,431

4,805,425
5,667,006*2. Breakdown of gain on sales of real estate properties
25th Fiscal Period (From August 1, 2022 to January 31, 2023)(Thousands of yen)

COMFORIA NISHIOI(49% quasi co-ownership interest)
Revenue from sales of real estate properties
Cost of sales of real estate properties
Other sales expenses
Gain on sales of real estate properties

406,339
8,989

26th Fiscal Period (February 1, 2023 to July 31, 2023)

612,500
415,329
197,170(Thousands of yen)

COMFORIA NISHIOI(51% quasi co-ownership interest)
Revenue from sales of real estate properties
Cost of sales of real estate properties
Other sales expenses
Gain on sales of real estate properties

421,961
7,960

637,500
429,922
207,577<Notes to the Statement of Changes in Unitholders’ Equity>*1. Total number of authorized investment
units and total number of investment
units issued and outstanding
Total number of authorized investment units
Total number of investment units issued andoutstanding50- 36 -

25th Fiscal Period(From August 1, 2022
to January 31, 2023)- 37 -

26th Fiscal Period(From February 1, 2023
to July 31, 2023)

8,000,000 units

8,000,000 units

715,982 units

736,982 units

51

<Notes to the Statement of Cash Flows>*1. Reconciliation of balance sheet items to cash and cash equivalents at end of period in the Statement of Cash Flows(Thousands of yen)

Cash and deposits
Cash and deposits in trust
Cash and cash equivalents

25th Fiscal Period(From August 1, 2022
to January 31, 2023)
11,396,439
8,729,675
20,126,114<Notes to lease transactions>
1. Operating lease transactions (Lessee)
Future minimum lease payments under non-cancelable operating lease transactions

Due within 1 year
Due after 1 year
Total

25th Fiscal Period(As of January 31, 2023)
1,438,230
75,633,558
77,071,788

2. Operating lease transactions (Lessor)
Future minimum lease payments receivable under non-cancelable operating lease transactions

Due within 1 year
Due after 1 year
Total

25th Fiscal Period(As of January 31, 2023)
1,190,354
18,785,831
19,976,186

26th Fiscal Period(From February 1, 2023
to July 31, 2023)
9,181,404
9,107,028
18,288,432(Thousands of yen)
26th Fiscal Period(As of July 31, 2023)
1,439,550
75,002,436
76,441,986(Thousands of yen)
26th Fiscal Period(As of July 31, 2023)
1,556,598
19,447,645
21,004,244<Notes to financial instruments>
1. Status of financial instruments(1) Policies for financial instruments
With a focus on stability, flexibility and efficiency as the basis of its financial policy, the Investment Corporation procures
funds through borrowings as well as the issuance of investment corporation bonds (including short-term investment corporation
bonds; the same shall apply hereinafter) and investment units among other means with the aim of growing its investment assets
through their acquisition.
The Investment Corporation may enter into derivatives transactions, which shall be executed solely for the purpose of hedging
against interest-rate fluctuations and other risks pertaining to borrowings, etc.
(2) Characteristics and risk profile of each financial instrument and risk management system
The funds from borrowings and investment corporation bonds are mainly appropriated for the acquisition of investment assets
and repayment of borrowings, etc. With regard to liquidity and interest rate fluctuation risks associated with these financing
activities, the Investment Corporation endeavors to manage and limit them by considering and implementing multifaceted
funding methods including the utilization of surplus funds and raising funds, etc. from capital markets through issuance ofinvestment units, etc. while diversifying funding sources. Although loans with floating interest rates are exposed to a risk offluctuation in interest rate, the Investment Corporation employs derivative transactions (interest-rate swap transactions) as
hedging instruments in order to avoid interest rate fluctuation risks and fix payment of interest expenses. For more detailed
information on the method of hedge accounting, hedging instruments, hedged items, hedging policy and the evaluation method
for hedge effectiveness, please refer to the previous section “6. Notes: Summary of Significant Accounting Policies, 4. Methodof hedge accounting.”(3) Supplementary note regarding fair value of financial instruments
Since certain assumptions are used in calculating the fair value of financial instruments, there can be cases where the values
may vary when different assumptions are used. Moreover, with regard to the contract amount, etc. related to derivativetransactions stated in the following section entitled “Notes to derivative transactions,” the amount itself should not be
considered indicative of the market risk associated with derivative transactions.

2.

Fair value of financial instruments
The carrying values of financial instruments on the Balance Sheet, their fair values and the differences between them as of January
31, 2023 are as follows. Notes on “cash and deposits,” “cash and deposits in trust” and “short-term borrowings” are omitted as they
are settled in cash and in a short period of time and therefore the carrying value approximates the fair value. Notes on “Tenantleasehold and security deposits” and “Tenant leasehold and security deposits in trust” are also omitted as they are immaterial.
(Thousands of yen)
Carrying value- 38 -

Difference(Note 1)

(1) Current portion of investment corporation
bonds

1,000,000

1,001,208

1,208(2) Current portion of long-term borrowings

17,720,000

17,736,206

16,206(3) Investment corporation bonds

14,100,000

13,601,882(498,117)(4) Long-term borrowings

119,210,000

117,868,069(1,341,930)(5) Derivative transactions

―

―

―

The carrying values of financial instruments on the Balance Sheet, their fair values and the differences between them as of July 31,
2023 are as follows. Notes on “cash and deposits,” “cash and deposits in trust” and “short-term borrowings” are omitted as they aresettled in cash and in a short period of time and therefore the carrying value approximates the fair value. Notes on “Tenant leasehold
and security deposits” and “Tenant leasehold and security deposits in trust” are also omitted as they are immaterial.
(Thousands of yen)
Carrying value

Fair value(Note 1)

Difference(Note 1)

(1) Current portion of investment corporation
bonds

2,000,000

2,002,573

2,573(2) Current portion of long-term borrowings

15,980,000

15,999,741

19,741(3) Investment corporation bonds

16,100,000

15,767,038(332,961)(4) Long-term borrowings

126,130,000

125,605,750(524,249)(5) Derivative transactions

―

―

―

(Note 1)

(Note 2)

Methods to determine the fair value of financial instruments:(1) Current portion of Investment corporation bonds and (3) Investment corporation bonds
The fair value of investment corporation bonds is measured based upon the present value obtained by discounting the total amount of principal
and interest at a rate that takes into account the term to maturity and credit risk.
(2) Current portion of long-term borrowings and (4) Long-term borrowings
For loans with floating interest rates, since the interest rates on such loans reflect market rates reasonably well over the short term and theircarrying values are good approximations of their fair value, the carrying values are presented as their fair values. (However, the fair values offloating-rate long-term borrowings and current portion of long-term borrowings hedged by interest-rate swap transactions subject to special
accounting treatment (refer to the following section entitled “Notes to derivative transactions”) are calculated by discounting the aggregatedprincipal and interest on such loans, after taking into account the effect of said interest-rate swap transactions, using reasonable estimates of
the rates that would be applicable in a similar borrowing.)(5) Derivative transactions
Please refer to the following section entitled “Notes to derivative transactions.”
Repayment and redemption schedule for borrowings and investment corporation bonds (Thousands of yen)
25th Fiscal Period (As of January 31, 2023)

Current portion of
long-term
borrowings
Long-term
borrowings
Current portion of
investment
corporation bonds
Investment
corporation bonds
Total

52

Fair value(Note 1)

Due within
1 year or lessDue after 1 year
to 2 years

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

17,720,000

―

―

―

―

―

―

17,930,000

18,150,000

16,300,000

18,020,000

48,810,000

1,000,000

―

―

―

―

―

―

1,000,000―

2,000,000

2,000,000

9,100,000

18,720,000

18,930,000

18,150,000

18,300,000

20,020,000

57,910,000- 39 -

53

26th Fiscal Period (As of July 31, 2023)

Current portion of
long-term
borrowings
Long-term
borrowings
Current portion of
investment
corporation bonds
Investment
corporation bonds

Due within
1 year or lessDue after 1 year
to 2 years

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

15,980,000

―

―

―

―

―

―

20,420,000

15,550,000

16,375,000

21,145,000

52,640,000

2,000,000

―

―

―

―

―

―

―

2,000,000

2,000,000

3,000,000

9,100,000

17,980,000

20,420,000

17,550,000

18,375,000

24,145,000

61,740,000

Total<Notes to deferred tax accounting>
1. Components of deferred tax assets and liabilities
25th Fiscal Period(As of January 31, 2023)
Deferred tax assets
Nondeductible enterprise tax payable
Amortization of leasehold rights
Asset retirement obligations
Subtotal of deferred tax assets
Valuation allowance
Total deferred tax assets<Notes to investment securities>
25th Fiscal Period (As of January 31, 2023)
Not applicable
26th Fiscal Period (As of July 31, 2023)
Not applicable

Deferred tax liabilities
Property, plant and equipment
corresponding to asset retirement
obligations
Total deferred tax liabilities
Deferred tax assets (liabilities), net<Notes to derivative transactions>
1. Transactions not subject to hedge accounting
25th Fiscal Period (As of January 31, 2023)
Not applicable
26th Fiscal Period (As of July 31, 2023)
Not applicable2.

2.

25th Fiscal Period (As of January 31, 2023)
Hedge accounting
methodType of derivativetransactions

Hedged items

Special treatment
of interest-rate
swap transactions

Receive floating, pay
fixed interest-rate
swap transactions

Long-term
borrowings
(*1)

Total

574
44,95874,132
119,665(119,090)
574

800
49,812
74,626125,239(124,438)800(65,832)(65,240)(65,832)(65,257)(65,240)(64,440)

Significant differences between the statutory tax rate and the effective tax rate

28,835,000

24,505,000

28,835,000

24,505,000

―

(*2)

―

―

(Thousands of yen)Calculation
method for
Fair value
applicable fair
Maturing after 1 year
value

Contract amount

Hedge accounting
methodType of derivativetransactions

Hedged items

Special treatment
of interest-rate
swap transactions

Receive floating, pay
fixed interest-rate
swap transactions

Long-term
borrowings(*1)

Statutory tax rate
(Adjustments)
Deductible cash distributions
Provision of reserve for reduction entry
Reversal of reserve for reduction entry
Reversal of reserve for reduction entry
under special provisions for property
replacement
Changes in valuation allowance
Other
Effective tax rate

(Thousands of yen)Calculation
Contract amountmethod for
Fair value
applicable
fair
Maturing after 1 year
value

26th Fiscal Period (As of July 31, 2023)

26,835,000

21,835,000

26,835,000

21,835,000

―

(*2)

―

―

*1 Long-term borrowings include the current portion of long-term borrowings.
*2 Interest-rate swap transactions for which the special treatment is applied are accounted for together with long-term borrowings and the underlying
hedged items. As a result, their fair value is included in the fair value of items listed under “(2) Current portion of long-term borrowings” and “(4)Long-term borrowings” in the section entitled “2. Fair value of financial instruments” under the “Notes to financial instruments.”<Notes to retirement benefits>
25th Fiscal Period (As of January 31, 2023)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.
26th Fiscal Period (As of July 31, 2023)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.

54

26th Fiscal Period(As of July 31, 2023)(%)

25th Fiscal Period(As of January 31, 2023)

Transactions subject to hedge accounting

Total(Thousands of yen)

- 40 -

26th Fiscal Period(As of July 31, 2023)
34.60

34.60

(34.02)(3.05)
0.45(34.55)(3.08)
0.99

2.11

2.11

0.13
0.01
0.22

0.13
0.01
0.22

<Notes to equity in net earnings (losses) of affiliated companies>
25th Fiscal Period (As of January 31, 2023)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.
26th Fiscal Period (As of July 31, 2023)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.
<Notes to related-party transactions>
1. Parent company, major corporate unitholders and other25th Fiscal Period (As of January 31, 2023)
Not applicable
26th Fiscal Period (As of July 31, 2023)
Not applicable2.

Affiliated companies and other25th Fiscal Period (As of January 31, 2023)
Not applicable
26th Fiscal Period (As of July 31, 2023)
Not applicable3.

Fellow subsidiary companies and other25th Fiscal Period (As of January 31, 2023)
Not applicable
26th Fiscal Period (As of July 31, 2023)
Not applicable4.

Directors, major individual unitholders and other25th Fiscal Period (As of January 31, 2023)
Not applicable
26th Fiscal Period (As of July 31, 2023)
Not applicable- 41 -

55

<Notes to asset retirement obligations>
1. Overview of asset retirement obligations
The Investment Corporation has concluded fixed-term lease contracts for COMFORIA SHINAGAWA EAST, which it acquired in
February 2016, and other properties with their landlords, and recognizes asset retirement obligations concerning the duty of
restoration upon the expiry of the lease period with regard to such assets.
2.

Calculation of the amount of asset retirement obligations
Asset retirement obligations are calculated based on the remaining period of the fixed-term lease (52 years - 68 years and 3 months)
as the expected period of use and 1.2% - 1.4% as the discount rate.

3.

Changes in the total amount of asset retirement obligations(Thousands of yen)
25th Fiscal Period(From August 1, 2022
to January 31, 2023)
Balance at beginning of period
Increase due to purchase of property, plant andequipment

26th Fiscal Period(From February 1, 2023
to July 31, 2023)

212,840

Adjustment due to passage of time
Balance at end of period

214,256

―

―

1,415

1,425

214,256

215,682<Notes to investment and rental properties>
The Investment Corporation owns real estate for rental purposes (including land) in the Tokyo metropolitan area and other regional
areas. The carrying value, changes during the period and fair value regarding the above real estate for rental purposes are as follows.
(Thousands of yen)
25th Fiscal Period(From August 1, 2022
to January 31, 2023)

26th Fiscal Period(From February 1, 2023
to July 31, 2023)

Carrying value
Balance at beginning of period

278,252,729

279,998,988

Changes during period

1,746,259

16,956,730

Balance at end of period

279,998,988

296,955,719

Fair value at end of period

375,273,600

394,803,000(Note 1)
(Note 2)

(Note 3)<Notes to segment information>(Segment information)
Disclosure is omitted because the property leasing business is the Investment Corporation’s sole business, with no reportablesegment subject to disclosure.
(Related information)
25th Fiscal Period (From August 1, 2022 to January 31, 2023)
1. Information about each product and service
Disclosure is omitted because net sales to other sources for a single product/service category account for over 90% of theoperating revenues on the Statement of Income.
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to other sources in Japan account for over 90% of the operating revenues on theStatement of Income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of theamount of property, plant and equipment on the Balance Sheet.
3. Information about each major customer
Disclosure is omitted because there is no single external customer whose net sales account for 10% or more of operating
revenues on the Statement of Income.
26th Fiscal Period (From February 1, 2023 to July 31, 2023)
1. Information about each product and service
Disclosure is omitted because net sales to other sources for a single product/service category account for over 90% of theoperating revenues on the Statement of Income.
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to other sources in Japan account for over 90% of the operating revenues on theStatement of Income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of theamount of property, plant and equipment on the Balance Sheet.
3. Information about each major customer
Disclosure is omitted because there is no single external customer whose net sales account for 10% or more of operating
revenues on the Statement of Income.

The carrying value excludes accumulated depreciation from acquisition cost.
Among changes in the carrying value of real estate for rental purposes that occurred during the 25th Fiscal Period, the principal increase consistedof the acquisition of 1 property (COMFORIA SAGINUMA 3-CHOME; ¥2,800,315 thousand), while the principal decrease consisted of thedisposition of 1 property (COMFORIA NISHIOI (49% quasi co-ownership interest); ¥406,339 thousand) and depreciation of ¥1,482,008 thousand.
During the 26th Fiscal Period, the principal increase consisted of the acquisition of 10 properties (COMFORIA NIPPORI and other 9 properties;¥18,228,671 thousand), while the principal decrease consisted of the disposition of 1 property (COMFORIA NISHIOI (51% quasi co-ownershipinterest); ¥421,961 thousand) and depreciation of ¥1,531,956 thousand.
The fair value at end of period is the appraisal value or the survey value determined by outside appraisers.

Income and loss related to real estate for rental purposes, etc. for the 25th Fiscal Period (From August 1, 2022 to January 31, 2023)
and 26th Fiscal Period (From February 1, 2023 to July 31, 2023) are listed in “Notes to the Statement of Income.”

56- 42 -- 43 -

57

<Notes to revenue recognition>
1. Information on disaggregation of revenue from contracts with customers
25th Fiscal Period (From August 1, 2022 to January 31, 2023)(Thousands of yen)
Revenue from contracts with customers *1

Revenues from other sources

Sales of real estate properties

612,500*2 197,170

Utilities income

28,60528,605

Others―9,968,735

Total

641,105

10,194,511

Issuance of New Investment Units through Public Offering (Primary Offering)Number of investment units issued:
19,870 units
Issue price:¥324,187 per unit
Total issue amount:¥6,441,595,690
Paid-in amount (issue value):¥313,713 per unit
Total paid-in amount (issue value):¥6,233,477,310
Payment date:August 16, 2023

26th Fiscal Period (From February 1, 2023 to July 31, 2023)(Thousands of yen)
Revenue from contracts with customers *1

Revenues from other sources

Sales of real estate properties

637,500*2 207,577

Utilities income

24,691

24,691Others―10,447,740

Total

662,191

10,680,009<Notes to significant subsequent events>
Issuance of New Investment Units
The Investment Corporation resolved at the Board of Directors’ meetings held on August 4, 2023 and August 9, 2023 concerning
the issuance of new investment units as described below. Based on the resolution, payments completed on August 16, 2023 forthe new investment units issued through public offering and on September 1, 2023 for the new investment units offered by wayof third-party allotment, respectively. As a result, unitholders’ capital increased to ¥148,969,166,798, with the number ofinvestment units issued and outstanding being 757,842 units.

*1

Lease business revenue, etc. subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) and sale of real estate properties
subject to the “Practical Guidelines on Accounting by Transferors for Derecognition of Real Estate Securitized by means of Special Purpose Companies”(Accounting System Committee Report No.15 of the Japanese Institute of Certified Public Accountants) are not subject to the Accounting Standard for
Revenue Recognition, and therefore are not included in the above amount. Revenue from contracts with customers mainly represents revenue fromsales of real estate properties and utilities income.

*2

As sales of real estate properties are recorded as gain (loss) on sales of real estate properties in the Statement of Income, the amount obtained bydeducting cost of sales of real estate properties and other sales expenses from revenue from sales of real estate properties is indicated for revenues fromother sources.

2.

Information for understanding the amount of revenue for the current and subsequent fiscal periods
25th Fiscal Period (From August 1, 2022 to January 31, 2023)
Transaction value allocated to remaining performance obligations
As of January 31, 2023, the transaction value allocated to the remaining performance obligations related to sales of realestate properties is ¥637,500 thousand for the real estate property for which sale agreement was concluded on November
17, 2022. The Investment Corporation anticipates to recognize revenue for the remaining performance obligations on
February 1, 2023 upon delivery of the relevant real estate property.

Issuance of New Investment Units Offered by Way of Third-Party Allotment
Number of investment units offered:
990 units
Paid-in amount (issue value):¥313,713 per unit
Total paid-in amount (issue value):¥310,575,870
Payment date:
September 1, 2023
Allottee:Mizuho Securities Co., Ltd.

26th Fiscal Period (From February 1, 2023 to July 31, 2023)
Not applicable<Notes to per unit information>

Net assets per unit

25th Fiscal Period(From August 1, 2022
to January 31, 2023)¥198,650

26th Fiscal Period(From February 1, 2023
to July 31, 2023)¥200,983¥5,567¥5,615

Profit per unit
(Note 1)

Profit per unit was calculated by dividing profit for the period by the daily weighted average number of investment units issued and outstanding.
Profit per unit after adjusting for diluted units is not included because there were no diluted investment units.

(Note 2)The basis for calculating profit per unit is as follows:

Profit (thousands of yen)Amount not attributable to common
unitholders (thousands of yen)
Profit attributable to common
investment units (thousands of yen)
Average number of investment units
for the period (units)

58

25th Fiscal Period(From August 1, 2022
to January 31, 2023)
3,986,198

26th Fiscal Period(From February 1, 2023
to July 31, 2023)
4,138,609――

3,986,198

4,138,609

715,982

736,943- 44 -- 45 -

59

7. Supplementary Schedules(Thousands of yen)
Property name(i) Supplementary schedule of investment securities
Not applicable(ii) Information on contract amount and fair value of derivative transactions and forward exchange contracts
Information on derivative transactions and forward exchange contracts entered into by the Investment Corporation as ofJuly 31, 2023 is as follows.
(Thousands of yen)Classification

Type

Over-the-counter transactions

Receive floating, pay fixedinterest-rate swap transactions

Contract amount (Note 1)
Maturing after 1
year

Total
(Note 1)
(Note 2)

Fair value(Note 2)

26,835,000

21,835,000―

26,835,000

21,835,000―

The contract amount of interest-rate swap transactions is based on the notional principal.
Fair value is evaluated based on the value calculated by the counterparty of the contract using market interest rate, etc. Disclosure of fair value
is omitted for the transactions that meet the requirements for special treatment pursuant to the Accounting Standard for Financial Instruments.

Intangible assets

Property, plant and equipment(iii) Condensed supplementary schedule of real estate properties
Accumulated depreciation

Balance at
beginning of
the period

Buildings

5,635,547

563,597―

6,199,144

420,951

66,4495,778,193(Note)

115,511

6,998―

122,509

18,547

3,273

103,962(Note)

17,687――

17,687

3,929

274

13,758

4,564

455

―

5,020

3,444

276

1,575

8,948,694――

8,948,694――

8,948,694

113,828,707

5,838,467

234,411

119,432,764

21,051,887

1,329,064

98,380,876(Note)

1,516,570

136,717

3,638

1,649,649

592,062

38,0001,057,587(Note)

1,679,965

1,667

2,861

1,678,770

509,22129,622

1,169,549(Note)

721,339

73,532

753

794,119

466,493

50,965

327,625(Note)

167,309,084

11,125,720

253,284

178,181,520――

178,181,520(Note)

590

―

590

―

―

―

―

299,778,264

17,747,155

495,539

317,029,880

23,066,537

1,517,926

293,963,343

745,990

1,164,084―

1,910,074

15,484

5,465

1,894,589

1,226,269――

1,226,269

128,482

8,565

1,097,786

Total

DecreaseduringperiodDecrease during period

CAMPUS VILLAGE AKATSUKASHINMACHI

2,387,205―

NICHII HOME KAWAGUCHI

1,517,593―

COMFORIA KAWAGUCHI HONCHO

1,174,246―

COMFORIA NISHITENMA

1,531,191―

NEIGHBORS HIGASHI-JUJO

1,940,995―

COMFORIA NIPPORI

2,749,676―

CAMPUS VILLAGE KYOTO ICHIJOJI

1,812,601―

CAMPUS VILLAGE KYOTO
SHIMOGAMOHIGASHI

1,356,157―

COMFORIA KANAMECHO

2,033,653―

COMFORIA HONKOMAGOME 1-CHOME

1,725,348――

421,961

COMFORIA NISHIOI(51% quasi co-ownership interest)(Thousands of yen)

Asset type

Structures
Machineryand equipment
Tools,
furniture andfixtures
Land
Buildings in
trust
Structures intrust
Machineryand equipmentin trust
Tools,
furniture andfixtures intrust
Land in trust
Constructionin progress in
trust
Total
LeaseholdrightsLeaseholdrights in trust
Other

IncreaseduringperiodIncrease during periodor
Depreciation
Balance at end
orof the period accumulated
amortization amortization
at end of theduringperiodperiodNet balance at
end of theRemarks
period13,151―

1,075

12,076

10,035

1,291

2,040

1,985,411

1,164,084

1,075

3,148,419

154,003

15,321

2,994,416(iv) Supplementary schedule of other specified assets
Not applicable(Note)(Note) Increases and decreases during the 26th Fiscal Period are due primarily to the acquisition and disposition of rental residences. The details are as
follows.

60- 46 -- 47 -

61

(v) Supplementary schedule of investment corporation bonds
Bond name

Balance at
Issuance date beginning of
the period

The Investment
Corporation
July 18, 2017
3rd unsecured bonds

2,000,000

Increaseduringperiod(Thousands of yen)

Decrease
Balance at end Coupon
duringof the period rate (%)
period――2,000,000

Redemption
date

Use offunds

Security

0.52000 July 16, 2027

(Note 2)

Unsecured(vi) Supplementary schedule of borrowings
Information on the Investment Corporation’s borrowings as of July 31, 2023 is as follows:
Classification
Lender(Note 1)The Investment
Corporation
June 14, 2018
4th unsecured bonds

1,000,000――

1,000,000

0.23000(Note 1)The Investment
Corporation
June 14, 2018
5th unsecured bonds

December 14,
2023(Note 2)

Unsecured
Short-termborrowings

1,500,000――

1,500,000

0.95000 June 14, 2033

(Note 2)

Unsecured(Note 1)The Investment
Corporation
July 18, 2019
6th unsecured bonds

1,000,000――

1,000,000

0.23000 July 18, 2024

1,500,000――

1,500,000

0.90000 July 18, 2034

(Note 2)

Unsecured(Note 1)The Investment
Corporation
July 18, 2019
7th unsecured bonds(Note 2)

(Note 1)The Investment
Corporation
8th unsecured bonds July 30, 2020
(Green Bonds)

1,500,000――

1,500,000

0.55000 July 30, 2030

(Note 2)

Unsecured(Note 1)The Investment
Corporation
9th unsecured bonds

July 8, 2021

2,000,000――

2,000,000

0.18000 July 8, 2026

(Note 2)

Unsecured(Note 1)The Investment
Corporation
10th unsecured bonds July 8, 2021
(Green Bonds)

3,000,000――

3,000,000

0.46000 July 8, 2031

(Note 2)

Unsecured(Note 1)The Investment
Corporation
July 8, 2021
11th unsecured bonds

1,600,000――

1,600,000

0.73000 July 8, 2036

(Note 2)

Unsecured(Note 1)The Investment
Corporation
March 8, 2023
12th unsecured bonds―

3,000,000―

3,000,000

0.73000 March 8, 2028

(Note 2)

Unsecured(Note 1)

Total
(Note 1)
(Note 2)
(Note 3)

15,100,000

3,000,000―

18,100,000

The bonds are subject to the pari passu clause among specified investment corporation bonds.
The funds are appropriated to the acquisition of real estate in trust and the repayment of some of the existing borrowings.
The total amount of redemption of investment corporation bonds for each year during the five years following the balance sheet date is as shown
below.
(Thousands of yen)
Due within 1 year
or less
2,000,000

Mizuho Bank, Ltd.

800,000-

800,000-

Sumitomo Mitsui Trust Bank, Limited

800,000-

800,000-

MUFG Bank, Ltd.

400,000-

400,000-

Mizuho Bank, Ltd.

333,000-

333,000-

Sumitomo Mitsui Trust Bank, Limited

333,000-

333,000-

MUFG Bank, Ltd.

333,000-

333,000-

Mizuho Bank, Ltd.

-1,520,000-

1,520,000

Sumitomo Mitsui Trust Bank, Limited-

1,520,000-

1,520,000

MUFG Bank, Ltd.
Subtotal
MUFG Bank, Ltd.

UnsecuredDue after 1 year
to 2 years―

Due after 2 years
to 3 years
2,000,000

Due after 3 years
to 4 years
2,000,000

Due after 4 years
to 5 years
3,000,000

Due after 5 years
9,100,000- 48 --

760,000-

760,000

2,999,000

3,800,000

2,999,000

3,800,000

1,240,000--

1,240,000

Development Bank of Japan Inc.

620,000--

620,000

Mizuho Bank, Ltd.

620,000--

620,000

Sumitomo Mitsui Trust Bank, Limited

620,000--

620,000

Sumitomo Mitsui Banking Corporation

310,000--

310,000

MUFG Bank, Ltd.

720,000-

720,000-

Development Bank of Japan Inc.

360,000-

360,000-

Mizuho Bank, Ltd.

360,000-

360,000-

Sumitomo Mitsui Trust Bank, Limited

360,000-

360,000-

Sumitomo Mitsui Banking Corporation

200,000-

200,000-

MUFG Bank, Ltd.

840,000--

840,000

Development Bank of Japan Inc.

420,000--

420,000

Mizuho Bank, Ltd.

420,000--

420,000

Sumitomo Mitsui Trust Bank, Limited

420,000--

420,000

Sumitomo Mitsui Banking Corporation

230,000--

230,000

MUFG Bank, Ltd.

980,000--

980,000

490,000--

490,000

490,000--

490,000

Sumitomo Mitsui Trust Bank, Limited

490,000--

490,000

Sumitomo Mitsui Banking Corporation

220,000--

220,000

Development Bank of Japan Inc.

2,000,000--

2,000,000

MUFG Bank, Ltd.

2,000,000--

2,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

MUFG Bank, Ltd.

1,160,000--

1,160,000

Development Bank of Japan Inc.

580,000--

580,000

Mizuho Bank, Ltd.

580,000--

580,000

Sumitomo Mitsui Trust Bank, Limited

580,000--

580,000

Sumitomo Mitsui Banking Corporation

290,000--

290,000

1,800,000--

1,800,000

Development Bank of Japan Inc.

900,000--

900,000

Mizuho Bank, Ltd.

900,000--

900,000

Sumitomo Mitsui Trust Bank, Limited

900,000--

900,000

Sumitomo Mitsui Banking Corporation

450,000--

450,000

Long-term
borrowings Development Bank of Japan Inc.
(Note 1)
Mizuho Bank, Ltd.

MUFG Bank, Ltd.

62

Balance atBalance atIncrease
Decrease
beginning of
end of theduring period during period
the period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

- 49 -

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Remarks0.25251 April 4, 2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.35182 July 14, 2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.24663 April 5, 2024

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

1.04200

January 31, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed

0.58430

March 31,2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.62460

August 31, Lump-sum
2023
repayment(Note 3)

Unsecured
Unguaranteed

0.67745

February 29, Lump-sum
2024
repayment(Note 3)

Unsecured
Unguaranteed

0.61950

March 31,2025

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.46655

July 31,2024

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.65518

July 31,2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed63

Classification
Lender
MUFG Bank, Ltd.

1,160,000--

1,160,000

Development Bank of Japan Inc.

580,000--

580,000

Mizuho Bank, Ltd.

580,000--

580,000

Sumitomo Mitsui Trust Bank, Limited

580,000--

Sumitomo Mitsui Banking Corporation

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Classification
Remarks

LenderDevelopment Bank of Japan Inc.

Balance atBalance atIncrease
Decrease
beginning of
end of theduring period during period
the period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)
700,000--

700,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

580,000

MUFG Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

Mizuho Bank, Ltd.

970,000--

970,000

Sumitomo Mitsui Trust Bank, Limited

970,000--

970,000

MUFG Bank, Ltd.

970,000--

970,000

0.62938January 31, Lump-sum
2024
repayment(Note 3)

Unsecured
Unguaranteed

290,000--

290,000

1,820,000--

1,820,000

Development Bank of Japan Inc.

910,000--

910,000

Mizuho Bank, Ltd.

910,000--

910,000

Sumitomo Mitsui Trust Bank, Limited

910,000--

910,000

Sumitomo Mitsui Banking Corporation

485,000--

485,000

Sumitomo Mitsui Banking Corporation

450,000--

450,000

Shinkin Central Bank

525,000--

525,000

1,140,000--

1,140,000

The Norinchukin Bank

525,000--

525,000

Development Bank of Japan Inc.

570,000--

570,000

The Bank of Fukuoka, Ltd.

525,000--

525,000

Mizuho Bank, Ltd.

570,000--

570,000

Mizuho Trust & Banking Co., Ltd.

525,000--

525,000

Sumitomo Mitsui Trust Bank, Limited

570,000--

570,000

Development Bank of Japan Inc.

1,350,000--

1,350,000

Development Bank of Japan Inc.

750,000--

750,000

Mizuho Bank, Ltd.

750,000--

750,000

Sumitomo Mitsui Trust Bank, Limited

750,000--

750,000

MUFG Bank, Ltd.

375,000--

375,000

MUFG Bank, Ltd.

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

0.79571

0.77571

January 30, Lump-sum
2026
repayment

September 30, Lump-sum
2026
repayment(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

300,000--

300,000

1,040,000--

1,040,000

Development Bank of Japan Inc.

520,000--

520,000

Mizuho Bank, Ltd.

520,000--

520,000

Sumitomo Mitsui Trust Bank, Limited

520,000--

520,000

Sumitomo Mitsui Banking Corporation

375,000--

375,000

Sumitomo Mitsui Banking Corporation

260,000--

260,000

The 77 Bank, Ltd.

460,000--

460,000

Shinkin Central Bank

1,300,000-

1,300,000-

Shinkin Central Bank

460,000--

460,000

The Norinchukin Bank

1,300,000-

1,300,000-

The Norinchukin Bank

460,000--

460,000

The Bank of Fukuoka, Ltd.

1,300,000-

1,300,000-

The Bank of Fukuoka, Ltd.

460,000--

460,000

1,000,000-

1,000,000-

460,000--

460,000

2,700,000--

2,700,000

820,000--

820,000

1,350,000--

1,350,000

820,000--

820,000

Sumitomo Mitsui Banking Corporation

600,000--

600,000

Sumitomo Mitsui Trust Bank, Limited

820,000--

820,000

Nippon Life Insurance Company

500,000--

500,000

MUFG Bank, Ltd.

820,000--

820,000

Taiyo Life Insurance Company

500,000--

500,000

1,000,000--

1,000,000

Development Bank of Japan Inc.

550,000--

Mizuho Bank, Ltd.

550,000--

Sumitomo Mitsui Trust Bank, Limited

550,000--

550,000

MUFG Bank, Ltd.

275,000--

Sumitomo Mitsui Banking Corporation

275,000--

Development Bank of Japan Inc.

550,000-

550,000

Mizuho Bank, Ltd.

550,000-

Sumitomo Mitsui Trust Bank, Limited

550,000

MUFG Bank, Ltd.

550,000

Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.

MUFG Bank, Ltd.

Mizuho Trust & Banking Co., Ltd.
Long-term
borrowings MUFG Bank, Ltd.
(Note 1)
Mizuho Bank, Ltd.

0.654280.45804

0.62188

January 31, Lump-sum
2025
repayment

March 31,2023

March 31,2025

Lump-sum
repayment

Lump-sum
repayment(Note 3)(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

0.55126

January 31, Lump-sum
2024
repayment(Note 3)

Unsecured
Unguaranteed

0.73497

August 31, Lump-sum
2026
repayment(Note 3)

Unsecured
Unguaranteed

Mizuho Trust & Banking Co., Ltd.
Long-term
borrowings Development Bank of Japan Inc.
(Note 1)
Mizuho Bank, Ltd.

420,000--

420,000

Development Bank of Japan Inc.

1,000,000--

1,000,000

550,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

550,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

MUFG Bank, Ltd.

500,000--

500,000

275,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

275,000

Mizuho Bank, Ltd.

800,000--

800,000-

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

550,000-

MUFG Bank, Ltd.

800,000--

800,000-

550,000-

400,000--

400,000-

550,000-

Development Bank of Japan Inc.

1,220,000--

1,220,000

300,000-

300,000-

Mizuho Bank, Ltd.

1,220,000--

1,220,000

670,000--

670,000

Sumitomo Mitsui Trust Bank, Limited

1,220,000--

1,220,000

Sumitomo Mitsui Trust Bank, Limited

670,000--

670,000

MUFG Bank, Ltd.

1,220,000--

1,220,000

MUFG Bank, Ltd.

670,000--

670,000

620,000--

620,000

Sumitomo Mitsui Banking Corporation

320,000--

320,000

Development Bank of Japan Inc.

1,920,000--

1,920,000

Development Bank of Japan Inc.

670,000--

670,000

Sumitomo Mitsui Trust Bank, Limited

1,135,000--

1,135,000

Mizuho Bank, Ltd.

700,000--

700,000

Kiraboshi Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Trust Bank, Limited

700,000--

700,000

Mizuho Bank, Ltd.

350,000--

350,000

MUFG Bank, Ltd.

350,000--

350,000

MUFG Bank, Ltd.

350,000--

350,000

Sumitomo Mitsui Banking Corporation

350,000--

350,000

Sumitomo Mitsui Banking Corporation

170,000--

170,000

Resona Bank, Ltd.

64

Balance atBalance atIncrease
Decrease
beginning of
end of theduring period during period
the period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

- 50 -

0.85667

0.43105

0.39950

0.49994

0.54500

March 31,2027

July 31,2023

Lump-sum
repayment

Lump-sum
repayment

January 31, Lump-sum
2025
repayment

January 31, Lump-sum
2025
repayment

September 30, Lump-sum
2026
repayment(Note 3)(Note 3)(Note 3)(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Banking Corporation- 51 -

Averageinterest rate(%)
(Note 2)

Repayment
methodUse offunds

Remarks

0.57826

September 30, Lump-sum
2026
repayment(Note 3)

Unsecured
Unguaranteed

0.45215

September 30, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed

0.60810

September 30, Lump-sum
2027
repayment(Note 3)

Unsecured
Unguaranteed

Maturity
date

0.42850

March 31,2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.54693

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.47366

August 31, Lump-sum
2028
repayment(Note 3)

Unsecured
Unguaranteed

0.46156

September 30, Lump-sum
2026
repayment(Note 3)

Unsecured
Unguaranteed

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.56815

September 29, Lump-sum
2029
repayment(Note 3)

Unsecured
Unguaranteed

0.57308

September 30, Lump-sum
2029
repayment(Note 3)

Unsecured
Unguaranteed

0.68068

January 29, Lump-sum
2031
repayment(Note 3)

Unsecured
Unguaranteed

0.40488

March 31,2027

(Note 3)

Unsecured
Unguaranteed

0.67532 June 30, 2029

Lump-sum
repayment65

Classification
Lender
The 77 Bank, Ltd.

500,000--

500,000

Daishi Hokuetsu Bank, Ltd.

500,000--

500,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

The Higo Bank, Ltd.

500,000--

The 77 Bank, Ltd.

500,000--

Daishi Hokuetsu Bank, Ltd.

500,000-

The Nishi-Nippon City Bank, Ltd.

500,000

The Bank of Fukuoka, Ltd.

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
method

0.42632

March 31,2028

Lump-sum
repayment

Balance atBalance atIncrease
Decrease
beginning of
end of theduring period during period
the period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

Classification

Use offunds

Remarks(Note 3)

Unsecured
Unguaranteed

LenderDevelopment Bank of Japan Inc.

650,000--

650,000

Mizuho Bank, Ltd.

650,000--

650,000

Sumitomo Mitsui Trust Bank, Limited

650,000--

650,000

500,000

MUFG Bank, Ltd.

325,000--

325,000

500,000

Sumitomo Mitsui Banking Corporation

325,000--

325,000-

500,000

Development Bank of Japan Inc.

760,000--

760,000--

500,000

Mizuho Bank, Ltd.

760,000--

760,000

500,000--

500,000

Sumitomo Mitsui Trust Bank, Limited

760,000--

760,000

The Norinchukin Bank

1,000,000--

1,000,000

MUFG Bank, Ltd.

760,000--

760,000

Resona Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Banking Corporation

370,000--

370,000

Mizuho Trust & Banking Co., Ltd.

2,000,000--

2,000,000

Development Bank of Japan Inc.

-

920,000-

920,000

The Norinchukin Bank

1,500,000--

1,500,000

Mizuho Bank, Ltd.

-920,000-

920,000

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Trust Bank, Limited-

920,000-

920,000

The 77 Bank, Ltd.

500,000--

500,000

MUFG Bank, Ltd.

-

460,000-

460,000

Daishi Hokuetsu Bank, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank, Limited-

460,000-

460,000

Development Bank of Japan Inc.

735,000--

735,000

Development Bank of Japan Inc.

-

440,000-

440,000

Mizuho Bank, Ltd.

735,000--

735,000-

440,000-

440,000-

440,000-

440,000
440,000

0.39270

October 29, Lump-sum
2027
repayment

0.47703 April 30, 2029

0.42000

January 31, Lump-sum
2028
repayment

January 31, Lump-sum
2030
repayment(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Long-term Mizuho Bank, Ltd.
borrowings(Note 1) Sumitomo Mitsui Trust Bank, Limited--

735,000

MUFG Bank, Ltd.

735,000--

735,000

MUFG Bank, Ltd.

-

440,000-

Sumitomo Mitsui Banking Corporation

360,000--

360,000

Sumitomo Mitsui Trust Bank, Limited-

240,000-

240,000

Mizuho Bank, Ltd.

720,000-

400,000

320,000

Shinkin Central Bank-

1,300,000-

1,300,000

Sumitomo Mitsui Trust Bank, Limited

720,000-

400,000

320,000

The Norinchukin Bank-

1,300,000-

1,300,000

MUFG Bank, Ltd.

360,000-

200,000

160,000

The Bank of Fukuoka, Ltd.

-1,300,000-

1,300,000

800,000--

800,000

Mizuho Trust & Banking Co., Ltd.

-

1,000,000-

1,000,000

800,000--

800,000

Daishi Hokuetsu Bank, Ltd.

-

1,000,000-

1,000,000

MUFG Bank, Ltd.

800,000--

800,000

Mizuho Bank, Ltd.

-

600,000-

600,000

Sumitomo Mitsui Banking Corporation

400,000--

400,000

Sumitomo Mitsui Trust Bank, Limited-

600,000-

600,000

Development Bank of Japan Inc.

750,000--

750,000

MUFG Bank, Ltd.

-

300,000-

300,000

Mizuho Bank, Ltd.

750,000--

750,000

Development Bank of Japan Inc.

-

550,000-

550,000

Sumitomo Mitsui Trust Bank, Limited

750,000--

750,000

Mizuho Bank, Ltd.

-

550,000-

550,000

MUFG Bank, Ltd.

375,000--

375,000

Sumitomo Mitsui Trust Bank, Limited-

550,000-

550,000

Sumitomo Mitsui Banking Corporation

375,000--

375,000

MUFG Bank, Ltd.

-

550,000-

550,000

Development Bank of Japan Inc.

1,110,000--

1,110,000

Sumitomo Mitsui Trust Bank, Limited-

300,000-

300,000

Mizuho Bank, Ltd.

1,110,000--

1,110,000

Subtotal

136,930,000

15,580,000

10,400,000

142,110,000

Sumitomo Mitsui Trust Bank, Limited

1,110,000--

1,110,000

139,929,000

19,380,000

13,399,000

145,910,000

MUFG Bank, Ltd.

1,110,000--

1,110,000

560,000--

560,000

Shinkin Central Bank

1,000,000--

1,000,000

Daishi Hokuetsu Bank, Ltd.

1,000,000--

1,000,000

Mizuho Trust & Banking Co., Ltd.

1,000,000--

1,000,000

The 77 Bank, Ltd.

500,000--

500,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

Development Bank of Japan Inc.

700,000--

700,000

Mizuho Bank, Ltd.

700,000--

700,000

Sumitomo Mitsui Trust Bank, Limited

700,000--

700,000

MUFG Bank, Ltd.

700,000--

700,000

Sumitomo Mitsui Banking Corporation

350,000--

350,000- 52 -

0.188030.20303

September 29, Lump-sum
2023
repayment

March 31,2024

0.70725 April 4, 2030

0.90850 June 30, 2030

Lump-sum
repayment

Lump-sum
repayment

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

735,000

Sumitomo Mitsui Banking Corporation

0.58600

Lump-sum
repayment(Note 3)

Sumitomo Mitsui Trust Bank, Limited

Long-term
borrowings Mizuho Bank, Ltd.
(Note 1)
Sumitomo Mitsui Trust Bank, Limited

66

Balance atBalance atIncrease
Decrease
beginning of
end of theduring period during period
the period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

(Note 3)(Note 3)(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Total(Note 1)
(Note 2)
(Note 3)(Note 4)0.76500

July 1, 2029

Lump-sum
repayment(Note 3)(Note 3)Use offunds

Remarks

0.92600

November 25, Lump-sum
2030
repayment(Note 3)

Unsecured
Unguaranteed

1.36625

January 31, Lump-sum
2032
repayment(Note 3)

Unsecured
Unguaranteed

0.95225

March 29,
2031

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.66250

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.61750

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.70573

October 4,
2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.19663 April 5, 2025

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.95725 July 31, 2031

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed(Thousands of yen)

15,980,000

September 30, Lump-sum
2030
repayment

Repayment
methodMaturitydateLong-term borrowings include the current portion of long-term borrowings.
The average interest rate is the interest rate for each loan contract rounded to the fifth decimal place. As for the borrowings hedged by interestrate swap transactions in order to avoid interest rate fluctuation risk, the interest rates reflect the effect of interest-rate swap transactions.
The use of funds is mainly for the acquisition of real estate in trust and repayment of existing borrowings, etc.
The total amount of repayment of long-term borrowings for each year during the five years following the balance sheet date is as shown below.

Due within 1
year or less

0.95725

Averageinterest rate(%)
(Note 2)

Due after 1 year
to 2 years

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

20,420,000

15,550,000

16,375,000

21,145,000

52,640,000

Unsecured
Unguaranteed- 53 -

67

Independent Auditor’s Report

The Board of Directors
Comforia Residential REIT, Inc.

Management is responsible for the preparation and fair presentation of these financial statementsin accordance with accounting principles generally accepted in Japan, and for such internal
control as management determines is necessary to enable the preparation of financial statementsthat are free from material misstatement, whether due to fraud or error.

OpinionIn preparing the financial statements, management is responsible for assessing the Investment
Corporation’s ability to continue as a going concern and disclosing, as required by accounting
principles generally accepted in Japan, matters related to going concern.

We have audited the accompanying financial statements of Comforia Residential REIT, Inc. (theInvestment Corporation), which comprise the balance sheet as at July 31,2023, and thestatements of income, changes in unitholders’ equity, cash distributions and cash flows for thesix-month period then ended, and notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, thefinancial position of the Investment Corporation as at July 31,2023, and its financial
performance and its cash flows for the six-month period then ended in accordance withaccounting principles generally accepted in Japan.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for
the Audit of the Financial Statements section of our report. We are independent of theInvestment Corporation in accordance with the ethical requirements that are relevant to our auditof the financial statements in Japan, and we have fulfilled our other ethical responsibilities inaccordance with these requirements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our opinion.
Other Information
The other information comprises the information included in the Annual Report that contains
audited financial statements but does not include the financial statements and our auditor’sreport thereon. Management is responsible for preparation and disclosure of the otherinformation. Supervisory Directors are responsible for overseeing the Investment Corporation’sreporting process of the other information.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact.
We have nothing to report in this regard.
Ernst & Young ShinNihon LLC

68

Responsibilities of Management, and the Supervisory Directors for the Financial
Statements

Supervisory Directors are responsible for overseeing the Investment Corporation’s financial
reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as awhole are free from material misstatement, whether due to fraud or error, and to issue anauditor’s report that includes our opinion. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected toinfluence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with auditing standards generally accepted in Japan, we
exercise professional judgment and maintain professional skepticism throughout the audit. We
also:
・ Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
・ Consider internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances for our risk assessments, while the purpose of the audit of
the financial statements is not expressing an opinion on the effectiveness of the Investment
Corporation’s internal control.
・ Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
・ Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Investment
Corporation’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor’s report. However, future events or conditions may cause the Investment Corporation
to cease to continue as a going concern.
・ Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation in accordance with accounting
principles generally accepted in Japan.
Ernst & Young ShinNihon LLC

69

We communicate with the Executive Director regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit.
We also provide the Executive Director with a statement that we have complied with the ethicalrequirements regarding independence that are relevant to our audit of the financial statements inJapan, and to communicate with them all relationships and other matters that may reasonably bethought to bear on our independence, and where applicable, actions taken to eliminate threats or
safeguards applied.
Fee-related Information
The fees paid or payable to us and other EY Member Firms for the audits of the financial
statements of the Investment Corporation and other non-audit fees charged in the audit period to
the Investment Corporation are 15 million yen and 7 million yen, respectively.
Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan
Our firm and its designated engagement partners do not have any interest in the Investment
Corporation which is required to be disclosed pursuant to the provisions of the Certified Public
Accountants Act of Japan.

Ernst & Young ShinNihon LLC
Tokyo, Japan
November 22, 2023

板谷秀穂
Hideho Itaya

Designated Engagement Partner
Certified Public Accountant

新居幹也
Mikiya Arai

Designated Engagement Partner
Certified Public Accountant

Ernst & Young ShinNihon LLC

7071